今日周四(12月11日)亚盘时段，国际白银目前交投于62.32一线上方，今日开盘于61.80美元/盎司，截至 发稿，国际白银暂报62.68美元/盎司，上涨1.45%，最高触及62.87美元/盎司，最低下探61.61美元/盎 司，目前来看，国际白银盘内短线偏向看涨走势。 【要闻速递】 其中，芝加哥联储主席古尔斯比和堪萨斯城联储主席施密德主张维持利率不变，而美联储理事米伦则希 望更大幅度降息50个基点。这种分歧凸显了美联储内部对经济前景的不同看法。 【最新国际白银行情解析】 同时，美联储还启动了技术性购债操作，以维护市场流动性。这些决策不仅反映出美联储对就业市场和 通胀的密切关注，也引发了市场广泛反应，包括股市上涨、美元走软以及国债收益率下跌。 美联储在会议结束后发布的政策声明中，将基准政策利率下调了25个基点，至3.50%-3.75%的区间。这 一决定并非全票通过，而是引发了三位决策者的异议。 从三个月的时间维度(对数坐标)来看，白银价格一举突破了自上世纪80年代形成的、长达45年的阻力区 间，成功站稳55美元关口。这一突破若能得到有效确认，将为国际白银后续上行奠定重要基础。 具体来看，若后续涨势动能减弱，55 ...

Report Summary 1. Industry Investment Rating - No information provided 2. Core Viewpoints - The Fed cut the benchmark interest rate by 25 basis points to 3.50%-3.75%, the third consecutive meeting with a rate cut, and has cumulatively cut rates by 75 basis points this year [2] - The IMF predicts that China's economy will grow by 5.0% in 2025, an upward revision of 0.2 percentage points compared to the October "World Economic Outlook" [2] 3. Summary by Relevant Catalogs Hot News - The Shanghai Futures Exchange will adjust the trading margin ratio and daily price limit for the silver futures AG2602 contract starting from the settlement after the close on December 12, 2025. The daily price limit will be adjusted to 15%, the hedging position trading margin ratio to 16%, and the general position trading margin ratio to 17% [2] - Malaysia's palm oil imports in November were 23,176 tons, a month-on-month decrease of 36.12%. The inventory was 2,835,439 tons, a month-on-month increase of 13.04%. Exports were 1,212,814 tons, a month-on-month decrease of 28.13%. Production was 1,935,510 tons, a month-on-month decrease of 5.30% [2] - Beijing Guanghe Qiancheng Technology Co., Ltd. was officially registered with a registered capital of 3 billion yuan, jointly held by Tongwei Co., Ltd., GCL Technology Consulting Service Co., Ltd., Daquan Energy, Xinte Energy, etc. [3] Key Focus - Key commodities to focus on include silver, rapeseed oil, pulp, Shanghai copper, and Shanghai gold [4] Night Session Performance - The night session performance of commodity futures shows that the precious metals sector had a significant increase of 30.86%, followed by the non - ferrous metals sector with 24.53%, and the coal, coke, and steel ore sector with 11.60% [4] Plate Positions - The chart shows the position changes of commodity futures sectors in the past five days, but specific data is not described in text [5] Performance of Major Asset Classes - In the equity category, the CSI 500 had a daily increase of 0.49%, a monthly increase of 1.77%, and an annual increase of 24.98%. The S&P 500 had a daily increase of 0.67%, a monthly increase of 0.55%, and an annual increase of 17.09% [6] - In the fixed - income category, the 10 - year Treasury bond futures had a daily increase of 0.06%, a monthly increase of 0.08%, and an annual decrease of 0.82% [6] - In the commodity category, the London spot gold had a daily increase of 0.50%, a monthly increase of 0.22%, and an annual increase of 61.10%. The LME copper had a daily increase of 0.63%, a monthly increase of 3.44%, and an annual increase of 31.63% [6] - Other assets such as the US dollar index had a daily decrease of 0.60%, a monthly decrease of 0.80%, and an annual decrease of 9.07% [6] Trends of Major Commodities - The chart shows the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc., but specific data is not described in text [7]

2025 年 12 月 11 日 商 品 研 究 产 业 服 务 研 究 所 | 铂钯基本面数据 | | --- | 资料来源：同花顺，Wind，彭博，国泰君安期货 请务必阅读正文之后的免责条款部分 1 期货研究 铂：上方承压明显 钯：震荡偏上 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【趋势强度】 铂趋势强度：0；钯趋势强度：1 注：趋势强度取值范围为【-2,2】区间整数。强弱程分类如下：弱、偏弱、中性、偏强、强，-2 表 示最看空，2 表示最看多。 【基本面跟踪】 期货研究 【宏观及行业新闻】（资料来源：金十数据） 3、美国第三季度劳动力成本增速降至四年最低。 请务必阅读正文之后的免责条款部分 2 1、美联储 12 月议息：宣布在未来 30 天内购买 400 亿美元短债，在 3 张异见票中降息 25 个基点，声明 措辞新增"将考虑进一步调整利率的幅度和时机"，点阵图中值维持对明后两年各降息 1 次的预期。鲍 威尔称可以等待并观察经济如何发展，没人预期会加息，利率处于中性水平区间的上端，购债规模将 在未来数月保持在高位。 2、特朗普在美联储降息后继续批 ...

特朗普在美联储降息后继续批评鲍威尔：降息幅度太小，可以翻倍。应降至全球最低。 国际金价在美联储降息之后也有明显的回升，但整体仍是处于此前的震荡区间之内，从会议内容以及特 朗普的讲话中也透露着利率前景还有下降的可能性，就业前景劳动力存在下行风险，失业率略有上升。 【最新国际黄金行情解析】 摘要今日周四(12月11日)亚盘时段，国际黄金目前交投于4240美元附近，截至发稿，国际黄金最新报 4237.97美元/盎司，涨幅0.26%，最高上探至4247.50美元/盎司，最低触及4222.90美元/盎司。目前来 看，国际黄金短线偏向看涨走势。 今日周四(12月11日)亚盘时段，国际黄金目前交投于4240美元附近，截至发稿，国际黄金最新报4237.97 美元/盎司，涨幅0.26%，最高上探至4247.50美元/盎司，最低触及4222.90美元/盎司。目前来看，国际黄 金短线偏向看涨走势。 【要闻速递】 美联储12月议息宣布在未来30天内购买400亿美元短债，在3张异见票中降息25BP，声明措辞新增"将考 虑进一步调整利率的幅度和时机"，点阵图中值维持对明后两年各降息1次的预期。鲍威尔称可以等待并 观察经济如何发展，没人预 ...

Group 1: Investment Rating - No investment rating information provided Group 2: Core View - The short - term probability of interest rate cuts is low, while the medium - and long - term easing expectations still exist. Treasury bond futures are under both upward pressure and downward support, and will mainly fluctuate and consolidate in the short term [1][5] Group 3: Summary by Relevant Catalog Variety View Reference - Financial Futures Stock Index Sector - For the TL2603 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weakening", and the reference view is "oscillation and consolidation". The core logic is that the short - term probability of interest rate cuts is low, and there are still medium - and long - term easing expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, and TS, the intraday view is "weakening", the medium - term view is "oscillation", and the reference view is "oscillation and consolidation". The core logic is that treasury bond futures oscillated and rebounded yesterday. In the medium and long term, a moderately loose monetary policy will continue to be implemented next year, and with a strong expectation of the Fed's interest rate cuts, the monetary policy environment will be loose, and there is an expectation of a cut in policy interest rates, providing strong support for treasury bond futures. However, there is a lack of short - term necessity for interest rate cuts, and the concentrated supply of treasury bonds in the first quarter of next year will bring certain pressure, resulting in insufficient upward momentum for treasury bond futures in the short term [5]

新华财经纽约12月10日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价 10日上涨22.1美元，收于每盎司4258.3美元，涨幅为0.52%。 美国联邦储备委员会10日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间下调25个基点至 3.5%至3.75%之间。 加拿大央行10日维持2.25%利率不变，符合市场预期。加拿大央行指出，第三季度经济增长强劲、通胀 趋于缓和以及劳动力市场改善，是当前利率暂时适宜的原因。加拿大利率决定宣布后，加拿大元兑美元 大幅下跌。 世界黄金协会数据显示，波兰央行11月份购入14吨黄金，目前黄金总持有量为544吨，占其黄金储备总 量的27%。巴西当月是第二大黄金买家，官方黄金储备增加了11吨，这也是巴西连续第三个月购入黄 金。 美联储当日声明并未提供太多前瞻性指引。"现有指标显示，经济活动正以温和的速度扩张。今年以 来，就业增长有所放缓，失业率在9月份略有上升。近期指标也与这些趋势相符。通胀率自年初以来有 所上升，目前仍处于较高水平。" 美联储预计明年GDP将增长2.3%，高于9月份预测的1.8%。预计明年失业率将升至4.4%，与9月份的预 测持平； ...

Group 1: Precious Metals Futures - Precious metals futures prices have significantly increased due to expectations of a loose monetary policy from the Federal Reserve and a weaker dollar, with New York gold futures surpassing $4260 per ounce, up 0.57% on the day [1] - Spot gold also rose, breaking through $4230 per ounce, with a daily increase of 0.53%, having touched $4220 per ounce earlier in the day, reflecting a 0.38% rise [3] - Goldman Sachs has notably revised its gold price forecast for the end of 2026 to $4900 per ounce, indicating substantial upward potential [5] Group 2: Macro and Market Impact - The Federal Reserve has announced a 25 basis point reduction in the benchmark interest rate to a range of 3.50%-3.75%, marking the third consecutive rate cut this year, totaling a 75 basis point reduction [6] - The meeting minutes revealed a divergence among 19 officials regarding the future rate cut path for 2026, with 7 opposing cuts, 4 supporting a 25 basis point cut, 4 favoring a 50 basis point cut, 2 advocating for a 75 basis point cut, 1 for a 100 basis point cut, and 1 for a 150 basis point cut [7] - Chairman Powell emphasized that "no one is assuming a rate hike as the baseline scenario," noting that current policy is at the high end of the neutral rate range, with inflation influenced by tariffs showing a slight increase, while excluding tariff factors, inflation remains around 2% [8] Group 3: Financial Futures - Following the Federal Reserve's decision, all three major U.S. stock indices closed higher, with the Dow Jones up 1.05%, the Nasdaq up 0.33%, and the S&P 500 up 0.67% [15] - Large tech stocks showed mixed results, with Qualcomm rising over 3%, Amazon and Tesla up over 1%, while Apple and Oracle saw slight gains; however, Netflix dropped over 4%, Microsoft fell over 2%, and Meta decreased over 1% [16] - Oracle's stock fell by 10% in after-hours trading due to second-quarter adjusted revenue of $16.06 billion and cloud revenue of $8 billion falling short of expectations [17] Group 4: Other Market Developments - The Nasdaq China Golden Dragon Index increased by 0.64%, with stocks like Huya rising over 6% and Daqo New Energy and Hesai Technology up over 2% [19] - The cryptocurrency market also saw gains, with Bitcoin surpassing $94,000, up 1.43% on the day, and Ethereum exceeding $3,400, rising 2.77% [20][21]

12月11日，香港金管局将基准利率下调25个基点至4.0%，隔夜美联储降息25个基点。 ...

Back to Market on Close. I'm Marley Caden here in Chicago alongside Sam Bodis at the New York Stock Exchange. We'll close out our show with some final thoughts on the session today.Of course, it was Fed day. We finally got our rate cut decision from the Federal Reserve and it was 25 basis points that the market had predicted. The decision was split as expected with the FOMC signaling a tougher road ahead for further reductions.The closely watched dot plot indicated just one cut in 2026 and another in 2027. ...

The Federal Reserve left the door open to more rate cuts in a growing economy and that reawakened enthusiasm on Wall Street, taking stocks higher.The S&P 500 rose 0.7%, close to its previous high in October. The Dow rose 498 points, or 1.1%, while the Nasdaq rose 0.3%. Both the S&P 500 and Dow had been down for two consecutive trading days.This was the best Fed Day for the Dow since December 2023, according to Dow Jones Market Data. ...