观察者网援引美联社报道，当地时间12月13日，美国宣布解除对白俄罗斯钾肥的制裁。另据白俄罗斯国 家通讯社报道，白俄罗斯总统卢卡申科当天赦免了123名在押人员。 早上好，先来看下重要消息。 泽连斯基作出重大妥协 据央视新闻消息，当地时间12月14日，乌克兰总统泽连斯基在接受采访时透露，围绕美方"和平计划"的 谈判中，美国及部分欧洲国家不支持将乌克兰加入北约作为其安全保障核心内容。 泽连斯基强调，加入北约是乌方核心诉求，也是切实有效的安全保障，却未获美欧相关支持。目前各方 正为乌构建替代性双边安全保障体系。 泽连斯基明确表态，接受该双边安全保障而非直接"入约"，是乌方作出的妥协，其核心目的是建立有效 机制，阻止俄罗斯未来再次"发动冲突"。 当地时间12月14日，美国总统特使威特科夫发布美乌在德国柏林举行会谈的纪要。纪要显示，双方代表 就"和平计划"、经济议程等议题进行了深入讨论。会谈取得了"重大进展"，双方将于15日上午再次会 面。据了解，此次会谈的核心议题仍然是领土、安全保障以及欧盟冻结的俄罗斯央行资产问题。 重大转变！美国宣布解除对白俄罗斯钾肥的制裁 2021年8月9日，拜登政府以所谓"操控选举"为由，对白俄 ...

Core Viewpoint - Recent fluctuations in spot gold prices are influenced by easing US-China relations, mutual tariff reductions, and political developments in the US, leading to a marginal stabilization in gold prices despite ongoing macroeconomic uncertainties [1][2]. Group 1: Economic and Policy Environment - The US government shutdown may lead to a lack of critical economic data, creating uncertainty for Federal Reserve decision-making [1]. - The potential for a Federal Reserve interest rate cut cycle, combined with increasing global macroeconomic policy uncertainties and a trend towards de-dollarization, is expected to support gold prices in the medium to long term [1][2]. Group 2: Market Sentiment and Investment Trends - Trump's fluctuating policy positions have heightened market uncertainty and increased risk aversion, providing additional support for gold prices [1]. - The recent signing of the GENIUS Act by Trump, which legalizes stablecoins, could have lasting implications for US dollar credibility and, consequently, gold prices [2]. Group 3: Long-term Outlook - The backdrop of monetary expansion and fiscal deficit monetization challenges the US dollar credit system, while global geopolitical tensions drive diversification in asset reserves, increasing demand for gold as a safe asset [2]. - The trend of de-dollarization may position gold as a new pricing anchor, potentially enhancing the upward momentum for precious metals [2].

Market Overview - The A-share market experienced a collective rise, with the Shanghai Composite Index increasing by 0.46%, the Shenzhen Component Index by 1.05%, and the ChiNext Index by 2.29% [1] - Key sectors that led the gains included precious metals, non-ferrous metals, innovative pharmaceuticals, CPO, and storage chips [1] Gold and Mining ETFs Performance - The Gold Stock ETF (517400) closed with a significant increase of 8.41% [2] - The Mining ETF (561330) also saw a notable rise, closing up by 4.04% [3] Reasons for Market Uptrend - The anticipation of interest rate cuts has been a driving factor for the market's upward movement [4] - On August 28, Federal Reserve Governor Waller made dovish comments, indicating support for a 25 basis point rate cut in September and potential further cuts in the next three to six months if economic data shows significant weakness [5] - Concerns over the independence of the Federal Reserve have increased due to Trump's interventions, which may lead to a more dovish stance from the Fed [5] Precious Metals Outlook - In a loose monetary environment, there is optimism for precious metals and resource stocks [6] - The demand for gold as a safe asset is expected to rise due to challenges to the dollar credit system and ongoing geopolitical tensions [6] - China's central bank has been increasing its gold reserves, with the latest data showing a rise to 73.96 million ounces as of the end of July, marking the ninth consecutive month of increases [6] Industrial Metals and Other Resources - The second half of the year may see limited deterioration in supply-demand dynamics for industrial metals, supported by anticipated Fed rate cuts and domestic stimulus policies [7] - The copper consumption off-season is nearing its end, and pre-holiday stocking may provide price support [7] - The outlook for aluminum remains strong due to limited impact from U.S. tariffs and fundamental support [7] Investment Opportunities - Investors are encouraged to consider the Mining ETF (561330) and the Non-Ferrous 60 ETF (159881), which track indices focused on the non-ferrous metals sector [8] - The Mining ETF focuses on companies with non-ferrous metal resources, highlighting the value of domestic mineral resources amid global competition [8]