Report Industry Investment Rating - Gold and silver are rated ★☆☆, indicating a bullish bias but poor operability on the trading floor. Platinum and palladium are also rated ★☆☆ [1] Core Viewpoints - Overnight, the US Q3 GDP recorded 4.3%, the fastest growth in two years, causing a temporary decline in gold and silver prices, which later recovered. Geopolitical risks in regions like the US - Venezuela and Israel - Iran have intensified, and the new all - time high of gold has strengthened the overall trend of precious metals [1] - Although the Guangzhou Futures Exchange has issued policies to increase margin requirements and limit positions for platinum and palladium, the actual delivery business will start on May 1, 2026, so long - position funds remain active. Long - position funds in the far - month contracts are crowded, and platinum and palladium hit the daily limit [1] - The large price difference between domestic and foreign markets has attracted wide attention. The price difference between domestic and foreign active contracts is expected to attract cross - market arbitrage funds when it exceeds 40 yuan/gram. The market is mainly driven by domestic funds, and the foreign platinum price has hit a new high. The upper price limit lacks a reference range, so focus on tracking capital movements. With the Christmas holiday approaching, foreign trading volume will decline, and attention should be paid to capital trends. Tonight, focus on the early - released US weekly initial jobless claims [1] Other Key Points from Related Information ADP Employment Report - In the four weeks ending December 6, 2025, private - sector employers added an average of 11,500 jobs per week [2] Statements from Trump and Fed Candidates - Trump said those who disagree with him will never become Fed chair [2] - Hassett, the next Fed candidate, predicted that monthly new jobs may return to over 100,000 and that the Fed is far behind the curve on interest - rate cuts [2] Suggestions from the US Treasury Secretary - US Treasury Secretary Bessent suggested that the Fed should discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [3] Holiday Trading Suspensions - Due to the Christmas Eve holiday, the New York Stock Exchange will close early at 2:00 am Beijing time on the 25th; the Brent crude oil futures contract trading on the Intercontinental Exchange (ICE) will end at 3:00 am Beijing time on the 25th; the US Treasury bond futures contract trading on the Chicago Mercantile Exchange (CME) will end at 3:30 am Beijing time on the 25th [3]

Market Overview - Global stock markets are trading moderately, with European stocks mostly flat and US stocks hovering near historical highs ahead of the Christmas holiday [2][19] - The S&P 500 index futures are flat, while the Dow Jones and Nasdaq futures show slight declines [3][20] - The European Stoxx 600 index remains stable, boosted by Novo Nordisk's stock surge after FDA approval of its first GLP-1 pill, which contributed to a record closing high [3][20] Economic Indicators - Investor confidence is supported by the US economy's continued outperformance, which bolsters corporate profit outlooks for the coming year [3][20] - The market anticipates at least two rate cuts by the Federal Reserve by 2026, which could further support broader stock sectors despite concerns over high valuations in leading tech stocks [3][20] Precious Metals - Gold prices surged above $4,500 per ounce, driven by heightened geopolitical tensions in Venezuela and expectations of interest rate cuts, although some gains were later retraced [5][22] - Platinum also reached a historical high before pulling back, reflecting similar trends in the precious metals market [5][22] Oil Market - Oil prices continue to rise due to escalating tensions surrounding Venezuela, marking the largest five-day increase since October 27 and the longest consecutive rise since March 27 [6][22] - Brent crude oil increased by 0.4% to $62.14 per barrel, while WTI crude rose by 0.6% to $58.71 per barrel, with a cumulative increase of 5.87% over the past five days [6][22] Currency and Debt Markets - The US dollar has fallen for three consecutive days, expanding its year-to-date decline to 8.4%, as it approaches an 11-week low [7][24] - The 10-year US Treasury yield is stable around 4.16%, with recent economic data showing a 4.3% annualized growth rate for Q3, which initially supported yields [8][26] Corporate Highlights - Intel shares dropped over 5% in pre-market trading due to news that Nvidia has paused testing its 18A process technology [29] - Nike shares rose 2.4% after Apple CEO Tim Cook purchased 50,000 shares [30] - UiPath shares increased by 6.6% after being added to the S&P MidCap 400 index [31] - Sanofi's acquisition of Denali Therapeutics for approximately $2.2 billion led to a surge of over 37% in Denali's stock [31]

Group 1 - Gold prices continue to rise, reaching a record high above $4,490 per ounce, closing at $4,484.87, with a gain of 0.93% [1] - Silver prices have surpassed the key psychological level of $70, closing at $71.45, with an increase of 3.54% [1] - WTI crude oil prices rose by 0.84% to $58.37 per barrel, while Brent crude oil increased by 0.66% to $62.44 per barrel, amid concerns over supply disruptions due to geopolitical tensions [1] Group 2 - The U.S. economy expanded at a rate of 4.3% in the third quarter, marking the fastest growth in two years, despite a decline in consumer confidence for five consecutive months [1] - The ADP weekly employment report indicates that private sector employers added an average of 11,500 jobs per week over the four weeks ending December 6, 2025 [1] - Discussions are suggested regarding adjusting the Federal Reserve's inflation target to a range of 1.5%-2.5% or 1%-3% [1]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - Platinum's outer - market price breaks through the previous high with strong upward momentum, while palladium follows platinum to rise [1]. - The trend strength of platinum and palladium is both 1, indicating a neutral - to - slightly - bullish outlook [3]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Price Data**: Platinum futures 2606 closed at 619.95 with a 9.06% increase; gold - exchange platinum at 561.61 with a 5.26% increase; New York platinum main - continuous at 2320.10 with a 7.97% increase; London spot platinum at 2285.00 with an 8.46% increase. Palladium futures 2606 closed at 532.55 with a 4.74% increase; RMB spot palladium at 437.00 with a 1.63% increase; New York palladium main - continuous at 1964.00 with a 5.56% increase; London spot palladium at 1858.00 with a 5.21% increase [1]. - **Trading Volume and Open Interest**: For Guangdong platinum, the trading volume was 155,413 (a change of 101,107 from the previous day) and the open interest was 44,432 (a change of 3,345). For NYMEX platinum, the trading volume was 42,519 (- 9,028) and the open interest was 59,873 (a change of 27,467). For Guangdong palladium, the trading volume was 182,094 (a change of 153,767) and the open interest was 22,805 (a change of 5,106). For NYMEX palladium, the trading volume was 13,058 (a change of 1,991) and the open interest was 211,674 (a change of 190,256) [1]. - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3,269,872 (a change of 20,778), and palladium ETF holdings (ounces, previous day) were 1,138,951 (a change of 9,396) [1]. - **Inventory Data**: NYMEX platinum inventory (ounces, previous day) was 624,733 (no change), and NYMEX palladium inventory (ounces, previous day) was 195,570 (a change of 6,480). No data was provided for Guangdong platinum and palladium inventories [1]. - **Spread Data**: PT9995 to PT2606 spread was - 58.34 (a change of - 23.46); Guangdong platinum 2606 to 2610 spread was - 2.40 (no change), and the cross - period arbitrage cost of buying Guangdong platinum 2606 and selling 2610 was 7.62 (a change of 0.61). The spread between the gold - exchange platinum and London platinum was 44.53 (a change of - 12.10). Similar spread data for palladium was also provided [1]. - **Exchange Rate Data**: The US dollar index was 97.90 with a - 0.37% change; the US dollar to RMB (CNY spot) was 7.04 with a - 0.04% change; the US dollar to offshore RMB (CNH spot) was 7.03 with a 0.06% change; the US dollar to RMB (6M forward) was 6.95 with a - 0.08% change [1]. 3.2 Macro and Industry News - The US economy expanded at a 4.3% rate in the third quarter, the fastest in two years, but the US consumer confidence index declined for five consecutive months [4]. - According to the ADP weekly employment report, private - sector employers added an average of 11,500 jobs per week in the four weeks ending December 6, 2025 [4]. - Trump stated that those who disagree with his views will never become the Federal Reserve Chairman [4]. - Hassett, the next - potential Federal Reserve candidate, predicted that monthly new jobs may return to over 100,000 and that the Federal Reserve lags far behind the situation in terms of interest - rate cuts [4]. - US Treasury Secretary Bessent suggested that the Federal Reserve could discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [4]. - The Russian Foreign Ministry refuted the rumor that the Russian embassy in Venezuela was evacuating [4]. - Two departments such as the National Development and Reform Commission aimed to reach a total installed capacity of about 15 million kilowatts for solar - thermal power generation by 2030 [4].

Core Viewpoint - The article discusses the recent performance of U.S. stock markets, the rise in precious metals, and significant news regarding the Federal Reserve's interest rate policies, including comments from President Trump [2][10]. Group 1: U.S. Stock Market Performance - As of December 23, U.S. stock indices recorded collective gains, marking a four-day winning streak. The Nasdaq rose by 0.57%, the S&P 500 increased by 0.46%, and the Dow Jones gained 0.16%, with the S&P 500 reaching a new closing high [3]. - Major tech stocks saw most of them rise, with Nvidia increasing over 3%, Google and Amazon up more than 1%, while Tesla and Intel experienced slight declines [5]. Group 2: Precious Metals Market - International gold and silver prices continued to surge, with gold breaking the $4,500 per ounce mark for the first time on December 24. On December 23, COMEX gold futures rose by 1.02% to $4,515 per ounce, while silver futures increased by 4.44% to $71.61 per ounce [7]. - Platinum prices surged over 7%, reaching a historical high of $2,277.05 per ounce, and palladium also saw a significant increase of 7% [7]. Group 3: Federal Reserve and Interest Rate Policies - The Director of the National Economic Council, Hassett, indicated that the rise in precious metals has valid reasons, hinting at economic conditions influencing these trends [9]. - U.S. Treasury Secretary Mnuchin supports re-evaluating the Federal Reserve's inflation target once inflation stabilizes at 2%, suggesting a potential range adjustment [11]. - Hassett also noted that the U.S. is lagging behind global trends in interest rate cuts, while Trump expressed his desire for the next Federal Reserve Chair to lower rates in favorable market conditions [12].

Group 1 - U.S. stock market experienced a mid-session rally, with major indices showing positive performance, including a notable rise in large tech stocks like Nvidia and Google [2][3][6] - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, fell by 0.58%, with significant declines in companies like Xiaoma Zhixing and NIO [3] - Precious metals, particularly gold and silver, reached new historical highs, with spot gold surpassing $4500 per ounce and COMEX gold futures closing at $4515 per ounce [5][8] Group 2 - The U.S. White House's National Economic Council Director Hassett commented on the surge in precious metals, indicating strong reasons behind the price increases [8] - U.S. Treasury Secretary Mnuchin suggested revisiting the Federal Reserve's inflation target once inflation stabilizes around 2%, proposing a potential range adjustment [8] - President Trump expressed his views on the Federal Reserve's leadership, emphasizing the need for a chairperson who aligns with his perspective on interest rates and market performance [8]

Group 1: U.S. Stock Market Performance - The U.S. stock market saw a collective rise, with all three major indices recording a four-day winning streak as of December 23, with the S&P 500 reaching a new closing high [1] - Major tech stocks mostly increased, with Nvidia rising over 3%, Google and Amazon up more than 1%, while Tesla and Intel experienced slight declines [1] - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, fell by 0.58%, with notable declines in companies like Xiaoma Zhixing and NIO [1] Group 2: Precious Metals Market - International gold and silver prices continued to surge, with spot gold breaking the $4500 per ounce mark for the first time during the Asian trading session on December 24 [2] - COMEX gold futures rose by 1.02% to $4515 per ounce, while silver futures increased by 4.44% to $71.61 per ounce [2] - Platinum prices surged over 7%, reaching a historical high of $2277.05 per ounce, and palladium also saw a significant increase of 7% [2] Group 3: Federal Reserve and Interest Rates - U.S. Treasury Secretary Mnuchin supports re-evaluating the Federal Reserve's inflation target after it stabilizes at 2%, suggesting a potential range adjustment [4] - The White House's economic advisor Hassett noted that the U.S. is lagging behind global trends in interest rate cuts [5] - President Trump expressed his desire for the next Federal Reserve chair to lower rates when the market performs well, emphasizing the importance of market stability [5]

Group 1 - The market experienced significant gains last week, with the CSI 300 index rising by 4.18%, the Shanghai Composite Index by 3.49%, and the CSI 500 index by 3.87% [3] - The sectors that performed best included telecommunications, which ranked first, and computers, which ranked third, along with the automotive industry, which ranked fifth, indicating strong performance outside the TMT sector [3] - The industry model signals indicated an excess return of 4.34% for the week, confirming the accuracy of the previous week's predictions regarding the main board and small-cap stocks [3][5] Group 2 - Major fundamental events included the Federal Reserve's adjustment of its inflation target and Trump's mediation in the Russia-Ukraine conflict, which are expected to have positive implications for the Chinese stock market [4] - The Federal Reserve's shift towards a short-term inflation target suggests a potential for rapid interest rate cuts, which may not significantly support the U.S. economy or stock market but could lead to increased foreign capital allocation to China [4] - The active participation of retail and institutional investors in the market indicates a strong short-term bullish sentiment, with institutional fund flow indicators turning upward [5][6] Group 3 - The recommendation for the main board is to maintain a high position, as short-term capital inflows and the ongoing U.S.-China dynamics are expected to bolster A-shares [6] - For small-cap stocks, while maintaining a high position is advised, there has been a noted weakening in overall style, with large-cap stocks currently outperforming [6] - The short-term momentum model suggests focusing on the media industry as a potential area of interest [6]