FT：分析师们认为，中国未报告的黄金购买量可能是其官方数据的10倍以上，因为中国正悄悄尝试减少对美元的投资，以实现多元化。这突显出，金价创纪录上涨背后的需求来源越来越不透明。中国央行今年公开的数据显示黄金购买量非常低，以至于市场上很少有人相信官方数据。根据贸易数据，法兴银行的分析师估计，中国今年的黄金总购买量可能高达250吨，超过全球央行总需求的三分之一。外汇交易员 (@myfxtrader):#数据 中国央行连续第12个月增持黄金，2025年10月末黄金储备增加3万盎司至7409万盎司（9月增加4万盎司），以美元计增加139.18亿美元。10月末外汇储备环比增加46.85亿美元（9月增加165.04亿美元）至33386.58亿美元。 https://t.co/jAvF8MAPtz ...

摘要今日周岁（11月13日）欧盘时段，黄金价格持续攀升，一度触及4213美元的三周高位。美国因政府 停摆致经济数据延迟发布，或暴露经济增长乏力，强化了市场对美联储12月降息的预期，美元承压为黄 金提供支撑。虽美国政府停摆结束、风险情绪回暖限制避险买盘，但金价稳于4200美元上方，彰显多头 强势主导地位。 美联储降息+流动性宽松双轮驱动，黄金与美股齐涨，但通胀预期高悬。彭博策略师McGlone认为，黄 金有望进一步甩开标普500。McGlone指出，美股财富效应超GDP两倍，创百年纪录；标普相对GDP与 全球股市估值达2.3倍（11年前仅1倍）。若向黄金比率靠拢，将引发严重通缩。 美联储独立性受威胁的担忧，已推动金价创历史新高。StoneX分析师奥康奈尔认为，若最高法院支持总 统解雇权，金价可能再涨500美元。分析人士认为，特朗普此举意在安插支持大幅降息的鸽派理事，削 弱美联储独立性。奥康奈尔表示，若裁决有利于总统，将重创美联储公信力，利好黄金并可能压低美 元。尽管口头辩论即将举行，但最终判决不会很快出台，库克短期内将继续留任。目前美联储虽已降 息，但鲍威尔强调12月进一步行动并非必然，市场预计降息概率为65% ...

Core Viewpoint - Cambodia is set to become one of the first countries to store gold in China, with plans to keep part of its reserves in a vault located in Shenzhen's free trade zone, amidst global geopolitical tensions and economic uncertainties [1] Group 1: Cambodia's Gold Reserves - The National Bank of Cambodia holds approximately 54 tons of gold, which constitutes about 25% of its foreign exchange reserves [1] - Many central banks globally are increasing their gold purchases as a hedge against risks such as geopolitical instability, inflation, and economic recession [1] Group 2: Political Dynamics - During the tenures of former Prime Minister Hun Sen and current Prime Minister Hun Manet, Cambodia has attempted to balance relations between the US and China, with Hun Manet being educated in the West and showing a preference for Western ideals [3] - The Cambodian government has faced challenges in gaining favor with the US, including a significant tariff increase on Cambodian imports and sanctions related to corruption allegations against influential figures connected to the ruling family [5] Group 3: Strategic Shift - The transfer of gold reserves to China represents not only an adjustment of Cambodia's foreign exchange reserves but also a strategic alignment with China, which offers security, financial infrastructure, and political commitments without attaching conditions [9] - The Cambodian leadership's decision to store gold in China follows a previous experience of sanctions from the US that severely impacted its foreign exchange reserves and currency stability [9]

Group 1: Production and Supply - In the first three quarters, domestic raw gold production reached 271.782 tons, a year-on-year increase of 1.39% [1] - Imported raw gold production totaled 121.149 tons, marking a year-on-year growth of 8.94% [1] - The combined production of domestic and imported raw gold was 392.931 tons, reflecting a year-on-year increase of 3.60% [1] - By the third quarter of 2025, large gold groups in China achieved an overseas mineral gold output of 61.439 tons, up 18.39% year-on-year [1] Group 2: Consumption Trends - Gold consumption in China for the first three quarters was 682.730 tons, a decrease of 7.95% year-on-year [1] - Gold jewelry consumption fell to 270.036 tons, down 32.50% year-on-year [1] - Demand for gold bars and coins increased to 352.116 tons, a year-on-year growth of 24.55% [1] - Industrial and other gold usage rose to 60.578 tons, reflecting a year-on-year increase of 2.72% [1] - The performance of different gold product categories showed significant variance, with high-value jewelry products maintaining strong market appeal [1] Group 3: Market Dynamics - The gold industry is focusing on high-quality development, with several strategically significant exploration and development projects progressing steadily [1] - The rapid development of industries such as electronics and new energy is contributing to a steady recovery in industrial gold demand [1] Group 4: Central Bank Activities - Global central banks have been continuously increasing their gold reserves, with China adding gold for 11 consecutive months from November last year to September this year [2] - As of the end of September, China's gold reserves stood at 2303.52 tons [2]

Group 1 - The State Council has issued 13 targeted policy measures to stimulate private investment and enhance its development [2][4] - The Ministry of Commerce and other departments have adjusted the management catalog for the export of precursor chemicals to specific countries, adding the US, Mexico, and Canada to the list [2][4] - The eighth China International Import Expo has achieved a record intended transaction amount of $83.49 billion, marking a 4.4% increase from the previous event [2][4] Group 2 - The National Health Commission has announced that the country has entered the flu epidemic season, with flu activity levels significantly rising, particularly in southern regions [6] - In the first three quarters, China's gold production reached 271.782 tons, a year-on-year increase of 1.39%, while gold consumption fell by 7.95% to 682.73 tons [8] - The total box office for films in China has surpassed 45 billion yuan as of November 10, 2025 [9] Group 3 - A trend of bank app shutdowns has emerged, with over 10 small and medium-sized banks discontinuing credit card apps in 2024, and at least 6 more banks following suit in the first 10 months of 2025 [12] - The 2025 Global Computing Conference was held in Shenzhen, focusing on AI opportunities, with predictions indicating AI could drive a 15% increase in global economic growth over the next decade [13] - For the first time in nearly 30 years, global central banks' gold holdings have surpassed US Treasury bonds, with gold prices rising nearly 50% since the beginning of the year [14]

11月10日，第三季度市场交投活跃，金价稳定在约4000美元/盎司高位，GTC泽汇资本表示，多国央行 仍保持积极购金节奏，显示在高利率与全球经济不确定性背景下，黄金作为战略储备资产的配置需求依 旧旺盛。根据国际货币基金组织（IMF）更新数据，某东欧央行在上月增持16吨黄金，为自5月以来首 次单月增持，使其黄金总储备达到约530吨，占该国外汇储备的26%，虽仍低于目标30%的水平，但购 金步伐稳健。GTC泽汇资本认为，高位金价并未显著削弱其购金动力，反映官方长期储备策略优先考虑 配置结构安全性。 与此同时，另一亚洲主要央行在上月增持1吨黄金，尽管其过去三年一直维持显著的增持力度，但本次 为三年来最小的单月增量，其储备规模现已达到约2304吨，相较2024年底增加约25吨。GTC泽汇资本认 为，该央行维持持续买盘，凸显其对黄金中长期价值的认可。此外，中欧某国央行上月增持2吨，今年 以来累积增持18吨，使其总储备超过69吨，并以2028年达到100吨储备为阶段目标；中亚某国央行10月 也增加了9吨黄金，尽管其年内仍为净卖方，但净卖出规模缩小至约12吨，总储备达到371吨。GTC泽汇 资本表示，多国在高价区间仍保持净 ...

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Gold prices are in a short - term consolidation phase and are expected to continue rising in the medium and long term. Short - term international gold prices are supported at around $4000 per ounce, and prices may reach new highs in the medium and long term [2][8] 3. Summary by Related Content Gold Market Performance - Last week, gold prices were mainly in a sideways trend, with international gold prices remaining around $4000 per ounce [3] Macroeconomic Data - As of the end of October 2025, China's foreign exchange reserve scale was $3343.343 billion, up about $470 million from the end of September, an increase of 0.14%. The central bank's gold reserve at the end of October was 74.09 million ounces (about 2304.457 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons) [3] Geopolitical Factors - The Russia - Ukraine conflict continues, with Russia strengthening its attacks. The intensification of the conflict in the short term supports gold prices [4] US Economic Situation - The US government shutdown has lasted for 38 days, the longest on record, which has had a significant impact on the economy. In November, the consumer confidence index dropped to 50.3, about 3 percentage points lower than last month and about 30% lower than the same period last year. The US labor market is cooling, and the probability of the Fed cutting interest rates by 25 basis points in December is 62.5% [5][6] Dollar Index - The dollar index rebounded above 100 but then weakened again, falling back to around 99.50 last Friday. A weaker dollar is beneficial for the stabilization of gold prices [8]

据中国黄金协会最新统计数据显示：据中国黄金协会最新统计数据显示：2025年前三季度，国内黄金 ETF增仓量为79.015吨，较2024年前三季度增仓量29.927吨，同比增长164.03%。至9月底，国内黄金 ETF持仓量为193.749吨。全球央行持续增持黄金。从2024年11月至2025年9月止，我国已连续11个月增 持黄金。2025年前三季度，我国增持黄金23.95吨，截至9月底，我国黄金储备为2303.52吨。 ...

Group 1: Foreign Exchange Reserves - As of the end of October 2025, China's foreign exchange reserves stood at $33,433 billion, an increase of $47 billion from the end of September, representing a growth rate of 0.14% [1] Group 2: Gold Reserves - By the end of October, China's gold reserves reached 7.409 million ounces, with a month-on-month increase of 30,000 ounces, marking the 12th consecutive month of gold accumulation [2] - The steady increase in gold reserves indicates the central bank's strategic positioning of gold as a reserve asset, enhancing long-term support for gold prices [2] Group 3: Banking Sector Adjustments - A bank in Inner Mongolia has announced the cancellation of its five-year fixed deposit product, reflecting a broader industry trend to lower deposit rates and reduce funding costs [3] - The bank continues to offer shorter-term deposit products with rates ranging from 1.10% to 1.85% for three months to three years [3] Group 4: Gold Tax Regulations - Following the implementation of new gold tax regulations, banks have reported stable prices and sufficient supply of investment gold bars, indicating minimal impact from the new rules [4] - The regulations distinguish between investment and non-investment gold, with investment gold bars purchased from banks remaining largely unaffected [4] Group 5: New Bank Establishment - The establishment of Xinjiang Rural Commercial Bank has been approved, marking a significant step in the unified legal person reform of rural financial institutions in Xinjiang [5] - This will be the sixth provincial-level unified legal person rural commercial bank in the country and the first in the northwest region [5]

Core Insights - China's foreign exchange reserves reached $33,433.43 billion by the end of October 2025, marking an increase of $4.685 billion from September and the highest level since December 2015 [2] - The People's Bank of China (PBOC) increased its gold reserves to 7.409 million ounces by the end of October, adding 30,000 ounces, continuing a trend of gold accumulation for 12 consecutive months [2][4] Group 1: Central Bank Actions - Since November last year, the PBOC has been in a "gold buying mode," with a notable increase of 330,000 ounces in December 2024, followed by a gradual slowdown in purchases, indicating a long-term strategic vision [4] - In the first quarter of 2025, China, Poland, and Turkey were the top three central bank gold buyers, collectively accounting for over 50% of global purchases, reflecting a broader trend of central banks increasing gold holdings [6] Group 2: Strategic Considerations - Central banks are increasing gold reserves to optimize foreign exchange reserve structures, as gold is a non-sovereign credit reserve asset that is less affected by unilateral sanctions and has different price dynamics compared to other currencies [8] - The accumulation of gold is also seen as a crucial part of the internationalization strategy of the Renminbi, enhancing its role in the global monetary system and boosting international confidence in the currency [8] Group 3: Market Context - As of October 2025, international gold prices reached a historical high of $4,294 per ounce, with a monthly increase of 4.9%, marking the fifth consecutive month of price rises [10] - Historical trends indicate that central bank gold purchases do not guarantee continuous price increases, as seen during the 2008 financial crisis when gold prices fell despite increased purchases [10] Group 4: Broader Implications - The ongoing accumulation of gold by the PBOC symbolizes not only the resilience of the Chinese economy but also reflects significant changes in the international financial landscape, as the era of dollar dominance is gradually shifting [12]