Group 1 - Global market liquidity is tightening as the Christmas holiday approaches, with year-end trading characteristics becoming more pronounced [1] - There is no clear dominance of risk aversion or risk appetite in the market, with funds being allocated across different assets [1] - Geopolitical uncertainties and market pricing of the Federal Reserve's mid-term easing path continue to support gold prices, which are reaching historical highs [1][2] Group 2 - Gold has maintained its role as a core macro hedge asset, with spot gold prices remaining in a historical high range and an annual increase of 70%, marking one of the strongest yearly performances in decades [2] - JPMorgan maintains a bullish outlook on gold, citing tariff uncertainties, central bank purchases, and synchronized demand from ETFs and physical markets as core factors supporting the gold bull market [2] - The Dow Jones Industrial Average showed resilience, with financial and materials sectors leading the gains, indicating a reallocation towards real economy-related assets in a rate-cut environment [2] Group 3 - Recent inflation data has not provided clear guidance for the market, with missing key inflation data due to government shutdown affecting the CPI report's reference value [3] - Market expectations for further rate cuts are present, but pricing of policy paths has slowed down significantly [3] - Geopolitical risks are increasingly influencing market sentiment, with a cautious stance from Federal Reserve officials regarding the economic outlook [3] Group 4 - Traders are increasing bullish bets on U.S. Treasuries, particularly focusing on the 10-year Treasury yield falling to around 4% [4] - Large asset management institutions are adopting a defensive approach, increasing cash holdings and reducing leverage, indicating heightened caution towards high valuations and geopolitical risks [4] - The current market is characterized by a combination of year-end risk appetite, policy uncertainty, and geopolitical factors, with the stock market maintaining a recovery pattern despite declining liquidity [4]

编辑丨谢珍 记者丨叶映橙,见习记者林健民 12月23日，现货黄金再度大幅攀升，触及4497.75美元/盎司，创下历史新高。 受国际市场提振，国内金饰价格异动频频。其中，周生生、老庙黄金金饰克价均站上1400元大关，较前一日分别上涨36元、35 元。 | | 品牌金价 | | (0) . @ . | | --- | --- | --- | --- | | 品牌黄金价格 | | | 最新:2025.12.23 09:14 | | 日期 | 名称 | 价格 | 涨跌 | | 12.23 | 水贝金价 | 1167 元/克 | 实时 | | 12.23 | 周大福 | 1368元/克 | :3432 | | 12.23 | 周生生 | 1403元/克 | 涨36 | | 12.22 | 六福珠宝 | 1366元/克 | 持平 | | 12.22 | 我走草 | 1366元/克 | 持平 | | 12.22 | 潮宏基 | 1368元/克 | 持平 | | 12.23 | 老凤祥 | 1399元/克 | 涨34 | | 12.23 | 老庙黄金 | 1402元/克 | 涨35 | | --- | --- | --- | ...

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

智通财经APP获悉，港股恒生指数涨0.18%，涨47点，报25848点；恒生科技指数跌0.42%；港股早盘成 交872亿港元。 东岳集团(00189)盘中涨近4%，26年配额发布，有望支撑HFCs供需偏紧。 新股上市，诺比侃(02635)首挂上市，涨超330%；轻松健康（02661）涨超140%；翰思艾泰-B(03378)破 发跌超40%； 黄金现货+期货价格再创历史新高。理事建议美联储采取更鸽派立场，机构指黄金配置价值依旧突出。 山东黄金(01787)涨6%；招金矿业(01818)涨4%。 今早碳酸锂期货2605合约一度涨4%，最高见118580元/吨。锂业股延续涨势。赣锋锂业(01772)涨超 4%，天齐锂业(09696)涨4%。 力勤资源(02245)再涨超3%，印尼供应扰动不断发酵，镍供给过剩情况有望得到缓解。 昭衍新药(06127)涨超5%，上游实验猴供给端紧张，公允价值变动有望贡献利润。 国泰航空(00293)涨超7%，国泰航空预计十年来首次实现连续年度盈利增长。 华芢生物-B(02396)上市次日再挫逾17%，较招股价已跌逾四成。 药捷安康-B(02617)跌超15%，今日迎基石解禁，累计解禁股 ...

12月23日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数涨0.18%，报25848.99点，恒生科技 指数跌0.42%，国企指数涨0.11%。盘面上，科网股涨跌不一，京东、联想涨近1%，快手跌超3%，小 米、腾讯跌超1%；风电股涨幅居前，东方电气涨超5%；黄金股延续涨势，山东黄金涨超5%；锂电池板 块涨幅居前，赣锋锂业涨超4%；今日翰思艾泰、轻松健康、诺比侃上市 | 代码 | 名称 | | 最新价 涨跌幅 > | | | --- | --- | --- | --- | --- | | 01072 | 东方电气 | 0 | 25.260 5.34% | | | 00658 | 中国高速传动 | | 1.500 1.35% | | | 00579 | 京能清洁能源 | | 2.360 | 1.29% | | 00916 | 龙源电力 | | 6.770 1.20% | | | 02208 | 全风科技 | | 13.910 0.72% | | 黄金股延续涨势，山东黄金涨超5%。亚洲早盘，现货黄金涨超1%，最高至4490.88美元/盎司，续创历 史新高。摩根大通指出，关税不确定性，叠加ETF与各国央行的强劲需 ...

Market Performance - Huazhong Biopharmaceutical (02396) saw a significant drop of nearly 30% on its debut and continued to decline by over 17% today. The company, established in 2012, focuses on the discovery, development, and commercialization of wound healing therapies, but has not generated any revenue from product sales yet [1] - Zai Lab (02617) fell by over 16% following the unlocking of cornerstone lock-up shares on December 23 [1] - China Rare Earth Holdings (03788) increased by over 7% after announcing plans to spin off its subsidiary "Rare Earth Gold" for independent listing on the Hong Kong Stock Exchange [1] - Goldwind Technology (02208) rose nearly 1% as the world's largest integrated green hydrogen and ammonia project, built by China Energy Engineering, officially commenced production [1] - Guizhou Zhenjiu (06979) saw an increase of over 4% after announcing a phased halt to large-scale recruitment in certain regions, which has shown significant progress during the industry's adjustment period [1] Company Developments - Taobo (06110) experienced a decline of over 7% as it reported a high single-digit year-on-year drop in total sales for its retail and wholesale business for the third quarter of the 2025/26 fiscal year [2] - CSPC Pharmaceutical Group (01093) rose nearly 6% after its chairman increased his stake by acquiring 13.454 million shares at approximately HKD 8.1957 per share, totaling around HKD 110 million [2] - Shandong Gold (01787) increased by nearly 6% as spot gold prices reached a historical high of USD 4,400 per ounce, with predictions from JPMorgan estimating an average gold price of USD 5,055 per ounce by Q4 2026 [2] Industry Trends - The dairy sector saw active trading, with companies like Modern Dairy (01117), Original Ecology Dairy (01431), Mengniu Dairy (02319), and China Feihe (06186) all experiencing gains. This follows the Ministry of Commerce's announcement of temporary anti-subsidy measures on dairy products imported from the EU starting December 23, 2025 [3] - CIMC Enric (03899) rose by over 7% after signing a memorandum of cooperation with the Yangpu Economic Development Zone Management Committee at a recent offshore wind power industry chain conference [4] US Market Highlights - The US solar energy sector saw strong performance, with companies like Sunrun (RUN.US) and Canadian Solar (CSIQ.US) rising by 10.84% and 10.78% respectively, following a Goldman Sachs report indicating a structural investment window in the solar sector [5] - Cytokinetics (CYTK.US) increased by 4.59% after receiving priority review approval for its innovative drug, which treats obstructive hypertrophic cardiomyopathy in adults [5] - Tesla (TSLA.US) rose by 1.56% as a prominent analyst expressed optimism about the company's expansion of its autonomous taxi service by 2026 [6] - Quantum computing stocks surged, with D-Wave Quantum (QBTS.US) rising by 20.02% and IonQ Inc (IONQ.US) by 11.1% [6] - Cryptocurrency stocks continued to rise, with Hut 8 (HUT.US) increasing by 14.21% as Bitcoin and Ethereum prices surged [7]

Group 1 - The core point of the article highlights that spot gold prices have historically surpassed the $1,000 mark, opening at $4,444.98 per ounce and reaching $4,486.49 per ounce, with a year-to-date increase of nearly 70%, the highest since the 1979 oil crisis and high inflation period [1] - Domestic gold brands have also raised prices, with notable increases in the prices of gold jewelry from various brands, such as Chow Sang Sang and Lao Feng Xiang, reflecting a price hike of 15% to 30% for some products [1] - Silver prices have surged as well, reaching $69.69 per ounce, with a year-to-date increase of 139%, while platinum and palladium have also hit near three-year highs [1] Group 2 - Analysts from Everbright Futures indicate that there is significant divergence among Federal Reserve officials regarding interest rate cuts for the next year, leading to a generally optimistic outlook for precious metals due to concerns over financial market liquidity and economic employment [2] - Geopolitical tensions have reignited market concerns over oil supply, further boosting market risk aversion and demand for precious metals [2]

Core Viewpoint - The non-ferrous metal sector is leading the market, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, reflecting a significant upward trend since its low in April 2023, outperforming major indices like the Shanghai Composite and CSI 300 [1][3]. Group 1: Market Performance - The Huabao non-ferrous ETF has increased by 89.68% since its low on April 8, 2023, significantly outperforming the Shanghai Composite's 26.51% and CSI 300's 28.48% during the same period [1]. - The non-ferrous metal index has shown varied performance over the past five years, with annual returns of 35.84% in 2020, 35.89% in 2021, -19.22% in 2022, -10.43% in 2023, and 2.96% in 2024 [3][8]. Group 2: Leading Stocks - Key stocks in the non-ferrous sector include: - Bowei Alloy, up 8.52% - Shandong Gold, up 8.25% - Yunnan Zhenye, up 6.84% - Nanshan Aluminum, up 5.81% - Xiamen Tungsten, up 5.93% - Shengxin Lithium Energy, up 5.08% [4]. Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue its bullish trend, driven by supply constraints and recovering demand for industrial metals like copper and aluminum, as well as the explosive demand for energy metals such as lithium and cobalt [5][6]. - The current gold bull market is supported by central bank purchases, geopolitical uncertainties, and a re-evaluation of gold's value as a non-sovereign ultimate payment method, with predictions of gold prices reaching $4,500 to $4,900 per ounce by 2026 [5].

Market Overview - On December 22, Hong Kong stocks rose, with the Hang Seng Index up 111 points (0.4%) closing at 25,801 points[1] - The Hang Seng Tech Index increased by 47 points (0.9%) to close at 5,526 points[1] - Daily trading volume decreased to HKD 169.8 billion, with net inflow from southbound funds at HKD 3.13 billion[1] Sector Performance - International gold and silver prices reached new highs, with Zhaojin (1818 HK) up 6.0%, China National Gold (2099 HK) up 7.6%, and China Silver (815 HK) up 5.8%[1] - New consumption stocks performed well, with Mixue Ice Cream (2097 HK) rising 10.1% after opening a store in Los Angeles[1] - China Duty Free Group (1880 HK) surged 15.8% following the official closure of Hainan Island[1] US Market Update - On the US side, the Dow Jones rose 277 points (0.5%) to 48,362 points, while the Nasdaq increased by 121 points (0.5%) to 23,428 points[2] - Tesla's stock rose 1.6% amid positive performance of its Robotaxi compared to Google's Waymo[2] - Nvidia's stock increased by 1.5% as rumors suggest potential chip supply to China pending approval[2] Industry Dynamics - In the automotive sector, stocks like Pony.ai (2026 HK) rose 10.7% due to advancements in L3 autonomous driving technology[3] - In pharmaceuticals, a collaboration between Ginkgo Bioworks (1167 HK) and AstraZeneca (AZN US) was announced, with Ginkgo set to receive an upfront payment of USD 100 million and potential milestone payments up to USD 1.915 billion[3] - Ginkgo's stock fell over 10% as the authorization amount was perceived as lower than expected, indicating a possible sell-off after initial positive sentiment[3]

数据来源：Wind 彭博社指出，这是今年以来金价第50次打破纪录。此前一个交易日，国际金价上涨2.4%，创下一个多 月以来的最大单日涨幅。交易员们押注美联储明年将再次降低借贷成本，以及近期地缘政治局势，尤其 是委内瑞拉局势紧张加剧，令黄金的避险吸引力进一步增强。 今年以来，黄金价格已飙升70%，并超越了1980年经通胀调整后的峰值。10月，由于市场担心涨势过 热，金价出现明显回落。但随着市场预期美国将进一步降息，金价在年底迅速恢复上涨势头。 中新网12月23日电(记者 张乃月)北京时间12月23日，国际金价亚洲早盘时段上涨，创下历史新高， COMEX黄金期货一度突破4500美元/盎司，现货黄金突破4480美元/盎司。 ...