2025年，欧洲、美国、日本、韩国等多个地区和国家的主要股票指数创出历史新高。其中，欧洲股市领 涨全球，德国、意大利等国家股票指数涨幅居前。在欧洲央行进入降息周期后，欧元区凭借更明确的政 策路径和相对低估值，成为全球资金的"避风港"和"价值洼地"，走出牛市行情。 （文章来源：证券时报） ...

铂金大涨 铂金期价连续大涨，投资资金涌入是核心推手之一，背后是金银大涨后资金 寻"价值洼地"的轮动逻辑，叠加供需缺口共振，带动投资与首饰需求同步走强， 最终放大价格弹性。 铂金相对黄金显著低估。金银持续大涨后，资金转向低估值品种，推动铂金 估值修复。另外，黄金价格高企（沪金主连突破 1000 元/克）促使消费者转向性 价比更高的铂金，国内主流珠宝品牌数据显示，11 月铂金首饰销量同比增长 12%， 品牌顺势加大铂金新款布局，推出多款轻量化、设计感强的产品，进一步带动零 售需求回升。 免责声明： 本报告的著作权属于苏豪弘业期货股份有限公司。未经苏豪弘业期货股份有 限公司书面授权，任何人不得更改或以任何方式发送、翻版、复制或传播此报告 的全部或部分材料、内容。如引用、刊发，须注明出处为苏豪弘业期货股份有限 公司，且不得对本报告进行有悖原意的引用、删节和修改。 本报告基于苏豪弘业期货股份有限公司及其研究人员认为可信的公开资料 或实地调研资料，仅反映本报告作者的不同设想、见解及分析方法，但苏豪弘业 期货股份有限公司对这些信息的准确性和完整性均不作任何保证，且苏豪弘业期 货股份有限公司不保证所有这些信息不会发生任何变更 ...

记者丨叶麦穗 编辑丨肖嘉 贵金属年末出现"发烧"行情，实现普遍轮涨。继黄金、白银价格大幅拉涨后，有色商品的大涨"接力 棒"传递到了铂金。 | < W | 贵金属 | | | --- | --- | --- | | 名称 | 5日涨跌幅 | 年初至今▼ | | 伦敦银现 | 8.73% | 128.31% | | SPTAGUSDOZ.IDC | | | | COMEX M-自 | 7.81% | 125.14% | | QI.CMX | | | | COMEX自银 | 7.87% | 125.25% | | SI.CMX | | | | NYMEX铂 | 13.88% | 113.66% | | PL.NYM | | | | 现货铂金(美元/ | 13.75% | 112.51% | | SPTPTUSDOZ.IDC | | | | SGE白银T+D | 13.67% | 107.14% | | AG(T+D).SGE | | | | 上海银 | 13.80% | 106.84% | | SHAG.SGE | | | | SHFE自银 | 7.92% | 104.49% | | AG.SHF | | | | ...

Group 1 - The Hong Kong stock market indices opened lower, with both technology and dividend sectors declining [1] - The Hong Kong Stock Connect Technology Index fell over 1%, while stocks like Kingsoft Cloud rose over 6% [1] - The Tianhong Hong Kong Stock Connect Technology ETF (159128) saw a net inflow of 39.8 million yuan over two days, reaching historical highs in both shares and scale [1] Group 2 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index dropped over 0.7%, with companies like Sinopec and China National Offshore Oil Corporation showing gains [1] - The Tianhong Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) recorded a net inflow of 40.5 million yuan over five days, also achieving historical highs in net inflow days [1] - Tianhong Fund highlighted that the Central State-Owned Enterprises Dividend Index includes high dividend yield companies, benefiting from policy advantages and market characteristics [2] Group 3 - Recent fluctuations in the Hong Kong stock market are attributed to external volatility and investor profit-taking behavior [2] - Despite the market's current state, there are expectations for upward adjustments in external liquidity, suggesting potential investment opportunities [2] - A "barbell strategy" is recommended for asset allocation, focusing on technology and non-ferrous metals for growth, while emphasizing dividends and turnaround stocks for defense [2]

加密属于价值洼地 ...

Core Viewpoint - The stock market's recent rise is attributed to "confidence economy," which reflects the proactive role of the market rather than merely being a passive indicator of economic conditions [3]. Group 1: Economic Context - The economic fundamentals have not significantly improved, yet the stock market continues to rise, indicating a shift in perception towards the market's role as an "engine of growth" [3]. - The current market uptrend is driven by strong confidence, supported by government efforts to boost the capital market [3]. Group 2: External Influences - The Federal Reserve's potential interest rate cuts are expected to have a positive correlation with China's monetary policy, creating favorable conditions for the A-share market [3]. - The anticipated rate cuts by the Federal Reserve, which are projected to lower rates to between 1.25% and 1.5%, will likely drive global capital to seek new investment opportunities, particularly in undervalued markets like A-shares [3]. Group 3: Investment Opportunities - The A-share market is seen as an attractive destination for foreign investment, especially as the U.S. stock market reaches historical highs [3]. - There is a recommendation to further open up the market by increasing QFII quotas to attract foreign capital, which could play a crucial role in pushing the A-share index above 4000 points [3].

Core Viewpoint - The A-share market is gradually showing a slow bull trend one year after the "924" policy was introduced, indicating that it remains a value investment opportunity [1] Group 1: Market Dynamics - The number of new stock accounts is increasing, with more "post-00s" and "post-10s" entering the market, suggesting a shift towards a younger investor base [1] - The A-share market is compared to the US market, where the US stock market recently reached a historical high of 46,000 points, while the A-share market's recent high was only about 3,899 points, highlighting a significant gap [2] - China's GDP growth rate is significantly higher than that of the US, which theoretically should allow for a higher price-to-earnings (P/E) ratio in the A-share market [2] Group 2: Valuation Insights - The current P/E ratio of the Shanghai Composite Index is approximately 15 times, while the overall market P/E ratio is around 30 times, including high-valuation sectors like the Sci-Tech Innovation Board and the Growth Enterprise Market [2] - The overall P/E ratio of the US stock market exceeds 30 times, particularly for high-performing stocks, indicating that A-shares could be undervalued [2] - Given China's economic growth potential, a P/E ratio below 40 times for A-shares is considered reasonable, with further upward potential [2] Group 3: Investment Considerations - The younger generation is encouraged to explore the capital market as a means to increase property income, but they must also be cautious of financial risks [2][3] - Historical experiences of successful investors often include significant risks, emphasizing the importance of risk management in capital market investments [2][3]

Core Viewpoint - The A-share market is gradually showing a slow bull trend one year after the "924" policy was introduced, indicating that it remains a value lowland for investors [1] Group 1: Market Dynamics - The number of new accounts is increasing, with more "post-00s" and "post-10s" entering the stock market, reflecting a shift towards a younger investor base [1] - The A-share market is compared to the US market, where the US stock market recently reached a historical high of 46,000 points, while the A-share market's recent high was only about 3,899 points, highlighting a significant gap [2] Group 2: Economic Growth and Valuation - China's GDP growth rate is significantly higher than that of the US, suggesting that the A-share market should theoretically enjoy a higher price-to-earnings (P/E) ratio [2] - The current P/E ratio of the Shanghai Composite Index is approximately 15 times, while the overall market P/E ratio is around 30 times, indicating that A-shares are undervalued compared to US stocks, which have an overall P/E ratio exceeding 30 times [2] Group 3: Investment Opportunities and Risks - The potential for the A-share market is substantial, with a reasonable P/E ratio of up to 40 times, considering China's economic growth [2] - Young investors are encouraged to participate in the capital market as it is seen as a crucial platform for increasing property income, but they must also be cautious of financial risks [2][3]

Group 1 - The core viewpoint is that the Chinese capital market is still young and presents significant investment opportunities, especially for the younger generation [1][2] - The real estate market has historically been the main vehicle for residents' property income, but it is now at a relatively high price level, prompting the need to seek new asset markets, with the stock market being a key value opportunity [1] - China's economy has maintained high growth rates, with GDP growth over the past 15 to 20 years being more than double that of the United States, yet the current A-share market's price-to-earnings ratio is lower than that of the US stock market [1] Group 2 - The potential of the Chinese capital market is significant and awaits exploration by the "90s" and "00s" generations, but young investors are advised to manage leverage carefully and understand market risks [2] - It is emphasized that every successful investor has faced risks and losses in the capital market, highlighting the importance of risk management for new investors [2]

Core Viewpoint - The recent volatility in the Hong Kong stock market has led to increased investor interest in certain small-cap stocks, particularly Energy International Investment Holdings (00353.HK), which has shown impressive financial performance despite its small size [1][3]. Financial Performance - Over the past twelve months, the company reported revenue of approximately HKD 152 million, while achieving a net profit of HKD 256 million, indicating a net profit significantly higher than revenue, a rarity among Hong Kong-listed companies [3]. - The company's price-to-earnings ratio (TTM) has dropped to below 1.5 times, reflecting a very low valuation, with a market capitalization maintained in the range of HKD 300 million to HKD 400 million [3]. - The earnings per share (EPS) for the fiscal year 2025 has risen to HKD 0.24, compared to HKD 0.056 in the same period of 2024, showcasing a multiple growth in profit levels within a year [3]. Investment Logic - Supporters argue that the company's core business linked to energy logistics has stable market demand, combined with the cash flow characteristics of its insurance brokerage business, providing a degree of defensiveness [4]. - Critics caution that the profit statement may include non-recurring income, suggesting that the true profitability could be overstated if one-time items are excluded [4]. - The company has low trading activity and limited institutional coverage, which results in low stock price elasticity, making its undervaluation more pronounced [4]. Business Overview - Energy International Investment Holdings transitioned its business focus from mineral resources to energy logistics and insurance around 2010, with its terminal and storage services primarily catering to the liquid chemical and oil-related industries [4]. - The company's operations are significantly influenced by international energy price fluctuations and regional demand, indicating a cyclical nature [4]. - The insurance brokerage business contributes stable cash flow, supplementing the overall profitability of the company [4]. Market Outlook - Overall, Energy International Investment Holdings is characterized as a small-cap stock with extremely low valuation, attracting attention due to its impressive profit data and low PE ratio [5]. - The market is generally awaiting further evidence to confirm the sustainability of its profits, which will be crucial for the company's valuation recovery [5]. - The company's ability to explore new growth avenues beyond its core business and maintain stable shareholder returns will be key factors influencing its long-term valuation [5].