US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
News Sharing
For sharing news, please enter the email address of you and the receiver, then press SEND button.*Mandatory Fields
Receiver*
Enter email addresses, separated by semicolon (;). E.g. a@a.com;b@b.com
Your email address*
Content Sharing
瑞銀:預計今年底金價每安士5,500美元 短期或將維持波動
根據歐洲央行2026年6月發布的報告顯示,截至2025年底,黃金在其官方儲備中的佔比上升至27%,超過了美國國債的22%和歐元的15%。這一現象出現在各國央行持續大量購入黃金的背景下,同時今年金價上漲也推高了現有黃金持倉的價值。受金價走高影響,2025年歐央行淨購金規模放緩至約850噸,低於2024年約1,000噸的購入量。儲備多元化的趨勢依然穩固,儘管黃金...
Reset
Send
The window will close in 5 seconds
瑞銀:預計今年底金價每安士5,500美元 短期或將維持波動
Recommend
4
Positive
3
Negative
2
 
 

根據歐洲央行2026年6月發布的報告顯示,截至2025年底,黃金在其官方儲備中的佔比上升至27%,超過了美國國債的22%和歐元的15%。這一現象出現在各國央行持續大量購入黃金的背景下,同時今年金價上漲也推高了現有黃金持倉的價值。受金價走高影響,2025年歐央行淨購金規模放緩至約850噸,低於2024年約1,000噸的購入量。

儲備多元化的趨勢依然穩固,儘管黃金佔比超過美國國債這一資料,更多反映了價格上漲帶來的估值效應,而非央行儲備體系根本性轉變。瑞銀對黃金的中期前景仍持建設性觀點,理由包括儲備多元化、高企的公共債務水準,以及央行強勁的購金需求。2026年第二季度,各國央行的購金需求有望保持在200噸至250噸左右。不過,短期內金價或將維持波動,高企的實際收益率、更強勢的美元以及二季度ETF需求轉弱均對金價構成挑戰。該行預計2026年底金價將達每安士5,500美元。與此同時,較高的收益率將繼續提升高品質固定收益和貨幣市場工具的吸引力,投資者在等待更有利的宏觀環境之時可考慮將其作為配置選擇。

另外,瑞銀對私募股權持建設性態度,並認為亞洲是北美和歐洲核心配置的重要多元化補充。在區域內部,瑞銀更偏好保持廣泛的地理分散配置,並傾向於收購型投資,而非風險投資和成長策略,因其在回報穩定性和現金分配方面通常更具優勢。同時,收購策略也更有利於把握關鍵結構性主題,例如日本的公司治理改革,以及印度等市場的內需增長機會。從更廣泛的組合角度出發,該行繼續支持在資產類別、地域和行業層面的多元化配置,並優選具備較強營運增值能力的管理者。在估值趨於理性、增長前景逐步明朗的背景下,瑞銀預計亞洲私募市場仍有望吸引長期資本流入。投資者亦需關注私有市場的固有風險,包括透明度較低、鎖定期較長以及流動性不足。

瑞銀對於美國中期選舉的基準情景是分治國會,這樣的結果不會帶來重大政策變化,進而對市場核心驅動因素影響有限。美國現在雖為統一政權,但過去兩年真正影響市場的立法並不多。《美麗大法案》雖已通過,但其整體影響仍在評估中。同時,瑞銀預計,現任總統特朗普仍將通過行政權力在關稅、外交、放鬆監管及移民等領域持續施政,並不會因不同選舉結果下而發生變化。因此,從市場角度看,分治國會與此前兩年的環境應不會出現本質差異。

除財政政策外,推動本輪牛市的其他因素或仍將延續,企業盈利增長穩健,AI應用持續深化、帶動大型科技公司加大資本開支,以及貨幣政策仍處於偏寬鬆立場。隨著經濟增長可能溫和放緩,預計美聯儲或將在2026年末至27年初進行兩次降息。不過,若新任美聯儲主席凱文·沃什的政策立場發生變化,未來數月這一預測仍可能調整。

利率方面,美債收益率的主要驅動力依然是通脹預期與經濟基本面,但在中期選舉期間,政策不確定性可能導致收益率短期偏離基本面。儘管貨幣政策基本面仍是利率的主導因素,但不同政治格局下的政策優先事項,仍會影響債券市場對未來增長與通脹路徑的定價。(sl/u)

AASTOCKS新聞

Preferred News
 
SITEMAP
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

As a convenience to users, the AASTOCKS.com Limited has added a translation feature developed by Azure OpenAI to assist users in understanding information on this platform in languages other than Chinese. The translated text may lose some of its intended meaning. Some items on the site, including images containing text, videos with captioning, PDF documents, or maps may not be translated, and some features may not work in the translated versions.

The AASTOCKS.com Limited does not guarantee the accuracy of translations, and the translated text should not be considered exact. The text translated is made available on an as is and as available basis without any warranties of any kind. The AASTOCKS.com Limited will not accept any liability for damages or losses of any kind caused by the use of the translation feature.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 9 February 2026.