今天A股三大指数全天震荡上行，创业板指表现强势。市场午后延续轮动，算力硬件概念持续走强，机器人概念午后拉升，商业航天概念冲高回落。 截至收盘，上证指数涨0.69%，站上3900点，深证成指涨1.47%，创业板指涨2.23%，市场全天成交额约1.88万亿元，较上一交易日增加1335亿元。海南自 贸区板块全天领涨，贵金属、铜缆高速连接等板块涨幅居前。 个股方面，新易盛大涨，盘中股价创新高。新易盛股价从4月9日盘中46.56元的最低价起算，时至12月22日盘中触及466.66元的历史高位，成为今年又一只 十倍股，市值突破4600亿元。 贵金属概念股全天震荡走高，截至收盘，同花顺贵金属板块涨4.18%。个股方面，晓程科技、湖南白银大涨超7%。 | | 贵金属 V | | | | --- | --- | --- | --- | | | 4373.35 4.18% | | | | 成分股 | 基金 简况(F10) 资金 | | 分析 新闻 如ナ · | | 全部 龙头股 | 3日内有涨停 | 连板 | 连续３日主力净流入 | | 名称/代码 | | 最新 ◆ | 涨幅 = 5日涨幅 = > | | 晓程科技 | | 31 ...

北京商报讯（记者 宋亦桐 周义力）贵金属市场集体迎来"高光"时刻。12月22日，黄金、白银、铂金、 钯金四大贵金属品种同步发力，奏响上涨"主旋律"。Wind数据显示，截至15:00，伦敦金现盘中冲高至 4420.070美元/盎司，突破10月20日4381.48美元/盎司的前期高点，刷新历史纪录；伦敦银现更是首度站 上69美元/盎司关口，盘中最高触及69.45美元/盎司，同步改写历史峰值。国际期货市场亦同步跟涨， COMEX黄金攀升至4443.5美元/盎司，COMEX白银期货冲高至69.525美元/盎司，均再创历史新高。 体工业需求的复苏程度，其走势与全球宏观经济景气度的绑定更深，与黄金的相关性可能减弱。"2026 年大概率将形成黄金引领、白银高波动跟随、铂金钯金回归自身供需基本面的分化格局。"武泽伟如是 说道。 行情火热之下，投资者的参与策略备受关注，明明提示，尽管当前宏观环境对贵金属板块整体有利，但 核心品种价格已处于历史高位区间，投资者需充分认知潜在风险，结合自身风险承受能力谨慎参与交 易。 武泽伟则进一步强调，投资者需理性认识本轮上涨的核心逻辑，其本质是长期驱动因素累积的结果，而 非短期投机炒作催生的行 ...

今天A股三大指数全天震荡上行，创业板指表现强势。市场午后延续轮动，算力硬件概念持续走强，机器人概念午后拉升，商业航天概念冲高回落。 截至收盘，上证指数涨0.69%，站上3900点，深证成指涨1.47%，创业板指涨2.23%，市场全天成交额约1.88万亿元，较上一交易日增加1335亿元。海南自 贸区板块全天领涨，贵金属、铜缆高速连接等板块涨幅居前。 个股方面，新易盛（300502）大涨，盘中股价创新高。新易盛股价从4月9日盘中46.56元的最低价起算，时至12月22日盘中触及466.66元的历史高位，成为 今年又一只十倍股，市值突破4600亿元。 燃气板块热股胜通能源（001331）走出"7连板"，股价创历史新高。中天服务（002188）盘中上演"天地板"，早间该股开盘即涨停，随后快速跳水，午后 跌幅持续扩大，多次触及跌停，截至收盘，中天服务跌9.91%，报6.73元/股。 胜通能源走出"7连板" 截至收盘，胜通能源走出"7连板"，股价创历史新高，报28.75元/股，最新市值81.14亿元。今年以来，胜通能源股价持续走高，累计涨幅为265.59%。 胜通能源12月21日晚公告称，公司股票自12月12日以来连续6 ...

潮新闻客户端 记者 吴恩慧 截至下午4点发稿时，WIND数据显示，现货黄金继续攀升，盘中站上4420美元/盎司，突破10月20日创下的历史纪录（4381.484美元/盎司），再创新高。至 此，现货黄金价格年内涨幅超68%。 | 山东黄金 | | 38.08 | 4.56% | | | | --- | --- | --- | --- | --- | --- | | 600547.SH | | | | | | | 紫金矿业 | | 32.53 | 4.53% | | | | 601899.SH | | | | | | | 中金黄金 | | 23.85 | 4.29% | | | | 600489.SH | | | | | | | 四川黄金 | | 29.33 | 3.86% | | | | 001337.SZ | | | | | | | 赤峰黄金 | | 33.10 | 3.60% | | | | 600988.SH | | | | | | | 招金黄金 | | 13.80 | 3.14% | | | | 000506.SZ | | | | | | | 湖南貢金 | | 21.83 | 2.73% | | | | ...

今日A股市场高开高走，三大指数集体反弹，创业板指涨超2%。沪深两市成交额1.86万亿，较上一个交易日放量1360亿。 盘面上，市场热点快速轮动，全市场超2900只个股上涨，其中有105只个股涨停。板块方面，海南自贸区、贵金属、算力硬件等板块涨幅居前，医药商 业、影视院线、教育、银行等板块跌幅居前。 整个贵金属板块就像打了鸡血一样，集体狂飙。 说实话，贵金属涨没问题，这样集体暴走，属实有点出乎意料。 要知道，今年白银的涨幅已经翻了一倍多，黄金也飙升了差不多三分之二。 这到底是怎么回事呢？ 先说说大环境。 截至收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨2.23%。 而在今天众多大涨的板块中，贵金属板块在近期的表现真的很亮眼。 现货黄金首次站上4400美元，白银冲破69美元，铂金突破2000美元大关，钯金也上窜1786美元，一个个的都在创历史新高。 | 国际当金属 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 4405,100 | 66.740 | 1.54% | 67.87% | | 伦 ...

Report Summary - **Report Title**: Baoju Securities Weekly Report - **Report Date**: December 22, 2025 Report Industry Investment Rating - No industry investment rating is provided in the report. Report Core View - Global economic slowdown and inflation trends affect various asset markets, including stocks, bonds, commodities, and foreign exchange. Market participants are closely watching central bank policies, economic data, and geopolitical events to assess investment opportunities and risks. Summary by Related Catalogs Global Stock Market - **European Stocks**: Economic slowdown and inflation concerns lead to fluctuations in European major stock indices. The European Central Bank maintains interest rates, and the market awaits PMI data to judge the possibility of a mild recovery in early 2026 [3][4]. - **Chinese Stocks**: Weak domestic demand and real - estate market issues pressure the Chinese market. Beijing may introduce new stimulus measures. Investors are looking for blue - chip stocks with clear profit prospects for portfolio layout [3][4]. - **Hong Kong Stocks**: The Hang Seng Index rebounds after being affected by the US inflation data. Market liquidity may improve with the expansion of regulations and IPO activities, but returns depend on foreign capital inflows and the stability of the RMB exchange rate [3][4]. - **US Stocks**: The decline in the November CPI data boosts expectations of interest rate cuts, leading to a rebound in the S&P 500 and Nasdaq indices. The market focuses on year - end spending and profit expectations, and the AI sector's technical changes increase market volatility [3]. Global Bond Market - **Government Bonds**: The FTSE World Government Bond Index falls 0.04%. Although the decline in the US CPI boosts interest - rate cut expectations, the hawkish stances of the Fed and the Bank of England limit gains. Prices remain range - bound due to year - end liquidity tightening and policy uncertainty [5]. - **High - Yield Bonds**: The Bloomberg Global High - Yield Bond Index rises 0.29%. Spreads narrow and economic optimism boost risk appetite. However, emerging - market debt faces challenges due to the strong US dollar, despite China's stimulus measures. High - yield bonds will remain popular in 2026, and emerging - market performance depends on exchange - rate stability and fiscal progress [5]. Commodities - **WTI Crude**: WTI crude oil falls 1.36% to $56.66 per barrel. The progress of Russia - Ukraine negotiations and global economic growth concerns lead to a second - consecutive - week decline. In 2026, expected production surpluses and stable OPEC+ output may put pressure on oil prices, and the market focuses on year - end inventory data [8]. - **Gold**: Gold prices rise 0.91% to $4338.88 per ounce. The decline in the US CPI boosts interest - rate cut expectations, and year - end hedging operations drive up gold prices. Interest - rate cuts and central - bank demand support gold prices moving towards $4400, but the Fed's hawkish remarks may trigger profit - taking [9]. - **Bloomberg Commodity Spot Index**: The index falls 0.16% to 580.08. Weak energy prices offset the rise of gold and soft commodities. The market is weighing 2026 growth expectations, and commodities will remain range - bound. Upcoming PMI data are crucial for assessing metal and energy demand [10]. Foreign Exchange - **US Dollar Index**: The US dollar index rises 0.20% to 98.60. Weak CPI data boost expectations of 2026 interest - rate cuts, but the Fed's hawkish remarks provide support. The index is expected to fluctuate around the current level, with technical support at 98.00 [11]. - **RMB against the US Dollar**: The RMB falls 0.20% to 7.0411. Weak domestic demand and the real - estate market pressure the RMB, but the optimistic 2026 fiscal expansion outlook limits the decline. The RMB's trend depends on the pace of fiscal stimulus and the overall strength of the US dollar [12]. Main Indices and Economic Data - **Main Indices**: The report provides price and cumulative return data of major global stock indices such as the Hong Kong Hang Seng Index, the Shanghai Composite Index, the US Dow Jones Index, etc., as of December 19, 2025 [16]. - **Economic Data**: It includes data on non - farm payrolls, unemployment rates, PMI, CPI, and other economic indicators in the US and Europe, with comparisons between previous values, market expectations, and actual values [17]. Bond/Foreign Exchange Index - **Bond Index**: It shows the price, change percentage, and yield of various government bonds such as US, Chinese, Japanese, German, and British bonds as of December 19, 2025 [18]. - **Foreign Exchange Index**: It provides price and cumulative return data of major currency pairs including the Hong Kong dollar, the US dollar, the euro, etc., as of December 19, 2025 [18].

Market Overview - The A-share market showed strong performance today, with the Shanghai Composite Index recovering above 3900 points, and both the ChiNext Index and the STAR Market Index rising over 2% [1] - The total market turnover increased to 1.88 trillion yuan, indicating a moderate rise in trading activity [1] Sector Performance - Leading sectors included Hainan local stocks, communication equipment, precious metals, and electrical machinery, all showing significant gains [1] - Conversely, sectors such as film and theater, real estate, telecommunications services, and pharmaceutical commerce experienced declines [1] Stock Movements - Some previously popular stocks experienced volatility, with Zhongtian Service (002188) opening at the daily limit but quickly falling, even touching the limit down during trading [1] - Huati Technology (603679) also opened at the daily limit but faced a sharp decline, closing just above the limit down price [3] - Other stocks like Bona Film Group (001330), Luokai Co. (603829), and Nanjing Commercial Travel (600250) closed at the limit down [3] Fund Flows - The electronics sector saw a net inflow of over 25.4 billion yuan, while the communication sector received over 11.9 billion yuan [5] - Other sectors with significant net inflows included power equipment (over 9.7 billion yuan), basic chemicals, and non-ferrous metals (each over 6 billion yuan) [5] - The banking sector experienced a net outflow of over 2.2 billion yuan, with media and public utilities also seeing outflows exceeding 1 billion yuan [6] Precious Metals Market - Precious metals stocks surged, with the sector index rising over 4%, reaching a two-month high, and all stocks in the sector recording gains [6] - As of the report, spot gold prices in London surpassed $4420 per ounce, setting a historical high, while silver approached $70 per ounce, also a record [6] - Domestic gold futures contracts broke through 1000 yuan, nearing historical highs, with silver futures rising over 6% to set new records [6] Global Gold Market Trends - According to the World Gold Council, global physical gold ETF inflows reached $5.2 billion in November, marking six consecutive months of inflows [7] - By the end of November, total assets under management increased to $530 billion, a 5.4% month-over-month growth, with total holdings rising 1% to 3932 tons, both reaching new highs [7] - Long-term projections suggest that if real interest rates decline by 100 basis points and central bank gold purchases remain around 1000 tons, gold prices could stabilize between $5400 and $5600 per ounce by 2026 [7]

Market Overview - The A-share market showed strong performance today, with the Shanghai Composite Index recovering above 3900 points, and the ChiNext Index and STAR Market Index both rising over 2% [1] - The total market turnover increased to 1.88 trillion yuan, indicating a moderate rise in trading activity [1] Sector Performance - Leading sectors included Hainan local stocks, communication equipment, precious metals, and electrical machinery, all showing significant gains [1] - Conversely, sectors such as film and television, real estate, telecommunications services, and pharmaceutical commerce experienced declines [1] Stock Movements - Some previously popular stocks experienced significant volatility, with Zhongtian Service (002188) opening with a limit-up but quickly falling, even touching the limit-down during the day [1] - Huati Technology (603679) also opened with a limit-up but faced a sharp decline, closing just above the limit-down price [3] Fund Flows - The electronics sector saw a net inflow of over 25.4 billion yuan, while the communication sector received over 11.9 billion yuan in net inflows [5] - Other sectors with notable inflows included power equipment (over 9.7 billion yuan), basic chemicals, and non-ferrous metals (each over 6 billion yuan) [5] - The banking sector experienced a net outflow of over 2.2 billion yuan, with media and public utilities also seeing outflows exceeding 1 billion yuan [5] Future Outlook - Huafu Securities suggests that a year-end rally may have begun, driven by consumer demand, with technology remaining a dominant theme [6] - The precious metals sector is experiencing a significant upward trend, with all stocks in the sector rising, and the index reaching a two-month high [6] - Gold prices have reached historical highs, with spot gold surpassing 4420 USD/ounce, and silver nearing 70 USD/ounce [6] Global Gold Market - The World Gold Council reported that global physical gold ETF inflows reached 5.2 billion USD in November, marking six consecutive months of inflows [7] - The total assets under management for gold ETFs increased to 530 billion USD, reflecting a 5.4% month-on-month growth [7] - Projections for gold prices in 2026 suggest a potential range of 5400 to 5600 USD/ounce, assuming certain economic conditions [7]

Market Performance - The three major indices strengthened, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index increasing by 1.47%, and the ChiNext Index up by 2.23% [2] - Over 2,800 stocks in the two markets were in the green, with a total trading volume reaching approximately 1.86 trillion yuan [2] Precious Metals Sector - The precious metals sector rebounded, with Hunan Silver (002716.SZ) and Xiaocheng Technology (300139.SZ) rising over 7%, while Western Gold (601069.SH) and Shandong Gold (600547.SH) saw significant gains [3] - According to a report by GF Securities, the long-term bullish logic for gold remains intact despite potential short-term fluctuations, supported by factors such as the restructuring of the global monetary credit system, accelerated de-dollarization, and continuous central bank purchases of gold [3] Hainan Sector - The Hainan sector experienced a surge, with Kangzhi Pharmaceutical (300086.SZ) and Shennong Seed Industry (300189.SZ) increasing by 20%, and China Duty Free Group (601888.SH), Hainan Airport (600515.SH), and Hainan Highway (000886.SZ) rising by 10% [3] - The official launch of the Hainan Free Trade Port's full island closure on December 18 led to significant sales, with Sanya's duty-free sales reaching 118 million yuan on the first day, and a 60% year-on-year increase in customer traffic [3] Computing Hardware Sector - The computing hardware sector was active, with semiconductor and communication concepts leading the gains; Kaige Precision Machinery (301338.SZ) rose over 17%, and Changxin Bochuang (300548.SZ) increased by over 12% [4] - Domestic computing chain companies are rapidly advancing their listings, with several companies like Moer Thread and Muxi Co. progressing in their IPO processes [4] - Moer Thread announced a new GPU architecture called "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [4] Intelligent Driving Sector - The intelligent driving sector saw significant activity, with Zhejiang Shibao (002703.SZ), Laisai Laser (920363.BJ), and others experiencing substantial gains [5] - The release of conditional access permits for the first batch of L3-level autonomous driving vehicles marks a critical step towards commercial application in China [5] - The pharmaceutical commercial and film industry sectors faced declines, with companies like Bona Film Group (001330.SZ) and Huaren Health (301408.SZ) seeing notable drops [5]

Core Viewpoint - Gold and other precious metals have experienced significant price increases, reaching historical highs, driven by market conditions and economic indicators. Group 1: Gold Prices - Spot and futures gold prices surged, with London gold breaking the $4,400 per ounce mark, reaching $4,401.274 per ounce, marking a year-to-date increase of over 67% [1] - COMEX gold stabilized above $4,430 per ounce, currently at $4,430.9 per ounce, also a historical high [3] Group 2: Domestic Gold Prices - Domestic gold prices have been adjusted upwards, with Chow Tai Fook's gold price reaching 1,368 yuan per gram, a daily increase of 0.59% [5] - Other brands such as Lao Miao and Chow Sang Sang also reported prices exceeding 1,365 yuan per gram [5][6] Group 3: Other Precious Metals - Silver prices also reached historical highs, with London silver at $69.229 per ounce, a daily increase of 3.25%, and COMEX silver at $69.375 per ounce, up 2.79% [7] - Spot platinum prices rose to $2,055.7 per ounce, surpassing $2,000 per ounce for the first time since 2008, with a year-to-date increase of over 127% [7] Group 4: Market Influences - Citic Securities noted that the U.S. November CPI unexpectedly cooled, leading to market adjustments regarding the Federal Reserve's interest rate cuts in 2026, which strengthened precious metal prices [8] - Galaxy Futures indicated that the Bank of Japan's cautious stance on future monetary policy and the U.S. inflation data contributed to a favorable outlook for gold and silver prices [9]