11月21日，伦敦现货黄金价格一度下跌1%，跌破4030美元/盎司。截至发稿，黄金期现货价格均有所回升，伦敦现货黄金报4062.65美元/盎司，跌0.34%； COMEX黄金跌0.37%，报4044.9美元/盎司。 继前一日站上4100美元后，现货黄金价格又回归下跌通道。 该行还将黄金的上行目标调高200美元至每盎司4900美元，因政治和金融风险可能飙升，但仍维持下行目标在每盎司3700美元。 | 国内现货 | 国际现货 | 黄金实物 | | | | --- | --- | --- | --- | --- | | 品牌 | 银行 | 回收 | | | | 品牌 | | | 价格(元/克) 日涨跌幅 | | | 周大福 | | | 1305 | 0.00% | | 老凤祥 | | | 1298 | -0.31% | | 周六福 | | | 1266 | -0.55% | | 周生生 | | | 1295 | -0.92% | | 六福珠宝 | | | 1303 | 0.00% | | 金至尊 | | | 1303 | 0.00% | | 老庙 | | | 1298 | -0.31% | 消息面上，当地时间11月 ...

Group 1 - The core viewpoint is that the demand for safe assets will continue to exist amid the deepening multipolar landscape and accelerating de-globalization process [1] - High U.S. debt levels and historically high valuations in the U.S. stock market may pose potential risks to global financial market stability [1] - The wealth accumulation from the ongoing industrialization in emerging market countries, along with their traditional preference for gold, will provide solid support for gold prices [1] Group 2 - Although gold prices may face short-term adjustment pressures, they still possess significant allocation value in the medium to long term [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that while China's economic indicators require improvement, several factors support the performance of the stock market [1] Group 1: Economic Outlook - Since the fourth quarter of last year, market confidence in China's medium to long-term economic prospects has significantly improved, particularly due to the positive effects of DeepSeek [1] - Although the real estate sector is still undergoing adjustments, its proportion in the Chinese economy has significantly decreased, reducing its negative impact on the economy [1] - Policymakers have shown increased attention to the economy, stock market, and real estate market, leading to a decline in market concerns regarding downside risks in these areas [1] Group 2: Leverage and Asset Allocation - While the Chinese government's leverage increase has been more restrained compared to the U.S., the macro leverage ratio in the private sector has not declined but has also not continued to rise [1] - Over the past few years, the proportion of Chinese residents allocating to safe assets has increased, and with limited returns on safe assets, there is a rising motivation to moderately increase allocations to risk assets, particularly in the stock market [1] Group 3: Policy Implications - Looking ahead, based on international experience, addressing debt-related policies is crucial during the financial cycle downturn, as these policies can help improve balance sheets and enhance economic vitality, which is also significant for the capital market [1]