2月25日，金价先抑后扬，盘中一度冲高突破5237美元。随后，芝交所黄金期货等市场因系统故障"交易 中断1.5小时"。系统恢复后，金价跳水抹平当日涨幅后小幅回升。截至收盘，COMEX黄金期货涨0.14% 报5183.70美元/盎司，截至亚市收盘，黄金ETF华夏(518850)涨0.03%，黄金股ETF(159562)涨1.16%，有 色金属ETF基金(516650)涨3.48%。 据中新社报道，美国总统特朗普在国会参众两院联席会议上发表国情咨文讲话，讲话时长约108分钟， 创造了有记录以来最长国情咨文讲话纪录。特朗普在演讲中宣布，将绕过最高法院裁决、通过其他法律 途径持续加征关税，并明确提出以关税收入取代个人所得税。 相关分析指出，金价近期波动加剧，部分投资者选择在价格快速拉升后锁定涨幅，导致卖压显现。同 时，美联储官员释放鹰派言论，表示在有更多证据表明通胀持续回落前不急于降息，尽管中东局势持续 紧张，但黄金对相关事件的反应有所淡化，部分投资者转而投向美元避险，减弱了黄金的短期避险吸引 力。 ...

但根据美国汽车协会汽油价格网站数据，24日美国没有一个州的平均汽油价格低于每加仑2.37美元，只 有两个州的平均油价低于每加仑2.5美元。美国"汽油伙伴"公司分析主管帕特里克·徳汉说，在该公司追 踪的大约15万个加油站中，只有4个加油站的油价低于每加仑2美元。 CNN说，特朗普在讲话中两次提到其他国家正在支付关税，但这些关税实际上由美国进口商支付，而 进口商通常会将部分成本转嫁给消费者。 尽管国外出口商有时可能会为了保持竞争力而降价让利，但多种分析显示，特朗普这一任期征收的关 税，绝大多数成本由美国企业和美国消费者共同承担。 美国纽约联邦储备银行2月发布的一份分析报告认为，近90%关税造成的经济负担落在了美国企业和消 费者身上。 据新华社2月25日电 美国有线电视新闻网（CNN）25日报道，美国总统特朗普24日晚发表的国情咨文讲 话中，存在一些不准确的数据和误导性观点。CNN说，这些言论在他此前的集会、采访和社交媒体发 言中很常见，比如批评美国选举公正性的一些说法并不符合事实，声称终结了的一些战争其实从未爆发 或并未结束。不过，他在经济数据方面谬误最多。 特朗普在讲话中说，12个月内，他从世界各地为美国获得了 ...

2025 年 7 月 31 日，南 专题：聚焦美股2025年第四季度财报 非约翰内斯堡一家酒类商店内，一名顾客手持帝亚吉欧旗下摩根船长（Captain Morgan）香料朗姆酒。 帝亚吉欧肯尼亚子公司公布，截至 6 月底的财年利润为 122 亿肯尼亚先令（约合 9440 万美元）。 周三欧洲股市走高，因美国总统特朗普宣布的全球 10% 关祱正式生效（而非此前威胁的更高 15% 税 率），全球市场紧张情绪有所缓解。 截至伦敦时间上午 11：50，泛欧斯托克 600 指数上涨 0.5%；英国富时 100 指数上涨 0.9%；德国 DAX 指数上涨 0.4%；法国 CAC 40 指数上涨 0.3%。 周三又是财报密集日，涉及企业包括莱昂纳多、伊维尔德罗拉、意昂集团、拜耳、法罗里奥、海德堡水 泥、意大利邮政、费森尤斯、诺和新元及西班牙电信。经济数据方面，将公布德国 GDP、消费者信心 指数及最新欧元区通胀数据。 英国烈酒巨头帝亚吉欧（Diageo）周三早盘股价大跌 8%，此前公司下调了 2026 年销售与盈利预期。这 家全球最大烈酒生产商表示，北美与中国需求疲软，影响了其第一财季收益。 公司表示，此次裁员将节省 40 ...

以色列官员希望通过与美国的谈判可以将关税减半。 官员们还希望为以色列一些主要行业争取关税豁免。 责任编辑：刘明亮 以色列对外贸易管理局局长Roey Fisher在特拉维夫举行的会议上表示，美国总统唐纳德·特朗普的15%关 税将长期存在，我们不认为未来几年会出现零关税。 以色列对外贸易管理局局长Roey Fisher在特拉维夫举行的会议上表示，美国总统唐纳德·特朗普的15%关 税将长期存在，我们不认为未来几年会出现零关税。 "我们需要认识到，15%才是新的零"。 "我们需要认识到，15%才是新的零"。 以色列官员希望通过与美国的谈判可以将关税减半。 官员们还希望为以色列一些主要行业争取关税豁免。 责任编辑：刘明亮 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Today, the platinum and palladium main contracts on the Guangzhou Futures Exchange closed significantly higher. Macroscopically, although the US inflation and GDP data have weakened periodically, Fed officials have successively sent out cautious signals, weakening the market's bets on interest rate cuts this year. Tariffs and the geopolitical situation between the US and Iran have heated up again, leading to high market risk aversion. If the tariff and geopolitical situation between the US and Iran continue to fluctuate, the risk premium may continue to support the prices of platinum and palladium on the beta side of the precious metals market. Fundamentally, platinum prices may continue to show strong resilience driven by rising costs at the South African supply - end, cautious capital expenditure by mining companies, and a tight inventory situation. Recently, due to the ongoing Russia - Ukraine conflict, the market's concern about supply tightening from Russia may support palladium prices to a certain extent. However, the recovery of palladium's recycled supply and the structural substitution in the automotive sector may cause it to move relatively in a volatile manner. In terms of price range, London platinum has a resistance level of 2200 US dollars and a support level of 2000 US dollars; London palladium has a resistance level of 1800 US dollars and a support level of 1600 US dollars. The Guangzhou Futures Exchange's platinum 2606 contract may operate in the range of 460 - 650 yuan/gram, and the palladium 2606 contract may operate in the range of 400 - 500 yuan/gram [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Market**: The closing price of the platinum main contract is 586.00 yuan/gram, up 38.50 yuan; the closing price of the palladium main contract is 457.95 yuan/gram, up 19.70 yuan. The position of the platinum main contract is 10387.00 lots, down 277.00 lots; the position of the palladium main contract is 3179.00 lots, up 90.00 lots [2] - **Spot Market**: The spot price of platinum (Pt9995) on the Shanghai Gold Exchange is 584.02 yuan/gram, up 38.93 yuan; the average spot price of palladium in the Yangtze River is 431.00 yuan/gram, up 3.00 yuan. The basis of the platinum main contract is - 1.98 yuan/gram, up 0.43 yuan; the basis of the palladium main contract is - 26.95 yuan/gram, down 16.70 yuan [2] - **Supply - Demand Situation**: The non - commercial long positions of platinum in the CFTC are 9966.00 contracts, down 243.00 contracts; the non - commercial long positions of palladium in the CFTC are 3003.00 contracts, down 342.00 contracts. The total supply of platinum in 2025 is expected to be down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 is expected to be up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2] - **Macro Data**: The US dollar index is 97.90, up 0.17; the 10 - year US Treasury real yield is 1.78%, up 0.01%. The VIX volatility index is 19.55, down 1.46 [2] 3.2 Industry News - The US White House stated that President Trump's preferred option on the Iranian issue is always diplomacy, but is willing to use lethal force if necessary. Iranian Foreign Minister Araqchi said that based on the consensus reached in the previous round of negotiations, Iran will resume negotiations with the US in Geneva and is determined to reach a fair and reasonable agreement in the shortest possible time. - Fed Governor Cook said that AI has triggered a generational change in the US labor market, which may lead to an increase in the unemployment rate. The Fed may not be able to respond with interest rate cuts, and monetary policy may be in a dilemma: interest rate cuts cannot effectively address structural unemployment and may push up inflation. - Chicago Fed President Goolsbee said that it is not appropriate to further cut interest rates until there is more evidence that inflation is continuously falling. Goolsbee pointed out that policymakers have been taught a lesson in the past for "misjudging inflation as only temporary" and should not repeat the same mistake. - Sources said that Japanese Prime Minister Hayami Sanae expressed clear concerns about the Bank of Japan's further interest rate hikes during a meeting with Bank of Japan Governor Ueda Kazuo last week, and her stance was significantly tougher than during their last meeting in November last year. - The US has officially started imposing a 10% global tariff, and the White House is preparing a formal order to raise the tariff rate to 15% [2] 3.3 Key Points to Watch - On February 25 at 18:00, the eurozone's January CPI monthly and annual rates. - On February 26 at 21:30, the US unemployment claims data for the week ending February 21. - On February 27 at 21:30, the US January PPI monthly and annual rates [2]

惠普(HPQ.US)盘前跌5.2%，报17.25美元。消息面上，惠普第一财季营收同比增长6.9%至144亿美元， 调整后每股收益81美分，均超过市场预期；调整后营业利润率为6.9%，低于市场预期的7.4%。惠普目 前预计2026财年每股收益将位于2.9至3.2美元指引范围的低端，多重因素挤压利润空间，包括美国关税 的不确定性，以及存储芯片供应短缺且价格飙升。(格隆汇) ...

格隆汇2月25日｜美国弗吉尼亚州州长斯潘伯格：美国民众正在为美国总统特朗普的贸易政策埋单。尽 管法院已裁定关税无效，但损害已然造成。美国总统特朗普正筹划新关税，其力度堪比大规模加税。 ...

当地时间2月24日，美国总统特朗普在国会发表其第二任期的首次国情咨文演讲。特朗普在讲话中首先 提及了边境安全、移民、经济和犯罪问题等议题。 特朗普的社交媒体账号5日发布一段涉及前总统奥巴马及其夫人米歇尔的视频片段。其中有两个灵长类 动物的画面，它们的脸被剪辑成了奥巴马及其夫人米歇尔的笑脸。该视频引发各方强烈不满和谴责。白 宫方面6日将视频删除。 据悉，有数十名民主党议员缺席特朗普的演讲。众议院民主党领袖杰弗里斯日前要求民主党议员要么 以"沉默抗议"方式出席，要么参加其他活动。20多名议员此前表示24日晚会参加在华盛顿国家广场举行 的一个名为"人民国情咨文"的集会。 （文章来源：中国基金报） 特朗普此次演讲正值其关税和移民两大关键政策接连遭受挫折之际。美国最高法院20日公布裁决，认定 美国《国际紧急经济权力法》没有授权总统征收大规模关税，特朗普随后签署行政令终止部分关税措 施。而在此之前，由于联邦移民执法人员在明尼苏达州暴力执法枪杀两名美国公民，国会民主和共和两 党未能在国土安全部临时拨款问题上达成共识，国土安全部于14日开始陷入部分"停摆"。 来源：央视新闻、新华社 另据新华社消息，特朗普在国会发表国情咨文演 ...

Core Viewpoint - President Trump's State of the Union address highlighted that tariffs have boosted the stock market, with the Dow Jones Index surpassing the 50,000 mark [1] Group 1: Tariffs and Economic Impact - Tariffs are set to replace income tax, indicating a significant shift in fiscal policy [1] - The implementation of tariffs has been positively received, as evidenced by the stock market performance [1] Group 2: Legislative Actions - The "Big and Beautiful" bill has been passed, which includes provisions for tax exemptions on tips, overtime pay, and social security [1] - There is a noted opposition from Democrats regarding large-scale tax cuts, while they are advocating for substantial tax increases [1] Group 3: Judicial and Political Context - The Supreme Court's ruling was described as unfortunate, reflecting ongoing tensions in the political landscape regarding tariffs and taxation [1] - There is a consensus among most countries and organizations to maintain agreements reached on tariffs [1]

美联储柯林斯：最新关税消息并未大幅改变前景预期。 来源：滚动播报 ...