美"小非农"数据不及预期降息理由增强，隔夜美股收涨，中概指数跌1.38%。昨日下跌的港股三大指数 高开，恒指涨0.17%，国指涨0.26%，恒生科技指数涨0.21%。大型科技股多数出现反弹行情，美联储降 息预期持续增强，铜、铝、黄金等有色金属股继续活跃，其中中铝国际大涨超7%。另外，新能源汽车 股"蔚小理"继续跌势。(格隆汇) ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The Fed's future interest rate cut expectations support precious metal prices. Economic and employment data are mixed, which disturbs the probability of the Fed cutting interest rates in December. Global central banks' continuous gold purchases and geopolitical risks may support precious metal prices in the medium to long term. The supply - demand expectations of platinum and palladium are different, and their prices may be adjusted due to various factors such as interest rate expectations and supply - demand changes [1] 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: On December 3, 2025, the closing price was 956.70 yuan/g, the trading volume was 273,359.00, and the inventory was 90,873.00 (ten - gram). Compared with the previous week, the closing price increased by 9.54 yuan/g, and the trading volume decreased by 26,737.00 [1] - **Shanghai Silver**: The closing price of the futures active contract was 13,423.00 yuan/ten - gram, the trading volume was 2,664,403.00, and the inventory was 626,633.00 (ten - gram). Compared with the previous week, the closing price increased by 159.00 yuan/ten - gram, and the trading volume increased by 2,464,589.00 [1] - **COMEX Gold**: The closing price of the futures active contract was 4,133.80 dollars/ounce, the trading volume was 169,613.00, and the inventory was 36,573,657.72 (troy ounces). Compared with the previous week, the closing price increased by 101.00 dollars/ounce, and the trading volume decreased by 42,456.00 [1] - **COMEX Silver**: The closing price of the futures active contract was 58.93 dollars/ounce, the trading volume was 107,261.00, and the inventory was 455,933,737.28 (troy ounces). Compared with the previous week, the closing price decreased by 0.22 dollars/ounce, and the trading volume decreased by 4,787.00 [1] 3.2 Important Information - Bessent downplayed the Fed Chairman's control over interest rates and proposed setting a residency limit for regional Fed presidents, saying that tariffs could be re - structured. The US ADP employment in November unexpectedly declined, with a decrease of 32,000 jobs, the largest decline since March 2023. However, the US ISM services PMI expansion speed was the fastest in nine months, the price index was at a seven - month low, and the employment index was at a six - month high [1] 3.3 Gold and Silver - **Multi - empty Logic**: US economic and employment data in November were mixed, disturbing the probability of the Fed cutting interest rates in December. But the probability of a December rate cut was still over 80%. Fiscal stimulus policies in multiple countries led to expectations of debt expansion and fiscal deficits, and central banks' continuous gold purchases and geopolitical risks may support precious metal prices in the medium to long term [1] - **Trading Strategy**: Buy on price dips. For London gold, pay attention to the support level around 3,800 - 4,000 dollars/ounce and the resistance level around 4,300 - 4,600 dollars/ounce. For Shanghai gold, the support level is around 890 - 920 yuan/g and the resistance level is around 970 - 1,000 yuan/g. Similar support and resistance levels are provided for silver [1] 3.4 Platinum - **Multi - empty Logic**: Supply is affected by high mining costs, unstable power supply, etc., and demand is expected to increase due to stricter emission standards. The supply - demand of platinum is expected to be tight from 2025 - 2026. However, the expectation of the Bank of Japan raising interest rates and high platinum prices may suppress downstream demand, leading to price adjustments [1] - **Trading Strategy**: Hold previous long positions cautiously or take profits on rallies. Consider the "long platinum, short silver" arbitrage opportunity. For London platinum, pay attention to the support level around 1,300 - 1,500 dollars/ounce and the resistance level around 1,800 - 2,000 dollars/ounce. For domestic platinum, the support level is around 335 - 385 yuan/g and the resistance level is around 465 - 516 yuan/g [1] 3.5 Palladium - **Multi - empty Logic**: Supply is affected by mining difficulties but may increase due to vehicle scrapping. Demand from the automotive industry is expected to decline, and the supply - demand of palladium is expected to shift from tight to loose from 2025 - 2026. Interest rate expectations and supply - demand changes may lead to price adjustments [1] - **Trading Strategy**: Hold previous long positions cautiously or take profits on rallies. For London palladium, pay attention to the support level around 1,190 - 1,390 dollars/ounce and the resistance level around 1,600 - 1,800 dollars/ounce. For domestic palladium, the support level is around 305 - 357 yuan/g and the resistance level is around 415 - 465 yuan/g [1]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@gf.com.cn 陈尚宇（投资咨询资格：Z0022532） 电话：0 ...

原油： sc夜盘上涨0.36%。市场对乌克兰和平进程能否重启抱有希望，同时也存在怀疑态度。乌克兰总统泽连斯 基称，美国与乌克兰代表团将于本周会面，商讨在日内瓦会谈中提出的方案，以期实现和平并为乌克兰提供安全 保障。国际能源署评估10月份欧佩克有配额的9国原油日供应量为2377万桶，比修正过的9月份日供应量减少了18 万桶，比其目标日产量高72万桶。贝克休斯公布的数据显示，截止11月26日的一周，美国在线钻探油井数量407 座，比前周减少12座；为2021年9月份以来最低，比去年同期减少70座。整体向下趋势难改。 首席点评： 商品驱动分化 国务院总理李强在主持专题学习时指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。要因 地制宜实施好新型城镇化规划。科学有序推进农业转移人口市民化。美国 11月"小非农"创两年半来最大降幅，美联储 降息预期进一步升温。最新公布的ADP就业数据显示，11月私营企业减少3.2万个工作岗位，为2023年3月以来最大降 幅，远不及市场预期的增加1万个。据商务部，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及 超3.6亿人次。 重点品种： 原油，铜 ...

Group 1 - The core point of the article is that the recent ADP employment report indicating a loss of 32,000 jobs in November has led to market speculation that interest rate cuts are likely, despite the negative employment data [1][2][4] - The market reaction shows a decline in the dollar and an increase in asset prices, reflecting a belief that interest rate cuts are secure [3][4] - There is a prevailing uncertainty in the market regarding whether the economy is experiencing a soft landing or is at risk of deteriorating significantly [1][4][6] Group 2 - The market's current optimism is based on the expectation that the economy will gradually weaken rather than face sudden downturns [4][5] - The upcoming non-farm payroll data, set to be released on December 16, is critical; a significant decline could shift market sentiment from euphoria to panic [4][5] - The recent decline in gold prices signals a hesitation among investors regarding the economic turning point [6]

1. Report Industry Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints of the Report - Overseas: The US economy is in a low - speed adjustment phase, with consumer K - shaped development and cooling employment. The interest - rate cut expectation has shifted from "expectation guidance" to "data confirmation". The "Hassett transaction" has strengthened the market's re - evaluation of the future policy framework, improving global financial conditions. Dollar liquidity is becoming the main line of major asset allocation in the next quarter, and the market expects the Fed to discuss balance - sheet expansion around December [7]. - Domestic: In October, the profit margin of industrial enterprises continued to be under pressure due to weak domestic demand. However, with the joint promotion of policy - based financial instruments and special bonds, the forward - looking indices for enterprise investment and recruitment have significantly rebounded. In November, the manufacturing PMI rebounded, with both supply and demand improving marginally. The construction business activity index also increased. Overall, the domestic economy maintains a weak - stable pattern, and the guiding role of policies on expectations is strengthening [7]. - Asset Allocation: In the fourth quarter, the overall asset - allocation idea remains unchanged. The macro - environment is still friendly to risk assets. It is recommended to maintain a balanced allocation, hold long positions in stock indices, non - ferrous metals, and precious metals, and wait for opportunities to increase positions in stock indices on dips [7]. 3. Summary by Relevant Catalogues 3.1 Market Performance of Various Assets - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures showed different degrees of daily, weekly, monthly, quarterly, and annual changes, with the CSI 300 futures up 15.23% this year [4]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures also had different price changes and yield fluctuations [4]. - **Foreign Exchange**: The US dollar index, euro - US dollar exchange rate, US dollar - Japanese yen exchange rate, etc. showed various trends [4]. - **Interest Rates**: The yields of domestic and US bonds, interest - rate spreads, and inflation - related rates also had different changes [4]. - **Industry Indices**: Different industries such as transportation, non - ferrous metals, and coal had different levels of daily, weekly, monthly, quarterly, and annual price changes [4]. - **Commodity Futures**: Energy, precious metals, non - ferrous metals, agricultural products, etc. all had their own price trends and volatility [4][5]. 3.2 Short - term Judgment of Various Assets - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options to fluctuate, and treasury bond futures to rise in a volatile manner [8]. - **Precious Metals**: Gold and silver are expected to fluctuate during the short - term adjustment phase [8]. - **Shipping Sector**: The freight rate of container shipping on the European route is expected to fluctuate [8]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to fluctuate [8]. - **Non - ferrous Metals and New Materials Sector**: Copper, aluminum, lead, etc. are expected to rise in a volatile manner, while nickel is expected to fall in a volatile manner [8]. - **Energy and Chemical Sector**: Crude oil, LPG, etc. are expected to fluctuate, while some products like asphalt and high - sulfur fuel oil are expected to fall in a volatile manner [10]. - **Agricultural Sector**: Most agricultural products such as grains, oils, and livestock are expected to fluctuate, and the price of natural rubber is expected to return to a narrow - range fluctuation [10].

Price Surge and Market Performance - Silver prices have surged past $57, reaching a historical peak, with a year-to-date increase of over 90%, significantly outpacing gold's 56% rise [1] - On November 28, 2025, COMEX silver futures rose by 6.06% to $57.085 per ounce, while London spot silver surpassed $56 per ounce, marking a historic record [1] Independent Market Dynamics - Silver has exhibited a unique "rapid rise and resistance to decline" characteristic, maintaining upward momentum even when gold experiences short-term pullbacks [2] Core Driving Factors - The expectation of a Federal Reserve interest rate cut has surged to 89%, weakening the dollar and enhancing the appeal of non-yielding assets [3] - Increased safe-haven demand due to Middle East conflicts, U.S. government shutdowns, and debt concerns (U.S. debt surpassing $37 trillion) has accelerated capital inflows [4] Industrial Demand Growth - The global photovoltaic installation capacity is expected to exceed 655 GW by 2025, with silver consumption in this sector alone exceeding 5,000 tons annually [5] - The silver usage in new energy vehicles is seven times that of traditional fuel vehicles, with industrial demand now accounting for 58% of total silver consumption [5] - A continuous supply deficit of over 4,000 tons for five consecutive years has led to a decline in London deliverable stocks to 233 tons, a five-year low [5] Market Structure Changes - A short squeeze is occurring as hedge funds reach peak net long positions, compounded by tight inventory conditions [6] - On November 28, the Chicago Mercantile Exchange (CME) experienced an 11-hour trading halt due to technical issues, coinciding with silver's historic high, exacerbating liquidity fears [6] Industry Chain Impact - Beneficiaries include investment silver bar manufacturers and recycling companies, with the latter seeing a 30% increase in recovery volume and prices rising from 7 to 9.4 yuan per gram [7] - Conversely, photovoltaic companies are under pressure as silver constitutes 15% of their component costs, leading some to halt purchases and explore copper alternatives [7] Optimistic Projections - Citigroup has a short-term bullish target of $55, while Bank of America has raised its 2026 target to $65 [8] - In extreme scenarios, silver could potentially reach $100 by 2028-2029 if the current momentum continues [8] Technological and Policy Considerations - The industrialization of copper paste in photovoltaics may reduce silver demand by 500-800 tons annually post-2026 [10] - The U.S. has classified silver as a "critical mineral," which may lead to potential tariffs impacting the supply chain [11]

昨日12月3日（星期三），黄金早盘上涨4229附近受阻开始震荡下跌，欧盘最低跌至4194附近企稳上 涨，到美盘最高上涨至4241/4242区域受阻，凌晨最低跌至4195附近。全天下来，整体走了冲高回落， 日线收出一根带有长上影线的小实体阴线。 一、基本面 1、就业数据疲软强化降息预期：11月美国ADP私营企业就业岗位减少3.2万，远低于预期的增加1万， ISM非制造业PMI就业分项指数仍处收缩区间，显示劳动力市场从渐进降温转向潜在急剧恶化。市场对 美联储下周降息押注概率达89%，且未来12个月可能出现更多降息，降低了持有黄金的机会成本。 基于上述判断，日内操作需重点关注4241/4242及4264/4265附近的阻力有效性，在行情未实现强势突破 该阻力区间前，可采取逢高做空策略，在短线把握盈利空间的同时，可保留部分底仓，尝试博弈波段下 跌。 下方支撑方面，首要关注周二低点4164/4163，若该支撑位被有效跌破，可确认下跌走势延续，后续短 线依次关注4143、4131、4114/4115及4100/4099附近支撑。上述支撑位分别对应黄金自4022低点与3998 低点上涨至4264/4265高点区间的黄金分割 ...

美东时间12月4日，美股三大指数在疲软的劳动力市场数据下低开高走，集体收涨。道指上涨0.86%， 报47882.90点；标普500指数上涨0.3%，报6849.72点；纳指微涨0.17%，报23454.09点。市场焦点已从科 技巨头转向有色金属板块，银铜价格齐创新高，带动相关概念股集体走强。 美国自动数据处理公司（ADP）周三发布的数据显示，11月私营部门就业岗位意外减少3.2万个，远低 于市场预期的增加1万个，为2023年3月以来最低水平。这一疲软数据强化了市场对美联储12月降息的预 期，芝商所"美联储观察"工具显示，市场预计下周降息25个基点的概率飙升至89%。美联储降息预期的 升温也推动人民币对美元中间价调升40个基点，报7.0754，创2024年10月14日以来最高。 有色金属板块成为今日最大亮点。美国铝业公司大涨6.37%，凯撒铝业涨5.89%，麦克莫兰铜金涨 3.63%。国际铜价周三再创新高，LME铜涨2.7%，沪铜期货主力合约站上9万元/吨大关；LME锡涨近 4.4%，沪锡涨3.8%创2022年4月以来新高。矿业巨头嘉能可宣布将在未来10年将铜产量翻一番，实现年 产160万吨，推动其美股ADR收 ...

各位朋友，我是帮主郑重，做了20年财经记者，也扎根中长线投资多年。最近打开行情软件，是不是被 大宗商品的表现惊到了？原油悄悄涨，铜价踩着新高往上走，白银更是在历史高点附近晃悠，这市场热 闹得很，今天就用聊天的方式跟大家扒一扒背后的逻辑，还有咱们中长线该怎么布局。 先说说原油，这事儿得从美俄会谈说起。前几天美俄代表团坐下来谈，结果没达成结束俄乌冲突的协 议，虽然说会谈挺有建设性，但没谈拢就意味着，俄罗斯石油的制裁短期内松不了口。加上最近针对俄 罗斯关联油轮的袭击变多，有些船舶公司都不敢往那边派船了，供应端的担忧一下子就上来了。可能有 朋友会说，不是说原油库存增加了吗？没错，上周美国原油库存加了57.4万桶，但比行业预期的250万 桶少多了，所以没给市场带来太大压力。做财经记者那20年，我见过不少地缘冲突影响油价的情况，这 次也一样，只要俄乌冲突没实质性进展，原油供应的不确定性就会一直存在，短期很难出现大幅下跌， 这是咱们中长线看原油的一个核心前提。 再看白银，这品种最近可太火了，一直徘徊在历史高点附近。关键推手其实是美国的就业数据，11月企 业就业人数是2023年初以来跌得最多的，这就让市场觉得，美联储12月降 ...