历史上，每一轮热潮都伴随着剧烈波动。当AI叙事逐渐清晰、预期被充分定价，金属价格的"故事溢 价"也可能回落。对白银、铜这样兼具金融与工业属性的品种而言，弹性更大，风险也更集中。 而当金价站上高位、震荡加剧之后，一部分人就开始觉得不过瘾了。在社交媒体上，算法推送、社群讨 论和"大V解读"迅速填补了这种需求。白银被包装成"价格洼地"，逻辑听起来更硬核，想象空间也很 大。渐渐地，原本以避险为目的的配置，悄然转向趋势博弈。 但问题的核心在于，很多人并不具备相应的知识储备。投资黄金，更多靠的是规则套利和耐心，而期货 和杠杆产品，更加考验对宏观政策、产业结构和风险控制的理解。一旦决策高度依赖社群情绪和喊单， 投资就容易变成集体冒险：涨时相互壮胆，跌时彼此安慰，却很难真正做到及时止损。 分析贵金属投资热潮，并不能简单地归结为"年轻人爱投机"。宏观流动性宽松、地缘政治不确定性增 强，AI带来的产业叙事……这些因素共同影响着当下的投资环境。因此，贵金属在投资界走俏，本身 就具有一定的必然性。 □ 大河财立方 记者 徐兵 从通勤地铁上的比价计算，到微信群里的行情讨论，越来越多年轻人正把"做功课"的能力，从购物平台 带进贵金属市场 ...

Group 1 - The Hong Kong stock market has seen a surge in investment enthusiasm despite recent adjustments, with multiple public fund institutions actively shortening fundraising periods for new funds and quickly building positions in newly listed ETFs, indicating optimism about future investment opportunities in Hong Kong stocks [1][2] - Several public fund institutions have announced early closures for their Hong Kong-themed funds, with some products reducing their originally planned fundraising periods from several months to just a few days. For instance, the Robeco Hong Kong Stock Connect Technology Equity Fund shortened its fundraising deadline from March 6, 2026, to December 26, 2025 [1] - New Hong Kong-themed ETFs are also showing a proactive market entry, with the Huatai-PineBridge Hang Seng Index Hong Kong Stock Connect ETF, set to launch on December 15, reporting that nearly 70% of its net asset value was allocated to equity assets as of December 8, demonstrating a rapid building pace [1] Group 2 - Public fund institutions are continuously enriching the product line for Hong Kong stocks, with several thematic funds currently in the issuance phase, covering sectors such as automotive and internet, providing diverse allocation tools for investors [2] - According to a representative from Huaxia Fund, the recent market correction has restored "value recovery space + marginal policy improvement + AI industry narrative" as threefold support for Hong Kong stocks, suggesting that it may be an appropriate time for long-term investors to gradually position themselves [2] - Data from Wind Information indicates that with ongoing capital inflows, several Hong Kong-themed ETFs have reached historical highs in terms of shares. As of December 14, the Huaxia Hang Seng Technology ETF (QDII) exceeded 64.5 billion shares, with other products also achieving their highest levels since launch, significantly boosting the overall scale of Hong Kong-themed ETFs [2]

2026年中国经济预计增长4.9%，投资端回升，广义基建投资提速，制造业投资维持6%，房地产投资降 幅收窄。消费受补贴政策影响有望获支撑，出口增量或来自美国宽松政策带动的需求。物价方面，CPI 预计小幅增长0.5%，PPI 降幅收窄至-0.9%。 政策上，财政政策延续扩张，增量资金比2025年多6200亿元；货币政策保持结构性宽松，引导资金流向 科技创新等关键领域。 从海外来看，短期中美关系进入相对稳定期，中长期在关键领域呈现"主动脱钩 + 被动去风险"态势。 2025年底至2026年底，美联储或开启4次降息，我们预计明年下半年全球流动性宽松周期到来，流动性 或从美向非美地区转移。 大类资产配置展望 债券：立足防御、寻求赔率。利率运行中枢或小幅抬升，10年期利率预计在1.7%~2%区间波动，30年 期在1.9%~2.3%区间。短久期利率贴近政策利率，可侧重短久期优质信用债和中久期利率债防御，等 待长久期利率做多机会。 国内经济预计平稳增长，通胀逐步改善。 2026年国内经济预计平稳增长，通胀将逐步改善，企业盈利有望在2025年拐点后继续上行。海外全球流 动性宽松可期，中美关系短期缓和但长期波动加大，在中美AI ...

Market Overview - On October 9, the A-share market experienced a strong opening with all three major indices rising, and the Shanghai Composite Index surpassing 3900 points [1][2] - The market saw a total of 3115 stocks increase in value, with nearly 100 stocks hitting the daily limit up [2] - The trading volume reached 2.67 trillion yuan, marking the 36th consecutive trading day with over 2 trillion yuan in volume [1][2] Sector Performance - Strong performances were noted in sectors such as gold, rare earths, nuclear fusion, copper, and storage chips [1][2] - The non-ferrous metals sector saw significant gains, with stocks like Zhongzhou Special Materials hitting the daily limit up by 20% and Jinyi Permanent Magnet rising over 15% [3] - The top-performing industries included non-ferrous metals, steel, and coal, with respective increases of 7.60%, 3.38%, and 3.00% [2] Fund Flow and Financing - In September, the A-share market's financing balance increased by over 130 billion yuan, with a notable net inflow of funds into more than 2300 stocks on October 9 [3][4] - The total margin financing balance reached 23,941.58 billion yuan by the end of September, marking a historical high [4] - The electronic, power equipment, and communication sectors saw the highest net buying amounts in financing, totaling 404.43 billion yuan, 372.76 billion yuan, and 115.09 billion yuan respectively [4] Investment Recommendations - Analysts suggest focusing on sectors with high growth potential and those experiencing a turnaround, particularly in non-ferrous metals, power equipment, machinery, automotive, electronics, and media [7] - The overall sentiment remains optimistic, with expectations for the A-share market to continue its upward trend supported by stable economic fundamentals and ongoing capital inflows [6][7]