2025年，铂金打破多年沉寂，价格累计上涨超90%，引起投资者广泛关注。当前我国铂金投资市场面临 哪些挑战和机遇？铂金在未来资产配置中将发挥哪些重要作用？在2025广州投资顾问大会暨财富管理转 型发展会议上，新华财经专访了世界铂金投资协会亚太区总经理邓伟斌。 一是强化回收产业。铂金在很多行业被用作催化剂，而催化剂是可以回收的。强化和支持整个回收产业 的发展，充分调动回收资源，是解决供应难点的有效途径。 二是加强与南非矿业公司联系。通过与南非矿业公司加强联系，能够确保战略金属资源未来的长期供应 保障。南非虽然不缺铂金储量，但欠缺合理的价格激励推动矿业公司持续开采。广州期货交易所挂牌铂 期货，能够充分发挥市场价格发现功能，形成公允合理的定价，推动南非矿业公司更好地开采资源，从 而确保市场供应。 三是基础设施逐步完善。广州期货交易所推动铂期货挂牌上市，以及产业链上回购、回流等基础设施的 完善，提高了投资者购买铂金投资产品的便利性和信心，对市场发展起到了很大的推动作用。 在投资者的资产配置组合中，铂金正逐渐崭露头角。过去几年全世界很多国家的央行都在推动去美元 化、叠加通货膨胀和关键矿产资源争夺的背景，铂金作为一种兼具 ...

Core Points - The main focus of Trump's speech was to defend his economic policies and encourage patience among the American public, suggesting that the economy is improving and will soon experience unprecedented prosperity [1][3][4] - The speech comes at a critical time as public support for the government's handling of economic issues has reached a new low, with upcoming midterm elections in 2026 making economic topics crucial for the Republican Party [1][6][8] Economic Policy Summary - Trump emphasized that he inherited a difficult economic situation and claimed significant positive changes have occurred in the past 11 months, including rising worker incomes and a decrease in inflation [3][4] - He highlighted the expected "largest tax refund season in history" in spring 2024, attributing this to tax cuts supported by the White House [4][6] - The speech included claims of a decrease in prices for essential goods like eggs and Thanksgiving turkeys, and he presented charts to support his assertion of an improving economy [4][6] Political Context - Trump's speech was characterized as having a partisan tone, aimed at rebuilding his declining support as polls show only 33% of Americans approve of his economic measures [6][8] - The speech was notably shorter and more focused than his usual style, indicating a shift towards a more structured approach in addressing economic concerns [5][6] - The backdrop of rising inflation and a recent increase in unemployment to 4.6%, the highest in over four years, adds pressure to Trump's economic narrative [6][8] International Relations and Policy Impact - Trump's administration has been active in international affairs, pressuring European nations to increase military spending and providing military aid to Ukraine, which has received mixed reactions from the American public [7][8] - The administration's trade policies, including high tariffs, have caused volatility in the stock market and uncertainty for businesses regarding import costs [7][8]

Core Insights - A significant portion of American millionaires do not consider themselves wealthy, with only 36% of those with at least $1 million in investable assets identifying as such [1] - Financial planning is a concern for nearly half (49%) of American millionaires, who cite fears of outliving savings, tax impacts in retirement, and long-term care needs as their primary worries [2] Changing Definitions of Wealth - The perception of wealth has evolved, with $1 million now seen as an outdated benchmark for financial success, as inflation, rising costs, and market volatility have altered the landscape of financial security [3] - Longevity plays a role in this perception, as longer life expectancies mean that a seven-figure portfolio may not suffice for future living expenses and medical costs [3] Financial Comfort and Wealth - According to Charles Schwab's 2025 Modern Wealth Survey, Americans require an average net worth of $839,000 to feel financially comfortable and $2.3 million to feel wealthy [4] - A majority (63%) of survey respondents believe it takes more money to be considered wealthy compared to the previous year, attributing this to inflation (73%), a worsened economy (62%), and higher taxes (48%) [5] Confidence in Wealth - Experts suggest that true wealth is not solely about accumulation but rather about confidence, which stems from education, strategy, and structure [6] - Understanding financial principles allows individuals to make informed decisions, enhancing their sense of wealth [6] Steps to Financial Security - Creating a clear financial plan is essential, as millionaires report higher levels of financial discipline and clarity compared to the average American [8] - Prioritizing debt repayment and increasing savings are fundamental strategies for improving net worth [8] - Seeking professional financial advice is common among millionaires, with 74% working with financial advisors compared to 34% of the general public [8]

Market Performance - U.S. stocks experienced an upward trend, with the Nasdaq Composite gaining over 200 points on Thursday [1] - The Dow increased by 0.44% to 48,097.08, while the NASDAQ rose by 1.08% to 22,938.56, and the S&P 500 climbed 0.76% to 6,772.76 [1] Sector Performance - Consumer discretionary shares rose by 2% on Thursday, indicating strong performance in that sector [1] - Conversely, energy stocks fell by 0.5% during the same trading session [1] Inflation and Economic Indicators - U.S. inflation showed a greater-than-expected decline in November, with the Consumer Price Index rising by 2.7% year over year, down from 3% in September and below the expected 3.1% [2] - The Philadelphia Fed Manufacturing Index dropped by 8.5 points to -10.2 in December, missing market estimates [10] - Initial jobless claims decreased by 13,000 to 224,000 for the week ending December 13 [10] Commodity Prices - Oil prices increased by 1% to $56.47, while gold prices decreased by 0.2% to $4,365.60 [5] - Silver prices fell by 1.9% to $65.640, while copper prices rose by 0.1% to $5.4360 [5] Company-Specific Movements - Athira Pharma Inc shares surged by 84% to $7.62 following an agreement to acquire rights for lasofoxifene [8] - Trump Media & Technology Group Corp shares rose by 29% to $13.47 after signing a merger agreement with TAE Technologies [8] - FuelCell Energy Inc shares increased by 32% to $10.47 after reporting better-than-expected fourth-quarter results [8] - Insmed Inc shares dropped by 16% to $166.17 after failing to meet efficacy endpoints in a clinical study [8] - Pyxis Oncology Inc shares fell by 55% to $1.52 following preliminary data from clinical studies [8] - Actelis Networks Inc shares decreased by 47% to $0.59 after announcing a public offering [8] International Market Performance - European shares were generally higher, with the eurozone's STOXX 600 gaining 0.56% and Spain's IBEX 35 Index rising by 0.60% [6] - Asian markets closed mixed, with Japan's Nikkei falling by 1.03% and Hong Kong's Hang Seng gaining 0.12% [9]

Core Viewpoint - The Federal Reserve has lowered its benchmark interest rate for the third time this year and may hold rates steady in 2026, which will not directly impact Social Security cost-of-living adjustments (COLA) [2][3][8]. Economic Conditions - Current economic forecasts for 2026 suggest moderate inflation, stable unemployment, and moderate GDP growth, leading to a "wait and see" approach from the Fed regarding interest rate cuts [4][5]. - If the Fed holds rates steady, borrowing costs for consumer products like mortgages and personal loans could remain stable, benefiting consumers and retirees [8]. Social Security Implications - Social Security COLAs are based on inflation and are not directly affected by the Fed's interest rate decisions; the raise for 2026 is already determined [7][8]. - A potential rate cut in 2026 could increase consumer spending, which might lead to higher inflation and a larger COLA for seniors in 2027 [9].

Inflation Data - The year-over-year Consumer Price Index (CPI) decreased to 2.7% from 3% in September, indicating a positive trend in inflation [1] - The core CPI also fell from 3% to 2.6% year-over-year, suggesting further improvement in inflation metrics [1] Employment Data - Initial jobless claims dropped to 224,000 from a revised 237,000 the previous week, reflecting a strengthening job market [1] - Continuing claims increased to 1,897,000 from 1,830,000, indicating some ongoing challenges in employment [2] Business Outlook - The Philadelphia Fed's business outlook index declined to -10.2% from -1.7%, signaling a more pessimistic view among businesses [2] - The prices paid index decreased to 43.6% from 56.1%, suggesting lower inflation expectations among businesses [2] Price Trends - Gasoline prices rose by 3% in November after a 2.1% decline in October, indicating volatility in energy prices [4] - New vehicle prices increased by 0.1% in October and 0.2% in November, while used car prices rose by 0.7% in October and 0.3% in November, showing some stabilization in the automotive market [4] - Food prices increased by 2.6% year-over-year, with grocery prices specifically rising by 1.9%, reflecting ongoing inflationary pressures in the food sector [4][5]

Core Insights - The research indicates that 49% of consumers are able to save money regularly, highlighting financial strain as rising food prices and holiday advertising trends reshape shopping habits [7] - The report reveals that 68% of respondents have experienced rising grocery costs in the past six months, prompting changes in consumer behavior [7] Consumer Behavior Changes - Consumers are increasingly prioritizing essential staples such as pasta, grains, frozen foods, and canned goods while cutting back on fresh, premium, or branded items [3] - There is a notable shift towards store brands, bulk purchases, and reduced dining out as strategies to manage food expenses [7] Holiday Spending Trends - Holiday spending is being scaled back, particularly in Australia, New Zealand, and the UK, where the highest levels of reduced seasonal spending were reported [7] - Despite the significance of the holiday season for advertisers, 65% of respondents state that holiday advertising has little or no influence on their spending decisions [4] Economic Context - The report reflects a degree of resilience in the labor market, with nearly two-thirds of respondents feeling somewhat or very secure in their current job or income source [2] - The findings provide a snapshot of consumer responses amid economic uncertainty as brands and households approach the end of 2025 [4]

北京时间周四21:30，美国11月未季调CPI年率录得2.7%，低于市场预期的3.1%；未季调核心CPI年率录得2.6%，同样不及市场预期的3%，为2021年3月以来 新低。美国11月CPI两个月累计涨0.204%，11月核心CPI两个月累计涨0.159%。由于政府此前的关门，美国劳工统计局取消了10月份的CPI报告，因此该机构 今天没有公布月度通货膨胀率。 美元指数短线下挫22点，最低至98.20。现货黄金短线上扬16美元，最高至4336美元/盎司。非美货币对普涨，欧元兑美元走高近30点，美元兑日元短线下挫 近40点，最低至155.34。 在11月CPI公布后，美国联邦基金利率期货显示，美联储1月份降息的可能性从26.6%上升至28.8%，市场预期到2026年底政策将再放松3个基点，预计明年 美联储的宽松幅度为62个基点。 Investinglive分析师Adam Button评美国11月CPI数据时表示，"这份报告出人意料地疲软，但数据收集过程中存在一些问题，因此可能会受到质疑。美国劳工 统计局（BLS）假定由于政府停摆，10月份的消费者物价指数（CPI）为零。我认为大多数经济学家都忽略了这一点，但瑞银指 ...

12月18日，美国11月CPI同比增长2.7%，预估为增长3.1%。美国11月核心CPI同比增长2.6%，预估为增 长3%。 在11月份消费者价格指数（CPI）公布后，美国联邦基金利率期货显示，美联储1月份降息的可能性从 26.6%上升至28.8%。纳指期货短线拉升涨超1%。 比特币向上升破88500美元，过去24小时内上涨1.01%。 ...

Core Viewpoint - Trump announced a "warrior bonus" of $1,776 for nearly 1.5 million U.S. military personnel, claiming it would be funded by tariffs [1] Group 1 - The bonus amount of $1,776 is intended to support military personnel [1] - The announcement was made during a nationwide televised address [1] - Public reaction on social media highlighted concerns about the sufficiency of the bonus in covering living expenses such as rent and mortgage [1] Group 2 - Critics pointed out that due to inflation, the purchasing power of the bonus has diminished under Trump's economic policies [1]