--- title: "隨着價格飆升，多資產基金減少了對黃金和白銀的投資敞口" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/286600275.md" description: "多資產基金在 2025 年 3 月將黃金和白銀的持倉比例從 17% 降低至 2026 年 4 月的 13%，這一變化是在價格飆升之後發生的。持有超過 15% 商品資產的基金數量從 15 只減少至 4 只。同時，由於估值改善，股票的持倉比例有所增加，因為配置受到考慮多種市場因素的量化模型的指導" datetime: "2026-05-15T10:12:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286600275.md) - [en](https://longbridge.com/en/news/286600275.md) - [zh-HK](https://longbridge.com/zh-HK/news/286600275.md) --- # 隨着價格飆升，多資產基金減少了對黃金和白銀的投資敞口 The commodity exposure of multi-asset funds has treaded lower over the last year as fund managers trimmed their gold and silver exposure after a sharp run-up in prices. At the same time, they raised their equity exposure amid improving valuations. The average gold and silver holding of multi-asset funds, which stood at 17 per cent in March 2025, was down to 13 per cent in April 2026. The number of schemes with 15 per cent or more commodity holding has shrunk from 15 to just four in the same period, showed data from Value Research. Multi-asset funds invest across equity, debt and commodities depending on the market condition. The allocations are typically determined by quantitative and valuation-based models that take into account factors such as equity valuations, yields offered by fixed-income instruments, relative commodity valuations, interest rate outlook and economic growth indicators. ### 相關股票 - [BAR.US](https://longbridge.com/zh-HK/quote/BAR.US.md) - [GLDM.US](https://longbridge.com/zh-HK/quote/GLDM.US.md) - [SIL.US](https://longbridge.com/zh-HK/quote/SIL.US.md) - [PSLV.US](https://longbridge.com/zh-HK/quote/PSLV.US.md) - [UGL.US](https://longbridge.com/zh-HK/quote/UGL.US.md) - [SLV.US](https://longbridge.com/zh-HK/quote/SLV.US.md) - [GDXY.US](https://longbridge.com/zh-HK/quote/GDXY.US.md) - [GDXU.US](https://longbridge.com/zh-HK/quote/GDXU.US.md) - [SLVP.US](https://longbridge.com/zh-HK/quote/SLVP.US.md) - [AGQ.US](https://longbridge.com/zh-HK/quote/AGQ.US.md) - [NUGT.US](https://longbridge.com/zh-HK/quote/NUGT.US.md) - [SGDJ.US](https://longbridge.com/zh-HK/quote/SGDJ.US.md) - [JNUG.US](https://longbridge.com/zh-HK/quote/JNUG.US.md) - [GLD.US](https://longbridge.com/zh-HK/quote/GLD.US.md) - [GLTR.US](https://longbridge.com/zh-HK/quote/GLTR.US.md) - [SGDM.US](https://longbridge.com/zh-HK/quote/SGDM.US.md) - [GBUG.US](https://longbridge.com/zh-HK/quote/GBUG.US.md) - [DBP.US](https://longbridge.com/zh-HK/quote/DBP.US.md) - [GDXJ.UK](https://longbridge.com/zh-HK/quote/GDXJ.UK.md) - [IAU.US](https://longbridge.com/zh-HK/quote/IAU.US.md) - [RING.US](https://longbridge.com/zh-HK/quote/RING.US.md) - [SLVR.US](https://longbridge.com/zh-HK/quote/SLVR.US.md) - [GDX.US](https://longbridge.com/zh-HK/quote/GDX.US.md) ## 相關資訊與研究 - [據報香港將於七月推出全新黃金結算系統，有指容許參與者以「不記名黃金帳户」方式結算](https://longbridge.com/zh-HK/news/287012324.md) - [鉅亨速報 - Factset 最新調查：哈莫尼黃金 (HMY-US) EPS 預估下修至 2.57 元，預估目標價為 24.35 元](https://longbridge.com/zh-HK/news/286944087.md) - [鉅亨速報 - Factset 最新調查：Hudbay Minerals Inc.(HBM-US) EPS 預估上修至 1.56 元，預估目標價為 29.83 元](https://longbridge.com/zh-HK/news/287219040.md) - [金價失守 4500 美元 創近兩個月新低](https://longbridge.com/zh-HK/news/286974334.md) - [現貨金升逾 1% 受助油價及債息下跌](https://longbridge.com/zh-HK/news/287137898.md)