这是俄罗斯历史上首次公开将黄金储备用于财政支出。 以下文章来源于盐财经 ，作者凌川儿 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 本文来自微信公众号： 盐财经 ，作者：凌川儿，编辑：江江，题图来自：AI生成 "俄罗斯央行最近出售黄金是一个重要提醒和信号。就我个人而言，此前我也持有部分黄金作为资产 组合一部分，但最近我已卖掉。"近日，半夏投资创始人李蓓对黄金的鲜明观点，引发了广泛关注与 热议。 过去两年，中国央行等多国央行是黄金的主要买家，最近这个因子开始变化。 据新华社报道，俄罗斯中央银行11月20日向俄罗斯国际文传电讯社确认，该行已开始出售储备的实 物黄金，以弥补国家预算所需资金。 此举延续了此前与国家财富基金 （NWF） 黄金交易的操作模式，不过此前交易大多以虚拟方式进 行，政府将黄金出售给央行，或可看作是两方之间的"账面调整"，黄金仍保留在国家储备中。 如今，俄罗斯央行发起的实物黄金交易亦完全是在境内进行，可以将外界关注的交易标的物现货黄 金，看作在俄联邦财政体系里扮演着"内部提款机"的角色，其所有权在央行、本土银行和相关做市商 之间转手，却不会对国际市场造成波动。 卖了多少呢？ 截至 ...

| 2025年12月10日星期三 | 12月9日，中国再保险发布公告，公司于近日收到国家金融监督管理总局关于庄乾志先生任职资格的批 复。根据该批复，国家金融监督管理总局于2025年12月8日正式核准庄乾志先生担任董事会董事长的任 职资格，庄乾志先生自该日起正式履行董事长职务，任期至第五届董事会任期届满为止，任期届满可以 连选连任。 NO.4区域性银行加入消费贷贴息阵营 据证券日报，12月份以来，个人消费贷款财政贴息政策在四川、贵州、重庆加速落地。川黔渝三地相继 发布省级贴息实施细则，贵阳银行、贵州银行、成都银行、成都农商行等区域头部城商行、农商行同步 启动业务受理。这标志着此前未被纳入"国补"经办体系的区域性银行，正式加入消费贷补贴阵营，"国 补+地补"的协同发力格局初步形成。 NO.1央行开展1173亿元7天期逆回购操作 12月9日，央行公开市场开展1173亿元7天期逆回购操作，操作利率1.40%。Wind数据显示,当日有1563亿 元逆回购到期。 点评：央行今日开展1173亿元7天期逆回购操作的举措显示出其维持市场流动性稳定的意图。逆回购作 为短期的市场操作工具，能够有效缓解市场资金紧张状况，降低市场利率 ...

以下文章来源于盐财经 ，作者凌川儿 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 俄央行售黄金补赤字，因俄乌冲突财政承压。 文 ｜ 凌川儿 编辑 ｜ 江江 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ Unsplash "俄罗斯央行最近出售黄金是一个重要提醒和信号。就我个人而言，此前我也持有部分黄金作为资产组合一部分，但最近我已卖掉。"近日，半夏投资创始人 李蓓对黄金的鲜明观点，引发了广泛关注与热议。 过去两年，中国央行等多国央行是黄金的主要买家，最近这个因子开始变化。 据新华社报道，俄罗斯中央银行11月20日向俄罗斯国际文传电讯社确认，该行已开始出售储备的实物黄金，以弥补国家预算所需资金。 俄罗斯中央银行开始出售储备的实物黄金 这是俄罗斯历史上首次公开将黄金储备用于财政支出。 此举延续了此前与国家财富基金（NWF）黄金交易的操作模式，不过此前交易大多以虚拟方式进行，政府将黄金出售给央行，或可看作是两方之间的"账面 调整"，黄金仍保留在国家储备中。 如今，俄罗斯央行发起的实物黄金交易亦完全是在境内进行，可以将外界关注的交易标的物现货黄金，看作在俄联邦财政体系里扮演着"内部 ...

Group 1 - The core sentiment in the U.S. market is dominated by risk aversion as investors withdraw from high-risk equity funds and shift significant capital into safer money market funds ahead of the Federal Reserve's policy announcement [1] - Investors net purchased approximately $104.75 billion in U.S. money market funds in the week ending December 3, marking the largest single-week net inflow since November 5, indicating a highly defensive stance in the market [1] - U.S. equity funds experienced a net sell-off of about $3.52 billion for the second consecutive week, reflecting a growing preference for safer assets amid concerns over high valuations in large-cap tech stocks [1] Group 2 - Despite expectations of potential interest rate cuts typically benefiting the stock market, investors are reducing their exposure to risk assets, with mid-cap stock funds facing net outflows for the seventh consecutive week, totaling $49.492 million [2] - Large-cap and small-cap stock funds also recorded net disposals of $476 million and $1.18 billion, respectively, indicating a widespread cautious sentiment across various market segments [2] - Defensive sectors have shown relative resilience, attracting approximately $510 million in net inflows, with industrial sector funds receiving $510 million and gold and precious metals stock funds garnering $293 million in net inflows [2] Group 3 - The fixed income market reflects a cautious investor attitude, with overall net inflows significantly shrinking [3] - Short- to medium-term investment-grade bond funds attracted $1.45 billion in net inflows, while municipal bond funds saw inflows of $737 million [3] - In contrast, short- to medium-term government and treasury bond funds experienced a reversal, recording outflows of $1.58 billion, indicating a defensive adjustment in bond portfolio allocations [3]

2025年，在地缘政治风险、降息和央行需求的推动下，金价飙升超过60%。许多专家认为2026年还有进 一步上涨的空间，黄金作为避险资产的地位依然稳固。 在经历了历史性的2025年，即金价飙升超过60%并打破了50多项历史新高之后，投资者现在的注意力转 向了这种贵金属能否在2026年维持其上升轨迹。 黄金在年初至今的表现中领跑主要资产类别，有望创下自1979年以来的最佳年度表现，尽管风险依然存 在，但专家们认为黄金明年可能仍有上涨空间。 与往年由单一事件主导金价走势不同，今年出现了多重驱动因素共同作用的局面。 持续的央行买入、持续的地缘政治摩擦、高企的贸易不确定性、较低的利率以及美元走弱，所有这些因 素结合在一起，助推了市场对作为避险资产的黄金的需求。 根据世界黄金协会的最新报告，地缘政治紧张局势对黄金年初至今的表现贡献了约12个百分点，而美元 疲软和略低的利率又贡献了10个百分点，动能和投资者仓位占了9个点，经济扩张进一步贡献了10个 点。 各国央行也继续大举买入，使官方部门的需求保持在远高于疫情前的水平。世界黄金协会的预测 展望未来，该协会预计，推动2025年金价非凡反弹的许多力量在2026年仍将发挥作用。 ...

避险神话碎了比特币成风险放大器 文 |无言 比特币直接跌破8万关口！这可是七个月来的最低位，80553美元的价格让不少玩家傻了眼。 短短六周时间，全球加密货币市场就没了1.2万亿美元市值，这数字比好多G20国家一年的GDP还多。 12月1日当天，全网爆仓接近10亿美元，27万多投资者被市场无情清算，以太坊等主流币种跟着跳水， 跌幅都超7%，市场上的恐慌情绪简直藏不住。 之前总有人把比特币吹成"数字黄金"，说它能独立于传统金融体系，扛住通胀和地缘风险。 本来想这说法多少有点道理，后来发现完全是自欺欺人。 2025年下半年这波下跌，直接把"避险资产"的神话戳破了。 比特币现在根本不是避风港，反倒成了风险放大器。 全球风险资产都在抛，它跌得最狠。这背后核心就是流动性收紧了。 市场之前都盼着美联储降息，结果美国经济数据挺顽强，通胀也没降下来，政策只能保持鹰派。 风险资产都靠流动性撑着，这一下直接被打懵了。 更有意思的是，比特币跟科技股的联动越来越紧密。 纳斯达克指数一跌，它准跟着往下走。 英伟达、微软这些科技巨头回调，加密货币就得遭更大幅度抛售。 说白了，比特币现在更像加了杠杆的科技指数。 之前还有人说它能对冲传统市 ...

Group 1 - The International Bank for Settlements (BIS) warns that retail investors are shifting gold from a traditional safe-haven asset to a speculative asset, marking a simultaneous entry into an "explosive zone" for both gold and stock markets for the first time in at least 50 years [1][2] - Gold prices have increased by approximately 20% since early September, moving in tandem with high-risk assets, which deviates from its historical role as a safe-haven asset [1][2] - BIS emphasizes that the current market dynamics, where both gold and stock markets are in an "explosive zone," pose higher systemic risks, as a correction in one market could trigger a chain reaction affecting overall market stability [2][3] Group 2 - The surge in gold prices is partly attributed to "trend-chasing investors" capitalizing on media hype surrounding gold, fundamentally altering its trading patterns [2] - The recent rise in risk appetite, driven by expectations of interest rate cuts, has alleviated concerns about economic slowdown, facilitating retail capital inflow into the gold market [2] - BIS notes that the oversupply of government bonds, resulting from significant debt issuance by developed economies, has led to a reversal of typical yield spreads, indicating structural pressures even in the safest government bond markets [3]

"金价与其他风险资产一同上涨，偏离了作为避险资产的历史模式，"国际清算银行货币与经济部门主管 Hyun Song Shin在巴塞尔告诉记者。"黄金已变得更像是一种投机资产。" 自9月初该机构审查期开始以来，金价已上涨约20%。国际清算银行表示，根据投资组合流动数据，这 一涨幅部分归因于"追逐趋势的投资者"试图利用围绕黄金的"媒体炒作"。 国际清算银行称，金价上涨之际，降息预期助长了冒险行为，并缓解了对经济放缓的担忧。股市延续了 自美国总统特朗普4月宣布关税政策后触及低点以来的反弹势头。科技股，特别是人工智能相关股票推 动了涨幅，但对估值过高的不安情绪也在增加。 据国际清算银行（BIS）称，散户投资者推动了近期金价的飙升，将黄金从传统的避险模式推向了一种 更具投机性的资产。 国际清算银行表示，过去几个季度是至少过去50年来，黄金和股票首次同时进入其所谓的"爆炸性区 域"。 尽管这一涨势也可能是由寻求避险的机构交易员引发的，因他们对股市估值过高的疑虑日益增加，但有 证据表明，散户投资者的跟风放大了这一涨势。这家总部位于巴塞尔的机构在周一发布的市场发展季度 报告中表示，这促使黄金走势偏离了通常的模式。 在多次警告全 ...

Group 1 - The Japanese yen continues to strengthen against the US dollar, driven by expectations of hawkish policies from the Bank of Japan despite a revised GDP contraction of -0.6% in Q3 [1] - October nominal wages in Japan increased by 2.6%, exceeding market expectations of 2.2%, providing key support for potential future interest rate hikes by the Bank of Japan [1] - The ongoing rise in nominal wages is expected to enhance consumer purchasing power, potentially leading to demand-driven inflation, which will support the yen in the long term [1] Group 2 - Global market sentiment is cautious, with increased demand for safe-haven assets, highlighting the relative strength of the yen [2] - The market anticipates a nearly 90% probability of the Federal Reserve lowering interest rates again, which has placed downward pressure on the US dollar index [2] - Technical analysis indicates that the USD/JPY exchange rate is under pressure, with potential support around 154.35 and resistance near 155.50 [2] Group 3 - Analysts believe the recent appreciation of the yen is due to multiple factors, including stronger-than-expected wage growth, strong expectations for hawkish Bank of Japan policies, and the yen's status as a safe-haven asset amid global risk aversion [3]

Group 1 - The global gold market is experiencing a strong upward trend, with spot gold prices surpassing $4,230 per ounce, marking a six-week high [1] - The rise in gold prices is driven by global political and economic uncertainties, including geopolitical tensions, a decline in the US dollar, and increased expectations for future interest rate cuts by the Federal Reserve [1] - Emerging market central banks are continuously increasing their gold reserves, providing structural support for gold prices [1] Group 2 - Investors are increasingly seeking professional platforms and tools to effectively participate in the precious metals market, with a notable rise in users of gold and silver products [2] - The market trend indicates a preference for low-threshold, flexible leverage, and multi-asset configurations among investors to capitalize on the structural dynamics of gold [2] - Looking ahead to 2026, the market anticipates further upward potential for gold, while emphasizing the need to monitor global economic trends, Federal Reserve policy changes, and geopolitical developments [2]