转自：证券时报 据证券时报·数据宝统计，A股中贵金属概念股共有18只，年初至今平均上涨97.03%，招金黄金、盛达 资源、西部黄金等9股累计涨幅均超过100%。 在持续上涨后，贵金属概念股估值已处于相对高位，滚动市盈率中位数达到33.12倍，其中招金黄金、 白银有色、晓程科技最新市盈率超过百倍，但仍有9股市盈率处于30倍以下，包括紫金矿业、赤峰黄 金、贵研铂业、山金国际等。 人民财讯12月23日电，今年以来，全球贵金属价格走势不平静，其中黄金和白银价格不断创出历史新 高，今年11月在广州期货交易所上市的钯和铂期货近期更是连续大涨。 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core View The report indicates that the Fed's expected rate cut in December, global debt expansion, central bank gold - buying, and geopolitical risks are likely to support precious metal prices in the medium - to - long - term. However, the high price of platinum may curb downstream demand, and the supply - demand situation of lithium is expected to shift from tight to loose, which may lead to price adjustments for both [1]. 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Gold**: Shanghai gold futures' closing price was 958.27 yuan/gram, with a change of 7.56 compared to the previous day and - 2.27 compared to the previous week. International gold's COMEX futures active contract closing price was 4227.70 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week [1]. - **Silver**: Shanghai silver futures' closing price was 13687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week. International silver's COMEX futures active contract closing price was 58.80 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week [1]. 3.2 Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2305.39 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons), marking the 13th consecutive month of increase [1]. - The Fed's favored inflation indicator, the September core PCE index, increased by 2.8% year - on - year, in line with expectations, and real personal spending stagnated. US consumer confidence ended a four - month decline, and short - term inflation expectations dropped to the lowest point at the beginning of the year [1]. 3.3 Multi - and Short - Logic - **Gold and Silver**: The mixed performance of the US economic and employment data, along with some Fed officials' support for a December rate cut, keeps the probability of a December rate cut above 80%. Fiscal easing policies in multiple countries lead to expectations of debt expansion and fiscal deficit growth, and central banks' continuous gold - buying, along with geopolitical risks, may support precious metal prices in the medium - to - long - term [1]. - **Platinum**: High mining costs, unstable power supply, and aging equipment limit platinum production, while increased demand from traditional fuel and hybrid vehicles due to stricter emission standards and optimistic demand from other industries lead to a tight global platinum supply - demand situation in 2025 - 2026. However, high platinum prices may curb downstream demand [1]. - **Lithium**: Supply is affected by deep - mine mining, power shortages, etc., but increased recycling is expected. Demand from the automotive industry is expected to decline, while demand from other industries has low elasticity. The global lithium supply - demand situation is expected to shift from tight to loose in 2025 - 2026 [1]. 3.4 Trading Strategies - **Gold and Silver**: When prices decline, it is advisable to go long. For London gold, pay attention to support levels around 3900 - 4100 and resistance levels around 4300 - 4600; for Shanghai gold, support levels are around 890 - 920 and resistance levels are around 970 - 1000. For London silver, support levels are around 49 - 54 and resistance levels are around 59 - 63; for Shanghai silver, support levels are around 12500 - 15000 and resistance levels are around 14000 - 15000 [1]. - **Platinum**: Temporarily stay on the sidelines for single - side trading. Hold "long platinum, short palladium" positions cautiously. For London platinum, pay attention to support levels around 1300 - 1500 and resistance levels around 1800 - 2000; for domestic platinum, support levels are around 335 - 385 and resistance levels are around 465 - 516 [1]. - **Lithium**: Temporarily stay on the sidelines for single - side trading. For London lithium, pay attention to support levels around 1190 - 1390 and resistance levels around 1600 - 1800; for domestic lithium, support levels are around 305 - 357 and resistance levels are around 415 - 465 [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Global debt inflation expectations support precious metal prices. The probability of the Fed cutting interest rates in December is still over 80%, and multiple countries' governments have introduced fiscal easing policies, leading to expectations of debt expansion and fiscal deficit growth. Central banks of many countries are continuously buying gold, and geopolitical risks are likely to support precious metal prices in the long - and medium - term [1] - The global platinum supply - demand outlook for 2025 - 2026 is expected to be tight, but high platinum prices may suppress downstream demand and cause price adjustments [1] - The global lithium supply - demand outlook for 2025 - 2026 may change from tight to loose, and multiple factors may cause lithium price adjustments [1] Summary by Related Catalogs Precious Metal Market Data - **Gold**: Shanghai gold futures closing price on 2025 - 12 - 01 was 961.04 yuan/gram, with a change of - 2.24 compared to the previous day and 7.62 compared to the previous week; trading volume on 2025 - 12 - 04 was 237,697.00; inventory on 2025 - 12 - 01 was 91,299.00 (in ten - grams). COMEX gold futures closing price on 2025 - 12 - 04 was 4,237.90 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week; trading volume on 2025 - 12 - 05 was 190,889.00; inventory on 2025 - 12 - 01 was 36,310,675.24 (in troy ounces). London gold spot price on 2025 - 12 - 04 was 4,200.60 dollars/ounce [1] - **Silver**: Shanghai silver futures closing price on 2025 - 12 - 01 was 13,687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week; trading volume on 2025 - 12 - 04 was 2,703,384.00; inventory on 2025 - 12 - 01 was 687,956.00 (in ten - grams). COMEX silver futures closing price on 2025 - 12 - 04 was 53.76 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week; trading volume on 2025 - 12 - 05 was 5,227.00; inventory on 2025 - 12 - 01 was 457,220,650.80 (in troy ounces). London silver spot price on 2025 - 12 - 04 was 57.57 dollars/ounce [1] Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2,305.39 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons), marking the 13th consecutive month of increase [1] - The Fed's favored inflation indicator, the September core PCE index, increased by 2.8% year - on - year, generally in line with expectations, and real personal spending stagnated. US consumer confidence ended a four - month decline, and short - term inflation expectations dropped to the lowest level at the beginning of the year [1] Trading Strategies - **Gold and Silver**: Buy on price dips. For London gold, focus on the support level around 3,900 - 4,100 and the resistance level around 4,300 - 4,600; for Shanghai gold, focus on the support level around 890 - 920 and the resistance level around 970 - 1,000. For London silver, focus on the support level around 49 - 54 and the resistance level around 59 - 63; for Shanghai silver, focus on the support level around 12,500 - 15,000 and the resistance level around 14,000 - 15,000 [1] - **Platinum**: Temporarily stay on the sidelines for single - sided trading, and cautiously hold "long platinum, short palladium" long positions. For London platinum price, focus on the support level around 1,300 - 1,500 and the resistance level around 1,800 - 2,000; for domestic platinum price, focus on the support level around 335 - 385 and the resistance level around 465 - 516 [1] - **Lithium**: Temporarily stay on the sidelines for single - sided trading. For London lithium price, focus on the support level around 1,190 - 1,390 and the resistance level around 1,600 - 1,800; for domestic lithium price, focus on the support level around 305 - 357 and the resistance level around 415 - 465 [1]