今日周四(11月20日)欧盘时段，白银期货目前交投于12045一线上方，今日开盘于12290元/千克，截至发 稿，白银期货暂报12067元/千克，上涨0.89%，最高触及12306元/千克，最低下探11912元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 【要闻速递】 美国总统特朗普暗示，如果贝森特不能帮助推动利率下降，他将解雇这位财政部长，尽管利率决策权在 美联储而非政府官员手中。 "斯科特唯一搞砸的就是美联储，"特朗普在华盛顿举行的美沙投资论坛上说，"利率太高了，斯科特， 如果你不尽快解决，我就炒你鱿鱼，怎么样？" 特朗普这番语带玩笑的话语凸显出他对美联储的不满。随着选民要求降低生活成本的呼声渐高，白宫面 临越来越大的政治压力。 另外特朗普重申，他"很想解雇"美联储主席杰罗姆·鲍威尔，因为其"严重无能"。他重申，鲍威尔应该 因主导美联储总部昂贵的翻修工程而被起诉。特朗普还确认，是贝森特阻止了他试图强行罢免美联储主 席的行动。 【最新白银期货行情解析】 打开APP，查看更多高清行情>> 沪银本周的上涨力度明显，经过昨天的上涨，最高在12300附近，11950多单均有不错的利润，暂时收盘 在12160附 ...

美国总统特朗普暗示，如果贝森特不能帮助推动利率下降，他将解雇这位财政部长，尽管利率决策权在 美联储而非政府官员手中。"斯科特唯一搞砸的就是美联储，"特朗普在华盛顿举行的美沙投资论坛上 说，"利率太高了，斯科特，如果你不尽快解决，我就炒你鱿鱼，怎么样？" ...

Circle (CRCL) stock dropped as much as 10% Wednesday as investor concerns over falling interest rates outweighed the company's strong earnings and revenue growth, fueled by rising market share for its stablecoin issuance. Circle reported roughly $740 million in total revenue and reserve income in its third quarter, up 66% year over year, surpassing Wall Street estimates of $707.3 million. As the second-largest stablecoin issuer, Circle posted adjusted earnings of $0.64 per share, well above analysts' exp ...

新华财经新加坡11月9日电（记者刘春涛）星展银行（DBS）在7日发布的研报中指出，随着基准利率 （特别是新加坡SORA利率）大幅下降，新加坡房地产投资信托（S-REITs）的融资成本压力正显著缓 解。 在投资策略上，星展银行重申"逢低吸纳"（buyers on weakness）的观点。报告建议投资者关注"阿尔法 优选股"（alpha picks）以及对利率敏感的个股，特别是那些拥有较高浮动利率债务比例的中型股。 （文章来源：新华财经） 报告预测，这种利率下降将为REITs带来"可观的利息节省"，并推动每单位派息（DPU）增长。星展银 行预计，在2026-2027年到期的贷款进行再融资时，相关REITs有望节省高达200个基点（2%）的利息成 本。 报告认为，尽管S-REITs板块今年以来已上涨约12.5%，但目前约0.9倍的市净率（P/B）和约5.7%的2026 财年远期股息收益率，使其估值"依然合理"（undemanding）。 受此推动，星展银行预测，S-REITs板块在2026年的整体收益率有望因此增加40个基点，使板块整体远 期收益率回到约6.0%的水平。报告称，这一收益率水平是投资者此前愿意重新进 ...

Market Overview - The U.S. stock market rebounded on Wednesday, with the Dow Jones increasing by 225.86 points (0.48%) to 47,311.10, the Nasdaq rising by 0.65% to 23,499.80, and the S&P 500 gaining 0.37% to 6,796.29, driven by optimistic corporate earnings and better-than-expected economic data [2] - The ADP reported an addition of 42,000 jobs in the private sector for October, indicating a rebound, although signs of labor market weakness persist with ongoing layoffs in some industries [4] - The ISM services PMI for October reached 52.4, marking the fastest expansion in eight months, primarily due to a rapid recovery in new orders, despite companies facing the highest input costs in three years [4] Company Performance - Notable tech stocks showed varied performance: Tesla rose by 4%, Google by 2.4%, Meta by 1.3%, Amazon by 0.3%, while Nvidia fell by 1.7% [3] - Ford and General Motors, which are sensitive to tariff risks, saw their stock prices increase by over 2% following the Supreme Court's skepticism regarding the legality of tariffs imposed by former President Trump [5] - Caterpillar's stock also rose approximately 4%, reflecting positive market sentiment amid tariff uncertainty [5] Economic Indicators - The 10-year U.S. Treasury yield increased by 6.4 basis points to 4.16%, while the 2-year yield rose by 4.8 basis points to 3.63%, indicating a shift in investor sentiment towards interest rates [5] - International oil prices weakened, with WTI crude oil falling by 1.59% to $59.60 per barrel and Brent crude down by 1.43% to $63.52 per barrel [6] - Gold prices rebounded, with COMEX gold futures for November delivery rising by 0.83% to $3,980.30 per ounce, driven by increased risk aversion [6]

Group 1 - Certificates of deposit (CDs) are a popular investment option for generating income with minimal risk, where investors lock up cash for a set period in exchange for interest payments at an agreed annual percentage yield (APY) [1] - The average yields of 12-month CDs have climbed to 5%-6% due to the Federal Reserve's interest rate hikes in 2022 and 2023, making them appealing to investors [4] - The Federal Reserve has already reduced its benchmark rate three times in 2024 and once in 2025, leading to expectations of further rate cuts, which will decrease the attractiveness of CDs [5] Group 2 - As interest rates decline, income-oriented investors are likely to shift towards blue chip dividend stocks that offer higher yields than CDs, such as AT&T with a forward dividend yield of 4.3% [7] - Altria, focusing on smoke-free products, offers an even higher forward yield of 6.6%, making it an attractive alternative for income-seeking investors [9] - Investors locking up cash in CDs may miss out on more attractive investment opportunities as rates decline, potentially leading to suboptimal investment decisions [6][8]

Market Outlook - Small caps are expected to enter a favorable period after underperforming for the last couple of years, with revenue acceleration being a significant benefit [2] - The capital markets for both equity and debt are open, and M&A activity is robust, providing a positive environment for small caps [4] - The current cycle of rate cutting is anticipated to lead to increased liquidity in small caps as money market rates drop [6] Tariff Impact - Tariff concerns have been absorbed to some extent, but they still impact many companies, particularly smaller ones [3][4] - The China tariff remains a significant concern for many companies, highlighting the need for more certainty in the market [4] Investment Opportunities - Companies like Generac, Badger Meter, and Adran are highlighted as potential investment opportunities, with Generac's demand for backup generation in data centers being particularly notable [9][10] - Badger Meter is positioned well due to the ongoing infrastructure buildout, while Adran is expected to benefit from rural broadband investments [10] Market Dynamics - The outperformance of small caps is anticipated as liquidity tightens, leading to increased demand for shares in this segment [7] - Historical false starts in small caps have been noted, but recent market conditions suggest a potential shift [5]

Core Viewpoint - The report from CMB International indicates that New World Development (00017) is expected to see a revenue of HKD 27.68 billion and a gross profit of HKD 11.63 billion for the fiscal year 2025, with a core operating profit from continuing operations estimated at HKD 6.02 billion, leading to an upward adjustment of the target price to HKD 9.7 and maintaining a "Buy" rating [1][1][1] Financial Performance - For the fiscal year ending 2024, the company's total debt is projected to decrease from approximately HKD 151.6 billion to about HKD 146 billion, with net debt reducing by around HKD 4.5 billion to approximately HKD 120.1 billion [1][1] - Short-term debt is expected to significantly decrease to about HKD 6.6 billion [1] Debt Management Strategy - The company successfully completed a loan refinancing of HKD 88.2 billion in June 2025, enhancing its financial flexibility [1] - Looking ahead to 2026, the company has proposed "seven debt reduction measures," which include accelerating sales, unlocking agricultural land value, expediting the sale of non-core assets, reducing capital expenditures, and suspending dividends to improve cash flow and reduce debt [1][1][1]

Core Viewpoint - The Chicago Fed President Goolsbee expresses concern over the excessive number of rate cuts in the past and describes the current employment and inflation risk environment as "strange" [1] Group 1 - Goolsbee indicates that if the risk of stagflation diminishes, interest rates may decrease further [1]

Core Insights - Gold prices have recently reached new highs, with significant inflows into ETFs, but the potential for volatility remains a key factor that could amplify price movements [1][3][12] Gold Price Trends - Gold rallied to an all-time high of over $1,900 per ounce in 2020, followed by a three-year period of sideways movement before breaking out again [1][4] - The current breakout shows a steep trend, with gold prices up approximately 250% from the 2016 lows, but still below the 650% increase seen earlier in the century [5][6] Central Bank Influence - Central banks have been the largest buyers of gold over the past decade, with countries like China and Russia leading the trend of dollarization [6] - A pause or sell-off by central banks could pose a significant challenge to gold prices [7] Economic Factors - A weaker dollar and lower government treasury yields generally support gold prices, with current conditions indicating potential dollar weakness [7][10] - The Federal Reserve's interest rate cuts are typically bullish for gold, while elevated long-term rates may lead some investors to shift from gold to bonds [8][10] Volatility and Market Dynamics - Gold volatility, represented by the GVZ index, is currently low, but an increase in volatility alongside rising gold prices could create a bullish feedback loop [9][10] - Monitoring gold flows and GVZ is essential, as extreme conditions may signal potential price pullbacks [10] Geopolitical and Inflation Factors - Gold serves as a hedge against inflation and geopolitical uncertainty, both of which can drive prices higher [8][11] - Monthly inflation reports and geopolitical developments are critical for short-term trading strategies in the gold market [11]