中金：建议维持超配黄金把握短期波段机会与流动性外溢机会

第一财经2025-12-26

中金公司研报指出，今年黄金涨幅较大，估值偏高，2026年初美联储宽松预期阶段性退坡，或成为风险来源。考虑到明年美联储最终仍会重新加速宽松，因此如果明年初金价发生明显回调，可能是逢低增配的机会。黄金大幅上涨之后，近期铜、白银等商品也有强劲表现，部分反映黄金流动性外溢效应。除此之外，商品还可以对冲地缘风险与美国经济过热风险，我们建议把商品上调至标配，尤其看好有色金属。与此同时，我们提示白银等金属相对...

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中金：建议维持超配黄金 把握短期波段机会与流动性外溢机会

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中金：建议维持超配黄金把握短期波段机会与流动性外溢机会