【导读】 对话中金公司总裁王曙光｜金融报国的时代答卷：一家国有投行的三十年坚守与突围 中国基金报记者 莫琳 编者按： 三十载踔厉奋发，中国资本市场从筚路蓝缕到全球瞩目，与改革开放的历史进程同频共振，与实体经济的高质量发展血脉相连。 在此期间，国有金融机构始终是服务国家战略的中流砥柱，而中金公司自1995年诞生之日起，便将"以国为怀"的基因刻入血脉。从开创央 企海外上市先河，到助力科创板、注册制等重大改革落地；从服务企业 " 走出去 " 的国际化征程，到深耕科技金融、绿色金融、普惠金融 的 " 五篇大文章 " ，中金始终以投行专业之力，在中国特色金融发展之路上砥砺前行。 站在"十五五"规划谋篇布局的关键节点，"培育一流投资银行和投资机构"的战略目标，为资本市场赋予了前所未有的历史使命。此次本刊 专访中金公司总裁王曙光，深入探讨一家国有投行如何在服务新质生产力、高水平对外开放、防范化解风险的时代命题中，书写三十而立 的崭新答卷。 2025年，是中国国际金融股份有限公司创立 的第 三十周年。三十年深耕，中金公司始终以服务国家战略为己任，在助力实体经济发展、 推动资本市场改革中扮演着重要角色。 在这具有特殊意义的一年 ...

Group 1: Gold Market Insights - The international spot gold price reached a record high of $4,531.284 per ounce on December 26, 2023, following a strong upward trend that began on December 25 [1] - As of the latest update, spot gold has slightly retreated to $4,502.44 per ounce, reflecting a 0.51% increase [2] - The recent surge in gold prices is attributed to three main factors: the Federal Reserve's resumption of a loose monetary policy, a decline in the credibility of the US dollar, and escalating global geopolitical risks [4] Group 2: Silver Market Insights - Spot silver prices also saw significant increases, reaching a high of $75.142 per ounce, with the latest price at $74.584 per ounce, marking a 3.86% rise [1][2] - The silver market is characterized by its smaller scale and sensitivity to industrial demand, with current conditions indicating a tight physical market [5] - A critical indicator, the one-year silver swap rate minus US interest rates, has plummeted to -7.18%, suggesting a premium for immediate physical silver delivery over future contracts, indicating a potential "run" on the physical silver market [5][6]

Group 1 - The establishment of the CICC Heibei Steel Development Equity Investment Fund, with a total scale of 32 billion yuan and a 15-year operation period, marks a strategic collaboration between Heibei Steel Group and CICC Capital to explore new sectors and foster new growth drivers [1] - The fund will adopt a "mother fund + direct investment" operational model, focusing on high-end materials, new energy, next-generation information technology, energy conservation and environmental protection, and high-end manufacturing [1] - Heibei Steel Group aims to leverage its advantages in the steel materials sector and integrate CICC's expertise in capital operations and financial services to create a collaborative investment platform [1] Group 2 - CICC emphasizes its commitment to serving national strategies and supporting the real economy, viewing the fund's establishment as a significant step in deepening strategic collaboration and promoting regional development [2] - BlueFive Capital, an international investment institution, expresses confidence in the long-term development potential of the Chinese market and Heibei Steel Group's opportunities in high-end manufacturing and new building materials [2] - Heibei Steel Group is recognized as one of the largest steel material manufacturers and service providers globally, having been listed in the Fortune Global 500 for 17 consecutive years [2] Group 3 - CICC is a leading investment bank in China, known for its comprehensive financial services across investment banking, equity, fixed income, asset management, private equity, and wealth management [3] - BlueFive Capital manages assets totaling 8 billion USD and offers a wide range of services in private equity, real estate, infrastructure, and financial products [3]

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.05%, the Shenzhen Component Index up by 0.06%, and the ChiNext Index down by 0.21% [1] - Sectors such as lithium mining and precious metals are leading in gains, while sectors like CPO and cross-border payments are experiencing declines [1] Group 2 - Huatai Securities is optimistic about the trend of mining service and equipment companies transitioning towards mining development, driven by high metal prices [2] - The transition models include equity participation, control, and EPC+O models, which are expected to become significant forces in mining development due to the funding and technical constraints faced by small to medium-sized mine owners [2] - Guojin Securities highlights that the investment strategy for the medical device sector in 2026 will focus on overseas expansion and innovation, targeting companies with strong product development capabilities and reduced domestic market price pressures [2] - Key areas of focus include leading digestive endoscope consumables companies, home medical device leaders with strong brand power, and differentiated innovation in cardiovascular intervention products [2] Group 3 - CICC indicates that the photovoltaic sector is expected to see marginal improvements in supply-demand relationships by 2026, with leading companies likely to turn losses into profits, presenting investment opportunities for recovery [3] - The challenges in photovoltaic consumption are prompting the development of a market-oriented domestic electricity market and the growth of adjustable power sources, with energy storage benefiting from both domestic and international market conditions [3]

Core Viewpoint - The current report from the CICC macro asset team suggests that the Federal Reserve remains in a loose monetary cycle, and the U.S. economy is facing stagflation, indicating that the gold bull market may continue until a turning point in U.S. policy and economy is observed [1] Group 1: Gold Market Outlook - The gold bull market may not have ended as the Federal Reserve's policies and the U.S. economy have not shown signs of a turning point [1] - Market volatility is expected to increase as gold prices have diverged from fundamental indicators, making specific price predictions challenging [1] - A potential turning point is anticipated in early 2026, where rising inflation and marginal economic improvement may lead the Federal Reserve to slow its easing pace, which could temporarily pressure gold prices [1] Group 2: Factors Supporting Gold Prices - Gold prices recently surpassed $4,500 per ounce, reaching a historical high due to three main factors: 1. The Federal Reserve's resumption of the easing cycle, having cut rates three times by 25 basis points each and planning to purchase short-term government bonds starting in December [2] 2. A decline in the credibility of the U.S. dollar, with the fiscal deficit rising to around 6% post-pandemic, leading to increased debt risks and concerns over the independence of the Federal Reserve [2] 3. Escalating global geopolitical risks, including U.S. sanctions on Venezuelan oil exports and ongoing tensions in the Russia-Ukraine conflict, which enhance gold's appeal as a safe-haven asset [3] Group 3: Silver Market Dynamics - Silver prices have seen even greater increases than gold, influenced by industrial supply and demand factors [3] - The demand for silver is expected to rise in sectors such as photovoltaics, new energy vehicles, and electronic equipment, while supply expansion remains limited, leading to tighter supply-demand dynamics [3]

Core Viewpoint - The report from CICC indicates that the significant rise in gold prices this year has led to high valuations, and the expectation of a phase-out of the Federal Reserve's easing policy by early 2026 may pose risks [1] Group 1: Gold Market Analysis - The expectation is that the Federal Reserve will eventually accelerate easing again next year, suggesting that a notable pullback in gold prices early next year could present a buying opportunity [1] - Following the substantial increase in gold prices, other commodities such as copper and silver have also shown strong performance, reflecting the liquidity spillover effect from gold [1] Group 2: Commodity Investment Strategy - Commodities can serve as a hedge against geopolitical risks and the overheating of the U.S. economy, leading to a recommendation to adjust commodity allocations to a benchmark level, with a particular focus on non-ferrous metals [1] - Metals like silver have a smaller market size and lower liquidity compared to gold, which increases the risk of volatility if gold prices fluctuate next year; therefore, it is advised to implement risk control measures to avoid chasing prices blindly [1]

Group 1: Market Overview - The Shanghai Composite Index recorded a seven-day rise, closing up 0.47%, while the Shenzhen Component Index and ChiNext Index also saw gains of 0.33% and 0.3% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [1] - Active sectors included commercial aerospace, robotics, semiconductor supply chain, and paper manufacturing, while precious metals, Hainan, and energy metals faced declines [1] Group 2: Mining Industry Insights - Huatai Securities expressed optimism about the trend of mining service and equipment companies transitioning towards mining development, driven by high metal prices [2] - The transition models include equity participation, control, and EPC+O models, which are expected to become significant forces in mining development [2] - Smaller mining owners are keen to develop but face financial and technical constraints, creating opportunities for mining service companies to assist in development [2] Group 3: Medical Device Sector Strategy - Guojin Securities highlighted that the investment strategy for the medical device sector in 2026 will focus on overseas expansion and innovation [3] - Key areas of interest include leading companies in digestive endoscope consumables with strong overseas market expansion, home medical device leaders with innovative wearable products, and differentiated innovation in cardiovascular intervention products [3] Group 4: Photovoltaic Industry Outlook - CICC noted that the photovoltaic sector is expected to see marginal improvements in supply-demand relationships by 2026, with leading companies likely to turn losses into profits [4] - The challenges in photovoltaic consumption are prompting domestic electricity market reforms and the development of adjustable power sources, with energy storage benefiting from both domestic and international market conditions [4]

Group 1 - CICC suggests maintaining an overweight position in gold, noting significant price increases and high valuations, with potential risks from a tapering of the Fed's easing expectations in early 2026 [1] - The report indicates that a significant pullback in gold prices early next year could present a buying opportunity, as the Fed is expected to accelerate easing again [1] - Other commodities like copper and silver have also shown strong performance, reflecting liquidity spillover effects from gold, and commodities can hedge against geopolitical risks and overheating in the US economy [1] Group 2 - Huatai Securities highlights a trend of exploration, mining service, and equipment manufacturers transitioning towards mining development due to high metal prices, with various models such as equity participation and EPC+O being utilized [2] - This transition is driven by the strong development willingness of small to medium-sized mine owners, who face funding and technical constraints, necessitating external support for development [2] - Mining service and equipment companies are expected to play a significant role in developing small mines through their operational experience, suggesting a promising future for this sector [2] Group 3 - Open Source Securities states that the European Commission's proposal to adjust the 2035 emission reduction targets will not impact the long-term trend of electrification in Europe [3] - The proposal includes incentives for small electric vehicles and constraints on zero-emission vehicles for corporate fleets, aimed at boosting electric vehicle sales in Europe [3] - The introduction of new generation pure electric models by automakers from late 2025 to the first half of 2026 is expected to drive significant growth in the European electric vehicle market [3]

Group 1: Market Overview - The Shanghai Composite Index recorded a 7-day rising streak, closing up 0.47%, while the Shenzhen Component and ChiNext Index also saw gains of 0.33% and 0.3% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion, an increase of 44.3 billion from the previous trading day [1] - Active sectors included commercial aerospace, robotics, semiconductor supply chain, and paper manufacturing, while precious metals, Hainan, and energy metals faced declines [1] Group 2: Mining Sector Insights - Huatai Securities expressed optimism about the trend of mining service and equipment companies transitioning towards mining development, driven by high metal prices [2] - The transition models include equity participation, control, and EPC+O models, which are expected to become significant forces in mining development [2] - Smaller mining owners are motivated to develop but face financial and technical constraints, creating opportunities for mining service companies to assist in development [2] Group 3: Medical Device Sector Strategy - Guojin Securities highlighted that the investment strategy for the medical device sector in 2026 will focus on overseas expansion and innovation [3] - Key areas of interest include companies leading in overseas market expansion, those with strong product innovation capabilities, and those that have mitigated domestic pricing pressures [3] - Specific recommendations include leaders in digestive endoscope consumables, home medical devices with strong brand presence, and differentiated cardiovascular intervention products [3] Group 4: Photovoltaic Sector Outlook - CICC noted that the photovoltaic sector is expected to see marginal improvements in supply-demand relationships by 2026, with leading companies likely to turn losses into profits [4] - The challenges in photovoltaic consumption are prompting domestic electricity market reforms and the development of adjustable power sources, with energy storage benefiting from both domestic and international market conditions [4]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that the current monetary policy of the Federal Reserve remains accommodative, and the U.S. economy is facing stagflation, indicating that the bull market for gold may continue until a clear turning point in U.S. policy and economy is observed [1] Group 1: Gold Market Insights - Gold has seen significant price increases this year, leading to a high valuation, with expectations that the Fed's easing will taper off by early 2026, which could pose risks [1] - If gold prices experience a notable correction early next year, it may present a buying opportunity for investors looking to increase their allocation [1] Group 2: Broader Commodity Trends - Following the substantial rise in gold prices, other commodities such as copper and silver have also shown strong performance, reflecting the liquidity spillover effect from gold [1] - Commodities can serve as a hedge against geopolitical risks and the overheating of the U.S. economy, prompting a recommendation to adjust commodity allocations to benchmark levels, with a particular focus on non-ferrous metals [1] Group 3: Risk Considerations - The report highlights that metals like silver have a smaller market size and lower liquidity compared to gold, which could lead to greater volatility and correction risks if gold prices fluctuate next year [1] - It is advised to implement risk control measures to avoid impulsive buying during price surges [1]