道富：五大因素支撑黄金结构性牛市周期料2026年金价或上探至5000美元_老虎社区_美港股上老虎

道富：五大因素支撑黄金结构性牛市周期料2026年金价或上探至5000美元

智通财经2025-12-09

智通财经APP获悉，黄金价格今年屡创新高，道富投资管理发布《2026年黄金展望报告》，指2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能在每盎司4,000至4,500美元区间震荡走高。不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2590631685?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-09 15:33","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590631685","market":"hk","top_or_hot":-1,"title":"道富：五大因素支撑黄金结构性牛市周期 料2026年金价或上探至5000美元","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，黄金价格今年屡创新高，道富投资管理发布《2026年黄金展望报告》，指2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能在每盎司4,000至4,500美元区间震荡走高。不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>道富：五大因素支撑黄金结构性牛市周期 料2026年金价或上探至5000美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n道富：五大因素支撑黄金结构性牛市周期 料2026年金价或上探至5000美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 15:33 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，黄金价格今年屡创新高，道富投资管理发布《2026年黄金展望报告》，指2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能在每盎司4,000至4,500美元区间震荡走高。不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0164880469.USD","symbol_name":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b","article_id":"2590631685","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915442297980b9f&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590631685","pubTimestamp":1765265623,"columns":[{"name":"黄金","id":5,"label_key":null}],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产重新配置及地缘政治因素，或将推升金价上探每盎司5,000美元水平。全球债务在2025年中攀升至340万亿美元，其中政府债务占比高达三成，创历史新高。自2020年经济衰退后，黄金ETF持有者持续4年赎回份额，导致实体黄金市场供应回升。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0345780521.USD":"NINETY ONE GSF GLOBAL GOLD \"A\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","01787":"山东黄金","LU0173614495.USD":"富达中国焦点A","LU0228659784.USD":"施罗德金砖四国基金","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","02899":"紫金矿业","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0345780281.USD":"NINETY ONE GSF GLOBAL GOLD \"A\"  ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1720050803.USD":"安联全方位中国股票基金","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","BK1592":"有色金属","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","BK1594":"碳中和概念股","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK1198":"黄金","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC"},"translate_title":"State Street: Five major factors support the structural bull market cycle of gold, and gold prices are expected to reach $5,000 in 2026","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01787":0.9,"02899":0.9},"content_text":"智通财经APP获悉，黄金价格今年屡创新高，道富投资管理发布《2026年黄金展望报告》，指2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能在每盎司4,000至4,500美元区间震荡走高。不过，道富认为，现时有五大因素支撑黄金的结构性牛市周期，包括美联储宽松政策、强劲的央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题，成为支持金价的基础，而策略性资产重新配置及地缘政治因素，或将推升金价上探每盎司5,000美元水平。具体来看：(1)法定货币替代与全球货币贬值交易。全球债务在2025年中攀升至340万亿美元，其中政府债务占比高达三成，创历史新高。债务水平达到全球GDP的3至4倍，引发投资者担忧。债务创纪录加上顽固通胀推升长期收益率，令黄金成为对冲存续期风险与货币贬值的理想资产。(2)股债相关性提高。后疫情时代的通胀高峰与美联储紧缩周期期间，美国股债相关性飙升至30年高点，黄金的分散风险及对冲左尾部风险作用将更显著。(3)ETF重新配置与全球资产重新分配周期。自2020年经济衰退后，黄金ETF持有者持续4年赎回份额，导致实体黄金市场供应回升。2025年投资者对黄金ETF的需求反弹，不仅支撑金融市场价格，也收紧了实体黄金的供需平衡，预计在2026年仍有显著增长空间。(4)美联储宽松与美国政策对美元的影响。美联储政策已转向宽松，且2026年可能任命更偏鸽派的主席，再加上特朗普政府的政策言论以及解放日后美国的立场软化，均预示美元将走弱，为黄金带来双重利好。(5)强劲的实体需求。中国对黄金的零售需求，以及新兴市场央行持续购入黄金，仍为黄金带来支撑。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}