·银河期货：贵金属在降息通道和流动性更充裕的环境下有望维持偏强走势 ·美国银行金属研究主管Michael Widmer指出，黄金牛市通常仅在最初触发涨势的根本动因消退时才见 顶，而非单纯因价格上涨而终结。虽然黄金市场严重超买，但实际投资仍显不足，作为投资组合的分散 工具，黄金仍有巨大空间。今年以来黄金ETF资金流入量已达2020年以来最高水平，但仍有重要群体基 本忽视黄金市场，这一局面或将在新的一年发生转变。看涨环境短期内不会终结，预计明年金价将攀升 至每盎司5000美元，投资需求仅需增长14%即可达成该目标，而过去几个季度投资需求基本维持在该水 平。 ·富国银行：预计2026年金价延续强劲表现但增速将较2025年放缓 ·富国银行（Wells Fargo）指出，尽管黄金在2025年已表现足够亮眼，但未来一年仍有进一步上涨空 间。对黄金及其他贵金属在2026年前的上升趋势持积极预期。当前环境为黄金跑赢大盘创造了绝佳条 件，央行增持、美元贬值、美联储降息以及地缘不确定性共同推动了全球需求增长。预计2026年多数利 好因素将持续存在，推动金价延续强劲表现，但增速将较2025年放缓。央行仍是金价上涨的关键推手； 引发 ...

Core Viewpoint - Wells Fargo raised the target price for Amgen from $300 to $325 while maintaining a "hold" rating [1] Group 1 - The new target price reflects a positive outlook on Amgen's performance [1] - The "hold" rating suggests that the company is expected to perform in line with market expectations [1]

Core Insights - Wells Fargo's home lending business is underperforming, with CEO Charlie Scharf describing its returns as "subpar" and indicating a need for potential remedies [2][9] - The bank is transitioning its home lending division to a smaller operation with higher profitability, following a strategic pivot announced nearly three years ago [3][4] Home Lending Performance - The residential mortgage portfolio decreased by 10% from $222.5 billion at the end of 2022, with originations dropping from $14.6 billion in Q4 2022 to $7 billion by September 30, 2025 [4][5] - Compared to pre-pandemic levels, the decline in mortgage originations is significant, falling from $58 billion in Q3 2019 [5] Strategic Changes - Since 2023, Wells Fargo has exited mortgage correspondent lending and reduced its servicing activities, reflecting a broader trend among major U.S. banks to scale back home lending [5][6] - The bank's downsizing is particularly notable given its historical position as the top home lender in the industry [6] Overall Consumer Prospects - Despite challenges in home lending, Wells Fargo's overall consumer prospects are positive, with resilient household spending and growth in auto lending and card businesses [7][9] - Scharf noted improvements in consumer spending, deposit balances, and investment balances, indicating a strong financial position [8][9]

Group 1 - Wells Fargo Bank is decreasing its prime rate to 6.75 percent from 7.00 percent, effective December 11, 2025 [1] - Wells Fargo & Company has approximately $2.1 trillion in assets and provides a diversified set of banking, investment, and mortgage products and services [2] - The company operates through four reportable segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management [2] Group 2 - Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations [2]

Core Viewpoint - The article does not provide substantial information regarding Wells Fargo or any specific financial insights, focusing instead on product specifications related to gold [1][2]. Group 1 - Wells Fargo is associated with gold products, specifically a 1000g gold item with a purity of 999.9 [1][2].

Market Outlook - Some analysts express skepticism about the S&P 500's ability to achieve a third consecutive year of 20% returns, with Wells Fargo's Scott Wren projecting a target of 6,800 for 2025, indicating a return closer to 14% [1] - Wells Fargo has set a target of 6,600 for the S&P 500 in 2025, suggesting an approximate 8% upside from current levels [5] - The S&P 500 has experienced a 28.3% gain since its late 2021 peak, factoring in the 2022 bear market [5] Investor Sentiment - As 2026 approaches, there is a growing sense of unease among investors, with some fearing an impending recession, leading to extreme measures such as converting a significant portion of retirement funds into cash [2] - Emotional decision-making in late-cycle environments can lead to significant consequences, emphasizing the importance of discipline in investment strategies [4] Historical Context - The recent market performance has been likened to the late 1990s, with a notable 44% increase since January 1, 2022, raising concerns about sustainability and potential corrections [6][7] - Legendary investors, including Warren Buffett, have shown caution, with Berkshire Hathaway recently selling tech shares and holding $360 billion in government T-bills [7]

Core Viewpoint - The nine largest U.S. banks have been found to have policies that restrict financial services to certain controversial industries, a practice referred to as "debanking," according to a report from the Office of the Comptroller of the Currency (OCC) [1][3]. Group 1: Regulatory Review - The OCC initiated a review following an executive order from President Donald Trump aimed at investigating banks for practices that may bar customers based on political or religious beliefs [2]. - The review revealed that from 2020 to 2023, the banks had policies that either denied services to specific industries or imposed excessive scrutiny beyond actual financial risks [3]. Group 2: Accountability and Future Actions - Comptroller of the Currency Jonathan Gould criticized the banks for their debanking policies and stated that the OCC will hold them accountable to prevent unlawful debanking practices in the future [4][5]. - The OCC is currently reviewing thousands of complaints related to debanking based on political or religious beliefs and may refer cases to the Justice Department [5]. Group 3: Industry Response - The banks involved, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank, either declined to comment or did not respond to inquiries regarding the report [6]. - The Bank Policy Institute, representing larger banks, expressed that banks aim to serve as many customers as possible and supports regulatory clarity [6][7]. - The industry advocates for fair access to banking and is collaborating with Congress and the administration to ensure compliance with sound risk management while serving law-abiding customers [7].

Key Takeaways Wells Fargo expects further 2026 staff cuts as efficiency efforts and new technology reshape its operations. AI tools boosted engineering productivity 30-35% as the bank prepares a gradual AI rollout next year. WFC continues branch reductions and structural changes, targeting $15B in gross expense cuts by 2025-end. At the Goldman Sachs 2025 conference held on Dec. 9, Wells Fargo & Company (WFC) signaled that its workforce could shrink further in 2026 as part of a broader push to improve effici ...

Core Insights - Wells Fargo Investment Institute (WFII) anticipates that favorable economic and policy trends will create a variety of investment opportunities by 2026, despite ongoing uncertainties in policy and technology spending [1] Economic and Policy Trends - Business tax cuts for capital spending are expected to encourage business expansion and modernization, while lower borrowing costs and deregulation may enhance hiring, productivity, and earnings growth [2] - The report emphasizes the importance of focusing on fundamental signals such as policy tailwinds and technological transformation rather than daily market volatility [3] Investment Preferences - WFII favors U.S. large- and mid-cap equities, industrial and precious metals, and a full international equity allocation, while recommending intermediate maturities in investment-grade securities due to lower short-term rates [3] - The report suggests that lower interest rates and new tax advantages will bolster technology and artificial intelligence spending, advising investors to focus on valuations to avoid overextended stocks [3] Investment Ideas for 2026 - Key investment ideas include focusing on technology's potential, exploring digital assets, complementing U.S. equity with international opportunities, positioning for lower short-term rates, and utilizing alternatives and private assets [6] - The anticipated U.S. GDP growth for 2026 is projected at 2.4%, with consumer price inflation expected at 2.8% and the S&P 500 Index price target range set between 7,400 and 7,600 [6]

Core Viewpoint - Wells Fargo projects a bullish outlook for the S&P 500, expecting it to reach between 7,400 and 7,600 by 2026, indicating a potential gain of up to 11% driven by consumer spending, AI investment, and deregulation [1][2]. Group 1: Market Performance and Projections - The S&P 500 is currently up 16% this year and is on track for its third consecutive year of double-digit gains, having previously logged over 20% gains in both 2023 and 2024 [3]. - Wells Fargo's forecast for the S&P 500 aligns with other positive outlooks, with predictions ranging from 7,100 to 8,000 [2]. Group 2: Key Drivers of Growth - Three main factors are expected to support stock prices in the upcoming year: lower interest rates, benefits from the AI investment cycle, and increased consumer spending due to larger tax refunds from the One Big Beautiful Bill Act (OBBBA) [3][4]. - The OBBBA is anticipated to provide consumers with one of the largest tax refunds in decades, enhancing their spending power [4]. Group 3: Historical Context and Implications - Historical data shows that when the Federal Reserve cuts interest rates while the S&P 500 is near record highs, the index has always been higher 12 months later [5].