Core Insights - U.S. gold stocks are experiencing a pre-market rise, with notable increases in companies like Hycroft Mining and Coeur Mining, reflecting a positive sentiment in the market [1] - Spot gold prices have surged to $4,300 per ounce, marking the first time since October 21 that prices have reached this level, driven by expectations of further monetary easing from the Federal Reserve [1] - Silver futures have hit a record high of $64 per ounce, attributed to speculative interest amid supply shortage claims, although gold prices remain more closely tied to broader policy outlooks and real yields [1] Company Performance - Hycroft Mining: Latest price at $12.360, with a pre-market increase of 4.05% [2] - Coeur Mining: Latest price at $17.480, with a pre-market increase of 2.63% [2] - Aris Mining: Latest price at $15.280, with a pre-market increase of 2.49% [2] - Pan American Silver: Latest price at $50.350, with a pre-market increase of 2.28% [2] - New Gold: Latest price at $8.550, with a pre-market increase of 2.22% [2] - Newmont Corporation: Latest price at $99.420, with a pre-market increase of 1.98% [2] - IAMGOLD: Latest price at $15.930, with a pre-market increase of 1.95% [2] - Kinross Gold: Latest price at $28.550, with a pre-market increase of 1.75% [2]

12月12日，中金公司表示，中央经济工作会议化解风险部分，关于地产政策的表述较多，超出市场预 期，地产链相关领域可能受到阶段性关注；不过考虑房地产在国内经济占比已明显降低，房地产工作主 要是防风险，而不是通过房地产刺激经济。明年可以重点关注二手房价格能否实现明显企稳。会议除再 次强调不得违规新增隐性债务外，首次提出要多措并举化解地方政府融资平台"经营性债务风险"。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 中金称，会议对明年财政政策的表述略显克制，可能与化债背景下的财政可持续性的诉求有关，这可能 意味明年广义财政赤字率难有大幅提升。但会议对货币政策定调更加积极，提出"把促进经济稳定增 长、物价合理回升作为货币政策的重要考量"，意味明年货币政策放松会加快，尤其是基准利率下调可 能会加快。中金还称，此次会议将发展内需作为明年经济工作的第一条，突显消费在经济发展中的重要 性，消费鼓励政策有望持续加码。 ...

Core Insights - Silver prices have surged to a historic high of over $60 per ounce, driven by trader expectations of further monetary easing by the Federal Reserve and ongoing supply constraints [1][2] - The spot silver price increased by 3.2% to $60.0031 per ounce, marking a more than 100% rise this year, significantly outpacing gold's performance [1][2] - The recent spike in silver prices is primarily influenced by market anticipations that the Federal Reserve will announce a 25 basis point rate cut at its meeting on December 9-10 [1][2] - Despite cautious sentiment regarding the extent of future rate cuts, the expectation of a rate reduction is clearly supporting silver prices [1][2] - Rhona O'Connell, market analysis director at StoneX Financial Ltd., noted that traders are undoubtedly anticipating rate cuts, as lower interest rates typically benefit non-yielding precious metals like gold and silver [1][2]

Core Viewpoint - The Bank of Ghana has lowered its key interest rate for the third consecutive time, reducing it by 350 basis points to 18%, amid expectations of continued inflation decline [1] Economic Outlook - The government forecasts an economic growth rate of approximately 4% for this year, with expectations to reach at least 4.8% by 2026 [2] - Inflation is projected to remain around 8% by the end of next year [2] Monetary Policy Changes - The Bank of Ghana will now use 14-day treasury bills to manage market liquidity [3] - Analysts expect this decision to gradually lower loan interest rates, providing relief to businesses and households facing high borrowing costs [4] Inflation and Currency Strength - Ghana's inflation rate peaked above 54% in December 2022 but has since decreased, reaching 8% last month, the lowest in over four years [1] - The Ghanaian currency, the cedi, has appreciated approximately 30% against the US dollar this year, alleviating inflationary pressures [1] Fiscal Policy and Future Expectations - The government aims to maintain fiscal restraint as it prepares to exit the IMF program, with a projected primary fiscal surplus of 1.5% of GDP by 2026 [1] - The central bank has cut the policy rate by a total of 1000 basis points by 2025, marking one of the most significant easing cycles in recent years [5] - The Bank of Ghana's dovish tone suggests potential for further rate cuts, with market expectations for at least another 500 basis points reduction by 2026 [5]

Core Points - The Bank of Ghana has cut its key interest rate by 350 basis points to 18% for the third consecutive time, anticipating continued inflation moderation [1] - Inflation in Ghana peaked above 54% in December 2022 but has since decreased, reaching 8% in the previous month, the lowest in over four years [1] - The Ghanaian currency, the cedi, has appreciated approximately 30% against the US dollar this year, alleviating inflationary pressures [1] - The government forecasts economic growth of about 4% this year, with expectations to reach at least 4.8% by 2026, while inflation is projected to remain around 8% by the end of next year [2] - The central bank plans to use 14-day treasury bills to manage market liquidity [3] - Analysts expect the interest rate cut to gradually lower loan rates, providing relief to businesses and households facing high borrowing costs [4] - The Bank of Ghana has significantly improved its external account situation, allowing for more flexible policy decisions [4] - The central bank has lowered the policy rate by a total of 1000 basis points by 2025, marking one of the most aggressive easing cycles in recent years [5] - There are indications of potential further rate cuts, with market expectations suggesting a possibility of an additional 500 basis points reduction by 2026 [5]

Group 1 - The Bank of Ghana has cut its key interest rate by 350 basis points to 18%, marking the third consecutive rate reduction amid expectations of continued inflation decline [2][5] - Inflation in Ghana peaked above 54% in December 2022 but has since decreased, returning to the central bank's target range of 6% to 10% by September this year, and further dropping to 8% last month, the lowest in over four years [2][3] - The Ghanaian currency, the cedi, has appreciated approximately 30% against the US dollar this year, aided by rising gold prices and improved fiscal outlook, which has alleviated inflationary pressures [2] Group 2 - The government of Ghana aims to maintain fiscal restraint as it prepares to exit the International Monetary Fund (IMF) program, projecting a primary fiscal surplus of 1.5% of GDP by 2026 and a reduction in the overall fiscal deficit from 2.8% in 2025 to 2.2% in 2026 [3] - Economic growth is expected to be around 4% this year, with a forecast of at least 4.8% by 2026, while inflation is anticipated to remain around 8% by the end of next year [3] Group 3 - The central bank plans to manage market liquidity using 14-day treasury bills, which analysts expect will gradually lower loan interest rates, providing relief to businesses and households facing high borrowing costs [4] - The Bank of Ghana's external account situation has significantly improved, allowing for more flexible policy decisions, and the central bank has indicated a dovish stance, suggesting potential for further rate cuts in the future [5]

Group 1 - The Bank of Ghana has lowered its key interest rate for the third consecutive time, reducing it by 350 basis points to 18% [1] - The central bank's governor, Johnson Asiamah, indicated that the current real interest rate level remains high, providing room for monetary policy easing to further support economic recovery [1] - The central bank expects future inflation trends to remain stable and operate within the target range until the first half of 2026 [1]

Core Viewpoint - The Bank of Ghana has cut its key interest rate by 350 basis points to 18%, marking the third consecutive reduction, amid expectations of continued inflation decline [1]. Group 1: Monetary Policy Changes - The Bank of Ghana's Monetary Policy Committee decided to lower the key interest rate to 18% due to high real interest rates, providing room for further monetary easing to stimulate economic recovery [1]. - The central bank will now use 14-day treasury bills to manage market liquidity [3]. - The Bank of Ghana has cumulatively reduced the policy rate by 1000 basis points by 2025, indicating one of the most significant easing cycles in recent years [5]. Group 2: Inflation and Economic Outlook - Ghana's inflation rate, which peaked above 54% in December 2022, has gradually decreased, reaching 8% last month, the lowest in over four years, and is expected to remain stable within the central bank's target range of 6% to 10% until mid-2026 [1][2]. - The government forecasts an economic growth rate of approximately 4% this year, with expectations to reach at least 4.8% by 2026, while inflation is projected to remain around 8% by the end of next year [2]. Group 3: Market Reactions and Future Expectations - Analysts predict that the interest rate cut will gradually lower loan rates, providing relief to businesses and households facing high borrowing costs [4]. - The central bank's optimistic signals suggest potential for further significant rate cuts, with market expectations indicating at least another 500 basis points reduction by 2026, exceeding current market forecasts [5].

Group 1: Gold Market Analysis - Gold prices reached a peak of $4,152 before retreating, currently trading around $4,140, with related products showing narrowed gains [1] - Strong investment demand is supporting the gold market, testing resistance near $4,150 per ounce, preventing significant declines [1] - Although gold prices have decreased approximately 6% from last month's historical high of around $4,360 per ounce, the pullback is relatively mild and has not triggered panic selling [1] Group 2: Federal Reserve Monetary Policy - Goldman Sachs predicts the Federal Reserve will implement a third consecutive rate cut in December, citing easing inflation and a cooling labor market as factors [2] - The firm anticipates further rate cuts in 2026, with the federal funds rate expected to fall to a range of 3.00% to 3.25% [2] - The baseline view is that the Federal Reserve will increasingly believe in the sustainability of the inflation slowdown trend, reducing the need for restrictive monetary policy [2]

Core Viewpoints - The market style is expected to rebalance in November, potentially returning to a "dumbbell" structure, as liquidity remains relatively loose and external factors like the Fed's interest rate expectations may fluctuate [1][22]. Economic Data - China's October exports fell by 1.1% year-on-year, below the expected 3% growth, while imports grew by 1%. The trade surplus was $90.07 billion, slightly down from the previous month's $90.45 billion. For the first ten months of 2025, total trade value reached $520.46 billion, a 2.7% year-on-year increase [3][4]. - The decline in exports is attributed to a high base from the previous year and a slowing global economy, compounded by increased tariffs from the U.S. [3]. Equity Market Insights - Morgan Asset Management indicates that the global macro environment remains favorable for risk assets, supported by healthy consumer balance sheets, expectations of gradual monetary easing from the Fed, and ongoing fiscal stimulus [5]. - CITIC Securities suggests that resource products may become a new investment focus due to global monetary easing and supply-demand gaps, highlighting strategic resources like rare earths and lithium as having long-term investment value [6]. - China Europe Fund emphasizes the importance of cyclical stocks and technology resonance, suggesting that the market's current valuation recovery is nearly complete, with future growth driven by earnings [7]. Industry Research - CITIC Securities highlights that 2026 will be a critical year for the recovery of real estate companies' balance sheets, with a potential bottoming out of profits. The residential market shows signs of stabilization, and companies with quality investment properties are expected to perform well [11]. - Guotai Junan Securities notes that the liquor industry is undergoing a period of accelerated adjustment, with inventory clearing expected to lead to a rebound in stock prices [12]. - Penghua Fund anticipates that the domestic economy will seek balance between policy support and structural optimization over the next two to three years, favoring high-quality dividend assets [13]. Macro and Fixed Income - Huatai Securities recommends a focus on short-term credit bonds for defensive strategies, as overall credit demand is weakening [18]. - CICC predicts that monetary policy will accelerate easing due to ongoing export pressures, with expectations for rate cuts and reserve requirement ratio reductions [19]. - Bosera Fund indicates that domestic financial policies are favorable for the bond market, enhancing supply-demand dynamics [20].