消息面上，中国有色金属工业协会锂业分会发布11月锂行业运行情况。碳酸锂期货价格逐步抬升，波动 逐步加大。供应端，市场库存逐步加速去化，宁德时代旗下锂矿消息仍形成扰动。需求端，新能源车在 补贴退坡前抢销量，储能表现亮眼。 贵金属再走强 12月23日，A股三大股指早盘高开高走，午后震荡下跌尾盘一度集体翻绿，截止收盘，沪指涨0.07%报 3919.98点，深成指涨0.27%报13368.99点，创业板指涨0.41%报3205.01点，科创50指数涨0.36%报 1340.02点；沪深两市成交额1.9万亿，全市场近3900只个股下跌。 盘面上，海南自贸概念局部强势，海南海药、海南瑞泽、海南发展涨停；锂电池板块走强，天际股份涨 停；液冷服务器午后拉升，英维克、集泰股份涨停；半导体设备概念反复活跃，圣晖集成、亚翔集成2 连板；有色·钨及有机硅概念活跃，翔鹭钨业、章源钨业双双涨停，三孚股份涨停；商业航天概念冲高 回落，顺灏股份、航天机电跌停；卫星互联网板块下挫，华体科技、中国卫通等多股跌停；旅游酒店板 块走低，曲江文旅跌停；教育板块持续走低，中国高科跌停；今日三只新股均触发盘中二次临停，N纳 百川收涨408%，N锡华收涨2 ...

Industry Investment Rating No relevant information provided. Core Viewpoints - In the short - term, due to factors such as the year - end consumption peak season, the Fed's loose monetary policy, and the improvement of the global growth outlook, the precious metals sector, especially industrial precious metals, will continue to perform strongly. Investors are advised to take a long - biased approach in precious metals trading, and short - hedgers should appropriately reduce their position sizes. Attention should be paid to the situations in Venezuela and the Russia - Ukraine conflict, as well as the US third - quarter GDP data this week [4]. - In the medium - term (2026), the accelerating restructuring of the global political and economic system and abundant monetary liquidity will support the continued strong performance of gold prices. However, Trump 2.0's new policies and the decrease in the intensity of the China - US game will restrain the upward momentum of gold prices. London gold is expected to rise to the range of $4800 - 5000 per ounce. With the improvement of the global economic growth outlook, silver, which has stronger industrial attributes and higher volatility, will gain greater upward momentum. London silver is expected to rise to $73.5 - 77.5 per ounce, and the London gold - silver ratio is expected to drop to around 65. Platinum's substitution for gold and silver in consumption and investment demand will continue, with London platinum expected to rise to $2000 - 2100 per ounce, and the London gold - platinum ratio expected to drop to around 2.4. Palladium will basically follow the trend of gold, with an annual increase target of $1620 - 1700 per ounce. Investors are advised to maintain a long - biased approach, short - hedgers should reduce the hedging ratio, and conservative investors can consider the arbitrage opportunity of long silver and platinum and short gold [5]. Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Geopolitical risks, such as the increased US military operations in the offshore area of Venezuela over the weekend, have pushed up precious metal prices and international oil prices. The market is also concerned about the potential impact of the new nominee for the Fed Chair. On Monday, the precious metals sector continued to perform strongly, and London gold reached a new high after two months of sideways adjustment [4]. - Domestic precious metals showed significant increases. The intraday increase of the Shanghai Gold Index was 2.10%, the Shanghai Silver Index was 5.42%, the Guangzhou Platinum Index was 6.52%, and the Guangzhou Palladium Index was 5.87% [5]. Medium - term Market - Forecasts for 2026: London gold to $4800 - 5000 per ounce; London silver to $73.5 - 77.5 per ounce with a gold - silver ratio of around 65; London platinum to $2000 - 2100 per ounce with a gold - platinum ratio of around 2.4; London palladium to $1620 - 1700 per ounce [5]. - Trading strategies: Long - biased approach for investors, reducing the hedging ratio for short - hedgers, and considering the arbitrage opportunity of long silver and platinum and short gold for conservative investors [5]. 2. Main Macroeconomic Events/Data - Regarding the Fed's stance, different officials have different views. New York Fed President Williams believes there is no urgent need to cut interest rates again, Fed Governor Milan advocates for a rate cut, Cleveland Fed President Hamark thinks there is no need to adjust interest rates in the next few months, and White House economic advisor and Fed Chair candidate Hassett agrees with Trump's view that inflation is very low [17]. - US military actions near Venezuela: The US Coast Guard is pursuing an oil tanker in international waters near Venezuela. Trump still believes there is a possibility of war with Venezuela, but the White House claims that US citizens don't need to worry about oil price increases [17]. - China's trade data: In November, China's rare - earth magnet exports significantly rebounded, reaching a 10 - month high. Exports to Japan reached a record high, and those to the EU were the second - highest on record, while exports to the US declined. China's soybean imports in November reached the highest level in the same period in four years, with imports from Brazil, Argentina, and Uruguay hitting record highs in the same period, but there was zero import of US soybeans for the third consecutive month, setting a record for the longest period of zero imports [18].

Group 1 - The market has shown a five-day upward trend, but the overall market sentiment remains average, with only a few sectors like photolithography, precious metals, and energy metals performing well [1] - The market is characterized by a divergence where the index is stable, but most individual stocks are not experiencing significant gains [1][2] - The current market environment requires careful selection of investment directions, as choosing the wrong sectors can lead to losses [3] Group 2 - The index is expected to experience fluctuations, with a stable outlook for the first half of the week but potential declines in the latter half [4] - The focus for investment should be on sectors that are trending differently from the index, particularly in the non-ferrous metals segment, including precious and energy metals, which have shown a consistent upward trend [4][5] - For individual stocks, it is advised to select those that align with the index's direction when the market is favorable, and to choose contrary directions when the market is unfavorable [7]

北京商报 自2023年起，现货黄金便开启持续上涨态势。截至2025年12月23日，现货黄金年内涨幅已超70%。 12月23日早盘，伦敦现货黄金再创新高，首次站上4480美元/盎司关口，盘中最高触及4486.684美元/盎 司。国内沪金期货主力连续合约也持续拉升，突破1000元/克整数关口，盘中最高报1016.86元/克，日内 涨幅超2%。 国内金饰方面，周生生足金饰品标价1403元/克，较前一日1367元/克的价格上涨36元/克；老庙黄金足金 饰品标价1402元/克，较前一日1367元/克的价格上涨35元/克。 另据金融时报，Wind数据显示，自2023年起，现货黄金便开启持续上涨态势。截至2025年12月23日， 现货黄金年内涨幅已超70%。 黄金在全球资产配置中的多元化价值与风险对冲功能，已被全球投资者和政策制定者重新认知并高度重 视。 在业内人士看来，黄金不仅是传统意义上的避险资产，更已成为全球金融体系中的战略性配置工具。在 复杂多变的宏观环境下，黄金为投资组合提供稳健支撑与价值锚定。 针对贵金属价格未来走势，正信期货研究院12月23日早报分析，短期来看，地缘政治扰动、美国降息预 期等因素将托底贵金属， ...

Group 1 - The core viewpoint of the news is that the precious metals prices have surged, leading to a significant rise in the non-ferrous metals sector of the A-share market, which became one of the main highlights of the morning session [1][2] - The A-share market showed overall positive performance in major indices, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [3] - The non-ferrous metals sector led the gains, with the sector's intraday increase exceeding 2%, and several stocks, including Zhangyuan Tungsten and Xianglu Tungsten, hitting the daily limit [3] Group 2 - Precious metals prices continued to rise sharply, with domestic precious metal futures experiencing significant increases, including platinum and palladium futures reaching new highs [4] - The main platinum futures contract on the Shanghai Futures Exchange hit a peak of 619.95 yuan per gram, marking a new high since its listing, while the palladium futures also reached a peak of 555.15 yuan per gram [4] - The main silver futures contract saw an increase of over 4%, reaching a historical high, and the main gold futures contract also broke through previous highs, setting a new historical record [4] Group 3 - Other sectors such as building materials, electric equipment, and electronics also showed strong performance [5] - The non-bank financial sector performed well, with China Ping An's stock price breaking through the 70 yuan mark, reaching a four-year high [6] - Concept sectors like lithography machines, lithium mines, and cultivated diamonds showed strength [8] Group 4 - Three new stocks listed in the A-share market all saw significant increases in their stock prices during the morning session [9] - The new stock Nabai Chuan saw its price rise by over 240%, focusing on thermal management products for electric vehicle batteries and fuel vehicles [10] - Another new stock, Xihua Technology, experienced a price increase of over 180%, specializing in high-end equipment components for wind power and injection molding [11] - The third new stock, Tian Su Measurement, had a price increase of over 150%, providing comprehensive metrology and testing services across various industries [12][13]

Group 1: Precious Metals - Precious metals have shown strong performance, with gold and silver prices reaching historical highs, driven by expectations of interest rate cuts and rising geopolitical uncertainties [1] - The international gold price closed at $4442.41 per ounce, up 2.41%, while silver closed at $69.01 per ounce, up 2.8% [1] - COMEX silver inventory is approximately 14,000 tons, and London silver market inventory is about 27,000 tons, down about one-third from the peak in 2022, indicating tight supply [1] Group 2: Industrial Metals - Industrial metals are supported by expectations of global monetary easing and domestic growth stabilization policies, with U.S. inflation data reinforcing these expectations [2] - The copper supply chain is experiencing tightness, as evidenced by a significant drop in processing fees for copper concentrate, reflecting a constrained supply [2] - The aluminum supply chain shows a slight increase in supply but a weakening demand, necessitating attention to inventory levels and seasonal demand impacts [2] Group 3: New Energy Metals and Minor Metals - The lithium carbonate market is currently in a phase of tight supply and demand, with prices likely to remain high in the short term due to ongoing inventory depletion [3] - Export controls on rare earths have become a strategic tool in the U.S.-China trade conflict, potentially enhancing China's pricing power in the global rare earth market [3] - The long-term outlook for the rare earth sector remains positive, with policy support expected to drive industry value reassessment [3]

Market Overview - The A-share market showed positive momentum with the Shanghai Composite Index up 0.34%, the Shenzhen Component Index up 0.65%, and the ChiNext Index up 0.78% as of midday trading [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.24 trillion yuan, an increase of 52.3 billion yuan compared to the previous trading day, with over 3,300 stocks declining [4] Sector Performance - The lithium battery sector experienced a significant surge, with stocks like Multi-Fluorine and Tianji Co. hitting the daily limit [5] - The precious metals sector also saw gains, with Shandong Gold rising over 6% and other gold stocks following suit [8] - The semiconductor index continued its strong performance, while sectors such as commercial aerospace and consumer goods faced adjustments [6] Notable Stocks and Trends - The carbon lithium main contract saw a daily increase of 4.00%, currently priced at 118,460 yuan per ton [10] - The Fujian sector showed notable activity, with stocks like Haixia Innovation surging over 10% amid news of new operational phases in Pingtan [9] - The insurance sector saw short-term gains, with major companies like New China Insurance and China Ping An both rising over 1% [11] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 59.3 billion yuan for a 7-day term at an interest rate of 1.40%, with 135.3 billion yuan of reverse repos maturing today [18] - The RMB to USD central parity rate was reported at 7.0523, an increase of 49 basis points from the previous trading day [19]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.34% to 3930.87 points [1] - The Shenzhen Component Index rose by 0.65%, and the ChiNext Index increased by 0.78% [1] - The North China 50 Index saw a modest gain of 0.14% [1] Trading Volume - The total market turnover reached 12,522 billion yuan, an increase of 532 billion yuan compared to the previous day's trading volume [1] - Over 1,900 stocks experienced price increases during the trading session [1] Sector Performance - The battery, photolithography, and precious metals sectors showed the highest gains [1] - Conversely, the tourism, military information technology, and education sectors experienced declines [1]

Core Viewpoint - The non-ferrous metal sector is leading the market, with the largest non-ferrous ETF, Huabao (159876), reaching a new high since its listing, reflecting a significant increase since its low point in April [1][9] Group 1: Market Performance - On December 23, the non-ferrous metal sector saw a rise, with Huabao ETF's price increasing over 2.3% and currently up 1.89% [1][9] - Since its low on April 8, Huabao ETF has accumulated a rise of 89.68%, outperforming major indices like the Shanghai Composite Index (26.51%) and CSI 300 (28.48%) [1][9] Group 2: Index Performance - The China Securities Non-Ferrous Metal Index has shown varied performance over the past five years: 35.84% in 2020, 35.89% in 2021, -19.22% in 2022, -10.43% in 2023, and 2.96% in 2024 [3][11] - Key stocks leading the gains include: - Bowei Alloy and Shandong Gold both up over 8% - Yunnan Zinc Industry up over 6% - Nanshan Aluminum, Xiamen Tungsten, and Shengxin Lithium Energy all up over 5% [3][11] Group 3: Gold Market Insights - Spot gold has surged nearly 68% this year, driven by three main factors: 1. Central banks' continuous gold purchases since 2022 as a strategic reserve 2. Geopolitical uncertainties prompting a shift away from traditional safe-haven assets like the US dollar 3. Market re-evaluation of the Federal Reserve's interest rate cycle and US debt issues [4][12] - Analysts predict that the current gold bull market may be in its "mid-stage," with UBS forecasting gold prices to reach $4,500 per ounce by June 2026, and Goldman Sachs projecting a 14% increase to $4,900 per ounce by December 2026 [5][13] Group 4: Future Outlook for Non-Ferrous Metals - The non-ferrous metal sector is expected to continue its bull market, with institutions like Zhongtai Securities optimistic about a comprehensive bull market, and CITIC Securities highlighting ongoing investment interest in commodities [6][13] - Key areas of focus include: 1. Industrial metals like copper and aluminum with constrained supply and recovering demand 2. Energy metals such as lithium and cobalt benefiting from surging demand for energy storage and power batteries 3. Strategic assets like gold and rare earths [6][13]

FICC日报 | 2025-12-23 降息与地缘共振，贵金属延续强势 市场分析 政策预期回摆。12月8日中共中央政治局会议召开：强调"继续实施更加积极的财政政策和适度宽松的货币政策"， 延续此前措辞。并强调"加大逆周期和跨周期调节力度"，逆周期和跨周期并提或意味着在总量维持的前提下，明 年政策边际增量更需要等待稳增长节点。12月11日中央经济工作会议召开：会议强调，深入实施提振消费专项行 动；强调深入整治"内卷式"竞争制定和实施；会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重 要考量。后续继续提振消费，以及推进"反内卷"的大方向并未发生变化，未来物价回升路径仍需关注供给侧的政 策方向。在此基础上，多部委同步响应落实：央行明确将灵活高效运用降准降息等货币政策工具，发改委聚焦出 台消费提振实招新招、整治内卷并培育新动能，财政部则提出用好用足政府债券资金、发行超长期特别国债，着 力推动投资止跌回稳。数据方面，中国11月外贸增速大幅回升，以美元计价出口同比转增5.9%，进口同比增1.9%。 中国11月经济数据仍承压，消费环比跌至年内低点，固投与地产承压。近期多部委响应政治局会议精神，关注近 期降准降息， ...