Group 1 - Intel's stock surged by 8.6% following news from analyst Ming-Chi Kuo that Intel may produce Apple's M-series chips for MacBook Air and iPad Pro as early as early 2027 [1] - This potential collaboration indicates that Intel could regain a significant client after a period of limited foundry business, with last quarter's revenue at $4.2 billion, significantly lower than its own product revenue of $12.7 billion [1] - The partnership, if realized, would not disrupt TSMC's current role as Apple's foundry but would demonstrate Intel's capability to serve large clients [1] Group 2 - Intel's stock has increased by 115% this year and has doubled over the past 12 months, partly due to the reform momentum under new CEO Pat Gelsinger [1] - The news of the potential collaboration comes after Apple had previously shifted to in-house designs and TSMC for chip production, suggesting a new model of cooperation where Apple designs and Intel manufactures [1]

【要闻速递】 地缘紧张局势显著升温：特朗普宣称将对贩毒集团实施陆地打击；普京威胁切断乌克兰海上通道并加强 军事行动，俄乌冲突呈现升级态势，持续推升市场避险情绪。 特朗普暗示哈塞特为下任美联储主席人选，其被视为偏鸽派人物，强化了市场对宽松货币政策的预期。 摘要今日周三(12月3日)亚盘时段，金价回落至4,210美元附近，交易员在数据公布前获利了结令涨势暂 歇。市场紧盯周三ADP就业与ISM服务业PMI，以判美联储动向。白银受益宏观环境保持韧性，下行受 限。投资者预期美联储下周或降息25基点，鸽派倾向支撑无息资产需求，缓冲贵金属回调。铂金测试 1,620–1,630美元支撑，失守或下探50日均线。整体降息预期与避险需求仍为贵金属提供底部支撑。 今日周三(12月3日)亚盘时段，金价回落至4,210美元附近，交易员在数据公布前获利了结令涨势暂歇。 市场紧盯周三ADP就业与ISM服务业PMI，以判美联储动向。白银受益宏观环境保持韧性，下行受限。 投资者预期美联储下周或降息25基点，鸽派倾向支撑无息资产需求，缓冲贵金属回调。铂金测试1,620– 1,630美元支撑，失守或下探50日均线。整体降息预期与避险需求仍为贵金属提 ...

Market Analysis - Trump plans to announce the next Fed Chair nominee in early 2026, and Nick Timiraos suggests Hassett is the "pre - selected" candidate [1] - Trump implies that the US military will soon launch land - based attacks on drug - trafficking groups in Venezuela, raising concerns about a potential military conflict [1] Futures Quotes and Volumes - On December 2, 2025, the Shanghai Gold main contract opened at 964.82 yuan/gram, closed at 958.42 yuan/gram, down 0.50% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night - session closing price was 953.82 yuan/gram, down 0.48% from the afternoon closing price [2] - On December 2, 2025, the Shanghai Silver main contract opened at 13,303.00 yuan/kilogram, closed at 13,423.00 yuan/kilogram, up 1.09% from the previous trading day. The trading volume was 2,464,589 lots, and the open interest was 459,321 lots. The night - session closing price was 13,640 yuan/kilogram, up 1.62% from the afternoon closing price [2] US Treasury Yield and Spread Monitoring - On December 2, 2025, the US 10 - year Treasury yield closed at 4.088%, up 0.19 BP from the previous trading day. The 10 - year and 2 - year spread was 0.58%, up 1.81 BP from the previous trading day [3] SHFE Gold and Silver Position and Volume Changes - On December 2, 2025, in the Au2602 contract, long positions increased by 297 lots, and short positions decreased by 858 lots. The total trading volume of Shanghai Gold contracts was 386,313 lots, down 8.54% from the previous trading day [4] - In the Ag2602 contract, long positions decreased by 15,909 lots, and short positions decreased by 11,096 lots. The total trading volume of Shanghai Silver contracts was 3,427,760 lots, down 5.29% from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1,050.01 tons, unchanged from the previous trading day. The silver ETF position was 15,802 tons, an increase of 191 tons from the previous trading day [5] Precious Metal Arbitrage Tracking - On December 2, 2025, the domestic gold premium was - 6.32 yuan/gram, and the domestic silver premium was - 1,537.54 yuan/kilogram [6] - The price ratio of the main contracts of SHFE gold and silver was about 71.40, down 1.58% from the previous trading day. The overseas gold - silver ratio was 74.00, down 0.82% from the previous trading day [6] Fundamental Analysis - On December 2, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 45,456 kilograms, down 25.02% from the previous trading day. The trading volume of silver was 894,348 kilograms, down 44.07% from the previous trading day [7] - The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7] Strategy - Gold: Cautiously bullish. Market risk sentiment is rising, and the Fed Chair nominee determination may strengthen the safe - haven sentiment. The Au2602 contract is expected to fluctuate between 930 yuan/gram and 980 yuan/gram [8] - Silver: Neutral. Tight spot supply and macro - easing expectations make silver slightly stronger than gold. The Ag2602 contract is expected to fluctuate between 13,300 yuan/kilogram and 13,900 yuan/kilogram [8] - Arbitrage: Go long on the gold - silver ratio at low levels [9] - Options: Put on hold [9]

Core Viewpoint - International gold prices are experiencing a continuous decline, with spot gold falling below $4200 per ounce, currently reported at $4189.03 per ounce, reflecting a drop of 1% [1]. Group 1: Market Dynamics - The decline in gold prices is attributed to rising U.S. Treasury yields and profit-taking, while investors await U.S. economic data to assess the Federal Reserve's policy direction [4]. - The 10-year U.S. Treasury yield remains near a two-week high, diminishing the appeal of non-yielding assets like gold [4]. - Market expectations indicate a nearly 90% probability of a Federal Reserve rate cut in December, alongside a continuous decline in the U.S. dollar index [4]. Group 2: Comparative Analysis - Short-term gold price trends appear weaker compared to silver, with a general rise in the base metals sector indicating a recovery in market risk appetite, which is unfavorable for gold prices [4]. - The U.S. ISM Manufacturing PMI for November fell short of expectations and has contracted for nine consecutive months, heightening concerns over economic slowdown and monetary policy easing [4]. Group 3: Geopolitical and Economic Factors - Geopolitical uncertainties are heightened by discussions within the Trump administration regarding further actions in Venezuela and the Russian military's control over two key towns in Ukraine, which may boost safe-haven demand [4]. - Conversely, signals from the Bank of Japan's governor regarding potential interest rate hikes suggest a tightening global liquidity environment, which could limit upward movement in precious metals [4]. Group 4: Future Outlook - Analysts predict that despite the current market pressures, the combination of weak economic data and geopolitical risks may provide short-term support for gold prices [4]. - The overall sentiment remains that the anticipated Federal Reserve rate cuts will support gold prices from a yield perspective [5].

日期 COMEX黄金库存量(吨) 增持(吨) 2025-12-01 1128.49 -2.34 2025-11-28 1130.83 -6.25 【要闻回顾】 美国11月ISM制造业PMI不及预期且连续九个月萎缩，强化了经济增长放缓忧虑与货币政策宽松预期； 同时，特朗普政府商讨对委内瑞拉"下一步行动"以及俄军宣布控制乌克兰两座重镇，均加剧地缘不确定 性，推升避险情绪。 日本央行行长释放明确加息信号，预示全球流动性环境可能边际收紧，或在一定程度上抑制贵金属上行 空间。 摘要12月1日，COMEX黄金库存录得1128.49吨，较上一交易日减少2.34吨；COMEX黄金周一(12月1日) 收4271.60美元/盎司，上涨0.36%，comex黄金价格日内最高上探至4299.60美元/盎司，最低触及4241.10 美元/盎司。 12月1日，COMEX黄金库存录得1128.49吨，较上一交易日减少2.34吨；COMEX黄金周一(12月1日)收 4271.60美元/盎司，上涨0.36%，comex黄金价格日内最高上探至4299.60美元/盎司，最低触及4241.10美 元/盎司。 最新comex黄金库存数据： ...

Core Viewpoint - The gold market is experiencing a bullish trend, with expectations of significant upward movement following a recent price stabilization above 4230, indicating a strong recovery after a brief dip below 4000 [1][4]. Group 1: Market Analysis - Gold has broken above the 4160 level, signaling a return to a strong bullish phase, with potential for a substantial single-direction price increase [1][4]. - The recent price action shows that after a drop from a high of 4380, gold has rebounded and is now positioned to challenge previous highs, with a target of 5000 if it surpasses 4386 [1][4]. - Technical indicators such as the golden cross on both the four-hour and daily charts suggest a continuation of the upward trend, supported by increasing risk aversion in the international landscape [1][4]. Group 2: Trading Strategy - The current market conditions present an optimal opportunity for medium to long-term positions in gold, with a focus on identifying entry points for bullish trades [2][5]. - The weekly chart shows a rebound from the 10-week moving average, indicating a strong upward momentum, with immediate resistance at 4280 and a potential challenge of the previous high at 4386 [2][5]. - Traders are advised to adopt a strategy of buying on dips, as the market is expected to maintain an upward trajectory, with a focus on long-term gains rather than short-term fluctuations [2][5].

今日思路： 结合当前多空交织的市场环境，操作上建议以谨慎看多、回调布局为主，避免追高。 若金价反弹至4250-4264美元。此区域并出现上涨乏力迹象，激进交易者可考虑轻仓试空。 另外关注4200-4185美元区域。若金价回落至此区域并出现15分钟K线企稳信号，可考虑轻仓布局多单。 重要数据动态： 第一金杨生，DYJPPLI，香港第一金，第一金官网，第一金平台，第一金代理 1. 经济数据：本周将公布美国11月ADP就业报告以及因政府停摆而推迟发布的9月PCE物价指数（美联储最看重的通胀指标），这些数据可能引发市场波 动。 今日看法： 2. 美联储动向：继续关注任何关于12月利率决定的官员表态，以及下任美联储主席人选的进展。 对于今天的黄金市场，金价在触及六周高位后高位整理，核心逻辑依然是市场对美联储12月降息近乎"板上钉钉"的预期。同时，美元走弱和潜在的避险情绪 共同为金价提供了支撑。 市场对12月降息的概率预期已升至87%，这降低了持有黄金的机会成本，是近期最主要的上涨动力。而美元指数下跌至两周低位，使得以美元计价的黄金对 其他货币持有者来说更具吸引力。另外最新公布的美国制造业PMI等数据疲软，加剧了对经济放 ...

最近的金价，又像打了鸡血一样蹭蹭往上冲。每次看到走势图，我都忍不住怀疑：是不是有人在背后给黄金打了"无限续杯"？朋友圈里有人已经开始发"黄 金自由"的自拍了，而我这种只会在群里默默问一句"现在追还来得及吗"的人，已经被自动归类成——典型的犹豫型投资者。 先说结论：现在追高到底来不来得及？这问题就像问"现在健身还来得及练出腹肌吗"。理论上当然来得及，实际上要看你坚持多久、能不能扛波动、以及你 是不是那种一跌就开始反思人生的体质。 如果你真的手痒想追，我给你三条"不负责任但很诚恳"的建议： 黄金这波上 涨，理由媒体已经说烂了——避险情绪、全球大环境、货币政策等等。听起来都很高大上，其实翻译成人话就是：大家心里没安全感，所以都跑去抱金砖大 腿。金价也因此顺势"扶摇直上九万里"，完全不给想抄底的人留一丝体面。 那追高有没有可能被套？当然有。毕竟黄金涨起来像是坐高铁，掉头的时候也不会提前打个转向灯。但黄金这东西，和那些一夜暴富一夜归零的小币种不一 样，它跌归跌，总归还有"贵金属"这层身份撑腰。 总之，黄金涨归涨，别让情绪涨上头。你要是问现在追高行不行，我只能说：行是行，但请稳住你的右手，扶住你的心脏。黄金会不会继续涨？ ...

Group 1 - COMEX gold inventory recorded at 1130.83 tons on November 28, a decrease of 6.25 tons from the previous trading day [1][2] - COMEX gold price closed at $4256.40 per ounce on November 28, an increase of 1.59%, with an intraday high of $4263.10 and a low of $4174.60 [1][2] Group 2 - Market concerns about policy continuity arise as Trump announces plans to revoke all documents signed by former President Biden [2] - Geopolitical tensions escalate as the U.S. closes Venezuelan airspace and conducts military maneuvers, increasing risk aversion in the market [2] - Ongoing negotiations between the U.S. and Ukraine show progress but still have unresolved issues, maintaining high geopolitical risk premiums [2]

Group 1 - The core viewpoint of the articles indicates that gold prices have risen to their highest level since late October, driven by expectations of a more accommodative U.S. monetary policy and increased risk aversion among investors [1] - Market expectations have shifted due to recent comments from U.S. central bank officials, leading traders to believe there may be room for further interest rate adjustments, which has pressured the dollar and benefited gold [1] - The overall market sentiment remains cautious, with recent manufacturing activity surveys showing volatility, which has heightened investor uncertainty regarding global economic growth [1] Group 2 - From a technical perspective, gold prices are currently maintaining near recent highs, with a key observation point at the $4,300 level; if prices stabilize above this level, it may open up further upward potential [3] - Conversely, if prices decline, there are technical support areas below, with the recent low around $4,200 serving as initial support, and further support levels formed by previous price congestion and long-term moving averages [3] - A significant drop below these support areas could alter the short-term upward trend and trigger broader technical adjustments in gold prices [3]