12月16日，在全球资产配置逻辑不断演变的背景下，Moneta Markets外汇认为，黄金在中长期内具备持 续跑赢美元资产和美国国债的潜力。随着市场对利率周期和货币环境的重新定价，黄金作为非收益型资 产的配置价值正在被重新审视，尤其在价格回调阶段，更容易吸引中长期资金布局。 从资产配置结构来看，维持较高比例的黄金配置，反映出机构投资者对传统固定收益资产吸引力下降的 判断。在通胀挂钩债券与公司债配置被明显削减的情况下，黄金仍保持稳定权重，显示其在多资产组合 中兼具防御与进攻属性。Moneta Markets外汇表示，同时，资产表现"扩散化"的趋势正在形成，不同市 场与不同资产类别轮动加快，黄金在其中扮演了重要角色。 展望未来，市场对金价的长期预期依然偏乐观。相关机构预计，随着利率逐步下行、货币政策趋于温 和，黄金价格有望在未来一年至数年内继续上探。围绕2026年的周期判断中，金价冲击更高水平被视为 基于宏观环境变化的合理推演。 综合来看，在美联储政策逐步向中性甚至偏宽松方向调整、实际利率仍处于高位但存在回落空间的环境 下，黄金的风险对冲与资产分散价值更加突出。Moneta Markets外汇表示，尤其是在股票 ...

2025年黄金市场表现突出，全球资产配置价值凸显 安凯指出，2025年黄金市场表现尤为突出。全年金价累计涨幅超过60%，年内创下逾50次历史新高，成 为全球主要资产类别中表现最为强劲的资产之一。推动这一轮黄金强势上涨的核心因素包括经济扩张、 风险与不确定性、机会成本以及趋势动能，这四大变量共同作用，塑造了黄金在全球资产配置中的独特 地位。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年黄金市场：多重变量驱动下的趋势与展望 2025年12月11日，世界黄金协会美洲CEO兼全球研究负责人安凯（Juan Carlos Artigas）受邀出席由中国 黄金协会和世界黄金协会共同主办的2025中国（三亚）国际黄金市场年会，并在大会期间发表题为《全 球经济形势及黄金市场展望》的主旨演讲，深入剖析了全球宏观经济环境变化下黄金市场的最新趋势与 未来展望。 中国作为全球最大的黄金生产国和消费市场，在2025年黄金需求结构中发挥了关键作用。数据显示， 2025年前三季度全球黄金需求达到3，640吨的历史高位，同比去年增长41%，其中中国市场对金币金条 和黄金ETF的投资需求表现尤为突出，成为推动全球 ...

Group 1 - The core viewpoint of the article indicates that Citi Private Bank's Global Investment Committee has increased its allocation to U.S. large-cap stocks and gold while reducing exposure to Asian emerging market stocks outside of China and high-yield bonds in developed markets [1][2][3] - The adjustments are expected to align with the improving macroeconomic outlook while maintaining a diversified investment portfolio [1] - Citi Private Bank emphasizes a preference for high-quality companies with strong fundamentals and growth prospects, focusing on large-cap stocks due to their robust balance sheets and diversified supply chains [2] Group 2 - In fixed income, Citi has reduced its holdings in developed market high-yield bonds, preferring to shift risk exposure to the stock market instead [3] - The bank anticipates that ongoing monetary easing, deficit spending, and tariff effects will continue to push inflation higher, despite the Federal Reserve's dovish stance [3] - Citi expects global economic expansion to continue, supported by loose monetary policy and stable economic activity, with nominal growth projected for 2026 [3][4] Group 3 - The U.S. tax reform and government spending commitments are expected to boost consumer and business spending and investment [4] - Citi forecasts that financial deregulation and a loose liquidity environment will promote healthy growth in leverage ratios by 2026 [4]

隔夜美联储突然宣布降息50个基点，美股却出现暴跌，黄金出现暴涨行情。美股为什么不上涨而是暴跌 呢？ 虽然外围重挫，但从今天开盘来看，我们大A股还算是顽强的抗住了，小幅低开高走且量能急速缩减， 市场筹码仍然比较安稳，今天大幅下跌的概率较低，轻指数重个股。大基建（水泥，建材，建筑装饰） 强势卷土重来，在回调的过程中伺机低吸是相对安全的，大家多注意。 【外围影响】隔夜美联储虽然宣布降息，但市场并不买账，美股冲高回落，大幅收阴。这对A股也是利 空，今天指数大概率还会有下探，注意控制风险。建议个股仓位要降一降，保住利润；同时配置股指期 货的空单，对冲风险，通过机制优势和资产配置来扩大盈利。 ...

本文字数：4250，阅读时长大约8分钟 作者 | 第一财 经 王方然 过去仅需简单注册即可参与，如今必须提交身份证、银行卡照片等资料，并通过人工审核，整个过程 往往耗时一整天。这是水贝黄金"预定价交易"平台的最新门槛。 两个月前，深圳市黄金珠宝首饰行业协会发出警示函，明确提示水贝地区部分黄金公司开展的"预定 价交易"可能涉嫌违法，（详见《独家|多人爆仓!高杠杆、假收益、"托儿"全上场，水贝黄金预定价交 易是这样的危险赌局》）但第一财者调查发现，这类交易并未收敛，反而以更隐蔽的方式、更复杂的 规则，继续野蛮生长。 2025.12. 11 一个显著的变化是，部分平台已不再主打"预定价"概念，转而推出"定价结算"模式。用户支付定金 后，可在约定期限内按实时金价结算盈亏，无需交割实物黄金。有平台声称，仅凭1万元保证金即可 交易价值约百万元的黄金，杠杆比例接近100倍。 不仅如此，市场参与主体正在悄然改变。多位业内人士告诉第一财经，此前的交易主导方，多为本地 懂行的黄金料商，如今却涌入大量毫无黄金交易经验的新玩家。这些新兴团队大多只参与线上电子盘 交易，几乎不涉及实物交割，背后的风险正持续积聚。 更深的"地下" 第一财 ...

这个行业的参与者正在发生变化。 一些规模较小的交易平台，则选择放弃小程序等高曝光入口，转为自建App。第一财经测试的平台中，有2家平台引导用户添加客服 微信，随后邀请下载APP并完成注册后方可参与交易。 不仅参与流程趋于复杂，资金流转的隐蔽性也在增强。以一家名为"中X交易"的平台为例，实测过程中，平台并未提供直接的在线 入金入口，用户需主动联系客服获取指定的私人银行账户进行转账。记者按要求完成转账后，定金金额并未即时显示到账，客服解 释称"财务人工核对需一定时间"。 过去仅需简单注册即可参与，如今必须提交身份证、银行卡照片等资料，并通过人工审核，整个过程往往耗时一整天。这是水贝黄 金"预定价交易"平台的最新门槛。 两个月前，深圳市黄金珠宝首饰行业协会发出警示函，明确提示水贝地区部分黄金公司开展的"预定价交易"可能涉嫌违法，（详见 《独家|多人爆仓!高杠杆、假收益、"托儿"全上场，水贝黄金预定价交易是这样的危险赌局》）但第一财者调查发现，这类交易并未 收敛，反而以更隐蔽的方式、更复杂的规则，继续野蛮生长。 一个显著的变化是，部分平台已不再主打"预定价"概念，转而推出"定价结算"模式。用户支付定金后，可在约定期限 ...

本次"巅峰对话"直播活动中，交易员王晓璐分享了她从八年股票投资转向期权市场的历程与思考。面对 股票熊市的煎熬与个股受制于大盘波动的局限，她发现了期权这一工具独有的做空与对冲价值，并最终 将交易重心聚焦于商品期权。 她的策略核心鲜明地偏向卖方，通过精细的波动率分析、严格的品种筛选，以及阶梯式移仓等技巧，在 控制风险的同时追求稳定收益。访谈中，她介绍了自己的仓位管理逻辑、应对极端行情的对冲手法，以 及交易中最为关键的心态修炼与纪律坚守。 交易策略核心逻辑 一、主要策略：以期权卖方策略为主，辅以买方策略。 对新手的建议 波动率：优先参考VIX指数等技术指标。当波动率处于历史相对高位（如20日/60日均线以 上）时，倾向于做卖方（赚取时间价值衰减收益）；处于相对低位时，考虑做买方（博弈方 向性收益）。 行情判断：震荡行情时可能采用双卖（跨式或宽跨式）；明确单边行情时采用单卖。 二、品种选择标准 偏好郑商所品种：如PTA、烧碱等，认为其走势相对温和、趋势流畅，与自身交易习惯契合。 筛选维度：倾向于选择波动率高、趋势性好、安全边际高的品种。具体会结合： 技术面：观察文化商品指数判断大势，寻找超跌（乖离率过大）后可能修复的 ...

Core Insights - The key to success in the trading competition for Chengdu Kaipule Asset Management Co., Ltd. was not precise predictions but the inherent advantages of an institutional trend-following system [1][2] - The best-performing strategy this year was index arbitrage, focusing on long positions in the CSI 500 and CSI 1000 indices while shorting the SSE 50 index [2] Strategy and Performance - The trading strategy was designed to capture the upward trend in the A-share market while providing effective risk hedging [2] - The approach involved a systematic analysis of macroeconomic cycles, identifying benefiting or adversely affected asset classes, and continuously tracking key data [2][4] - The transition from subjective prediction to systematic trend-following has led to significant improvements in trading performance [4] Risk Management - Emphasis on stop-loss mechanisms as a critical aspect of trading, including hard stop-loss orders and proactive exit strategies when market movements deviate from expectations [6] - The importance of capital management, including profit withdrawal to reset risk levels and a "anti-fragile" system design to safeguard profits during extreme market conditions [6] - Position management strategies include calculating position sizes based on maximum risk exposure and adjusting positions based on market changes [6] Personal Development and Philosophy - The trading journey has been characterized by exploration, setbacks, and transformation, leading to a refined trading philosophy [3][5] - The trader's unique emotional management approach focuses on allowing emotions to be managed through a behavioral system rather than confronting them directly [5] - The recognition of trading as a form of self-discovery, where understanding personal emotions like greed and fear contributes to long-term growth [6]

Core Insights - The event "Healthy Development of Spot and Futures Linkage" was successfully held in Chongqing Rongchang, focusing on the integration of the feed industry with futures and options markets [1][2] - The Rongchang District government emphasizes the importance of high-quality development in the pig industry and aims to create a synergistic ecosystem combining data, finance, and industry [1] Group 1: Event Overview - The event was organized by Southwest Futures in collaboration with the National Pig Big Data Center, gathering government agencies and feed-related enterprises to discuss new pathways for the feed industry [1] - Rongchang District is recognized as a core area for the national pig industry, highlighting its commitment to optimizing the business environment for feed enterprises and farming entities [1] Group 2: Strategic Focus - The conference centered on practical empowerment and precise matching, focusing on the core functions of futures and options related to feed (corn, soybean meal) and their application in enterprises [2] - Southwest Futures and the National Pig Big Data Center plan to deepen strategic cooperation to build a specialized platform for industry-finance collaboration, aiming to create a risk hedging service system [2] Group 3: Goals and Objectives - The initiative aims to leverage digital tools to address industry pain points and utilize financial innovation to hedge market risks, thereby empowering the entire pig industry chain for high-quality development [2]

Core Insights - The event "Healthy Development • Futures-Spot Linkage" was successfully held in Chongqing Rongchang, focusing on the integration of the feed industry with futures and spot markets [1][2] - Southwest Futures and the National Pig Big Data Center aim to deepen strategic cooperation to create a professional platform for industry-finance collaboration [2] Group 1: Event Overview - The conference gathered government agencies and feed-related companies to discuss new paths for the integration of the feed industry [1] - Rongchang District is recognized as a core area for the national pig industry, emphasizing high-quality development and collaboration with financial institutions [1] Group 2: Strategic Goals - The event emphasized practical empowerment and precise matching, focusing on the core functions of futures and options in the feed market [2] - A three-in-one risk hedging service system will be established, combining data empowerment, financial support, and industry upgrades to address industry pain points [2]