Group 1: Report Title and Date - Report Title: [HuaBao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: December 1, 2025 [3] Group 2: Investment Ratings - No investment ratings provided in the report. Group 3: Core Views Aluminum - Logic: Last week, aluminum prices fluctuated strongly. The market believes that weak employment data will prompt the Fed to cut interest rates further, and the US government is releasing delayed economic data. In November, domestic electrolytic aluminum production increased year-on-year but decreased month-on-month. Downstream开工率 declined, and the aluminum water ratio decreased. In December, the operating capacity of electrolytic aluminum is expected to increase slightly month-on-month. The PMI of the aluminum processing industry in November showed significant differentiation. As of December 1, the electrolytic aluminum ingot inventory in the mainstream consumption areas in China remained flat compared with last Thursday and decreased by 17,000 tons compared with last Monday [13]. - View: There is obvious support from the macro - aspect, and the overseas supply is expected to tighten fundamentally. However, with the arrival of the short - term off - season, the downstream demand weakens and the pressure of inventory accumulation increases. It is expected that the price will remain high and fluctuate in the short term. Subsequently, attention should be paid to the inventory - consumption trend and the high - level pressure [13]. Zinc - Logic: Last week, zinc prices remained high. The processing fees of zinc concentrates decreased compared with early November. The galvanizing开工率 decreased slightly last week. The zinc ingot inventory decreased slightly, and the export window of zinc ingots was still open recently [14]. - View: In the short term, the price maintains a pattern of strong overseas and weak domestic, but the medium - and long - term supply increase still exerts upward pressure. Attention should be paid to the transmission from the mine end to the smelting end, and be vigilant against macro - risk events and the LME inventory trend [14]. Tin - Logic: Last week, the price of Shanghai tin rose significantly. Due to the slow ore output in Myanmar and the tense situation in the Democratic Republic of the Congo, the price of Shanghai tin exceeded 300,000. In October, the import volume of tin ore and concentrates decreased year - on - year. Yunnan and Jiangxi are still in a state of raw material shortage with low开工率. The downstream semiconductor consumption is acceptable, but the traditional automotive and home appliance sectors have cooled down [15]. - View: Due to the sudden situation at the mine end, the price of tin is strongly sorted [15]. Group 4: Weekly Market Review Futures and Spot Prices | Variety | Futures Contract | Closing Price on Dec 1, 2025 | Closing Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | Spot Price on Dec 1, 2025 | Spot Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | CU2601 | 89,280 | 86,080 | 3,200 | 3.72% | 89,150 | 86,215 | 2,935 | 3.40% | | Aluminum | AL2601 | 21,865 | 21,380 | 485 | 2.27% | 21,730 | 21,330 | 400 | 1.88% | | Zinc | ZN2601 | 22,590 | 22,390 | 200 | 0.89% | 22,206 | 22,212 | - 6 | - 0.03% | | Tin | SN2601 | 306,580 | 292,860 | 13,720 | 4.68% | 311,500 | 293,750 | 17,750 | 6.04% | | Nickel | NI2601 | 117,850 | 115,530 | 2,320 | 2.01% | 120,340 | 118,290 | 2,050 | 1.73% | [9] Group 5: Variety Data - Aluminum Bauxite - Price: The price of domestic high - grade bauxite in Henan remained unchanged week - on - week on November 28, up 5 year - on - year; the price of domestic low - grade bauxite in Henan remained unchanged week - on - week, up 20 year - on - year; the average price index of imported bauxite was 72.2 US dollars/ton on November 28, down 0.26 week - on - week and 20.24 year - on - year [20]. - Arrival and Departure Volume: The arrival volume at ports on November 28 was 5.1392 million tons, up 3.0815 million tons week - on - week and 1.4105 million tons year - on - year; the departure volume at ports was 4.5221 million tons, down 262,300 tons week - on - week and 134,000 tons year - on - year [23]. Alumina - Price and Cost - Profit: The domestic price in Henan remained unchanged week - on - week on November 28, down 2,855 year - on - year; the full cost was 2,899.3 yuan/ton, down 5.5 week - on - week and 342.6 year - on - year; the profit in Shanxi was - 100.23 yuan/ton, unchanged week - on - week and down 2,881.99 year - on - year [26]. Electrolytic Aluminum - Total Cost: The total cost on November 28 was 16,078.1 yuan/ton, down 2.64 week - on - week and 5,109.33 year - on - year [30]. - Regional Price Difference: The price difference between Foshan and SMM A00 aluminum was - 90 yuan/ton on November 28, up 30 week - on - week and down 30 year - on - year [30]. - Operating Rate: The operating rate of aluminum cables on November 27 was 63, up 0.6 week - on - week and down 8.8 year - on - year; the operating rate of aluminum foil was 70.4, unchanged week - on - week and down 4.6 year - on - year; the operating rate of aluminum strips was 66.4, unchanged week - on - week and down 5.6 year - on - year; the operating rate of aluminum profiles was 52.5, up 0.4 week - on - week and up 1.7 year - on - year; the operating rate of primary aluminum alloy was 60.2, up 0.4 week - on - week and up 5.2 year - on - year; the operating rate of recycled aluminum alloy was 61.5, up 0.9 week - on - week and up 5.6 year - on - year [32][33]. - Inventory: The bonded - area inventory in Shanghai on November 27 was 39,500 tons, down 1,600 week - on - week and down 1,400 year - on - year; the total bonded - area inventory was 60,500 tons, down 1,600 week - on - week and up 10,400 year - on - year; the social inventory on December 1 was 596,000 tons, down 17,000 week - on - week and up 43,000 year - on - year; the weekly outbound volume of aluminum ingots in the main consumption areas on November 24 was 139,400 tons, up 25,300 week - on - week and up 17,300 year - on - year; the SHFE inventory on November 28 was 115,277 tons, down 8,439 week - on - week and down 109,099 year - on - year; the LME inventory on November 27 was 539,050 tons, down 8,950 week - on - week and down 159,425 year - on - year [37][38]. - Spot and Basis: The basis for the current month on November 28 was - 150 yuan/ton, down 230 week - on - week and down 100 year - on - year; the basis for the main contract was - 160 yuan/ton, down 200 week - on - week and down 130 year - on - year; the basis for the third - consecutive contract was - 210 yuan/ton, down 205 week - on - week and down 115 year - on - year [44]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 10 yuan/ton, up 30 week - on - week and down 50 year - on - year; the spread between the current month and the third - consecutive contract was - 60 yuan/ton, up 25 week - on - week and down 20 year - on - year [45]. Group 6: Variety Data - Zinc Zinc Concentrate - Price and Processing Fees: The price of domestic zinc concentrate on November 28 was 18,490 yuan/metal ton, up 194 week - on - week and down 3,518 year - on - year; the domestic processing fee was 2,350 yuan/metal ton, down 250 week - on - week and up 850 year - on - year; the import processing fee was 61.25 US dollars/dry ton, down 11.8 week - on - week [54]. - Production Profit, Import Profit - Loss and Inventory: The enterprise production profit on November 28 was 5,490 yuan/metal ton, up 194 week - on - week and down 3,538 year - on - year; the import profit - loss was - 2,710.15 yuan/ton, down 859.58 week - on - week and down 2,543.97 year - on - year; the inventory of imported zinc concentrate in Lianyungang on November 28 was 150,000 physical tons, unchanged week - on - week and up 9 year - on - year [58]. Refined Zinc - Inventory: The social inventory of zinc ingots in SMM's seven regions on December 1 was 144,300 tons, down 6,700 week - on - week and up 44,400 year - on - year; the bonded - area inventory on November 27 was 3,600 tons, unchanged week - on - week and down 5,900 year - on - year; the SHFE refined zinc inventory on November 28 was 95,916 tons, down 4,431 week - on - week and up 42,933 year - on - year; the LME zinc inventory on November 27 was 51,750 tons, up 4,425 week - on - week and down 216,875 year - on - year [62]. Galvanizing - Production, Operating Rate and Inventory: The production on November 27 was 336,690 tons, up 5,300 week - on - week and down 61,375 year - on - year; the operating rate was 56.54, down 0.63 week - on - week and down 9.97 year - on - year; the raw - material inventory was 14,520 tons, down 330 week - on - week and up 2,480 year - on - year; the finished - product inventory was 366,200 tons, down 600 week - on - week and up 12,820 year - on - year [66]. Zinc Basis and Monthly Spread - Basis: The basis for the current month on November 28 was - 15 yuan/ton, down 60 week - on - week and down 990 year - on - year; the basis for the main contract was - 55 yuan/ton, down 100 week - on - week and down 1,450 year - on - year; the basis for the third - consecutive contract was - 105 yuan/ton, down 140 week - on - week and down 1,865 year - on - year [70]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 40 yuan/ton, down 40 week - on - week and down 460 year - on - year; the spread between the current month and the third - consecutive contract was - 90 yuan/ton, down 80 week - on - week and down 875 year - on - year [71]. Group 7: Variety Data - Tin Refined Tin - Production and Operating Rate: The combined production of Yunnan and Jiangxi provinces on November 28 was 0.336 million tons, up 0.002 week - on - week and up 0.0175 year - on - year; the combined operating rate of Yunnan and Jiangxi provinces was 69.34%, up 0.41 week - on - week and up 3.61 year - on - year [80]. Tin Ingot - Inventory: The total SHFE tin - ingot inventory on November 28 was 6,359 tons, up 130 week - on - week and down 880 year - on - year; the social inventory of tin ingots in different regions of China on November 28 was 7,825 tons, up 171 week - on - week and down 352 year - on - year [84]. Tin Concentrate - Processing Fees: The processing fee for 40% tin concentrate in Yunnan on November 28 was 12,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year; the processing fees for 60% tin concentrate in Guangxi, Hunan and Jiangxi were 8,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year [85]. - Import Profit - Loss: The import profit - loss level of tin ore on November 28 was 9,605.95 yuan/ton, down 4,095.68 week - on - week and down 2,350.24 year - on - year [88]. - Spot Price: The price of 40% tin concentrate in Yunnan on November 28 was 288,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year; the prices of 60% tin concentrate in Guangxi, Hunan and Jiangxi were 292,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year [94].

12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间上午10点，伦敦现货银价报每盎司 57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑赢黄金。 而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至近十年来低位，而光伏、电动汽车 等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场，白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认 为，目前黄金与白银价格比约为75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前已将 2026年白银目标价上调至每盎司65美元。 来源：央视财经 编辑：陈青青 一审：尤逸群 | 二审：黄种成| 三审：林培元 全是假的，已流向全国！店名曝光，抓紧自查 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联储观察工具的最新数据显示，市场 预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未 来低利率环境的信心。 感 ...

Report Industry Investment Rating - The investment rating for the precious metals futures industry is "oscillating with a bullish bias" [2] Core View of the Report - Last week, precious metals rose smoothly driven by the Fed's interest rate cut expectations. The market's pricing for a December rate cut is over 85%. Silver's increase was significantly higher than that of gold. With the temporary easing of Sino - US trade and the start of important Russia - Ukraine conflict negotiations, the world's risk - aversion sentiment decreased, and the Fed's rate - cut cycle increased the risk appetite for stocks and other commodities, suppressing gold. Gold may face high - level oscillations in the medium term, while silver may have a catch - up rally [2] - The Fed's Beige Book shows that economic activity was basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 a slight increase. The overall outlook is unchanged, and some point out an increased risk of economic slowdown in the next few months. After the US government shutdown, more economic tracking data will be available, and the US economic downward pressure is increasing. If Trump chooses a dovish Fed chair, the expectation of a January rate cut will increase, boosting the upward momentum of precious metals, especially silver. Silver may follow gold's fluctuations passively, and its volatility will strengthen [3] Summary by Relevant Catalogs Market Review and Outlook - Precious metals rose last week due to Fed rate - cut expectations. The market's pricing for a December rate cut is over 85%. Silver outperformed gold. Gold may face high - level oscillations in the medium term, and silver may have a catch - up rally [2] - The Fed's Beige Book indicates mixed economic activity in different districts. The US economic downward pressure is increasing. A dovish Fed chair may boost precious metals in January, and silver's volatility will strengthen [3] Attention Factors - Factors to watch include Fed rate - cut expectations, international geopolitics, and US economic data exceeding expectations [4] Charts and Data - The report presents multiple charts related to the futures market (gold and silver futures prices, trading volume, and positions), interest rates and exchange rates (dollar index, US interest rates vs. gold prices), macro - data (US CPI, PCE inflation, employment, PMI, etc.), and fund positions and ratios (ETF positions, asset management institutional positions, gold - silver ratio, etc.) all sourced from Flush and Ningzheng Futures [5][11][15]

Copper Futures Market Data Change Analysis - **Main Contracts and Basis**: On November 28, the SHFE main contract price was reported at 87,360 yuan/ton, up 0.39% from November 27; the LME price on November 27 was 10,930 US dollars/ton, slightly down 23 US dollars from November 24. In terms of basis, the premium copper rose to 180 yuan/ton on November 28, up 5 yuan from November 27, with the premium strengthening; the flat copper remained stable at 55 yuan/ton; the discount of wet-process copper narrowed to -30 yuan/ton, with the discount improving. The LME (0-3) premium rose to 16.56 US dollars/ton on November 27, significantly strengthening from November 24 [1]. - **Positions and Transactions**: The LME positions increased by 3,102 lots to 330,192 lots on November 27, and the trading volume expanded. The SHFE inventory increased to 159,425 tons on November 28, up 1.43% from November 27 [1]. *** Industrial Chain Supply, Demand, and Inventory Change Analysis - **Supply Side**: The CSPT reached a consensus on November 27 to reduce the copper ore production capacity load by more than 10% in 2026 to improve the supply-demand fundamentals. Japan's Mitsubishi Materials announced on November 28 that it plans to cut the primary copper smelting volume by 30%-40% by 2035 due to the sharp decline in processing and refining fees. The concentrate supply remains tight, and the LME inventory dropped to 35,244 tons on November 28, down 11.5% from November 24 [2]. - **Demand Side**: The demand in the power sector is strong. The second-phase project of the Meizhou Pumped Storage Power Station of China Southern Power Grid was put into operation on November 28, supporting the demand for copper cables; the "Sahuang" project in Qinghai started on November 27, with a total investment of 73 billion yuan, which will generate rigid demand for UHV power transmission. However, the construction and consumer electronics sectors are weak. On November 28, information showed that the construction industry's orders slowed down due to high copper prices; the domestic sales production plan of household air conditioners in December decreased by 29.9% year-on-year, and the high base combined with poor terminal price transmission restrained the demand. The copper cable operating rate this week was 66.89%, slightly up 1.22% month-on-month, but the brass rod operating rate was only 50.48%, restricted by high copper prices and terminal wait-and-see sentiment [2]. - **Inventory Side**: The LME inventory on November 28 was 35,244 tons, showing a continuous decline; the SHFE inventory on November 28 was 159,425 tons, up 1.43% from November 27; the raw material inventory of refined copper rod enterprises on November 27 decreased by 2.17% month-on-month to 27,000 tons, and the finished product inventory decreased by 1.34% month-on-month, but information indicated that the finished product inventory increased at the end of the month. Overall, the inventory is differentiated, with obvious destocking in the LME and inventory accumulation in the SHFE [3]. *** Price Trend Judgment It is expected that the copper price will fluctuate at a high level in the next one to two weeks. The tightening of the supply side (CSPT's production reduction plan and Japan's smelting cut) provides support, the implementation of power projects on the demand side offsets the weakness in the construction and consumer electronics sectors, and the macro sentiment is favorable due to the increasing expectation of the Fed's interest rate cut. The copper price is expected to fluctuate between 87,000-89,000 yuan/ton [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The recent trend of crude oil prices is expected to be volatile. After the Fed's December interest - rate meeting, the market will still worry about crude oil demand. With OPEC+ continuing to increase production, rising exports from the Middle East, and a continuous increase in global crude oil floating storage, the crude oil market remains in a supply - surplus pattern. It is expected that crude oil prices will continue to fluctuate weakly in late December. However, if the Russia - Ukraine peace talks reach a deadlock and Russian oil product exports are restricted, crude oil prices may be firm [3]. 3. Summary by Related Catalogs 3.1 Market Review - From late October to mid - November, crude oil prices fluctuated narrowly. The market digested the news of Russian crude oil being sanctioned by Europe and the US. The meeting between Chinese and US leaders met market expectations, and bilateral relations remained unchanged. OPEC+ planned to increase production by 137,000 barrels per day in December but suspend the increase in the first quarter of next year, alleviating concerns about supply pressure in Q1 2026. EIA inventory continued to accumulate, and US ISM manufacturing data was poor. OPEC adjusted the third - quarter 2025 global oil shortage of 400,000 barrels per day to a surplus of 500,000 barrels per day, putting downward pressure on crude oil prices. However, factors such as the end of the US government shutdown, Ukraine's drone attacks on Russian energy facilities, rising gasoline and diesel crack spreads in Europe and the US, and the escalation of the Venezuelan situation supported crude oil prices. In late November, the Trump administration tried to promote a cease - fire between Russia and Ukraine, causing crude oil prices to fall. Near the end of the month, as the possibility of a near - term Russia - Ukraine peace agreement was low, crude oil prices rebounded slightly [7]. 3.2 Crude Oil Position and Warehouse Receipt Situation - In November, the net position of WTI was not announced. The net long position of Brent crude oil managed funds increased after hitting a low in November. As of the week ending November 18, the net long position of Brent crude oil managed funds increased by 13,497 contracts to 178,364 contracts, an increase of 8.19% and 3.96% compared to the end of October. The enthusiasm for speculative long positions in crude oil began to recover but remained at a low level in recent years. - As of November 26, the Shanghai crude oil warehouse receipt volume decreased by 738,000 barrels to 3.464 million barrels compared to the end of October, still at a low level [11]. 3.3 Crude Oil Production - On the supply side, OPEC's latest monthly report showed that OPEC's crude oil production in September was adjusted down by 13,000 barrels per day to 28.427 million barrels per day. Its production in October 2025 increased by 33,000 barrels per day to 28.46 million barrels per day, mainly driven by production increases in Saudi Arabia and Kuwait. OPEC+ crude oil production in October decreased by 73,000 barrels per day compared to September to 43.02 million barrels per day. - The latest OPEC+ meeting agreed to maintain the organization's overall oil production in 2026. Eight additional voluntarily - reducing oil - producing countries reiterated the suspension of production increases in the first quarter of next year. - In the week ending November 21, US crude oil production decreased by 20,000 barrels per day to 13.814 million barrels per day, near the historical high [15]. 3.4 Oil Drilling Rigs - In November, the number of US oil drilling rigs continued to decline. As of the week ending November 26, the number of US oil drilling rigs was 407, a decrease of 12 compared to the previous week and 7 compared to the week ending October 31. The significant decrease of 12 US oil drilling platforms in a week increased the expectation that low oil prices would limit US crude oil production growth [19]. 3.5 US Crude Oil Imports and Exports - According to US Energy Administration data, as of the week ending November 21, US crude oil imports increased by 486,000 barrels per day to 6.436 million barrels per day, at a neutral level compared to the same period in previous years; US crude oil exports decreased by 560,000 barrels per day to 3.598 million barrels per day, also at a neutral level compared to the same period in previous years [23]. 3.6 China's Crude Oil Processing Volume and Imports - China's domestic crude oil processing volume rebounded month - on - month. In October, China's crude oil processing volume increased by 1.18% month - on - month to 63.428 million tons, a year - on - year increase of 6.40%, at a relatively high level compared to the same period in previous years. From January to October, China's cumulative crude oil processing volume increased by 4.00% year - on - year, and the year - on - year growth rate continued to rise slightly. - China's domestic crude oil imports also rebounded month - on - month, at a relatively high level compared to the same period in previous years. In October, China's crude oil imports increased by 2.35% month - on - month to 48.36 million tons, a year - on - year increase of 8.20%. From January to October, China's cumulative crude oil imports increased by 3.10% year - on - year, and the cumulative year - on - year growth rate increased slightly [27]. 3.7 US Dollar Index - The director of the US White House National Economic Council, Hassett, said that if nominated as the Fed Chairman, he "would be very happy to serve." - The expectation of a Fed interest - rate cut has increased [30]. 3.8 Gasoline Crack Spread - The US is trying to promote Russia - Ukraine peace talks, and the crack spreads of refined oil products in Europe and the US have fallen from their highs. In November, the gasoline crack spreads in the US and Europe decreased by $2.0 per barrel and $0.5 per barrel respectively. The diesel crack spreads in the US and Europe decreased by $3.0 per barrel and $5.0 per barrel respectively [34]. 3.9 US Gasoline and Diesel Demand - The EIA monthly report predicts that global liquid fuel production will increase by 2.7 million barrels per day in 2025 and another 1.3 million barrels per day in 2026. The OPEC monthly report adjusted the third - quarter 2025 global oil shortage of 400,000 barrels per day to a surplus of 500,000 barrels per day and the 2026 global oil shortage of 50,000 barrels per day to a surplus of 20,000 barrels per day. Additionally, the OPEC monthly report maintained the forecast of the 2025 global crude oil demand growth rate at 1.3 million barrels per day and the 2026 forecast at 1.38 million barrels per day. The IEA monthly report raised the 2025 global crude oil supply growth rate by 100,000 barrels per day to 3.1 million barrels per day and the 2026 rate by 100,000 barrels per day to 2.5 million barrels per day; it also raised the 2025 global crude oil demand growth rate by 78,000 barrels per day to 788,000 barrels per day and the 2026 rate by 71,000 barrels per day to 770,000 barrels per day. - According to the latest data from the US Energy Administration, the four - week average supply of US crude oil products decreased to 20.381 million barrels per day, a 0.33% decrease compared to the same period last year, shifting from being higher than the same period last year to lower. Among them, the weekly gasoline demand increased by 2.32% to 8.726 million barrels per day, with a four - week average demand of 8.789 million barrels per day, a 0.06% increase compared to the same period last year; the weekly diesel demand decreased by 13.39% to 3.362 million barrels per day, with a four - week average demand of 3.743 million barrels per day, a 0.17% decrease compared to the same period last year. Although diesel demand declined significantly month - on - month, the rebound in gasoline and other oil products drove the single - week supply of US crude oil products to increase month - on - month [38]. 3.10 Crude Oil Inventory - On the evening of November 26, US EIA data showed that as of the week ending November 21, US crude oil inventory increased by 2.774 million barrels, exceeding the expected increase of 55,000 barrels, and was 4.50% lower than the five - year average. It increased by 10.963 million barrels in the past four weeks. The Cushing area inventory was reported at 21.753 million barrels, a decrease of 68,000 barrels compared to the previous week, at the lowest level in the same period in recent years, and decreased by 812,000 barrels in the past four weeks. - US gasoline inventory increased by 2.513 million barrels, exceeding the expected increase of 745,000 barrels. It decreased by 834,000 barrels in the past four weeks. Gasoline inventory was at a relatively low level compared to the same period in recent years and continued to accumulate seasonally. - As of the week ending November 21, the US Strategic Petroleum Reserve (SPR) inventory increased by 498,000 barrels to 411.4 million barrels, the highest since the week ending September 30, 2022. The US Strategic Petroleum Reserve has increased for 18 consecutive weeks. - On November 20, 2025, the US Department of Energy announced a reorganization, prioritizing oil and nuclear resources and replacing the previous department focused on renewable energy and energy efficiency [42][46]. 3.11 Geopolitical Risks - US Secretary of State Rubio said that the talks with Ukraine were "productive" after the new round of US - Ukraine negotiations, but there was still much work to be done. - Israeli Prime Minister Netanyahu formally submitted a pardon request to President Herzog [48].

12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间上午10点，伦敦现货银价报每盎司 57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑赢黄金。 而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至近十年来低位，而光伏、电动汽车 等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场，白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认 为，目前黄金与白银价格比约为75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前已将 2026年白银目标价上调至每盎司65美元。 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联储观察工具的最新数据显示，市场 预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未 来低利率环境的信心。 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On December 1, 2025, the stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand and strong expectations for policy support. The central economic work conference in December is expected to bring incremental policy benefits. Overseas, the expectation of the Fed's interest rate cut has increased, and the risk of AI asset investment bubble has cooled, reducing market risk - aversion sentiment. In general, the expectations of policy benefits and the trend of long - term capital inflows remain unchanged, providing strong support for the stock indices. It is expected that the stock indices will oscillate strongly in the short term [4]. - For options, considering the medium - to long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Group 3: Summary of "1 Option Indicators" - On December 1, 2025, 50ETF rose 0.77% to 3.137; 300ETF (Shanghai Stock Exchange) rose 1.12% to 4.687; 300ETF (Shenzhen Stock Exchange) rose 1.05% to 4.833; the CSI 300 Index rose 1.10% to 4576.49; the CSI 1000 Index rose 0.72% to 7386.68; 500ETF (Shanghai Stock Exchange) rose 0.94% to 7.202; 500ETF (Shenzhen Stock Exchange) rose 0.98% to 2.874; the ChiNext ETF rose 1.25% to 3.073; the Shenzhen 100ETF rose 1.42% to 3.418; the SSE 50 Index rose 0.81% to 2993.68; the STAR 50ETF rose 0.79% to 1.40; the E Fund STAR 50ETF rose 0.74% to 1.36 [6]. - The PCR values of various options' trading volume and open interest on December 1, 2025, and their changes compared with the previous trading day are presented in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. Group 4: Summary of "2 Related Charts" - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][12][14][16][18]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26][30]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - **CSI 300 Index Options**: Charts include the CSI 300 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38][40][42][44][48]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51][54][56][58][60][62]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69][71][73][76]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81][83][85][87]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94][96][98][100]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][103][105][107][109][111]. - **SSE 50 Index Options**: Charts include the SSE 50 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][116][118][120][122][124]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [127][129][130][134]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [135][137].

而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至 近十年来低位，而光伏、电动汽车等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场， 白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认为，目前黄金与白银价格比约为75： 1，显著高于过去二十年约60：1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前已 将2026年白银目标价上调至每盎司65美元。 来源：央视财经 12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间 上午10点，伦敦现货银价报每盎司57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑 赢黄金。 编辑：宁宁 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联 储观察工具的最新数据显示，市场预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽 派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未来低利率环境的信心。 责编：黄阳阳 ...

黄金牛市远未结束? 纽曼矿业(NEM.US)、Northern Star Resources和Evolution Mining是澳大利亚主要的黄金生产商。澳大利亚矿业与勘探公司协会首席执行官沃伦·皮尔斯 (Warren Pearce)在一份声明中表示："黄金已证明自身在维持勘探商兴趣方面表现卓越且韧性十足，近期金价高企和全球市场持续不确定性显然对此 形成了支撑。" 金价在近日迎来反弹，部分原因是对美联储降息预期的重新升温。截至发稿，黄金现货涨0.54%，报4253.68美元/盎司。 智通财经APP获悉，随着今年金价飙升至历史新高，澳大利亚矿业公司正在加大勘探力度，以寻找新的黄金矿藏。根据澳大利亚统计局的数据，在截 至9月的三个月内，澳大利亚矿企在勘探上合计投入了4.315亿澳元(约合2.38亿美元)，这是自1994年有统计以来的最高季度勘探支出。 今年以来，从散户投资者到对冲基金，各类投资者纷纷转向黄金这一传统上被视为动荡时期避险资产的大宗商品，将其作为抵御通胀风险、地缘政 治裂痕和美元贬值的保护性对冲工具。全球各国央行也纷纷涌入黄金市场，被其高流动性、无违约风险以及作为储备资产的大致中立地位所吸引。 在多重 ...

Core Viewpoint - The price of silver has reached a historic high, surpassing $57 per ounce for the first time, driven by multiple factors including supply shortages and expectations of interest rate cuts by the Federal Reserve [1][3][4]. Group 1: Price Movement - On December 1, during the Asian trading session, the spot price of silver hit a record high, with an intraday increase of over 2.5% [1]. - Year-to-date, international silver prices have risen by more than 90%, significantly outperforming gold [3]. Group 2: Market Influences - The recent rise in silver prices is supported by heightened market expectations for a Federal Reserve interest rate cut, with an 87.4% probability of a 25 basis point cut in December [4]. - The potential appointment of a dovish candidate, Harker, as the next Federal Reserve Chair has further bolstered confidence in a low-interest-rate environment [4]. Group 3: Supply and Demand Dynamics - There has been a persistent supply shortage in the silver market due to declining production levels, with global exchange silver inventories at nearly a decade low [6][8]. - Industrial demand for silver, particularly from the solar energy sector and electric vehicles, continues to grow, exacerbating the tightness in the physical market [6][8]. - The current gold-to-silver price ratio is approximately 75:1, significantly higher than the 20-year average of 60:1, indicating that silver may be undervalued within the precious metals sector [6]. Group 4: Future Outlook - Analysts suggest that silver prices may continue to rise in the short term due to macroeconomic factors and industrial demand, but caution against potential market corrections [10]. - The silver market comprises both physical traders driven by industrial demand and financial investors seeking short-term gains, which can amplify market volatility [10].