潮起海南，金耀未来。12月11日，由中国黄金协会与世界黄金协会联合主办的2025中国（三亚）国际黄 金市场年会，在海南省三亚市成功举办。本届年会旨在贯彻落实党中央关于高质量建设海南自由贸易港 的决策部署，以政策为桥、以产业为脉、以合作为魂，为海南自由贸易港打造国际黄金产业高地注入强 劲动能。 中国黄金协会党委书记严弟勇在主持开幕式时指出，本届年会恰逢海南自由贸易港即将封关运作的战略 节点择址三亚召开，绝非行业单一活动的简单落地，而是立足"国之大者"、贯彻党中央决策部署、服 务"两个毫不动摇"，以产业之力赋能海南自由贸易港高质量建设的重大实践，意义深远而非凡。 他强调，建设海南自由贸易港是习近平总书记亲自谋划、亲自部署、亲自推动的重大国家战略，是党中 央在新时代全面深化改革开放的重大决策，更是我国坚定不移扩大高水平对外开放、推动建设开放型世 界经济的标志性举措。当前，三亚市凭借独特的政策优势和区位潜力，全力推进工业提质增效，重点布 局黄金珠宝产业园等核心平台，加速产业链供应链集聚融合和能级跃升，成为投资兴业的新前沿和黄金 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 行业国际化的重要门户。本 ...

12月12日，美联储官员突然密集发声，明年降息预期升温，黄金暴涨。 芝加哥联储主席古尔斯比表示，对明年利率立场并不"鹰派"，对今年利率下降持乐观态度，但对政策过早大幅放松感到不安。 他还预计2026年的降息次数将多于中位数。 他表示，本周美联储各地区联储主席获得新一届五年任期的重新任命，是经过"非常严格"的履职评估后作出的决定，并且完全遵循了常规时间表。在被问 及此次宣布的任命是否因担忧白宫可能干预而提前推进时，古尔斯比回应称，投票结果虽提前公布，但仍遵循常规流程完成，"整个流程完全照常。我们 提交了大量文件。" 美股方面，道指继续高开，纳指与标普500指数飘绿。 中概股方面，纳斯达克中国金龙指数拉升，截至发稿涨超0.8%，其中，金山云涨超4%，网易涨超3%。 值得注意的是，黄金再度直线大涨，截至发稿，现货黄金涨超1.5%，已涨至4346美元左右，COMEX黄金也涨超1.5%。 消息面上，12月12日，美联储官员突然密集发声，美联储明年降息预期升温。 另一美联储官员哈玛克表示，特朗普的法案将在明年增加"可观的"刺激作用。 不过，堪萨斯联储主席施密德表示，他反对美联储本周25个基点的降息决定，理由是通胀"仍然过 ...

Oil Market - Oil prices experienced a slight decline amid volatile trading, with WTI crude falling to its lowest level since May, closing below $58 per barrel [2][11] - The market sentiment is increasingly bearish due to concerns over oversupply, exacerbated by a downturn in the US stock market [3][11] - Diesel futures dropped approximately 1.4%, contributing significantly to the overall decline in the oil sector [3][11] - Traders are betting on further declines in oil prices, with short positions on Brent crude reaching a seven-week high [3][11] Copper Market - Copper prices recorded their largest single-day drop in two months, falling by 3% as concerns over demand resurfaced following a sell-off in US tech stocks [6][14] - The price of copper settled at $11,515 per ton, with a weekly decline of 0.9% [7][15] - Analysts noted that copper is highly sensitive to fluctuations in the AI sector, which has seen significant volatility [6][14] Gold Market - Gold prices narrowed their intraday gains, influenced by comments from Federal Reserve officials that made traders more cautious about future monetary policy easing [8][16] - Following the remarks, the yield on 30-year US Treasury bonds rose, causing gold prices to dip by as much as 0.5% [9][17] - As of 3:25 PM NY time, spot gold was up 0.4% at $4,298.46 per ounce, while silver fell by 2.9% to $61.7153 per ounce [9][17]

国际金价在2025年第三季度冲上每盎司3459美元的高位，同比暴涨近40%。全球黄金市场一片欢腾。目前伦敦金更是暴涨至4300美元，上涨速度令人咋舌。 山东黄金三季度财报当季归母净利润11.48亿元，环比猛降35.58%，远低于预期。 第三季度净利润环比骤降三成，山东黄金在金价飙涨的市场狂欢中，交出了一份令人皱眉的答卷。 山东黄金2025年前三季度成绩单，表面数据相当漂亮。营收837.83亿元，同比增长25.04%。归母净利润39.56亿元，同比飙升91.51%。扣非净利润39.45亿 元，增长88.43%。 黄金企业的利润密码，不在金价，而在成本控制。2025年前三季度，山东黄金毛利率18.01%，净利率6.47%，分别增长3.13和1.53个百分点。 第三季度单季数据更加微妙：毛利率19.18%，净利率5.71%。毛利率同比上升2.75个百分点，环比微增0.13个百分点；净利率同比仅增0.31个百分点，环比反 而下降2.12个百分点。 问题出在哪里？低品位矿的开发利用。 随着金价上行，山东黄金加大了低品位矿的开采力度。这些矿石就像硬骨头，能啃下来，但需要付出更高成本。生产成本上升导致毛利率增长不及预期。 ...

Group 1 - The core point of the article is that Zijin Mining experienced two block trades on December 12, totaling 314,500 shares and a transaction amount of 9.97 million yuan, with a transaction price of 31.70 yuan [1] - The institutional special seat appeared in one of the transactions, with a total transaction amount of 3.95 million yuan, indicating a net sell of 3.95 million yuan [1] - Over the past three months, Zijin Mining has recorded 25 block trades, with a cumulative transaction amount of 2.164 billion yuan [1] Group 2 - On December 12, Zijin Mining's closing price was 31.70 yuan, reflecting an increase of 2.39%, with a daily turnover rate of 1.07% and a total transaction amount of 6.992 billion yuan [1] - The net inflow of main funds for the day was 93.28 million yuan, and the stock has increased by 1.21% over the past five days, with a total net inflow of 133 million yuan [1] - The latest margin financing balance for Zijin Mining is 7.169 billion yuan, which has decreased by 34.49 million yuan over the past five days, representing a decline of 0.48% [1]

市场动态方面，港股IPO(首次公开招股)市场在年末达到一个重要节点。12月11日，香港交易及结算所 有限公司宣布，今年新上市公司已达百家。 港股年内新股数量已达百家 机构料明年上市潮可期 中新社香港12月12日电 (记者 戴小橦)港股三大指数12日齐涨。截至当日收盘，恒生指数报25976.79点， 涨446.28点，涨幅1.75%；恒生科技指数涨幅1.87%，国企指数涨幅1.62%。 板块方面，科网股多股上行，商汤涨4.74%，网易涨4.20%，腾讯控股涨2.41%，阿里巴巴涨2.32%，小 米集团涨1.85%，百度集团涨1.78%，快手涨1.05%，美团涨0.89%。 黄金股表现亮眼，中国白银集团涨5.8%，山东黄金涨3.76%，紫金矿业涨3.75%，紫金黄金国际涨 3.59%，中国黄金国际涨3.58%，招金矿业涨3.38%，赤峰黄金涨3.19%。 互联网医疗股纷纷上行，阿里健康涨4.31%，京东健康涨3.46%，叮当健康涨2.86%，平安好医生涨 2.26%。 回顾全周，尽管周中恒生指数和恒生科技指数同步下探，引发市场情绪短暂降温，但随后两个交易日， 指数逐步"收复失地"。 瑞银全球投资银行部副主席及亚洲 ...

智通财经APP讯，大唐黄金(08299)公布，于2025年12月12日，公司已根据主板上市规则第9B章的规 定，就转板上市事宜向联交所提交包含所有必要文件╱资料的更新申请。 ...

Monetary Policy - As of the end of November, the broad money supply (M2) in China reached 336.99 trillion yuan, reflecting a year-on-year growth of 8% [1] - The narrow money supply (M1) stood at 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) amounted to 13.74 trillion yuan, showing a year-on-year growth of 10.6% [1] - A net cash injection of 917.5 billion yuan occurred in the first eleven months of the year [1] Banking and Financial Services - The total scale of bank wealth management products has reached a historic high of approximately 33.8 trillion yuan, nearing 34 trillion yuan [2] - In the first eleven months, 14 wealth management companies collectively grew by about 3.43 trillion yuan, with "fixed income plus" products contributing an additional 1.32 trillion yuan [2] - The market saw a significant increase of 1.67 trillion yuan in the fourth quarter alone, accounting for nearly half of the annual growth [2] Regulatory Developments - The China Securities Investment Fund Industry Association has drafted a consultation document to standardize fund sales behavior, aiming to prevent misleading practices and protect investor rights [2] - The document outlines clear requirements for fund promotion, sales information disclosure, and performance assessment [2] Corporate Actions - Taihao Technology plans to use 13.67 billion yuan from its capital reserves to cover significant losses, a move that reflects a broader trend among A-share companies to address accumulated losses amid new regulatory changes [4] - Over 30 listed companies have announced similar plans to utilize capital reserves to offset losses, with total amounts exceeding 30 billion yuan [4] Market Trends - The top ten wafer foundries reported a quarter-on-quarter revenue increase of 8.1% in Q3 2025, driven by demand for AI and consumer electronics [4] - The global wafer foundry industry is expected to face challenges in 2026 due to international market conditions and conservative demand forecasts [4] Industry Developments - A new company, Beijing Guanghe Qiancheng Technology, has been established by leading silicon material firms, marking a significant step towards reducing overcapacity in the photovoltaic industry [5] - Future silicon material production capacity is planned to be capped at 1.5 million tons [5] Legal and Compliance Issues - The China Securities Regulatory Commission has penalized three individuals for manipulating the stock of Shandong Jincheng Pharmaceutical Group, resulting in fines and market bans [3] - Huayi Brothers' founder has received a consumption restriction order due to an advertising contract dispute, with the company facing a financial penalty of over 11.4 million yuan [8] IPO and Market Activity - Youyan Composite Materials has received approval for its IPO on the Sci-Tech Innovation Board [9] - Shouyao Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange [10] Corporate Changes - The chairman of Jinling Hotel has resigned due to work changes, leaving the company without any executive positions held by him [11] - *ST Chang Pharmaceutical's subsidiary has recently ceased operations due to financial difficulties and competitive pressures in the photovoltaic sector [12] Project Announcements - Jiangsu Guoxin's subsidiary has successfully completed the trial operation of a new 1000MW coal-fired power generation unit [13] - *ST Zhisheng has won a 1.04 billion yuan contract for a smart city governance project, significantly impacting its projected annual revenue [17]

从资金流向上来看，当日新疆国企改革板块主力资金净流入1871.16万元，游资资金净流入1666.02万 元，散户资金净流出3537.19万元。新疆国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，12月12日新疆国企改革板块较上一交易日上涨0.92%，西部黄金领涨。当日上证指数报 收于3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。新疆国企改革板块个股涨跌见下 表： ...

Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]