摘要今日周五(12月12日)亚盘时段，伦敦金目前交投于4264美元附近，截至发稿，伦敦金最新报4271.18 美元/盎司，跌幅0.18%，最高上探至4282.59美元/盎司，最低触及4264.19美元/盎司。目前来看，伦敦金 短线偏向震荡走势。 今日周五(12月12日)亚盘时段，伦敦金目前交投于4264美元附近，截至发稿，伦敦金最新报4271.18美 元/盎司，跌幅0.18%，最高上探至4282.59美元/盎司，最低触及4264.19美元/盎司。目前来看，伦敦金短 线偏向震荡走势。 【最新伦敦金行情解析】 黄金昨日美盘时段如预期般突破新高，展现出短线多头的强劲势头。当前，黄金多头依然保持着向上的 动能，早盘现价4270，建议直接做多！ 从4小时图来看，黄金向上多头动能充沛，前期阻力区域4260一带已成功实现顶底转换，如今已成为有 效的支撑位。因此，在黄金短线交易中，只要价格维持在4260之上，逢低便是继续做多的良机。 随着黄金多头的节节攀升，市场关注的焦点已转向4300这一关键价位。黄金能否在今日突破4300，无疑 成为了投资者们翘首以盼的看点。目前，黄金已突破4265一线，并在回踩4260一带后企稳蓄势，这 ...

Group 1 - The Federal Reserve has completed its third interest rate cut of the year, lowering the federal funds rate by 25 basis points to a range of 3.50%-3.75%, totaling a 75 basis point reduction for the year [1] - The Fed's dovish signals and the announcement of a short-term Treasury bond purchase plan have weakened the US dollar and lowered US Treasury yields, reducing the holding costs for gold assets and creating upward potential for gold prices [1] - Central banks globally are increasing their gold reserves, with China's central bank having added gold for 13 consecutive months, indicating a strong long-term support for gold assets [1] Group 2 - As of December 12, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index has risen by 2.17%, with notable increases in constituent stocks such as Xiaocheng Technology (up 7.28%) and Western Gold (up 6.23%) [2] - The gold stock ETF has seen an active trading volume with a turnover rate of 11.96% and a transaction value of 12.96 million yuan, indicating a vibrant market [2] - The gold stock ETF has experienced a significant growth in scale, increasing by 6.22 million yuan over the past week [2] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 68.26% of the index, with major companies including Zijin Mining and Shandong Gold [3] - The index is composed of 50 large-cap stocks involved in gold mining, refining, and sales, reflecting the overall performance of gold industry companies in the mainland and Hong Kong markets [2][3]

Group 1 - Xuan Bamboo Bio-B (02575) surged over 22.09% after announcing that its innovative drug Xuan Yue Ning was included in the national basic medical insurance drug list [1] - Zhaoyan New Drug (06127) rose over 13.4% as the price of crab-eating macaques exceeded 100,000 yuan, with reports indicating a supply shortage and prices reaching 120,000 to 130,000 yuan [1] - Domestic property stocks saw a broad increase, with Rongxin China (03301) up 5.26%, Shimao Group (00813) up 1.45%, and others, following the Central Economic Work Conference that outlined key tasks for the economy next year [1] Group 2 - Haidilao (06862) increased over 2.5% as it announced the internal testing phase for its first large-scale hot pot restaurant in Guangzhou [1] - Sutech Juchuang (02498) rose over 6.26% ahead of the International Consumer Electronics Show (CES) scheduled for January 6-9, 2026, in Las Vegas [1] - Consumer concept stocks mostly advanced, with notable increases in Jiumaojiu (09922) by 3.61% and others, following the Central Economic Work Conference emphasizing domestic demand [2] Group 3 - Yituo Co., Ltd. (00038) surged over 8%, with a cumulative increase of over 20% in three trading days, as Goldman Sachs highlighted its favorable position in China's agricultural modernization [2] - Jin Jie Holdings (03918) fell nearly 2% amid ongoing border conflicts between Cambodia and Thailand, prompting safety advisories for Chinese citizens [2] - Smoore International (06969) dropped nearly 3% after British American Tobacco (BTI.US) provided a weak earnings outlook due to regulatory pressures in the U.S. e-cigarette market [2] Group 4 - Zijin Mining (02899) rose over 3% following remarks at the 2025 China International Gold Market Annual Conference about new opportunities for the gold industry in the Hainan Free Trade Port [3][4] - Lumexa Imaging (LMRI.US) debuted on the U.S. stock market with an opening increase of over 1.6%, providing outpatient imaging services across 13 states [5] - Rare earth stocks strengthened, with Perpetua Resources (PPTA.US) up 13.42% after announcing a partnership to enhance domestic mineral processing capabilities [5] Group 5 - Bitcoin-related stocks showed mixed results as Bitcoin fell below 90,000 yuan, with Coinbase (COIN.US) down 2.21% and others experiencing slight changes [6] - Space-related stocks surged, with Planet Labs PBC (PL.US) up 35.01% after reporting a 33% year-over-year revenue increase [7] - Disney (DIS.US) saw a 2.42% increase after announcing a $1 billion investment in OpenAI, allowing the use of its IP for AI-generated video content [7]

Group 1 - A-shares indices opened lower but turned positive, with the Shanghai Composite Index up 0.03%, Shenzhen Component Index up 0.74%, and ChiNext Index up 0.94%, with over 3,500 stocks rising [1] - The optical module (CPO) index was active, with Dekoli rising nearly 7%, Lantech hitting the daily limit, and New Yisheng up over 3% [1] - The controlled nuclear fusion concept stocks surged, with Guojin Heavy Industry, Farsen, and China First Heavy Industries hitting the daily limit, and Changfu Co. rising 6.35% [1] Group 2 - The A-share satellite internet index saw strong gains, with Aerospace Huanyu up over 12%, Sichuan Chuang Electronics up 10%, and Tianhe Defense up over 9% [2] - The 6G index rose over 2%, with Chuangyuan Xinke hitting the daily limit, Changxin Bochuang and Yaguang Technology up over 6%, and Huace Navigation up over 4% [2] Group 3 - Gold concept stocks collectively rose, with Xiaocheng Technology up over 6%, and several other stocks like Hunan Silver and Zhaojin Gold following suit [3] - On December 12, Moer Thread opened lower, initially dropping over 15% before narrowing the decline to nearly 7%, resulting in a market value loss of nearly 30 billion [3] Group 4 - Moer Thread announced a significant price increase in its stock, which may lead to short-term decline risks, and plans to hold its first MUSA Developer Conference soon [5] - The company indicated that new products have not yet generated revenue and face uncertainties in market competition, product certification, and customer integration [5] Group 5 - In the Hong Kong market, the Hang Seng Technology Index rose 1.35%, with JD Health up over 3%, NIO up over 2%, and NetEase nearly 2% [6] - Consumer stocks in Hong Kong mostly rose, with Jiumaojiu up over 4% and Haidilao up 3%, following the Central Economic Work Conference's focus on boosting domestic consumption [6] - Semiconductor stocks fell, with Huahong Semiconductor down over 5% and SMIC down over 2%, as the Hang Seng Index announced changes to its semiconductor index [6]

记 者丨江 佩 佩 见 习 记 者 张 嘉 钰 1 2 月 1 2 日，A 股 三 大 指 数 低 开 后 陆 续 翻 红， 截 至 1 1:0 5， 沪 指 涨 0.0 3 %，深 成 指 涨 0.7 4 %，创 业 板 指 涨 0.9 4 %，盘 面 上 超 3 5 0 0 股 上 涨 。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3874.34 | 13244.78 | 1461.74 | | +1.03 +0.03% +97.39 +0.74% +18.57 +1.29% | | | | 科创50 | 创业板指 | 万得全A | | 1340.15 | 3193.49 | 6256.61 | | +14.32 +1.08% +29.81 +0.94% +37.23 +0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4568.27 | 7146.24 | 5514.57 | | +16.08 +0.35% +63.34 +0.89% +28.26 +0. ...

Market Overview - The US dollar index is trading around 98.341, while spot gold opened at $4277.76 per ounce and is currently trading at approximately $4216.29 per ounce. Gold T+D is trading around 963.50 CNY per gram, and the Shanghai gold main contract is at 968.84 CNY per gram [1] Price Movements - The previous trading day saw the US dollar index decrease by 0.29% to 98.357, while spot gold increased by 1.22% to $4205.38 per ounce. Other precious metals showed mixed results: spot silver rose by 2.84% to $63.54 per ounce, platinum increased by 2.30% to $1693.40 per ounce, and palladium gained 1.08% to $1492.50 per ounce [1] Inventory Data - As of December 11, COMEX gold inventory stands at 1123.32 tons, an increase of 0.18 tons from the previous trading day. COMEX silver inventory is at 14177.51 tons, a decrease of 18.65 tons [2] ETF Holdings - SPDR Gold ETF holdings increased to 1050.83 tons, up by 4.01 tons from the previous day. SLV silver ETF holdings remained unchanged at 16083.16 tons [2]

金银价格再度走强，刺激今日港股市场黄金股集体上涨。其中，中国 白银集团、 中国黄金国际、 赤峰 黄金、 山东黄金涨超2%， 紫金矿业、紫金黄金国际涨近2%。 消息面上，美联储降息落地，金银价格 再度走强，现货黄金昨日涨至4285美元/盎司，现货白银突破64美元/盎司，续刷历史新高。 美联储的新 动向直接提振了贵金属行情：美联储称将于周五根据新的计划购买82亿美元的国库券。此前，美联储宣 布降息25个基点的同时也表示将在未来30天内购买400亿美元国库券。 ...

Summary of Key Points from Conference Call Industry Overview - The A-share market is experiencing divergence, with the ChiNext index rebounding while the Shanghai Composite Index is retreating, influenced by global market adjustments and macroeconomic uncertainties related to the Federal Reserve's interest rate decisions and data availability [1][2] - The Hong Kong stock market is highly volatile due to multiple factors, including sensitivity to policy and exchange rate changes among overseas investors, while domestic investors remain relatively stable [1][5] Core Insights and Arguments - The market is facing risks from global central bank interest rate hikes leading to liquidity tightening and uncertainties surrounding domestic incremental policies. The RMB exchange rate fluctuations add to this uncertainty [1][8] - The 3,900-point level appears to be a strong support level for the Shanghai Composite Index, but there is a lack of upward momentum, suggesting potential for continued volatility [1][9] - The demand for optical modules (CPO) in the AI industry is rigid, as they are crucial for efficient computing power transmission. The OCS technology holds significant importance within Google's supply chain, but domestic companies need to be evaluated for their core competitiveness [1][10][22] Additional Important Content - Global stock market fluctuations are closely tied to macroeconomic events, including the mixed signals from the Federal Reserve regarding interest rate decisions. If policies exceed expectations, technology and cyclical sectors are likely to perform well [3][15] - Overseas investors are currently adopting a wait-and-see approach, awaiting clear policy outcomes from upcoming economic meetings, which is affecting market liquidity [6] - Domestic investors are generally optimistic about incremental policies supporting economic growth, although some remain cautious due to the lack of specific details [7] - The supply-demand relationship for upstream resource varieties has shown some improvement, but future actions will depend on policy directions from upcoming meetings [13] - The innovation drug sector faces challenges due to a lack of stimulating news and liquidity issues in the Hong Kong market, but long-term prospects remain positive due to strong capabilities in innovation among Chinese companies [27][28] Market Sentiment and Future Outlook - Current market sentiment is cautious, with investors hoping for the implementation of incremental policies to boost confidence in economic recovery. If these policies exceed expectations, technology and cyclical sectors may perform well [15] - The anticipated CPI and PPI data indicate structural recovery in the economy, suggesting that further policy stimulus will be necessary to support cyclical sectors [29] - The potential for short-term rallies in cyclical sectors exists, but investors should be wary of volatility risks when positive news is priced in [30]

#摩尔线程走弱#【A股开盘｜沪指跌0.1% 有色金属普涨】三大股指开盘涨跌不一，沪指跌0.1%，深成 指涨0.21%，创业板指涨0.29%。摩尔线程、电商、GPU、CPO、6G概念股走弱；有色金属行业普涨， 锂矿、黄金涨幅居前。（第一财经） ...

值得注意的是，中国央行连续13个月增持黄金储备，国家外汇管理局最新统计显示，截至11月末，我国 黄金储备达到7412万盎司，较上月增加3万盎司。这种稳定的增持模式体现出央行对黄金资产的长期配 置策略。 国泰海通证券指出，2025年11月以来，国内大类资产中黄金表现亮眼，SHFE黄金涨幅达3.15%。尽管经 济整体处于弱复苏态势，通胀与核心需求偏弱，但PPI跌幅收窄显示大宗商品价格企稳，叠加央行维持 流动性合理充裕，资金面平稳，对黄金形成支撑。当前增长、通胀、利率等因子暴露偏离值均处于中性 或偏低水平，有利于黄金等抗通胀及避险资产配置。 截至2025年12月12日 09:37，中证沪深港黄金产业股票指数(931238)强势上涨1.84%，成分股晓程科技 (300139)上涨6.43%，中国黄金国际(02099)上涨3.00%，山东黄金(01787)上涨2.55%，紫金矿业(02899)， 中金黄金(600489)等个股跟涨。 周四(12月11日)，随着美联储连续第三次降息25个基点，黄金价格强势反弹，现货黄金上涨1.2%，触及 每盎司4285.75美元的逾一个月高点。这一轮贵金属行情的爆发，不仅源于美元走软和通 ...