中金公司近日发布的2026年展望报告指出，从历史比较角度看，本轮黄金牛市可能尚未结束，其依据包 括当前涨幅与持续时间仍低于20世纪70年代和2000年前后两轮主要上涨周期，且宏观不确定性、全球储 备结构调整的长期性以及美元周期潜在下行等因素，均对黄金价格形成支撑。 消息面上，美国11月ADP就业数据("小非农")意外减少3.2万人，远低于市场预期，创两年半最差表现， 这强化了市场对美联储降息的预期，美联储12月降息25个基点的概率达90%左右。受此影响，美元指数 承压下行，美国国债收益率走低，周三夜盘国际现货金价下跌0.06%，报收4202.69美元。 12月4日，三大股指早盘小幅拉升，其中黄金板块持续上行。截至上午9:40，黄金ETF华夏(518850)涨 0.22%、黄金股ETF(159562)涨1.96%。相关成分股中紫金矿业涨4.14%、铜陵有色涨3.61%、中金黄金涨 1.61%，山东黄金、赤峰黄金、山金国际等小幅跟涨。(以上所列股票仅为指数成份股，无特定推荐之 意) ...

证券之星消息，12月3日，380材料（000105）指数报收于5016.02点，跌0.18%，成交179.67亿元，换手 率1.39%。当日该指数成份股中，上涨的有22家，江山股份以3.49%的涨幅领涨，下跌的有27家，赤峰黄 金以2.31%的跌幅领跌。 380材料（000105）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh600988 | 赤峰黄金 | 7.57% | 30.88 | -2.31% | | 586.85 | 有色金属 | | sh600096 | 云天化 | 5.62% | 30.67 | -0.07% | | 559.11 | 基础化工 | | sh601168 | 西部矿业 | 5.45% | 24.10 | 1.26% | | 574.30 | 有色金属 | | sh600549 | 厦门钨业 | 4.66% | 35.17 | 0.49% | 6 | 558.35 | 有色金属 | | sh6 ...

近期黄金经历一轮价格巨震，引发市场热议。 到底，黄金牛能否继续？ 有资金"精准逃顶"，有资金逆势买入。 不知不觉，国际金价已经反弹至4300美元附近，Comex黄金年内涨幅超60%。 众所周知，黄金也是最近两年市场最亮眼的品种之一，各国央行在买，各大机构也在买，即使普通投资者，对黄金的热情也很高。 国内方面，今年以来，黄金ETF资金流入是重要推手之一。 其中，黄金ETF(159934)成为市场热门ETF，年内涨幅53.52%，资金净流入额达126.4亿元。 01 再次升温 说黄金，当然离不开地缘。 近期多起地缘事件的集中爆发，最大的焦点，依然是俄乌。 普京公开威胁将切断乌克兰的海上通道，并誓言加强军事打击。与此同时，乌克兰方面则坚决否认俄方已控制关键城市的说法，双方表态使前线战况陷 入"罗生门"。 这种局势的军事行动正在从陆地向更具复杂性和不可预测性的海空领域扩展，其地理范围和潜在影响正面临失控风险。 这种升级直接触发了市场对全球能源、粮食供应链可能再次遭受冲击的担忧。 美国潜在军事行动的"黑天鹅"阴影，进一步加剧了市场不安。 特朗普近期公开宣称，将很快对境外的贩毒集团实施"陆地打击"，这一表态预示着美国可能 ...

证券之星消息，12月2日贵金属板块较上一交易日下跌1.76%，湖南黄金领跌。当日上证指数报收于3897.71，下跌0.42%。深证成指报收于 13056.7，下跌0.68%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002155 | 湖南黄金 | 21.75 | -3.12% | 40.25万 | 8.80 7 | | 000506 | 招余黄金 | 12.01 | -2.67% | 16.29万 | 1.96 Z | | 601069 | 西部青全 | 26.62 | -2.35% | - 11.21万 | 2.9917 | | 002716 | 湖南白银 | 6.56 | -2.24% | 197.27万 | 13.01亿 | | 002237 | 恒邦股份 | 12.93 | -2.05% | 17.27万 | 2.24 Z | | 600988 | 赤峰黄金 | 31.61 | -1.83% | 32.93万 | 10.43 Z | | 000975 | ...

12月2日，A股市场多数回调，沪指失守3900点，有色50ETF（159652）跌1.57%，一度跌超2%，资金逢跌跑步进场，盘中有色50ETF（159652）强势"吸 金"超1亿元。 截至13:55，成分股仅做展示使用，不构成投资建议 消息面上，美国供应管理协会（ISM）周一公布的数据显示，全美制造业整体景气度进一步下滑，连续第九个月跌破荣枯线。 美银全球研究周一表示，鉴于劳动力市场表现疲软，且政策制定者近期言论暗示可能提前降息，该行目前预计美联储将在12月的会议上降息25个基点。然后 2026年6月和7月美联储将再分别降息25个基点（即两次季度性降息），届时终端利率（最终利率水平）将降至3.00%-3.25%区间。 截至2025年12月初，白银市场正经历一轮历史性的强势上涨行情。12月1日亚洲早盘，伦敦现货白银价格首次突破57美元/盎司，盘中最高触及57.863美元/盎 司，年内涨幅已超过94%，逼近翻倍。与此同时，上海期货交易所白银主力合约价格也飙升至13520元/公斤，单日涨幅超7%，并已实现连续8个月上涨。 现货黄金在4220美元/盎司附近徘徊，12月2日早盘，现货黄金一度失守4220美元，随后震荡 ...

证券之星消息，12月1日贵金属板块较上一交易日上涨2.09%，湖南白银领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002716 | 湖南白银 | 6.71 | 7.02% | 332.70万 | | 22.62亿 | | 000975 | 山会国际 | 22.43 | 5.65% | 61.23万 | | 13.75 Z | | 002237 | 恒邦股份 | 13.20 | 2.17% | 29.21万 | | 3.86亿 | | 600547 | 山东黄金 | 37.10 | 1.76% | - 43.76万 | | 16.29亿 | | 600489 | 中金黄金 | 22.87 | 1.73% | 75.23万 | | 17.31亿 | | 002155 | 湖南黄金 | 22.45 | 1.22% | 53.60万 | | 12.12 ...

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 赤峰吉隆黃金礦業股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600988 | 說明 | | 於上海證券交易所上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,663,911,378 | RMB | | 1 RMB | | 1,663,911,378 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,663,911,378 | RMB | | 1 RMB | | 1,663,911,378 | 第 1 頁 共 1 ...

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The report highlights the continued trading around December interest rate cuts and the geopolitical issues surrounding Russia and Ukraine. The probability of a December rate cut is currently at 85%, with several Federal Reserve officials supporting the continuation of rate cuts. This has led to a decrease in U.S. Treasury yields and an increase in gold prices. However, the upcoming FOMC meeting will also focus on the dot plot and comments from Powell, which may impact short-term gold prices [2][11]. - The uncertainty surrounding the Russia-Ukraine negotiations remains significant, with recent proposals from the U.S. and Europe facing resistance from Ukraine and Russia. The report suggests that substantive territorial issues are challenging to resolve, indicating a complex negotiation landscape ahead [2][11]. - The potential appointment of Hassett as the Federal Reserve Chair could further strengthen gold prices, as his dovish stance may enhance market expectations for future rate cuts and raise concerns about the Fed's independence [2][11]. Summary by Sections Weekly Research Views - The report discusses the ongoing focus on December interest rate cuts and geopolitical tensions, emphasizing the high probability of a rate cut and its implications for gold prices. It also notes the complexities in the Russia-Ukraine negotiations and the potential impact of a new Fed Chair on market expectations [2][11]. Sector Performance - The report indicates that the Shanghai Composite Index rose by 1.40%, while the non-ferrous metals index increased by 3.42%, outperforming the market by 2.02%. The top-performing sub-sectors included tungsten, lead-zinc, and nickel-cobalt-tin [13][14]. Metal Prices and Inventories - The report notes a general increase in metal prices, with LME copper reaching $11,189 per ton, marking a 3.8% increase. Other metals also saw price increases, with significant movements in lithium and cobalt prices. The report highlights the ongoing bullish sentiment in the copper market, driven by expectations of rate cuts and supply constraints [12][32][46].

数据来源：wind 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变化。本材料所含任 何市场观点的内容皆基于相应的假设条件，而任何假设条件都可能随时发生变化。基金管理人不承诺、 不保证任何具有预测性质的市场观点必然得以实现。材料中提及的个股不构成投资推荐或建议。 ...

Investment Rating - The report maintains a "Buy" rating for the non-ferrous and steel sectors, indicating a positive outlook for investment opportunities in these industries [9][10]. Core Viewpoints - The report suggests that a cross-year market for gold and copper may unfold, making it an opportune time to invest in non-ferrous metals [9][10]. - It highlights that the copper supply shortage is expected to continue, which may drive up copper prices, while strict control over smelting capacity could lead to improved profitability for midstream players [9][10]. - The report also emphasizes the bullish outlook for gold prices, projecting a rise to $4,500 per ounce by the end of 2025 and potentially exceeding $5,000 per ounce in 2026 [9][10]. - For the electrolytic aluminum sector, the report suggests that despite recent stock dilution, the overall supply-demand dynamics remain intact, presenting opportunities for investment [9][10]. Summary by Sections Non-Ferrous Metals - The report notes a 3.37% increase in the non-ferrous metals sector, driven by a significant rise in copper prices due to supply constraints and inflation expectations [9][10]. - It highlights the historical high copper premium set by Codelco, which is expected to further tighten supply [9][10]. - The report recommends focusing on investment opportunities in copper, gold, and aluminum sectors [9][10]. Steel Industry - The report indicates a slight decrease in iron and steel production, with rebar consumption at 2.28 million tons, down 1.23% week-on-week but up 1.15% year-on-year [16][21]. - It mentions that overall steel inventory continues to decline, with total social and steel mill inventories down by 2.15% [23][24]. - The profitability of most steel products has significantly improved due to rising costs, with the average price index for common steel rising by 0.42% [26][35]. New Energy Metals - The report states that lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth [39][40]. - It also notes that the production of new energy vehicles continues to grow, with October 2025 production reaching 1.68 million units, up 19.94% year-on-year [43][46]. - The report highlights price increases in lithium and cobalt, with lithium carbonate priced at 93,300 yuan per ton, reflecting a slight decrease of 0.27% week-on-week [49][50].