德银在最新报告中，向市场发出了强烈看多黄金的信号。 据追风交易台，德银在最新报告中大幅上调预期，将2026年平均价格目标从此前的4000美元/盎司上调 至4450美元/盎司，年度价格区间预计为3950-4950美元/盎司，最高可能触及4950美元/盎司意味着金价 或冲击5000美元大关。 德银指出，这种结构性牛市的驱动力已发生根本转变，刚性的官方购买正在取代价格敏感型的消费需 求。正如报告所强调的： 缺乏价格弹性的央行购买和ETF投资需求，正在取代对价格敏感的珠宝消费需求，成为黄金 市场的主导力量。同时，总体需求增长超过供应增长，这种供需错配为金价提供了坚实的底 部支撑。 德银表示： 相对于美元的表现与2024年创下的纪录相当，2025年黄金价格区间是自1980年以来最大的。 从历史数据看，自1971年以来，只有8次年度涨幅超过当年波动区间的情况，且全部为价格 上涨。即使在2026年黄金相对美元的表现不如2024-2025年那样出色，黄金价格仍能从近期 强势中继续延伸。这种结构性支撑来自于非弹性需求的增长主导了市场格局。 从需求方面来看，尽管金价处于高位，第三季度官方黄金需求从第二季度显著回升，达到220吨， ...

Company Overview - AutoZone, founded in 1979, has grown from a single store to 6,500 locations in the U.S. and expanding in Mexico and Brazil [4] - The company is recognized for its strong brand and customer service, catering to both automotive repair technicians and DIY customers [3] Financial Performance - For fiscal 2024, AutoZone reported net sales of $18.5 billion, a year-over-year increase of nearly 6%, and earnings per share (EPS) rose 13% to $149.55 [5] - In the third quarter of fiscal 2025, net sales increased by 5.4% to $4.5 billion, with domestic same-store sales up 5% [5] - EPS in the latest quarter decreased by 3.6% compared to the previous year, attributed to aggressive investments in growth rather than weak demand [6] Growth Strategy - AutoZone is focusing on expanding its market share in the commercial sector by enhancing delivery capabilities, increasing sales staff, and opening "mega-hub" stores [7] - The company is committed to long-term growth despite short-term margin pressures due to these investments [7] Market Position - The automotive aftermarket, valued at over $2.3 trillion globally, is characterized by inelastic demand, making AutoZone's core business resilient even during economic downturns [9][10] - The average age of vehicles on U.S. roads has reached a record 12.8 years, indicating a growing need for maintenance and parts, which benefits AutoZone [13] Share Buyback Program - AutoZone has repurchased over $38 billion of its own shares since 1998, significantly reducing its shares outstanding [14][15] - The company has $1.1 billion remaining in its current buyback authorization, indicating a strong commitment to returning value to shareholders [15] Valuation and Future Outlook - AutoZone's forward price-to-earnings ratio is around 25, which is lower than competitor O'Reilly Auto Parts at 31, suggesting reasonable valuation [17] - The U.S. automotive aftermarket is projected to reach $617 billion by 2027, providing substantial growth opportunities for AutoZone [17]