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].

Group 1 - A-shares experienced significant activity with 92 stocks hitting the daily limit up and 7 stocks hitting the limit down on December 22 [1] - The precious metals sector was notably active, with silver-related stocks reaching the daily limit up [1] - The tungsten concept stocks showed strength, exemplified by Xianglu Tungsten's limit up performance [1] Group 2 - CPO concept stocks also saw an increase, highlighted by Hengtong Optic-Electric hitting the daily limit up [1] - Several stocks achieved consecutive limit up performances, including *ST Ningke with 8 consecutive limit ups and Shengtong Energy with 7 consecutive limit ups [1] - Other notable stocks with consecutive limit ups include Jiamei Packaging (5 out of 7 days), Zhejiang Shibao (5 consecutive), and Luyuan Pharmaceutical (4 consecutive) [1]

Core Viewpoint - The article highlights the significant market movements in A-shares, particularly the surge in various sectors such as the Hainan Free Trade Zone and semiconductor industry, indicating a bullish sentiment in the market [3][4]. Market Performance - As of midday, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 1.8% [3]. - The 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 [4]. Sector Highlights - The Hainan Free Trade Zone sector saw a notable increase of 9.59%, with 22 stocks hitting the daily limit [4]. - Other sectors that performed well include: - Precious metals, up 4.34% - Free Trade Port, up 4.14% - Storage chips, up 3.32% [4]. Notable Stocks - Zhangzhou Development surged to its daily limit, attributed to the "14th Five-Year Plan" proposal focusing on cross-strait integration [5]. - China Duty Free Group's A-shares and H-shares both rose over 10%, following a strong sales performance of 118 million yuan on the first day of customs closure in Sanya [6]. Commodity Movements - Palladium futures on the Shanghai Futures Exchange hit the daily limit, while precious metals like gold and silver also saw significant price increases, with gold surpassing 4,380 USD per ounce [7][10][19].

2025年收官之际，全球贵金属市场迎来历史性狂欢。 12月22日（周一）亚市早盘，现货黄金加速上涨，突破4384美元/盎司，创下10月以来历史新高，年内累计涨幅超65%；白银、铂金价格也同步刷新纪录 高位，白银以126%的惊人涨幅成为"黑马"，铂金紧随其后暴涨116%。 金银铂均创历史新高 今日，现货黄金突破10月20日高点4381.4美元/盎司，再创历史新高。截至发稿，报4390.96美元/盎司，涨超1%。数据显示，现货黄金价格年内涨幅超 65%。 现货白银涨破69美元/盎司关口，刷新历史高点，日内涨超3%。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，今年迄今累计涨超 114%。 现货铂金持续走高，涨超3%，报2002.3美元/盎司，为自2008年以来首次升破2000美元/盎司，年内累涨超120%。 LME铜价飙升至创纪录高位，逼近每吨12000美元。 | W | | | LME铜 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | CA.LME | | | | | | | | 11925.0 | | 昨结 ...

A股市场板块涨跌幅排行 | (责任编辑：马欣) | | --- | 中国经济网北京12月22日讯 A股三大指数今日早盘集体上涨，截至午间收盘，上证综指报3915.20点，涨 幅0.64%；深证成指报13318.80点，涨幅1.36%；创业板指报3178.51点，涨幅1.80%。 板块方面，贵金属、小金属、元件等板块涨幅居前，医药商业、教育、影视院线等板块跌幅居前。 ...

消息面上，现货黄金日内涨超1%，突破4380美元/盎司，创历史新高。12月11日，白银有色表示硫酸价 格上涨对业绩有一定程度的正面影响。12月12日，白银有色称下属白银有色长通电线电缆有限责任公司 是公司全资子公司，在公司合并报表范围内。12月15日，白银有色召开第五届董事会第三十次会议，审 议通过聘任2025年度审计机构的提案及召开2025年第四次临时股东会的提案，并将于2025年12月31日召 开2025年第四次临时股东会。 声明：本内容由AI生成，数据资料来自于交易所及第三方公开信息，仅供参考，不构成投资建议。 交易所数据显示，截至2025年12月22日10时45分，白银有色当前价格5.70元，涨幅10.04%，开盘5.27 元，最高5.70元，最低5.26元，成交量282.91万手，成交额15.77亿元，振幅8.49%，换手率3.82%。 本文源自：市场资讯 市场炒作点为贵金属概念震荡走强。 作者：智投君 ...

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 证 券 研 证券分析师 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 2025 年 12 月 22 日 美国通胀降温助推降息预期，金属 板块景气持续 看好 ——金属&新材料行业周报 20251215-20251219 究 报 告 相关研究 - 、 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 0.03%，深证成指下跌 0.89%，沪深 300 下跌 0.28%，有色金属 ...