周一（11月24日）亚盘时段，现货黄金回吐空间继续震荡受限于此前收敛区域，目前暂交投于4044美元附近。金价上周五（11月21日）企稳，盘中稍早下跌 逾1%至4023美元/盎司附近，但美联储"三号人物"、纽约联储主席威廉姆斯做出鸽派发言，交易员加大对美国12月降息的押注，这给金价提供支撑，金价一 度回升至4100关口附近，收报4065美元/盎司附近，接近持平，周线则微跌0.47%。 美联储降息预期的升温，不仅限于期货市场，还迅速传导至美债领域，进而为黄金价格的企稳铺平道路。上周五，美国国债收益率集体下滑，其中两年期国 债收益率尾盘下跌3.8个基点，至3.52%；标志性的10年期国债收益率则下跌3.7个基点，报4.067%。这一跌幅将收益率推至三周低点，两年期与10年期利差 收窄至55.5个基点，曲线进一步弯曲。这种收益率的下行，正是投资者对美联储因劳动力市场疲软而降息的押注加码所致。低收益率意味着债券的吸引力减 弱，资金自然外溢至黄金等非收益资产，形成价格支撑。 基本面： 美联储的政策基调一向是黄金市场的"风向标"，而本周的转变尤为引人注目。上周五，纽约联储主席约翰·威廉姆斯在公开讲话中罕见释放鸽派信号，他表 ...

Market Overview - The Shanghai Composite Index rose by 0.18% to close at 3946.74 points, with a daily high of 3960.05 points [1] - The Shenzhen Component Index showed minimal fluctuation, closing at 13080.09 points, with a peak of 13164.97 points [1] - The ChiNext Index increased by 0.25%, ending at 3076.85 points, reaching a maximum of 3113.22 points [1] ETF Market Performance - The median return for stock ETFs was 0.0%, with the highest return from the Ping An SSE 180 ETF at 1.33% [2] - The highest performing industry index ETF was the China Tai CSCI Nonferrous Metals ETF, yielding 2.9% [2] - The top thematic index ETF was the Yongying CSCI Hong Kong Gold Industry ETF, achieving a return of 4.79% [2] ETF Gains and Losses - The top three ETFs by gain were: - Yongying CSCI Hong Kong Gold Industry ETF (4.79%) - Guotai CSCI Hong Kong Gold Industry ETF (4.55%) - Huazhang CSCI Hong Kong Gold Industry ETF (4.27%) [4][5] - The top three ETFs by loss were: - Guotai CSCI Film and Television Theme ETF (-2.44%) - Penghua CSCI Media ETF (-2.44%) - Yinhua CSCI Film and Television Theme ETF (-2.42%) [4][5] ETF Fund Flows - The top three ETFs by inflow were: - Southern CSCI 500 ETF (inflow of 1.06 billion) - Southern CSCI 1000 ETF (inflow of 539 million) - Huaxia SSE Sci-Tech 50 ETF (inflow of 491 million) [6][7] - The top three ETFs by outflow were: - Huaxia SSE 50 ETF (outflow of 1.183 billion) - Penghua CSCI National Defense ETF (outflow of 373 million) - Huatai Baichuan CSCI Low Volatility ETF (outflow of 296 million) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 ETF (buying amount of 441 million) - E Fund ChiNext ETF (buying amount of 436 million) - Guotai CSCI All-Index Securities Company ETF (buying amount of 362 million) [8][9] - The top three ETFs by margin selling were: - Huatai Baichuan SSE 300 ETF (selling amount of 40.917 million) - Huaxia SSE 50 ETF (selling amount of 18.278 million) - Huabai CSCI All-Index Securities Company ETF (selling amount of 6.098 million) [8][9] Institutional Insights - Precious metals are expected to maintain a strong trend due to market risk aversion driven by concerns over economic conditions without interest rate cuts by the Federal Reserve [10] - Long-term support for gold prices is anticipated due to the rising status of gold as a monetary metal amid de-dollarization and ongoing central bank purchases [11]

Core Viewpoint - The Federal Reserve has lowered the target range for the federal funds rate from 4.00%-4.25% to 3.75%-4.00%, marking a 25 basis point cut, and has decided to end quantitative tightening (QT) and plans to conclude balance sheet reduction in one month [1] Group 1 - The cessation of balance sheet reduction will end the passive liquidity withdrawal from the financial system, which is expected to alleviate tensions in the dollar financing market [1] - After stopping the balance sheet reduction, the supply of dollar liquidity may stabilize, potentially narrowing the spread between SOFR (Secured Overnight Financing Rate) and EFFR (Effective Federal Funds Rate), enhancing the downward momentum of global dollar financing costs [1] - The improvement in global liquidity and the decline of the dollar are seen as positive for manufacturing countries' exports, especially after two years of strong dollar-induced liquidity tightening that exacerbated capital outflows and currency depreciation pressures in emerging markets [1] Group 2 - The end of the Fed's balance sheet reduction is expected to ease expectations of a "dollar shortage," potentially narrowing sovereign debt spreads in emerging markets and enhancing capital inflow momentum, which may benefit the valuation of emerging market stocks [1] - This change is anticipated to support upward revisions in corporate earnings and provide short-term support for stock performance [2] - In the bond market, short-term rates may decline with the policy shift, while long-term rates may remain resilient due to fiscal and term premium constraints, leading to a steeper yield curve [2] - Gold may receive further support in the context of declining real interest rates and increased institutional risk premium, particularly concerning the potential weakening of the Fed's independence [2]

Core Viewpoint - The Hong Kong gold stocks have strengthened, with Lingbao Gold rising nearly 7% following disappointing U.S. non-farm payroll data, which is expected to support gold prices through changes in U.S. monetary policy [1] Company Performance - Lingbao Gold (03330.HK) increased by 6.76% [1] - Chifeng Jilong Gold Mining (06639.HK) rose by 5.77% [1] - Tongguan Gold (00340.HK) saw a rise of 5.46% [1] Market Context - The U.S. non-farm payrolls added only 73,000 jobs in July, with significant downward revisions to the previous two months' data [1] - Institutions anticipate that changes in U.S. monetary policy will complement fiscal policy, providing support for gold prices [1] - There is a recommendation to pay attention to phase-based allocation opportunities in the gold sector [1]

Group 1 - The core viewpoint of the articles indicates that the gold stock sector is experiencing an upward trend, with the gold stock ETF (517400) rising over 2% [1] - The U.S. non-farm payrolls for July added only 73,000 jobs, significantly below the market expectation of 110,000, while the previous two months' data was revised downwards by a total of 258,000 jobs [1] - The unemployment rate slightly increased, and it is anticipated that changes in U.S. monetary policy will support gold prices in the second half of the year, suggesting a focus on phase-specific allocation opportunities [1] Group 2 - The gold stock ETF (code: 517400) tracks the SSH Gold Stock Index (code: 931238), which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap stocks involved in gold mining, refining, and sales from the mainland and Hong Kong markets [1] - The index components include gold mining companies and jewelry firms, reflecting a significant industry concentration characteristic [1] - Investors without stock accounts can consider the Cathay CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Linkage C (021674) and A (021673) [1]