此前灵宝黄金发布公告，于2025年12月10日，买方灵宝黄金国际有限公司(本公司的一间直接全资附属 公司)与卖方St Barbara Limited订立协议，据此，买方有条件同意认购及卖方有条件同意配售目标公司的 50%+1股股权，总代价为3.7亿澳元(按1澳元兑人民币4.6880元的概约汇率计算，相当于约人民币17.35亿 元)。 智通财经APP获悉，香港联交所最新资料显示，12月16日，灵宝黄金(03330)股东将股票由中信里昂证券 转入香港上海汇丰银行，转仓市值6.42亿港元，占比3.17%。 ...

【12月16日纽约尾盘现货黄金及COMEX黄金期货微跌】12月16日纽约尾盘，现货黄金跌0.03%，报 4303.69美元/盎司。日内其一半时间低位震荡，亚太午盘刷新日低至4271.92美元，21:30美国非农就业 报告发布前90分钟开始走高，数据发布后持续反弹，23:08刷新日高至4335.11美元。COMEX黄金期货 同样跌0.03%，报4333.70美元/盎司，日内交投于4297.40 - 4367.90美元。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

每经AI快讯，周二（12月16日）纽约尾盘，现货黄金跌0.03%，报4303.69美元/盎司。COMEX黄金期货 跌0.03%，报4333.70美元/盎司。 ...

Group 1 - The gold stocks experienced a decline, with Zijin Mining International (02259) down 5.05% at HKD 150.5, Zijin Mining (601899) down 3.13% at HKD 33.38, Tongguan Gold (00340) down 3.11% at HKD 2.8, and Shandong Gold (600547) down 2.85% at HKD 33.46 [2] Group 2 - A recent report from JPMorgan indicates that the Bloomberg Commodity Index (BCOM) will undergo an annual weight rebalancing in January 2026, with silver expected to face significant selling pressure, estimated at 9% of its total open contracts in the futures market. The report highlights that the selling pressure for silver this year is "more pronounced than last year," warranting investor caution [2] - The report also estimates that gold will see a selling scale of about 3% of its total open contracts in the futures market, which, despite being lower than silver, represents a substantial absolute selling amount due to gold's large market size [2] - Zhongyou Securities published a report stating that silver's volatility is high, and London inventories are recovering, suggesting that short-term squeeze logic may be temporarily paused. However, the long-term trend of de-dollarization is expected to continue, and with the inflow of ETF allocation funds amid short-term interest rate cuts, the outlook for the precious metals sector remains positive [2]

Market Overview - The Shanghai Composite Index fell by 1.11%, the Shenzhen Component Index decreased by 1.51%, and the ChiNext Index dropped by 2.1%, while the North Stock 50 rose by 0.54% [1] - The total market turnover was 1.75 trillion yuan, a decrease of 46.3 billion yuan compared to the previous day [1] Sector Performance - The dairy and retail sectors were active, while the commercial aerospace sector saw a rise in the afternoon [1] - Precious metals, film and television, and photovoltaic sectors experienced adjustments [1] ETF Performance - Some cross-border ETFs strengthened, with the Huaxia Fund Brazil ETF, Invesco Great Wall Fund S&P Consumer ETF, and E Fund Brazil ETF rising by 2.21%, 1.64%, and 1.31% respectively [1] - The fintech sector showed active performance, with the Fintech ETF from Industrial Bank rising by 1.3% [1] - The autonomous driving sector also saw gains, with the Huatai-PB Fund Intelligent Driving ETF and Penghua Fund Intelligent Connected Vehicle ETF increasing by 1.16% and 0.8% respectively [1] Declines in Specific Sectors - Gold stocks faced significant declines, with the Gold Stock ETF, Gold Stocks ETF, and Gold Stocks ETF Fund dropping by 4.16%, 3.91%, and 3.78% respectively [1] - The electric grid sector saw a comprehensive decline, with the Electric Grid ETF falling by 3.48% [1] - The photovoltaic sector also adjusted, with the Photovoltaic ETF Fund and Kexin New Energy ETF both decreasing by 3% [1]

Core Viewpoint - The recent sharp decline in international oil prices is attributed to a combination of disappointing U.S. employment data and ongoing concerns about global economic recovery, leading to a bearish outlook on oil demand [3][5]. Group 1: Oil Price Movement - On December 16, WTI crude oil futures fell by 2.06% to $55.65 per barrel, while ICE Brent crude dropped nearly 2% to $59.62 per barrel, marking the first time it fell below $60 since May [1]. - As of December 15, ICE Brent crude has seen a year-to-date decline of 19.13%, and WTI crude has dropped 20.97%, indicating a significant downward trend in both major oil futures [5]. Group 2: Economic Indicators - The U.S. non-farm payroll data for November showed an increase of 64,000 jobs, surpassing market expectations, but the unemployment rate rose to 4.6%, the highest since September 2021 [3]. - The International Monetary Fund (IMF) projects global economic growth rates of 3.2% in 2025 and 3.1% in 2026, which, while slightly improved from earlier forecasts, remain below the growth expected for 2024 [5]. Group 3: Supply and Demand Dynamics - The OECD has issued a cautious forecast, predicting a decline in U.S. economic growth from 2.8% in 2024 to 2.0% in 2025, and further down to 1.7% in 2026, influenced by tariffs, slowing consumer spending, and government shutdowns [6]. - The International Energy Agency (IEA) reported a significant oversupply in the oil market, with global oil supply expected to exceed demand by 3.84 million barrels per day [6]. Group 4: Future Trends - Despite short-term pressures on the oil market, long-term dynamics may shift due to the rising demand for electricity driven by AI technology, which could increase natural gas demand and subsequently impact oil prices [7]. - Morgan Stanley has warned that by 2028, the rapid growth of AI data centers could lead to a potential electricity shortfall of up to 20% in the U.S., while the EIA predicts that global electricity demand from data centers will more than double by 2030 compared to 2024 [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

来源：新浪证券-红岸工作室 12月16日，赤峰黄金跌5.38%，成交额19.02亿元，换手率3.64%，总市值587.80亿元。 异动分析 金属铅+黄金概念+金属铜+人民币贬值受益+稀土永磁 1、根据2024年半年报，公司旗下天宝山锌铅铜钼多金属矿主要产品包括锌精粉、铅精粉（含银）、铜 精粉（含银）和钼精粉。其对外销售的定价一般以精矿中所含的金属的市场价格为基准确定。主要是以 上海有色网1#锌锭的价格、1#铅现货的价格，上海期货交易所铜即期合约结算价为基准价，并根据精粉 产品中实际金属含量，综合考虑运输费、检斤费等因素确定结算价格；产品销售主要是通过预收货款的 方式进行，产品销售对象为长期合作的下游大型冶炼企业。 2、公司的主营业务是黄金、有色金属采选业务。公司的主要产品为黄金、电解铜等贵金属、有色金 属。 3、公司位于老挝的万象矿业目前主要从事铜矿开采和冶炼。 4、根据2024年年报，公司海外营收占比为69.11%，受益于人民币贬值。 5、2024年3月8日互动易：公司与厦门钨业合作，共同在老挝推动稀土资源开发。近日通过控股子公司 收购的"老挝川圹省勐康稀土矿"项目，估算矿种为花岗岩风化壳离子吸附稀土矿，矿 ...

Core Viewpoint - The release of the "Standards for Gold Exchange and Upgrade Services" marks a significant step towards the standardization, professionalization, and transparency of the gold exchange and upgrade business in China [1] Group 1: Industry Standards - The new group standard comprehensively regulates the gold exchange and upgrade business, covering aspects such as enterprise qualifications, management practices, service personnel, and equipment requirements [1] - This standard aims to enhance the operational framework and service quality within the gold exchange sector [1]

金市 - 避险溢价收缩 行情：现货黄金最终收于 4304.91美元/盎司，日内仅上涨0.11%，远低于盘初超过1%的涨幅。 动因：乌美谈判取得进展的消息削弱了黄金的避险吸引力，同时部分投资者选择获利了结。 亮点：其他贵金属表现强劲，白银、铂金、钯金均大幅上涨，其中钯金受供应缺口预期推动涨近5%。 ⬛ 油市 - 宏观预期压制地缘风险 核心要点： 地缘紧张局势现缓和迹象，削弱避险需求，金价、油价周一承压；美股在关键数据公布前交投谨慎；市场目光聚焦今日公布的美国非 农就业报告。 隔夜市场总览 周一，市场风险情绪有所回暖，主要受地缘政治出现谈判进展的影响。黄金回吐大部分日内涨幅，原油延续跌势，美股三大指数小幅收低。美元 窄幅震荡，日元因日本央行加息预期继续走强。交易员在周二美国非农数据公布前调整仓位，整体市场处于观望状态。 市场分项解读 汇市 - 日元独秀 行情：美元指数微跌0.09%；美元兑日元下跌0.31%，至155.345。 动因：市场普遍预期日本央行本周五将加息，这为日元提供了持续支撑。美元则在等待本国数据指引。 重点要闻速览 行情：美原油收于 56.82美元/桶，下跌1.08%；布油收于60.56美元/桶， ...