黄金白银齐新高！避险与复苏双主线驱动，有色矿业强势领跑

Core Viewpoint - Precious metals, including gold and silver, have reached historic highs, driven by global geopolitical changes and investor demand for safe assets [2][3]. Precious Metals - On December 24, spot gold surpassed $4,519 per ounce, while spot silver exceeded $72 per ounce, both setting new historical records [1]. - As of the latest report, London spot gold and COMEX gold futures hit record highs of $4,519.81 and $4,547.5 per ounce, respectively, with both showing over 72% increase year-to-date [2]. - London spot silver rose by 3.43% yesterday and continued to climb, reaching a peak of $72.094 per ounce today, with COMEX silver futures hitting $72.24 per ounce, reflecting a nearly 150% increase year-to-date [2]. - Analysts suggest that factors such as international trade dynamics and potential interest rate cuts by the Federal Reserve are driving the prices of precious metals, alongside a strong demand for safe-haven assets amid global geopolitical shifts [2]. Base Metals - Copper, regarded as a global economic indicator, reached a new high of $12,159.5 per ton on the LME [3]. - The tight supply situation is expected to support higher copper prices, with emerging demand from AI investments and traditional sectors anchoring price movements [3]. - However, U.S. copper import tariffs may introduce volatility in trading patterns [3]. Investment Opportunities - The non-ferrous metals sector has outperformed the A-share market this year, with the non-ferrous metals index rising by 87.36% year-to-date, leading among 31 industry indices [4][5]. - The mining ETF (159690) tracking the non-ferrous mining index has seen a remarkable increase of 97.29% this year, indicating strong market performance [4][5]. - Analysts from Dongfang Securities and Ping An Securities recommend focusing on gold, copper, and aluminum sectors, anticipating continued price increases driven by strong demand and weakening dollar credit [4][6]. - The overall profitability of the non-ferrous metals industry has improved, with a year-on-year net profit growth of 41.43% in the first three quarters of 2025, and a significant increase of 50.81% in the third quarter alone [5][6].