花旗指出，地缘政治风险及美国减息预期升温，短期内金价有望维持高位。然而，若美国经济在下半年 加速复苏，市场对经济衰退的担忧减退，源自避险的投资需求可能会减弱，届时金价或面临回调压力。 不过，考虑到全球局势的复杂性，黄金作为对冲工具的价值依然存在。 周三，黄金、白银股开盘回落，赫克拉矿业(HL.US)、First Majestic Silver(AG.US)跌超7%，泛美白银 (PAAS.US)跌超6%，金田(GFI.US)跌超5%。消息面上，现货黄金跌超1%，现报4442.55美元;现货白银大 跌近5%，现报77.23美元。 ...

回顾过去一年的投资，林岳（化名）很庆幸自己重仓了黄金。 从去年初就开始断断续续买进黄金的他，一年下来，购买了包括实物黄金在内的各种黄金投资近50万元。随着黄金价格暴涨，林岳有了十几万的收 益，"庆幸自己坚定看好了黄金的涨势。" 不仅是黄金，2025年堪称贵金属"史诗级一年"，国际金银均创1979年以来最大年度涨幅。新年伊始，投资黄金白银是不是好的选择？又有什么需要注意的 方面？ 贵金属新年开门红 1月2日，贵金属集体迎来开门红。 Wind数据显示，现货黄金一度涨近2%，突破4400美元/盎司，收盘报4332.505美元/盎司，涨0.33%。现货白银日内涨幅一度扩大至4.17%，触及74美元/盎 司，收盘报72.824美元/盎司，涨1.74%。此外，现货铂金、现货钯金纷纷走高，涨超3%与1.5%。 社交平台截图 中国外汇投资研究院研究总监李钢对潮新闻记者表示，黄金在去年继续表现出较强的避险属性，特别是在全球经济受制于关税恶化预期和地缘政治紧张叠 加的背景下。美国和其他主要经济体的货币政策松中有稳，通胀压力虽已明显降温，但高位顽固性仍存，这推动了投资者对黄金的需求。在2025年末，黄 金价格逐渐稳定在高位，成为市 ...

【12月24日施罗德投资研报：当前环境下黄金投资吸引力大】 施罗德投资跨资产投资经理在研报中指出，当前美国政策环境高度不确定。 美国面临政策不确定、财政脆弱，以及投资者对美债和美元长期角色疑虑加深等问题。 在此背景下，黄金因避险属性和与传统资产低相关性，成投资者多元配置首选。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

不断升级的地缘政治紧张局势也增强了黄金和白银的避险吸引力。美国加强了对委内瑞拉的石油封锁， 加大了对总统尼古拉斯·马杜罗政府的施压，同时乌克兰首次袭击了地中海上一艘来自俄罗斯"影子船 队"的油轮。 Pepperstone Group Ltd的策略师Dilin Wu表示："今天的上涨主要受到围绕美联储降息预期的早期仓位布 局推动，并因年底流动性稀薄而放大。"她指出，11月疲软的就业增长和(55, 0.50, 0.92%)低于预期的美 国通胀数据，支持了进一步降息的预期。 随着地缘政治紧张局势升级，以及对美联储将进一步降息的押注，黄金和白银价格飙升至历史新高，为 四十多年来最强劲的年度表现增添了动力。 黄金价格一度上涨2.4%，突破10月份创下的每盎司4，381美元的先前纪录;白银价格一度飙升3.4%，逼 近每盎司70美元大关。此举延续了火热的涨势，使得这两种金属都坚定地迈向自1979年以来最强劲的年 度表现。 最新的上涨动力来自于交易员押注美联储将在2026年进行两次降息，以及美国总统唐纳德·特朗普也倡 导更宽松的货币政策。较低的利率通常对不支付利息的贵金属有利。 投资者在黄金上涨中也扮演了重要角色，部分原因是 ...

我觉得在多元化投资组合里，现货黄金算是很靠谱的"避险小能手"。它能帮我们对冲一部分通胀压力，还有市场波动带来的风险。最近现货黄金价格涨得挺 猛，已经创下每盎司4442.22美元的历史新高，今年以来累计涨幅快到68%了，妥妥的全球投资圈热门品种。金盛贵金属结合2025年11月的最新市场研究数 据，把现货黄金的配置价值和市场逻辑梳理得很清楚，我觉得这些内容能帮大家更理性地做布局。 现货黄金对比主流资产：优势其实很直观 站在资产配置的角度看，现货黄金和股票、债券、外汇这些常见投资品的风险、收益特点差别挺明显的。也正因为这样，它才能帮投资组合降低整体风险。 金盛贵金属提醒得很对，不同资产适合的场景不一样，我建议大家先对比清楚，再做配置会更稳妥。 先说说和股票的区别吧。现货黄金不用操心单个公司的经营情况，全球市场都公开透明，想操控也难。但股票就不一样了，很容易受企业盈利、行业景气度 的影响。有数据显示，过去5年用人民币买现货黄金，平均每年能赚18.3%，和沪深300指数的收益差不多，但价格波动小很多，持有起来更安心。 再看和债券的对比。债券主要靠固定利息赚钱，想变现的时候不太方便，还会受银行利率调整的影响。现货黄金就没 ...

那么，面对黄金如潮的涨势，投资者又是否值得去参与？笔者认为，这个问题要分两个方面来看。 如果是短线投资者，不妨先耐心观察，原因是最近金价过于迅猛，存在获利了结心态驱使下的回调需 求，目前价位如果过于激进追涨，则有可能在金价的高位震荡中被套。因此短线炒家有必要等待金价平 稳后再寻找相对低价入手的机会。如果是长线投资者，考虑到美元一旦进入弱周期，经验显示这一阶段 将持续较长时间，国际局势较难彻底缓和，因此可以考虑在金价小幅调整时出手，并长线持有黄金。 有必要多说一句的是，由此及彼，在贵金属价格持续看涨的背景下，投资者可以对资源类股票多加关 注，特别是有色金属类。原因在于，黄金事实上仅拥有金融属性，而铜、锌、钨、镍、钛等更因在现代 工业体系中具有重要作用，而凸显出应有的价值。 笔者认为，首先要明确的是，黄金今年以来的强势上涨并非无厘头式的炒作，而是基于其作为天下第 一"避险品种"的金融属性。那么今年世界是怎样的局势？俄乌战争硝烟未熄，加沙冲突烽火又起，时近 年底泰柬边境又起争端，在这样的背景下，黄金自然不会被视安全为第一要务的国际玩家忽视。与此同 时，白银也涨势不断，使得整个贵金属板块的上涨行情由点到面展开。 不过 ...

2025年的牛市，绝对是贵金属，黄金屡次创历史新高，白银、铂金同样如此。显然贵金属的亮眼表现，让大多数机构始料未及，不少大机构连夜为研报"打 补丁"，不过仍然赶不上国际黄金价格的上涨趋势，黄金成投资界"最靓的仔"。 昨日，国际黄金受地缘政治紧张局势恶化和市场对美联储明年进一步降息的预期推动，黄金的价格从开盘价4338.60到停盘价4443.69。尤其是今日，开盘同 样疯狂，目前黄金价格最高点4491.12。这种行情如同4月和10月的逼空拉升手法相似，大概率是在提前消化委内瑞拉事件。 目前，交易员们预计美联储将在2026年降息两次，尽管美国总统特朗普一直主张大幅降息，但上周美国公布的一系列经济数据未能为前景提供更清晰的指 引。对于不支付利息的黄金来说，宽松的货币政策无疑是一大利好。 地缘政治紧张局势也增强了贵金属的避险吸引力。美国加强了对委内瑞拉的石油封锁，加大了对马杜罗政府的压力，与此同时，乌克兰首次在地中海袭击了 一艘来自俄罗斯"影子船队"的油轮，中东局势也开始紧张。 贵金属市场正在结束一个具有历史意义的一年，黄金将创下1979年以来最大的年度涨幅。黄金价格飙升了约三分之二，这主要得益于各国央行购买量的增加 ...

Core Viewpoint - The recent trends in the gold market indicate a stable performance, with gold prices maintaining a strong position despite minor fluctuations, reflecting its long-term investment value and the increasing recognition from institutions and central banks [1][2]. Group 1: Market Performance - The gold market experienced slight fluctuations from November 3 to November 7, with London gold prices decreasing by 0.06% to close at 4000.3, yet remaining above the 4000 mark [1]. - Year-to-date, gold assets have shown a robust increase of 52.44%, highlighting their strong long-term allocation value [1]. Group 2: Central Bank Activities - Central banks globally are increasing their gold reserves, viewing it as a core asset to mitigate geopolitical risks and stabilize foreign exchange reserves [2]. - In November 2025, China's gold reserves increased by 1.25 tons, continuing a trend of gradual accumulation, which reflects a strategic approach to reserve optimization [2]. Group 3: Investment in Gold ETFs - Gold ETFs have emerged as a popular investment option due to their accessibility, with a low entry cost allowing investors to participate in gold investment without the challenges of physical gold storage [4]. - The advantages of gold ETFs include lower investment thresholds, price traceability to international gold prices, high liquidity, and the ability to hedge against market volatility [4]. Group 4: Investment Strategies - A systematic investment approach, such as dollar-cost averaging, is recommended to balance investment costs and mitigate risks associated with price fluctuations [6]. - It is advised to maintain gold ETF holdings between 5% to 15% of total assets to achieve risk diversification while capturing potential gains from gold investments [7]. - Investors should focus on selecting high-quality gold ETFs based on fund size and tracking deviation to ensure effective price replication [8]. - Adjusting holdings based on macroeconomic signals is crucial, with recommendations to reduce exposure during economic recovery and increase during geopolitical tensions [9]. Group 5: Market Outlook - The combination of gold's anti-inflation and geopolitical risk-hedging properties, along with ongoing central bank purchases, positions gold as a cornerstone for asset allocation [11].

Core Viewpoint - The banking sector has shown significant activity, with China Bank's stock price rising 4.00% to a record high, driven by overall sector trends and solid financial performance [1][2] Group 1: Stock Performance - China Bank's stock closed at 6.24 yuan per share, with a market capitalization surpassing 2 trillion yuan [1] - The banking sector's dividend yield is approximately 4% over the past 12 months, attracting conservative investors seeking stable returns [1] Group 2: Financial Data - As of the end of Q3, China Bank's total assets reached 37.55 trillion yuan, a 7.1% increase from the end of last year [2] - For the first three quarters, China Bank reported operating income of 491.204 billion yuan, a year-on-year increase of 2.69%, and a net profit attributable to shareholders of 177.66 billion yuan, up 1.08% [2] Group 3: Dividend Distribution - China Bank has completed two dividend distributions for 2024, totaling over 71.3 billion yuan, and plans to distribute 1.094 yuan per 10 shares for the 2025 interim dividend, amounting to 35.25 billion yuan [2] - A total of 24 A-share listed banks have announced their 2025 interim dividend plans, with total cash dividends reaching 263.79 billion yuan [2] Group 4: Market Outlook - The recent rise in bank stocks is attributed to a market style shift, with stable performance and attractive dividends driving investor interest [3] - The trend of dividend-driven stock purchases is expected to continue until the end of December, indicating positive prospects for bank stock prices [3]

Group 1 - The core viewpoint of the articles indicates that global investors expect the Japanese yen to outperform other major currencies in 2026, despite its poor performance in 2023, where it recorded the worst return among major currencies against the US dollar [1][4]. - Approximately one-third of the 170 fund managers surveyed by Bank of America believe the yen will achieve the best returns next year, followed by gold and the US dollar, while only 3% favored the British pound [1][4]. - The yen's underperformance this year, with only a 1% increase against the US dollar, is attributed to uncertainties surrounding the Bank of Japan's interest rate policies and the recent election of a prime minister supporting monetary easing [4][5]. Group 2 - The sentiment towards the yen's appreciation in 2026 may stem from its undervaluation, reflecting ongoing investor disinterest in Japanese assets, as the same group of investors has maintained a 4% underweight in Japanese equities for over a year [5]. - The potential for intervention by Japanese authorities in the currency market to support the yen is noted, especially if the US Treasury's upcoming macro and forex report refocuses attention on exchange rate policies [5]. - The monthly survey conducted by Bank of America from November 7 to 13 included 172 investors managing a total of $475 billion in assets [5].