钛媒体App 12月4日消息，世界黄金协会表示，黄金经历了令人瞩目的2025年，创下了50多个历史高 点，回报率超过60%。这一表现受到地缘政治和经济不确定性加剧、美元走软以及积极的价格势头的综 合支撑。投资者和央行都增加了对黄金的配置，寻求多样化和稳定性。展望2026年，地缘经济的不确定 性将影响黄金的前景。黄金价格大致反映了宏观经济的共识预期，如果目前的情况持续下去，金价可能 会保持区间波动。然而，从今年的情况来看，2026年可能会继续令人惊讶。如果经济增长放缓，利率进 一步下降，黄金可能会温和上涨。在以全球风险上升为特征的更为严重的经济低迷时期，黄金可能表现 强劲。相反，如果特朗普政府制定的政策取得成功，将加速经济增长，降低地缘政治风险，导致利率上 升和美元走强，从而推低金价。其他因素上，如央行需求和黄金回收趋势，也可能影响市场。最重要的 是，在市场持续波动的情况下，黄金作为投资组合多元化和稳定来源的作用仍然至关重要。（广角观 察） ...

黄金ETF每日持仓变化一览 11:24 黄金ETF持仓报告 公布机构：美国SPDR Gold Trust 当前总持仓 1046.58 吨黄金 黄金ETF总持合变化 更新时间:2025-12-( 1,060 1.050 1,040 1.030 1,020 1,010 1,000 2025-10-27 2025-11-13 2025 -- 2025-10-09 与此同时，金价走势还受到央行购金的支持。世界黄金协会12月2日发布的报告显示，各国央行10月加速购金，净增持53吨，创下自2023年11月以来的最强 月度增幅，较9月增长36%。 从技术面来看，黄金4200美元关口至关重要，日收盘价跌破则将增加测试更低水平可能性。日线图显示，相对强弱指数(RSI)虽处于看涨区域，但近期转为 平缓，显示市场进入盘整，交易员正等待新的催化剂。4小时图也显示，RSI在从超买区域回落后处于中性水平，短期基调偏中性。 |= 图表 謂表 ( 截至12月3日，全球最大的黄金ETF SPDR Gold Trust持仓量为1046.58吨，较前一个交易日减少1.72吨。12月3日，尽管"小非农"ADP意外下滑一度推升金价， 但是现货黄金整体 ...

摘要今日周四(12月4日)亚盘时段，伦敦金目前交投于4216美元附近，截至发稿，伦敦金最新报4205.30 美元/盎司，涨幅0.06%，最高上探至4216.61美元/盎司，最低触及4201.55美元/盎司。目前来看，伦敦金 短线偏向看涨走势。 外交层面，11月曝光的美国28项和平提案草案令乌欧震动，乌方与欧洲官员认为其内容过度迎合俄方核 心诉求。此后，欧洲大国提出反提案，美乌在日内瓦会谈中又制定了更新、更完善的和平框架，试图平 衡各方利益。 普京周二指责欧洲大国以"俄罗斯绝对无法接受"的条件阻挠谈判。其外交政策顾问乌沙科夫在维特科夫 访俄后会表示，莫斯科已收到含27项提议的文件及后续四份补充文件，并与美方逐一讨论。普京透露， 美乌将原提案拆分为四个部分，但具体细节尚未公开。 眼下，乌克兰既要应对战场劣势，又需在国内反腐风暴中维稳，同时在外交上争取不被边缘化。各方提 案与博弈交错，使和平进程充满变数，也考验乌方的战略定力与谈判筹码。 【最新伦敦金行情解析】 昨日黄金价格依旧维持在多空拉锯的震荡格局中，早间收盘稳居4200美元上方，彰显出强劲的上涨动 能，整体趋势依旧看涨。鉴于此，日内仍以逢低做多为主，重点留意4 ...

周三（12月3日），美国就业市场再度释放急剧降温信号，ADP报告意外录得大幅负增长，强化市场对 美联储下周降息的押注，同时推动金价延续反弹。与此同时，美国服务业活动虽有所改善，但就业依旧 处于收缩区间，进一步凸显经济动能的不均衡性。 ADP就业意外大幅下滑私营部门流失3.2万个岗位 美国私人部门11月就业状况大幅恶化。ADP 周三公布的数据显示，企业本月意外削减 32,000 个岗位， 远不及市场此前预期，为就业市场近期"波动与乏力"趋势再添证据。 (来源：彭博社，金融时报) ADP 首席经济学家 Nela Richardson 指出："随着消费者趋于谨慎、宏观环境不确定性上升，企业招聘持 续呈现明显的反复表现。11月的放缓呈现广泛性，其中小企业的萎缩最为明显。" 由于美国政府此前发生 长达 43天的停摆，官方的非农就业报告本月将不会发布，使得市场对 ADP数据 的依赖程度显著提升。 报告还显示，薪资增速继续走弱：留任员工工资年增幅降至4.4%（10月为 4.5%）；跳槽员工薪资增幅 降至6.3%（10月为 6.7%）。 多个行业招聘放缓，包括制造业、专业与商业服务、信息技术以及建筑业。 技术上，FX Emp ...

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 来源：智通财经·澎湃号·湃客 站在2025年的终点回望，国际金价的每一次波动，都牵动着全球市场的神经，也让黄金这项古老资产站到了聚光灯的中央。 对中国人而言，黄金的意义尤甚：从"大黄鱼"金条到黄金ETF，从老铺黄金到年轻人追捧的"金豆豆"，它既是投资品，更承载着情感与文化。 黄金在历史长河中扮演着怎样的角色？中国人对黄金的情结从何而来？当下金价高企，是入场时机还是风险信号？本期《湃客Talk》邀请了收藏有百余条 老金条的古钱币收藏家徐宝明与长期观察黄金市场的媒体人陶魏斌，从历史、文化、投资三个维度，解读黄金的过去、现在与未来。 2025年金价"狂飙"，我们为何依然痴迷黄金？| 湃客Talk 【本期主播】 陈玉坤 智通财经湃客编辑 【节目嘉宾】 徐宝明 资深中国古钱币收藏家、《中国黄金货币——近代老金条的前世今生》作者 陶魏斌 财经专栏作家、新媒体"财经无忌"创始人 【内容节选】 *以下内容为基于节目录音的口述稿，仅对语法与用词稍作修改。 黄金信仰：从"小黄鱼"到"金豆豆"的千年脉络 陶魏斌：相比新发现的巨无霸金矿，中国地质队的"黑科技"更有意思 ...

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The new tax policy is expected to benefit compliant leading brands in the gold market, with the company poised to increase its market share under this policy [2][11] - The company is projected to achieve significant revenue growth driven by rising gold prices and increased investment demand [16][20] Financial Summary - Total revenue is forecasted to grow from 16,552 million yuan in 2023 to 31,804 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.9% [4][21] - Net profit attributable to the parent company is expected to rise from 707 million yuan in 2023 to 1,023 million yuan in 2027, reflecting a CAGR of about 8.5% [4][21] - Earnings per share (EPS) is projected to increase from 0.91 yuan in 2023 to 1.32 yuan in 2027 [4][21] Revenue Forecast - The company’s revenue from precious metal investment products is expected to grow significantly, with projections of 18,068.91 million yuan in 2025, representing a 40% increase [16][17] - Revenue from gold jewelry is anticipated to grow at a slower pace, with estimates of 6,020.28 million yuan in 2025, reflecting a 10% increase [16][17] - The company is expected to maintain a high dividend payout ratio, exceeding 75% [11][20] Market Position and Strategy - The company operates as a member of the Shanghai Gold Exchange, allowing it to directly procure gold and sell it through a fully owned retail model, which is less affected by the new tax policy [11][42] - The company is expanding its retail presence, with a total of 103 stores by mid-2025, covering key cities including Beijing, Tianjin, and others [11][20] - The new tax policy is expected to enhance the company's competitive pricing advantage in the investment gold market, potentially attracting customers from other brands [11][42] Valuation - The target price for the company is set at 19.26 yuan, based on a price-to-earnings (P/E) ratio of 18x for 2025, which is slightly above the industry average [22]

Core Viewpoint - The gold market experienced significant volatility on December 3, with a trading range between 4235 and 4163, showing a pattern of initial decline followed by a rebound, indicating a strong bullish sentiment in the short term [1][2]. Price Movement Analysis - Gold prices tested a low of 4163 before quickly rebounding, maintaining a strong reaction above the previous breakout point of 4150, which is seen as a critical support level [1][2]. - The market is characterized by a phase of oscillating upward movement rather than a rapid one-sided increase, with notable pullbacks after peaks, yet these declines are not expected to persist [1][2]. Support and Resistance Levels - The key support area is firmly established at 4150, which is the previous bullish breakout point; only a significant drop below this level would indicate a weakening of the bullish trend [1][2]. - Following the overnight rebound, a new low of 4163 has been established, and as long as prices remain above this low, the outlook remains bullish [1][2]. Trading Strategy - The current strategy suggests maintaining a bullish stance, particularly focusing on buying near the established low of 4182, while being cautious about short positions as the market approaches the previous opening price around 4227 [1][2].

Group 1 - The total amount of gold futures in the Shanghai Futures Exchange's designated delivery warehouse is 90,873 kilograms, with no change from the previous day [1][2] - The main gold futures contract opened at 958.00 CNY per gram, reaching a high of 962.18 CNY and a low of 948.18 CNY, currently trading at 956.70 CNY, reflecting a decrease of 0.55% [1] - Trading volume for the day is 300,096 contracts, with open interest at 197,799 contracts, showing a reduction of 4,239 contracts in daily open interest [1] Group 2 - Recent market optimism for gold has weakened, as the Federal Reserve is expected to continue its rate cuts, enhancing gold's allocation value [2] - According to a report by China International Capital Corporation (CICC), gold prices have risen significantly since the beginning of the year, surpassing levels aligned with fundamental factors, which may lead to increased volatility in the future [2] - Despite the potential for volatility, the ongoing rate cut cycle by the Federal Reserve and the diminished credibility of the US dollar suggest that the gold bull market is not over, with recommendations to maintain an overweight position and to accumulate on dips [2]

【市场要闻速递】 摘要全球最大黄金ETF--SPDRGoldTrust持仓报告显示，12月2日黄金etf持有量为1048.30吨，较上一交易 日减少1.71吨。周二(12月2日)截止收盘，现货黄金报4205.38美元/盎司，跌幅0.59%，日内最高上探至 4235.28美元/盎司，最低触4163.29美元/盎司。 在爱尔兰访问的乌克兰总统泽连斯基12月2日说，他担心美国会对乌克兰和平进程失去兴趣。在当天与 爱尔兰总理马丁举行的联合新闻发布会上，泽连斯基说，他对美国为寻求解决乌克兰危机所作的努力持 乐观态度，认为这源于美方对此事的兴趣。"美国现在没有放弃任何形式的外交对话，这是件好事。"但 当被问及是否担心美国对谈判进程失去兴趣时，泽连斯基承认："是的，我担心。" 全球最大黄金ETF--SPDR Gold Trust持仓报告显示，12月2日黄金etf持有量为1048.30吨，较上一交易日 减少1.71吨。周二(12月2日)截止收盘，现货黄金报4205.38美元/盎司，跌幅0.59%，日内最高上探至 4235.28美元/盎司，最低触4163.29美元/盎司。 ...

Core Insights - The article discusses the impact of advanced technology on gold investment strategies, highlighting how leading trading platforms leverage AI, big data, and hardware acceleration to enhance market analysis and improve investment outcomes [1] Group 1: Huimin Finance - Huimin Finance focuses on "financial inclusiveness" and has developed a comprehensive market analysis framework using an AI dynamic strategy engine that analyzes over 200 variables, including Federal Reserve policies and geopolitical events [2] - The platform's system can predict price fluctuations, providing timely insights, such as a 3-day advance notice during the 2025 Q2 Fed rate hike window [2] - New investors benefit from a smart copy trading community, achieving an average return of 12% in their first month with zero fees [2] Group 2: Wealth Alliance - Wealth Alliance has established a three-tier risk control system that provides dual protection for market judgment, utilizing machine learning for real-time monitoring and triggering alerts [3] - The platform's cross-market arbitrage feature allows users to capitalize on pricing discrepancies across major global markets, enhancing annual returns by 18% for a family office [3] - The "Gold Butler" AI assistant generates customized strategies based on user risk preferences, facilitating multi-account management [3] Group 3: Jinchao Investment - Jinchao Investment emphasizes "ultra-fast trading" with FPGA hardware acceleration, achieving order execution delays of under 0.3 milliseconds and maintaining a 99.97% zero slippage record [4] - The platform offers gold leasing services, allowing idle assets to generate returns, with a hedge fund reportedly earning over 15% from a short position during a market correction [4] - The "Gold Circle" feature connects investors with similar risk profiles for collaborative strategy execution [4] Group 4: Puhui Gold - Puhui Gold differentiates itself with a physical asset traceability system, ensuring gold purity and secure storage, with a recent cross-border extraction completed in 42 hours [5] - The platform utilizes over 10 dimensions of data to generate AI trading signals, successfully predicting a 4% price increase during geopolitical tensions [5] - The "Gold ETF seamless conversion" feature reduces asset volatility by 32% for investors [5] Group 5: Caida Tong - Caida Tong employs blockchain technology to ensure data integrity and compliance, allowing users to verify transaction authenticity [6] - The platform integrates over 10 technical indicators for trading across 20+ global markets, facilitating cross-market hedging [7] - Its smart repurchase service enables quick transaction settlements, with funds available in as little as 2 hours [7] Group 6: Today Finance - Today Finance is characterized by its "news-driven" approach, providing real-time updates on critical economic events, outperforming industry averages by 30 seconds [8] - The platform's AI monitoring combines macroeconomic data and social media sentiment to generate trading signals, aiding users in timely decision-making [8] - The "Gold Calendar" feature marks key events and provides historical data comparisons to support investment decisions [8] Conclusion - The gold market in 2025 has entered a "tool efficiency war," with six platforms setting new industry standards through differentiated innovations, enabling investors to leverage specific advantages for stable returns in volatile markets [8]