期货交易咨询业务资格：证监许可【2011】1285号 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 华联期货黄金年报 黄金的中长期上涨逻辑仍在 20251215 段福林 0769-22116880 从业资格号：F3048935 交易咨询号：Z0015600 审核：姜世东，从业资格号:F03126164，交易咨询号：Z0020059 1 年度观点及策略 2 最新政策与消息 3 期现市场 4 通胀、利率 5 美国经济 6 黄金供需平衡表 7 汇率 ＆ 美元指数 8 黄金内外价差 9 黄金基差 10 金银油比价 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 年度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 u 通胀：2022年6月CPI数据创新 ...

Group 1 - A-shares experienced a downward trend today, with the Shanghai Composite Index closing at 3867.92 points, down 0.55%, and the Shenzhen Component Index at 13112.09 points, down 1.10% [1] - The total trading volume in the two markets was less than 1.8 trillion yuan, a decrease from the previous trading day, indicating a market environment where declines outnumbered gains, particularly in the electronic communication sector [1] - The overall economic and policy environment for A-shares remains positive, with expectations for fiscal spending to support economic demand recovery, leading to a potential return to an upward cycle for A-shares in the medium term [1] Group 2 - The gold sector performed well today, with the Gold Fund ETF (518800) rising by 1.37% and the Gold Stock ETF (517400) increasing by 1.28% [2] - Short-term expectations include a 25 basis point rate cut by the Federal Open Market Committee (FOMC) in December, alongside ongoing geopolitical tensions and a global trend towards de-dollarization, which are expected to support gold prices [2] - The defensive demand in the market is increasing, with dividend stocks benefiting as a "safe haven," and the resource-heavy dividend index is sensitive to fluctuations in coal and oil prices [2]

记者丨江佩佩 | 资彩 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 名称 | | | 现价 | 涨跌前 -- | | 华虹半导体 | | | 67.300 | -6.40% | | 1347.HK | | | | | | 百度集团-SW | | | 118.700 | -5.79% | | 9888.HK | | | | | | 快手-W | | | 64.450 | -4.45% | | 1024.HK | | | | | | 中芯国际 | | | 64.700 | -4.43% | | 0981.HK | | | | | | 京东健康 | | | 57.300 | -4.10% | | 6618.HK | | | | | | 零跑汽车 | | | 48.140 | -3.68% | | 9863.HK | | | | | | 商汤-W | | | 2.130 | -3.62% | | 0020.HK | | | | | | 阿里巴巴-W | | | 148.600 | -3.57% | | 9988.HK | | | | | | ...

格隆汇12月15日丨西部黄金(601069.SH)公布，公司于2025年12月15日收到持股5%以上股东杨生荣先生 出具的《关于持股5%以上股东权益变动告知函》，杨生荣先生于2025年11月10日至2025年12月15日期 间通过集中竞价和大宗交易方式分别减持公司股份496.25万股和911.00万股，共计1407.25万股，约占公 司总股本的1.54%。减持后，杨生荣先生持有公司股份9302.87万股，占公司总股本的比例为10.21%，权 益变动触及1%刻度。 ...

证券之星消息，12月15日贵金属板块较上一交易日上涨2.09%，赤峰黄金领涨。当日上证指数报收于3867.92，下跌0.55%。深证成指报收于 13112.09，下跌1.1%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6009888 | 赤峰黄金 | 32.69 | 4.78% | 63.06万 | | 20.29亿 | | 001337 | 四川黄金 | 29.21 | 3.66% | 21.94万 | | 6.32亿 | | 000506 | 招金黄金 | 13.68 | 3.17% | 45.71万 | | 6.28亿 | | 601069 | 西部黄金 | 28.25 | 2.80% | 27.34万 | | 7.70亿 | | 600489 | 中全黄金 | 23.16 | 2.48% | 76.99万 | | 17.70亿 | | 600547 | 山东黄金 | 36.67 | 1.86% | 34.24万 | | 12.48亿 | ...

智通财经APP获悉，港股三大指数今日承压下行，恒指及国指跌超1%，恒科指数跌超2%。截止收盘， 恒生指数跌1.34%或347.91点，报25628.88点，全日成交额为2042.89亿港元；恒生国企指数跌1.78%，报 8917.7点；恒生科技指数跌2.48%，报5498.42点。 东吴证券认为，港股仍处在反弹前夕。从中长期配置来看，当前位置有吸引力。部分海外风险阶段性释 放，但仍有风险在前方。尽管美联储12月降息落地，但市场下调了明年美联储的降息预期，从中长期来 看对港股风偏有影响。此外，该行仍然提示关注12月19日日本央行加息，或导致产生潜在的日元carry trade平仓风险。 蓝筹股表现 李宁(02331)领升蓝筹。截至收盘，涨5.43%，报18.64港元，成交额9.32亿港元，贡献恒指3.53点。12月 14日，李宁)品牌以"龙耀开启"为主题在北京地标性商圈三里屯太古里隆重举行全球首家龙店开业及全 新荣耀金标产品系列正式发布仪式。荣耀金标系列的推出与全新店型龙店的落地，两者将形成强大协同 效应，这既是李宁品牌发展的重要里程碑，也是零售渠道升级的关键实践。 3. 保险股表现亮眼。截至收盘，新华保险(0 ...

12月15日，香港恒生指数收跌1.34%，恒生科技指数跌2.48%。 | | | | 代码 | 名称 | 现价 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | માં આવે છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે ખેત | 恒生指数 | 25628.88 -347.91 - | -1.34% | | HSTECH | 恒生科技 | 5498.42 -139.63 | -2.48% | | HSBIO | 恒生生物科技 | 14633.34 -634.39 | -4.16% | | HSCEI | 恒生中国企业指数 | 8917.70 -161.65 | -1.78% | | HSCI | 恒生综合指数 | 3917.30 -55.69 | -1.40% | 半导体、医药生物、传媒、房地产等板块跌幅居前，环保、有色金属、非银金融等板块上涨。 科网股普跌，华虹半导体跌超6%，百度集团跌超5%，京东健康、中芯国际、快手跌超4%，阿里巴巴、商汤跌超3%， ...

Market Performance - The Hong Kong stock market indices opened lower and continued to decline, with the Hang Seng Index dropping nearly 350 points to close at 25,628 points, reflecting a significant downturn in market sentiment [1] - The Hang Seng Technology Index experienced the largest decline, falling by 2.48%, while the Hang Seng Index and the China Enterprises Index decreased by 1.34% and 1.78%, respectively [1] Sector Performance - Major technology stocks, which serve as market indicators, collectively fell, with Baidu dropping nearly 6%, Alibaba down 3.57%, and both Xiaomi and Tencent declining over 2% [1] - Semiconductor, biopharmaceutical, robotics, gaming, automotive, and Apple-related stocks also saw declines, with SMIC falling over 4% and other notable declines in companies like BeiGene, WuXi Biologics, GAC Group, and Geely [1] Safe-Haven Assets - As risk aversion increased, gold prices approached historical highs, leading to a strong performance in gold stocks [1] - Institutions expect double-digit growth in new business premiums and NBV, contributing to a rise in domestic insurance stocks [1] - Consumer sectors, particularly restaurant and dairy stocks, benefited from favorable consumption policies and showed strong performance [1]

Group 1 - The article discusses the reliability of market movements and the concept of "Mr. Market," suggesting that stock prices often reflect future changes in fundamentals rather than current conditions [3][4][6] - It highlights examples from various industries, such as consumer goods and renewable energy, where stock prices peaked before revenue growth did, indicating a potential predictive nature of stock prices [4][5] - The article argues against the belief that stock prices can predict fundamental changes, emphasizing that market movements are often a result of a small percentage of informed investors influencing prices while the majority react to these changes [18][30] Group 2 - The article critiques the notion that stock prices foresee fundamental changes, stating that this belief is often a narrative bias and that stock prices and fundamentals generally move in sync [28] - It explains that when fundamentals do not change, stock prices exhibit random fluctuations, and only a small fraction of investors (10%) can accurately price in changes, leading to misinterpretations by the larger market [29][30] - The conclusion emphasizes that while the market is effective, it does not allow for easy exploitation of its efficiency, as most investors must rely on their limited understanding to make decisions [32]

Group 1 - The core viewpoint of the article is that the newly released group standard for "Gold Exchange for Old" business by the China Gold Association signifies a move towards a more standardized, professional, and transparent development phase for this sector [1] - The standard comprehensively regulates aspects such as enterprise qualifications, management practices, service personnel, and equipment requirements for the gold exchange business [1] - The China Gold Association plans to promote the implementation of the standard through training and awareness campaigns, aiming for compliance in business operations, consumer confidence, and healthy industry development [1]