With the central bank’s gold purchases continuing, domestic gold ETFs added more than 50 tons of holdings in the first quarter. In the sector, the gold stock ETF with the lowest track fees, Huaxia, is “backing up to pick up people” along the track.

On May 11, 2026, in the afternoon, spot gold prices accelerated their decline, falling below $4,648 per ounce during trading and currently quoted at $4,670 per ounce. As of 13:55, the Gold ETF Huaxia (518850) was down 1.58%, and the Gold Stock ETF Huaxia (159562) was down 3.18%. In terms of holdings, more stocks fell than rose: Yuguang Gold & Lead led the gainers with an increase of 3.12%, Tongling Nonferrous rose 1.80%, and Zhuyé Group rose 1.10%; meanwhile, Chifeng Gold led the decliners with a drop of 10.20%, Wanguo Gold Group fell 8.06%, and Chifeng Gold fell 6.35%.

On the news front, according to the latest statistics from the China Gold Association: in the first quarter of 2026, China’s gold consumption was 303.292 tons, up 4.41% year over year. Of this total: gold jewelry was 84.620 tons, down 37.10% year over year; gold bars and coins were 202.062 tons, up 46.40%; industrial and other gold use was 16.610 tons, down 7.43% year over year. The domestic Gold ETF increased its holdings by 50.438 tons, up 114.88% compared with the first quarter of 2025. By the end of March 2026, domestic Gold ETF holdings totaled 298.289 tons.

Huachuang Securities noted that in the first quarter of 2026, global central banks purchased a total of 244 tons of gold, marking 22 consecutive quarters of net buying. China’s central bank gold reserves have risen for 18 consecutive months; as of end of April, it added 260,000 ounces on a month-over-month basis, and the scale of additions has continued to expand over the past two months. Poland’s central bank has also explicitly raised its gold reserve target to 700 tons. Against the backdrop of weakening Dollar credit and uncertainty in the Middle East, gold’s strategic position as a sovereign credit hedge continues to strengthen.

Regarding fees, the management fee rate for the Gold Stock ETF Huaxia is 0.15%, and the custody fee rate is 0.05%, which is the lowest among comparable funds.

The Gold Stock ETF Huaxia (159562, linked to 021074/021075) closely tracks the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index. As of April 30, 2026, the top ten weighted stocks in the index are Zijin Mining, China Gold, Chifeng Gold, Shandong Gold, Shanjin International, Zhaojin Mining, Hunan Gold, Zijin Mining, Zijin Gold International, and Shandong Gold. The combined weight of the top ten holdings is 61.73%.