Group 1 - A-share gold stocks experienced a significant decline in the afternoon trading session, with Western Gold dropping nearly 5% [1] - Chifeng Gold fell over 3%, indicating a broader downturn in the gold sector [1] - Other companies such as Sichuan Gold, Hunan Gold, and Xiaocheng Technology also saw declines [1]

Investment Rating - The report maintains a positive outlook on gold stocks, indicating a continued bullish sentiment towards the gold industry [4]. Core Insights - The logic behind rising gold prices remains unchanged, with a significant increase in gold ETF holdings and a strong desire among global central banks to accumulate gold [2][3]. - The recent fluctuations in gold prices are attributed to geopolitical tensions and the weakening of the US dollar's credit, enhancing gold's monetary attributes [2]. - There is a notable divergence between gold prices and gold stocks, which has historically corrected following periods of price stabilization [3]. Summary by Sections Gold Price Trends - As of April 22, 2025, SHFE gold closed at 831.4 CNY/g and London gold at 3433.6 USD/oz, both reaching historical highs before a slight decline [1]. - By April 23, 2025, prices dropped to 784 CNY/g and 3263 USD/oz, reflecting a decrease of 5.7% and 5% respectively [1]. Investment Demand - Since May 2024, there has been a marked increase in gold investment demand, with global gold ETF holdings rising to approximately 3445.3 tons by the end of March 2025, an increase of 365.6 tons or 12% [2]. - In April 2025, Asian gold ETFs significantly accelerated their purchases, accounting for 47% of the global increase in the week of April 18 [2]. Central Bank Accumulation - Global central banks are expected to continue increasing their gold reserves, with China resuming purchases in November 2024 and accumulating 355.6 tons from January 2022 to March 2025 [3]. - The report highlights that China accounted for approximately 26% of the total global central bank gold purchases during this period [3]. Stock Performance - The report notes that the Shenyin Wanguo gold index PE (TTM) is at 30 times, which is at the 17th percentile since 2010, indicating potential for growth despite short-term price corrections [4]. - The report suggests focusing on companies with strong earnings elasticity, such as Shandong Gold, Chifeng Gold, Hunan Gold, Zijin Mining, and Shanjin International [4].

Market Overview - The gold market has experienced significant volatility, with prices reaching a peak of $3500 per ounce before dropping below $3300, reflecting a decline of over 2% [1][2] - As of the latest update, London gold was reported at $3327.73 per ounce and COMEX gold at $3341.6 per ounce [1][2] Price Movements - Since April 8, gold prices have shown a dramatic increase, with a nearly 15% rise over eight trading days, breaking through key levels of $3200, $3300, and $3400 [2] - On April 22, gold prices peaked at $3509.9 per ounce before experiencing a rapid decline, losing both the $3500 and $3400 thresholds [2] Market Reactions - The recent price drop has led to a 3.44% decline in the gold sector of the A-share market, with several companies experiencing significant losses [3] - Major companies such as Mingpai Jewelry and Chifeng Jilong Gold saw their stocks hit the daily limit down [3] Institutional Responses - The Shanghai Gold Exchange has issued multiple risk warnings and adjusted margin levels for gold and silver contracts in response to market fluctuations [4][5] - From April 25, the margin for various gold contracts will increase from 12% to 13%, and for silver contracts from 15% to 16% [5] ETF and Investment Strategies - Several gold ETFs have suspended subscription and redemption activities to manage risks associated with rapid price changes [5] - Financial institutions, including banks, have raised investment risk warnings, advising investors to be cautious and manage their positions effectively [5][6]

机构观点显示，高盛维持亚太股市 "增持" 评级，建议超配半导体（SK 海力士、北方华创）和消费电子（立讯精密）；摩根士丹利下调澳大利亚股市评级 至 "中性"，建议转向金融（CBA）和医疗（CSL）板块；中信证券提示 A 股短期关注 3300 点突破力度，若放量站稳可加仓科技股，反之需减仓防御，等 待回调至 3250 点支撑位。 总体来看，今日亚太股市在美股反弹和中国经济数据支撑下普涨，但量能不足制约 A 股突破空间。投资者需关注美联储政策预期、地缘政治风险及市场 估值压力，短期可把握科技与消费双主线轮动机会，中长期布局高景气赛道（AI、半导体、智能汽车）及防御性资产（黄金、高股息）。关键数据与事 件方面，需关注 4 月 PMI 数据（4 月 30 日公布）、5 年期 LPR 调整（5 月 20 日）、美联储 5 月 FOMC 会议（5 月 14-15 日）及美国 4 月非农就业报告 （5 月 3 日）。 2025 年 4 月 23 日亚太股市延续震荡上行态势，日经 225 指数涨 1.72% 报 34808.8 点，韩国 KOSPI 指数涨 1.47% 报 2523.3 点，澳大利亚 ASX200 指数涨 1 ...

21世纪经济报道记者 叶麦穗 广州报道 黄金价格大跌冲上今日热搜，现货黄金4月23日持续走低，盘中 失守3300美元/盎司整数关口，日内跌超2%，相较前一日的高点3499.45美元/盎司，下跌超过200美元/盎 司。与此同时，沪金主连今日下跌4.55%，开盘不久就击穿800元/克的支撑，收报784.28美元/克。 与此同时多家银行提示黄金投资风险，建设银行表示，近期国内外贵金属价格波动加剧，市场风险提 升。请提高贵金属业务的风险防范意识，合理控制仓位，及时关注持仓情况和保证金余额变化情况，理 性投资。 工商银行提醒，近期国际形势复杂多变，贵金属价格波动较大。建议您提高风险防范意识，基于自身财 务状况和风险承受能力理性开展贵金属投资活动，合理控制贵金属资产规模，防范贵金属价格波动风 险。 3月19日，江苏银行也曾发布公告称，不法分子通过各种"炒金"、"抢金"、"套现"等各种手段诱导持卡 人进行信用卡"炒金类"投资，不仅违反信用卡使用规定，更存在巨大资金风险。 排排网财富理财师负责人孙恩祥在接受记者采访时表示，金价大跌其实是意料之内。前期黄金涨幅过 猛，连续突破几个重要关口，一路冲至3500美元/盎司关口，投资人 ...

4月23日，特朗普关税"改口"，A股收盘涨跌不一，全天成交1.26万亿元，较前一交易日增量1413亿元。 板块上，机器人、汽车零部件、消费电子、电机等板块活跃，贵金属、黄金概念重挫，商业百货、食品饮料、预制菜等板块走低。 下面我们来看下今日龙虎榜情况： | | 爱博医疗 -20.00% | 曙光股份 6.43% | 百大集团 -8.70% | 丽尚国潮 -5.28% | 西昌电力 5.00% | 浙江自然 10.02% | 丰标品 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻纺城 10.05% | 连云港 10.00% | 健尔康 10.01% | 天和磁材 2.12% | 华脉科技 3.75% | 保税科技 2.35% | 信雅 | | 沪市 | 肯特催化 -5.15% | 安记食品 -9.98% | 安正时尚 -9.98% | 葫芦娃 -9.99% | 中毅达 -10.00% | 赤峰黄金 -10.00% | CONDE | | | 凌云B股 -10.00% | ST新潮 2.56% | ST广物 5.05% | ST通葡 4.98% ...

Core Viewpoint - The article discusses the recent developments in US-China trade relations and their impact on the A-share market, highlighting the mixed performance of various sectors and companies in response to news about potential tariff reductions and trade agreements [1]. Group 1: US-China Trade Relations - Bessent stated that the current tariffs of 145% on Chinese goods and 125% on US goods are unsustainable, suggesting a de-escalation in the near future [1]. - The White House indicated that Trump is laying the groundwork for a trade agreement with China, with a positive outlook on the relationship [1]. - Trump mentioned that he would be "very friendly" in negotiations with Beijing and that tariffs on Chinese imports would significantly decrease but not to zero [1]. Group 2: Market Reactions - Following the news, sectors such as the outbound industry chain and consumer electronics saw a rebound, with robotics being the standout performer [1]. - Tesla's Elon Musk projected that thousands of Optimus robots would be operational in Tesla factories by the end of the year, with a long-term goal of producing one million units annually by 2029 or 2030 [1]. - Xiaopeng Motors showcased its robot model IRON, which attracted significant attention at an event, indicating strong market interest in robotics [1]. Group 3: Gold Market Outlook - Despite a drop in gold prices, there is a positive long-term outlook for gold due to geopolitical tensions, with Morgan Stanley predicting gold prices could exceed $4,000 per ounce next year [6]. - The report anticipates an average gold price of $3,675 per ounce by Q4 2025, with potential for earlier increases if demand exceeds expectations [6]. Group 4: A-Share Market Performance - The A-share market showed mixed results, with the Shanghai Composite Index closing down 0.1%, while the Shenzhen Component and ChiNext Index rose by 0.67% and 1.08%, respectively [7]. - The total market turnover reached 12,625 billion yuan, an increase of 1,412 billion yuan from the previous day [7]. - High-profile stocks experienced declines, with 72 stocks hitting the daily limit up and 16 stocks closing at the limit down [7].

| 000426 | 兴业银锡 | -3.27 | 2.27 | -669.74 | | --- | --- | --- | --- | --- | | 603045 | 福达合金 | 0.45 | 4.70 | -609.81 | | 605599 | 菜百股份 | -5.00 | 1.24 | -470.63 | | 301026 | 浩通科技 | -2.61 | 3.52 | -465.88 | | 603077 | 和邦生物 | -1.15 | 0.52 | -462.44 | | 603900 | 莱绅通灵 | -9.38 | 14.48 | -362.31 | | 600173 | 卧龙地产 | 0.00 | 2.05 | -340.32 | | 002266 | 浙富控股 | 0.66 | 0.45 | -242.40 | | 600857 | 宁波中百 | -7.04 | 7.68 | -217.07 | | 002672 | 东江环保 | -5.14 | 2.08 | -187.23 | | 002538 | 司尔特 | -1.00 | 1.75 | -136.68 | | 301500 | ...

| > 龙虎榜 | | | ○、输入问句,你想知道的都在这里 | | 开始搜索 | | --- | --- | --- | --- | --- | --- | | 2025-04-23 2025-04-14 | | | | | 历史龙虎榜信息>> | | 上榜原因:日跌幅偏离值达7%的证券 | | | | | 更多个股解读>> | | 营业部名称 | 买入金额(元) | 占总成交比例 | 卖出金额(元) | 占总成交比例 | 净额(元) | | 沪股通专用 | 5.767. | 11.23% | 0.00 | 0.00% | 5.76亿 | | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券营业部 | 2.45亿 | 4.78% | 0.00 | 0.00% | 2.45亿 | | 机构专用 | 9852.31万 | 1.92% | 0.00 | 0.00% | 9852.31万 | | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 9579.50万 | 1.87% | 0.00 | 0.00% | 9579.50万 | | 中泰证券股份有限公司天津红旗路证券营业部 | 8073.33万 | 1 ...

香港 恒生指数收涨2.37%， 恒生科技指数涨3.07%。机器人概念股走强， 越疆、 优必选涨超17%； 小 米集团涨超6%。 赤峰黄金跌超15%， 山东黄金跌超10%。 ...