在"期货大家谈——2025期货业盘点"系列访谈第七期中，齐盛期货贵金属首席分析师刘旭峰就2026年贵 金属市场走势进行了深度解读。他认为，贵金属的商品属性有望取代金融与货币属性，成为驱动价格的 主导力量，白银供需缺口的扩大或对价格形成支撑，结合海外宏观环境变化，投资者需重点关注流动性 风险。 白银供应短缺或延续 刘旭峰表示，2021年—2025年，全球白银市场已连续5年处于供应短缺状态，缺口分别为2468吨、7762 吨、6240吨、4632吨和3659吨。短缺的主要矛盾源于需求端增长，尽管新冠疫情后全球经济增速放缓影 响了需求扩张，但供需矛盾并未完全解除。 展望2026年，刘旭峰认为，白银需求有望迎来结构性回暖。一方面，投资需求或随市场情绪改善而复 苏；另一方面，人工智能、AI及算力设备等新兴领域的快速发展，将带动连接器、触点等对白银及银 合金镀层的工业需求。此外，政策层面亦为白银基本面提供支撑。2025年11月7日，美国地质勘探局正 式将白银列入关键矿产清单，这一举措预计将进一步扩大2026年白银的供需缺口，强化其商品属性的定 价逻辑。 刘旭峰表示，美元信用体系的长期影响力呈现弱化趋势，全球央行持续的购金 ...

白银供应短缺或延续 在"期货大家谈——2025期货业盘点"系列访谈第七期中，齐盛期货贵金属首席分析师刘旭峰就2026年贵金属市场走势进行了深 度解读。他认为，贵金属的商品属性有望取代金融与货币属性，成为驱动价格的主导力量，白银供需缺口的扩大或对价格形成 支撑，结合海外宏观环境变化，投资者需重点关注流动性风险。 多重风险交织 刘旭峰表示，美元信用体系的长期影响力呈现弱化趋势，全球央行持续的购金行为是非美国家货币实力增强的体现，也反映了 对美元资产的分散化需求。值得注意的是，2025年中国央行购金力度已有所放缓，2026年是否暂停增持有待关注。 "尽管中长期宏观环境对贵金属价格构成一定支撑，但多重风险点不容忽视。"刘旭峰认为，重点应防范流动性风险，2020年3月 的市场波动表明，在极端流动性紧缩的情况下，黄金、白银等资产亦难以独善其身。此外，通胀反弹、经济实现软着陆及美联 储货币政策边际收紧的可能性，均可能扭转当前的市场预期。 刘旭峰建议，投资者策略上应关注向上的机会，在把握结构性行情的同时，对短线极端波动保持警惕。若海外经济在降息周期 中企稳反弹，则需重新评估中长期看多白银的逻辑基础。 刘旭峰表示，2021年— ...

Core Viewpoint - The company is actively promoting the application of cooling solutions and core materials in computing power equipment, aiming to create a new growth curve [1] Group 1: Product Development and Market Application - The company's VC module products are accelerating their market application in high-speed optical modules [1] - Core components of the thermal module, TIM materials, and other products are being supplied in bulk to server manufacturers [1] - The company is actively advancing customer onboarding, product certification, and mass production supply of liquid cooling thermal modules [1]

Core Viewpoint - The company is actively expanding its cooling solutions and core materials in the data center sector, aiming to establish new growth trajectories and attract new top-tier clients, including potential customers in North America [2] Group 1: Business Development - The company is focusing on the application of cooling solutions and core materials in computing equipment [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components and TIM materials in bulk to server manufacturers [2] Group 2: Product Innovation - The company is actively promoting the introduction of liquid cooling modules, product certification, and mass production supply [2] - Investors are encouraged to monitor the company's regular reports and announcements on the Shenzhen Stock Exchange for updates on client and product developments [2]

Group 1 - The company is actively promoting industry solutions and core materials, as well as modules in the computing power equipment sector to create new growth curves [1] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers [1] - The company is also advancing the customer introduction of liquid cooling heat dissipation modules, continuously enhancing the value of supplied products [1]

Group 1 - The company is actively promoting industry solutions and core materials, as well as modules for application in computing power devices, aiming to create new growth curves [2] - In the data center communication sector, the company is continuously expanding its customer base, with its integrated VC module products receiving product certification and mass production from leading domestic and international clients [2] - The company is supplying core components of thermal modules, TIM materials, and is actively advancing the customer introduction of liquid cooling thermal modules, thereby enhancing the value of its supplied products [2]

Core Viewpoint - The company, Invec (002837), has noted increased market attention on AI, computing equipment, and data center industries, particularly regarding its liquid cooling business, but has confirmed no undisclosed significant information affecting stock prices [1] Company Operations - The company's production and operational status remains normal, with no significant changes in its main business activities [1] - There have been no major changes in the internal and external operating environment [1]

Core Viewpoint - The company, Yingweike, announced on August 12 that its stock price had deviated significantly, with a cumulative increase of over 20% in the last three trading days, which is classified as abnormal stock trading activity according to Shenzhen Stock Exchange regulations [1] Group 1: Company Operations - The company has noted increased market interest in AI, computing power equipment, and data centers, leading to heightened attention on its liquid cooling business [1] - After investigation, the company found no undisclosed significant information in public media that could have impacted its stock price [1] - The company aims to leverage its technological innovation in air cooling and liquid cooling to expand its customer base in domestic and international data centers and computing power equipment sectors [1] Group 2: Business Stability - The company has established a relatively complete liquid cooling technology, product, and solution capability [1] - Current production and operational conditions are normal, with no significant changes in the main business or external operating environment [1] - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters or major matters under planning related to the company [1]

Core Viewpoint - The company, Invec (002837.SZ), has noted increased market interest in AI, computing power equipment, and data centers, particularly regarding its liquid cooling business, but has found no undisclosed significant information affecting stock prices [1] Group 1: Company Operations - The company has confirmed that its production and operational conditions are normal, with no significant changes in its main business [1] - The company has established a relatively complete technology, product, and solution capability for the entire liquid cooling chain [1] Group 2: Market Position and Strategy - The company aims to leverage its technological innovation advantages in air cooling and liquid cooling to expand its customer base in domestic and international data center and computing power equipment industries [1] - The ongoing development of AI computing power is expected to drive further interest and opportunities in the company's liquid cooling solutions [1]

Group 1: Company Dividend Announcements - Dongfang Yuhong reported a 10.84% decrease in revenue to 13.569 billion yuan and a 40.16% decline in net profit to 564 million yuan for the first half of 2025, proposing a cash dividend of 9.25 yuan per 10 shares [1] - Zhengdan Co. achieved a 3.37% increase in revenue to 1.429 billion yuan and a 120.35% rise in net profit to 630 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [1] - Daodaokuan reported a 1.16% increase in revenue to 2.792 billion yuan and a significant 563.15% increase in net profit to 181 million yuan, proposing a cash dividend of 1.76 yuan per 10 shares [2] Group 2: Major Financial Performance Updates - Sinopec expects a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, representing a decline of 39.5% to 43.7% year-on-year due to factors such as falling international oil prices and intense market competition [3] - Jiejia Weichuang anticipates a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, reflecting a growth of 38.65% to 59.85% year-on-year due to ongoing order fulfillment [6] Group 3: Share Buyback and Corporate Actions - Dajuecheng plans to privatize its subsidiary Dajuecheng Real Estate through a share buyback arrangement, proposing to repurchase shares at 0.62 HKD per share, totaling approximately 2.93 billion HKD [4][5] - Fuanna intends to repurchase shares with a budget of 55.85 million to 104 million yuan for employee stock ownership plans [8] - Aoshikang plans to issue convertible bonds to raise up to 1 billion yuan for high-end printed circuit board projects [8] Group 4: Fundraising and Capital Projects - Sixuan New Materials plans to raise up to 466.1 million yuan through a private placement to fund various projects including a cooling product project in Vietnam [7] - Changhua Chemical aims to raise up to 230 million yuan for its carbon dioxide polyether project [7] Group 5: Corporate Governance Changes - Renfu Pharmaceutical announced a change in its controlling shareholder to招商生命科技 (Wuhan) Co., Ltd., following a board restructuring [8]