简评：11月份国民经济运行总体平稳，延续稳中有进发展态势。但外部不稳定不确定因素较多，国内有 效需求不足，经济运行面临不少挑战。下阶段，更加积极有为的宏观政策有望得以实施，从而持续扩大 内需、优化供给，做优增量、盘活存量，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有 效提升和量的合理增长。 12月15日，国家统计局数据显示，2025年11月份，70个大中城市商品住宅销售价格环比总体下降、同比 降幅扩大。一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分点，同比下降 1.2%，降幅比上月扩大0.4个百分点；二手住宅销售价格环比下降1.1%，降幅比上月扩大0.2个百分点， 同比下降5.8%，降幅比上月扩大1.4个百分点。 简评：11月70城房价数据呈现"环比总体下降、同比降幅扩大"的特征，其中一线城市11月房价表现不 佳，无论是新房还是二手房，同环比跌幅均有所扩大。投资与销售的双降或显示行业仍处于深度调整 期，基本面尚未扭转。往后看，在中央"着力稳定房地产市场"的定调及各地"因城施策"下，房地产市场 有望在结构分化中逐步寻底。 央行12月12日发布2025年11月金融统计数据报告显 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, the Fed cut interest rates as expected, and the domestic macro - meeting also released positive signals of loose monetary policy, leading to a significant rise in copper prices last week. After the sentiment cooled on Monday this week, copper prices corrected. Fundamentally, long - term contracts are still under negotiation, processing fees mostly end in negative values. After the macro - sentiment drives up copper prices, downstream purchasing willingness weakens, and the spot premium weakens. However, before 2026, the pre - demand for new energy vehicles will increase the consumption demand for copper, providing support for copper prices and preventing a sharp decline [3] Summary by Directory 1. Market Analysis - **Macro aspect**: Last week, the Fed cut interest rates by 25 basis points as expected. Although the interest - rate cut expectation for 2026 is unclear, the US dollar index declined as expected, supporting the metal market. The domestic macro - meeting also released positive signals of loose monetary policy, boosting copper prices throughout the week. In November 2025, CPI rose 0.7% year - on - year, core CPI rose 1.2% year - on - year, PPI fell 2.2% year - on - year and rose 0.1% month - on - month [3] - **Supply aspect**: Last week, as the Shanghai copper price soared, scrap copper enterprises were cautious, and the spread between refined and scrap copper widened. After the 770th document is clarified, the production enthusiasm in relevant regions such as Anhui and Jiangxi may change, potentially increasing scrap copper supply. In November, SMM's electrolytic copper production in China was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05% month - on - month and 9.75% year - on - year). From January to November, the cumulative production increased by 1.2894 million tons year - on - year, an increase of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96% month - on - month and 6.69% year - on - year) [3] - **Demand aspect**: This week, as copper prices rose, the profit of copper products was squeezed. The production enthusiasm of copper strips was weak, and the capacity utilization rate declined. Copper tube enterprises were restricted by capital pressure, and most enterprises chose to wait and see, only maintaining the raw material procurement for rigid orders, significantly suppressing market trading activity. The copper foil sector maintained a high - growth level due to the demand for energy - storage batteries and the pre - demand for new energy vehicles [3] 2. Shanghai Copper Price Trend - This week, Shanghai copper fluctuated and rose. The weekly high was 94,570 yuan/ton, the low was 90,710 yuan/ton, the weekly amplitude was 4.16%, and the range increase was 1.4% [6] 3. Shanghai Copper Spot Market - As of December 12, the average spot premium in East China was 75 yuan/ton, and the average premium in South China was 140 yuan/ton. Last week, the market traded on the Fed's interest - rate cut logic, and the futures price rose continuously. However, due to the downstream's resistance to high prices, the copper spot premium weakened [12] 4. LME Copper Spread Structure - As of December 12, LME copper rose 1.54% during the week, closing at $11,795/ton. Last week, the market traded on the Fed's interest - rate cut logic, and the futures price rose continuously [16] 5. Copper Concentrate Supply - According to customs data on December 12, the port data of copper concentrate was 664,000 tons, a week - on - week decrease of 1.7%. The copper concentrate inventory has reached an inflection point. Near the end of the year, it is expected that the copper ore inventory will fluctuate within a narrow range. The global copper concentrate is in short supply and the ore grade is declining, so the copper ore supply remains tight. In November 2025, China imported 2.526 million tons of copper ore and its concentrates; from January to November, China imported 27.614 million tons of copper ore and its concentrates, a year - on - year increase of 8.0% [20] 6. Scrap Copper Supply - According to customs statistics, in October 2025, the import volume of scrap copper (copper waste and scrap) was about 196,607 tons, a month - on - month increase of 6.81% and a year - on - year increase of 7.35%. The largest import source was still Japan. In November, the operating rate of recycled copper rods was 23.84%, higher than the expected 27.68%, a month - on - month decrease of 2.62% and a year - on - year decrease of 12.46%. Last week, as the Shanghai copper price soared, scrap copper enterprises were cautious, and the spread between refined and scrap copper widened. After the 770th document is clarified, the production enthusiasm in relevant regions such as Anhui and Jiangxi may change, potentially increasing scrap copper supply [27] 7. Smelter Fees - As of December 12, the domestic spot rough smelting fee (TC) was - $43.33/dry ton, and the RC fee was - 4.41 cents/lb. The TC/RC fees remained weakly stable. The China Copper Smelters Purchasing Consortium (CSPT) announced that its members will jointly cut production by more than 10% in 2026. Currently, the long - term processing fee for copper in 2026 is still under negotiation. According to SMM, in the second round of long - term contract negotiations, it is rumored that smelters offered + $11, while Antofagasta offered - $7.5. SMM expects that the negotiation result is likely to fall in the range of 0 to - $5, and the possibility of a result of $0 is high [31] 8. Refined Copper Supply - In November, SMM's electrolytic copper production in China was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05% month - on - month and 9.75% year - on - year). From January to November, the cumulative production increased by 1.2894 million tons year - on - year, an increase of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96% month - on - month and 6.69% year - on - year). According to the latest customs data, in November 2025, China imported 427,000 tons of unwrought copper and copper products; from January to November, China imported 4.883 million tons of unwrought copper and copper products, a year - on - year decrease of 4.7% [35] 9. Apparent Demand - As of October 2025, the apparent consumption of copper was 1.3218 million tons, a month - on - month decrease of 9.25% [39] 10. Copper Products - This week, as copper prices rose, the profit of copper products was squeezed. The production enthusiasm of copper strips was weak, and the capacity utilization rate declined. Production enterprises generally slowed down the production rhythm due to multiple factors such as raw material prices, inventory, and demand. Copper tube enterprises were restricted by capital pressure, and most enterprises chose to wait and see, only maintaining the raw material procurement for rigid orders, significantly suppressing market trading activity. The copper foil sector maintained a high - growth level due to the demand for energy - storage batteries and the pre - demand for new energy vehicles [44] 11. Power Grid Project Data - As of the end of October, the cumulative installed power generation capacity nationwide was 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed capacity of solar power generation was 1.14 billion kilowatts, a year - on - year increase of 43.8%; the installed capacity of wind power was 590 million kilowatts, a year - on - year increase of 21.4%. From January to October, the cumulative average utilization hours of power generation equipment nationwide were 2,619 hours, 260 hours lower than the same period last year [48] 12. Real Estate and Infrastructure Data - According to national statistics, from January to November, the sales area of newly built commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; among them, the sales area of residential housing decreased by 8.1%. The sales volume of newly built commercial housing was 7.513 trillion yuan, a decrease of 11.1%; among them, the sales volume of residential housing decreased by 11.2% [54] 13. Automobile/New Energy Automobile Industry Data - According to the Passenger Car Association, from November 1 to 30, 2025, the wholesale sales of new energy passenger vehicles nationwide reached 1.72 million, a year - on - year increase of 20% and a month - on - month increase of 7%. As of November this year, the cumulative wholesale sales of new energy vehicles have reached 13.78 million, a year - on - year increase of 29%. Starting from January 1, 2026, the vehicle purchase tax will be halved instead of being exempted, so the purchase demand for new energy vehicles may be advanced [60] 14. Global Copper Inventories in Major Exchanges - As of December 12, the LME copper inventory increased by 3,350 tons to 165,900 tons, a week - on - week increase of 2.06% and a year - on - year decrease of 28.2%. The COMEX copper inventory was 436,900 tons, a week - on - week increase of 3.15% and a year - on - year increase of 381.73%. The global copper inventory has increased continuously, but due to the US's "siphoning" of copper, there is still a shortage and imbalance of copper resources in some regions. As of December 11, the cumulative spot copper inventory in the bonded areas of Shanghai and Guangdong was 1.095 million tons. The bonded - area inventory continued to increase. Some smelters' exported goods still arrived and were stored in the warehouse, but there were also goods leaving the port and being exported overseas during the week, so the inventory increase was limited. As of December 12, the electrolytic copper futures inventory was 32,600 tons, and the total inventory was 89,400 tons, both showing a week - on - week increasing trend, mainly because after the price rose continuously last week, the downstream's purchasing willingness weakened, and the inventory tended to increase [65][70]

Group 1 - China's strong export performance provides greater space for policy operations, with fiscal efforts expected to play a key role in addressing global economic uncertainties [1][6] - The Central Economic Work Conference outlined key tasks for 2026, emphasizing the need for a strong domestic market, innovation-driven growth, and coordinated development [3][4] - The focus on domestic demand indicates a potential reduction in external contributions to economic growth, necessitating macro policies aimed at boosting consumption and investment [4] Group 2 - The monetary policy will continue to be moderately accommodative, with the central bank likely to implement gradual interest rate cuts and reserve requirement ratio reductions [5] - Structural monetary policies will be optimized to support key sectors such as technology innovation, manufacturing upgrades, and green development [5] - The fiscal policy will remain proactive, with an emphasis on maintaining necessary fiscal deficits and optimizing expenditure structures to address local fiscal challenges [5] Group 3 - Global monetary policy paths are diverging, with the U.S. Federal Reserve recently lowering interest rates while other major economies like the Eurozone and the UK are expected to maintain or even increase rates [7][11][12] - Emerging markets may benefit from a weaker dollar and potential further rate cuts by the Federal Reserve, creating more room for local central banks to implement supportive monetary policies [14] - The economic outlook for emerging markets varies, with some countries like Brazil and India expected to maintain robust growth due to strong domestic demand [14]

期货交易咨询业务资格：证监许可【2011】1285号 华联期货国债年报 短端宽松托底 长端博弈政策预期 从业资格号：F03117664 交易咨询号：Z0022772 审核：姜世东，从业资格号:F03126164，交易咨询号：Z0020059 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 20251215 作者：石舒宇 0769-22116880 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 年度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 年度观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 • 2025年货币政策基调延续"适度宽松" ，但更强调精准施策与预期管理，货币政策从总量刺激转向结构性支持与存量效能 释放，重点支持科技创新、普惠小微与消费领域，同时重申防范资金空转与汇率超调 ...

【导读】 日本银行（央行）12月18~19日将召开金融政策决定会议，上调目前为0.5％的政策利率，现 已进入最终协调阶段。最可能的方案是加息0.25％至0.75％，达到1995年以后即30年来的最高利率水平 中国基金报记者 泰勒 大家好，简单关注一下这周日本央行准备加息的消息。 12月15日，日元跑赢所有G10货币，原因是投资者加大了对日本央行将在本周晚些时候加息 的 押注 。 截至发稿，美元兑日元下跌0.48%，报155.05。 | 美元兑日元 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 汇 USDJPY | | | | | | | | 155.0500 -0.7600 -0.4878% | | | | | | | | 12-15 17:06:33 | | | | | | | | 今开 | 155.7300 | 最高 | 155.9800 | 振幅 | | 0.6803% | | 昨日 | 155.8100 | 最低 | 154.9200 | 波幅 | | 1.0600 | | 分时 五日 | | 日K | 園K | 月K | 更多 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On December 15, 2025, the Treasury bond spot yields on the ultra - long end weakened significantly, with the 2 - 7Y maturity yields rising about 0.5 - 1.5bp, and the 10Y and 30Y yields rising about 1.55bp and 3.05bp to 1.86% and 2.28% respectively. Treasury bond futures weakened collectively, with the TS, T, TF, and TL main contracts falling 0.01%, 0.03%, 0.12%, and 0.99% respectively. The weighted average rate of DR007 oscillated around 1.44%. [4] - Domestically, in November, industrial added - value increased year - on - year, social retail sales slowed marginally, fixed - asset investment continued to shrink, and the unemployment rate remained stable. November's financial data showed structural differentiation. With the boost of direct financing, the increase in aggregate social financing exceeded expectations; credit continued to weaken, with household loans being the main drag, and the medium - and long - term investment demand of enterprises remained weak. Affected by the base effect, the growth rates of M1 and M2 declined, and the M1 - M2 gap widened again. In November, CPI continued to improve, rising 0.7% year - on - year; the marginal slowdown of the anti - involution effect led to a slight expansion of the year - on - year decline in PPI. [4] - In terms of news, the December Politburo meeting pointed out that next year's economic work should continue to implement a more active fiscal policy and a moderately loose monetary policy, give play to the integrated effect of existing and incremental policies, and increase counter - cyclical and cross - cyclical adjustment. The Fed cut interest rates by 25 basis points as expected in December, the third rate cut this year. The Fed said that the current unemployment rate has risen slightly, but inflation remains high, and the future interest - rate path will be decided based on economic data. [4] - Overall, the December Central Economic Work Conference and Politburo meeting set a positive tone. Next year's fiscal and monetary policies will continue the loose tone, and the expectation of loose money has increased. However, the uncertainty of the market about the implementation rhythm of reserve requirement ratio cuts and interest - rate cuts has increased. In the short term, there is a lack of new information guidance, and the sentiment in the bond market remains weak, and it may continue the adjustment trend in the short term. [4] Summary by Related Catalogs 1. Futures Market - **Futures Prices and Volumes**: The closing prices of T, TF, TS, and TL main contracts were 107.870 (-0.12%), 105.785 (-0.03%), 102.454 (-0.01%), and 111.530 (-0.99%) respectively. The trading volumes of T, TF, TS, and TL main contracts were 101,896 (up 4,380), 78,602 (up 3,843), 36,811 (up 3,534), and 160,418 (down 8,058) respectively. [2] - **Futures Spreads**: Multiple futures spreads changed, such as the TL2603 - 2606 spread decreased by 0.03 to -0.22, and the T03 - TL03 spread increased by 0.83 to -3.66. [2] - **Futures Positions**: The main contract positions of T, TF, TS, and TL all increased, with changes of 851, 2,976, 2,279, and 3,039 respectively. The net short positions of T and TL decreased by 2,271 and 704 respectively, while those of TF and TS increased by 235 and 503 respectively. [2] 2. CTD Bonds - The net prices of several CTD bonds changed, with most showing a downward trend, such as 250018.IB (6y) decreasing by 0.0792 to 100.2498, except for 230002.IB (2y) which increased by 0.0104 to 102.6436. [2] 3. Active Treasury Bonds - The yields of active Treasury bonds with different maturities increased, with 1y remaining unchanged at 1.3875%, 3y increasing by 0.50bp to 1.4150%, 5y increasing by 2.00bp to 1.6150%, 7y increasing by 2.75bp to 1.7275%, and 10y increasing by 2.75bp to 1.8425%. [2] 4. Short - term Interest Rates - The silver - pledged overnight rate decreased by 1.44bp to 1.2856%, the Shibor overnight rate decreased by 0.50bp to 1.2740%, the silver - pledged 7 - day rate increased by 5.00bp to 1.5100%, the Shibor 7 - day rate decreased by 1.90bp to 1.4320%, the silver - pledged 14 - day rate decreased by 3.00bp to 1.4900%, and the Shibor 14 - day rate increased by 0.20bp to 1.5110%. [2] 5. LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively. [2] 6. Open - market Operations - The issuance scale of open - market operations was 130.9 billion yuan, the maturity scale was 122.3 billion yuan, and the interest rate was 1.4% for 7 days. Additionally, on December 15, the central bank carried out a 600 - billion - yuan 6 - month (182 - day) outright reverse - repurchase operation. [2][3] 7. Macroeconomic Data - In November, China's social消费品 retail总额 was 438.98 billion yuan, a year - on - year increase of 1.3%. From January to November, it was 4,560.67 billion yuan, a 4.0% increase. Fixed - asset investment (excluding rural households) from January to November decreased by 2.6% year - on - year. The added - value of industrial enterprises above designated size in November increased by 4.8% year - on - year. The national urban survey unemployment rate in November was 5.1%, unchanged from the previous month. [2] - In November, the sales prices of commercial residential buildings in 70 large and medium - sized cities decreased month - on - month overall, and the year - on - year decline widened. [3]

人民银行15日开展1309亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1223亿元7 天期逆回购到期，公开市场实现净投放86亿元。 上周（12月8日-12日）央行公开市场操作影响有限，全周7天逆回购仅净投放47亿元，月初资金需求不 高，叠加政府债缴款压力减弱，资金面总体维持宽松。隔夜利率缓步下行，R001由周初的1.37%连续下 行至周五的1.35%，DR001也再度下破1.3%，迎来新低，收于1.27%水平，打破了今年以来隔夜利率的 下限，即DR001始终在1.30%以上徘徊，宽松状态下也多位于1.31%附近。7天利率方面，随着税期（15- 17日）扰动渐近，7天资金价格的波动加大。周初R007同步下行，于周三触及1.49%的周内低点，自11 日起，拆借7天资金可完整跨税期，R007转为上行，于周五收至1.51%。 本周（12月15日-19日）7天逆回购到期规模小幅升至6685亿元；政府债净缴款规模将下降至-39亿元， 整体规模相对有限。12月15日为12月缴税截止日，同时也是中旬缴准日，当日央行将开展6M买断式回 购6000亿元，净投放2000亿元。尽管此前DR001中枢处于政策利率 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Report Core Viewpoints - The Central Economic Work Conference held from December 10 - 11 adjusted macro - policy implementation paths and key task statements. Fiscal policy will continue to be active, and monetary policy will be moderately loose with more flexible use of tools. Key tasks in multiple fields have changed significantly [2][10] - In 2026, the bond market may perform better than expected. Policy rates are predicted to drop by about 20BP, with a possible 10BP cut in Q1. The 30Y Treasury yield may fall below 2%. Currently, it is recommended to focus on the allocation value of 5Y bank capital bonds and ultra - long - term interest - rate bonds [4][85] 3. Summary by Directory 3.1 Macro News - The Central Economic Work Conference pointed out that China's economy faces challenges such as external impacts and domestic supply - demand imbalance. Macro - policies will be more proactive, with new implementation paths and adjustments in key tasks across various fields [2][10] - In November 2025, the stock of social financing increased by 8.5% year - on - year. The balance of M1 was 112.9 trillion yuan (+4.9% yoy), M0 was 13.7 trillion yuan (+10.6% yoy), and M2 was 337.0 trillion yuan (+8% yoy) [4][26] - The Federal Reserve cut the federal funds rate target range by 25 basis points to 3.5% - 3.75% on December 10, the third consecutive 25 - basis - point cut since September [4][30] 3.2 Meso - level High - frequency Data 3.2.1 Consumption - As of December 7, the daily average retail and wholesale volume of passenger cars decreased by 32.3% and 39.8% year - on - year respectively. As of December 12, the 7 - day national box office revenue increased by 190.6% year - on - year. As of December 5, the retail volume and total of three major home appliances decreased by 24.7% and 46.1% year - on - year respectively [36][41] 3.2.2 Transportation - As of December 7, port container throughput increased by 5.9% year - on - year, postal express pick - up and delivery volume increased by 5.4% and 4.0% respectively, while railway freight volume and highway truck traffic decreased by 2.0% and 0.4% respectively. As of December 12, the average subway passenger volume in first - tier cities increased by 3.7% year - on - year [43][46] 3.2.3 Industrial Operating Rate - As of December 10 - 12, the operating rates of various industries showed mixed trends. For example, the blast furnace operating rate of major steel enterprises increased by 0.3pct year - on - year, while the asphalt operating rate decreased by 1.0pct year - on - year [48] 3.2.4 Real Estate - As of December 12, the 7 - day commercial housing transaction area in 30 large - and medium - sized cities decreased by 33.7% year - on - year. As of December 5, the second - hand housing transaction area in 9 sample cities decreased by 49.0% year - on - year [53][56] 3.2.5 Prices - As of December 12, the average wholesale prices of pork, northern port thermal coal, and WTI crude oil decreased year - on - year and compared to four weeks ago. The average wholesale prices of vegetables and 6 key fruits increased year - on - year and compared to four weeks ago [60] 3.3 Bond and Foreign Exchange Markets - On December 12, overnight Shibor and some short - term interest rates decreased. Most Treasury yields declined, while the yields of some government - backed bonds and local government bonds showed mixed trends. The yields of US, Japanese, British, and German 10 - year Treasury bonds increased. The US dollar - RMB exchange rate decreased [69][71][77] 3.4 Investment Recommendations - Due to changes in macro - policies and key tasks at the Central Economic Work Conference and the current situation of the bond market, it is expected that the bond market will perform better in 2026. It is recommended to focus on the allocation value of 5Y bank capital bonds and ultra - long - term interest - rate bonds [83][85]

Monetary Policy - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 3.50%-3.75%[9] - There is increasing internal disagreement within the Fed regarding inflation and employment risks, with 3 out of 12 officials voting against the rate cut[9] - The probability of a 25 basis point rate cut in January 2026 is 24.4% according to CME FedWatch[11] Economic Data - The U.S. JOLTS job openings rose to 7.67 million in October, the highest in five months, while initial jobless claims increased by 44,000, marking the largest rise since 2020[17] - The U.S. fiscal deficit decreased, with November fiscal revenue up 23.75% year-on-year, while spending decreased by 23.82%[17] - Japan's Q3 GDP was revised down from -1.8% to -2.3%, indicating a more significant economic contraction than previously expected[25] Market Trends - The 10-year U.S. Treasury yield rose by 5 basis points to 4.19%[27] - European bond markets saw overall declines, with the 10-year UK bond yield increasing by 3.9 basis points to 4.52% and the German yield rising by 7 basis points to 2.85%[27] - The Nikkei 225 index in Japan increased by 0.68% year-to-date, reflecting a 27.43% annual growth[6]

Group 1 - Silver prices have exceeded $6, with a fixed price above $64 per ounce during the midday market clearing auction [1] - Gold prices increased by $100 from last Friday's benchmark, reaching around $4343 per ounce, before retreating to $4300 per ounce [1] - Platinum prices are influenced by macroeconomic sentiment and sector dynamics, with ongoing geopolitical events contributing to market volatility [1] Group 2 - The U.S. trade deficit fell to its lowest level in five years in September, largely due to a surge in gold bar exports, particularly to Switzerland [2] - Trump's statement that "gold will not be subject to tariffs" has provided strong support for gold bar exports [2] - The Federal Reserve has reappointed all 11 current regional presidents for a five-year term, which is typically done in years ending in 1 or 6 [2][3] Group 3 - Technical analysis indicates that gold prices may face downward pressure, with a potential target of $4170-$4180 if prices fall below $4250 [4] - Silver prices are under significant pressure, with a critical level at $61.00; a drop below this could lead to further declines towards $58.60-$58.80 [4] - Platinum is expected to show mixed short-term performance, with key support at 450 CNY per gram and resistance at 490 CNY per gram [4]