Core Viewpoint - The article highlights the significant surge in precious metal prices, particularly gold, which has reached a historical high, driven by various economic factors and market sentiments [1][4]. Group 1: Gold Market Performance - As of December 22, the spot gold price hit $4407.7 per ounce, with a daily increase of over 1.5%, marking a year-to-date increase of over 67% [1][3]. - The global physical gold ETF inflows reached $5.2 billion in November, continuing a six-month streak of inflows, with total assets under management rising to $530 billion [4]. Group 2: Other Precious Metals - Platinum prices surged to $2056 per ounce, reflecting a year-to-date increase of over 127%, while palladium prices also rose significantly, exceeding 95% year-to-date [2][3]. - Silver prices reached above $69 per ounce, achieving a historical high with a year-to-date increase of approximately 139.64% [3]. Group 3: Economic Factors Influencing Prices - The rise in gold prices is attributed to heightened global risk aversion, skepticism towards the U.S. dollar credit system, and ongoing central bank gold purchases [4]. - Market expectations for a potential interest rate cut by the Federal Reserve in 2026, along with increasing geopolitical uncertainties, are providing additional support for gold prices [3][4].

Core Viewpoint - Precious metals, including silver, platinum, and palladium, are experiencing significant price increases as the global market enters the "Christmas mode," with silver up 137% year-to-date and tungsten prices up 202% [3][5][9] Precious Metals Market - On December 22, silver rose over 6%, while platinum and palladium futures hit their daily limit [2] - The price of spot gold reached $4,384 per ounce, marking a nearly 1% increase and surpassing the previous record set on October 20 [5] - Year-to-date, international spot gold prices have increased over 65%, while silver prices have exceeded $68.8 per ounce [5] - Domestic silver futures surpassed 16,000 yuan per kilogram, setting a new historical high [5] - The precious metals sector in the domestic stock market has seen a rise of over 80% year-to-date, with significant inflows into gold-related funds [5] Tungsten Market - Tungsten prices have shown remarkable increases, with tungsten concentrate prices rising by 202% year-to-date [3][8] - Recent data indicates that tungsten powder prices have reached 1,030,000 yuan per ton, reflecting a 225.92% increase since the beginning of the year [8] - The supply of tungsten is constrained due to declining ore grades and stricter regulations, while global demand is expected to grow, leading to a projected long-term price increase [9] - The global tungsten supply is anticipated to remain tight over the next 3-5 years, with demand expected to rise from 96,200 tons to 110,000 tons [9]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 1.46%, ranking in the upper middle among all primary industries. The energy metals sector rose by 5.08%, while the precious metals sector increased by 0.68% [1][14] - Gold prices have broken through the consolidation range, while silver's bullish sentiment has peaked, indicating a potential risk of a sharp short-term correction [1][49][50] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.33%, with the non-ferrous metals sector outperforming the index by 1.44 percentage points [14] - The report highlights the performance of various sub-sectors, with energy metals leading the gains [14] Industrial Metals - **Copper**: Prices fluctuated with LME copper at $11,882 per ton (up 2.85%) and SHFE copper at ¥93,180 per ton (down 0.96%). Supply remains weak, with a forecasted global copper shortage of 150,000 tons by 2026. Demand is deteriorating as construction projects pause, leading to increased spot market discounts [2][30] - **Aluminum**: LME aluminum rose to $2,945 per ton (up 2.43%), while SHFE aluminum was at ¥22,185 per ton (up 0.07%). Supply conditions are stable, with new capacity coming online, but demand remains cautious due to a downturn in the real estate sector [3][35] - **Zinc**: Prices fell, with LME zinc at $3,073 per ton (down 2.12%) and SHFE zinc at ¥23,065 per ton (down 2.29%). Inventory levels showed mixed trends [41] - **Tin**: Prices increased, with LME tin at $43,227 per ton (up 5.11%) and SHFE tin at ¥343,040 per ton (up 3.02%). Supply from Indonesia has increased, but demand remains cautious [46] Precious Metals - **Gold**: COMEX gold closed at $4,368.70 per ounce (up 0.90%), while SHFE gold was at ¥979.90 per gram (up 0.95%). Economic data from the U.S. showed mixed results, but overall inflation appears to be cooling, which may influence future gold prices positively [4][49] - **Silver**: The report warns of extreme bullish sentiment in silver, with potential for a sharp correction as market volatility peaks [50]

今日（12月22日）上午，白银涨幅超6%，铂和钯两个期货主力合约携手涨停。 随着全球市场进入"圣诞模式"，主要金融市场将迎来密集休市，金银铂钯等贵金属品种则赶在休市前 夕，密集上涨。而国内钨等稀有金属价格涨幅更为明显。目前，白银年内涨幅已达137%，钨精矿价格 年内涨幅已达202%。 密集上涨 关于假期休市安排方面，圣诞节当天，美国芝商所的贵金属、美油、外汇、股指期货合约交易全天暂 停。美国洲际交易所（ICE）布伦特原油期货合约全天交易暂停。 今日早间，伦敦现货黄金，盘中触及4384美元/盎司，涨近1%，突破10月20日创下的历史纪录 （4381.484美元/盎司），再创新高。国际现货黄金价格年内涨幅超65%，而银价现货价格已经突破68.8 美元/盎司，年内涨幅已达137%。 国内黄金期货主力合约上涨近1%，而沪银期货主力合约涨超5%，突破16000元/千克关口，续创历史新 高。广期所钯期货主力合约盘中涨7%，触及涨停；铂期货主力合约盘中涨近7%，触及涨停。 当日，国内股市申万二级行业中，贵金属板块居前，涨幅超3%，年内涨幅超80%。其中，白银有色涨 幅一度超9%。而规模较大的黄金股（159562）近5个交易 ...

今日（12月22日）上午，白银涨幅超6%，铂和钯两个期货主力合约携手涨停。 随着全球市场进入"圣诞模式"，主要金融市场将迎来密集休市，金银铂钯等贵金属品种则赶在休市前夕，密集 上涨。而国内钨等稀有金属价格涨幅更为明显。目前，白银年内涨幅已达137%，钨精矿价格年内涨幅已达 202%。 佳鑫国际资源（03858 .HK ）今日（12月22日）再度大涨，截至午间收盘，涨幅超11%。值得注意的是，佳鑫 国际资源刚于8月28日港股上市，目前股价较发行价已有3倍涨幅。 随着更多资金涌入供给偏小的品种，这些品种市场价格涨势更趋陡峭：过去一周，白银上涨8.27%，而钨粉单 周涨幅在18%左右。市场人士提醒，虽然中长期仍然看涨，但是短期波动性仍然值得重视。 密集上涨 当日，国内股市申万二级行业中，贵金属板块居前，涨幅超3%，年内涨幅超80%。其中，白银有色涨幅一度 超9%。而规模较大的黄金股（159562）近5个交易日内有4日资金净流入，合计"吸金"4934.18万元，近1周份额 增长2100万份，实现显著增长。今年以来该基金累计上涨超92%。 银河证券首席策略分析师杨超认为，美联储降息预期构成贵金属价格上涨的核心支撑，但地 ...

Market Overview - The Shanghai Composite Index increased by 0.64%, surpassing the 3900-point mark, with a significant increase in trading volume reaching nearly 1.2 trillion yuan, which is about 100 billion yuan more than the previous day [1][3]. Sector Performance - The Hainan sector experienced a notable surge, leading to a wave of limit-up stocks, driven by long-term expectations of regional policies and a concentrated investment in certain themes due to the current lack of a clear market leader [3]. - Storage chips and precious metals showed active performance, representing trends in technological independence and serving as a stabilizing factor amid macroeconomic uncertainties [3]. Market Sentiment - Despite the lively market, there is a quick rotation and differentiation among sectors, with pharmaceuticals and film industries showing clear adjustments, indicating that market risk appetite has not fully recovered [3]. - The cautious optimism suggests that while the morning's volume increase is a positive signal, any decline in afternoon trading volume could lead to market consolidation around current levels [3]. Investment Strategy - The recommended strategy is to focus on strong performers while avoiding chasing stocks that have already surged significantly, particularly in sectors like Hainan [4]. - Attention should be directed towards stocks that showed moderate volume increases and maintained good trends but have not yet seen substantial price increases, assessing their potential for further investment [4]. - For existing holdings, if a stock's performance is significantly weaker than the market and its underlying logic is compromised, a reassessment and potential reallocation may be necessary [4].

今天早盘，贵金属期货继续一骑绝尘！现货黄金突破前期高点，站上4384美元上方，再创历史新高。沪 银期货主力合约一度涨超5%，突破16000元关口，续创历史新高，今年累计上涨超114%。现货铂金突 破2000美元大关。A股市场上，贵金属概念跟随震荡走强，紫金矿业涨超5%，再创历史新高，白银有 色触及涨停，盛达资源、湖南白银、西部黄金、豫光金铅跟涨。过去几个交易日，贵金属市场呈现罕见 集体爆发行情，铂、钯期货连续大涨，市场做多情绪高涨，呈现出资金推动与情绪共振的显著特征。贵 金属市场全面爆发的同时，市场似乎陷入了狂热与理性并存的矛盾状态：一边是创纪录的涨幅和资金涌 入，另一边则是越来越多机构对风险积累的警告。分析师们几乎一致认为，供需基本面不会在短期内发 生根本性改变。但在连续创下历史新高后，市场正面临着"预期兑现"后的获利了结压力。 ...

此外，世界黄金协会12日报告显示，11月全球实物黄金ETF流入达52亿美元，已连续六个月实现流入。 截至11月底，资产管理总规模增至5300亿美元，环比增长5.4%；总持仓上升1%至3932吨，均创新高， 今年全球黄金ETF流入总量有望创下历史最佳年度表现。 芦哲表示，央行购金趋势未变、全球去美元化与地缘政治碎片化仍是长期过程、美国等主要经济体财政 与债务风险仍存等各种基础仍然稳固，对黄金的信用对冲需求继续存在且可能继续扩张，黄金牛市的核 心逻辑未被颠覆。 ※ 编辑：胡婧 ※ 校对：张铭革 ※ 审核：陈文强 陈祥旺 22日早间，现货黄金（伦敦金现）强势拉涨，盘中突破10月20日创下的历史纪录（4381.484美元），再 创新高。截至发稿，报4380.290美元/盎司，涨近1%。 Wind数据显示，现货黄金价格年内涨幅超65%。 对于年内金价强劲上涨，东吴证券首席经济学家芦哲此前表示，是多重引擎共振效应的结果。一是全球 央行延续2022年以来的购金趋势，这也是2022年以来黄金牛市最坚实的基础。二是地缘政治风险和代关 税政策带来较大不确定性。三是金融市场对美联储降息周期与债务问题的重定价。 ...

Market Overview - The A-share market showed strong performance with all three major indices rising, with the Shanghai Composite Index up 0.64% to reclaim the 3900-point mark, the Shenzhen Component Index up 1.36%, and the ChiNext Index up 1.8% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.2 trillion yuan [1] Sector Performance - The Hainan Free Trade Zone, precious metals, and computing hardware sectors led the gains, while the pharmaceutical retail, film and television, and banking sectors experienced declines [4] - The Hainan Free Trade concept saw a collective surge, with nearly 20 stocks hitting the daily limit, driven by significant growth in duty-free sales in Sanya [4] - The commercial aerospace sector also showed strength, with stocks like Shenjian Co. and Beidou Star reaching their daily limits following successful satellite launches [4] Precious Metals - Precious metals stocks generally rose, with the A-share precious metals index increasing by 4%, and notable gains in companies like Xiaocheng Technology (up over 8%) and Hunan Silver (up over 7%) [5] - Spot gold prices surpassed $4,390, reaching a new historical high, while spot silver prices broke the $69 per ounce mark, reflecting a year-to-date increase of approximately 139% [5] Asia-Pacific Market Trends - Major Asia-Pacific stock markets also experienced upward trends, with the Nikkei 225 rising nearly 2% and the Korean Composite Index up 1.85% [6][7] - The Hang Seng Index in Hong Kong increased by 0.33%, with notable gains in semiconductor and technology stocks [8]

Market Overview - The Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 1.8% during the morning session [2]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 97.7 billion yuan compared to the previous trading day, with nearly 3,500 stocks rising [3]. Sector Performance - The Hainan Free Trade Zone concept stocks surged, with a rise of 9.59%, and 22 stocks hitting the daily limit [3]. - The semiconductor industry chain saw significant gains, with the CPO (Co-Packaged Optics) and intelligent driving sectors also performing strongly [10]. - Precious metals experienced a strong upward trend, with spot gold prices exceeding $4,380 per ounce, marking a historical high [6][14]. Notable Stocks - China Duty Free Group's A-shares and H-shares both rose over 10%, attributed to a sales figure of 118 million yuan on the first day of duty-free sales in Sanya [4]. - Longan Automobile opened more than 3% higher following the issuance of the first L3-level autonomous driving license in Chongqing [10]. - Zhangzhou Development hit the daily limit, rising by 10.05%, following news of the Fujian Zhangzhou "14th Five-Year Plan" aimed at enhancing cross-strait integration [4]. Trading Highlights - The trading volume for palladium futures reached the daily limit, while silver futures also saw significant gains, with the main contract rising over 5% [6]. - The ChiNext Index saw a rise of over 2%, with sectors such as CPO, optical communication modules, and virtual robots leading the gains [8].