高盛石油研究主管达安·斯图伊文（Daan Struyven）表示，受央行与ETF买家持续需求推动，明年金价将 达到每盎司4900美元。但他同时指出，若散户投资者哪怕仅将少量资产配置转向黄金，都可能引发更显 著的价格上涨。 在周三接受彭博电视采访时，斯图伊文表示高盛对黄金的看涨情绪达到历史高点。"我们预计到2026年 末金价还将产生近20%的涨幅，目标设定为每盎司4900美元，"他坦言，"虽然涨幅不及今年（年内已上 涨近60%），但推动2025年上涨的两大动力预计将在2026年延续。" 首要驱动力是结构性走高的央行购金需求。"自2022年俄罗斯央行储备遭冻结后，新兴市场储备管理者 获得重大警示：他们需要将资产多元化配置至黄金。一旦将黄金储存于本国金库，这便成为唯一真正安 全的资产。" 第二大关键动力来自美联储降息周期。"美联储降息将推动资金流入黄金ETF市场，因为黄金是非生息 资产，"斯图伊文阐释道，"我们的经济学家预测美联储还将继续降息75个基点。这意味着我们将同时获 得央行购金与私人投资者的双重支撑。" 当被问及近期美元韧性会否影响黄金预测时，斯图伊文回应称："我认为资产多元化主题存在扩展潜 力，目前该趋势 ...

该潜在投资旨在构成集团资产多元化配置的一部分。集团将根据加密货币市场的表现及价格等情况，选 择及决定适当的购买时机及所购买的比特币数目。 新火科技控股(01611)发布公告，公司董事会经过全面分析市场环境、行业趋势、集团业务及发展战 略，认为近期全球加密货币市场经过阶段性调整，比特币作为行业标杆资产，具备较强的长期投资价 值。因此，董事会谨此宣布，集团计划于公开市场上的加密货币交易平台进行总金额不超过500万美元 (相等于约港币3900万元)的比特币购买计划。潜在投资的代价将根据比特币在公开市场的买入价釐定， 且将以集团内部资源拨资进行。 截至本公告日期，集团已就潜在投资购入合共约24.29单位的比特币，平均买入价为82,338美元，总代价 约为200万美元(相等于约港币1560万元)。 ...

该潜在投资旨在构成集团资产多元化配置的一部分。集团将根据加密货币市场的表现及价格等情况，选 择及决定适当的购买时机及所购买的比特币数目。 截至本公告日期，集团已就潜在投资购入合共约24.29单位的比特币，平均买入价为82,338美元，总代价 约为200万美元(相等于约港币1560万元)。 智通财经APP讯，新火科技控股(01611)发布公告，公司董事会经过全面分析市场环境、行业趋势、集团 业务及发展战略，认为近期全球加密货币市场经过阶段性调整，比特币作为行业标杆资产，具备较强的 长期投资价值。因此，董事会谨此宣布，集团计划于公开市场上的加密货币交易平台进行总金额不超过 500万美元(相等于约港币3900万元)的比特币购买计划。潜在投资的代价将根据比特币在公开市场的买 入价釐定，且将以集团内部资源拨资进行。 ...

格隆汇11月25日丨新火科技控股(01611.HK)公告，公司董事会经过全面分析市场环境、行业趋势、集团 业务及发展战略，认为近期全球加密货币市场经过阶段性调整，比特币作为行业标杆资产，具备较强的 长期投资价值。因此，董事会谨此宣布，集团计划于公开市场上之加密货币交易平台进行总金额不超过 500万美元(相等于约港币3,900万元)的比特币购买计划(「潜在投资」)。潜在投资的代价将根据比特币 在公开市场的买入价厘定，且将以集团内部资源拨资进行。 该潜在投资旨在构成集团资产多元化配置的一部分。集团将根据加密货币市场的表现及价格等情况，选 择及决定适当的购买时机及所购买的比特币数目。 截至本公告日期，集团已就潜在投资购入合共约24.29单位的比特币，平均买入价为82,338美元，总代价 约为200万美元(相等于约港币1,560万元) ...

自願公告 比特幣購買計劃 本公告由新火科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願 作出，旨在向本公司股東及潛在投資者更新本集團的最新發展。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完備性亦不發表任何聲明，且表明不會就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 SINOHOPE TECHNOLOGY HOLDINGS LIMITED 新 火 科 技 控 股 有 限 公 司 （ 於英屬處女群島註冊成立的有限公司） （股份代號：1611） 本公司將遵從上市規則第十四章有關須予公布的交易的規定，在有需要時候作出 進一步披露。 承董事會命 新火科技控股有限公司 執行董事 翁曉奇 香港，二零二五年十一月二十五日 本公司董事會（「董事會」）經過全面分析市場環境、行業趨勢、本集團業務及發展 戰略，認為近期全球加密貨幣市場經過階段性調整，比特幣作為行業標杆資產， 具備較強的長期投資價值。因此，董事會謹此宣佈，本集團計劃於公開市場上之 加密貨幣交易平台進行總金 ...

避险工具选择更加丰富市场参与者不再只依赖少数货币或资产进行风险对冲。 回顾过去二十多年，全球大量资金持续流入美国市场，特别是股票和其他权益类资产。这种资金集中配置，提高了美国资产的价格，同时也间接强化了美 元在外汇市场中的表现。然而，这种趋势并非永远不会改变。 当市场面临不确定性、估值压力或全球配置逻辑重构时，如果海外资金逐步转向更分散的区域和资产类型，美元可能会出现阶段性或周期性调整。类似的 例子曾在2000年后科技泡沫破裂时期出现，当时美元经历了数年的缓慢回落。 当前市场中，有三点变化值得关注： 资产估值水平处于高位部分投资者可能会逐渐提高风险意识，增加多元化配置。 全球贸易与供应链格局调整企业和资本流向可能会呈现更区域化或多极化的发展。 近年来，美元一直被视为全球市场中的"稳定锚"。无论是机构还是个人投资者，很多资产配置逻辑都围绕美元和美国市场展开。不过，随着全球资金流向 和投资偏好的变化，一些研究机构开始提醒：支撑美元的基础正在发生微妙转变。 这并不意味着美元会马上走弱，也不意味着某一趋势已经确定，而是提醒我们在观察市场时应加入更多维度，而非仅依赖过去经验。 对于普通投资者而言，更重要的是理解：全球资 ...

Core Insights - The "Southbound ETF Connect" has announced an expansion, increasing the number of ETFs from 17 to 23, effective from November 10, 2025 [1] Group 1: Expansion Details - The latest expansion includes the addition of 6 new ETFs [1] - The asset categories under the Southbound ETF Connect will become more diverse, including ETFs that contain non-Hong Kong assets for the first time [1] Group 2: Product Offerings - New ETFs include the Southern Eastern FTSE East-West Stock Selection ETF and the Southern Eastern Hang Seng Hong Kong-US Technology ETF, enhancing product choices for investors [1] - This expansion allows investors to diversify their assets in Hong Kong more efficiently [1]

Core Viewpoint - Successful investment is not about chasing short-term fluctuations of a single asset, but about achieving long-term returns through diversified allocation. The rise of the Chinese stock market does not imply a decrease in gold investment demand; rather, gold's role in Chinese investors' asset portfolios may become more significant than ever due to the upgrading of wealth management concepts and increasing global economic cycle volatility [1][7]. Group 1: Gold Market Dynamics - During the National Day holiday, the international gold market attracted global investors, with gold prices briefly surpassing $4000 per ounce, reaching a historical high due to geopolitical uncertainties, expectations of a shift in Federal Reserve monetary policy, and continuous accumulation of gold by global central banks [4]. - The strong rise in gold prices reflects long-term macroeconomic changes rather than short-term speculative trading. The global economy has entered a "new normal" characterized by low growth, high inflation, and frequent geopolitical risks since 2024 [5]. - Central banks worldwide have been increasing their gold reserves, with emerging market countries accounting for nearly 70% of net gold purchases in 2024, indicating a shift towards diversifying reserve assets amid declining trust in the dollar system [5]. Group 2: Investment Logic and Asset Allocation - Gold, as a non-debt asset, does not rely on any sovereign credit, making it a preferred asset for hedging systemic risks during economic cycles' turning points and heightened financial market volatility [6]. - The traditional view of an inverse relationship between gold and stock markets is weakening, as global investors are increasingly adopting diversified asset allocation strategies that include stocks, bonds, and gold to balance returns and risks [6]. - The changing structure of Chinese investors, with a growing emphasis on wealth management, has led to a more stable demand for gold. There is a noticeable trend towards diversifying asset allocation, with gold becoming an essential component of stable asset allocation rather than merely a safe haven [7].

Group 1: Gold Market - Gold prices have reached new highs, nearing $4000 per ounce as of October 6, 2025, significantly ahead of Goldman Sachs' forecast of reaching this price by 2026 [3][5] - The surge in gold prices is attributed to global instability and a shift in investment strategies, with central banks increasingly purchasing gold instead of U.S. Treasury bonds [5][7] - Gold is recommended as a stable asset in investment portfolios, with a suggested allocation of 40% to mitigate risks, emphasizing a long-term investment approach rather than chasing short-term gains [7][9] Group 2: Growth Assets - Metal sectors, including copper and rare metals, have shown strong performance this year, benefiting from the global industrial recovery and the expansion of the renewable energy sector [9] - The technology sector is experiencing overcrowding, making it difficult for further growth in the short term, suggesting a potential reallocation of investments from tech to metal sectors where valuations remain reasonable [9][11] Group 3: U.S. Stock Market and Cryptocurrency - The U.S. stock market, particularly the S&P index, is showing signs of bubble formation after surpassing 6800 points, indicating a need for caution among investors [11] - The cryptocurrency market has seen significant activity, with Bitcoin reaching historical highs, but it remains highly volatile, necessitating careful risk management and diversification in investment strategies [13]

Core Viewpoint - Goldman Sachs believes that the Hong Kong Stock Exchange (HKEX) stock price is significantly undervalued due to the structural boost from southbound capital, despite underperforming major indices in the past month [1][2]. Group 1: Southbound Capital Impact - Southbound capital is driving unprecedented growth in the average daily trading volume of cash stocks, which is a key profit driver for HKEX [2][3]. - The average daily trading volume has reached 318 billion HKD in September, surpassing 279 billion HKD in August and 254 billion HKD year-to-date [3]. - Southbound capital contributes approximately 30% to 40% of the year-on-year growth in total trading volume, accounting for about 25% of the total trading volume in the Hong Kong market [3]. Group 2: Earnings Forecast Adjustments - Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for the years 2025-2027 by 3% to 4% [4][5]. - The updated EPS forecasts are as follows: 2025 from 12.63 HKD to 12.97 HKD, 2026 from 13.05 HKD to 13.61 HKD, and 2027 from 13.96 HKD to 14.45 HKD [5]. Group 3: Valuation and Price Target - The target price for HKEX has been increased from 524 HKD to 544 HKD, reflecting a 4% upward adjustment based on the revised earnings forecasts [2][4]. - Historical valuation comparisons indicate that the current stock price is slightly below the median level of historical cycles, while the earnings growth outlook remains strong [6][7]. - A 20-year regression model suggests that the theoretical stock price should be around 590 HKD based on current trading activity levels, indicating significant potential for price correction [7].