贵金属板块集体高开，晓程科技涨超8%，中金黄金、山金国际、招金黄金、西部黄金、山东黄金等跟涨。 【大河财立方 记者 王鑫】12月12日，A股三大股指开盘涨跌不一，沪指低开0.1％，深证成指涨0.21％，创业板指涨0.29％。 | 全A | | 涨 3106 平 253 | 跌 2094 | A股成交额 | | 5975.8亿 | 沪深300期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | 1 | 000001 | 上证指数 | 3856.76 | -16.56 | -0.43% | 2406亿 | 15.07% | | 2 | 399001 | 深证成指 | 13124.15 | -23.23 | -0.18% | 3481亿 | 26:02% | | 3 | 899050 | THESO | 1457.31 | 14.14 | 0.98% | 887 | 40.42% | | 4 | 881001 | 万得全A | 6214.99 | -4.39 | -0 ...

Core Viewpoint - The A-share market saw a significant rise in non-ferrous metal stocks on December 12, with several companies experiencing gains of over 2% to 3% [1]. Group 1: Stock Performance - Xiyeg股份 (Ticker: 000960) increased by 3.49%, with a total market capitalization of 42.9 billion and a year-to-date increase of 89.59% [2]. - Guocheng Mining (Ticker: 000688) rose by 3.42%, with a market cap of 28.3 billion and a year-to-date increase of 103.45% [2]. - Chihong Zn & Ge (Ticker: 600497) saw a gain of 3.41%, with a market cap of 33.7 billion and a year-to-date increase of 23.51% [2]. - Western Mining (Ticker: 601168) increased by 3.00%, with a market cap of 61.3 billion and a year-to-date increase of 70.38% [2]. - Jincheng Mining (Ticker: 603979) rose by 2.87%, with a market cap of 43.2 billion and a year-to-date increase of 92.53% [2]. - Zhongjin Lingnan (Ticker: 000060) increased by 2.67%, with a market cap of 23.9 billion and a year-to-date increase of 17.24% [2]. - Zhongjin Gold (Ticker: 600489) rose by 2.66%, with a market cap of 108.5 billion and a year-to-date increase of 91.05% [2]. - Shangda Co. (Ticker: 301522) increased by 2.28%, with a market cap of 12.4 billion and a year-to-date decrease of 8.57% [2]. - Shanjin International (Ticker: 000975) rose by 2.03%, with a market cap of 67 billion and a year-to-date increase of 59.85% [2]. - Yun Aluminum (Ticker: 000807) increased by 2.01%, with a market cap of 95.2 billion and a year-to-date increase of 108.06% [2].

Group 1 - The A-share market saw a broad increase in non-ferrous metal stocks, with notable gains from companies such as Xiyeg股份, Guocheng Mining, and Chihong Zinc & Germanium, all rising over 3% [1] - Other companies including Jinchengxin, Zhongjin Lingnan, Zhongjin Gold, and Shanda股份 experienced increases of over 2% [1]

（文章来源：每日经济新闻） 每经AI快讯，12月12日，贵金属板块高开，晓程科技涨超4%，中金黄金、山金国际、山东黄金跟涨。 ...

贵金属板块高开，晓程科技涨超4%，中金黄金、山金国际、山东黄金跟涨。 ...

Core Viewpoint - The A-share market experienced a volatile pullback on December 11, but the Nonferrous 50 ETF (159652) saw a significant inflow of funds, indicating strong investor interest in the nonferrous metals sector amid favorable overseas liquidity conditions [1][4]. Group 1: Market Performance - As of 10:26 AM, the Nonferrous 50 ETF (159652) rose over 1.11%, with an intraday peak approaching 2%, and recorded a net subscription of 23 million shares, resulting in a net inflow of over 35 million yuan [1]. - The latest fund size of the Nonferrous 50 ETF (159652) exceeded 3.5 billion yuan [1]. Group 2: Component Stocks - Most component stocks of the Nonferrous 50 ETF (159652) experienced gains, with Zijin Mining rising by 2.83% and Zhongjin Gold by 2.34%, while Northern Rare Earth and China Aluminum saw slight declines [3]. - The top ten component stocks of the Nonferrous 50 ETF (159652) include Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, with varying performance metrics [3]. Group 3: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, lowering the target range for the federal funds rate to 3.50%-3.75%, which aligns with market expectations [4]. - The Fed plans to expand its balance sheet by purchasing $40 billion in short-term Treasury bonds, which is expected to support liquidity in the market [4]. Group 4: Copper Market Insights - Long-term projections suggest that the copper price may strengthen due to the ongoing U.S. rate-cutting cycle, supply-side constraints, and new demand drivers from the energy sector [8]. - Supply-side issues, including frequent mining accidents and production interruptions in major copper mines, are expected to tighten the copper market, leading to a projected supply shortfall of 150,000 tons by 2026 [9]. Group 5: Demand Drivers - The demand for copper is anticipated to grow due to significant investments in renewable energy and the development of new power systems, with a focus on enhancing grid and storage capabilities [10]. - The push for technological advancements, particularly in AI, is expected to drive substantial increases in electricity demand, further boosting copper consumption [10]. Group 6: Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from the ongoing super cycle in nonferrous metals, with a high concentration of strategic metals such as copper and gold [11][13]. - The ETF's index has a leading copper content of 31% and gold content of 14%, making it an attractive option for investors looking to capitalize on the nonferrous sector [13][15].

Core Viewpoint - The recent interest in the non-ferrous metals sector is driven by the Federal Reserve's decision to cut interest rates, which is expected to support metal prices and attract investment into the sector [1][4][15]. Group 1: Market Performance - On December 11, the non-ferrous metals ETF (159876) saw an intraday price increase of over 1.3%, currently up by 0.77%, with a net subscription of 28.8 million units, reflecting strong market confidence [1][4]. - The ETF has accumulated 104 million yuan in the past three days, indicating a positive outlook for the sector [1]. - As of December 10, the ETF's total size reached 805 million yuan, making it the largest among three ETFs tracking the same index [1]. Group 2: Sector Analysis - Gold stocks have shown active performance, with Shandong Gold leading with a rise of over 9%, followed by Chifeng Jilong Gold and Zhongjin Lingnan Nonfemet Company with increases of over 3% and 2% respectively [3][11]. - Yunnan Zinc Industry, focusing on the production of germanium chips for low-orbit satellite networks, has seen a nearly 9% increase, highlighting the growth in the germanium supply chain [3][11]. Group 3: Investment Drivers - Three key dimensions explain the strong investment in the non-ferrous metals sector: 1. **Macroeconomic Factors**: The Federal Reserve's 25 basis point rate cut and the expectation of no future rate hikes are seen as supportive for metal prices [4][13]. 2. **Industry Dynamics**: Breakthroughs in aluminum battery technology and limited domestic production capacity are expected to sustain high demand and prices for aluminum [4][13]. 3. **Performance Outlook**: The non-ferrous metals ETF's index is projected to see a significant rebound in profitability starting in 2025, with a forecasted year-on-year net profit growth of 54.5%, indicating a potential end to the current profit downturn [4][14]. Group 4: Market Sentiment - Industry experts suggest that the non-ferrous metals sector is entering a structural bull market characterized by monetary easing, supply-demand dynamics, and strategic reassessment of key metals [6][15]. - Institutions are optimistic about the continuation of a bull market in non-ferrous metals, with various firms projecting sustained investment interest in commodities [6][15].

文：霍星羽 上证报中国证券网讯（记者 霍星羽）12月11日早盘，同花顺贵金属板块盘中最大涨幅达2.53%，内外盘 白银价格均创历史新高，截至10时30分，山金国际、赤峰黄金、中金黄金盘中一度上涨9.3%、4.06%、 3.44%。 12月11日，COMEX白银主力合约盘中一度上涨3.64%，站上63.25美元/盎司的高点。沪银主力合约盘中 涨幅扩大至4.33%，刷新历史新高。 消息面上，北京时间12月11日凌晨，市场迎来了美联储年内最后一次利率决议：美联储如期降息25个基 点，将联邦基金利率目标区间下调到3.50%至3.75%之间。这是美联储今年继9月和10月各降息25个基点 以来的第三次降息，也是自2024年9月美联储开启新一轮降息周期以来的第六次降息。 ...

短期看，美联储打开降息通道，驱动黄金的估值中枢上移；长期看，在地缘政治风险、逆全球化趋势和美元信用体系 弱化的背景下，强化了黄金的配置价值。 每日经济新闻 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 4 | | --- | --- | --- | --- | --- | | 159562 | 黄金股ETF | 2.164 | 0.048 | 2.27% | | 159321 | 黄金股票ETF | 1.516 | 0.032 | 2.16% | | 159315 | 黄金股ETF基金 | 1.623 | 0.033 | 2.08% | | 517520 | 黄金股ETF | 1.978 | 0.040 | 2.06% | | 517400 | 黄金股票ETF | 1.563 | 0.031 | 2.02% | | 159322 | 黄金股票ETF基金 | 1.610 | 0.032 | 2.03% | 消息面上，美国联邦储备委员会12月10日宣布，将联邦基金利率目标区间下调25个基点到3.5%至3.75%之间。这是美联 储继9月17日、10月29日降息后年内的第三次降息，幅度均为25个基点。 黄金股早 ...

Core Insights - The gold industry is experiencing a significant upward trend, with the CSI Gold Industry Index rising by 1.80% and gold stock ETFs increasing by over 2% [1][2] - The Federal Reserve's recent decision to lower interest rates by 25 basis points has contributed to a more favorable environment for gold investments, as market volatility and geopolitical risks continue to rise [2][3] - The World Gold Council forecasts a strong performance for gold in 2026, with potential price increases of 15% to 30% due to various economic factors [3] Group 1: Market Performance - The CSI Gold Industry Index (931238) has shown a strong increase of 1.80%, with leading stocks such as Shanjin International (000975) rising by 7.09% [1][2] - Gold stock ETFs (517520) have gained over 80% year-to-date, indicating robust investor interest and market performance [1][2] Group 2: Economic Factors - The Federal Reserve has reduced the federal funds rate target range to 3.50%-3.75%, which is expected to enhance market activity and support gold prices [2] - Trump's criticism of the Fed's rate cut reflects a demand for more aggressive monetary easing, which may further elevate market risk and bolster gold's appeal as a safe-haven asset [2] Group 3: Future Outlook - The World Gold Council's report highlights that gold had an exceptional year in 2025, with returns exceeding 60%, and anticipates continued strong performance in 2026 [3] - Factors such as declining U.S. Treasury yields, heightened geopolitical risks, and increased demand for safe-haven assets are expected to support gold prices in the coming years [3] - The cyclical demand and structural trends are projected to resonate, keeping gold and silver prices in an upward trajectory [3]