经济基本面与结构性因素的博弈进一步加剧了美元走势的复杂性。美国经济仍展现出一定韧性，美联储 已将2026年实际GDP增速预测上调至2.3%，AI产业繁荣与财政扩张政策持续注入增长动力，吸引全球 资本流入，构成美元"安全垫"。但与此同时，全球经济增长动能对比正在转变，市场对欧元区等非美经 济体复苏预期升温，当全球增长引擎更加多元时，美元需求相对减弱。更关键的是，"去美元化"趋势带 来结构性压力，美国关税政策与财政可持续性疑虑削弱了美元信用，2025年各国央行及私人投资者持续 增持黄金对冲美元风险，现货黄金价格全年飙升逾70%，这种"弃美元、购黄金"的趋势在2026年可能延 续，进一步压制美元长期走势。 除核心因素外，多重扰动变量可能引发美元指数阶段性反弹。其一，非美经济体紧缩进程或受限，日本 面临高债务与内需疲软的双重约束，欧洲经济存在结构性难题，其货币政策正常化步伐可能放缓，若紧 缩力度不及预期，将间接利好美元。其二，美元避险功能仍不可忽视，尽管"去美元化"是长期趋势，但 目前暂无单一货币能全面替代美元的储备和结算功能，若2026年全球地缘政治或贸易摩擦升温，美元作 为传统终极避险资产的地位可能凸显，吸引资金 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The demand for precious metals lies in the choices of sovereign funds against the backdrop of de - dollarization. The medium - term depreciation of the US dollar and the decline of the near - end yield curve support precious metals. There has been a relatively significant increase in domestic gold warehouse receipts, a significant decrease in US gold warehouse receipts, and a sharp drop in domestic and foreign silver warehouse receipts [2][3] Summary by Relevant Catalogs Gold AU - **Viewpoint**: The demand for precious metals is due to the choices of sovereign funds in the de - dollarization context. The medium - term depreciation of the US dollar and the decline of the near - end yield curve support precious metals. Domestic gold warehouse receipts have increased significantly, while US gold warehouse receipts have decreased significantly. Domestic and foreign silver warehouse receipts have dropped sharply [2] - **Fundamentals**: Include the Venezuela situation (US military action, leadership changes, oil supply, and sanctions), Trump's plan to acquire Greenland and related international reactions, US initial jobless claims data (208,000 in the week ending January 3rd, lower than expected), and non - farm payroll report (50,000 increase in December, 76,000 downward revision in October and November combined, 4.4% unemployment rate in December, 584,000 increase in 2025) [2] Silver AG - **Viewpoint**: The demand for precious metals is due to the choices of sovereign funds in the de - dollarization context. The medium - term depreciation of the US dollar and the decline of the near - end yield curve support precious metals. Domestic gold warehouse receipts have increased significantly, while US gold warehouse receipts have decreased significantly. Domestic and foreign silver warehouse receipts have dropped sharply [2] - **Fundamentals**: Similar to those of gold, covering the Venezuela situation, Trump's plan for Greenland, US economic data such as initial jobless claims and non - farm payrolls [3] One - Week Policy and Fundamental Review - International events include the Venezuela "three - hour lightning war", Yemen military conflict, Iran's handling of internal unrest, OPEC+ decision on production suspension, Samsung and SK Hynix's plan to raise server memory prices, and high - tech developments like Qualcomm's robot technology [6] - US economic data includes ADP employment increase of 41,000 in December (lower than expected), initial jobless claims of 208,000 in the week ending January 3rd (lower than expected), 2025 October trade deficit of $29.4 billion (the smallest since June 2009), and non - farm payroll details (50,000 increase in December, 76,000 downward revision in October and November combined, 4.4% unemployment rate) [6] - Political events involve Trump's various threats and plans, such as threatening Cuba, planning to acquire Greenland, and discussing the next Fed chairperson [6] Gold Market Tracking - **Positions**: The latest long - position of COMEX gold futures and options managed funds is 122,450 contracts, short - position is 35,978 contracts. SPDR gold ETF holding is 862 tons, iShares gold ETF holding is 402 tons, and the futures position of gold in Shanghai is 407,927 hands [7] - **Changes**: In 5 days, the long - position ratio decreased by 4%, short - position ratio decreased by 1%, and the futures position increased by 16,492 hands. In one week, the long - position decreased by 5,556 contracts, short - position increased by 2,599 contracts [7] Silver Market Tracking - **Positions**: The latest long - position of COMEX silver futures and options managed funds is 44,277 contracts, short - position is 27,801 contracts. SLV silver ETF holding is 13,802 tons, and the futures position of silver in Shanghai is 971,795 hands [12] - **Changes**: In 5 days, the long - position increased by 57 contracts, short - position increased by 58 contracts, and the futures position increased by 78,420 hands. In one week, the long - position decreased by 4,423 contracts, short - position decreased by 4,757 contracts [12] Gold and Silver Import Profit Tracking - Import gold and silver hedging profit rates are presented in a time - series graph from July 2024 to December 2025, but specific numerical analysis is not provided [18] Dollar Index Futures Position Tracking - ICE dollar index non - commercial net long - position and total futures position data are presented in a time - series graph from June 2025 to January 2026, but specific numerical analysis is not provided [20] US Treasury Bond Futures Position Tracking - CBOT non - commercial net long - positions of 10 - year, 5 - year, and 2 - year US Treasury bond futures and options, as well as the total futures position of US Treasury bonds, are presented in time - series graphs, but specific numerical analysis is not provided [25] US Inflation Expectation - Break - even inflation rates for 5 - year, 7 - year, and 10 - year periods from November 2025 to January 2026 are presented, with values ranging from 2.20 to 2.50 [30] US Real Interest Rate - US Treasury real - yield curves for 5 - year, 7 - year, and 10 - year periods from February 2006 to August 2025 are presented, with values ranging from - 3.00 to 5.00 [32] US Interest Rate Term Structure - US Treasury interest rates, inflation expectations (interpolated linearly within the year), and real interest rates (based on PCE, interpolated linearly within the year) for different maturities (1M - 30Y) are presented, but specific numerical analysis is not provided [35] 2 - Year Treasury Bond Yield Spread between the US and Major Non - US Countries - Yield spreads between the US 2 - year Treasury bond and those of the UK, Japan, China, and Germany from November 2025 to January 2026 are presented. For example, the spread between the US and the UK ranges from - 0.60 to 0.10 [38]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: Safe - haven sentiment has rebounded [2][4]. - Silver: Re - testing new highs [2][4]. - Copper: Demand expectations are strengthening, leading to price increases [2][8]. - Zinc: Operating in a relatively strong manner [2][11]. - Lead: Reduced overseas inventories support prices [2][14]. - Tin: Oscillating and strengthening [2][16]. - Aluminum: The price center has significantly moved up; Alumina is driven by capital risk preference; Cast aluminum alloy follows the aluminum price [2][20]. - Platinum: ETF holdings are continuously flowing out, with range - bound oscillations [2][22]. - Palladium: After surging, it declined. Attention should be paid to the price transmission related to tariffs [2][22]. - Nickel: There is a game between industrial and secondary funds, with wide - range oscillations [2][26]. - Stainless steel: Ferronickel raises the oscillation center, and the market is speculating on Indonesian policies [2][27]. 3. Summaries by Related Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 1,006.48 with a daily increase of 0.86%, and the night - session closing price was 1008.54 with a 0.80% increase. For silver, the closing price of Shanghai Silver 2602 was 18757 with a 1.55% increase, and the night - session closing price was 19438.00 with a 6.19% increase [4]. - **Inventory and ETF Holdings**: The inventory of Shanghai Gold was 97,653 kg (unchanged), and the SPDR Gold ETF holdings decreased by 3 to 1,064.56. The inventory of Shanghai Silver decreased by 17385 kg to 620,262 kg, and the SLV Silver ETF holdings (the day before yesterday) increased by 93 to 16,308.48 [4]. - **Macro and Industry News**: US December non - farm payrolls were lower than expected, but the unemployment rate decreased. The January consumer confidence index reached a four - month high. Trump threatened Iran and was reported to have listened to military strike plans [4][6][7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 101,410 with a 0.19% increase, and the night - session closing price was 102220 with a 0.80% increase. The London Copper 3M electronic - trading price increased by 2.07% to 12,966 [8]. - **Inventory and Spread**: The Shanghai Copper inventory increased by 2,531 tons to 111,216 tons, and the London Copper inventory decreased by 2,100 tons to 138,975 tons. The spread between Shanghai copper spot and LME cash decreased by 133 to - 977 [8]. - **Macro and Industry News**: The US January consumer confidence reached a four - month high. The Kamoa - Kakula copper smelter produced its first batch of anode copper, with an expected output of 380,000 - 420,000 tons of mineral copper in 2026 [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 23970 with a - 0.02% change, and the London Zinc 3M electronic - trading price increased by 0.57% to 3149 [11]. - **Inventory and Spread**: The Shanghai Zinc inventory decreased by 599 tons to 38874 tons, and the London Zinc inventory decreased by 550 tons to 107450 tons. The LME CASH - 3M spread increased by 7.5 to - 36.5 [11]. - **News**: Trump threatened Iran, and Canada was worried about US economic actions [12]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17395 with a 0.35% increase, and the London Lead 3M electronic - trading price increased by 1.49% to 2046.5 [14]. - **Inventory and Spread**: The Shanghai Lead inventory increased by 2321 tons to 16188 tons, and the London Lead inventory decreased by 3725 tons to 222725 tons. The LME CASH - 3M spread decreased by 2.55 to - 44.05 [14]. - **News**: The US January consumer confidence reached a four - month high, and December non - farm payrolls were lower than expected [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 352,540 with a 0.83% increase, and the night - session closing price was 359,980 with a 3.15% increase. The London Tin 3M electronic - trading price increased by 4.64% to 45,700 [17]. - **Inventory and Spread**: The Shanghai Tin inventory decreased by 359 tons to 6,429 tons. The SMM 1 tin ingot price decreased by 5,300 to 349,750 [17]. - **News**: Trump threatened Iran, and the UK considered deploying troops in Greenland [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 24330, and the night - session closing price was 24465. The closing price of the Shanghai Alumina main contract was 2843, and the night - session closing price was 2835 [20]. - **Inventory and Spread**: The LME aluminum inventory decreased by 0.19 million tons to 49.78 million tons. The domestic aluminum ingot social inventory remained unchanged at 71.80 million tons [20]. - **News**: There was a debate about AI, and countries were hoarding strategic materials [21]. Platinum and Palladium - **Price and Trading Volume**: The closing price of the Platinum 2606 futures was 599.80 with a 4.31% increase, and the Palladium 2606 futures price increased by 8.32% to 499.05 [22]. - **Inventory and ETF Holdings**: The NYMEX Platinum inventory (the day before yesterday) decreased by 260 ounces to 624,755 ounces. The Platinum ETF holdings (the day before yesterday) decreased by 14,775 ounces to 3,284,543 ounces [22]. - **News**: There were various geopolitical events such as the situation in Thailand, Israel - Gaza, and the UK's consideration of Greenland deployment [25]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 139,090, and the closing price of the stainless - steel main contract was 13,860 [27]. - **Industry News**: Indonesia suspended issuing new smelting licenses, and the Chinese government imposed export license management on some steel products [27][28].

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the **gold market** and its historical context, particularly focusing on the dynamics of gold as a safe-haven asset during periods of economic uncertainty and inflation concerns [1][2]. Core Insights and Arguments - **Demand for Gold**: The demand for gold as a safe-haven asset significantly increases during times of global economic and political uncertainty, outperforming risk assets like stocks [1][2]. - **Historical Context**: Historical bull markets in gold have been driven by global political, economic, and technological cycles. The gold standard provided monetary stability, while the collapse of the Bretton Woods system shifted gold's role to an inflation hedge [1][2]. - **End Signals for Gold Price Uptrends**: Indicators that a gold price uptrend may be ending include effective control of high inflation, reduced risk aversion, emergence of new economic growth drivers, and changes in macroeconomic indicators and policies [1][5][6]. - **Gold ETF Impact**: The introduction of gold ETFs has enhanced the flexibility and accessibility of gold in asset allocation, lowering investment barriers and significantly increasing liquidity and investment functionality [1][8][9]. - **Market Reactions to Crises**: During the subprime mortgage crisis and the European debt crisis, heightened risk aversion and low-interest environments led to rapid increases in gold prices, with central banks becoming net buyers [1][10]. Important but Overlooked Content - **Historical Bull Markets**: Key periods that propelled gold bull markets include the 19th-century gold standard, the Bretton Woods system (1944-1971), and the high inflation environment of the 1970s, where gold prices surged significantly [1][4]. - **Third Bull Market Characteristics**: The current bull market, which began in 2018, has seen a twofold increase in gold prices, driven by factors such as U.S.-China trade tensions, global health crises, and a trend towards de-dollarization, with central banks increasing gold purchases [1][12]. - **Gold Price Trends (2012-2022)**: From 2012 to 2022, gold prices experienced a bear market due to rising real interest rates, contrasting with previous bull markets where gold prices were inversely related to real rates [1][11]. This summary encapsulates the key points discussed in the conference call regarding the gold market, its historical significance, and the factors influencing its price dynamics.

2026 年 1 月 12 日 贵金属月报 地缘政治风险升级，贵金属热度难降 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 18 | 图表 | 1 近 5 年 | | SHFE 金银价格走势 4 | | | --- | --- | --- | --- | --- | | 图表 | 2 近 5 年 | | COMEX 金银价格走势 4 | | | 图表 | | | 3 金价与美元指数走势变化 4 | | | 图表 | 4 | | 金价与美债利率走势变化 4 | | | 图表 | | | 3 金价与美元指数走势变化 5 | | | 图表 | 4 | | 金价与美 ...

电解铝 ：宏观基本面共振 铝价实现开年红 研究员：陈婧 期货从业证号：F03107034 投资咨询从业证号：Z0018401 铝策略展望 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 ◼ 宏观：地缘政治风险叠加去美元化预期推动资金青睐实物资产有色金属，资金流入推动价格上涨。后续关注美国就业数据及美国对对等关 税的裁决。同时关注伊朗地区地缘政治风险。 ◼ 产业供应：近期无超预期变动，供给端刚性预期明显，越南电解铝项目投产预期从二季度推迟至7月初。负基差较大带动短期铸锭增加、 铝棒加工费短期转负，后续持续关注铝水就地转化率。 ◼ 产业需求：表观需求短期有所走弱，但下游仍逢低积极备货，出库端无显著异动。光伏出口退税取消，一季度抢出口窗口期预计对铝需求 有一定影响。 ◼ 库存：本周铝锭及铝棒社库厂库合计109.61万吨，环比显著增加，但增量主要与期现基差较大、存套利机会有关，后续预计仓单有所增 加。 ◼ 交易逻辑：铝在供给端全球持续存缺口且供给弹性较低、需求端在能 ...

Group 1 - The U.S. aims to control South America through military actions against Venezuela, with objectives including resource extraction, labor acquisition, and countering de-dollarization, particularly in trade settlements with the Chinese yuan [1][7] - The relationship between the dollar and energy prices has changed since the U.S. became a net exporter of oil and gas in 2022, leading to a favorable environment for domestic energy exporters despite rising oil prices contributing to inflation [1][3] - Short-term shocks combined with a long-term trend towards de-dollarization are expected to increase risk aversion, as seen in the past year where safe-haven funds have shifted towards precious metals rather than traditional dollar assets [1][9] Group 2 - The spillover effects of U.S. strategies, particularly since the Russia-Ukraine conflict, have led to energy shortages in Europe, prompting calls for a reduction in reliance on the U.S. and NATO, with countries like Germany and France planning to bolster military presence in Greenland [2][8] - The ongoing threat to dollar and financial hegemony is expected to intensify de-dollarization sentiments, despite short-term rebounds in the dollar due to geopolitical events [3][9] - The U.S. economy is experiencing a disjointed picture with rising GDP and persistent inflation against a backdrop of weak employment and manufacturing, indicating a potential for further monetary easing under the current administration [6][9] Group 3 - The U.S. House of Representatives has extended the Affordable Care Act subsidies for three years, which is projected to increase fiscal spending by nearly $90 billion, adding to the uncertainty surrounding the fiscal burden and potential depreciation of the dollar [4][10] - The dollar's appreciation in the first half of the year is driven by temporary military and financial dominance, while depreciation pressures stem from significant debt burdens and accelerated de-dollarization processes [5][11] - Uncertainty remains regarding technological advancements, particularly in artificial intelligence, which could enhance productivity and economic strength, but the likelihood of this occurring before mid-2026 is considered low [6][11]

Group 1 - The core viewpoint is that by 2025, the dollar's credibility faces significant challenges, with gold prices soaring and the dollar depreciating, leading to a decline in its share of global foreign exchange reserves [1][5] - Central banks globally are increasing their gold holdings to enhance the diversity and stability of their asset portfolios, resulting in a substantial rise in international gold prices, with over 60% increase in the London spot gold price throughout 2025 [3] - The dollar index has dropped from around 108 at the beginning of 2025 to approximately 98 by the end of the year, marking a cumulative decline of 9.4%, the worst performance in eight years [5] Group 2 - The share of the dollar in global foreign exchange reserves continues to decline, with the International Monetary Fund reporting a decrease from 57.08% in Q2 2025 to 56.92% in Q3 2025, remaining below 60% for over ten consecutive quarters, the lowest since 1995 [7] - The value of gold reserves, when converted to dollars, has increased due to soaring gold prices, with gold's share in central bank reserves surpassing that of U.S. Treasury bonds for the first time since 1996, rising to over 25% [9] - Experts indicate a declining risk appetite for dollar assets among global capital, suggesting that the downward trend in the dollar's share of global foreign exchange reserves is unlikely to reverse, leading to a more diversified international monetary system [9]

"前阵子抢都抢不到的黄金，现在居然降价了！"2026开年，持续火热的黄金市场迎来降温，国际现货黄金在4490美元/盎司附近震荡，国内金价跟着回调， 上海黄金交易所、各大金店和银行的价格都出现松动。对想入手黄金的人来说，这波回调是抄底机会还是陷阱？国内最新金价到底多少？央行购金放缓、美 联储政策摇摆背后，普通人该怎么操作？用大白话一次性说透。 先看最核心的国内最新金价，不同渠道价格差异不小，一张表就能看明白： ? 上海黄金交易所：Au99.99报价约1005元/克，Au(T D)跌破1005元，沪金期货主力合约1007元左右，比上周高点回落了2?%； ? 品牌金店（足金999）：全国平均价1386元/克，比上个月降了50多块。深圳水贝作为黄金集散地，价格低至1245元/克，北京、上海、广州等一线城市在 1283-1290元之间，海南因税费和消费环境，价格仍坚挺在1302元； ? 银行金条：工商银行、建设银行维持在1021元/克左右，中国银行1024元/克，中国黄金工艺金条1020元/克，整体波动不大； 如果是长期投资者（打算持有3年以上），这波回调确实是个机会。世界黄金协会预测，2026年金价可能再涨15?0% ...

Group 1: Market Overview - The global commodity market in 2025 exhibited a stark divergence, with precious metals experiencing a significant bull market while oil and black commodities faced oversupply issues [1] - Precious metals, particularly gold and silver, saw remarkable price increases, with gold rising over 60% and silver soaring 102% [2] - The agricultural market showed mixed results, with oilseeds benefiting from biofuel policies while grains remained subdued due to ample supply [1] Group 2: Precious Metals - Gold and silver emerged as the strongest sectors, driven by "de-dollarization" and interest rate cuts, leading to a substantial increase in gold purchases by central banks [2] - Central banks net purchased 634 tons of gold in the first three quarters of 2025, significantly above pre-2022 averages [2] - The global gold ETF holdings increased by over 700 tons, reaching a total of 3932 tons, marking a record annual growth [2] Group 3: Base Metals - Copper and aluminum prices strengthened due to a balanced supply-demand dynamic, with copper prices reaching a historical high of 13,387.5 USD/ton [3] - A projected cumulative copper mine deficit of 3.13 million tons from 2026 to 2029 is anticipated due to supply instability [3] - Demand for copper related to green transition initiatives is significant, with investments in electric grids and data centers driving consumption [3] Group 4: Oil and Black Commodities - The oil market is characterized by a significant oversupply, with a daily surplus of 1.795 million barrels expected in 2025 [4] - The black commodities sector, particularly steel, is struggling, with steel mill profitability dropping from 68.4% to 36.4% [4] - Diesel markets are experiencing strength due to reduced Russian exports, despite overall oil market challenges [4] Group 5: Agricultural Products - Oilseeds are performing well, driven by increased biofuel blending ratios in Indonesia and Brazil, leading to an 8% growth in industrial consumption [4] - Other agricultural products, such as corn and soybeans, are expected to see price declines due to favorable supply conditions [4] Group 6: Future Outlook - The commodity market is expected to continue its divergent trends into 2026, influenced by a "weak recovery and loose monetary policy" macroeconomic backdrop [6] - Strategic security, green transition, and emerging demand are identified as key structural opportunities for investment in 2026 [6] - Precious metals and core base metals are projected to maintain strong support, while the oil market is expected to remain under pressure [6][7]