一旦掌握這7個人生複利公式，你的人生將開始快速成長 https://youtu.be/Uz0awqTLJeA 會員頻道的內容會依照這7個公式，一步步陪你實踐 👉 加入會員頻道，從第1個公式開始實踐：https://bit.ly/goldenrich-members ☕️ 如果你想免費支持我們，這裡有個簡單的方法： 👉 https://bit.ly/GET-IBKR 🙏 點擊連結沒有任何費用，每次點擊都能幫助支持我們的頻道。IB盈透證券：全球領先、備受信賴的投資平台，交易覆蓋150個市場，低成本、資金靈活，是多元化投資的理想選擇！ (Disclosures: https://bit.ly/content-disclosure) 日圓危機全面爆發！超過4兆美元套利急撤，日本升息正在引爆全球金融地震！ 今天這一期節目，我要帶你看一件正在全球金融圈炸開的大事：世界上最大的金融秘密，正在走向終結。一顆正在倒數的金融炸彈，正準備影響你、我手上的投資與資產。 🔔 貼心提醒 訂閱後不要忘記按旁邊的鈴鐺 才不會錯過最新上傳的節目唷 ⚠️ 免責聲明：堆金積玉不是財務顧問，該頻道的所有視頻僅用於教育目的。一切投資都存在風險，儘管可 ...

Core Viewpoint - The article emphasizes that increasing the allocation of gold in investment portfolios is becoming an inevitable choice for institutional investors, especially given the significant rise in gold prices this year, which have increased by up to 60%, outperforming major indices like the Nasdaq and Hang Seng [5][6]. Group 1 - Gold has demonstrated a unique investment logic this year, moving beyond traditional pricing mechanisms based on "safe-haven" and "anti-inflation" narratives [6]. - Historical context shows that gold prices surged around 2010 due to inflation and asset bubbles driven by China's stimulus measures, leading to increased domestic demand for gold [6]. - The relationship between gold and the US dollar is highlighted, noting that low US interest rates at the time allowed for profitable arbitrage opportunities involving gold imports and domestic lending [6].

受供应中断以及市场对美国关税政策的担忧引发的需求激增推动，铜价今年大幅飙升，多次创下历史新 高。这轮涨势预计将持续到2026年。 持续的矿山生产中断削弱了未来供应增长的预期，也为铜价上涨提供了支撑。德意志银行在上周三发布 的一份报告中称2025年是"严重受干扰的一年"，生产受挫迫使几家主要矿商下调产量预估。德意志银行 汇编的数据显示，过去一周，几家主要铜生产商更新了产量指引，将2026年铜产量预估下调了约30万 吨。 花旗集团分析师预计，在能源转型和人工智能领域引领的强劲需求支撑下，这种红色金属的价格将大幅 上涨。电气化、电网扩张和数据中心建设需要大量铜用于布线、电力传输和冷却基础设施。 "总体而言，我们认为市场将明显处于短缺状态，其中矿山供应在2025年第四季度和2026年第一季度最 为疲弱，"该行表示，并预计价格和市场紧张状况将在2026年上半年达到顶峰。 花旗集团指出，矿山供应受限导致的预计短缺，以及美国因套利机会继续"囤积"铜库存，预计都将助推 价格上涨："我们预计美国将继续囤积全球铜库存，并且在牛市情景下，将进一步抽走美国以外本已枯 竭的库存。"该行预计，铜价将在2026年初达到每吨13000美元， ...

Group 1 - The core viewpoint indicates that the styrene market is experiencing a weak downward trend, with futures prices showing fluctuations and a decline of approximately 2.33% [1][2] - According to Guotou Anxin Futures, the decline in crude oil prices and the stable supply-demand structure for styrene may prevent significant price increases, although there are no signs of weakening demand [2] - Newhu Futures reports that the resumption of petrochemical facilities in Lianyungang and Dongming will increase supply, leading to a slight decrease in spot prices and a weakening basis [2] Group 2 - Nanhua Futures notes a planned short shutdown of the Liaoning Baolai facility for 10 days, which may tighten near-term supply [3] - The demand side shows an increase in operating rates for EPS and PS, while ABS profits are declining, leading to reduced output from marginal facilities [3] - Despite high port inventories for styrene, the market remains cautious about liquidity risks, with active replenishment observed in the near term [3]

以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 在中性策略里，常常会提及一个重要概念：贴水。 现货价格 ，指的是此时此刻的买卖价格； 而 期货 价格 ，是约定在未来某个时间点（交割日）的买卖价格。 这两种价格都在不断的波动、变化，但影响它们的因素不一样： 现货价格主要受 当前的、实时的 供需关系影响； 期货价格主要受 未来的、预测的 因素影响。 当期货价格<现货价格，即贴水发生时， 意味着市场对未来预期 悲观 。 但是，无论二者如何波动， 这不是偶然，而是由 交易制度 和 套利 行为 共同决定的必然结果。 举两个例子，先讲商品期货，临近交割日，当期货、现货价格不同时，会涌入大量套利者，最终 将两个市场的价格拉平。 用前面提到的苹果为例，当现货10元、期货8元的时候： 在现货市场将苹果卖出的同时，在期货市场买入更低价格的苹果期货合约。 等一个月后，再履行这份期货合约，以8元/斤的价格将苹果实打实买回来。 此时，我们来盘点一下：苹果数量不变，但一买一卖，实现了无风险套利。 到了交割日， 它们必将收敛到 同一价格 ！ 当越来越多的投资人嗅到机会， ...

Core Viewpoint - A Swiss trading company, Mercuria, executed a significant copper withdrawal from LME warehouses in Asia, indicating a strategic move to capitalize on price differentials and potential tariff implications in the U.S. market [1][3]. Group 1: Market Dynamics - Mercuria's withdrawal of over 40,000 tons of copper on December 2, valued at approximately $460 million, led to a surge in LME warehouse copper withdrawal requests, reaching the highest single-day increase since 2013 [1]. - The U.S. market is experiencing heightened demand for copper, driven by policy expectations and potential tariffs, prompting traders to rush shipments to the U.S. before any new tariffs are implemented [3][5]. - The current market conditions have resulted in a significant price disparity, with Comex copper futures trading over $1,400 per ton higher than LME prices, creating what Mercuria's executives describe as an optimal arbitrage opportunity [3]. Group 2: Inventory and Pricing Effects - The movement of copper to the U.S. has caused a severe imbalance in global inventory distribution, with U.S. warehouses overflowing while LME inventories are rapidly depleting; Mercuria's withdrawal accounted for 35% of LME's total inventory at that time [6]. - The drastic reduction in LME inventory has led to a sharp increase in spot prices, with the premium for immediate delivery copper rising to $88 per ton by early December, a reversal from the previous month when futures prices were higher [8]. - The upcoming LME contract settlement date on December 17 raises concerns for short sellers who may struggle to fulfill delivery obligations due to low inventory levels, potentially triggering a "short squeeze" that could further elevate prices [8]. Group 3: Supply Chain and Production Challenges - Global copper supply is under pressure, with significant production disruptions reported from major mines, including a projected reduction of 200,000 tons from Indonesia's Grasberg mine due to a landslide [11]. - Chilean copper mines are also facing operational issues, leading to lowered production targets, highlighting the fragility of the copper supply chain [11]. - The increasing demand for copper from sectors such as electric vehicles, renewable energy, and data centers is expected to sustain long-term growth in copper consumption, further complicating supply dynamics [11]. Group 4: Mercuria's Strategic Positioning - Mercuria has transitioned from a traditional oil trading giant to a significant player in the metals trading sector, employing a "light asset" model that leverages financial instruments to secure upstream supply agreements [13]. - The recent copper withdrawal exemplifies Mercuria's ability to influence market dynamics and pricing structures, showcasing its growing power in the copper market [13]. - The ongoing "copper relocation" led by trading giants like Mercuria is reshaping global resource flows, reflecting broader concerns over resource security amid geopolitical uncertainties [13].

我有一段时间没关注茅台价格了，早上回到公司打开Wind看了下报价，发现飞天茅台的批价已经跌到1550元，距离跌破1499元只差50元。 | 佛 念碑 | 灵转置 | 一 设置日期 ·一 橙式 | 国 统计 | | --- | --- | --- | --- | | 序号 | 指标名称 ↓ | 中国:批发参考价:飞天茅台:当 | | | | | 年散装 | | | | HUXK | E | | | | 单位 | 元 | | | 1 | 2025-12-02 | | 1.550.00 | | 2 | 2025-12-01 | | 1,565.00 | | 3 | 2025-11-30 | | 1,570.00 | | 4 | 2025-11-29 | | 1,580.00 | | 5 | 2025-11-28 | | 1,565.00 | | 6 | 2025-11-27 | | 1,590.00 | | 7 | 2025-11-26 | | 1,600.00 | | 8 | 2025-11-25 | | 1,615.00 | | 9 | 2025-11-24 | | 1,640.00 | | 10 | 2025 ...

短多维持持有 结构空配继续 原油周报 2025/11/29 徐绍祖 （能源化工组） 从业资格号：F03115061 交易咨询号：Z0022675 严梓桑 （联系人） 0755-23375123 yanzs@wkqh.cn 从业资格号：F03149203 CONTENTS 目录 01 周度评估&策略推荐 05 原油需求 02 宏观&地缘 06 原油库存 03 油品价差 07 气象灾害 04 原油供应 08 另类数据 01 周度评估&策略推荐 行情回顾 图1：WTI主力合约近月走势（$/桶） 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 2025/1/1 2025/1/8 2025/1/15 2025/1/22 2025/1/29 2025/2/5 2025/2/12 2025/2/19 2025/2/26 2025/3/5 2025/3/12 2025/3/19 2025/3/26 2025/4/2 2025/4/9 2025/4/16 2025/4/23 2025/4/30 2025/5/7 2025/5/14 2025/5/21 2025/5/28 2025/6/4 202 ...

Core Viewpoint - The article discusses the investment philosophies of various individuals, particularly focusing on the insights shared by Duan Yongping, highlighting the subjective nature of investment strategies and the importance of aligning them with personal circumstances [1][3][6]. Group 1: Investment Strategies - Duan Yongping emphasizes the importance of investing in companies with a competitive moat, such as Apple, Moutai, and Tencent, but does not provide specific criteria for identifying such companies [1][3]. - The article mentions various successful investment strategies from different individuals, including quantitative rotation, value investing, and asset allocation, suggesting that there are multiple paths to success in the capital markets [2][3]. - It is noted that Duan's investment approach may not be suitable for everyone, particularly for those without the same level of financial security or understanding of market dynamics [3][4]. Group 2: Personalization of Investment - The article stresses that each investor must find a strategy that matches their own conditions, as not everyone can adopt the same methods successfully [3][7]. - It highlights the importance of personal experience and understanding in investment, suggesting that what works for one individual may not work for another [6][7]. - The discussion includes the notion that investment is a highly personalized endeavor, and individuals should absorb wisdom from various sources to refine their own investment frameworks [7][8]. Group 3: Market Insights - The article reflects on the current market environment, indicating that while broad investment principles may hold true, the application of these principles can vary significantly based on market conditions [5][9]. - It mentions the potential for significant returns in the stock market, but also acknowledges the challenges and risks involved in identifying future successful companies [5][11]. - The discussion includes references to the financial performance of companies like OPPO and VIVO, suggesting that strong cash flow from these businesses can support investment strategies [9][10].

大家都知道，中国粮食库存，尤其是稻谷储备，一直稳坐全球头把交椅，手里攥着超过1亿吨的存量，差不多占全世界一半多。 可偏偏在2025年上半年，海关总署的数据一出炉，就让人有点摸不着头脑：1到5月，大米进口量同比猛涨86.8%，单月最高增幅甚至冲到77.6%。库存那么 多，还进口干啥？ 有人说中国在扫荡全球粮食，有人担心国内粮仓是不是出问题了。其实，这是中国在国际粮食市场上玩的一手聪明牌，利用低价机会搞套利，顺带调整国内 供应结构。 中国稻谷库存高企，这点没争议。农业农村部的统计显示，储备量超1亿吨，主要用来调控市场，不是天天扔到流通环节。2025年进口大米均价3545元一 吨，同比跌17.2%，比华南地区本地米还划算。 企业算账算得精明，越南、印度、泰国这些出口国为了抢中国市场，互相压价，中国坐收渔翁之利。数据上看，越南进口量从去年同期几乎为零，跳到近10 万吨，印度和泰国也跟上。 人民币汇率稳稳的，在7.15到7.21区间晃悠，企业敢签长单囤货。反观其他地方，阿根廷比索贬值超100%，土耳其里拉跌60%，出口商宁愿用人民币结算， 避开风险。中国就这样成了全球粮食贸易的稳定锚。 玉米和小麦进口量几乎腰斩，大米却 ...