每经AI快讯，12月30日，香港恒生指数收涨0.86%，恒生科技指数涨1.74%。半导体上涨，英诺赛科涨 超15%，中芯国际涨超4%，华虹半导体涨近4%；百度集团涨近9%。黄金板块下跌，珠峰黄金跌超 6%，老铺黄金跌超5%。 （文章来源：每日经济新闻） ...

Group 1 - The overall commodity market has experienced significant volatility, with high-volatility assets like silver undergoing deep corrections, impacting gold prices [1] - Gold, as a hard currency, is expected to have stronger and longer-term upward momentum due to the ongoing de-dollarization trend and escalating geopolitical conflicts [1] - As of December 30, 2025, the CSI Gold Industry Stock Index (931238) rose by 0.06%, with notable increases in constituent stocks such as Zijin Mining (02899) up 2.87% and Jiangxi Copper (600362) up 2.84% [1] Group 2 - The US dollar has entered a depreciation cycle, with the dollar index dropping approximately 10% in 2025, which typically benefits gold prices due to their inverse relationship [3] - The tense situation in Venezuela and global geopolitical risks have heightened the market's focus on gold's safe-haven attributes, supporting gold prices [4] - Three key factors supporting the current gold bull market include the Federal Reserve's resumption of easing, declining confidence in the dollar, and escalating geopolitical risks [4] Group 3 - The Gold Stock ETF (517520) is known for its higher elasticity during gold price increases, making it an attractive investment for those looking to gain from rising gold prices [5] - The ETF closely tracks the CSI Gold Industry Stock Index (931238) and selects high-quality gold industry companies from the Shanghai, Shenzhen, and Hong Kong markets, allowing investors to capture gold price gains effectively [5] - Investing in this ETF can help diversify individual stock risks while providing exposure to the entire gold industry [5]

MACD金叉信号形成，这些股涨势不错！ 2025年港股IPO规模能够重返全球第一，离不开宁德时代、紫金黄金国际等大型IPO的助力，二者分别 为今年全球第一大和第二大IPO。值得注意的是，在这些大型IPO中，"含A率"极高，不少都是A股公司 赴港上市或分拆而来。在前十大IPO中，有6家都是A股公司，紫金黄金国际则是由A股公司紫金矿业分 拆而来。 格隆汇12月30日｜2025年，在宁德时代等一批大型IPO的带动下，港股IPO规模持续高歌猛进，2025年 港股全年IPO规模达2856.9亿港元，重返全球第一。此前的2015年、2016年、2018年和2019年，港股IPO 规模曾雄冠全球。 ...

来源：新青年馆 2025 年末，黄金全年暴涨近 2000 美元 / 盎司并刷新历史新高，这一异常表现背后，是全球资金对美元 美债法币体系的信任危机。在 G2 争雄、大国竞争的核心背景下，知名智囊学者刘煜辉在华夏基金年度 对话中，勾勒出 2026 年全球经济格局与投资蓝图，提出以 "哑铃策略" 为核心，押注国运与成长的投资 逻辑。 当前全球经济的核心矛盾聚焦于美元体系的内生脆弱性。2025 年，黄金的暴涨并非偶然，而是全球资 本对美元信用坍塌风险的提前定价。美元之所以尚未垮台，关键在于美国 "All in AI" 战略催生的 "新 钱" 支撑 ——AI 科创资本、区块链及加密货币等资产指数级上涨，带动美国 AI 链市值一年暴涨 7 万亿 美金，英伟达跻身 5 万亿美金市值俱乐部，美股市值 22% 被科创 "七姐妹" 占据，日韩股市也因半导体 板块分别大涨 70% 和 20%。但美国 AI 产业存在致命短板：缺乏制造业支撑，无法形成经济闭环。 OpenAI 等企业前端资本开支高达 5000 亿美金，而会员收入仅 600 亿美金，这种严重失衡导致美国科创 巨头股价自 2025 年 10 月起波动加剧，若 AI 产业 ...

Core Insights - 2025 marks a pivotal year for the global economy, characterized by significant technological advancements and a shift in investment paradigms, particularly in China [2][3] - The Chinese ETF market has reached a milestone of 6 trillion yuan, reflecting a 60.86% increase from the beginning of the year, indicating a fundamental change in investment strategies [5][6][7] ETF Market Growth - The Chinese ETF market grew from 3.73 trillion yuan to 6 trillion yuan, with an increase of 2.27 trillion yuan [6] - A total of 1,385 ETF products are now available, demonstrating the extensive reach of ETFs in the market [6] - ETFs have become essential tools for investors, marking a significant shift in investment practices [7] Performance of ETFs - The 5G Communication ETF saw a remarkable increase of 102% year-to-date, while several other ETFs, including those focused on metals and AI, also reported gains exceeding 90% [9][11] - Notable ETFs include: - 5G Communication ETF: 102.45% increase [11] - Non-ferrous Metals ETF: 92.29% increase [11] - AI ETFs: Various funds reported increases between 60% to 92% [11] - Over 100 billion yuan has flowed into ETFs since the beginning of 2025, with significant inflows into major ETFs like the CSI 300 ETF and the Hang Seng Technology Index ETF [12][14] Investment Strategies - A "barbell strategy" has emerged among top global investment institutions, focusing on technology and gold as key assets to balance growth and risk [15] - The technology sector, particularly AI, has been a major driver of investment, with significant inflows into ETFs focused on robotics and AI [15][16] - Gold has also gained prominence due to geopolitical tensions and monetary policy shifts, with gold ETFs experiencing substantial inflows and price increases [17][19] A-share Market Dynamics - The A-share market saw the Shanghai Composite Index surpass 4,000 points, with a total market capitalization exceeding 100 trillion yuan [21] - Core broad-based ETFs have become the main avenue for capital entering the market, with significant net inflows into the CSI 300 ETF and A500 ETF [22] Hong Kong Market Activity - The Hong Kong stock market has transitioned into a high-activity phase, with ETFs serving as a bridge for mainland capital to invest in Hong Kong [25][26] - The Hang Seng Technology Index ETF has attracted over 220 billion yuan in net inflows, highlighting its role in connecting investors to leading tech companies [31] Conclusion - The year 2025 has been marked by a dual transformation in market sentiment and structure, with ETFs playing a crucial role in capturing and reflecting these changes [33] - The ETF market continues to evolve, with a focus on low-cost, efficient investment options for both individual and institutional investors [38]

Core Viewpoint - The company has adjusted its gold hedging strategy in response to rising gold prices, opting to close existing positions without opening new ones [1] Group 1: Company Response - The company confirmed that it has implemented a strategy to close existing gold hedging positions due to the continuous rise in gold prices this year [1] - The decision to adjust the gold hedging strategy was made after following the necessary approval procedures as per relevant regulations [1] Group 2: Market Context - Gold prices have been on a sustained upward trend since the beginning of the year, influenced by multiple factors [1]

Group 1 - Domestic gold jewelry prices have significantly adjusted downwards, with major brands reporting the following prices: Lao Feng Xiang at 1363 CNY/g, Lao Miao Gold at 1359 CNY/g, Chow Sang Sang at 1353 CNY/g, and Chow Tai Fook at 1363 CNY/g, while Liufu Jewelry remains at 1403 CNY/g [1][2] - The price changes reflect a decrease, with Chow Tai Fook dropping by 42 CNY, Chow Sang Sang by 53 CNY, Lao Feng Xiang by 45 CNY, and Lao Miao Gold by 44 CNY [2] Group 2 - The outlook for the gold market in 2026 is supported by expectations of interest rate cuts by the Federal Reserve, with a likelihood of 2 to 3 cuts anticipated for the year [3] - Global central bank gold purchases are expanding beyond geopolitical nations, contributing to a shift in the global foreign exchange reserve composition, where the share of dollar assets has decreased from 72% to 56%, while gold reserves have increased to 25% [3] - Despite high gold prices, investor demand remains strong, with gold investment demand in the first three quarters of 2025 reaching 551.5 tons, 477.5 tons, and 537.2 tons, significantly higher than the same period in 2024 [3] Group 3 - Potential negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically has led to declines in gold prices during periods of high inflation retreat [4] - Historical instances of central banks selling gold during liquidity pressures, such as in 1997 during the Asian financial crisis, could also pose risks to gold prices [4] - A significant easing of international geopolitical tensions may negatively impact gold demand and prices [4]

中金黄金今年以来股价涨100.48%，近5个交易日跌3.27%，近20日涨3.83%，近60日涨10.51%。 12月30日，中金黄金盘中上涨2.01%，截至10:54，报23.34元/股，成交12.01亿元，换手率1.09%，总市 值1131.36亿元。 资金流向方面，主力资金净流出4754.54万元，特大单买入2.31亿元，占比19.22%，卖出2.63亿元，占比 21.88%；大单买入3.27亿元，占比27.20%，卖出3.42亿元，占比28.49%。 资料显示，中金黄金股份有限公司位于北京市东城区安定门外大街9号，成立日期2007年9月24日，上市 日期2003年8月14日，公司主营业务涉及黄金等有色金属地质勘查、采选、冶炼。主营业务收入构成 为：冶炼94.45%，矿山27.85%，其他0.03%。 中金黄金所属申万行业为：有色金属-贵金属-黄金。所属概念板块包括：稀缺资源、黄金股、有色铜、 中字头、债转股等。 截至9月30日，中金黄金股东户数14.93万，较上期增加9.02%；人均流通股32458股，较上期减少 8.27%。2025年1月-9月，中金黄金实现营业收入539.76亿元，同比增长17.2 ...

特朗普未透露袭击细节，仅称行动发生在海岸沿线，但不愿说明由军方还是情报机构执行。这是其数日 内第二次以模糊措辞提及对委行动，上周五他在电台采访中宣称摧毁了一个"大型设施"，暗示目标在委 内瑞拉，但至今白宫、五角大楼及委方均未证实。 自8月以来，美国便在加勒比地区军事集结，向马杜罗政权施压，指控其向美输送致命毒品。特朗普的 对委策略依赖模糊表态、公开威胁与影射，意图颠覆该政权。与此前发布打击毒贩船只视频的做法不 同，此次官方未承认或说明袭击，白宫国安会、CIA及南方司令部均拒评，五角大楼将问题推给白宫。 目前袭击地点、破坏程度、伤亡及执行方式均未明朗，可能是常规军事打击，也可能是网络或秘密行 动。委政权未公开回应，多名美官员对特朗普言论感意外，但也承认可能存在不为多数官员知晓的秘密 行动。 【最新现货黄金行情解析】 摘要今日周二(12月30日)亚盘时段，现货黄金目前交投于4349.92美元附近，截至发稿，现货黄金最新报 4337.79美元/盎司，涨幅0.14%，最高上探至4349.92美元/盎司，最低触及4322.53美元/盎司。目前来 看，现货黄金短线偏向震荡走势。 今日周二(12月30日)亚盘时段，现货黄金 ...

Market Overview - The Hong Kong stock market opened higher on December 30, with the Hang Seng Index rising by 1.17 points to 25,636.4 points, the Hang Seng Tech Index increasing by 20.6 points (0.38%) to 5,503.61 points, and the National Enterprises Index up by 10.74 points (0.12%) to 8,902.45 points [1] - Major tech stocks showed mixed performance, with Tencent Holdings up 0.34%, JD Group up 0.8%, while NetEase, Meituan, and Kuaishou fell by 0.56%, 0.19%, and 0.55% respectively [1] - Chip stocks opened higher, with InnoCare Pharma rising over 4%, while automotive stocks generally increased, with NIO up over 5% [1] - Gold stocks declined, with Zijin Mining International dropping over 2% [1] - Six new stocks were listed today, with InnoCare rising by 45.5%, Meilian Holdings by 15.63%, Wuyi Vision by 14.75%, Linqingxuan by 9.3%, while Xunce and Woan Robotics remained flat [1] Corporate News - China Energy Construction (03996.HK) announced that its subsidiary won a bid for an ecological comprehensive governance project in Shaanxi Province, with a total contract value of 6.864 billion RMB, covering watershed management, infrastructure, urban renewal, water conservancy, and environmental protection works, with a total construction period of 36 months [2] - China Shenhua (01088.HK) reported that its Phase II Unit 3 generator set in Qingyuan has passed a 168-hour trial run and is now in commercial operation, while Unit 4 is under construction and expected to be operational by February 2026 [2] - Bay Area Development (00737.HK) signed a construction contract with Poly Longda for a total price of 775 million RMB [3] - China Railway Construction (01186.HK) completed the issuance of 4.45 billion RMB in corporate bonds [4] - Sichuan Energy Investment Development (01713.HK) entered into a strategic cooperation agreement with Mengsheng Electronics to deepen collaboration in the field of data intelligence in the power industry [5] - China Supply Chain Industry (03708.HK) signed a "Test Version Data Center Agreement" with Shuwei Technology [6] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for GLP-1/GIP receptor dual agonist peptide injection (SYH2069) in China [6] - Hutchison China MediTech (00013.HK) announced that the new drug application for Frengratin (HMPL-453) for second-line treatment of intrahepatic cholangiocarcinoma has been accepted and included in priority review [6] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase I clinical study of HLX37 in patients with advanced/metastatic solid tumors [6] - Hengxin Technology (01085.HK) announced that its planned 350MW solar thermal power station is ready to commence construction [7] - Runhua Services (02455.HK) expanded its property management services to multiple provinces in western China [8] - Hong Kong International Industries (00480.HK) plans to sell its entire issued share capital of Yue Shan Limited for 452 million HKD [9] - Yimei International Holdings (01870.HK) received formal approval from Guangdong Power Grid for the "Shaoguan City Lechang 218MW 436MWh electrochemical independent energy storage project" [9] Institutional Insights - Huatai Securities noted that this year's asset performance has been volatile, with frequent style and industry rotations, leading to decreased clarity in main lines and a right-side investment behavior [10] - CITIC Securities highlighted the recent appreciation of the RMB, which benefits the performance of RMB-denominated equity assets, and indicated that the central bank will use policy tools more flexibly, focusing on domestic demand targets [10] - The outlook for 2026 suggests stable macro-financial conditions pointing to a stable banking operating environment, with expectations for bank interest margins to bottom out and income and profit recovery in the real sector [11] - The absolute return logic for the industry comes from the re-evaluation of systemic risks in the banking sector, driving valuation recovery and stable equity return characteristics attracting capital inflows [11] - Founder Securities reported that the Central Economic Work Conference and the Ministry of Finance have clarified the optimization of "two new" policies, with multiple regions selecting old-for-new platform enterprises [11]