Precious Metals Futures - New York gold futures showed strong performance, breaking through $4,470 per ounce with a daily increase of 0.43% [1] - Spot gold also rose, surpassing $4,450 per ounce with a daily increase of 2.71% [3] - The silver market saw even more significant gains, with New York silver futures rising 9% to $77.41 per ounce, previously breaking $77 per ounce with a daily increase of 8.51% [4][5] - Spot silver also broke $77 per ounce, with a daily increase of 5.80% [6] - In the domestic market, silver's continuous main contract rose 4%, currently at 18,898.00 yuan [7] - The Azerbaijan State Oil Fund profited over $10 billion from gold investments [8] Base Metals Futures - Nickel's continuous main contract increased by 1%, currently at 135,610.00 yuan [9] - Aluminum's continuous main contract performed strongly, rising by 3% to 24,335.00 yuan [10] Energy and Shipping Futures - Crude oil futures experienced fluctuations due to the situation in Venezuela, rising over $1 per barrel after political turmoil [11] - U.S. natural gas futures continued to decline, with a daily drop exceeding 6.00%, currently at $2.859 per million British thermal units [12] - Further decline was noted with a drop exceeding 7.00%, now at $2.829 per million British thermal units [13] - Shipping data indicated that several oil tankers broke through U.S. maritime blockades against Venezuela, including one chartered by Chevron that has left Venezuelan waters heading to the U.S. Gulf Coast [14] Financial Futures - U.S. stock indices collectively rose, with the Dow Jones increasing by 1.23% and reaching a historical high, while the Nasdaq rose by 0.69% and the S&P 500 increased by 0.64% [15] - During trading, the Dow Jones briefly surpassed 49,000 points, increasing by 1.37%, currently at 49,044.820 points; the Nasdaq rose by 1.00% to 23,468.494 points, and the S&P 500 increased by 0.79% to 6,912.650 points [16] - The Nasdaq Golden Dragon China Index experienced volatility, initially dropping over 1% before closing up 0.53%, with notable gains in stocks like Canaan Inc., Wanhuixinsheng, and Kandi Technologies [17][18] Macro and Market Impact - The U.S. Department of Energy announced a provision of $2.7 billion to enhance U.S. uranium enrichment capabilities [19] - The U.S. Treasury reached a global minimum tax rate agreement with the OECD [20] - The situation in Venezuela became a market focus, with Vice President Rodriguez sworn in as acting president, the nation entering a state of emergency, and military control imposed on the oil industry [21][22] - The United Nations described the situation as entering a "severe moment," with U.S. military actions against Venezuela criticized as violations of the UN Charter [23] - Additionally, President Trump's approval rating rose to 42%, the highest level since October of the previous year [24]

Core Viewpoint - Chinese assets experienced a strong start in 2026, with significant gains in various indices and stocks, indicating a continuation of the structural bull market from 2025 and a clear investment theme for the year ahead [1][2]. Group 1: Performance of Chinese Assets - The Nasdaq Golden Dragon China Index surged nearly 4%, while leveraged ETFs for Chinese stocks saw increases of over 10% and 8% respectively [2]. - Major Chinese stocks performed well, with Baidu Group rising over 12%, and other notable gains from companies like WanGuo Data and JinkoSolar, which increased by over 8% and 7% respectively [2]. - The Hong Kong market also showed strong performance, with the Hang Seng Index up 2.76% and the Hang Seng Technology Index up 4% [2]. Group 2: Currency Movements - The offshore RMB/USD exchange rate broke above 6.97, reaching a high of 6.9662, marking the strongest level since May 2023 [3]. - Factors contributing to the RMB appreciation include a strong Chinese stock market, increased demand for currency conversion from export companies, and a weakening US dollar [4]. Group 3: Global Market Trends - Global markets continued their strong performance from 2025, with Asian markets achieving their best opening since 2012, led by gains in AI and semiconductor stocks [5]. - Major US tech stocks also saw gains, with the Philadelphia Semiconductor Index rising over 4% and ASML ADR increasing by over 8% [6]. - Investor sentiment remains optimistic, with significant net inflows into global equity funds, totaling $26.54 billion in the last week of 2025 [6].

凤凰网财经讯 12月12日，三大指数开盘涨跌不一，沪指低开0.10%，深成指高开0.21%，创业板指高开 0.29%。贵金属、有色·锌、能源金属等板块指数涨幅居前，离境退税、AI手机、CPO等板块指数跌幅居 前。 | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 涨幅% | | 涨跌 涨跌家数 涨速% | | 1 8 8 4 | 现手 | 金额 | | 上证指数 | 3869.41 | -0.10 | -3.91 | 923/952 | 0.00 | 405万 | 405万 | 54.81 7. | | 深证成指 | 13174.45 | 0.21 | 27.06 | 1162/1225 | 0.32 | 694万 | 694万 | 94.29 7. | | 北证50 | 1434.11 | -0.63 | -9.06 | 63/204 | -0.58 | 9.80万 | 9.80万 | 2.44亿 | | 创业板指 | 3172.73 | 0.29 | 9.06 ...

Core Viewpoint - Chinese assets have shown a strong rebound, with significant gains in various indices and stocks, indicating renewed interest from global investors in the Chinese market [1][2]. Group 1: Market Performance - The Nasdaq Golden Dragon Index rose by 1.29%, and the three-times leveraged FTSE China ETF surged over 4%, reversing a week-long decline [1][2]. - Popular Chinese concept stocks experienced substantial increases, with Dingdong Maicai rising over 10% and Baidu increasing nearly 6% [1][2]. - Multiple foreign institutions have released optimistic reports on Chinese assets, with Morgan Stanley redefining the Chinese stock market as a "growth market" [2]. Group 2: Economic Outlook - Morgan Stanley set a target for the CSI 300 Index at 4840 points by December 2026, suggesting a forward P/E ratio for the MSCI China Index in the range of 12 to 13 times [2]. - JPMorgan's Rajiv Batra noted that the Chinese stock market is in the early stages of recovery, with attractive valuations and relatively low holding levels [2][3]. - Various institutions, including OECD and Goldman Sachs, have raised their GDP growth forecasts for China, with Goldman Sachs adjusting its 2025 forecast from 4.9% to 5.0% [3]. Group 3: Federal Reserve's Interest Rate Expectations - The U.S. core PCE price index for September rose by 0.2% month-on-month and 2.8% year-on-year, aligning with expectations and reinforcing the likelihood of a rate cut by the Federal Reserve [4][5]. - The probability of a 25 basis point rate cut in December has risen to 87.2%, with expectations for further cuts in early 2026 [5][6].

Core Points - The Nasdaq China Golden Dragon Index has experienced a decline, currently down by 2.0% [1] Group 1 - The latest value of the Nasdaq China Golden Dragon Index is 8488.58 points [1]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The study explores the effectiveness of the NASDAQ Golden Dragon China Index in predicting the short - term trends of domestic stock indices. The quantitative timing strategy based on the previous night's performance of the NASDAQ Golden Dragon China Index can significantly outperform the corresponding benchmark indices, with a smoother net - value curve, enhancing returns and reducing the maximum historical drawdown, especially for the CSI 500 and CSI 1000 indices [4][37]. - This research expands investors' strategy toolkits and helps futures and options intraday traders optimize trading decisions and improve trading win - rates [4][37]. Summary by Relevant Catalogs 1. NASDAQ Golden Dragon China Index Introduction - It is a stock index compiled by the NASDAQ to track the stock price performance of Chinese companies listed in the US, regarded as a "barometer" of Chinese new - economy enterprises in US stocks. As of September 23, 2025, it has 73 constituent stocks, including Alibaba and Baidu, covering new - economy sectors such as the Internet, new energy, and consumer services. In terms of the number of constituent stocks, the optional consumer and information technology sectors have relatively large shares [9]. 2. Correlation Analysis between NASDAQ Golden Dragon China Index and Domestic Stock Indices - There is a significant positive correlation (correlation coefficients above 0.65) between the NASDAQ Golden Dragon China Index and the Shanghai 50, SSE 300, CSI 500, and CSI 1000 indices in the past three years, indicating that the previous night's movement of the NASDAQ Golden Dragon China Index affects the next - day movement of domestic stock indices [12][13]. - The Granger causality test on the NASDAQ Golden Dragon China Index and the SSE 300 and CSI 1000 indices shows that the lagged first - order NASDAQ Golden Dragon China Index has a certain predictive effect on domestic stock indices, and it can be used to predict the next - day movement of domestic stock indices statistically [16]. 3. Quantitative Timing Strategy Based on NASDAQ Golden Dragon China Index 3.1 Strategy Basic Logic - When (closing price - opening price)/opening price of the NASDAQ Golden Dragon China Index on the previous day is greater than X%, indicating that the K - line entity is at least a medium - sized positive line, go long on domestic stock indices at the opening price the next day and hold until closing [17]. 3.2 Historical Back - test Performance - **Shanghai 50 Index Timing Strategy**: Since 2018, the strategy has significantly outperformed the Shanghai 50 Index, with a compound annualized return of 7.63% (compared to 0.22% of the Shanghai 50 Index), and the maximum drawdown has decreased from - 44.43% to - 13.21% [19][22]. - **SSE 300 Index Timing Strategy**: The compound annualized return of the strategy is 8.42% (compared to 1.28% of the SSE 300 Index), and the maximum drawdown has decreased from - 45.6% to - 10.07% [23][24]. - **CSI 500 Index Timing Strategy**: The compound annualized return of the strategy can reach 11.05% (compared to 1.65% of the CSI 500 Index), and the maximum drawdown has decreased from - 41.68% to - 9.44% [28][29]. - **CSI 1000 Index Timing Strategy**: The compound annualized return of the strategy can reach 12.74% (compared to 0.63% of the CSI 1000 Index), and the maximum drawdown has decreased from - 45.38% to - 10.51% [33][36]. 4. Conclusion - The strategy based on the NASDAQ Golden Dragon China Index can significantly outperform the corresponding benchmark indices in the past seven - plus years, with a smoother net - value curve, enhancing returns and reducing the maximum historical drawdown, especially effective for the CSI 500 and CSI 1000 indices [37]. - The research expands investors' strategy toolkits and helps futures and options intraday traders optimize trading decisions and improve trading win - rates [37].

Core Viewpoint - Chinese assets have collectively surged, driven by strong performances in the U.S. and Hong Kong markets, with significant inflows from foreign investors [2][3]. Group 1: Performance of Chinese Assets - After the U.S. market opened on September 17, the Nasdaq Golden Dragon China Index rose by 2.4%, and various ETFs focused on Chinese stocks saw increases of over 5% [3]. - Notable Chinese stocks such as Baidu experienced a surge of over 7%, with its H-shares rising more than 15% [3]. - The Hang Seng Tech Index increased by 4.22%, reaching its highest level since December 2021, while the Hang Seng Index rose by 1.78% [3]. Group 2: Market Dynamics - Goldman Sachs indicated that the recent surge in Hong Kong stocks was driven by foreign capital, with net purchases from southbound funds amounting to approximately 9.441 billion HKD [3]. - The overall U.S. market showed mixed results, with the Dow Jones up by 0.47% and the Nasdaq down by 0.35% [4]. Group 3: Investor Sentiment - A recent Bank of America survey revealed that 28% of global fund managers are bullish on stocks, the highest level since February [5]. - The survey indicated that nearly half of the respondents expect the Federal Reserve to cut rates at least four times in the next 12 months [5]. Group 4: Federal Reserve Outlook - The Federal Reserve is expected to announce a 25 basis point rate cut, with a 96% probability according to market tools [6]. - Goldman Sachs forecasts that the Fed will implement three consecutive rate cuts of 25 basis points in September, October, and December [7].

Core Viewpoint - The article highlights a significant surge in Chinese assets, driven by increased foreign investment interest and positive market conditions, particularly in the context of U.S. monetary policy changes [2][4][14]. Group 1: Market Performance - The Nasdaq Golden Dragon China Index rose nearly 3%, closing up 2.89%, while the three-times leveraged FTSE China ETF surged over 7% [2][3]. - Popular Chinese stocks saw substantial gains, with Alibaba up 8% and several others like WanGuo Data and Century Internet rising over 14% [3]. - A-shares also performed well, with the Shanghai Composite Index increasing by 1.65% and the ChiNext Index rising over 5% [4]. Group 2: Foreign Investment Trends - Foreign investors net bought a total of $39 billion in Chinese bonds and stocks in August, marking a significant increase in investment [2][12]. - Morgan Stanley reported that over 90% of U.S. investors expressed a willingness to increase their exposure to Chinese markets, the highest level since early 2021 [8][9]. - Global hedge funds reached a two-year high in their net positions in Chinese stocks, indicating a strong interest in the market [13]. Group 3: Factors Driving Investment - Multiple factors are driving the increased interest in Chinese assets, including China's leadership in sectors like humanoid robotics and biotechnology [9][10]. - Improved liquidity in the Chinese market is expected to extend the duration of the current market rally [10]. - There is a growing need for diversification among investors, as many portfolios are overly concentrated in the U.S. market [11].

Core Viewpoint - The Federal Reserve's sudden shift in policy, indicating a need for adjustment, has led to a significant market reaction, with a record high margin debt of $1.02 trillion raising concerns about potential financial instability [1][3]. Group 1: Federal Reserve Policy Shift - Federal Reserve Chairman Jerome Powell's statement about needing to adjust policies has triggered a frenzy among Wall Street traders, betting on a rate cut in September [1]. - There is a notable internal division within the Federal Reserve, with hawkish members insisting that inflation remains the primary concern, while dovish members are advocating for immediate rate cuts [3]. Group 2: Margin Debt and Market Conditions - The current margin debt of $1.02 trillion represents 3.5% of GDP, more than double the levels seen during the 2008 financial crisis [5]. - The market is experiencing extreme speculation, exemplified by Tesla's price-to-earnings ratio soaring to 80, indicating a bubble-like environment [5]. - Retail investors are increasingly leveraging their positions, while institutional investors are quietly purchasing put options as a hedge [5]. Group 3: Global Central Bank Actions - Global central banks are showing a trend of accumulating gold, with significant purchases reported, indicating a lack of trust in fiat currencies [7][8]. - The Chinese market is becoming a safe haven, with the Shanghai Composite Index showing strong performance amid global uncertainties [8]. Group 4: Potential Risks of Rate Cuts - A potential 50 basis point rate cut by the Federal Reserve could lead to severe market volatility, including a sharp rebound in the dollar and a significant drop in gold prices [8]. - The high levels of leverage in the U.S. stock market pose a risk of a major market crash if any adverse events occur [10]. Group 5: Broader Economic Implications - The current economic situation reflects a reliance on debt and leverage, which may not lead to sustainable growth, highlighting the fragility of the financial system [12]. - The Federal Reserve's challenges illustrate the dangers of monetary policy being influenced by political pressures, undermining its credibility [10].

Core Viewpoint - Chinese assets have experienced a significant surge, with foreign investment institutions increasingly optimistic about the outlook for these assets due to stable economic performance and improving corporate earnings [2][10][12]. Group 1: Market Performance - The Nasdaq Golden Dragon China Index rose over 2% at one point, while the three-times leveraged FTSE China ETF surged over 6%, and the two-times leveraged China Internet Stocks ETF increased by over 5% [4]. - Popular Chinese concept stocks saw substantial gains, with Luida Technology soaring over 33% and Xinyang rising over 17% [4]. - KraneShares China Overseas Internet ETF (KWEB) recorded a nearly 7% increase this week, while iShares MSCI China ETF (MCHI) rose over 4%, marking the largest weekly gains since early March [5]. Group 2: Foreign Investment Sentiment - A survey by Invesco revealed that international investment institutions are showing renewed interest in the Chinese market, with a total asset management of approximately $27 trillion [10]. - HSBC's chief economist for Greater China noted that international investors, especially from Europe and the U.S., are increasingly interested in Chinese assets due to ongoing capital market reforms and technological innovation [11]. - BlackRock's chief equity investment officer expressed optimism about the macro environment and corporate earnings, anticipating a positive performance for Chinese A-shares in the second half of the year [12]. Group 3: Company-Specific Insights - Futu Holdings has seen strong customer growth, with a client base of 2.7 million and assets under management exceeding $100 billion, growing at an annual rate of 20%-25% [7][6]. - Barclays highlighted Futu's potential for accelerated growth in the coming years, driven by the recovery of the Asian capital markets [6]. - Revenue projections for Futu indicate a growth of 48% to HKD 18.9 billion by 2025, with an expected EPS of $60.94 for the same year [8].