Market Performance - On December 23, U.S. stock indices recorded slight gains, achieving a four-day winning streak, with the Dow Jones Industrial Average up 0.16% to 48,442.41 points, the S&P 500 up 0.46% to 6,909.79 points, and the Nasdaq up 0.57% to 23,561.84 points [3] - Major technology stocks saw increases, with Amazon and Google rising over 1%, while Meta, Apple, and Microsoft experienced slight gains. Tesla had a minor decline of less than 1% [3] Sector Performance - The airline sector experienced an overall decline, with American Airlines dropping over 4%, Delta Air Lines and United Airlines falling more than 2%, and Southwest Airlines down over 1% [4] - Semiconductor stocks mostly rose, with the Philadelphia Semiconductor Index increasing by 0.55%. Notable gains included Nvidia up over 3%, Marvell Technology up over 3%, and Broadcom up over 2% [4] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.58%. Significant drops included Canadian Solar down nearly 12% and Zhihu down nearly 5% [4] Precious Metals Market - International precious metal prices surged, with gold prices reaching a historic high, surpassing $4,500 per ounce for the first time, marking an increase of over $1,870 this year [5][6] - Silver prices also rose, with London silver prices increasing by over 3%, breaking the $70 per ounce mark [6] - Platinum and palladium futures saw significant increases, with NYMEX platinum futures rising over 11% and NYMEX palladium futures up over 7% [2][6]

Core Viewpoint - The competition for the Federal Reserve Chair position has intensified, with significant involvement from Wall Street and Washington, as candidates face scrutiny over their independence and credibility [1] Group 1: Candidates and Their Challenges - Leading candidates, Hassett and Walsh, are under question regarding their independence and credibility [1] - Waller emerges as a strong contender with a solid policy background, positioning himself as a "dark horse" in the race [1] Group 2: Wall Street's Involvement - Major Wall Street figures, including JPMorgan CEO Jamie Dimon, are actively engaging with the government, indicating deep involvement in the selection process [1] - The lobbying and competition among candidate camps are escalating, reflecting the high stakes of the decision [1]

特朗普对下任美联储主席人选仍未做出最终决定，候选人名单在12月初一度缩减至哈塞特（Hassett）一 人后，沃什（Warsh）凭借上周的强势面试重新回到竞争行列。华尔街巨头和特朗普盟友正就人选问题 各方游说，这场选拔已演变为一场跨越金融界和政界的激烈角逐。 华尔街巨头积极介入人选博弈 摩根大通首席执行官杰米·戴蒙（Jamie Dimon）上周在纽约一场私人会议上表示，他认为哈塞特更有可 能迅速推动降息，而沃什若担任美联储主席也将表现卓越。据知情人士透露，戴蒙近期就美联储主席人 选与政府官员保持沟通，在评价两位主要竞争者时表达了类似观点，同时也指出了其他候选人的积极特 质。 市场对人选分歧明显。周三一项针对纽约会议与会高管的快速民调显示，81%的受访者支持沃勒担任美 联储主席，哈塞特和沃什瓜分了其余票数。 两大热门候选人面临不同质疑 哈塞特和沃什这两名领跑者都面临可信度质疑。华尔街批评者认为，哈塞特目前的工作职责包括在电视 上为总统政策辩护和抨击美联储，这使他不适合领导独立的央行。 沃什劣势在于其对这一职位表现出了过强的争取意愿。一些人质疑他对降息及特朗普更广泛经济议程的 支持是否完全出于本意。他数月来一直表示 ...

而凯文·沃什曾在摩根士丹利任职，与华尔街关系密切。他曾担任美国前总统小布什的经济顾问，2006年以35岁的年纪成为美联 储历史上最年轻的理事。不过，沃什去年还在警告通胀卷土重来，批评美联储通过释放降息信号刺激经济的做法。直到最近，他 才主张降息。 按照特朗普此前的说法，尽管哈西特也十分出色，但沃什是头号候选人。不过，特朗普似乎仍在考察候选人。美联储理事克里斯 托弗・沃勒便是他17日面试的对象。 在美国一家投行的政策研究主管拉佩里埃看来，无论谁得到美联储新主席这份工作，"都将是个残次品"。 尽管美联储今年9月以来连续三次降息，本月10日又将联邦基金利率目标区间下调25个基点，至3.5%至3.75%之间，但美国总统 特朗普想要的是"1%甚至更低"的联邦基金利率，以及让"不听话"的现任美联储主席鲍威尔赶紧走人。 在17日的电视讲话中，特朗普表示，他将很快宣布下一任美联储主席的提名人选，而此人将是一个认同大幅降低利率的人。谁会 接替鲍威尔？ 候选人还在考察中 目前，国家经济委员会主任凯文·哈西特、美联储前理事凯文·沃什，以及美联储理事克里斯托弗・沃勒被认为是新任美联储主席 的"决赛圈"选手。 凯文·哈西特在宾夕法尼亚 ...

Report Summary 1) Report Industry Investment Rating - The trend strength of zinc is 0, indicating a neutral stance. The range of trend strength is an integer within the [-2,2] interval, with -2 being the most bearish and 2 being the most bullish [3] 2) Core View - The zinc market is in a sideways oscillation state [1] 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Prices**: The closing price of the main Shanghai zinc contract was 23,035 yuan/ton, up 0.26% from the previous day; the closing price of the LME zinc 3M electronic disk was 3,071.5 dollars/ton, up 1.20% [1] - **Volumes and Positions**: The trading volume of the main Shanghai zinc contract was 86,320 lots, a decrease of 17,545 lots; the trading volume of LME zinc was 13,235 lots, a decrease of 7,726 lots. The open interest of the main Shanghai zinc contract was 83,725 lots, an increase of 2,951 lots; the open interest of LME zinc was 227,012 lots, a decrease of 395 lots [1] - **Premiums and Discounts**: The premium of Shanghai 0 zinc was 110 yuan/ton, an increase of 20 yuan/ton; the LME CASH - 3M premium was -21.57 dollars/ton, a decrease of 5.1 dollars/ton [1] - **Inventories**: The Shanghai zinc futures inventory was 45,949 tons, a decrease of 1,920 tons; the LME zinc inventory was 99,400 tons, an increase of 1,700 tons [1] [News] - Trump stated that the next Fed Chair must be a "super - dove" and will soon announce the candidate, believing the mortgage rate will further decline and that the new chair should consult with him on interest rate setting [2] - US inflation slowed more than expected in November, with the core CPI rising 2.6% year - on - year, the lowest since 2021. Despite data noise and technical interference, the cooling inflation trend provides hope for the market and strengthens the discussion on future interest rate cuts [2][3]

特朗普：将很快就美联储主席人选做出决定。 来源：滚动播报 ...

Group 1 - The next Federal Reserve Chair is likely to be chosen between two candidates named Kevin, Kevin Hassett and Kevin Warsh, as President Trump seeks someone who can effectively lower borrowing costs [1] - Trump's previous choice of Jerome Powell as Fed Chair has led to regrets, as he aims to select a more controllable candidate who will heed his advice [1] - The selection process has become more complicated with Trump's announcement to delay the final decision, increasing uncertainty around the candidates [2] Group 2 - Hassett faces scrutiny over his close relationship with Trump, raising concerns about the potential negative perception of his independence as Fed Chair [3] - Warsh has gained support from influential figures like Jamie Dimon, but he must also address his own challenges to secure the position [3][4] - The new Fed Chair will likely encounter internal resistance from the Federal Reserve's policy-making committee, which may complicate the implementation of aggressive rate cuts [5] Group 3 - The Fed's decision-making has shown significant divisions, and the new Chair may find it difficult to communicate clear policy directions [5] - The upcoming legal case regarding Trump's ability to dismiss Fed Governor Lisa Cook could have profound implications for the Fed's operational independence [6] - The new Chair will face heightened expectations to remain calm and make decisions beneficial to the economy, rather than simply appeasing the President [7]

美东时间12月17日晚间，美国总统特朗普在白宫发表面向全美的电视讲话，回顾上任11个月来的执政重 点，并预告明年的政策走向。 特朗普在讲话中称，美国经济正在好转，但仍有大量的工作要做。"11个月前，我接手的是一个烂摊 子，而我正在收拾残局。"他说，"仅仅一年时间，我们就取得了比任何人想象的都要多的成就。" 特朗普还宣布，他将向美国军人发放奖金，每人约为1776美元，这笔奖金将来自关税政策的收入。 在特朗普此次讲话前夕，美国多项民调的结果均显示特朗普的支持率在下滑。 值得注意的是，同以往自由式发言不同，特朗普当晚的发言为长达17分钟的"读稿式演讲"，且语速明显 比以往要快。 "经济不好全怪拜登" 此外，他还提到，如今美国的就业人数比历史上任何时期都多，而且所有新增就业岗位都来自私营部 门。 展望明年，特朗普预告，他将在2026年推出重大的住房改革举措，但没有提供具体的政策细节，"在新 的一年里，我将宣布美国历史上一些最具魄力的住房改革计划。"同时，他表示还计划将普通新房抵押 贷款的成本每年降低3000美元。 至于被热议的下一届美联储主席人选，特朗普表示，"很快"会宣布，并称这位人选是"一位能大幅降低 利率的人" ...

美国财政部长斯科特·贝森特周三再次否认了有关国家经济委员会主任凯文·哈塞特是否具备出任美联储 主席资格的种种担忧。贝森特在一场关于特朗普儿童储蓄账户的活动上表示： 近日媒体报道称，华尔街以及一些未具名、接近美国总统特朗普的人士对哈塞特接替鲍威尔、于明年5 月出任美联储主席的候选资格表示担忧。 在回应一名记者的问题时，该记者提到特朗普在11月底曾表示自己已经知道人选，但现在仍在进行面 试。对此，贝森特说："也许他指的是——也许我就是他的人选，但我当时无法接受。" 贝森特表示，本周还可能再进行一到两次美联储主席候选人的面谈。 对哈塞特主任的任何担忧都是荒谬的。他是一位资历非常出众的经济学博士，有着自己的观 点，而且他、连同其他候选人，都会成为一位非常出色的美联储主席。 ...

Market Overview - The US dollar index is trading around 98.187, while spot gold opened at $4301.84 per ounce and is currently trading at approximately $4317.57 per ounce. Gold T+D is trading around 971.80 CNY per gram, and the Shanghai gold main contract is at 976.98 CNY per gram [1][1]. - The previous trading day saw the US dollar index decrease by 0.05% to 98.225, and spot gold also fell by 0.05% to $4302.28 per ounce. Other precious metals showed mixed results: spot silver decreased by 0.47% to $63.74 per ounce, while platinum rose by 3.54% to $1847.80 per ounce, and palladium increased by 2.13% to $1606.00 per ounce [1][1]. Inventory Data - As of December 16, COMEX gold inventory stands at 1119.46 tons, an increase of 0.75 tons from the previous trading day. COMEX silver inventory is at 14116.20 tons, a decrease of 22.22 tons from the previous trading day [2][2]. - SPDR gold ETF holdings remain unchanged at 1051.69 tons, while SLV silver ETF holdings decreased by 42.31 tons to 16018.29 tons [2][2]. Economic Indicators - The ADP report indicates that private sector employers added an average of 16,250 jobs per week over the four weeks ending November 29. The US non-farm payroll for November recorded an increase of 64,000 jobs, following a decline of 105,000 jobs in October. The unemployment rate for November is reported at 4.6%, marking a four-year high [6][6]. - Speculation regarding the Federal Reserve chair candidate is expected to be announced in early January, with media reports suggesting that Waller will interview with Trump on Wednesday. Following this news, market predictions have raised the probability of Waller being a candidate for the Fed chair to 15% [6][6]. Upcoming Economic Events - Key economic data to be released includes the UK November CPI and retail price index at 15:00, Germany's December IFO business climate index at 17:00, and the Eurozone November CPI final values at 18:00. Additionally, speeches from Federal Reserve officials Waller and Williams are scheduled for later in the day [8][8].