Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading on December 23 [1][9]. Group 1: Market Performance - Leading gold stocks such as Shandong Gold rose over 4%, while Yunnan Zinc Industry and Zhongjin Gold increased by more than 1% [3][11]. - The international prices of gold and silver have reached historical highs, driven by geopolitical tensions that have increased demand for safe-haven assets [3][11]. - Year-to-date, gold prices have surged over 60% [3][11]. Group 2: Economic Factors - Recent strength in gold prices is attributed to the December interest rate cut, higher-than-expected unemployment rates, and lower-than-expected CPI, which have raised expectations for further rate cuts in January [4][12]. - The long-term outlook for gold prices is positive due to a low current gold reserve in China and a trend of central bank gold purchases [4][12]. Group 3: Future Trends in Non-Ferrous Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by three main factors: energy transition, AI revolution, and strategic reserves amid global competition [5][12]. - The duration of the super cycle for non-ferrous metals will depend on the recovery of the US dollar's credit, progress in strategic reserves, and the effectiveness of "anti-involution" policies [5][12]. - The upcoming "spring market" presents opportunities for investors, supported by a weak dollar cycle, policy backing, and industrial upgrades [5][12]. Group 4: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF (159876) and its linked funds is recommended to capture the beta performance across the non-ferrous metal sector [6][12]. - This ETF covers a wide range of industries including copper, aluminum, gold, rare earths, and lithium, which helps in risk diversification compared to investing in single metal sectors [6][12].

Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading [1] Group 1: Market Performance - In the gold sector, Shandong Gold leads with a rise of over 4%, while Western Gold and Zhongjin Gold increase by more than 1% [3] - Among small metal leaders, Yunnan Zhenye and Zhongkuang Resources both rise over 2% [3] - Major stocks such as Zijin Mining and China Aluminum also show positive performance [3] Group 2: Price Trends and Influences - Recent surges in precious metals are attributed to geopolitical tensions, particularly the situation in Israel and Palestine, and escalating U.S.-Venezuela relations, which have heightened demand for safe-haven assets [4] - Gold prices have increased by over 60% year-to-date, reflecting a strong market for precious metals [4] Group 3: Economic Factors - Recent strong gold prices are linked to expectations of interest rate cuts in January due to higher unemployment and lower CPI, alongside the conclusion of the Bank of Japan's interest rate hike [5] - The long-term outlook for gold prices is positive, driven by low domestic gold reserves and ongoing central bank purchases [5] Group 4: Future Outlook for Industrial Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by energy transition needs, AI advancements, and strategic reserves amid global competition [6] - The duration of the super cycle for non-ferrous metals will depend on the recovery of U.S. dollar credit, progress in strategic reserves, and the effectiveness of "de-involution" policies [6] Group 5: Investment Strategy - For investors looking to capitalize on the non-ferrous metal sector, a diversified approach through the Huabao non-ferrous ETF (159876) and its associated funds is recommended, as it covers a wide range of metals [7]

（文章来源：每日经济新闻） 每经AI快讯，山东黄金(01787.HK)再涨超3%，截至发稿，涨3.26%，报37.36港元，成交额8488.05万港 元。 ...

智通财经APP获悉，山东黄金(01787)再涨近4%，截至发稿，涨3.26%，报37.36港元，成交额8488.05万 港元。 麦格理发布研报称，基于市场对地缘政治冲突、贸易摩擦以及美债可持续性的忧虑，该行对金价持正面 看法，并认为山东黄金将受惠于金价上升及产能增长。公司今年第三季业绩因6.25亿元人民币的公允价 值变动而表现疲弱，但该行相信此属一次性影响，不会对公司盈利构成持续压力。该行将公司目标价上 调至43港元，维持"跑赢大市"评级。 消息面上，12月22日，现货黄金盘中首次站上4400美元/盎司，再创历史新高，今年迄今累涨近68%。 COMEX黄金更突破4450美元/盎司关口，同创历史新高。摩根大通预测，到2026年第四季度，黄金均价 将达每盎司5055美元，到2027年底，金价将达到每盎司5400美元。 ...

麦格理发布研报称，基于市场对地缘政治冲突、贸易摩擦以及美债可持续性的忧虑，该行对金价持正面 看法，并认为山东黄金将受惠于金价上升及产能增长。公司今年第三季业绩因6.25亿元人民币的公允价 值变动而表现疲弱，但该行相信此属一次性影响，不会对公司盈利构成持续压力。该行将公司目标价上 调至43港元，维持"跑赢大市"评级。 消息面上，12月22日，现货黄金盘中首次站上4400美元/盎司，再创历史新高，今年迄今累涨近68%。 COMEX黄金更突破4450美元/盎司关口，同创历史新高。摩根大通预测，到2026年第四季度，黄金均价 将达每盎司5055美元，到2027年底，金价将达到每盎司5400美元。 山东黄金（600547）(01787)再涨近4%，截至发稿，涨3.26%，报37.36港元，成交额8488.05万港元。 ...

每经AI快讯，12月22日，香港恒生指数收涨0.43%，恒生科技指数涨0.87%。免税概念龙头股中国中免 涨超15%；新消费板块走强，蜜雪集团涨超10%，泡泡玛特涨超4%；黄金股普涨，中国黄金国际涨超 7%，老铺黄金、灵宝黄金涨超6%，山东黄金涨超5%。 ...

麦格理发布研报称，对金价持正面看法，并认为山东黄金（600547）(01787)将受惠于金价上升及产能 增长。公司今年第三季业绩因6.25亿元人民币的公允价值变动而表现疲弱，但该行相信此属一次性影 响，不会对公司盈利构成持续压力。该行调整公司2025至27年的盈利预测，分别下调18%、上调42%及 上调39%，以反映今年利润率下降及减值影响，以及2026及27年金价预期提高; 目标价上调至43港元， 维持"跑赢大市"评级。 ...

Group 1 - The core view of the report is positive on gold prices, with expectations that Shandong Gold (01787) will benefit from rising gold prices and capacity growth [1] - The company's Q3 performance was weak due to a one-time fair value change of 625 million RMB, but this is believed to be a non-recurring impact that will not exert ongoing pressure on profitability [1] - The earnings forecasts for the company for 2025 to 2027 have been adjusted, with a decrease of 18% for 2025, an increase of 42% for 2026, and an increase of 39% for 2027, reflecting this year's margin decline and impairment impacts, as well as higher gold price expectations for 2026 and 2027 [1] Group 2 - The target price for Shandong Gold has been raised to 43 HKD, while maintaining an "outperform" rating [1]

Group 1 - The China Securities Index for gold industry stocks (931238) has seen a strong increase of 3.56%, with significant gains in constituent stocks such as Silver and Nonferrous Metals up by 10.04% and China Gold International up by 7.65% [1] - The gold stock ETF (517520) has risen by 3.42%, with a current price of 2.06 yuan, and has increased over 87% since the beginning of 2025 [1] - The U.S. November CPI was reported at 2.7%, lower than the expected 3.1%, leading to increased expectations for a more accommodative monetary policy from the Federal Reserve [1] Group 2 - Kevin Hassett, a leading candidate for the next Federal Reserve Chair, stated that U.S. core inflation is "at or below target levels," providing ample space for potential interest rate cuts [2] - Analysts from Goldman Sachs noted that declining U.S. interest rates have prompted ETF investors to compete with central banks for limited gold resources, with structural high demand from central banks and cyclical support from Fed rate cuts expected to drive gold prices higher [2] - Industrial performance in the gold mining sector has been strong, with several companies reporting profits exceeding market expectations, and the SSH gold stock index showing that 7 out of the top 10 weighted stocks had a net profit growth rate exceeding 50% [3] Group 3 - The gold stock ETF (517520) aims to track the largest stocks in the gold industry, sharing in the sector's growth while mitigating risks associated with individual stock investments [3] - The top ten weighted stocks in the gold industry index account for 68.26% of the index, with companies like Zijin Mining and Shandong Gold among the leaders [3]

Group 1 - The core view of the report is positive on gold prices, with expectations that Shandong Gold will benefit from rising gold prices and capacity growth [1] - The company's Q3 performance was weak due to a fair value change of 625 million, but this is considered a one-time impact that will not exert ongoing pressure on profitability [1] - The target price for Shandong Gold has been raised to HKD 43, maintaining an "outperform" rating [1] Group 2 - The earnings forecasts for the company for 2025 to 2027 have been adjusted, with a decrease of 18% for 2025, and increases of 42% and 39% for 2026 and 2027 respectively [1] - The adjustments reflect a decline in profit margins and impairment impacts for the current year, as well as an increase in gold price expectations for 2026 and 2027 [1]