Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index down by 0.43% to 25,324.75 points, the Hang Seng Tech Index down by 0.68%, and the State-Owned Enterprises Index down by 0.51% [1][9][10] Sector Performance - Technology stocks showed mixed results, with NetEase and Bilibili each dropping over 1%, Tencent down by 1%, while Meituan rose by over 1% [1][9] - Gold stocks experienced a general increase, with Lingbao Gold rising over 10% [1][4][10] - Solar energy stocks weakened, with GCL-Poly Energy falling over 3% [1][5][10] - Chinese brokerage stocks opened high but closed lower, with China Merchants Securities dropping over 3% [1][6][10] New Listings - Two new stocks were listed today, with Tudatong rising by 34% and Baoji Pharmaceutical increasing by over 125% [1][7][10] - Tudatong, through a merger with TechStar Acquisition Corporation, raised approximately HKD 1.027 billion [7][16] Gold Market Insights - The gold market strengthened ahead of the Federal Reserve's decision, with spot silver surpassing USD 61 per ounce, marking a historical high and a year-to-date increase of over 100%; spot gold exceeded USD 4,210 per ounce [4][10] Solar Industry Analysis - The solar industry is undergoing a phase of "de-involution," with significant improvements expected in Q3 for upstream segments, focusing on supply-side measures and demand-side support from the "14th Five-Year Plan" [5][13]

Group 1 - China Gold Group announced targeted assistance to Xincai County, Henan Province, and donated HKD 2 million to the disaster area in Tai Po, Hong Kong [1] - Lingbao Gold disclosed that the gold metal volume in the Laowan gold mining area reached 54.51 tons, indicating an expansion of resource reserves [1] - The World Gold Council reported that global central bank gold purchases continue to hit record highs, highlighting a strategic allocation preference for gold [1] Group 2 - CITIC Securities noted a decrease in VIX for gold, silver, and crude oil, while copper's VIX increased, maintaining a bullish outlook on gold amid weak economic conditions and a declining dollar [1] - Shenwan Hongyuan Securities indicated that the recent rise in gold prices is primarily due to increased expectations of interest rate cuts in December, with a long-term trend of central bank gold purchases expected to continue [2] - The gold ETF (518800) tracks the spot gold contract (Au99.99), reflecting changes in the demand for precious metals as a safe-haven asset and their long-term investment value [2]

黄金短期(12月中旬-12月末)：大概率进入1-2周的震荡蓄势期。当前市场已充分定价美联储降息25个基 点的预期，决议落地后可能出现"买预期、卖事实"的短期回调。若决议出现多位鹰派官员反对，或鲍威 尔表态偏谨慎，金价可能回调至4155-4160美元强支撑区间；若降息落地且释放后续持续宽松信号，则 可能在4200美元上方企稳后再次冲击4260美元阻力。 阻力位：4260-4265美元/盎司，此区间是前期多次冲高遇阻的位置，同时与布林带上轨重合，卖盘压力 集中，若没有美联储宽松信号等强力利好推动，短期突破难度极大 阻力位：4220-4225美元/盎司，作为日内短期阻力，是当前高位震荡区间的上沿，受MA5均线压力影 响，反弹至该区间易出现抛压 摘要今日周三(12月10日)亚盘时段，现货黄金目前交投于4217美元附近，截至发稿，现货黄金最新报 4213.89美元/盎司，涨幅0.17%，最高上探至4217.80美元/盎司，最低触及4206.06美元/盎司。目前来 看，现货黄金短线偏向看涨走势。 今日周三(12月10日)亚盘时段，现货黄金目前交投于4217美元附近，截至发稿，现货黄金最新报4213.89 美元/盎司，涨幅 ...

Core Viewpoint - The Hong Kong gold stocks have generally risen, indicating a positive trend in the market for these companies [1] Company Performance - Lingbao Gold (03330.HK) increased by 6.34%, reaching HKD 17.95 [1] - China Silver International (00815.HK) rose by 5.97%, trading at HKD 0.71 [1] - Zhumeng Gold (01815.HK) saw a 5.04% increase, priced at HKD 2.5 [1] - Tongguan Gold (00340.HK) gained 4.94%, with a price of HKD 2.76 [1] - Zijin Gold International (02259.HK) experienced a 2.78% rise, now at HKD 140.7 [1]

Group 1 - The A-share major indices declined, while the Nonferrous Metal Leaders ETF (159876) rose by 0.33%, indicating strong market interest with a net subscription of 51 million units [1] - The Nonferrous Metal Leaders ETF (159876) has seen a total net inflow of 54.3 million yuan over the past two days, with a current fund size of 748 million yuan, making it the largest ETF tracking the same index in the market [1] - The Federal Reserve's monetary policy meeting on December 9-10 is expected to announce a 25 basis point rate cut with a probability of 89.4%, which is anticipated to support the price increase of nonferrous metals [1] Group 2 - During the Fed's rate-cutting cycle, tight supply and demand for physical assets are expected to create significant price elasticity, particularly for industrial metals like copper and aluminum [2] - The demand for copper is projected to increase due to power investments by 2026, while storage and alternative demands are expected to drive aluminum demand [2] - The Nonferrous Metal Leaders ETF (159876) and its linked fund (017140) cover a broad range of sectors including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option [2]

Core Viewpoint - Gold stocks are experiencing a significant rise, driven by strong performance in precious metals ahead of the Federal Reserve's decision, with silver reaching a historical high and expectations of potential interest rate cuts [1] Group 1: Gold Stock Performance - Lingbao Gold (03330) increased by 6.34%, trading at HKD 17.95 [1] - China Silver International (00815) rose by 5.97%, trading at HKD 0.71 [1] - Zhu Feng Gold (01815) saw a 5.04% increase, trading at HKD 2.5 [1] - Tongguan Gold (00340) gained 4.94%, trading at HKD 2.76 [1] - Zijin Gold International (02259) increased by 2.78%, trading at HKD 140.7 [1] Group 2: Precious Metals Market Dynamics - Spot silver surpassed USD 61 per ounce, marking a historical high with a year-to-date increase of over 100% [1] - Spot gold broke the USD 4,210 per ounce mark [1] - The market anticipates a potential 25 basis point rate cut by the Federal Reserve due to weak employment data [1] Group 3: Future Price Predictions - State Street Global Advisors predicts that gold prices will see the best annual performance since 1979 in 2025, with a potential stabilization in 2026 [1] - Gold prices are expected to fluctuate between USD 4,000 and USD 4,500 per ounce [1] - Structural bull market factors supporting gold include the Federal Reserve's loose monetary policy, strong demand from central banks and retail investors, ETF inflows, rising stock-bond correlation, and global debt issues [1]

道富投资管理指出，2025年金价升势创1979年以来最佳年度表现，预计在2026年将有所缓和，金价可能 在每盎司4000-4500美元区间震荡走高。支撑黄金的结构性牛市周期因素包括美联储宽松政策、强劲的 央行与零售需求、ETF资金流入、股债相关性上升以及全球债务问题。 消息面上，美联储决议前贵金属再度走强，现货白银突破61美元/盎司，创历史新高，年初至今涨幅已 超100%；现货黄金则升破4210美元/盎司。目前市场普遍认为，近期美国就业市场数据疲软，美联储很 可能再度降息25个基点。 智通财经APP获悉，黄金股普遍走高，截至发稿，灵宝黄金(03330)涨6.34%，报17.95港元；中国白银国 际(00815)涨5.97%，报0.71港元；珠峰黄金(01815)涨5.04%，报2.5港元；潼关黄金(00340)涨4.94%，报 2.76港元；紫金黄金国际(02259)涨2.78%，报140.7港元。 ...

原油方面，目前炒作核心点就还是俄乌的和平谈判情况，特朗普不断施压极力促成俄乌在圣诞之前达成和平协议，给到原油 一定压力，但是目前的消息看乌克兰对于领土问题寸步不让，这让俄罗斯也陷入僵持状态，但是从市场表现来看，原油多头 完全没有延续性，前两个交易日反弹小幅突破了原本的下行趋势线，但是上个交易日也是再度回落重回下行趋势运行，我们 跟大家一直分享的原油反弹空的思路也是反复在对线，目前继续保持即可，关注56附近强支撑，这个位置也是多头最后防守 线，一旦跌破油价可能大跌，再次之前保持反弹空的节奏，小反弹小空，大反弹大空即可。 黄金来回整理等降息，原油重回下行格局！ 随着美联储新一轮利率决议的临近，市场表现越发谨慎，随着上个交易日美国空缺职位数据公布，整体数据表现良好，显示 目前就业市场状态的韧性十足，加剧了市场鹰派降息的预期，美元指数小幅回升，黄金在回落之后低位依旧具备吸引力，然 后多头延续性不佳，相对而言，白银刷新历史记录的强势，目前可以说是在白银的带动下，黄金才会有这样的表现了，其次 俄乌和平谈判搁置，避险情绪再度有所升温，短期市场无疑是在等待美联储利率决议以及后续对货币政策的态度预期而带来 的新指引，短期市场整 ...

12月10日，A股三大指数集体回调，COMEX黄金、白银期货价格止跌回升，黄金有色相关产品盘中强 势，截至10:00，有色金属ETF基金(516650)盘中转跌0.07%，黄金ETF华夏(518850)涨0.63%，黄金股 ETF(159562)涨0.86%，其持仓股湖南白银涨超4%，老铺黄金、白银有色、山金国际、晓程科技等股纷 纷走强。 统计显示，黄金ETF华夏(518850)近5天获得连续资金净流入，合计"吸金"4.10亿元。截至12月9日，产 品最新份额达11.24亿份，创成立以来新高。（数据来源：Wind） 宝城期货分析认为，昨日亚洲盘后金价走强，夜盘沪金也企稳回升，但上涨幅度有限。11月下旬以来金 价上行的动力主要来自于美联储降息预期持续升温，美元指数高位回落。短期市场对美联储降息预期计 价较为充分，而市场风险偏好回升使金价承压。临近美联储12月议息会议，短期市场趋于谨慎，黄金波 动下降，等待议息会议结果。美元指数短期反弹也使金价承压。短期预计维持震荡运行。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 ...

（原标题：灵宝黄金(03330)股东将股票由浦银国际证券转入中信证券经纪香港 转仓市值9.37亿港元） 灵宝黄金12月3日发布公告称，董事会已审议及批准本公司若干股东持有的公司1835.98万股未上市内资 股建议实施全流通，约占于本公告日期公司股本总额1.43%。于2025年12月2日，公司已就H股全流通向 中国证监会提交备案。 于本公告日期，公司尚未就转换及上市向联交所提出申请，且公司H股全流通和转换及上市的实施计划 详情尚未落实。H股全流通仍待获得所有相关批准方可作实，包括中国证监会的备案通知、有关内资股 转换为公司H股及联交所批准有关H股在联交所主板上市买卖。 智通财经APP获悉，香港联交所最新资料显示，12月9日，灵宝黄金(03330)股东将股票由浦银国际证券 转入中信证券经纪香港，转仓市值9.37亿港元，占比5.01%。 ...