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。 ...

消息面上，同花顺iFinD数据显示，12月22日，COMEX黄金盘中涨破4450美元，续刷新高。值得关注的 是，近日，美联储理事米兰警告称，如果美国央行在明年不继续下调利率，可能会增加经济陷入衰退的 风险。同时，米兰在接受采访时表示，近期就业数据已显示失业率"可能高于此前市场预期"，这类信号 足以推动美联储政策继续向宽松方向调整。诺安基金认为，全球主要国家财政政策的扩张、央行增持、 美元资产再配置需求、欧美央行降息仍将是黄金中长期的上行逻辑。 黄金股再度走强，截至发稿，山东黄金(01787)涨5.25%，报38.06港元；招金矿业(02899)涨3.72%，报 33.48港元；灵宝黄金(03330)涨3.54%，报19.57港元；赤峰黄金(06693)涨2.95%，报32.78港元。 鑫元基金表示，往后看，黄金牛市基础未改，但短期波动或加剧。若后续美国核心PCE继续回落，将巩 固2026年上半年两次25 bp降息预期，金价有望再试4400美元整数关口。中长期而言，特朗普即将提名 新任美联储主席，市场普遍预期其立场更鸽；叠加美国财政赤字扩张、债务规模高企及通胀不确定性， 实际利率与美元指数预计进入下行周期，黄金 ...

注：COMEX黄金的表现 智通财经12月23日讯（编辑 胡家荣） 受益于国际金价创历史新高，港股黄金股走强。截至发稿，山东黄金(01787.HK)涨5.25%、招金矿业(01818.HK)涨 3.41%、灵宝黄金(03330.HK)涨3.33%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 = | | --- | --- | --- | --- | --- | | 01787 | 山东黄金 | 38.080 | +1.900 | +5.25% | | 01818 | 招金矿业 | 33.380 | +1.100 | +3.41% | | 03330 | 灵宝黄金 | 19.530 | +0.630 | +3.33% | | 02259 | 紫金黄金国际 | 156.400 | +4.500 | +2.96% | | 06693 | 赤峰黄金 | 32.740 | +0.900 | +2.83% | | 02489 | 集海资源 | 1.120 | +0.030 | +2.75% | | 00340 | 漳关黄金 | 2.970 | +0.070 | +2.41% | 市场热度的背后，是黄金价格在近 ...

Core Viewpoint - Gold-related stocks have shown strong performance in early trading, with notable increases in prices for several companies, indicating a positive market sentiment towards gold investments [1]. Group 1: Stock Performance - Shandong Gold has risen over 6%, while Zhaojin Mining has increased by more than 3%. Other companies such as Zhongjin Gold, Chifeng Jilong Gold, and Shandong Gold International have also seen gains exceeding 2% [1]. - Related ETFs for gold stocks have experienced an increase of over 2% as well, reflecting the overall positive trend in the gold sector [1]. Group 2: Market Analysis - Analysts suggest that the ongoing purchasing of gold by global central banks has become a key variable disrupting traditional supply and demand dynamics. Additionally, the anticipated shift of the Federal Reserve towards a more accommodative monetary policy is expected to further benefit gold prices [2]. - Long-term factors influencing gold prices include changes in the purchasing power of the US dollar, central bank reserve behaviors, and geopolitical risks, which remain core determinants of gold price movements [2].

港股黄金股继续上涨行情，其中，山东黄金涨超4%，招金矿业涨3.9%，灵宝黄金涨3%，赤峰黄金、紫 金黄金国际、珠峰黄金涨超2%，中国黄金国际、潼关黄金涨1.7%。 本文源自：金融界AI电报 ...

Core Viewpoint - The Hong Kong gold stocks continue to rise, driven by increasing gold prices and favorable market conditions, with significant gains observed in various companies [1] Group 1: Market Performance - Shandong Gold increased by over 4%, Zhaojin Mining by 3.9%, Lingbao Gold by 3%, and several other gold companies also saw gains of over 2% [2] - The spot gold price accelerated its rise, reaching a new historical high of $4,490.88 per ounce, with an annual increase of over 71% [1] Group 2: Market Drivers - The recent surge in gold prices is attributed to traders betting on the Federal Reserve lowering interest rates twice in 2026, alongside President Trump's advocacy for a looser monetary policy [1] - Geopolitical risks have further enhanced the safe-haven appeal of gold and silver [1] Group 3: Future Predictions - Goldman Sachs and other banks predict that gold prices will continue to rise, with a baseline forecast of $4,900 per ounce by 2026, indicating greater upside risks [1] - ETF investors are beginning to compete with central banks for limited physical supply of gold [1]

12月23日，赤峰黄金盘中上涨2.05%，截至10:30，报33.78元/股，成交7.69亿元，换手率1.38%，总市值 641.96亿元。 资料显示，赤峰吉隆黄金矿业股份有限公司位于内蒙古赤峰市红山区学院北路金石明珠写字楼A座9层, 香港湾仔港湾道26号华润大厦19楼1905室，成立日期1998年6月22日，上市日期2004年4月14日，公司主 营业务涉及黄金、有色金属采选及资源综合回收利用业务。主营业务收入构成为：矿产金90.03%，电 解铜3.76%，其他(电子产品拆解)2.38%，锌精粉1.13%，稀土产品0.97%，钼精粉0.72%，铜精粉 0.44%，铅精粉0.37%，其他(补充)0.22%。 资金流向方面，主力资金净流入4186.00万元，特大单买入1.48亿元，占比19.22%，卖出9708.84万元， 占比12.63%；大单买入2.15亿元，占比28.03%，卖出2.24亿元，占比29.17%。 赤峰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：金属铅、黄金股、有色铜、稀 缺资源、稀土永磁等。 赤峰黄金今年以来股价涨118.64%，近5个交易日涨9.21%，近20日涨10.1 ...

Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading on December 23 [1][9]. Group 1: Market Performance - Leading gold stocks such as Shandong Gold rose over 4%, while Yunnan Zinc Industry and Zhongjin Gold increased by more than 1% [3][11]. - The international prices of gold and silver have reached historical highs, driven by geopolitical tensions that have increased demand for safe-haven assets [3][11]. - Year-to-date, gold prices have surged over 60% [3][11]. Group 2: Economic Factors - Recent strength in gold prices is attributed to the December interest rate cut, higher-than-expected unemployment rates, and lower-than-expected CPI, which have raised expectations for further rate cuts in January [4][12]. - The long-term outlook for gold prices is positive due to a low current gold reserve in China and a trend of central bank gold purchases [4][12]. Group 3: Future Trends in Non-Ferrous Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by three main factors: energy transition, AI revolution, and strategic reserves amid global competition [5][12]. - The duration of the super cycle for non-ferrous metals will depend on the recovery of the US dollar's credit, progress in strategic reserves, and the effectiveness of "anti-involution" policies [5][12]. - The upcoming "spring market" presents opportunities for investors, supported by a weak dollar cycle, policy backing, and industrial upgrades [5][12]. Group 4: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF (159876) and its linked funds is recommended to capture the beta performance across the non-ferrous metal sector [6][12]. - This ETF covers a wide range of industries including copper, aluminum, gold, rare earths, and lithium, which helps in risk diversification compared to investing in single metal sectors [6][12].