来源：市场资讯 （来源：宏赫臻财） 紫金黄金国际上市首日大涨，总市值逾3000亿港元，超过山东黄金，成为国内"黄金第一股"。按照黄金 产量，坐拥八大"金山"的紫金黄金国际，在全球排第十一名，由于其增长远超过同行，2025年有望进入 前十。 栥本江湖风云变幻，创业板龙头宁德时代的市值一度超过贵州茅台，如今，紫金矿业凭借子公司紫金黄 金国际挂牌港股，紫金系4家上市公司的总市值也轻易破万亿元，彰显黄金作为避险资产的神力。 来源：新财富杂志（ID：xcfplus） 作者：鲍有斌 9月30日，紫金黄金国际（02259.HK）登陆港交所主板，股价一度涨超66%，总市值逾3000亿港元，超 过山东黄金，成为国内"黄金第一股"。 近年，地缘政治格局变动频繁，各国央行持续吸储黄金，推动作为避险资产的黄金价格大涨，其最新价 格超过3800美元/盎司，黄金开采商的业绩也大幅提升，紫金矿业（601899/02899.HK）旗下的紫金黄金 国际便是其一。 紫金黄金国际严格控制黄金营运成本，毛利率从2023年的26.2%增加至2024年的37.9%，2025年上半年 提升到46.5%，半年净利润已超过2024年全年。其利润接连翻倍，在紫 ...

"现在黄金是一天一个价，再不下手还得涨！"武汉某商场的黄金柜台前，拖着行李箱的顾客排起长队，营业员拿着计算器不停测算，热门款式刚摆上柜台就 被抢空。2025年末，黄金市场彻底"火出圈"：周生生、周大福等品牌足金饰价首破1400元/克，单日最高暴涨36元；回收金价同步飙升至千元关口，却出 现"回收价越高，卖的人越少"的反常现象，这场黄金热潮背后，到底藏着什么逻辑？ 放在几年前，谁能想到金饰会涨到1400元/克？12月23日这天，国内主流黄金品牌集体涨价，周生生、周大福足金饰品报价直接冲到1403元/克，较前一天暴 涨35-36元；老凤祥、老庙黄金也紧随其后，报价1399-1402元/克。更夸张的是，仅仅两天后，周生生的价格又涨到了1411元/克，2天内猛涨44元，今年以来 已经50次刷新价格纪录，店员都感慨："每次以为到顶了，结果还在涨！"。 为什么黄金会突然这么火？核心原因有两个：一是避险需求，全球地缘政治有不确定性，加上市场预期美联储明年会多次降息，大家都把黄金当成"安全资 产"，觉得把钱换成黄金更稳妥；二是投资需求，今年以来现货黄金累计上涨超71%，国际金价突破4500美元/盎司，创历史新高，不少人看到黄 ...

Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future. Here’s what you need to know: Gold hit fresh all-time highs and is set to close the week just under $4,550/oz, up more than $200/oz from Sunday evening’s open. A much-stronger-than-expected Q3 GDP print did not cool the ...

Core Viewpoint - The price of silver has surged, reaching a historical high of over $75 per ounce, with a year-to-date increase of over 150%, making it one of the best-performing precious metals of the year [1]. Market Trends - The Shenzhen Shui Bei gold and jewelry market has seen an increase in sales counters for silver jewelry, with some stores that previously sold only gold now offering investment silver bars [1]. - Sales of silver jewelry have increased by nearly 10% month-on-month, with silver bars and ingots being particularly popular among investors [1][3]. Investment Behavior - For many small and medium investors, silver bars and ingots are seen as safer assets and more accessible investment options compared to gold [3]. - The best-selling item at a wholesale silver ingot counter is the 500-gram silver ingot, with many retail investors shifting from gold to silver investments recently [3]. Supply and Demand Dynamics - The demand for silver has been rising, with reports of difficulties in obtaining physical silver in the Shui Bei market [3]. - The price difference between buying and selling silver is larger compared to gold, but the recent surge in silver prices has led to a noticeable increase in buyback prices [3]. Price Influences - The recent spike in silver prices is attributed to strong industrial and investment demand, tightening inventories, geopolitical tensions, and expectations of further interest rate cuts by the U.S. [3]. - The silver market is characterized by smaller scale and lower liquidity, making it more susceptible to large capital movements, which can lead to increased price volatility [3]. Future Outlook - Major Wall Street firms predict that gold, silver, and platinum will continue to perform strongly, especially amid a potential crisis of confidence in U.S. debt and the dollar [4]. - Structural scarcity and the safe-haven asset nature of silver may lead to a revaluation in the market [4].

Market Overview - On the first trading day after Christmas, U.S. stock indices opened mixed, with the Nasdaq up 0.14% and the S&P 500 up 0.08%, while the Dow Jones fell 0.03%. However, all three indices dropped later, with the Chinese tech index showing strong performance, rising by 1% [1][2]. Company Highlights - Nvidia shares rose nearly 1.5% after U.S. President Trump announced that the government would allow Nvidia to sell H200 AI chips to China. Additionally, Nvidia's acquisition of AI chip startup Groq for approximately $20 billion set a record for the largest deal ever [2]. - Sidus Space, a space concept stock, initially surged over 40% and had a cumulative increase of over 160% for the week, although it later retreated to a 24% gain [3]. - Chinese tech stocks saw significant gains, with Dingdong Maicai rising over 20%, Xiaopeng up over 7%, and Li Auto and NIO both increasing by over 2% [3][4]. Commodity and Precious Metals - Gold and silver futures prices continued to rise, with spot gold surpassing $4,527 and spot silver reaching $75, marking the highest premium levels since 1980. Copper futures also hit a historical high, with a nearly 2% increase [7][9]. - Palladium experienced a significant increase of 10%, reaching $1,865.13 per ounce [8]. Cryptocurrency Market - The cryptocurrency market saw a decline, with Bitcoin dropping below $87,000 and Ethereum falling below $3,000. Over 95,000 traders faced liquidation in the past 24 hours [10].

Market Overview - On the first trading day after Christmas, U.S. stock indices showed mixed performance, with the Nasdaq up 0.14% and the S&P 500 up 0.08%, while the Dow Jones fell 0.03% [1] - As of the report, all three major U.S. stock indices had declined, but the Chinese tech leader index rose by 1% [1] Stock Performance - Key stock indices and their performance included: - Dow Jones Industrial Average: 48687.83, down 43.33 (-0.09%) - Nasdaq Index: 23580.76, down 32.55 (-0.14%) - S&P 500: 6927.56, down 4.49 (-0.06%) - Nasdaq 100: 25635.91, down 20.24 (-0.08%) - Chinese Tech Leader Index: 4358.68, up 43.27 (+1.00%) [2] Notable Stocks - Nvidia saw a nearly 1.5% increase after the U.S. government allowed it to sell H200 AI chips to China and announced a $20 billion acquisition of AI chip startup Groq, marking the largest deal ever [2] - Sidus Space, a space concept stock, initially surged over 40% and had a weekly increase of over 160% [2] Chinese Tech Stocks - The Nasdaq Golden Dragon China Index initially rose by 0.44%, with notable Chinese stocks experiencing significant gains: - Dingdong Maicai surged over 20% - Xpeng rose over 7% - Li Auto increased over 2% - NIO and Bilibili also rose over 2% [3] Commodity Market - Gold and silver prices continued to rise, with spot gold surpassing $4527 and spot silver reaching $75, marking the highest premium level since 1980 [6] - Copper futures reached a historical high, with a nearly 2% increase, while palladium saw a daily surge of 10% [6] Cryptocurrency Market - Most cryptocurrencies experienced declines, with Bitcoin falling below $87,000 and Ethereum dropping below $3,000, resulting in over 95,000 liquidations in the past 24 hours [8] Economic Outlook - According to CME's "FedWatch," the probability of a 25 basis point rate cut by the Federal Reserve in January 2026 is 15.5%, with an 84.5% chance of maintaining current rates [8] - The chief economist at Zhonghang Securities indicated that the risk of stagflation in the U.S. remains, despite strong third-quarter economic data, suggesting limited likelihood for short-term rate cuts [8]

" 真没想到银价都涨得这么猛！ " 在深圳水贝从事银饰生意的钟老板指着报价大屏说， " 今 天银饰的克价已经冲到 22 元， 7 月的时候还不到 15 元。就这个月初，价格也只在 17 元 左右。 " | 更新日期: 2025-12-26 13:45 | | | 更多 > | | --- | --- | --- | --- | | | 今日价格 | 回收价格 | | | 黄金 | 1167 元/克 | 993 元/克 | | | 铝金 | 583元/克 | 522元/克 | | | 白银 | 22元/克 | 16.4元/克 | | 水贝市场的银饰销售柜台 吴家明/摄 对于许多中小投资者而言，银条和银锭不仅是避险资产，更是一种看得见、摸得着、门槛更 低的投资选择。在水贝一个银锭批发专柜，工作人员告诉记者，目前销量最好的是500克的银 锭，很多之前投资黄金的散户投资客，近期改为投资白银。除了银锭，投资银条也较为受 捧，近一个月水贝的白银供需量逐渐上涨，而且经常拿不到现货。 此外，记者从水贝的几家贵金属回收公司了解到，跟黄金投资相比，白银的买入价与回收价 价差幅度更大。不过，随着近期银价大涨，回收价格也出现较为明显 ...

在紧张的地缘政治局势推动下，金银期货价格持续攀升，避险资产吸引力进一步增强。美军在尼日利亚 打击极端组织"伊斯兰国"，并于大西洋追击一艘失控油轮。与此同时，美元在近几个月部分丧失避险属 性后持续疲软。白银期货为75.07美元/盎司，较200日均线高出79%，创1980年以来最高溢价水平；黄金 期货报4561.20美元/盎司，较200日均线高出26%，为10月以来最大偏离幅度。 ...

当前贵金属行情的重要驱动之一，仍来自地缘政治层面的不确定性。美国加大对委内瑞拉石油出口的限 制力度，引发市场对能源供应与区域稳定性的担忧；与此同时，特朗普政府针对尼日利亚武装目标的军 事行动，也强化了市场对多区域政治与安全风险的重新定价。在多重不确定性叠加的背景下，风险溢价 加速反映在资产价格中，避险资产因此获得更多资金关注。 宏观环境方面，美元对主要货币整体走弱，背后反映的是市场对美联储未来政策路径的宽松预期有所升 温。美元走弱通常有利于以美元计价的大宗商品表现，因为非美元货币持有者的实际购买力得到提升。 同时，美国国债收益率阶段性回落，也降低了持有黄金等非孳息资产的机会成本，使贵金属在资产配置 中的吸引力进一步增强。 进入圣诞假期交易周后，市场流动性明显收缩。成交量下降、盘口深度不足，使价格更容易在消息或情 绪驱动下出现放大波动。在缺乏关键宏观数据指引的情况下，市场参与者更倾向于在高位区间内进行短 线操作，而非建立明确的方向性仓位。 整体来看，当前黄金与白银的高位运行由多重因素共同驱动：地缘政治风险持续累积推高避险需求，美 元阶段性走弱与美联储政策预期变化提供外部支撑，而假期流动性收缩则放大了价格波动。价 ...

12月26日，黄金以强势姿态结束2025年，彰显出其作为全球避险资产的独特魅力。尽管2026年预测存在 分歧，从低位冷却到高位突破的各种情景均有可能，但结构性需求和宏观顺风的结合仍为黄金提供了坚 实基础。投资者需密切监测关键催化剂，以把握这一贵金属市场的未来机遇。当期美元指数的疲软（年 初以来下跌9%），以及市场对新任美联储主席鸽派立场的预期，进一步削弱了美元计价资产的吸引 力，为以美元计价的黄金提供了支撑。 市场的基本环境不变，所以看待黄金的方式不变，还是要强调，黄金一定是绝对的强势，看涨不猜顶， 虽然某些月份是震荡，某些时间点有调整，但大趋势，大方向丝毫没有动摇。因此，在强势中，一定是 坚持做多看涨。本周目前周一单边上涨，周二先涨后跌，再涨，z周三同样是先涨后跌，最低在4450， 这个走势和和价位跟杨呈发预测的一样，在绝对强势中，不能追高，而是等调整做合理的多单，所以周 三给出的4450多单，拿到了周五开盘，现在开盘，黄金继续刷新高点，上涨至4528附近，只要市场开 盘，每天都有一个新高，可见趋势的力量是多大。那么，周五维持前期的看法不变，继续看好黄金的多 头表现，但也不追高，等待黄金调整做多，特别是亚欧 ...