Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of leveraging the strong and professional research capabilities of securities firms to effectively narrate the story of the Chinese stock market [1][2]. Group 1 - Securities companies possess strong and professional research capabilities [1][2] - The role of chief economists and industry research teams is crucial in promoting the narrative of the Chinese stock market [1][2]

VettaFi's Head of Research Todd Rosenbluth discussed the Goldman Sachs Corporate Bond ETF (GIGL)Â on this week's "ETF of the Week†podcast with Chuck Jaffe of "Money Life.†For more news, information, and strategy, visit the Future ETFs Content Hub. ...

Core Insights - The ongoing popularity of derivative strategies is highlighted by Goldman Sachs' $2 billion acquisition of Innovator, indicating a trend towards complex, high-fee products in the ETF market [4]. Group 1: ETF Market Trends - Over $1.5 trillion has flowed into ETFs this year, with approximately 75% of the money directed towards "boring" cheap beta products, while new launches are focused on complex derivative-based products [3]. - The trend of investors paying high fees for defined outcome/buffered products reflects a desire to manage portfolio anxiety, leading to increased profitability for issuers of these complex products [4]. Group 2: Cryptocurrency Developments - Vanguard's decision to allow clients to trade crypto ETFs marks a significant shift in the market, alongside Schwab's plans for direct crypto trading, raising questions about the future of digital asset companies [5]. - The nature of bitcoin is discussed as a psychological commodity, with its value derived from scarcity and human perception, emphasizing the importance of brand and trust in the crypto landscape [6]. Group 3: Regulatory Environment - The SEC has rejected all filings for 3X and 5X single-stock leveraged ETFs, with existing 2X leveraged ETFs being viewed as a backdoor to high leverage, prompting discussions on fee transparency and the potential for significant deviations from intended returns [7].

Core Viewpoint - Citi predicts that copper prices will average $13,000 per ton in Q2 of next year due to supply shortages caused by U.S. stockpiling, with multiple bullish factors supporting the upward trend until 2026 [1][4]. Group 1: Price Predictions - Citi's analysts forecast a 2.5% increase in global copper end-use consumption next year [4]. - Currently, copper prices have risen by 1.97% to $11,675 per ton, surpassing earlier highs this week [2]. - The copper market is expected to enter a structural shortage next year, with a significant supply gap projected over the next decade due to strong demand and limited supply [6]. Group 2: Market Dynamics - The expectation of U.S. import tariffs is causing metal flows to the U.S., leading to inventory depletion in other major regions [6]. - Global exchange copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses, indicating regional imbalances in the market [9]. - JPMorgan describes the current situation as a "more volatile and urgent bullish mid-stage" for copper prices, driven by the U.S. siphoning effect [9]. Group 3: Long-term Outlook - Citi emphasizes that macroeconomic and fundamental improvements will support its confidence in rising copper prices, driven by lower interest rates, U.S. fiscal expansion, European military restructuring, and energy transition [10]. - Goldman Sachs shares a long-term bullish stance based on structural factors, including strong demand in power infrastructure, AI, and defense sectors, alongside constrained mining supply [10].

AI stocks aren't in a bubble, but private markets may be, Goldman Sachs' top strategist says.JOHANNES EISELE/AFP via Getty Images The real AI bubble is forming in private markets, not in public stocks, Goldman Sachs' top strategist said. He said private AI firms are seeing unsustainable valuations fueled by capital inflows and growth expectations. But public AI stocks, like Nvidia, show price growth matching earnings, unlike past tech bubbles. Investors anxious about an AI-driven stock market bubb ...

高盛在最新发布的报告中指出，市场普遍预期美联储将于今年十二月实施降息，但后续政策路径，尤其是二零二六年的前景，则显得迷雾重重。报告认为， 尽管十二月降息二十五个基点的可能性极高，然而明年美国经济可能出现的增长加速与通胀降温，或将促使美联储调整其宽松节奏。 通胀走势是支持这一预测的重要支柱。报告分析指出，美国核心通胀压力已有所缓解，潜在通胀率已降至约百分之二。随着此前加征关税带来的价格传导效 应在明年中期逐渐消退，实际通胀率有望进一步回落。这一判断的前提是贸易政策环境保持相对稳定且金融市场不出现剧烈波动。 与相对乐观的增长和通胀展望形成对比的，是报告对美国劳动力市场更深层的担忧。尽管官方数据表现尚可，但高盛自身构建的指标显示就业增长动力可能 弱于表象。尤其值得关注的是，美国大学毕业生的就业市场出现显著降温，年轻毕业生的失业率从近期低点攀升了约百分之七十。报告提示，这种结构性疲 软可能反映了技术变革带来的效率提升等因素的影响，若持续恶化，可能对消费者支出构成压力，并增加未来货币政策进一步宽松的理由。 综合来看，高盛的报告描绘了一幅短期政策明确、中长期路径充满不确定性的图景。十二月的降息似乎已是共识下的最后一环，而 ...

与市场的乐观情绪相悖，高盛集团试图抑制对铜价破纪录涨势的热情，称铜价突破每吨1.1万美元的涨 势不太可能持续，因为全球供应依然充足。 在本周对客户的报告中，以Aurelia Waltham为首的高盛分析师们认为，近期铜价上涨的核心原因是"对 未来市场供应紧张的预期，而非当前基本面因素"，并补充称他们预计当前价格水平难以持续。 展望未来，高盛表示，预计至少到2029年以前不会出现全球性铜短缺，因为预计今年需求仍将比供应少 约50万吨。 "需求不佳，供应过剩——但价格却在上涨。这是一种特殊动态，"他表示，甚至预测非美国市场可 能"没有阴极铜。" **消除短缺担忧** 然而，高盛的分析师则持有不同的观点。虽然他们承认正在发生的供应短缺，导致明年上半年铜价预测 走高，但美国以外的"极低"库存可以通过提高地区溢价和收紧LME价差来避免。 "虽然2026年16万吨的小幅度过剩使得市场更趋于平衡，但这意味着我们预计全球铜市场不会很快进入 短缺状态，"他们写道，并补充说，价格明年将"局限于"每吨10,000-11,000美元区间。 铜价长期被看涨的预测最终都未能应验。尽管到2025年之前主要矿场的中断收紧了供应，但尽管清洁能 ...

Group 1 - Gold prices experienced fluctuations in early trading on December 5, rebounding in the afternoon to surpass the $4,250 mark, with COMEX gold futures trading around $4,257 per ounce at the close of A-shares [1] - The China Gold ETF (518850) rose by 0.81%, while the Gold Stock ETF (159562) increased by 2.25%, and the Nonferrous Metals ETF (516650) gained 2.21% [1] - Recent labor market data has shown mixed signals, with initial jobless claims dropping to a three-year low, but the ADP report indicated a decrease in private sector employment [1] Group 2 - Market focus has shifted to the upcoming release of the U.S. September PCE price index, which is the Federal Reserve's preferred inflation measure [1] - Goldman Sachs' chief economist, Jan Hatzius, noted signs of cooling in the U.S. labor market, suggesting a 25 basis point rate cut by the Federal Reserve in December is likely [1] - Goldman Sachs believes that rising inflation rates in the U.S. are unlikely to disrupt their forecast for the federal funds rate, with potential inflation rates having dropped to around 2% [1]

4 December 2025 | 9:17PM HKT Economics Research ASIA IN FOCUS Higher Gold Prices Mask Softer Underlying Inflation Chelsea Song +852-2978-0106 | chelsea.song@gs.com Goldman Sachs (Asia) L.L.C. Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Xinquan Chen ...

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [1] - Goldman Sachs indicated that the changes to the FTSE China 50 Index and FTSE China A50 Index could trigger over $850 million in capital flows, with significant passive investment expected in sectors such as metal producers and healthcare [1]