同日起，李婧博士已获委任为独立非执行董事、薪酬委员会成员及董事会企业管治委员会主席。翟志胜 先生已辞任公司公司秘书，且不再担任授权代表;杨碧珍女士已获委任为公司秘书及授权代表。公司执 行董事童军先生及杨女士已获委任为授权代表。 胡左浩教授为投入更多时间处理其个人事务，已辞任公司独立非执行董事。其辞任将于2025年12月31日 生效，而其于薪酬委员会及提名委员会的成员身份以及董事会企业管治委员会主席的职务亦将告终止， 自同日起生效。 上善黄金(01939)公布，钱源源女士因有其他个人承担，已辞任执行董事、提名委员会成员，且不再担 任上市规则第3.05条之下的公司授权代表，自2025年12月31日起生效。 ...

基本面方面，美联储在12月会议上决定降息，但会议纪要显示这一决策并非共识性结果。部分支持降息的官员强调，此次行动是权衡利弊后的选择，甚至 存在维持利率不变的可能性。多数与会者认为，若通胀如期逐步回落，未来进一步降息具备合理性。然而，会议纪要连续两次凸显政策制定者之间的显著 分歧，反映出当前美联储货币政策调整的复杂性与不确定性。 从技术上看，本周初国际金价刷新历史新高后跳水，直接跌破本周多空分水岭4474美元/盎司及下方第一支撑4398美元/盎司双重支撑位，说明短期空头力 量的强大，周内行情已经由多头转向空头，4小时图形中走势已经进入空头模型中，如无意外国际金价大概率还会继续下探。 与会者普遍预期2026年经济增速将加快，中期内经济活动与潜在产出水平基本匹配。财政政策调整、监管环境优化及有利的金融市场条件被视为关键支撑 因素。但官员们也指出，美国经济增速的不确定性仍较高。此外，人工智能等技术进步可能通过提升生产率在不推高通胀的前提下促进经济增长，但需关 注其对就业增长的潜在抑制作用。 下行方面，关注支撑4264美元/盎司附近，若国际金价有效跌破该位置，支撑调整至4188美元/盎司附近。上行方面，关注阻力4398 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, the Hang Seng Tech Index down by 0.3% at 5,483.01 points, and the China Enterprises Index decreasing by 0.26% to 8,891.71 points [1] - Major technology stocks mostly declined, with Alibaba down 1.85%, Tencent Holdings down 1.08%, and JD Group down 0.71%. However, Netease and Meituan saw gains of 1.41% and 0.97%, respectively [1] - Gold stocks fell significantly, with WanGuo Gold Group dropping over 6% and several others declining more than 5% [1] - Robotics stocks led the market, with MicroPort Robotics-B rising over 25% and UBTECH increasing by over 9% [1] - Automotive stocks performed well, with NIO up over 4% and both Xpeng Motors and BYD close to 4% [1] - Gaming stocks generally fell, with MGM China dropping over 17%, while Chinese brokerage stocks also saw declines, with China International Capital Corporation down over 2% [1] Company News - Kuaishou-W (01024.HK) repurchased 464,000 shares for approximately HKD 29.99 million at prices between HKD 64.05 and HKD 64.90 [2] - Bank of China (03988.HK) completed the issuance of HKD 50 billion in tier-2 capital bonds to supplement its tier-2 capital [2] - Weisheng Holdings (03393.HK) entered into a capital increase agreement with Boyu Capital, raising RMB 380 million for new shares [2] - Green Leaf Pharmaceutical (02186.HK) granted exclusive commercialization rights for three long-acting injectable antipsychotic products to Enhua in mainland China [3] - Hengrui Medicine (01276.HK) had its SHR-A1904 injection included in the list of breakthrough therapy products by the drug review center [4] - Tencent Holdings (00700.HK) repurchased 1.056 million shares for approximately HKD 636 million at prices between HKD 598 and HKD 604 [6] - COSCO Shipping Holdings (01919.HK) repurchased 1.96 million shares for approximately HKD 27.23 million at prices between HKD 13.82 and HKD 13.95 [7] - Xiaomi Group-W (01810.HK) repurchased 3.8 million shares for approximately HKD 149 million at prices between HKD 39.08 and HKD 39.26 [8] - Youzhiyou Biotechnology-B (02496.HK) received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [9] - MicroPort Robotics-B (02252.HK) achieved a global commercialization milestone with over 100 installations of its surgical robots [10] - China Huadian Corporation (01071.HK) completed the construction and operation of two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project [11] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion shares at an approximately 18.33% discount, raising about HKD 254 million [12] Institutional Insights - CITIC Securities forecasts that the Hong Kong stock market may experience a second round of valuation recovery and performance revival in 2026, driven by internal and external economic factors [13] - Huatai Securities notes that the market is still in a left-side layout phase, with supply and demand pressures expected to persist towards the end of the year [14] - Qianhai Kaiyuan Fund's chief economist Yang Delong predicts that the Hong Kong stock market will regain upward momentum in 2026, driven by capital inflows and a potential long-term bull market [15]

Group 1 - In 2026, the U.S. is expected to continue its interest rate cuts, while A-shares may maintain a "slow bull" market driven by sectors like AI, semiconductors, humanoid robots, and low-altitude economy [1][6] - The A-share market is becoming more institutionalized and focused on leading companies in the technology and AI sectors, while other sectors like consumption and real estate are experiencing a lack of funding and continued price stagnation [6][8] - The investment landscape in 2026 will be shaped by two main factors: monetary easing and the practical application of AI, with concerns about AI's production efficiency not covering computing costs [8] Group 2 - The Hong Kong stock market in 2026 is expected to remain stable, influenced by domestic macroeconomic fundamentals and overseas dollar liquidity [9] - The 2026 economic policy framework emphasizes practical effects and long-term health, focusing on expanding domestic demand, technological innovation, risk mitigation, and social welfare [15] - The real estate market is shifting from "incremental thinking" to "stock thinking," with opportunities arising from deep optimization and value reassessment of existing cities [16] Group 3 - The gold market is expected to remain bullish, with prices projected to reach between $4,800 and $5,000 per ounce, driven by a declining interest rate environment and ongoing central bank purchases [22][23] - The price of lithium carbonate has surged, and the low-altitude economy is facing challenges related to battery costs, which may catalyze advancements in battery technology [21] - Silver prices have increased significantly, driven by a combination of inventory crises, industrial demand, and capital accumulation, with a focus on maintaining a calm approach to investment during periods of market volatility [26][28]

文/刘思嘉 12月22日， 现货黄金强势拉涨 ， 再创 历史新高 ，伦敦金现 突破4410美元/盎司 ， 年内 累计涨 近68%。 二级市场上，22日A股贵金属板块高开拉升， 截至收盘， 中金黄金、山东黄金 、 紫金矿业 涨超 4%。 品牌 金饰 价格 方面，周大福足金（饰品、工艺品类）报1368元/克；老庙黄金足金饰品报 1367元/克；周生生足金饰品报1367元/克。 对此，业内分析认为，金价上涨背后，是传统因素与新动能的共同作用。美联储货币政策预期、地缘 政治局势动荡等固然是支撑金价的经典逻辑，但本轮涨势中，市场对美元及美债等美国核心资产信心 的波动，成为不可忽视的推手。 经济学家余丰慧认为，避险需求依然是此轮黄金价格上涨的重要原因，但当前市场上还叠加了对全球 经济复苏不确定性和各国央行政策走向的忧虑。此外，抗通胀也是一个重要因素，尽管目前主要经济 体的通胀数据尚未完全失控，但投资者对未来通胀压力上升的预期正在增强。 不只是黄金， 整个贵金属板块 今天都显现出 集体 " 亢奋 " 的态势。 其中， 现货白银同样刷新历 史新高，首次触及69美元/盎司，今年迄今累涨近139% 。 金银携手"狂飙"，是地缘政 ...

对于广大投资者而言，如何在行业重构中保持稳健？基金是普通人获取投资收益的重要载体。如何买基金才能行稳致远？雪球财富陪伴官小雪、雪 球人气用户范范爱养基、雪球人气用户六亿居士，为大家带来主题为《这样买基金收益更稳定》的交流与分享。 上证指数重新站上4000点，很多人的第一反应是：牛市来了。 但今年最反常的地方恰恰在这儿：牛市里，照样有人赚不到钱，甚至亏钱。 市场并不缺机会：AI科技、黄金、海外市场都在轮动，投资工具也比过去更丰富，以及更体系化的资产配置方案正在普及。真正难的，是在情绪扩 张、热点加速、震荡反复的环境里，守住自己的安全边际和纪律。 在雪球嘉年华的这场对谈中，雪球财富陪伴官小雪与雪球人气用户范范爱养基、六亿居士围绕《这样买基金收益更稳定》展开交流： 这一次4000点和2015、2017年有什么本质不同？为什么"几乎所有亏钱的决策都发生在牛市"？普通投资者如何通过多元分散、动态再平衡，把收益 做得更稳定、更可持续？ 01 这次4000点有何不同 小雪 ：欢迎两位，今天准备了一些问题，期待和两位老师进行深度交流，希望今天对谈可以给球友新的启发和思考。聊到投资逃不开行情，今年的 行情是风雨兼程、跌宕起伏。 ...

今日A股震荡下行。上证指数收于3867.92点，下跌0.55%，深证成指收于13112.09点，下跌1.10%。两市 共计成交不足1.8万亿元，较前一交易日有所下降。市场整体跌多涨少，非银金融盘中拉升，电子、通 信方向领跌。 当前A股所处的经济和政策环境整体维持积极，预计财政支出将保持积极，推动经济总需求回暖。中期 来看，在各项稳增长措施及宽松货币、财政政策落地后，总需求增速有望重回扩张区间，带动A股重新 进入上行周期。 //// 今日统计局发布11月部分经济数据。数据显示，固定资产投资累计同比增速下滑至-2.6%创2021以来新 低，其中地产投资单月同比下降超30%。经济结构继续呈现供给强、需求弱、通胀低的特征，对债市形 成边际利好。 虽然近期债市情绪依然偏弱，但支撑债市企稳的支撑力量亦开始显现。从供给端来看，未来一段时间的 供给压力有所缓和，同时随着利差变化，供给端期限存在调整可能，长端利率压力有望减轻。从需求端 看，银行指标压力阶段性缓和，年初银行或获得新的资本补充，减持趋势将转为增持。此外，交易型机 构仓位的下降意味着抛售力量正在逐渐下降，市场企稳之后交易型机构补仓反而有望推动市场企稳。 目前10年期 ...

The combination of gold and share prices soaring in unison is a phenomenon not seen in at least half a century and raises questions of a potential bubble in both, global central bank umbrella body, th... ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - A super cycle for industrial metals may have arrived, with a focus on copper and aluminum sectors. The report highlights that even small supply-demand gaps can lead to significant price elasticity during a rate-cutting cycle [9][13] - Copper prices have surged, with LME copper closing at a historical high of $11,655 per ton, driven by supply tightness and tariff concerns [9][13] - The aluminum sector is expected to benefit from strong demand in energy storage, with projections indicating a need for 800,000 tons of aluminum materials due to the anticipated growth in storage battery production [9][14] - The gold sector is also viewed positively, with expectations for gold prices to exceed $5,000 per ounce by 2026, driven by rising inflation expectations [9][15] Summary by Sections Industrial Metals - The report indicates a significant increase in metal prices, with copper and aluminum prices rising sharply. The LME copper price increased by 1.88% recently, reflecting strong market conditions [9][13] - Supply constraints are evident, with LME copper warehouse cancellations reaching 56,900 tons, about 35% of total inventory, marking the largest single-day withdrawal in 13 years [9][13] - The report suggests that the copper and aluminum sectors will see continued price increases due to strong demand from traditional and new energy sectors [9][13][14] Steel - The steel sector is experiencing weak supply-demand fundamentals during the off-season, with a slight recovery in steel profitability noted [17] - Weekly rebar consumption decreased by 4.81% compared to the previous week, indicating a decline in demand [21] - Overall steel prices have shown a slight increase, with the rebar price rising to 3,355 yuan per ton, reflecting a 1.16% week-on-week increase [38][39] New Energy Metals - Lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth in the new energy sector [42] - The demand for new energy vehicles remains robust, with production and sales in October 2025 showing year-on-year growth of 19.94% and 18.65%, respectively [46] - Nickel production and consumption trends are mixed, with refined nickel output in China showing a notable year-on-year decline of 12.20% [44][49] Price Trends - The report notes that lithium prices have seen a slight decline, with battery-grade lithium carbonate priced at 91,100 yuan per ton, down 2.36% week-on-week [51][52] - Cobalt prices have increased significantly, with sulfuric acid cobalt priced at 90,000 yuan per ton, reflecting a year-on-year increase of 236.45% [51][52]

12月7日，国家外汇管理局发布的数据显示，截至11月末，我国外汇储备规模为33464亿美元，较10月末 上升30亿美元，升幅为0.09%，创下2015年12月以来的新高。 数据同时显示，11月末黄金储备为7412万盎司，较上月末增加3万盎司，为连续13个月增持。 外汇局表示，11月，受主要经济体宏观经济数据、货币政策预期等因素影响，美元指数下跌，全球金融 资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国经济保持 总体平稳、稳中有进发展态势，为外汇储备规模保持基本稳定提供支撑。 外储环比上涨 11月末外储规模较上年末大幅增加1440亿美元，创下2015年12月以来的新高。 黄金储备方面，11月末官方黄金储备连续13个月增加，但增量连续9个月处于低位，符合市场预期。 伴随美联储降息升温、全球地缘政治风险居高不下，近期国际金价延续快速上涨势头，11月央行增持黄 金规模继续处于2024年11月恢复增持以来的最低水平。 受资产价格变化与汇率波动综合影响，11月末外储环比上升30亿美元至33464亿美元。 与10月对比看，11月末外储规模基本稳定。"主要是当月美元指数变化较小，全球金融资 ...