高盛表示，博通第四财季业绩强劲、AI收入大增，但因未上调2026财年全年指引，短期或承压。该行仍坚持"买入"，认为其在定制芯片领域 地位稳固，AI业务增速被低估，预计中长期持续跑赢。订单积压达730亿美元，新客户与大额订单强化增长动能。 尽管博通未能如部分投资者预期那样上调2026财年的全年业绩指引，并在短期内可能面临股价回调压力，但高盛依然重申了对该公司 的"买入"评级。这家华尔街大行认为，博通在定制芯片领域的统治地位正在增强，其AI业务的基本面从未如此稳固。 博通公布了一份表现强劲的第四财季业绩，其营收录得180亿美元，超出市场预期的175亿美元。更为关键的是，公司给出的2026财 年第一季度营收指引达到191亿美元，同样显著高于分析师预期的183亿美元。这一增长主要得益于AI半导体收入的激增，该板块在 第四财季实现了74%的同比增长。 然而，市场对这份财报的反应可能夹杂着失望情绪。高盛分析师James Schneider团队在最新发布的研报中指出，尽管业绩强劲且第 一季度展望乐观，但管理层并未更新或上调其此前发布的2026财年全年AI营收增长指引。考虑到投资者在财报发布前已持乐观看涨的 仓位，且AI业务 ...

该行首席经济学家David Mericle在报告中说道："今天最重要的新信息是，鲍威尔主席以及美联储工作 人员估计，目前公布的就业增长数据（即非农就业数据，Payroll growth）每月被高估了6万个工作岗 位。" 在刚刚结束的12月FOMC会议上，美联储降息又扩表：如期降息25个基点，并提前宣布了"储备管理购 债"的计划，首轮购买约400亿美元的短期国债。 然而，在高盛看来，震撼市场的并非货币政策本身的调整，而是美联储主席鲍威尔亲口承认，官方的就 业增长数据可能存在"严重的系统性高估"，其实际情况甚至可能已陷入负增长。 高盛直言，这本次会议"最重要的新信息"。 这意味着支撑美国经济的关键支柱——劳动力市场，远比其表面看起来的要脆弱。这一发现不仅解释了 美联储在通胀仍高于目标时坚持降息的部分原因，更重要的是，它为未来进一步的货币宽松政策打开了 想象空间，可能导致美联储的政策路径比市场此前预期的更为鸽派。 就业数据"幻象"：从月增4万到月减2万 据高盛分析，本次12月议息会议虽然表面上波澜不惊——联邦公开市场委员会（FOMC）将联邦基金利 率目标区间下调25个基点至3.5%-3.75%，但这并非故事的全貌。 ...

高盛11日表示，其对2026年底黄金价格每盎司4900美元的预测存在很大的上涨空间。 当天3月交割的白银期货价格上涨2.946美元，收于每盎司63.975美元，涨幅为4.83%。 （文章来源：新华财经） 新华财经纽约12月11日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价 11日上涨84.6美元，收于每盎司4309.3美元，涨幅为2.00%。 受白银市场强劲上涨的提振，黄金价格当日大幅上涨，白银价格则再创新高。技术性买盘强劲，美联储 降息均支持黄金、白银价格。美元指数当日跌至六周低点，也进一步提振了市场对贵金属的买盘兴趣。 美国劳工部11日公布的数据显示，截至4日当周，经季节性调整后的失业救济金首次申请人数为23.6万 人，较上周修正后的19.2万人增加了4.4万人。该数据远低于预期，此前市场普遍预期申请人数为22万 人。 ...

Core Insights - Goldman Sachs projects gold prices to exceed $4,900 by 2026, indicating a significant bullish outlook on the precious metal market [1][2]. Group 1 - Goldman Sachs has set a target price for gold at over $4,900, reflecting a strong belief in the upward trend of gold prices in the coming years [1][2]. - The forecast suggests a potential increase in demand for gold, which may be driven by various economic factors and market conditions [1][2].

Core Insights - Bank stocks are positioned to benefit from favorable conditions as interest rates decline and investment banking rebounds, making them a solid choice for portfolio diversification [2] Group 1: JPMorgan Chase - JPMorgan Chase is the largest bank in the U.S. with total assets exceeding $3.8 trillion, nearly 50% larger than Bank of America and more than Citigroup and Wells Fargo combined [4] - The bank has a strong track record under CEO Jamie Dimon, successfully navigating economic challenges and emerging from the 2008 financial crisis [5] - JPMorgan's net interest income is projected to reach around $95 billion next year, reflecting a 3% increase from the current year, supported by robust capital market activity [8] - The bank effectively managed the rising interest rate environment in 2022 and 2023, leading to significant growth in net interest income [6][7] Group 2: Goldman Sachs - Goldman Sachs is expected to benefit from a rebound in capital markets, with a 40% increase in initial public offerings (IPOs) this year compared to 2024, raising total proceeds to $36.4 billion, a 26% year-over-year increase [11] - Mergers and acquisitions (M&A) activity has increased by 8.3%, with total deal value surging 146.5% year-over-year, indicating a strong recovery in deal-making [12] - The bank's CFO noted strong momentum in their backlog, the highest in three years, suggesting continued growth in M&A activity heading into 2026 [13] Group 3: Citigroup - Citigroup has lagged behind peers in key metrics like return on equity, attributed to its complex business structure and regulatory challenges [14] - Under CEO Jane Fraser, Citigroup is undergoing a transformation, including cutting bonuses and selling off less profitable units, such as a 25% stake in its Mexico retail bank for approximately $2.3 billion [15][17] - Citigroup trades at a price-to-tangible book value (P/TBV) of 1.14, making it more attractive to value-seeking investors compared to JPMorgan Chase and Goldman Sachs [18]

Group 1 - The core viewpoint is that with the backdrop of the Federal Reserve's interest rate cuts, global funds are increasingly favoring Chinese assets due to the resilience of the Chinese economy, attractive market valuations, and an improving policy environment [1][2] - Foreign long-term capital is actively reassessing the investment value of Chinese assets, particularly in technology stocks, with a focus on structural growth opportunities over the next 10 to 20 years [2] - As of November this year, foreign long-term capital has net purchased approximately $10 billion in A-shares and H-shares through channels like the Shanghai-Hong Kong Stock Connect, contrasting sharply with an expected outflow of about $17 billion in 2024 [1] Group 2 - In December, Chinese stock funds saw a net inflow of $5.846 billion, surpassing markets like South Korea and India [1] - The assets of overseas Chinese ETFs have significantly increased, with the KraneShares China Internet ETF growing from $5.414 billion at the end of last year to $8.914 billion, and the iShares MSCI China ETF rising from $5.451 billion to $7.878 billion [1] - Multiple foreign institutions believe that the Chinese stock market has entered an attractive configuration zone, with expectations of continued rebound potential through 2026 due to improving macro conditions and corporate resilience [3]

高盛报告显示，美国黄金ETF目前仅占私人非现金金融投资组合的0.17%，较2012年峰值水平低约6个基点，且远低于机构建议的水平。高盛表示，如果 多元化资金流动从央行扩展至私人投资者，其4900美元的金价目标面临"显著上行风险"。 高盛分析师Lina Thomas和Daan Struyven在最新报告中指出， 美国黄金ETF目前仅占私人非现金金融投资组合的0.17%，较2012年峰值水平低约6个 基点。 这一配置比例远低于花旗、瑞银、桥水等机构建议的中高个位数百分比配置。 高盛估算， 美国金融投资组合中黄金份额每增加1个基点——由增量投资者购买而非价格上涨驱动——将推动金价上涨约1.4%。分析师表示，如果多元 化资金流动从央行扩展至私人投资者，其4900美元的金价目标面临"显著上行风险"。 截至目前，现货黄金报4213.2美元/盎司，日内跌0.36%，本周呈现反弹趋势。 高盛认为，美国私人投资组合中的黄金配置处于历史低位，为金价在未来一年半内冲击每盎司4900美元的目标创造了巨大空间。 根据13F文件数据，在管理超过1亿美元资产的美国大型机构投资者中，不到一半持有任何黄金ETF敞口。即使在持有黄金的机构中，配 ...

Core Viewpoint - Viva Gold Corp. is initiating a non-brokered private placement to raise up to CDN$3,000,000 by offering 18,750,000 units at CDN$0.16 each, with each unit comprising one common share and one-half of a warrant [1] Group 1: Offering Details - The offering consists of up to 18,750,000 units priced at CDN$0.16 per unit, aiming for gross proceeds of up to CDN$3,000,000 [1] - Each unit includes one common share and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable at CDN$0.24 for 36 months [1] - The company may pay finder's fees, subject to TSX Venture Exchange policies, and the offering is pending approval from the exchange [4] Group 2: Insider Participation - Certain insiders may participate in the offering, which would be classified as a "related party transaction" under MI 61-101 [2] - The company anticipates that insider participation will be exempt from formal valuation and minority shareholder approval as it will not exceed 25% of the company's market capitalization [2] Group 3: Use of Proceeds - Proceeds from the offering will be allocated primarily for Pre-Feasibility/Feasibility study work at the Tonopah Gold Project, including technical and environmental studies [3] - Additional funds will be used for geophysical surveys, geological work, and general working capital [3] Group 4: Company Overview - Viva Gold's Tonopah Gold Project is located in a prominent mining area in Nevada and has a high confidence level gold mineral resource [5] - The company is committed to environmentally and socially responsible development, led by experienced management [5][6] - Viva Gold trades on the TSX Venture exchange under the symbol "VAU" and has approximately 145.3 million shares outstanding [6]

Core Insights - Harness, co-founded by Jyoti Bansal, has achieved a valuation of $5.5 billion after raising $200 million in a funding round led by Goldman Sachs, surpassing the $3.7 billion sale of AppDynamics to Cisco nearly nine years ago [1][4] - The company specializes in technology that helps manage and monitor AI-generated code, ensuring it remains functional, secure, and cost-effective, aligning with the growing trend of "vibe coding" in the generative AI space [2][3] - Harness is projected to exceed $250 million in annualized revenue, reflecting over 50% year-over-year growth, making it larger than AppDynamics at the time of its acquisition [4] Company Developments - The recent funding round is complemented by a planned $40 million tender offer aimed at providing liquidity to long-standing employees [5] - Earlier this year, Harness enhanced its cybersecurity capabilities by merging with Traceable, another company co-founded by Bansal, resulting in a combined workforce of approximately 1,300 employees [3] Market Position - Bansal expresses a desire for Harness to operate as a public company at the right market timing to facilitate long-term growth [4]

Core Viewpoint - Star Royalties Ltd. has entered into a binding agreement with Nhwelmen Construction Limited Partnership, allowing Elk Gold Mining Corp. to repurchase the Company's 2% net smelter return royalty on the Elk Gold Mine in exchange for a 5% equity ownership in Gold Mountain Mining Corp. following the resolution of Gold Mountain's court-appointed receivership process [1][2]. Transaction Highlights - The restructuring enables the Company to capitalize on the reorganization of Elk Gold and maintain optionality regarding the underlying resources [2]. - The equity position in Gold Mountain expands the Company's exposure to 21,187 hectares, significantly increasing the land package previously covered by the royalty [2]. - Elk Gold will be developed by a reputable operator known for safety and environmental stewardship, with permitting support from NCLP [2]. - The restructuring aligns the interests of the Company, NCLP, and the Nlaka'pamux Nation Tribal Council for long-term value maximization of Elk Gold [4]. Wealth Creation Potential - Near-term catalysts for Elk Gold include a revised resource statement, updated mine plan, exploration programs, and the announcement of a development partner [4]. - The new equity stake in Gold Mountain is expected to potentially surpass the value of the 2% NSR royalty, with unchanged positive asset attributes such as location, grade profile, and near-term cash flow potential [4].