Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Views - Consensus is beginning to form, marking a historical moment. The non-ferrous sector saw significant gains, particularly a 3.69% increase on a single day. The previously noted lagging performance of gold, copper, aluminum, and iron equities is gaining market recognition. Looking ahead, the report anticipates that commodity prices may continue to reach historical highs in 2026, suggesting active monitoring of investment opportunities in related sectors [9][13]. Summary by Sections Non-Ferrous Metals - Precious Metals: The long-term debt cycle is entering its late stage, with soaring physical prices reflecting a fundamental reaction to the erosion of trust in fiat currency systems. On December 26, silver prices surged by 10.47% in London and 11.15% on COMEX, indicating a systemic re-evaluation of asset values. The report forecasts continued record-breaking prices for precious metals in 2026, recommending a focus on investment opportunities in this sector [14]. - Copper: Labor disputes may exacerbate supply shortages, with expectations for rising copper prices and smelting fees. A potential strike at the Mantoverde copper mine could impact production, with an estimated output of around 30,000 tons of copper concentrate in 2025. The report also notes that the National Development and Reform Commission is encouraging consolidation in the copper smelting industry, which may improve smelting fees. The outlook remains positive for copper prices and smelting fees in 2026 [15]. - Aluminum: The National Development and Reform Commission may promote mergers and acquisitions among alumina producers, with aluminum prices expected to reach new highs due to the copper-aluminum price ratio effect. The report highlights the potential for steady profit growth in electrolytic aluminum enterprises and the acceleration of aluminum substitution for copper in air conditioning applications [16]. Steel Industry - Supply and Demand: The report indicates a slight increase in pig iron production, while steel demand is showing marginal weakness. The weekly consumption of rebar was reported at 2.03 million tons, reflecting a significant decrease of 2.86% week-on-week and 7.70% year-on-year [17][19]. - Inventory: Both social and steel mill inventories have decreased overall, with a slight accumulation in medium and heavy plates. Total inventory was reported at 8.73 million tons, down 3.74% week-on-week [22]. - Profitability: Cost differentiation is noted, with a recovery in steel profitability. The report states that the cost of long-process rebar has slightly decreased by 0.43%, while short-process costs have decreased by 0.13%. The profitability for long-process rebar has increased by 16 CNY per ton [29][32]. - Steel Prices: Overall steel prices have seen a slight decline, with the general steel price index decreasing by 0.28%. The report highlights that the price of cold-rolled steel has decreased by 0.58% week-on-week [36]. New Energy Metals - Supply: In November 2025, China's lithium carbonate production surged by 84.78% year-on-year, reaching 82,300 tons. The report also notes a slight increase in hydroxide lithium production [40]. - Demand: The production and sales of new energy passenger vehicles in November 2025 maintained significant year-on-year growth, with production at 1.771 million units, up 17.89% year-on-year [44]. - Prices: Prices for lithium, cobalt, and nickel have all increased. The average price for battery-grade lithium carbonate reached 120,400 CNY per ton, reflecting a week-on-week increase of 16.89% [49].

Group 1: Market Overview - The global precious metals market is experiencing a historic rally, with gold and silver prices reaching all-time highs on December 26, 2025, with London gold spot hitting $4549.9 per ounce and silver peaking at $79.4 per ounce, marking an annual increase of over 174% for silver [1] - Since the beginning of 2025, gold has led the precious metals market, while silver has shown significant gains, with COMEX silver futures rising over 172% [1] - The domestic precious metals market has also seen substantial increases, with Shanghai gold futures up 62% and silver futures up over 157% year-to-date [1] Group 2: Market Dynamics - The Shanghai Futures Exchange announced adjustments to trading parameters for gold and silver futures due to market volatility, including a 15% limit on price fluctuations and changes in margin requirements [2] - Silver has been listed as a "critical mineral" by the U.S. Geological Survey, indicating potential inclusion in tariff discussions, which may introduce new trade risks [2] - The silver market has been in a state of supply-demand imbalance, with global inventories at a ten-year low, further supporting price increases [3] Group 3: Future Outlook - Analysts predict that gold prices will continue to benefit from liquidity conditions resulting from Federal Reserve interest rate cuts, with global gold ETF inflows expected to be a significant buying force [3] - The demand for silver is increasingly driven by industrial applications, particularly in green energy and AI infrastructure, which is expected to provide a solid long-term upward basis for silver prices [3] - The market may experience increased volatility as gold prices detach from fundamental indicators, with future trends likely influenced by Federal Reserve policies and U.S. economic movements [4] Group 4: Related Companies - Zijin Mining (02899) is projected to have a CAGR of 12% in gold production from 2020 to 2024, with strong growth in copper and gold production planned for 2024-2028 [5] - Jiangxi Copper (00358) is a significant silver producer in China, with stable production and international competitiveness, which may benefit from rising silver prices [6] - Shandong Gold (01787) has a rich resource base and ongoing projects, with expected net profits of 30.30 billion, 50.83 billion, and 59.38 billion yuan from 2024 to 2026 [6] - China Silver Group (00815) is a professional silver producer with comprehensive operations, although it reported a decline in revenue and net profit in 2024 [6]

Core Viewpoint - The article discusses the evolving investment landscape driven by technological advancements, particularly in AI, and highlights the importance of strategic asset allocation in a changing global economy [2][3]. Group 1: Global Macro Trends - The article emphasizes the acceleration of global capital seeking new coordinates amid the shifting dynamics of the dollar's credibility and the rise of Chinese assets [2]. - It notes that the macroeconomic environment is characterized by uncertainty, with a consensus emerging around the "dumbbell strategy" to balance high-dividend assets with growth opportunities in technology [4][6]. Group 2: Investment Strategies - The "DeepAlpha Annual Dialogue" event gathered experts to discuss investment paths for 2026, focusing on the integration of AI and multi-asset strategies [3]. - The multi-asset platform developed by the company aims to provide comprehensive asset management solutions, covering various investment fields including equities, fixed income, and alternative investments [3]. Group 3: Key Insights from Experts - Liu Yuhui suggests that the "dumbbell strategy" is essential for navigating uncertainty, advocating for a focus on high-dividend assets and long-term growth opportunities [4][6]. - Zhu Qing highlights the continued investment value in A-shares and H-shares, driven by a reallocation of funds from traditional assets to equities [4][8]. - Gu Xinfeng expresses confidence in the valuation of Chinese assets, particularly in AI hardware and applications, as key areas for future investment [4][10]. Group 4: AI and Technology Investment - The article discusses the transition in AI investment from a focus on training models to commercial applications, indicating a shift towards a more sustainable growth model [12][13]. - It emphasizes the importance of selecting individual stocks in the AI sector as the market matures, moving away from broad-based growth [12][13]. Group 5: Gold as an Investment - The article presents gold as a significant asset in 2025, with prices nearing $2000 per ounce, driven by a decline in trust in the dollar and increased central bank purchases [6][20]. - Hua Long outlines the three frameworks for gold pricing: the dollar index, liquidity, and risk events, all of which support gold's mid-term price stability [20][21]. Group 6: Quantitative Strategies - The article highlights the growing role of quantitative strategies in asset management, particularly in a market characterized by structural changes and active trading [18][19]. - Sun Meng discusses the integration of AI into quantitative investment processes, enhancing the ability to capture market trends and generate excess returns [18][19].

智通财经APP获悉，2025年的交易临近收官，全球贵金属市场再度迎来历史性行情。12月26日，国际金 银价格同步创下历史新高，其中伦敦金现货最高触及4549.9美元/盎司；白银表现更为迅猛，盘中最高 触及79.4美元/盎司，年内涨幅超174%。 2025年以来，黄金领涨贵金属市场，白银后来居上。贵金属市场全年的行情先后经历关税驱动、震荡调 整、降息预期主导以及技术回调几个主要阶段，就在市场认为行情将在高位震荡收官之际，新一轮涨势 再起，并再创历史新高。 具体来看，12月26日，伦敦金现货价格突破4500美元/盎司整数关口。截至目前，COMEX黄金期货和伦 敦金现货价格年内涨幅均超过70%。 白银表现更为亮眼。COMEX白银价格从12月19日至26日连续五个交易日大涨，价格从开盘65.44美元， 涨至最高79.7美元。2025年以来COMEX白银期货累计涨逾172%。 国内贵金属市场跟涨，沪金期货年内涨62%，最高触及1024元/克，沪银期货年内涨逾157%，最高触及 19215元/千克。 面对剧烈波动，上海期货交易所于12月26日发布通知，自12月30日收盘结算时起，对黄金、白银期货合 约的交易参数进行调整。 ...

截至2025年12月26日收盘，山金国际(000975)报收于25.04元，上涨3.99%，换手率1.33%，成交量33.74 万手，成交额8.36亿元。 当日关注点 交易信息汇总资金流向 北京市竞天公诚律师事务所就山金国际黄金股份有限公司2025年第四次临时股东会的召集和召开程序、 召集人和出席人员资格、表决程序及表决结果出具法律意见书。本次会议于2025年12月25日以现场和网 络投票方式召开，审议通过了续聘2025年度审计机构、2026年度对外捐赠、子公司开展衍生品套期保值 交易、为子公司提供担保额度预计四项议案。表决程序合法，表决结果有效。 2025年第四次临时股东会决议公告 山金国际于2025年12月25日召开第四次临时股东会，会议采用现场与网络投票结合方式，出席股东及代 理人共646人，代表股份占公司有表决权股份总数的54.5493%。会议审议通过续聘2025年度审计机构、 2026年度对外捐赠、子公司开展衍生品套期保值交易、为子公司提供担保额度预计四项议案。其中第四 项为特别决议，获有效表决权股份总数2/3以上通过。律师认为会议召集、表决程序合法有效。 以上内容为证券之星据公开信息整理，由AI算 ...

Group 1 - The core viewpoint of the article highlights the potential for increased institutional buying power, which may drive the market index to break through its current resistance levels due to a combination of factors including a rebound in US tech stocks, appreciation of the RMB, and rising prices of metals like gold, silver, and copper [2] - The Shanghai Composite Index has achieved an "eight consecutive days of gains," indicating a recovery in market trading volume and a positive shift in external uncertainties [2] - Institutional buying power is expected to strengthen as overseas capital flows back into Chinese assets, driven by a weak dollar environment and narrowing interest rate differentials between China and the US [2][3] Group 2 - The private equity fund sector is experiencing significant growth, with the total management scale increasing by 1.04 trillion yuan to reach 7.0076 trillion yuan in October 2025, and continuing to rise to 7.0383 trillion yuan in November [3] - The asset allocation of private equity funds has increased, with the average position rising to 66%, approaching historical averages seen during bull markets [3] - The current market conditions, including favorable policies and improved sentiment, are expected to enhance institutional buying power, potentially pushing the index closer to its yearly high [2][3]

近日，瀚丰中兴办理了延期购回交易，交易延期11个月，延期后购回交易日不晚于2026年11月25日，质 押股票数量不变。 智通财经APP讯，赤峰黄金(06693)发布公告，近日，公司收到控股股东李金阳女士及其一致行动人烟台 瀚丰中兴管理咨询中心(有限合伙)(简称"瀚丰中兴")的通知，获悉控股股东将其所持有的部分公司股份 办理了质押手续，瀚丰中兴办理了股票质押式回购延期购回交易。2025年12月24日，控股股东将其持有 的2300万股公司股份质押予西藏信托有限公司，并于2025年12月25日取得《证券质押登记证明》。 ...

国泰君安期货·有色及贵金属 周报合集 国泰君安期货研究所·有色及贵金属团队 王 蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan@gtht.com 王宗源 （联系人）从业资格号：F03142619 wangzongyuan@gtht.com 2025年12月28日 Guotai Junan Futures all rights reserved, please do not reprint 1 CONTENTS 01 黄金：宏观水温温和 白银：突破高点，继续拉升 Special report on Guotai Junan Futures 2 2 08 02 03 铜：利多逻辑中发酵，价格大幅上涨 铝：跟涨铜，现货表现拖累弹性 氧化铝："反内卷"政策给导向，周五一度触涨停 04 铸造铝合金：需求边际走弱，价格高位震荡 05 锌：短期价格纠结盘整 06 07 铅：需求减弱，限制价格上涨 铂金：上涨势头强劲 钯金：与铂开始分化，上行速度 ...

现如今国际金融圈里，最引人瞩目的非黄金莫属了吧！正当人们还在紧盯着股市的涨跌时，国际金价却悄然冲上了每盎司4400美元的高点，真是让人惊讶不 已！ 要是两年前有人严肃地跟你说，黄金的价格能一直涨到每盎司4400美元，你大概会觉得他要么脑袋有点问题，要么就是在说段子。但现在，事实却狠狠地打 了大家个措手不及，把这个"段子"变成了现实。 更让人心里发毛的，倒不是这轮疯狂上涨本身，而是背后那只操控的大手。如果你还在盯着K线图寻求技术支持，恐怕已经迷失了方向。 当全世界的散户和大妈们还在为高不可攀的金价犹豫要不要出手时，掌控国家财库的央行们，却像早已心照不宣般，全面开启了无所不用其极的买入操作。 这可不是什么普通的投资行为，而是一场能改变金融教材内容的重大战略转折。从今年开始，全球央行们在市场上的黄金净买入总额已经超过了1000吨。 你得留意，这里的"净买入"两个字特别关键，意味着黄金正以单向的方式，从市场极速流入各国政府的金库，简直就像在大搬家一样。 平日里参加国际金融会议穿着西装笔挺的那些决策者们，此刻正用行动向市场传递一个信号：在这个充满变数的年代，唯有那金灿灿的金属块才算得上最靠 谱的定心丸。 想好好看看这波 ...

展望下阶段，中信证券报告认为，2026年金价有望继续受益于美联储降息带来的流动性宽松氛围，全球 黄金ETF流入将作为黄金的重要买盘。潜在的地缘政治风险和贸易冲突引发的避险情绪将继续支撑金 价，去美元化、央行购金等长期趋势构成金价上涨的坚实基础，预计2026年金价将再创新高，但考虑到 2025年金价涨幅显著，且上述因素已部分在金价中兑现，预计2026年金价涨幅或收窄至10%-15%，全年 价格或冲击5000美元/盎司。 南开大学金融学教授田利辉28日对记者表示，当下普通投资者应"回归本质，保持敬畏"。首先，必须从 根本上区分自身是作为"配置者"还是"交易者"。对于配置者，黄金是家庭金融资产的"压舱石"之一，其 意义在于风险对冲而非博取收益，建议采用定投方式平滑成本，并严格控制整体仓位比例。对于交易 者，则必须清醒认识到，当前价格已极度超前反映预期，市场脆弱性上升，应恪守止损纪律，尤其白银 波动性是黄金的数倍，非专业投资者不宜深涉。其次，建议所有投资者审视自身的投资组合，金银的仓 位不应挤压对成长性资产的长期布局。 央广网北京12月28日消息（记者 宓迪）国际金银价格近期成为市场焦点。Wind数据显示，截至记者发 ...