Key TakeawaysIndia's equity markets are poised for a significant rebound in the coming year, with major Wall Street firms like Morgan Stanley (MS) and Goldman Sachs (GS) projecting substantial growth after a period of underperformance.China's factory activity continued its prolonged contraction in November, marking a record streak of declines and signaling a deepening economic slowdown amidst various domestic and external pressures.BlackRock's Bitcoin ETFs have emerged as a top revenue driver for the asset ...

【环球网财经综合报道】据美国消费者新闻与商业频道（CNBC）报道，高盛的一项调查发现，36%的受访投资者客户认为黄金将在2026年底达 到5000美元/盎司。 高盛在其Marquee平台上对900多名机构投资者客户进行的一项调查显示，占比最大（36%）的一组受访者预计黄金将保持涨势，并在2026年年底 前突破每盎司5000美元。另有33%的受访者预计，黄金价格将升至每盎司4500美元至5000美元之间。 高盛表示，超过70%的机构投资者认为2026年黄金价格会上涨。相比之下，在受访者中，只有略高于5%的人认为，未来12个月黄金价格将回落至 每盎司3500美元至4000美元之间。 今年以来，黄金价格已上涨58.6%，并于10月8日首次突破每盎司4000美元。近期受美联储降息预期提振，11月28日黄金价格升至两周高位，现货 黄金价格上涨0.45%，至每盎司4175.50美元。黄金期货价格上涨0.53%，至每盎司4187.40美元。 全球各国央行也纷纷涌入黄金市场，它们被黄金的高流动性、无违约风险以及作为储备资产大致中立的地位所吸引。 Blue Line Futures首席市场策略师Phil Streible表示， ...

高盛总结道，超过70%机构投资者预计黄金明年将继续上涨，仅略高于5%的人认为金价未来12个月会 回落至3500–4000美元之间。在高盛的调查中，38%的受访者认为金价上涨的主要动力来自各国中央银 行的持续购金；27%则认为是财政问题所致。 格隆汇11月30日｜高盛的一项调查结果显示，许多机构投资者认为黄金将在2026年结束前创下每盎司 5000美元的历史新高。 在高盛Marquee平台上，11月12日至14日之间对900多位机构投资者客户进行的调查结果显示，36%(占 比最大的群体)的受访者预计黄金将保持动能，并在明年年底前升破5000美元。另有33%的受访者预计 黄金将涨至4500至5000美元区间。 ...

要知道现在金价已经在历史高位了，这意味着还得再涨近20%才能摸到这个目标。 结构性转变：央行购金与"去美元化"的暗流 高盛石油研究主管达安・斯特鲁文给出的理由很明确，就是"央行购金"和"美联储降息"这两个双轮驱动 力。 别看这逻辑说起来简单，背后其实是全球宏观经济和货币体系在悄悄发生大变化。想搞懂这波金价看涨 的行情，咱就得扒开数字表面，看看底下真正的结构性力量到底是什么。 文|锐资 编辑|锐资 前言： 家人们，最近国际金融圈被一条消息炸翻了：投行巨头高盛抛出重磅预测，到2026年底，国际金价可能 会飙升到4900美元/盎司。 首先咱得说第一个核心驱动力，也是高盛最看重的，各国央行的结构性购金。这可不是央行一时兴起的 短期操作，而是实打实的战略转向。 放在以前，央行买黄金都是慢节奏的，顶多算资产配置里的小调整。但从2022年开始，全球央行购金规 模就一直卡在历史高位，现在已经成了影响金价的关键快变量。为啥大家突然都开始囤黄金了？说到底 还是心里没底。 地缘政治冲突不断，美国动不动就把金融体系当武器用，再加上自己背着庞大的财政赤字，各国手里的 美元资产越来越不安全。 而黄金不一样，高盛一句话点透了："一旦将黄金 ...

Core Insights - Goldman Sachs has updated its 10-year forecast for global equities, projecting the S&P 500 to return 6.5% annually, which is below the global average of 7.7% annually [1][2] - Asian and emerging-market stocks are expected to outperform, with projected annual returns of 10.3% and 10.9% respectively in local currency, and 12.6% and 12.8% when measured in U.S. dollars [2] Vanguard FTSE Pacific ETF - The Vanguard FTSE Pacific ETF tracks 2,300 companies in Asia, primarily in Japan, Australia, and Korea, with significant exposure to financial, industrial, and consumer discretionary sectors [4] - Over the past decade, the S&P 500 returned 288%, while the Vanguard FTSE Pacific ETF returned only 105% [4][5] - The ETF has a low expense ratio of 0.07%, making it a cost-effective option for gaining exposure to Asian equities [5] Vanguard FTSE Emerging Markets ETF - The Vanguard FTSE Emerging Markets ETF measures around 6,000 companies in emerging markets, focusing on China, Taiwan, and India, with heavy investments in technology, financial, and consumer discretionary sectors [8] - Similar to the Pacific ETF, the S&P 500 outperformed the Vanguard FTSE Emerging Markets ETF over the last decade, achieving a total return of 288% compared to the ETF's 106% [8][9] - This ETF also has a modest expense ratio of 0.07%, providing an affordable way to invest in emerging markets [9] Investment Strategy Considerations - Despite the potential for Asian and emerging-market stocks to outperform, there is a strong recommendation to maintain a larger portion of investment in U.S. stocks, particularly the S&P 500 index fund, due to its historical performance [10][12] - Past forecasts by Goldman Sachs have been overly conservative, as seen in their 2015 prediction for the S&P 500, which underestimated actual returns [11][12]

A Goldman Sachs (NYSE:GS) survey of more than 900 institutional investors found strong optimism for gold, with 36% predicting prices could top $5,000 per troy ounce by the end of 2026.According to a survey conducted on Goldman Sachs’ Marquee platform from November 12–14, over 70% of institutional investors expect gold prices to rise further in the upcoming year, according to CNBC.Key DriversFiscal concerns were cited by 27% of survey participants as the main driver of gold purchases, while 38% cited central ...

当地时间周五，伦敦金属交易所LME铜期货盘中大涨超4%，突破11200美元关口，时隔四周再创历史新 高。除了美联储降息预期打压美元的提振以外，市场的焦点再次集中在供应短缺上，报道称矿商给明年 商品的定价远超买家预期，而美国特朗普政府的关税利剑或成为扰动供应链局势的重大风险因素。 矿商"狮子大开口" 期货价格的走高反映了外界对铜短缺的预期，一定程度上源于印尼和智利等地矿山事故等供应中断事 件，加之未来数年铜需求增长将加速。"当前铜供应链正处于历史性紧缺阶段，"摩科瑞能源集团 （Mercuria Energy Group）金属研究主管斯诺登（Nicholas Snowdon）表示。 经过多年的冶炼产能扩张的洗礼，矿商再次掌握定价主动权。作为年度合约价格走向重要参考指标的现 货加工费，今年大部分时间都处于负值区间。据报道，本周上海举行的一场重要行业会议期间，定价谈 判异常激烈。矿商向冶炼厂施加巨大压力，要求其接受创纪录低位的矿石加工费。 德国铜冶炼企业奥鲁比斯公司（Aurubis AG）表示，已做好准备拒绝接受任何过低的年度基准加工费， 特别是对于 "负加工费"这一概念——"负加工费"是一种特殊情况，指冶炼厂需实际 ...

高盛交易部门指出，尽管标普500指数11月以基本持平收官，但随着波动性回落、股市广度改善以及趋势跟随策略转为买方，前 路已显得更为清晰。高盛资深交易员Lee Coppersmith在一份报告中表示，以标普指数成份股涨跌家数五日均值来衡量的市场广 度，本月早些时候一度暴跌至-150，显示出"表面之下出现了相当严重的损伤"，而在感恩节前夕，该指标已反弹回到+150附近。 Lee Coppersmith表示："这是一个重大转变——市场参与度更加广泛，而不仅仅是狭窄的挤压行情，同时也进一步表明市场在本 月中旬已经释放了相当一部分压力。"高盛的"波动恐慌指数"也呈现出相似态势。该指数目前处于5附近，略高于其三年平均值， 并远低于11月初的高点。 与此同时，所谓系统性策略的仓位也已经重置。高盛交易员估算，过去一个月约有160亿美元与标普500指数相关的抛盘，这些交 易加剧了股市此前的下跌。在这一轮去风险过程基本被市场消化后，该行对下个月的基准情形预期转为小幅净买入，规模约为47 亿美元。Lee Coppersmith表示："这意味着，与几周前相比，我们进入12月有着更为干净的起点。" 美股在上周经历震荡之后于本周回暖，三 ...

Core Viewpoint - A significant shift in foreign investment attitudes towards Chinese technology stocks is observed, with major investment banks expressing bullish outlooks for the sector and foreign limited partners accelerating their return to China's primary market, focusing on technology investments [1][2][6]. Group 1: Positive Outlook from Foreign Institutions - UBS sets a target for the Hang Seng Tech Index at 7100 points for the end of 2026, indicating a nearly 27% upside from the closing price of 5599 points on November 28 [2]. - Morgan Stanley raises its target for the CSI 300 Index to 4840 points by December 2026, suggesting moderate growth potential amid stable valuations [3]. - JPMorgan upgrades its rating on Chinese stocks to "overweight," anticipating a higher likelihood of significant gains in the coming year due to AI proliferation and consumption stimulus [3]. Group 2: Increased Foreign Capital Inflow - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, significantly surpassing the total of $11.4 billion for 2024, marking over a threefold increase [4]. - The technology sector is highlighted as a key focus for foreign investment, with foreign holdings in the electronics sector increasing, reaching a market value of 391.5 billion yuan by September 30, 2025 [4]. Group 3: Strategic Investment Focus - Foreign institutions are primarily focusing on structural investments in sectors such as semiconductors, AI applications, and communication equipment [4][6]. - AI emerges as a central theme for foreign investment strategies, with firms like Lisi Capital and Source Code Capital establishing funds specifically targeting early-stage AI projects [7]. Group 4: Long-term Investment Logic - The shift in foreign investment sentiment towards Chinese technology stocks is viewed as a long-term strategic reassessment rather than a short-term tactical play, driven by significant advancements in technology innovation [6][8]. - Experts believe that as China's economy continues to recover and innovation accelerates, the trend of increasing foreign allocation to Chinese technology stocks is likely to persist, positioning the tech sector as a crucial market focus [8].

The Dow Jones Industrial Average (^DJI) saw positive movement today, Friday, November 28, 2025, rising 315.72 points or 0.6657% to 47742.84. This upward trend occurred during a shortened Black Friday trading session, with markets closing early at 1 p.m. ET. The broader market narrative was largely driven by renewed optimism for a potential Federal Reserve interest rate cut in December, alongside generally stronger-than-expected economic data. This sentiment helped propel equities despite an overnight techni ...