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Two major banks are both bullish—has gold passed its worst moment?
牛牛新股君
joined discussion · Jan 26 10:29 ·

Golden bull market bonus! The only gold mining ETF in Hong Kong - E Fund Gold Mining officially opens for subscription on January 26

Amidst the rapidly changing global macro environment, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple favorable factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and capital allocation enthusiasm continues to rise.
Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$will be officially available for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and is a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with one click.
I. Overview of the Issuance
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
II. Key Investment Highlights
2.1 Gold Price Amplifier: High Elasticity, High Volatility
Gold stocks benefit from both rising gold prices and mining companies' profitability dividends,with elasticity and volatility significantly higher than physical gold.Since the base date of the index.The cumulative increase has reached 324.8%,delivering outstanding excess returns, reflecting the gold price amplification effect.
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
Note: Data sourced from Bloomberg, as of December 31, 2025, priced in Hong Kong dollars; the index base date is March 17, 2023. The index's volatility is higher than that of physical gold, and when gold prices fall, the index may experience a larger drawdown. Past index performance does not predict future fund returns.
2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong
Anchored to the global gold production distribution, it selects 30 leading stocks from four major gold-producing regions—China, Canada, Australia, and the United States—combining resource advantages with geographic diversification benefits,and being the only one of its kind in Hong Kong, its scarcity attribute stands out.
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
Data source: Solactive, Bloomberg, data as of December 31, 2025
2.3 Strong upward momentum: Gold bull market may continue
In 2025, gold prices reached an epic performance, with London spot gold gaining 67.7% for the year. Multiple institutions forecast a rise to 5,000 USD per ounce in 2026.Multiple positive factors are expected to boost gold prices and maintain the bull market trend。
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
Note: London spot gold data sourced from Bloomberg; central bank gold purchase data sourced from the World Gold Council
III. Investment Value Analysis
3.1 Gathering high-quality assets: The core competitiveness forged by the index's structure
The E Fund Gold Mining ETF tracks the Solactive Global Gold Miner Select Index (NTR), using a scientific compilation method to select core assets in the global gold mining sector.
- Sample coverage: The index focuses on four core markets - the United States, Canada, Australia, and Hong Kong - covering more than 65% of global gold resource projects, ensuring full exposure to the value dividends of global gold mine resources.
- Selection mechanism: The index adopts a 'Hong Kong stocks first + global supplement' strategy, with 30 fixed constituents. It prioritizes the inclusion of eligible Hong Kong Stock Connect securities, supplemented by listings from major overseas exchanges such as the New York Stock Exchange and Nasdaq, ensuring liquidity and core industry status of the constituents.
– Constituent structure: Hong Kong stocks account for 65%, covering domestic leaders such as Shandong Gold Mining, Zhaojin Mining, and Zijin Mining Group; Canadian, US, and Australian stocks account for 21%, 11.2%, and 3.6% respectively, including global mining giants like Newmont and Barrick Gold, forming a diversified and high-quality asset portfolio.
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
The index demonstrates strong profitability and growth resilience. Below is the historical performance of the index. (As of September 2025)
In the current environment of global macroeconomic fluctuations, gold, as a core asset with both hedging and value-added attributes, is entering a golden cycle driven by multiple positive factors. Recently, the spot gold price broke through the $5,000 per ounce mark, and investor enthusiasm for allocation continues to rise. Against this backdrop, the only gold mining ETF in Hong Kong ----- $EFUND GOLD MI ETF (02824.HK)$ will officially open for subscription from January 26 to 28. This ETF focuses on high-quality global gold mining assets and serves as a rare tool for investors to gain exposure to the gold mining sector and capture excess returns with a single investment. I. Overview of the Issuance II. Key Investment Highlights 2.1 Gold Price Amplifier: High Elasticity, High Volatility Gold stocks benefit from both rising gold prices and mining company profitability,with elasticity and volatility significantly higher than that of physical gold.Since the index base dateThe cumulative increase has reached 324.8%.with outstanding excess returns, showing a gold price amplification effect. Note: Data source is Bloomberg, as of December 31, 2025, denominated in Hong Kong dollars; the index base date is March 17, 2023. The index volatility is higher than that of gold spot prices, and when gold prices fall, the index may experience larger drawdowns. Past index performance does not predict future fund returns. 2.2 Market Scarcity: The Only Gold Mining ETF in Hong Kong Targeting the global gold production distribution, selecting 30 leading stocks from four major gold industrial regions - China, Canada, Australia, and the United States - combining resource advantages with geographic diversification benefits.The entire Hong Kong...
3.2 Clear pricing logic: The rise of gold stocks has a core driving force
The investment value of gold mining stocks is mainly driven by the following three factors, which are currently forming a resonance, propelling the sector into a high prosperity cycle.
Gold price trend: This is the fundamental anchor point for pricing gold stocks. Mining companies, due to their high fixed cost ratios, possess a profit leverage effect where a small increase in gold prices can lead to significant profit growth.
Industry supply and demand: Global gold demand shows structural growth. According to the World Gold Council, global gold demand in Q3 2025 reached 1,313 tons, a recent high for the same period, with a quarterly net inflow of 222 tons into ETFs and over 300 tons of demand for gold bars and coins, making allocation the core increment. Central bank gold purchases have continued to gain momentum, with cumulative net purchases of 634 tons in the first three quarters of 2025, significantly higher than the historical average before 2022. Ninety-five percent of surveyed central banks plan to continue increasing their holdings, providing long-term support for gold prices. On the supply side, growth in mine production has slowed, highlighting the scarcity of high-quality gold resources, further strengthening industry prosperity.
Corporate operations:Global leading mining companies are entering a profit recovery cycle. From 2021 to 2023, mining companies underperformed gold prices due to high inflation and operational pressures, but the situation reversed in 2025. As production adjustments were made and cost estimates revised downwards, market expectations for mining company profits increased substantially. Meanwhile, large mining companies within the index components continue to hold high-grade, low-cost quality resources, providing strong support for long-term profitability. Several core weighted companies have seen significant gains over the past 12 months, outperforming the LBMA gold price benchmark.
3.3 Multiple Favorable Factors Resonating: The Investment Value of Gold Stocks Continues to Stand Out
The gold market is currently in a boom cycle supported by both fundamental and capital factors. Gold mining stocks, acting as a 'leverage amplifier' for rising gold prices, are increasingly prominent in terms of investment value, also providing broad growth prospects for the E Fund Gold Mining ETF.
– Strong Macro Support: Expectations of Federal Reserve rate cuts, combined with global geopolitical uncertainties, have strengthened the financial and monetary attributes of gold. Meanwhile, strong central bank demand for gold purchases (95% of surveyed central banks expect to continue increasing holdings by 2026) provides structural support for gold prices.
– Significant Industry Profit Elasticity: Gold mining stocks exhibit significant profit leverage effects. Due to their relatively high fixed cost structure, every 1% increase in gold prices can amplify miners' profits by 2-3 times. By 2025, net profits of major gold stock index components have been significantly revised upwards. The future 12-month EBITDA forecasts for some institution-tracked gold miner ETFs (such as GDX) have risen by 70% since the beginning of the year, reflecting robust profit improvement trends.
– Strong Capital Allocation Demand: Global investment demand for gold continues to rise. Starting from Q4 2024, global gold ETF capital flows have shifted from net redemptions to net subscriptions, resonating with the upward trend in gold prices, further enhancing the attractiveness of gold asset allocation.
In addition, gold stocks exhibit low correlation with mainstream assets, offering excellent risk diversification properties, making them an ideal choice for optimizing portfolio allocation and hedging potential risks in the current complex market environment.
IV. Risk Warnings
Important Information:
1. The E Fund (Hong Kong) Solactive Global Gold Mining Select Index ETF ('Sub-fund') is a sub-fund under the E Fund ETF Trust. The E Fund ETF Trust is an umbrella unit trust established under Hong Kong law. The Sub-fund is categorized as a passively managed ETF under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission ('SFC'). Units of the Sub-fund ('Units') are traded on the Hong Kong Stock Exchange ('HKEX') like stocks. The investment objective is to provide investment returns that closely track the performance of the Solactive Global Gold Mining Select Index ('Index') (before deduction of fees and expenses). To achieve the Sub-fund's investment objective, the fund manager will employ either a full replication strategy or a representative sampling strategy deemed appropriate by the fund manager, striving to closely track the Index and thereby achieving the Sub-fund’s investment objective for the benefit of investors. The Sub-fund may switch between the full replication strategy and the representative sampling strategy at its absolute discretion without prior notice to investors.
2. This fund is exposed to the following risks: a) investment risk, b) stock market risk, c) new index risk, d) geographic concentration risk, e) political, economic, and social risks in Mainland China, f) concentration risk in gold and precious metals mining, g) risks associated with small and mid-cap companies, h) securities lending transaction risk, i) different trading hours risk, j) passive investment risk, k) trading risk, l) tracking error risk, m) multi-counter risk, n) currency risk, o) risk of distributions from capital/actual distributions from capital, p) reliance on market maker risk, q) termination risk.
3. The index is a new index. It has an extremely short operational history, leaving investors unable to evaluate its past performance. There is no guarantee regarding the index's performance. Compared to exchange-traded funds tracking indices with longer histories and larger scales, the sub-fund may be subject to higher risks.
4. Since the sub-fund tracks the performance of selected regions (Hong Kong, the United States, Australia, and Canada), it is exposed to concentration risk. Compared to broadly diversified funds (e.g., global equity funds), the sub-fund may experience higher volatility because it is more susceptible to fluctuations in index value caused by adverse conditions in Hong Kong, the United States, Australia, and Canada. The value of the sub-fund may be more easily affected by settlement risks, custody risks, and adverse events impacting the economies, politics, policies, foreign exchange, liquidity, taxation, legal or regulatory environments of the markets in Hong Kong, the United States, Australia, and Canada.
5. You should not rely solely on this material to make investment decisions. Before making any investment decision, please carefully read the relevant sales documents, including risk factors, to understand the details of this fund. Investment involves risks. Past performance is not indicative of future results. This material has not been reviewed by the Securities and Futures Commission of Hong Kong.
Index Provider Disclaimer:
1. Solactive AG ('Solactive') is the licensor of the Solactive Global Gold Miners Select Index ('Index'). Solactive does not sponsor, endorse, promote, or sell financial instruments based on the Index in any way, and Solactive makes no express or implied representations, warranties, or guarantees regarding: (a) the suitability of investing in the financial instruments; (b) the quality, accuracy, and/or completeness of the Index; and/or (c) the results that any individual or entity may achieve or will achieve through the use of the Index.
2. Solactive does not guarantee the accuracy and/or completeness of the Index, and assumes no responsibility for any errors or omissions related thereto. Despite Solactive’s obligations to its licensees, Solactive reserves the right to change the calculation or publication methodology of the Index, and Solactive is not liable for any incorrect calculations of the Index or any incorrect, delayed, or interrupted publications thereof.
3. Solactive shall not be liable for any damages, including but not limited to any loss of profits or business, or any special, incidental, punitive, indirect, or consequential damages suffered or incurred as a result of using (or being unable to use) the Index.
E Fund Hong Kong Disclaimer:
1. Investment Risk Warning: The issuer of this report is E Fund Asset Management (Hong Kong) Co., Limited. This report does not constitute an invitation or recommendation to invest in fund units. Subscription for fund units can only be made using the application form accompanied by the fund prospectus. Investment involves risks, and fund prices can go up or down. Past performance is not indicative of future results. Before investing, investors should carefully read the investment risks associated with the fund in the fund prospectus (including the 'Risk Factors' section).
2. Distribution Restrictions: This report may only be distributed within certain jurisdictions. If distribution of this material or making any invitation or suggestion is prohibited in any jurisdiction, or if it would be illegal to distribute this report or make an invitation or suggestion to any person, this report does not constitute such distribution, invitation, or suggestion. This document has been exempted from prior review and approval by the Hong Kong Securities and Futures Commission and has not been reviewed by the SFC.
3. SFC Disclaimer: Recognition by the SFC does not imply a recommendation or endorsement of the scheme, nor does it guarantee the commercial merits or performance of the scheme, nor does it represent that the scheme is suitable for all investors, or that it is recognized as being suitable for any individual investor or any category of investors.
4. Copyright Statement: All rights reserved © 2026. E Fund Asset Management (Hong Kong) Co., Ltd.
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