美东时间12月29日，国际贵金属大跳水，COMEX黄金期货跌4.46%，COMEX白银期货跌7.25%。现货黄金大跌超4%，现货白银大跌近9%，现货钯金跌 超15%，现货铂金跌超14%。北京时间12月30日早盘，黄金价格小幅上涨。截至13时10分，现货黄金涨0.65%，报4359.985美元/盎司；COMEX黄金期货涨 0.79%。 | W | | | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | | 4359.985 FE | | | 4331.710 | | 总量 | | | 0 | | +28.275 | +0.65% / 1 | | 4334.423 | | 现手 | | | 0 | | 最高价 | 于 4369.640 | 色 | | 0 | 9 | में क | | 0 | | 最低价 | 4322.600 增 D | | O | | 内 | | | 0 | | 分时 | 五日 日K | | 園K | | 月K | | 日子 | ...

2025年看了一年的贵金属疯涨 ↓↓↓ 沪银跌近7% 沪金跌近4% 铂、钯主力合约跌停 大家是不是觉得这波行情 应该会带入2026年 不出意外的话，意外来了 ↓↓↓ 今早（12月30日） 国内贵金属期货普跌 而伦敦金价格小幅上涨 截至发稿 现货黄金涨0.09% 报4335.735美元/盎司 COMEX黄金期货涨0.27% 不过小幅上涨不能掩盖 昨晚贵金属市场上演的一场 惊天反转行情 北京时间12月29日晚接近24点 国际贵金属全面下跌 多头遭集体"坑杀" | | 国际贵金属 | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 伦敦全现 | 4327.400 | -205.010 | -4.52% | | 伦敦银现 | 71.139 | -8.190 | -10.32% | | COMEX黄金 | 4340.7 d | -212.0 | -4.66% | | COMEX日银 | 70.915 d | -6.281 | -8.14% | | 伦敦金(人民币/克) | 974.6824 | -46.1754 | -4.52% | | 伦敦银(人民币/千克 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 多因素引发市场巨震 在上周五大涨10%后，白银期货周一亚市早盘连续突破 80、83美元关口，然而调整随后到来。从最高 点到最低点白银价格暴跌15%，创下了自2020年8月以来的最大日内波幅 ——当时白银曾单日暴跌 16.85%。 BK asset management策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，从技术指标 看，近期特别是上周的走势让价格进一步严重偏离均线，这与市场流动性有关，短期有修复需求，只是 缺乏催化剂。同时可以看到，可能存在部分资金在某些价位实施了程序性卖出指令，引发了踩踏。 KKM Financial首席投资官基尔伯格（Jeff Kilburg）表示："这是一场历史性的异动，我们已经很久没有 见过如此剧烈的行情波动了。" 作者 | 第一财经 樊志菁 周一，贵金属市场上演惊天反转行情。白银期货价格在隔夜交易中首次突破每盎司80美元后，收盘重挫 7%逼近70美元关口，与此同时，国际金价跌超4%，连续失守4500美元、4400美元两大关口。铂系金属 也未能幸免，伦敦金属交易所LME铂 ...

Core Insights - The total net asset value of public funds in China reached a historical high of 36.74 trillion yuan by the end of September 2025, marking a nearly 7% increase from the end of Q2 2025 and a 14.56% increase year-on-year [1][4]. Fund Management Landscape - There are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1]. - The top two fund management companies, E Fund and Huaxia, have assets exceeding 2.5 trillion yuan and 2.2 trillion yuan, respectively, while eight other firms have surpassed 1 trillion yuan in assets [1][7]. Fund Type Performance - All major fund types, except bond funds, experienced growth in Q3 2025. The fastest-growing were overseas investment funds, which increased by 33.18%, followed by stock funds with a 25.3% increase [4][5]. - The total net asset value of stock funds reached 5.94 trillion yuan, while mixed funds grew to 3.91 trillion yuan [4]. Bond Fund Trends - Bond funds saw a decline in total net asset value, dropping to 10.62 trillion yuan, a decrease of 1.33% from the end of Q2 2025 [6]. Market Dynamics - The top ten fund managers accounted for 41.31% of the total market size, with their combined assets reaching 15.06 trillion yuan, reflecting a trend of "the strong getting stronger" [7][8]. - The top ten fund managers in terms of equity fund size include E Fund, Huaxia, and others, with E Fund leading at 1.29 trillion yuan [9]. Investor Behavior - There is a significant divergence in the subscription trends of equity funds, with thematic ETFs and cross-border ETFs being particularly popular, achieving net subscriptions exceeding 100 billion units in Q3 2025 [10][11]. - Some actively managed equity funds also attracted substantial net subscriptions, but their levels were lower compared to ETF products [12]. Redemption Trends - Despite the overall market expansion, there is a notable trend of profit-taking among investors, leading to significant redemptions in certain funds, particularly those that had previously experienced long periods of adjustment [14][15]. - For instance, the Huaxia Science and Technology 50 ETF and E Fund Medical ETF saw substantial reductions in their fund sizes during Q3 2025 [16].

Core Viewpoint - International gold prices declined due to uncertainties surrounding the Federal Reserve's interest rate decisions, with December gold futures closing at $3996.50 per ounce, a decrease of 0.48% [1] Group 1: Market Influences - The gold futures prices fell by a cumulative 3.41% this week, influenced by profit-taking by investors, easing concerns over international trade tensions, and a rebound in investor risk appetite [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On October 22, the prices of precious metals continued to decline significantly due to factors such as the cooling of risk - aversion sentiment, the strengthening of the US dollar, and investors' concentrated profit - taking. The transfer of silver inventories from the US and China to the London market alleviated the shortage of physical silver in London, further triggering the risk of silver selling [5]. - The sharp decline in precious metal prices indicates that the historic upward trend of this round has temporarily ended. In the short term, with the Fed still having expectations of a rate cut in October, precious metals may enter a wide - range shock. It is recommended that investors participate rationally, avoid short - term chasing up or selling down, and focus on long - term allocation. In the long run, the bullish logic of precious metals remains unchanged, and long - term investors can wait for the adjustment to complete and then go long on dips [5]. - In the long term, factors such as the Fed's potential rate cuts within the year, continuous global geopolitical uncertainties, the unsustainable US debt, intensified great - power competition increasing the risk of US dollar credit, and the continuation of global central bank gold purchases suggest that the long - term center of gold prices is likely to continue to rise [5]. Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On October 22, compared with October 21, London gold spot dropped by 4.3% to $4153.64 per ounce, London silver spot fell by 5.0% to $49.16 per ounce, COMEX gold decreased by 4.3% to $4167.10 per ounce, and CONEX silver declined by 4.4% to $48.47 per ounce. In the domestic market, AU2512 dropped by 4.2% to 952.56 yuan per gram, AG2512 decreased by 3.4% to 11404 yuan per kilogram, AU (T + D) fell by 4.1% to 950.25 yuan per gram, and AG (T + D) declined by 3.4% to 11391 yuan per kilogram [3]. - **Price Spreads and Ratios**: From October 21 to October 22, the spread of gold TD - SHFE active price increased by 120.0% to 2.71 yuan per gram, and the spread of silver TD - SHFE active price increased by - 16.8% to - 1133 yuan per kilogram. The SHFE gold - silver ratio decreased by 0.8% to 83.53, and the COMEX gold - silver ratio increased by 0.1% to 85.98 [3]. Position Data - **COMEX Positions**: As of October 21, compared with October 20, COMEX gold non - commercial long positions increased by 1.85% to 332808 contracts, non - commercial short positions increased by 9.43% to 66059 contracts, and non - commercial net long positions increased by 0.13% to 266749 contracts. CONEX silver non - commercial long positions increased by 0.97% to 72318 contracts, non - commercial short positions decreased by 0.21% to 20042 contracts, and non - commercial net long positions increased by 1.43% to 52276 contracts [3]. - **ETF Positions**: As of October 21, compared with October 20, the gold ETF - SPDR remained unchanged at 1058.66 tons, and the silver ETF - SLV decreased by 0.59% to 15676.6372 tons [3]. Inventory Data - **SHFE Inventories**: On October 22, compared with October 21, SHFE gold inventory increased by 0.52% to 87015 kilograms, and SHFE silver inventory decreased by 7.70% to 691688 kilograms [3]. - **COMEX Inventories**: On October 21, compared with October 20, COMEX gold inventory decreased by 0.03% to 39020901 troy ounces, and COMEX silver inventory decreased by 0.52% to 503832524 troy ounces [3]. Interest Rate and Exchange Rate Data - **Interest Rates**: From October 21 to October 22, the US 2 - year Treasury yield increased by 0.03% to 7.10, and the US 10 - year Treasury yield increased by 0.35% to 3.98 [4]. - **Exchange Rates and Other Data**: The NYMEX crude oil price decreased by 0.29% to 17.87, the US dollar index decreased by 0.50% to 98.97, the VIX decreased by 1.97% to 3.45, the S&P 500 remained unchanged at 6735.35, and the US dollar/Chinese yuan central parity rate increased by 1.14% to 57.58 [4].

Core Viewpoint - The gold and silver markets experienced a significant crash on October 21, with gold prices dropping sharply by over 6% and silver prices also declining substantially, attributed mainly to profit-taking by investors [1][3][5]. Gold Market Summary - As of the report, spot gold fell to $4,112.37 per ounce, a decrease of 5.58%, while COMEX futures were down 4.92% at $4,145 per ounce [1][2]. - The price of gold had previously reached a high of $4,342 per ounce before the drop, indicating a loss of over $240 in just seven hours [1][2]. - Analysts suggest that the recent surge in gold prices was driven by factors such as the Federal Reserve's interest rate cuts and geopolitical tensions, which have now been reflected in asset prices, leading to a correction [8]. Silver Market Summary - The silver market mirrored the gold market's decline, with London silver prices reported at $48.18 per ounce, down 8.02% [3][4]. - COMEX silver futures also saw a significant drop of 7.69%, trading at $47.44 per ounce [4]. Market Analysis - The decline in precious metals is attributed to profit-taking by investors following a period of rapid price increases, as well as a reduction in safe-haven fund flows [6][8]. - Market analysts believe that as long as the Federal Reserve maintains its current interest rate path, any pullback in gold prices will be viewed as a buying opportunity, especially if upcoming economic data does not show unexpected inflation [8]. - The volatility in gold trading has reached high levels, indicating potential risks of overtrading in the short term [8].

Group 1 - The international gold market experienced significant volatility, with gold prices dropping sharply after reaching record highs, leading to investor panic [1][4] - As of October 22, 2025, spot gold prices fell by 8.01% to a low of $4005.01 per ounce before rebounding above $4100 [4][8] - Silver prices also plummeted, with a drop of 8.02% to $48.18 per ounce, marking the largest single-day decline since 2021 [9][12] Group 2 - The decline in gold and silver prices is attributed to profit-taking by investors after a rapid price increase, alongside easing geopolitical tensions and a softening trade stance from Trump [13][14] - Year-to-date, gold prices have risen over 50%, while silver prices have increased nearly 70% [12] Group 3 - HSBC forecasts that gold's upward momentum may continue until 2026, driven by strong central bank purchases and concerns over U.S. fiscal stability, with a target price of $5000 [17] - Current market conditions suggest that investors may consider liquidating some gold holdings if purchased at lower prices, to optimize returns [18][20] Group 4 - Several banks, including Everbright Bank and Industrial Bank, have issued warnings regarding the risks in the precious metals market due to recent volatility [23][25] - Everbright Bank has begun to adjust its business relationships with clients engaged in gold trading, indicating a tightening of market access [24]

Core Viewpoint - The gold and silver markets experienced a significant crash, with gold prices dropping over 6% and silver prices also declining sharply, indicating a potential market correction after a period of rapid price increases [1][4][5]. Market Performance - As of the latest report, spot gold fell to approximately $4,112.37 per ounce, down 5.58% from previous levels, while COMEX futures were reported at $4,145 per ounce, down 4.92% [1][2]. - Silver prices also saw a notable decline, with London silver trading at $48.18 per ounce, down 8.02%, and COMEX silver futures dropping to $47.44 per ounce, down 7.69% [4][5]. Investor Behavior - The market correction is attributed to profit-taking by investors after a period of strong performance, as well as a decrease in safe-haven demand [7]. - Analysts suggest that the recent price surge was driven by expectations of further interest rate cuts by the Federal Reserve and geopolitical tensions, which have now eased, leading to a rapid adjustment in precious metals [7][8]. Future Outlook - Analysts express mixed views on the future of gold prices, with some indicating that the potential for further declines may outweigh the chances of an increase, particularly if high-net-worth investors reduce their gold holdings [9]. - HSBC's commodity outlook report suggests that gold's upward momentum could continue until 2026, driven by strong central bank purchases and ongoing fiscal concerns in the U.S., with a target price of $5,000 per ounce [10].

Core Viewpoint - The gold and silver markets experienced significant declines on October 21, with gold prices dropping sharply due to profit-taking by investors after a recent surge driven by expectations of further interest rate cuts by the Federal Reserve and strong safe-haven demand [7][9][11]. Price Movements - As of October 21, gold prices fell by 6.3%, dropping below $4100 per ounce, with a decline of over $240 in just seven hours [2]. By 11 PM, gold was reported at $4112.37 per ounce, marking a 5.58% decrease, while COMEX futures were at $4145 per ounce, down 4.92% [2]. - Concurrently, silver also saw a significant drop, with London silver reported at $48.18 per ounce, down 8.02%, and COMEX silver futures declining by 7.69% to $47.44 per ounce [4][5]. Market Analysis - Analysts attribute the recent pullback in gold prices to profit-taking after a rapid increase in prices, which was fueled by geopolitical tensions and expectations of monetary easing [7][9]. - The market is currently experiencing a correction phase, with concerns about overbought conditions leading to increased caution among traders [9][11]. - The volatility in gold trading has reached high levels, indicating potential risks associated with overtrading [9]. Future Outlook - The future trajectory of gold prices remains uncertain, with some analysts suggesting that the likelihood of a decline is greater than further increases [10]. - The sustainability of high net-worth individual investors' demand for gold is a critical factor; if this demand diminishes, it may be challenging to maintain current price levels [10]. - HSBC forecasts that gold's upward momentum could continue until 2026, driven by strong central bank purchases and ongoing fiscal concerns in the U.S., with a target price of $5000 per ounce [11]. However, they caution that fewer interest rate cuts than expected could hinder gold's price trajectory [11].