文 | 新浪Insights 2025年，黄金迎来了一波波澜壮阔的牛市。 过去一年，国际金价年内涨幅一度超过70%，创下1979年以来的最大涨幅，期货黄金一度超过每盎司 4600美元。 今年以来，不足半个月，国际金价已经上涨约6%，并再度创下新高。落到国内首饰黄金，当前多个金 店金饰克价涨至超过1430元。 对于黄金产业链而言，金价的变动推动着行业变革。在黄金行业最上游，金矿企业的净利润呈现几何级 数增长，而下游以珠宝零售为主的黄金品牌，却营收与利润双双收缩。 黄金行业的上下游分化正在上演。2026年，黄金牛市还会延续下去吗？ 上游矿企：高金价下的 "黄金时代" 2025年，黄金矿企实现营收、净利润大幅增长。 其中，紫金矿业前三季度凭借2542亿的收入和378.64亿元的归母净利润稳居龙头位置。营收规模紧随其 后的是山东黄金、中金黄金。山东黄金营收837.83亿元，净利润39.56亿元。中金黄金分别是539.76亿元 和36.79亿元。 关于业绩亮眼的原因，多家黄金矿业上市公司均提及金价的上涨。赤峰黄金在半年报中提到，业绩的增 长主要得益于黄金产品价格同比上升。山东黄金也表示，主要原因是本期自产金销售量和销售 ...

Core Insights - The presentation outlines the top 10 stock picks for 2026, emphasizing strong performance in previous years and the potential for continued growth in the current market environment [10][99]. Market Overview - The financial markets experienced significant volatility in 2025, with technology stocks rising by 25% and communication services by 22%, while consumer staples finished in the red [13][12]. - The S&P 500 saw a decline of nearly 20% at one point, with the top stocks for 2025 down more than 20% before rebounding to finish up close to 45% [14][23]. - Gold reached historic highs during this period, driven by global economic uncertainties and increased central bank purchases [15]. AI and Technology Sector - The AI sector played a crucial role in market dynamics, with the "Mag 7" stocks trading at a forward P/E of 31x compared to the S&P 493 at 22x, indicating a significant premium for AI-driven companies [16][17]. - Hyperscalers like Amazon, Google, and Microsoft have increased their capital expenditures on AI infrastructure, raising concerns about the return on investment for these projects [18]. Stock Performance and Recommendations - Micron Technology (MU) is highlighted as a top pick with a market cap of $355 billion, showing a 254% increase over the past year and strong growth metrics [40][41]. - Advanced Micro Devices (AMD) has a market cap of $363 billion and a one-year return of 70%, with improved valuation metrics [52][53]. - Ciena Corporation (CIEN) has a market cap of $34 billion and a one-year return of 166%, with strong analyst revisions indicating positive sentiment [58][59]. - Celestica (CLS) and Coherent (COHR) are also noted for their strong growth and profitability metrics, with significant year-over-year returns [65][69]. Financial Sector Insights - Allstate Corporation (ALL) has a market cap of $53 billion and is focusing on AI underwriting, showing strong EPS growth of 99% year-over-year compared to the financial sector's 14% [72][76]. - Incyte Corporation (INCY) is recognized for its positive earnings and diverse pipeline in biotechnology, with a market cap of $19 billion [81][84]. Mining and Industrial Sector - Barrick Mining Corporation (B) has a market cap of $16 billion and is diversifying into copper, with a forward EPS growth rate of 46% [86][90]. - Willdan Group (WLDN) has a market cap of $1.57 billion and shows strong growth metrics, with a 61% EPS diluted growth rate [91][94]. - ATI has a market cap of $16 billion and is noted for its profitability improvements and strong analyst revisions [95][98].

asbe/iStock via Getty Images Listen here or on the go via Apple Podcasts and Spotify Seeking Alpha's Head of Quantitative Strategy, Steven Cress, reviews the year that was and lays out his top 10 picks for 2026. This is an excerpt from our live event, Top 10 Stocks For 2026! Transcript Daniel Snyder: Thank you so much for tuning in. This is our fourth annual top stocks event here at Seeking Alpha. And I know many of you are coming back for the fourth year, so thank you so much for being with us from ...

Group 1 - The article discusses various investment alternatives for gaining exposure to precious metals, particularly gold, in the stock market [1] - Options include purchasing an index fund that mirrors the price of an ounce of gold or engaging in speculative trading [1]

AI has been hot, but not as hot as the gold trade. According to Bank of America Global Research, the yellow metal outperformed all other major sub-asset classes in both 2024 and 2025.Freelance Financial Writer | Investments | Markets | Personal Finance | RetirementI create written content used in various formats including articles, blogs, emails, and social media for financial advisors and investment firms in a cost-efficient way. My passion is putting a narrative to financial data. Working with teams that ...

Core Insights - The article discusses the valuation of gold, suggesting a price of $39,000 per ounce and a total market capitalization of $184 billion for gold-backed monetary systems [1][2]. Group 1 - The proposed gold price of $39,000 per ounce indicates a significant potential increase in value compared to current market prices [1][2]. - The total market capitalization of gold-backed monetary systems is estimated at $184 billion, highlighting the scale of investment in gold as a financial asset [1][2].

By Chris Flood The price of gold slipped back on Tuesday after surging to a fresh all-time high on Monday following the launch of an unprecedented criminal investigation into the head of the Federal R... ...

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Global Commodities Outlook for Frankfurt Global Strategy Conference Ride the Power Race and Supply Waves January 2026 Daan Struyven Managing Director Co-Head of Global Commodities Research Goldman Sachs & Co. LLC +1 212-357-4172 Daan.Struyven@gs.com 0:53:95 172:212:241 165:165:165 115 ...

Gold (GC=F) futures opened at a record $4,635.70 per troy ounce on Thursday, flat with Wednesday’s closing price. The price of gold declined slightly in early trading. Geopolitical tensions and concern about the Federal Reserve’s ability to make policy decisions without political manipulation have kept gold near record highs this week. The softening of gold’s price on Thursday follows an announcement from President Trump that Iran has stopped killing political protestors. Earlier in the week, President ...

In traditional finance, it is a truth universally acknowledged that, when the economy wobbles, investors turn to safe-haven assets like gold. Such assets have a low, or sometimes even negative, correlation to stock markets and other risk assets, and so can protect portfolios when trouble hits. Yet in decentralized finance (DeFi), for many long years, traders had no such options. When a sell-off began, the best most could do was sit out the pandemonium in stablecoins. Crypto’s “Black Friday” on October 10 ...