Core Viewpoint - The gold market is experiencing a historic surge, with prices reaching 1353 CNY per gram on December 15, 2025, compared to 340 CNY per gram on the same day in 2019, driven by factors such as interest rate cuts by the Federal Reserve, global central banks' gold purchases, and escalating geopolitical tensions [1][3]. Group 1: Price Trends - On December 15, 2025, gold prices in China ranged from 1301 to 1353 CNY per gram, with high-end brands like Chow Tai Fook exceeding 1350 CNY [3]. - The international gold price was reported at 4304 USD per ounce, showing a slight increase of 0.1% from the previous day, but down from a high of 4353 USD [3]. - In 2025, gold prices surged from 2650 USD per ounce at the beginning of the year to 4300 USD by December, marking a growth of over 60% [1][3]. Group 2: Market Dynamics - The global central bank gold purchases reached a record level in 2025, with net purchases amounting to 254 tons by October, and total purchases exceeding 1200 tons in the first eleven months, a 15% increase year-on-year [5][7]. - The Federal Reserve's decision to cut interest rates by 25 basis points in December 2025 contributed to an 8% decline in the dollar index, prompting a shift of funds from bonds to gold [7]. - The geopolitical landscape, including ongoing conflicts and trade tensions, has reinforced gold's status as a safe-haven asset, leading to significant inflows into gold ETFs [9][11]. Group 3: Investment Behavior - In 2025, gold ETF inflows reached 500 tons in the first three quarters, surpassing the entire net inflow of 400 tons in 2019 [11]. - Short-term traders are adopting a cautious approach, with strategies focused on specific price ranges, while long-term investors are targeting a price range of 4900 to 5000 USD for 2026 [12][14]. - There is a noticeable shift in consumer behavior, with a 15% increase in bank gold bar sales but a 10% decrease in gold jewelry sales, indicating a preference for lower-premium investment gold bars over jewelry [14].

一位以色列官员证实白宫感到不满，但语气较为温和，指出某些阿拉伯国家认为这违反了停火协议。据 美国官员称，白宫明确表示以色列违反了停火协议。然而，以色列政府告诉特朗普政府，是哈马斯通过 袭击士兵和恢复武器走私违反了协议。 白宫和以色列驻华盛顿大使馆均拒绝置评。这起事件只是白宫与内塔尼亚胡政府之间一连串冲突中的最 新一起。特朗普政府认为，内塔尼亚胡对叙利亚的跨境袭击削弱了美国帮助沙拉政府稳定该国局势的努 力，并破坏了叙利亚与以色列达成新安全协议的目标。 【最新黄金t+d行情解析】 上海黄金t+d近期呈现多空拉锯态势，价格在970元/克附近震荡，技术面显示短期均线粘合，布林带收 窄，市场观望情绪浓厚。地缘政治风险的不确定性为金价提供支撑，但美元走强及部分投资者获利回吐 压制了上行空间。当前需关注975元/克关键阻力位和960元/克支撑位，突破任一方向或引发趋势性行 情。 摘要今日周二(12月16日)亚盘时段，上海黄金T+D早盘开盘于977.20元/克，随后震荡上行，盘中最高触 及977.86元/克，截至发稿报969.07元/克，跌幅0.62% 今日周二(12月16日)亚盘时段，上海黄金t+d早盘开盘于977.20元 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The geopolitical situation has a significant impact on oil prices. The threat of confiscating oil tankers provided some support to oil prices in the first half of the night, but the progress of the Russia - Ukraine cease - fire agreement led to a sharp decline in oil prices in the second half of the night. In the absence of bullish stimuli, oil prices are gradually declining. Attention should be paid to the progress of peace talks, as there may be last - minute reversals that could reignite geopolitical concerns. The SC2601 is expected to trade in the range of 428 - 438, and long - term investors are advised to wait and see [3]. - In the short term, the market is waiting for geopolitical bullish factors, while in the medium to long term, there is a risk of oversupply in the crude oil market [6]. 3. Summary by Directory 3.1 Daily Tips - **Fundamentals**: US pressure has almost paralyzed Venezuela's oil exports, with only Chevron - chartered tankers allowed to transport Venezuelan crude to the US. Trump had a "very good conversation" with European leaders about the Russia - Ukraine conflict and believes a peace agreement is closer than ever. The EU plans to sanction 40 Russian "shadow fleet" vessels and their supporters [3]. - **Basis**: On December 15, the spot price of Oman crude was $61.62 per barrel, and that of Qatar Marine crude was $60.53 per barrel. The basis was 26.02 yuan/barrel, indicating that the spot price was higher than the futures price [3]. - **Inventory**: For the week ending December 5, the US API crude inventory decreased by 4.779 million barrels (expected: - 1.75 million barrels), and the EIA inventory decreased by 1.812 million barrels (expected: - 2.31 million barrels). The Cushing area inventory increased by 0.308 million barrels. As of December 15, the Shanghai crude oil futures inventory remained unchanged at 3.464 million barrels [3]. - **Market**: The 20 - day moving average was downward, and the price was below the moving average [3]. - **Main Position**: As of November 18, the long positions of WTI crude oil main contracts increased; as of December 9, the long positions of Brent crude oil main contracts decreased [3]. - **Expectation**: The SC2601 is expected to trade in the range of 428 - 438, and long - term investors are advised to wait and see [3]. 3.2 Recent News - **Russia - Ukraine Peace Talks**: US special envoys proposed an unprecedented agreement to Ukraine's President Zelensky in Berlin. Trump believes a peace agreement is closer than ever, but Moscow has not agreed to any changes discussed in Germany. The US is also pressing Ukraine to withdraw troops from the Donetsk region, which may cause strong opposition in Ukraine [5]. - **Venezuelan Oil Exports**: After the US seized a tanker carrying Venezuelan crude, a tanker transporting Russian naphtha for PDVSA and at least four super - tankers originally planned to load Venezuelan crude turned around. US pressure has almost paralyzed Venezuelan oil exports, except for Chevron - chartered tankers [5]. - **EU Sanctions**: The EU plans to impose new sanctions on 40 Russian "shadow fleet" vessels and their supporters to cut off Russia's funding for the war [5]. 3.3 Long - Short Concerns - **Bullish Factors**: Sanctions against Russia and OPEC+ suspending production increases in the first quarter of next year [6]. - **Bearish Factors**: Easing of the Middle - East situation, consistent expectations of crude oil oversupply among institutions, and progress in the US - Russia peace agreement negotiations [6]. - **Market Driver**: In the short term, waiting for geopolitical bullish factors; in the medium to long term, facing the risk of oversupply [6]. 3.4 Fundamental Data - **Futures Market**: The settlement prices of Brent crude, WTI crude, and Oman crude decreased by - 0.92%, - 1.08%, and - 0.79% respectively, while the settlement price of SC crude increased by 0.05% [7]. - **Spot Market**: The prices of UK Brent Dtd, WTI, Oman crude, and Dubai crude decreased by - 1.77%, - 1.08%, - 0.69%, and - 0.58% respectively, while the price of Shengli crude decreased by - 0.03% [9]. - **Inventory Data**: API inventory decreased by 4.779 million barrels for the week ending December 5; EIA inventory decreased by 1.812 million barrels for the same period [3]. 3.5 Position Data - **WTI Crude**: As of November 18, the net long position increased by 8,792 [3][15]. - **Brent Crude**: As of December 9, the net long position decreased by 32,310 [3][17].

【要闻速递】 丹麦国防情报局(FE)在最新发布的《2023年度安全威胁评估报告》中作出历史性表述，首次将美国列 为"系统性挑战"级别的潜在安全风险。该机构指出，华盛顿方面持续调整的国家战略以及针对盟友不断 升级的政治经济施压行为，正显著增加丹麦国家安全环境的复杂性和不可预测性。 摘要今日周二(12月16日)亚盘时段，国际黄金目前交投于4310美元附近，截至发稿，国际黄金最新报 4311.24美元/盎司，涨幅0.14%，最高上探至4317.69美元/盎司，最低触及4298.79美元/盎司。目前来 看，国际黄金短线偏向震荡走势。 今日周二(12月16日)亚盘时段，国际黄金目前交投于4310美元附近，截至发稿，国际黄金最新报4311.24 美元/盎司，涨幅0.14%，最高上探至4317.69美元/盎司，最低触及4298.79美元/盎司。目前来看，国际黄 金短线偏向震荡走势。 报告特别强调，美国近年来频繁运用经济杠杆实现地缘政治目标，包括以关税制裁相威胁迫使贸易伙伴 接受其政策主张。更值得关注的是，美方已公开转变传统战略模糊政策，明确表示不排除对包括北约盟 国在内的对象采取军事行动。FE局长拉尔斯.阿伦基尔直言，这种 ...

Core Viewpoint - Palladium futures experienced a rapid increase, with the main contract reaching a high of 413.65 yuan, closing at 410.60 yuan, reflecting a 5.50% rise [1] Group 1: Market Analysis - South China Futures predicts wide fluctuations in palladium prices, influenced by the LME's decision to stop daily platinum and palladium pricing auctions, which may affect global market pricing mechanisms and liquidity [2] - New Lake Futures suggests that palladium lacks long-term fundamental support, advising against heavy positions in the market [3] Group 2: Supply and Demand Dynamics - The palladium market is expected to face a structural supply shortage, with low inventory levels and geopolitical risks, particularly from Russia, which supplies over 40% of global palladium [3] - Despite short-term volatility, the long-term outlook for palladium remains uncertain due to insufficient fundamental support, leading to recommendations against heavy investments [3]

14日，委内瑞拉总统马杜罗通过社交媒体表示，委内瑞拉全国各地爆发的大规模抗议体现了委内瑞拉民 众对国家主权和能源资源的捍卫。马杜罗强调，委内瑞拉的石油资源属于委内瑞拉本国，谁想要，就必 须付钱。委内瑞拉不接受美国的"海盗行径"，也不容许抢劫与欺诈。 【最新伦敦金行情解析】 早盘黄金开盘即站稳4300之上，彰显出绝对的强势姿态。回顾上周五，黄金在4350至4257区间内震荡， 目前来看，这一大区间暂时维持不变。在此情形下，操作上应尽量顺应趋势做多看涨。不过，需留意若 价格未能突破4350，可能存在二次见顶后的回落风险，要提前考虑这部分回落空间。 当然，倘若本周黄金在强势走势中意外跌破4250，那就得重新审视强弱趋势的变化了，届时中期调整空 间也将提上考量日程，预计调整目标或指向4120附近，而这种可能性大概率会在周四、周五显现。 综上，周内行情较为明晰。周初重点关注多头延续性力度，但不宜过度看涨，上方有4350、4380两道关 键阻力位。同时，密切关注本周强弱支撑4250的得失情况，趋势变化的关键时间点落在周四、周五。就 日内行情而言，早盘黄金尽显强势继续上行，整体看涨，下方4285与4270构成关键支撑位。 ...

Group 1 - The core viewpoint emphasizes that the technological revolution is irreversible, supported by China's vast market, which allows for multiple rounds of trial and error, forming a complete industrial and supply chain that is resilient to external fluctuations [1] - In 2026, the economy is expected to enter a "non-typical recovery" phase characterized by "stable volume and rising prices," with a shift from a downward spiral in prices to a moderate recovery, leading to improved corporate profits and micro confidence [1] - Structural differentiation will continue, with significant disparities in policy support across different economic sectors, resulting in an uneven recovery [1] Group 2 - Regarding the current discussion on the revaluation of A-shares, the focus should shift from "value revaluation" to "capital rebalancing," as the market has been overly pessimistic about fundamentals since 2022 [2] - Four key events have reversed market expectations: changes in the policy environment post-September 2024, the emergence of DeepSeek shifting investment thinking from macro to micro, concerns over U.S. policy stability due to "reciprocal tariffs," and discussions on "anti-involution" leading to a shift of fixed-income funds towards equity assets [2] - The scale of "fixed income + products" has more than doubled in a few months, reflecting this context [2] Group 3 - The outlook on the AI bubble is optimistic, with the belief that the fourth technological revolution will not be halted by short-term market fluctuations, highlighting China's unique advantages in consumer market size and the ability to develop substantial industrial and supply chains through iterative innovation [2] - Geopolitical factors are noted as a potential risk, with the possibility of new changes in international relations leading to unexpected global inflation, which could become a risk point in 2026 [2] - The market's ups and downs will not affect the onset of this new era, and as the "capital rebalancing" process deepens, opportunities in the A-share market are expected to emerge continuously [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - After the sharp adjustment in the night session last week, precious metal prices are expected to enter a short - term oscillatory trend. Given that ETF holdings are still in an inflow state, prices are unlikely to decline continuously in the short term. Long - term, the center of gravity of gold prices will likely move up, and long - term investors are advised to mainly adopt a strategy of buying on dips [5][6] Group 3: Summary According to the Table of Contents 1. Market Review - On December 12, the main contract of Shanghai gold futures closed up 1.33% to 970.66 yuan/gram, and the main contract of Shanghai silver futures closed up 8.75% to 14,892 yuan/kilogram [3] 2. Analysis of Influencing Factors - After the Fed cut interest rates in December and restarted RME, loose macro - liquidity drove precious metal prices higher. London spot gold approached a record high, and London spot silver hit a new record high. However, due to risk - control measures by exchanges, there was significant profit - taking pressure, leading to a pullback in prices. Statements from Fed and BOJ officials, stock market declines, and potential geopolitical risk mitigation also affected prices. Short - term prices are expected to oscillate, and this week, events like US non - farm payrolls, OPI, PCE, and the BOJ interest - rate decision should be watched. The recommended strategy is to stay on the sidelines [5] 3. Medium - to - Long - Term Viewpoints - In the long run, the Fed remains in an easing cycle. Geopolitical uncertainties, dollar credit risks, and the continued allocation demand of global central banks, institutions, and residents will likely drive the long - term upward movement of the gold price center. Long - term investors are advised to buy on dips [6] 4. Data Tracking Price Tracking - On December 12, compared with December 11, the prices of London gold, London silver, COMEX gold, and COMEX silver all rose, with increases ranging from 1.6% to 2.8%. The price differences between TD and SHFE active contracts of gold and silver, and between domestic and foreign markets also changed to varying degrees, with changes ranging from - 21.1% to 21.8% [3] Position Data - Compared with December 11, on December 12, the positions of non - commercial long and short in COMEX gold and silver changed, with the long - position change in COMEX gold reaching 1.37% and the short - position change in COMEX silver reaching - 6.95%. The holdings of gold and silver ETFs also increased slightly [3] Inventory Data - On December 12, SHFE silver inventory increased by 5.17% compared with December 11, while SHFE gold inventory remained unchanged. COMEX gold and silver inventories decreased by 0.41% and 0.54% respectively [3] Interest Rate/Foreign Exchange/Stock Market Data - On December 12, the dollar/yuan central parity rate decreased by 0.07%, the dollar index increased by 0.06%, the 10 - year US Treasury yield increased by 1.21%, the VIX increased by 5.99%, the S&P 500 decreased by 1.07%, and NYMEX crude oil decreased by 0.67% [3]

智通财经APP获悉，周一亚盘开盘交易之后，黄金现货价格在每盎司约4,320美元附近交易，连涨四日后继续上行且 延续上周强劲涨势，亚盘时段的亚洲黄金股则集体走高。尽管美联储在美东时间周三宣布连续三次降息，不过有三位 政策制定者投票出反对票，导致股票市场投资者们对于2026年美联储进一步宽松货币政策的幅度仍存在明显分歧，上 周五美股三大股指均显著回调，但是上周现货基准下的金价仍然累计上涨逾2%。 整体而言，黄金在连续四天上涨后继续稳步上行，凸显出美联储官员们的相互矛盾的鹰派与鸽派之间摇摆言论已经促 使多数利率期货交易员对明年进一步货币宽松的押注有所升温。 荷兰合作银行资深策略师Philip Marey指出，为了配合在美国中期选举前刺激经济，美联储预计将在2026年11月前将 利率降至中性水平甚至更低;这位策略师表示，考虑到美联储货币政策传导滞后性，美联储降息举措需要在10月前完 成才能影响11月中期选举，因此在特朗普政治施压下的美联储可能到2026年9月降息至2.75%-3.00%， 相当于3次25基 点的降息——显著高于FOMC点阵图所显示的2026年仅降息一次的利率中值预期。 截至新加坡时间上午10:30，黄 ...

12月15日，港股黄金股盘初拉升走强，其中，紫金黄金国际涨超6%领衔，赤峰黄金涨5.8%，潼关黄金 涨近3%，灵宝黄金、山东黄金、招金矿业均涨超1%。 消息上，亚洲早盘黄金小幅走高。现货黄金上涨0.6%，报每盎司4,324美元，不断逼近历史新高位。 Tickmill执行董事Joseph Dahrieh表示，金价继续受益于市场对美联储将进一步放松货币政策的坚定预 期、各国央行的持续买入，以及不断扩大的地缘政治风险，这些风险正维持着避险资金流。本周市场焦 点可能将是美国的主要政府数据，例如将于周二公布的11月就业报告和将于周四公布的11月CPI数据。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02259 | 紫金黄金国际 | 156.200 | 6.26% | | 06693 | 赤峰黄金 | 32.180 | 5.79% | | 00340 | 漳关黄金 | 2.950 | 2.79% | | 03330 | 灵宝黄金 | 18.100 | 1.86% | | 01787 | 山东黄金 | 34.740 | 1.64% | | 01818 | 招 ...