Group 1 - The recent global market turmoil is attributed to multiple factors, including the Federal Reserve's mixed signals on interest rate cuts, concerns over AI sector sustainability, and geopolitical tensions affecting supply chains [4][5][6]. - A-shares and H-shares are viewed as having long-term strategic opportunities despite recent adjustments, with expectations for policy support and foreign capital inflow remaining intact [8][9]. - The outlook for A-shares and H-shares is positive, with analysts suggesting that the current market environment presents a window for investment [8][9][10]. Group 2 - Gold is expected to remain a strong asset in the medium to long term, supported by global monetary expansion and increasing central bank purchases [11][12][13]. - Analysts predict that the global stock market will continue to trend upwards, driven by liquidity and risk appetite, although caution is advised regarding inflation and geopolitical risks [14][15][16]. - The oil market is anticipated to experience a range-bound trading pattern, influenced by geopolitical factors and supply-demand dynamics [17][18][19]. Group 3 - A-shares are considered to have superior investment value, with a focus on high-growth sectors such as technology and advanced manufacturing, while also incorporating defensive strategies [20][21]. - The investment landscape for 2026 is expected to favor A-shares, H-shares, gold, and short-term U.S. Treasuries, as global liquidity conditions remain favorable [21][22]. - Attention should be paid to liquidity and geopolitical risks, particularly in light of potential economic data releases and the Federal Reserve's policy decisions [23][24][25].

Report Industry Investment Rating - The investment rating for gold is "Bearish" [1] Core Viewpoints - The gold price is oscillating around the $4,000 mark, lacking the momentum to break through and rise. When it falls, it attracts bottom - fishing funds, but overall, it has not escaped the range - bound pattern. The employment market in the US is cooling, and the Fed's monetary policy is short - term bearish for gold. Also, some countries may sell gold due to fiscal pressure, increasing its volatility. Short - term gold prices may face a callback risk [1][2][3] Summary by Directory 1. Gold High - Frequency Data Weekly Changes - The domestic basis (spot - futures) decreased by 18.4% week - on - week to - 4.26 yuan/gram. The internal - external futures price difference (internal - external) dropped by 108.8% to - 1.82 yuan/gram. The inventory of the Shanghai Futures Exchange remained unchanged, while the COMEX gold inventory decreased by 1.65%. The SPDR ETF holdings decreased by 0.33% to 1040.57 tons, and the CFTC gold speculative net long positions decreased by 10.3%. The US Treasury yield decreased by 1.9% to 4.06%, and the US dollar index increased by 0.87% to 100.15 [12] 2. Financial Market - Related Data Tracking 2.1 US Financial Market - The US overnight secured financing rate was 3.91%. Oil prices fell by 2.2%, and the US inflation expectation was 2.25%. The US dollar index rose by 0.89%, and the US Treasury yield dropped to 4.06%. The S&P 500 index fell by 1.95%, and the VIX index rose to 23.4. The real interest rate oscillated and closed at 1.83%, and the gold price fell by 0.5%. The spot commodity index declined, and the US dollar index rose by 0.89% [18][20][21] 2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Most developed and developing country stock markets fell, with the S&P 500 down 1.95% and the Shanghai Composite Index down 3.9%. US and German bonds declined, with a US - German spread of 1.38%. The UK Treasury yield was 4.56%, and the Japanese bond yield was 1.778%. The euro depreciated by 0.94%, the pound by 0.55%, the yen by 1.2%, and the Swiss franc by 1.8%. The US dollar index rose by 0.89% to 100.2, and most non - US currencies depreciated [23][29][32] 3. Gold Trading - Level Data Tracking - The gold speculative net long position data resumed publication, and the SPDR gold ETF holdings slightly decreased to 1040 tons. The RMB slightly depreciated, and the Shanghai gold premium narrowed. Gold and silver prices fell, and the gold - silver ratio rose to 83 [35][38] 4. Weekly Economic Calendar - Monday: US November Dallas Fed Business Activity Index. Tuesday: US September retail sales, PPI, housing price index, and November Conference Board Consumer Confidence Index. Wednesday: US weekly initial jobless claims, September durable goods orders, new home sales, and November Chicago PMI. Thursday: Eurozone November economic sentiment index, Fed's Beige Book, and ECB October interest rate meeting minutes. Friday: France and Germany's October CPI [39]

澳新 银行表示， 黄金价格已从近期4380美元的峰值回落，目前交投于4000美元附近。尽管如此，市场 基本面依然稳固，投资需求旺盛且央行购金势头强劲。当前美国劳动力市场、通胀与消费者支出领域的 风险平衡态势，预示着美联储下月有望降息25个基点。经济增长放缓、股市估值过高、地缘政治不确定 性以及全球资金从美国资产转向多元化配置等因素，预计将持续支撑稳健的投资需求与央行购金趋势。 白银表现继续优于黄金，黄金白银价格比率已降至80。十月零售投资增长令现货市场供应趋紧，进一步 助推了白银强势。（格隆汇） ...

来源：中国商报 美联储降息预期突变。随着近日市场调整对美联储降息的预期，美元上涨，黄金价格震荡。高盛认为， 支撑黄金的因素直至明年都将继续提供支撑，尤其是考虑到各国央行仍是大买家。 美联储降息升温 据最新消息，美国劳工统计局取消了其10月CPI报告的发布，该部门称鉴于美国政府此前"停摆"，无法 追溯收集部分数据。 美国劳工统计局表示，它可以获取当月的部分价格数据，并将在11月的报告中"尽可能"发布10月的数 据。11月的CPI报告将于12月18日（美联储年内最后一次议息会议之后）发布。 另外，由于10月的数据缺失，11月发布的数据将不包括该月的月度百分比变化。 需要注意的是，美联储12月议息会议结果公布是在当月11日。此前，11月非农就业报告改期至12月16日 发布，这意味着，美联储官员在议息会议前无法获得关键的11月CPI报告及非农就业报告。 美国纽约联储主席约翰·威廉姆斯表示，随着劳动力市场的降温，美联储在近期仍有进一步降息的空 间，以将政策立场调整至更接近中性水平。 作为联邦公开市场委员会（FOMC）拥有永久投票权的副主席，威廉姆斯的表态被视为政策前瞻指引的 重要信号。分析人士认为，美联储官员的"鸽派" ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 美国披露9月非农数据，资金持续布局黄金，黄金基金ETF（518800）连续10日净流入超17亿元 平安证券指出，美国披露9月非农数据，继7、8月的非农显著走弱后，9月新增非农就业人数超预期 回升，但失业率同步上行。基于10、11月非农将于12月FOMC之后公布，美联储数据依赖的风格进一步 降低12月降息概率，但停摆造成的负向冲击下，远期降息预期仍然乐观。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投 资实物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF （517400）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何 ...

Group 1 - UBS raised its mid-2026 gold price target from $4,200 to $4,500 per ounce, influenced by expectations of Federal Reserve rate cuts, ongoing geopolitical risks, fiscal concerns, and strong demand from central banks and ETF investors [1][2] - The firm also increased its upside target for gold to $4,900 per ounce due to potential spikes in political and financial risks, while maintaining a downside target of $3,700 per ounce [1] - Analysts expect strong demand for exchange-traded funds (ETFs) in 2026, but caution that a hawkish stance from the Federal Reserve and the risk of central banks selling gold remain significant challenges [1] Group 2 - Gold ETF inflows reached 222 tons, and demand for gold bars and coins exceeded 300 tons for the fourth consecutive quarter, indicating an increase in investor appetite [2] - UBS analysts believe that jewelry demand is not as weak as previously feared and recommend investors to buy on dips, suggesting a moderate single-digit percentage allocation to gold in investment portfolios [2] - UBS's global wealth management strategists emphasize that gold remains a crucial component of resilient investment strategies [2]

Core Insights - The gold market is experiencing a significant boom in 2025, with prices surpassing $4,200 per ounce, attracting a large number of retail investors [1] - The appeal of spot gold investment lies in its unique advantages, which are crucial for new investors to understand [1] Group 1: Advantages of Spot Gold Investment - **Leverage through Margin Trading**: Spot gold utilizes a margin trading mechanism, allowing investors to control large positions with a small amount of capital, enhancing capital efficiency significantly. For instance, an investment of 1,000 yuan can control gold worth 100,000 yuan, effectively amplifying the investment power by 100 times [2] - **T+0 Trading Mechanism**: Unlike traditional investment products, spot gold allows for T+0 instant trading, enabling investors to open and close positions at any time without transaction limits. This flexibility allows for quick responses to market signals [3] - **24/7 Market Access**: The spot gold market operates 24 hours a day, providing investors with the ability to trade at any time and take advantage of market fluctuations across Asia, Europe, and America. This creates a highly transparent and fair trading environment with a daily trading volume reaching hundreds of billions of dollars [4] - **Bidirectional Trading Opportunities**: Spot gold supports bidirectional trading, allowing investors to profit from both rising and falling gold prices. This feature reduces the risk associated with market reversals, as profits can be made regardless of market direction [5] Group 2: Account Opening Process - **Step 1: Preparation**: Investors need to prepare essential documents, including a valid ID, phone number, email address, and a bank card for fund transfers. The registration process is entirely online, simplifying the initial steps [7] - **Step 2: Risk Assessment and Verification**: After submitting the required information, investors must complete a risk assessment questionnaire, which takes about one minute. Upon successful verification, account information will be sent via email or SMS [9] - **Step 3: Fund Deposit and Activation**: Once the account information is received, investors must deposit their first trading funds to activate the account. Various deposit methods are available, and once the funds are credited, trading can commence [10]

现货黄金交易需优先选择持权威牌照的平台。正规APP需持有香港黄金交易所AA类、A1类行员资质、 国际FCA/ASIC/SCB等监管牌照。平台需实行资金隔离制度，将客户资金与运营资金分开存放，且交易 记录可追溯。 2.交易速度+出金流畅，效率决定收益 现货黄金市场波动剧烈，毫秒级下单响应与无滑点执行能直接减少收益损耗。优质APP需支持7×24小时 行情实时更新，延迟不超过1秒，出入金简洁，多渠道支付，到账提现方便，远超部分炒股APP的 T+1/T+2甚至需等待工作日的到账效率。 3.实盘教学+工具完备，新手友好度加分 优质APP需提供实盘直播解析、模拟交易账户、专业技术指标工具，帮助新手快速熟悉交易规则，这也 是现货黄金APP区别于炒股APP的核心优势之一。 二、12款纯炒黄金APP深度实测 现货黄金因24小时交易、双向盈利的特性，成为投资者资产配置的热门选择。现货黄金APP随时随地交 易，投资更灵活。本文围绕资质合规、交易流畅度、教学支持三大核心维度，实测12款纯炒黄金APP， 为什么领峰贵金属APP荣登榜首？好的黄金APP如何帮投资者精准锁定机会？ 一、现货黄金APP三大核心要点 1.资质正规是底线，监管背 ...

Core Insights - In October, upstream physical gold demand showed a seasonally strong performance, with the Shanghai Gold Exchange (SGE) gold outflow reaching 124 tons, an increase of 6 tons month-on-month and a slight increase of 17 tons year-on-year, indicating a rise in gold investment enthusiasm [1][4] - Gold prices continued to rise in October, with the London Bullion Market Association (LBMA) price increasing by 4.9% and the Shanghai afternoon benchmark price rising by 5.5%. The market experienced volatility, with prices initially surging due to ETF buying and rising risks, followed by a correction in the latter half of the month due to easing geopolitical risks and profit-taking [2][4] Upstream Physical Gold Demand - The SGE gold outflow in October reached 124 tons, reflecting a month-on-month increase of 6 tons and a year-on-year increase of 17 tons, driven by heightened investment interest [4] - The increase in demand is attributed to factors such as escalating US-China trade tensions and a cooling domestic stock market, which contributed to rising gold prices [4] Gold ETF Flow and Price Trends - In October, China's gold ETF inflow was approximately 1 billion RMB, marking the strongest monthly performance since April, with total assets under management (AUM) increasing by 24% [6][8] - The total holdings surged by 33 tons to 227 tons, indicating significant growth in demand for gold ETFs in the Chinese market [8] Central Bank Gold Purchases - The People's Bank of China (PBOC) increased its gold reserves for the 12th consecutive month, purchasing 0.9 tons in October. Since early 2025, the official gold reserves have increased by approximately 24 tons, accounting for 8% of total foreign exchange reserves [10][12] Recent Trends in Gold Imports - In September, China's net gold imports reached 93 tons, a month-on-month increase of 5 tons and a year-on-year increase of 36 tons, aligning with observed patterns in upstream physical gold demand [14] Future Outlook - Recent changes in China's value-added tax policy on gold may exert pressure on domestic jewelry demand, as consumers will bear additional tax costs. However, the steady rise in gold prices over the past three years may have reduced consumer sensitivity to price changes [16] - The new tax policy does not affect investment products such as gold bars sold by SGE members, gold ETFs, and accumulated gold, although providers may adjust their buy/sell policies based on their circumstances [16]

《通知》称，近期影响市场不稳定的因素较多，为防范市场波动可能带来的风险，请各会员单位继续做好风险应急预案，维护市场平稳运行，并及时采取 相应风控措施，提示投资者做好风险防范工作，合理控制仓位，理性投资，切实保障投资者合法权益。 今年以来，黄金价格大幅走高，上海黄金交易所多次发布相关风险提示。 最近一个月，黄金价格走势震荡，现货黄金突破历史新高后快速下跌至3900美元/盎司，此后再度拉升，突破4100美元/盎司。 11月20日，上海黄金交易所发布《关于继续做好近期市场风险控制工作的通知》（以下简称《通知》）。 11月20日，国内品牌黄金饰品价格再度回升，周大福克价最高，报1305元/克；周六福黄金饰品报价较低，为1263元/克；其他品牌金饰价格大多在1293元/ 克左右。 | 国内现货 | 国际现货 | 黄金实物 | | | | --- | --- | --- | --- | --- | | 品牌 | 银行 | 回收 | | | | 品牌 | | 价格(元/克) | | 日涨跌幅 | | 周大福 | | | 1305 | +0.77% | | 老凤祥 | | | 1291 | +0.47% | | 周六福 | ...