Group 1: Stock and Trading Updates - Xuan Ya International experienced abnormal stock trading fluctuations, with a cumulative closing price deviation exceeding 30% over two trading days [3] - The major shareholder of Fu Ri Group completed the transfer of 60.22 million shares, accounting for 6.36% of the total share capital, with a transaction value of 301 million yuan [7] - The chairman of Gao De Infrared plans to reduce his holdings by up to 3% of shares, citing funding needs for other innovative business developments [9] Group 2: Strategic Agreements and Contracts - Shengxin Lithium Energy plans to sign a framework agreement with Huayou Holding Group for the supply of 221,400 tons of lithium salt products from 2026 to 2030, which will impact future performance [4] - Xiamen Tungsten plans to invest 1.525 billion yuan to establish a subsidiary for a project with an annual production capacity of 50,000 tons of high-performance battery materials [5] - Ningbo Fangzheng signed a strategic cooperation agreement with Ningbo Huaxiang Qiyuan Technology to enhance collaboration in the production of precision components for robots [8] Group 3: Project Bids and Sales Contracts - Yunnan Energy Investment was awarded the bid for the Dazhu Mountain Wind Power Project, with an expected capacity of 25,000 kilowatts [11] - Xianhui Technology signed sales contracts worth approximately 796 million yuan with CATL, expected to positively impact performance in 2025-2026 [12] - Samsung Medical and its subsidiary are expected to be awarded projects from the State Grid, with a total estimated value of approximately 125.29 million yuan [13] Group 4: Legal and Financial Matters - Chenghui Co. received a lawsuit notification involving a claim of 64.8 million yuan, with no current estimate on the impact on profits [6] - *ST Songfa's subsidiary signed contracts for the construction of two VLCCs, with a total contract value between 200 million and 300 million USD [14] - Gao Neng Environment's subsidiary won a bid for a waste-to-energy project in Thailand, with a total investment not exceeding 195 million Thai Baht (approximately 42.7 million yuan) [16]

Core Viewpoint - The Future Fund of Australia highlights increasing risks of "more frequent and severe new shocks" to the global economy, prompting a shift in asset allocation towards gold, actively managed stocks, and hedge funds [1][3]. Group 1: Investment Strategies - The Future Fund has raised its allocation to gold and other commodities to provide asymmetric protection against supply-driven inflation and stagflation [3][4]. - The fund aims for long-term returns exceeding 4% to 5% above the consumer price index (CPI) while managing risk at an acceptable level [3]. - The report indicates a fundamental shift in the global investment landscape, characterized by increased uncertainty, rising inflation pressures, and heightened market volatility [3]. Group 2: Gold Demand and Price Projections - Global gold demand increased by 1% year-on-year in the first ten months of the year, reaching 3,717 tons, with a value increase of 41% to $384 billion [1]. - Goldman Sachs projects that gold prices could rise to $4,900 per ounce by the end of 2026, driven by private investors diversifying their portfolios with gold [1][6]. - Central banks are expected to continue significant gold purchases, with a projected average monthly purchase of 80 tons from Q4 2025 to 2026 [5]. Group 3: Central Bank Trends - A survey indicates that 64% of central banks plan to increase foreign exchange reserves, with 47% explicitly stating intentions to increase gold holdings as a strategic tool against geopolitical and financial risks [5]. - In the first three quarters of the year, global central bank gold demand reached 220 tons, a 28% increase from the previous quarter [5]. Group 4: Gold ETFs and Market Performance - Global physically-backed gold ETFs experienced net inflows for five consecutive months, with October's inflow reaching $8.2 billion, indicating strong annual performance [6]. - As of the end of October, total assets under management (AUM) for global gold ETFs grew by 6% to $503 billion, with holdings increasing by 1% to 3,893 tons [6]. - Major financial institutions have raised their gold price forecasts, with Bank of America projecting a target price of $5,000 per ounce by 2026 [6].

Core Insights - The article discusses the increasing financial needs of Hong Kong residents moving to mainland China, particularly in the Greater Bay Area, leading to a rise in demand for loans and social security services [2][4][6]. Group 1: Loan Demand - There is a notable increase in loan demand from Hong Kong residents who are transitioning from short-term consumption to long-term living in mainland cities [3][4]. - The demand for credit cards among Hong Kong residents in mainland China is growing, as having a local credit card significantly enhances their daily payment convenience [4][5]. - The interest rates for loans in both regions are comparable, with major banks in Hong Kong and mainland China offering similar rates around 3% to 3.5% [4][5]. Group 2: Social Security Participation - The trend of "buying social security" in mainland China is gaining popularity among Hong Kong residents, with a significant increase in participation in pension, work injury, and unemployment insurance [6][7]. - As of August 2024, 332,800 Hong Kong and Macau residents have participated in social security in Guangdong, marking a 118.93% increase since the launch of the "Bay Area Social Security Pass" [7]. - The cost-effectiveness and quality of medical services in mainland China are major factors attracting Hong Kong residents to participate in social security [8][9]. Group 3: Challenges and Solutions - There are significant challenges in cross-border data transmission and financial compliance, which hinder the approval of loans for Hong Kong residents in mainland banks [9][10]. - The lack of a unified credit verification system between Hong Kong and mainland China complicates the loan application process for Hong Kong residents, as banks require extensive credit data from Hong Kong [9][10]. - Proposed solutions include establishing a cross-border credit cooperation mechanism and utilizing blockchain technology for secure data verification [11][12].

Core Viewpoint - Gold prices have surged over 50% this year, potentially marking the strongest annual increase since 1979, but increased volatility has made short-term predictions challenging [2] Group 1: Gold Price Trends - Gold futures have shown a rolling 21-day correlation of 0.22 with the S&P 500, indicating a shift to positive correlation since October [2] - The recent volatility in gold prices has led to a simultaneous sell-off alongside risk assets like U.S. stocks and Bitcoin [2] Group 2: Gold Leasing Market - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, indicating a growing interest in gold leasing among wealthy investors [3] - Gold leasing allows investors to rent out their gold holdings to businesses, earning interest paid in gold rather than cash, which is similar to a loan structure [3][4] - The appeal of gold leasing lies in its ability to provide returns for investors who plan to hold gold while allowing businesses to access necessary gold without the risk of price fluctuations [4] Group 3: Returns and Risks in Gold Leasing - SafeGold offers guaranteed leasing rates of 2% for secured leases and 4% for unsecured leases, down from earlier rates of 3% and 5% [4] - The demand for gold leasing among jewelry industry clients has doubled in the past four months, as businesses seek alternative financing methods amid rising gold prices [4][5] - Wealthy investors are increasingly looking for ways to generate returns on their gold holdings while maintaining long-term ownership [5] Group 4: Risks Associated with Gold Leasing - Gold leasing carries counterparty and operational risks that are not present with simple gold ownership, including the risk of borrower default [6] - Companies involved in gold leasing are implementing measures such as insurance, audits, and RFID technology to mitigate risks of theft and fraud [6]

Core Insights - The recent surge in cross-border ETFs has led to significant premium risks, with 33 products issuing over 500 premium risk alerts since the fourth quarter began, particularly in US and Japan-themed products [2][4] - The Invesco Great Wall Nasdaq Technology Market Cap Weighted ETF has seen its IOPV premium rate exceed 10% for 25 consecutive trading days, indicating a persistent high premium status [2][5] - The overall scale of cross-border ETFs has increased by nearly 117% year-to-date, significantly outpacing the growth of A-share ETFs, which grew by approximately 28% in the same period [6][7] Premium Risk Alerts - As of November 18, 20 cross-border ETFs issued premium alerts, with the previous trading day seeing 22 alerts, highlighting a trend of frequent premium warnings [3][4] - The frequency of premium alerts has become normalized, with 11 products issuing over 20 alerts each since the start of the fourth quarter [4][5] - The premium situation is not isolated, as multiple products tracking popular indices like Nasdaq 100 and Nikkei 225 are experiencing similar high premium rates [3][4] Market Dynamics - The premium phenomenon reflects a mismatch between QDII quotas and investor demand, alongside factors like index scarcity and foreign exchange volatility, contributing to supply-demand imbalances [6][7] - The cross-border ETF market has seen explosive growth, with the total scale reaching approximately 920.29 billion yuan as of November 17, compared to 424.22 billion yuan at the end of the previous year [6][7] - The number of products exceeding 10 billion yuan in scale has doubled, indicating a strong demand for cross-border investment options [7] Institutional Innovations - Recent regulatory changes have expanded the cross-border investment channels, with six new ETF products included in the "Southbound ETF Connect" list, marking a significant development in the market [8][9] AI Market Sentiment - The discussion around whether the AI sector is experiencing a bubble or genuine growth has intensified, with market volatility increasing due to geopolitical tensions and economic factors [10][11] - Despite short-term fluctuations, many institutions maintain a cautiously optimistic outlook on the US stock market, suggesting that the underlying trends in technology and AI remain strong [11][12]

| *ST正平 603843.5H 8.66 +4.97% LOCKED BELLE BECOUNTS OF | 公司公告 | | | | --- | --- | --- | --- | | 公告日期 | 标题 NATION SECTION COLLECTION COLLECTIVE POST STATUS CANADA CAST | 液晶 = = | 发布时间 | | 2025-11-19 | 62 正平股份关于股票交易风险提示登得障续壹的公告 | 停牌提示_风险提示 | 2025-11-18 18:32 | | 2025-11-12 | 行 正平股份关于股票交易停牌板盘燃票登复网的公告 | 修煉罐员 | 2025-11-11 17:33 | | 2025-10-29 | (2) 正平股份关于股票交易风险播示量得牌模量的公告 | 停增捷示_风险提示 | 2025-10-28 17:50 | | 2025-10-16 | m 正平服份关于股票交易停障板盘进票登货的公告 | 修購提示 | 2025-10-15 17:52 | | 2025-10-01 | (2) 正平股份关于股票交易风险提示量停建被查的公告 | ...

2025.11.18 11月17日，"曝iPhone17 Pro Max被湿巾擦掉色"登上热搜引热议，有账号称，一苹果用户发帖称，其购 买的星宇橙配色iPhone 17 ProMax在使用普通湿巾擦拭后，镜头边缘及边框涂层大面积脱落，露出银色 铝合金基材。 据钱江视频，记者实测用普通的酒精湿巾擦拭后没有掉漆现象；随后又用75%酒精浓度的湿巾擦拭，仍 没有发现掉漆情况。 本文字数：483，阅读时长大约1分钟 苹果中国大陆客户服务热线工作人员称，普通湿巾擦拭是不会影响机器颜色的，但是如果是含高浓度酒 精或者是其他含腐蚀性液体的湿巾则有可能造成掉漆。 此外，这位工作人员表示，苹果暂时没有这方面给予客户的操作提醒。工作人员还表示，"用正常的、 普通那些自来水之类是不会受影响的，这是肯定的。"截至发稿，苹果暂未对此事做出回应。 微信编辑| 苏小 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 来源 |钱江视频 封图 | 来源网络 （注：我们会对线索进行核实。您的隐私将严格保密。） ...

Core Viewpoint - Gold prices have surged over 50% this year, potentially marking the strongest annual increase since 1979, but increased volatility has made short-term predictions challenging [1] Group 1: Gold Price and Market Dynamics - The correlation between gold futures and the S&P 500 index has turned positive since October, indicating a synchronized movement between gold and risk assets like stocks and Bitcoin [1] - Gold leasing has gained traction as investors seek to generate returns from their idle gold bars, breaking the zero-yield characteristic of physical gold [1][3] Group 2: Gold Leasing Business - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, reflecting a growing interest among high-net-worth individuals [3] - Gold leasing allows investors to earn interest in gold rather than cash, with current guaranteed rates at 2% for secured leases and 4% for unsecured leases [4] Group 3: Industry Perspectives - Industry experts highlight that gold leasing provides a way for jewelers and manufacturers to obtain necessary gold while mitigating price volatility risks [4][5] - High-net-worth individuals and family offices are increasingly participating in gold leasing, traditionally dominated by central banks and large bullion banks [5] Group 4: Risks and Considerations - Despite the appeal of gold leasing, there are inherent risks such as counterparty risk and operational risk, which are not present in simple gold ownership [6] - Companies in the gold leasing space are implementing measures like insurance and real-time inventory tracking to mitigate risks, but complete risk elimination is not feasible [6]

11月18日，娃哈哈品牌2025年全国销售工作总结表彰大会在浙江绍兴举行。根据娃哈哈披露的数据， 2025年，娃哈哈实现了5亿的收入增长。在经销商奖项中，25家"全国优秀经销商"共享1000g金牌与150 万元激励。73家"省级优秀经销商" 累计收到奖励146万元。 编辑｜钉钉 记者｜揭书宜 ...

新能源车题材领跌，钢铁、有色金属、化工、煤炭跌幅居前，中国宏桥跌近6%。 个股方面，小鹏汽车跌逾10%，联想集团跌超4%，蔚来、快手跌超3%，腾讯音乐、理想汽车、小米集 团等跌超2%，百度健康、阿里健康等跌超1%，京东健康、阿里巴巴等小幅下跌；华虹半导体涨逾3%， 中芯国际、携程集团涨超1%。 编辑 ｜ 钉钉 11月18日，香港恒生指数收跌1.72%，恒生科技指数跌1.93%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25930.03c | -454.25 | -1.72% | 2421亿 | | HSTECH | 恒生科技 | 5645.73c | -111.15 | -1.93% | 763亿 | | HSBIO | 恒生生物科技 | 15693.14c | -266.15 | -1.67% | 90亿 | | HSCEI | 恒生中国企业指数 | 9174.84c | -153.56 | -1.65% | 925亿 | | HSCI | 恒生综合指数 | 3978.94c ...