数据显示，西方银行在今年的香港股权交易中占据了绝对优势。摩根士丹利亚太区全球资本市场主管 Saurabh Dinakar表示："我们看到中国公司在香港的股权发行出现了相当强劲的转变。" 彭博的数据涵盖了IPO和已上市公司的后续股票发售。今年的大型交易包括全球最大电池制造商宁德时 代（CATL）46亿美元的股票增发，以及矿业公司紫金黄金（Zijin Gold）的IPO。这些交易的成功执 行，巩固了摩根士丹利和高盛在承销排行榜上的领先位置。 尽管中资券商在本土市场的影响力日益增强，但在今年香港股权资本市场的强劲复苏浪潮中，以摩根士 丹利和高盛为首的华尔街投行依然是最大的赢家，巩固了它们在亚洲金融中心交易舞台上的主导地位。 随着大量中国公司赴港融资，以及海外投资者对中国股票的兴趣重燃，香港资本市场正迎来显著复苏。 根据路透伦敦证券交易所集团（LSEG）的数据，今年迄今，在香港上市的股权资本市场（ECM）活动 总额已达到731亿美元，较2024年同期飙升232%，首次公开募股（IPO）的融资额有望创下四年来新 高。 在这场资本盛宴中，美国投行攫取了最大份额。据彭博汇编的数据，截至今年11月底，摩根士丹利在香 港的股票 ...

Group 1 - The capital market is entering the final phase of the annual "grand performance" as 2025 comes to a close [1] - The competition among actively managed equity funds has intensified, with 25 funds doubling their returns by the end of November [2] - The top-performing fund, managed by Ren Jie, achieved a return of 191.71%, with significant holdings in companies like Xinyi Technology and Zhongji Xuchuang [2][4] Group 2 - The ETF market is experiencing a significant capital migration, with strong performances in the biotechnology sector, where the S&P Biotechnology ETF rose by 14.03% in November [6][7] - Commodity-related ETFs also performed well, with the S&P Oil & Gas ETF increasing by 4.30% and grain ETFs showing gains of over 3% [6][7] - Gold-related ETFs have started a new upward trend, with several ETFs gaining over 3.2%, highlighting their safe-haven appeal amid year-end market conditions [6][7] Group 3 - The communication ETF led the market with a 96.11% increase over the first 11 months of 2025, reflecting strong momentum in the AI era [9] - The Hong Kong innovative drug sector was a major winner, with various ETFs in this category rising between 85.22% and 87.42% [9] - Resource sectors also performed well, with mining ETFs up by 82.32% and non-ferrous metal ETFs up by 76.83% due to rising global inflation expectations [9] Group 4 - In November, the Nikkei 225 ETF fell by 9.39%, and the fintech sector faced a collective pullback, indicating pressure on traditional consumption and energy sectors [9][10] - The cautious sentiment among investors is reflected in the net inflows to safer assets like short-term bond ETFs and gold ETFs, which saw significant capital inflows [10][11] - The Hong Kong technology sector ETFs attracted substantial net inflows, indicating strong market confidence in this area [10][11]

2025 年 11 月 30 日 行业研究 地缘缓和预期下油价低位震荡，关注 OPEC+产量政策 ——石油化工行业周报第 430 期（20251124—20251130） 要点 地缘冲突缓和预期走强，本周油价低位震荡。本周俄乌和平谈判重启，地缘 冲突缓和预期驱动油价振荡加剧，但俄乌双方在核心问题的谈判尚未取得进 展，且 OPEC+增产幅度有望放缓，使得本周油价整体呈低位震荡态势。截至 11 月 28 日，布伦特、WTI 原油分别报收 62.32、58.48 美元/桶，较上周收盘 分别-0.3%、+0.9%。 俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价。本周美国与乌克 兰代表在日内瓦举行谈判，美国宣布在达成和平协议方面取得巨大进展，使得 市场对俄乌实现和平预期走强，原油的地缘政治溢价下跌。但是，美乌谈判代 表未透露涉及俄乌重大分歧的具体解决方案，包括领土、乌克兰军队规模、乌 克兰加入北约等众多核心问题。截至本周五，谈判尚未取得任何成果。今年以 来美国数次试图调停俄乌冲突，但我们认为目前美、俄、乌、欧四方就俄乌冲 突的核心问题达成一致的可能性较低，俄乌冲突仍存长期化趋势。此外，委内 瑞拉局势紧张程度不断升 ...

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating high levels of market activity and potential for price increases [12][14][36]. Core Insights - Copper prices increased by 3.69% to $11,175.50 per ton on LME, with a notable decrease in copper inventory across major regions, indicating a tightening supply [12][21]. - Aluminum prices rose by 2.03% to $2,865.00 per ton on LME, with a decrease in domestic inventory and an increase in production rates, suggesting a recovering demand [13][18]. - Gold prices surged by 4.77% to $4,256.4 per ounce, driven by geopolitical risks and increased holdings in gold ETFs, reflecting strong market sentiment [14][30]. - The rare earth sector shows a bullish trend, with prices for praseodymium and neodymium oxide rising by 3.43%, supported by tightening supply and favorable export conditions [37][36]. - Antimony prices increased by 2.90%, bolstered by the suspension of export controls by the Ministry of Commerce, enhancing market confidence [38]. - Tin prices rose by 3.04%, influenced by geopolitical tensions in the Democratic Republic of Congo and effective measures against smuggling in Indonesia [39]. Summary by Sections Copper - LME copper price increased by 3.69% to $11,175.50 per ton, with a decrease in national copper inventory to 173,500 tons, reflecting a supply contraction [12][21]. - The copper processing fee index dropped to -$42.75 per ton, indicating pressure on the supply side [12]. - The copper wire and cable industry shows a mixed performance, with operating rates at 66.89%, reflecting a decline in year-on-year demand [12][21]. Aluminum - LME aluminum price rose by 2.03% to $2,865.00 per ton, with domestic inventory decreasing to 596,000 tons [13][18]. - The operating rate for aluminum processing increased by 0.3% to 62.3%, indicating a recovery in demand [13][18]. - The cost of prebaked anodes is expected to rise by over 400 yuan per ton, reflecting improved supply-demand dynamics [13]. Precious Metals - Gold prices increased by 4.77% to $4,256.4 per ounce, influenced by geopolitical tensions and increased ETF holdings [14][30]. - The market remains strong, with expectations for continued price support unless a liquidity crisis occurs [14]. Rare Earths - Prices for praseodymium and neodymium oxide rose by 3.43%, with expectations of supply tightening due to policy changes and raw material shortages [37]. - The export volume of magnetic materials increased by 16% year-on-year, indicating strong demand [37]. Antimony - Antimony prices increased by 2.90%, supported by the suspension of export controls, which boosted market confidence [38]. - Global supply is expected to decline due to reduced production from overseas mines, maintaining upward price pressure [38]. Tin - Tin prices rose by 3.04%, driven by supply constraints from geopolitical tensions in Africa and effective anti-smuggling measures in Indonesia [39]. - The market outlook remains positive, with expectations for sustained demand growth [39]. Lithium - Lithium carbonate prices increased by 4.04% to 92,800 yuan per ton, with production levels showing a slight increase [63]. - The demand for lithium remains strong, driven by growth in the battery and energy storage markets [63]. Cobalt - Cobalt prices increased by 1.6% to 403,000 yuan per ton, with supply constraints expected to support future price increases [64]. - The market is characterized by a "price without market" scenario, indicating a need for demand recovery [64].

Group 1 - The ETF market experienced a significant capital migration in November, with strong rebounds in the biotechnology sector, as evidenced by the S&P Biotechnology ETF rising by 14.03% and the Nasdaq Biotechnology ETF increasing by 12.83% [1] - Commodity-related ETFs also performed well, with the S&P Oil & Gas ETF up by 4.30%, the Agriculture ETF rising by 3.63%, and the Soybean Meal ETF increasing by 3.37%, reflecting ongoing concerns about geopolitical risks and inflation pressures [1] - The gold sector began a new upward trend after a period of adjustment, with multiple gold-related ETFs, including the Shanghai Gold ETF and Gold ETF, showing gains exceeding 3.2%, highlighting their safe-haven attributes as year-end approaches [2] Group 2 - The November performance of ETFs revealed a cautious investor sentiment, with significant inflows into safer assets such as the Hua Bao Tian Yi ETF, which saw a net inflow of 11.4 billion yuan, and the Short-term Bond ETF with a net inflow of 7 billion yuan [2] - The Hang Seng Technology ETFs attracted substantial capital, with net inflows of 5.168 billion yuan for the Hang Seng Technology Index ETF and 4.651 billion yuan for the Hang Seng Technology ETF, indicating recognition of the valuation advantages in the Hong Kong tech sector [3] - Conversely, there were notable outflows from several ETFs, including the CSI 300 ETF with a net outflow of 2.839 billion yuan, the Coal ETF with a net outflow of 2.522 billion yuan, and the SSE 50 ETF with a net outflow of 2.181 billion yuan [4]

Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future. Here’s what you need to know: Gold climbed nearly $150/oz on the week, finishing near $4,225/oz and closing in on October’s all-time high at $4,250/oz. Expectations for continued Fed rate cuts, with high odds of another m ...

Group 1: Gold Market Performance - The Shanghai gold futures price is currently at 953.92 CNY per gram, with an increase of 0.76% [1] - The opening price for the day was 947.02 CNY per gram, with a high of 955.50 CNY and a low of 945.74 CNY [1] Group 2: Macroeconomic News - President Putin indicated that Trump's peace proposal could serve as a basis for a future agreement regarding the Ukraine conflict, expressing an openness to negotiations [2] - The Kremlin confirmed that U.S. envoy Witkoff will visit Moscow next week [2] Group 3: Institutional Perspectives - International gold prices are experiencing narrow fluctuations, with the Federal Reserve's December rate cut expectations causing market volatility [3] - The international gold price closed at 4157.27 USD per ounce, showing a slight decline of 0.12%, with expectations for gold prices to potentially break previous resistance and rise above 4200 USD [3] - Increased central bank purchases of gold and a rise in investors' allocation to precious metals are expected to drive a continuation of the gold bull market in the medium to long term, while short-term focus should be on U.S. economic data [3]

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年11月28日16时13分 一、黄金 报告导读： 今日贵金属全面分化，沪金主力收涨0.76%，沪银主力收涨3.21%，铂金主力收跌0.59%，钯金主力收跌2.63%。。①核心逻辑， 短期避险方面，贸易战避险消退，地缘异动风险仍在；美国就业走弱通胀温和，降息预期仍存。②避险属性方面，中美经贸磋商成 果共识公布。俄乌、中东等地缘异动风险仍存。③货币属性方面，美联储理事沃勒和纽约联储威廉姆斯讲话共同提高美联储降息可 能性。美联储褐皮书显示，美国经济活动变化不大，但政府停摆令多地需求受抑。美国9月零售销售不及预期，消费者信心降至七 个月低点。美国9月就业增长超预期，但失业率升至4.4%。美国政府结束停摆，市场等待更多经济数据指引。目前市场预期美联储 12月降息25基点概率暴涨至80%附近。美元指数和美债收益率震荡偏强；④商品属性方面，CRB商品指数震荡偏弱，人民币升值 利空内价格。需求端氢能产业被列为战略新兴产业，对铂基催化剂的需求形成长期强劲预期。钯金长期面临燃油车市场结构性压力 。⑤预计贵金属短期金弱银强，铂强钯弱，中期高位震荡，长期阶梯上行。 | 策略 ...

瑞达期货研究院 「2025.11. 28」 贵金属市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 助理研究员 徐鼎烽 期货从业资格号：F03144963 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 「 周度要点小结」 来源：瑞达期货研究院 ◆ 行情回顾：美联储降息预期大幅抬升，贵金属市场本周偏强运行。宏观数据方面，美国9月PPI环比上涨0.3%，核心 PPI环比上涨0.1%，较前值有所抬升，但主要由食品能源价格上涨驱动，核心商品PPI增速有所放缓；ADP就业报告显 示，截至2025年11月8日四周内，美国私营企业雇主平均每周削减13,500个岗位，较前值每周减少2,500人的幅度显著 扩大，美国就业市场延续降温态势。联储内部表态整体呈鸽派基调，纽约联储主席威廉姆斯表示在劳动力走软背景下 存在降息空间，旧金山联储主席戴利支持下次会议降息，理事米兰重申应在通胀尚高时实施更大幅度降息，美联储12 月降息25个基点的概率由上周五的40%大幅抬升至86.9%，降息预期提振市场乐观交易情绪。地缘方面，美乌完成一份 ...

11月28日，受降息预期升温、地缘政治风险再现双重催化，金价强势突破4220美元关口。截至A股收 盘，黄金ETF华夏（518850）涨0.65%，黄金股ETF（159562）涨1.06%，有色金属ETF基金（516650） 涨1.39%。 每日经济新闻 有市场分析指出，周五美国没有重要的经济数据公布，因此黄金将主要受美联储降息预期和整体风险情 绪的影响。而12 月降息已成为市场主流预期，大幅削弱了美元的中期强势基础。与此同时，未来的政 策制定层面大概率继续支持低利率环境，这进一步强化了黄金的中期吸引力。 消息面上，本周多位美联储官员释放鸽派言论，12月再次降息的可能性依然存在。根据预测平台数据， 鸽派候选人凯文·哈塞特已成为下一任美联储主席的热门人选，外界普遍预期他将落实特朗普大幅降息 的呼吁。 ...