每日投行/机构观点梳理（2025-12-23）

Group 1: Precious Metals and Geopolitical Risks - International gold and silver futures prices have reached historical highs, driven by geopolitical tensions, particularly the U.S. seizure of a Venezuelan oil tanker, adding uncertainty to an already strained geopolitical landscape [1] - Despite the current high prices, analysts express skepticism about the sustainability of these levels, suggesting that expectations for Venezuelan safe-haven flows to push gold higher may be overly optimistic [1] Group 2: Currency and Fiscal Policies - Japanese authorities may struggle to support the yen through foreign exchange interventions unless fiscal policy risks are effectively managed, as concerns grow over potential excessive spending in the upcoming 2026 budget [2] - The U.S. dollar is expected to weaken further in 2026, with a projected decline of about 5%, as the Federal Reserve is anticipated to implement several rate cuts, contrasting with the European Central Bank's likely stable rates [3] Group 3: Automotive and Technology Investments - The approval of L3 autonomous driving models in China marks a significant step towards commercialization, highlighting investment opportunities in automotive intelligence and technology [3] - The global liquid cooling market is projected to reach $21.8 billion by 2027, driven by the increasing demand for energy-efficient data center solutions amid rising AI server power consumption [4][5] Group 4: Market Trends and Investment Strategies - The A-share market is entering a critical window for "spring excitement" as external uncertainties diminish, with a focus on technology growth sectors such as AI, commercial aerospace, and robotics [6] - The ongoing power capacity shortage in the electricity system is expected to support long-term development in energy storage solutions [7] Group 5: International Trade and Tariffs - The EU's decision to delay anti-dumping duties on Chinese semi-steel tires does not change the trend of Chinese tire manufacturers seeking stable overseas production capacity to fulfill EU orders [9] - Liquid cooling solutions are becoming increasingly important in addressing the "power shortage" issues faced by AI data centers, with significant advantages over traditional cooling methods [10][11]