Core Viewpoint - The Thai Baht is experiencing its largest annual appreciation against the US dollar in eight years, with a 10% increase in 2025, outperforming other Southeast Asian currencies despite economic challenges [1][2]. Group 1: Factors Contributing to Baht Strength - The appreciation of the Baht began in mid-2024, coinciding with government economic stimulus plans and traders selling off the US dollar ahead of the Federal Reserve's latest interest rate cuts [2]. - A significant portion of the Baht's recent gains is attributed to a 60% increase in gold prices, driven by a weakening US labor market and seasonal peaks in Thailand's tourism industry [3]. - The Trump administration's import tariffs have unexpectedly boosted Thailand's economy by encouraging local manufacturing for exports to the US, as tariffs on Thai goods are lower than those on Chinese products [2][3]. Group 2: Economic Implications of a Strong Baht - A strong Baht makes Thai products more expensive in international markets, leading to the slowest export growth in over a year [5]. - The tourism sector is under pressure as the strong Baht diminishes Thailand's appeal as a low-cost vacation destination, with a downward revision of foreign tourist arrivals expected [6]. - While a stronger Baht can reduce inflation for imported goods, the overall impact on an economy heavily reliant on exports and tourism is negative [6]. Group 3: Government and Central Bank Responses - The Thai government is addressing concerns from export-oriented businesses regarding the Baht's appreciation, but political instability complicates fiscal policy direction [7]. - The Bank of Thailand has intervened in the foreign exchange market to manage excessive volatility and has proposed increasing the offshore income retention limit for businesses [8]. - Discussions are ongoing regarding measures to mitigate the impact of gold prices on the Baht, including potential taxation on physical gold transactions [8].

【导读】港股三大指数集体收涨，半导体股大爆发！事关黄金，香港财库局局长最新发声 中国基金报记者 伊万 12月22日，港股三大指数全日震荡，午后回暖，最终集体收涨。 截至收盘，恒生指数上涨0.43%，报25801.77点；恒生科技指数上涨0.87%，报5526.83 点；恒生中国企业指数上涨0.43%，报8939.68点。 盘面上，大型科技股多为小幅上涨，腾讯、阿里巴巴、京东等上涨不足1%；半导体芯片股大 爆发，龙头中芯国际盘中涨超8%；通讯板块集体上扬，汇聚科技创下历史新高；海南自由贸 易港全岛封关运作正式启动，免税概念股持续活跃，免税龙头中国中免大涨近16%；金银价 格刷新历史高价，黄金股、有色金属股活跃。 另一方面，奢侈品股走低，生物医药股集体弱势。此外，三只今日上市的新股——明基医 院、印象大红袍、华芢生物集体破发。 | 泡泡玛特 | 201.800 | 4.61% | | --- | --- | --- | | 9992.HK | | | | 阿里巴巴-W | 146.400 | 0.76% | | 9988.HK | | | | 中古国际 | 68.900 | 5.92% | | 0981.HK | ...

Core Viewpoint - The market continues to rebound with technology leading the gains, as the Shanghai Composite Index rises for four consecutive days, surpassing 3900 points, and the ChiNext Index increases by over 2% [1][23]. Market Performance - The total trading volume in the two markets increased to 1.86 trillion yuan, with over 2900 stocks rising, indicating a warming short-term sentiment [1][23]. - The leading ETF in the ChiNext, the AI ETF (159363), saw a rise of 3.05%, approaching its previous high, with a trading volume of 646 million yuan [4][27]. - The technology sector, particularly the semiconductor and AI hardware segments, experienced significant gains, with the electronic ETF (515260) rising over 2% [2][25]. Sector Highlights - The Hong Kong market's first ETF focusing on the "Hong Kong chip" industry, the Hong Kong Information Technology ETF (159131), rose by 1.58%, leading other Hong Kong ETFs [3][25]. - The precious metals sector remains strong, with the largest colored metal ETF, Huabao (159876), rising over 2% and reaching a new high, supported by a drop in U.S. inflation and expectations of interest rate cuts [3][25][37]. - The price of spot gold has reached a historic high of 4440 USD per ounce, driven by various macroeconomic factors [3][37]. Investment Opportunities - Analysts suggest that a classic "cross-year-spring" market is developing, driven by liquidity and risk appetite, favoring small-cap and technology growth sectors [3][26]. - The AI industry is seeing a surge in domestic GPU companies going public, with significant developments in AI models and technology [6][29]. - The AI ETF (159363) is highlighted as a key investment opportunity, focusing on leading companies in the optical module sector, which has shown substantial growth [30][36]. Future Outlook - Goldman Sachs indicates that the technology sector's dominance is supported by sustained profit growth, with AI benefits expected to expand across various industries by 2026 [30]. - The colored metal sector is anticipated to be a leading trend in 2026, with expectations for gold prices to challenge historical highs due to central bank purchases [11][34].

刘庭宇进一步表示，从基本面来看，黄金股呈业绩高增态势，2026年或有望继续上演戴维斯双击行情。 中证沪深港黄金股指数前十大成分股2025年前三季度业绩保持62%的高增速，符合市场预期。这一高增 长得益于金价中枢上行与金矿公司积极扩产形成的"量价齐升"格局，且这一核心逻辑在后续或仍将持续 兑现。从估值层面来看，截至11月30日，若按3800美元/盎司的金价测算，主要金矿公司2026年平均市 盈率仅为11-15倍，而历史上金矿公司估值中枢约为20倍，当前板块仍存在显著的估值修复空间。 刘庭宇表示，从资金维度看，无论是降息周期带来的交易型资金流入，还是在去美元化等趋势下长期配 置需求的增强，黄金板块均展现出显著的投资价值。尤其值得注意的是，近期黄金隐含波动率已快速回 落至历史平均水平，这在降低市场不确定性的同时，进一步提升了投资的性价比。 "美国11月失业率超预期抬升，叠加通胀数据低于预期、消费数据持续疲软，多重信号均指向美国经济 增长动能放缓，为美联储进一步宽松提供了充足依据。高盛、美银、瑞银及世界黄金协会等纷纷上调黄 金目标价至4900-5000美元区间，为黄金股的表现提供了坚实的价格支撑。"刘庭宇称。 12月 ...

人民网北京12月22日电 "中国黄金首届金条节"今日启幕。启动仪式现场，全新系列金条与黄金饰品正式亮相—— 从故宫纹样到敦煌神鹿，从非遗工艺到生肖文化，系列产品以黄金为载体，讲述东方美学故事，传递"黄金为民， 送福万家"的品牌理念。 "中国黄金首届金条节"新品发布与时尚秀演现场。摄影/刘磊 王祎鑫 an e ED CANGEOT Ving - 8 4 g 下 71 COD OF GA 10 10 61 CENTRA TANK as a result for the first to the broads 200 13 3 n 8 T @+1 0 Uni 0 "中国黄金首届金条节"新品发布与时尚秀演现场。摄影/刘磊 王祎鑫 er in 8 16 ak 4 2017 to Children STATUTE THE 3 15 n Friday @st the -------- art the first from to the start the pr 01 "中国黄金首届金条节"新品发布与时尚秀演现场。摄影/刘磊 王祎鑫 "中国黄金首届金条节"新品发布与时尚秀演现场。摄影/刘磊 王祎鑫 ...

两岸猿声啼不住，轻舟已过万重山。12月22日，国际金银价格齐创历史新高，再次迎来年内的"高光时 刻"。同花顺数据显示，截至发稿时，现货黄金报4412.62美元/盎司，日内涨1.33%，最高触及4420.470 美元/盎司，创历史新高，年内累计上涨68%。白银也不甘落后，伦敦银现报69.44元/盎司，日内涨幅达 2.47%，亦创新高，年内累计上涨超139%。 国际金银现货走势 国际金银价格创历史新高，贵金属市场的火热行情迅速传导至A股市场，国内贵金属指数板块同步走 强。个股方面，白银有色、湖南矿业涨停，晓程科技、湖南白银涨超7%，贵研铂业涨超6%，西部黄 金、盛达资源涨幅均超5%，山东黄金、紫金矿业、中金黄金、四川黄金、赤峰黄金、招金黄金等贵金 属企业个股亦纷纷跟涨。 极目新闻记者 吕少峰 港股贵金属部分个股表现 武汉科技大学证券研究所所长王伟接受极目新闻记者采访时表示，从去年到现在，黄金的强势表现令人 印象深刻，在前期涨幅已经很高的情况下，如今还能再创新高，真是印证了投资市场"涨不言顶"的真 谛。王伟所长分析说，黄金走势如此强势，我们既要从黄金与生俱来的避险属性进行解读，也要结合当 前资本市场和国际局势予以观 ...

Core Viewpoint - The recent surge in gold and silver prices is driven by strong demand for safe-haven assets amid expectations of further interest rate cuts by the U.S. Federal Reserve and geopolitical tensions, with gold surpassing $4,400 and silver reaching historical highs [1][2]. Group 1: Market Performance - Gold has increased by 67% this year, breaking through the $3,000 and $4,000 thresholds, potentially marking the largest annual gain since 1979 [2]. - Silver has outperformed gold with a year-to-date increase of 138%, supported by strong investment inflows and ongoing supply constraints [2]. - The current market conditions are characterized by a weak U.S. dollar, which makes gold cheaper for overseas buyers, further boosting demand [2]. Group 2: Technical Analysis - Gold has shown a strong upward trend, breaking past previous resistance levels, with a notable increase since November 18, indicating a sustained bullish momentum [3][5]. - Short-term trading strategies suggest focusing on potential pullbacks around $4,375 to $4,380 for buying opportunities, while being cautious of possible mid-term corrections [5][6]. - The technical outlook remains positive, with no immediate signs of a peak, although traders are advised to manage positions carefully to avoid losses from potential downturns [5][6]. Group 3: Trading Strategies - Suggested strategies include selling on rebounds near $4,420 to $4,425 with a target of $4,400 to $4,390, and buying on dips around $4,375 to $4,380 with a target of $4,400 to $4,420 [6]. - Emphasis is placed on strict risk management, including setting stop-loss orders to mitigate potential losses from sudden market movements [6][7].

国际现货黄金价格22日盘中突破每盎司4420美元，创历史新高，有望创40多年来最佳年度表现。 现货金价当天一度涨至每盎司4420.47美元。美国彭博新闻社报道，交易员预计，一系列美国经济数据 上周公布后，美国联邦储备委员会将在2026年降息两次。 作者: 卜晓明 除央行外，投资者同样在金价上涨中发挥重要作用。受"贬值交易"推动，即出于对主权债券及其计价货 币价值的担忧，投资者纷纷撤离这些资产。美国《华尔街日报》10月报道，担忧美元等货币前景的投资 者正大举买入黄金等替代性资产。 美国高盛银行本月18日发布的研报预期，到2026年年底，金价将涨至每盎司4900美元。该行补充说，这 一预测存在低估风险，并提到私人投资者可能出现更广泛的多元化资产配置需求。 在另一份概述2026年大宗商品前景的研报中，高盛预计央行购金的高需求以及美联储降息带来的周期性 支撑，将继续为金价上涨奠定基础，建议做多黄金。 来源：新华社 与此同时，美国总统特朗普一直主张采取更为宽松的货币政策。利率下行通常会给不用支付利息的贵金 属提供支撑。 近几周来，地缘政治持续紧张同样增强黄金和白银的避险吸引力。美国多家媒体21日报道，美国海岸警 卫队当 ...

Core Viewpoint - The A-share market experienced a significant rise on December 22, with the ChiNext Index increasing by over 2%, driven by a surge in the precious metals sector, particularly gold and silver [1] Market Performance - On December 22, the three major A-share indices opened high and continued to rise, with the ChiNext Index gaining more than 2% [1] - The precious metals sector saw substantial gains, with companies like Xiaocheng Technology, Hunan Silver, and Western Gold rising over 5%, while Shandong Gold, Zhongjin Gold, and Sichuan Gold also followed suit [1] Commodity Prices - On the same day, spot gold prices surpassed the $4,400 mark for the first time, setting a new historical high [1] - Silver prices also reached a peak, climbing above $69 per ounce, marking another record high [1] Future Outlook - Dongwu Futures anticipates that gold and silver will maintain upward momentum in the short term [1] - In the medium to long term, factors such as geopolitical conflicts, the onset of interest rate cuts, and the decline of the US dollar's credibility are expected to support a continued upward trend in gold and silver prices [1]

Group 1 - Gold prices reached a historic high of nearly $4,400 per ounce, increasing by approximately 1.5% in a single day [1] - The A-share precious metals sector saw significant gains, with companies like Shengda Resources and Zijin Mining rising over 5% [1] - Physical gold prices reported by Chow Tai Fook were 1,368 CNY per gram for pure gold jewelry and 1,199 CNY per gram for gold bars [1] Group 2 - Long-term factors affecting gold prices include changes in the purchasing power of the dollar, central bank reserve behaviors, and geopolitical risks [2] - Traders expect the Federal Reserve to cut interest rates twice in 2026, which is favorable for non-yielding assets like gold and silver [2] - Geopolitical tensions, such as U.S. sanctions on Venezuela and conflicts in Ukraine and the Middle East, have increased the safe-haven appeal of precious metals [3] Group 3 - Gold is anticipated to oscillate at high levels while gradually returning to previous upward trends due to macroeconomic conditions and safe-haven demand [4] - Goldman Sachs analysts predict further increases in gold prices, setting a base scenario of $4,900 per ounce, with potential upside risks [4] - ETF investors are competing with central banks for limited gold supplies, indicating strong demand in the market [4]