每日投行/机构观点梳理（2025-11-25）

Group 1: Federal Reserve and Economic Outlook - Goldman Sachs economists expect the Federal Reserve to cut interest rates in December, bringing rates to just above 3% due to a potential economic slowdown [1] - UBS highlights the awkward timing of the Fed's December meeting, which will occur before two key employment reports that could influence the decision to lower rates [3] - Morgan Stanley suggests that if the Fed continues to cut rates amid signs of economic slowdown, the Japanese yen could appreciate by nearly 10% against the dollar in the coming months [6] Group 2: Commodity and Market Predictions - Bank of America forecasts that gold prices could reach $5,000 per ounce by 2026, driven by tight mineral supply and low inventory [2] - Deutsche Bank predicts that the S&P 500 index could surpass 8,000 points by the end of next year, driven by rapid investments and applications in artificial intelligence [3] - JPMorgan warns that Brent crude oil prices could fall to $30-40 per barrel by 2027 due to a significant oversupply in the global oil market [4] Group 3: Investment Strategies and Market Sentiment - HSBC believes that now is a good time to increase exposure to risk assets, particularly in the tech sector, despite recent market volatility [4] - CICC reports that the global central bank's allocation of gold may still have room for growth, despite some central banks reducing their gold holdings due to rising prices [5] - CICC also notes that drones are reshaping the engineering operation and maintenance service ecosystem in China's infrastructure market, presenting investment opportunities [6] Group 4: Industry Developments - CITIC Construction indicates that powder metallurgy technology could transfer cost-saving and lightweight advantages from the automotive sector to humanoid robots [7] - CITIC Securities highlights the establishment of the Commercial Space Administration, which is expected to enhance coordination in the satellite industry and improve efficiency in key processes [9]