1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the TL2603 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weakening", and the overall view is "oscillating consolidation" because the probability of a short - term interest rate cut is low, but there are still long - term easing expectations [1]. - For the main varieties (TL, T, TF, TS), the intraday view is "weakening", the medium - term view is "oscillation", and the reference view is "oscillating consolidation". The current Treasury bond futures are under pressure and have support, with weak driving forces, so they will maintain an oscillating consolidation. In the short term, the futures will mainly be in an oscillating consolidation state [5]. 3. Summary by Relevant Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic | | --- | --- | --- | --- | --- | --- | | TL2603 | Oscillation | Oscillation | Weakening | Oscillating consolidation | Low probability of short - term interest rate cut; long - term easing expectations [1] | Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: TL, T, TF, TS [5] - **Viewpoints**: Intraday view is "weakening", medium - term view is "oscillation", and the reference view is "oscillating consolidation" [5] - **Core Logic**: Treasury bond futures oscillated and pulled back yesterday. There is pressure above and support below, and the driving force is weak. On the one hand, the problem of insufficient effective domestic demand still exists, the monetary policy environment is expected to be loose next year, and interest rate and reserve requirement ratio cuts are still expected. Also, the market's implied expectation of an interest rate cut is weak, so there is strong support for Treasury bond futures. On the other hand, short - term macroeconomic data is resilient, the urgency of a full - scale interest rate cut in the short term is not strong, and there are few uncertainties in the internal and external environment recently, so there is a lack of upward driving force for Treasury bond futures [5]

美乌在柏林举行两轮会谈，整体朝达成和平协议推进，美方称俄乌间约 90% 的问题已解决。经多方商 改的 "和平计划" 拆分为三部分推进，其中对乌安全保障文件取得重大进展，相关构想接近 "北约第五 条" 式机制，欧洲多国及欧盟承诺支持乌维持 80 万武装力量、组建欧洲主导的 "乌克兰多国部队"。战 后重建方面也在开展相关研究，但领土等关键议题分歧明显，泽连斯基称美方转达的俄方领土诉求不符 合乌利益，该问题最终决定权在乌。 各方表态释放不同信号，特朗普称当下距达成和平协议更近，美方准备必要时赴俄推进谈判，本周末将 开会推进剩余议题。俄罗斯强调和谈基石是乌永久放弃加入北约并达成具法律约束力文件，美方称俄方 或接受相关安全保障安排但俄方暂无回应。泽连斯基表示会谈虽复杂但有成效，会继续通过外交渠道努 力，称未来几天可能出现更多进展。 俄乌冲突问题的推进，有利于市场炒作避险情绪的退散，短时间内兑黄金有利空作用。 期货公司观点 广发期货： 当前美国经济运行和就业市场持续结构性分化但总体衰退风险不大，美联储未来在衡量就业的通胀目标 问题上仍有分歧态度趋于谨慎，但市场对货政宽松预期在"影子主席"言论叠加美联储独立性受到威胁影 响 ...

异动点评：基本面支撑铂钯走强 铂金主力合约涨停 投资咨询业务资格：证监许可【2011】1292 号 叶倩宁（投资咨询资格编号：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn 行情导读：周一，美联储在货币政策宽松预期持续升温叠加汽车等工业需求稳定增长等基本面因素驱 动铂钯价格走强，内外盘均有显著上涨。铂金期货主力合约 PT2606 盘中触及 7%涨停板至收盘为上市 以来首次，收盘报 482.4 元/克；钯金期货同步走强但涨幅相对小于铂金，PD2606 收盘价为 407.6 元/ 克，涨幅 4.73%。交投方面，PT2606 成交量为 41832 手，环比增长 237%，持仓量为 17844 手，环比增 加 60%。PD2606 成交量为 30669 手，环比增长 498%，持仓量为 5562 手，环比增加 61%。 数据来源：文华财经 驱动分析一：美联储宽松预期持续升温，宏观政策形成利好 美联储上周四凌晨宣布降息 25 个基点并启动 400 亿美元的 RMP 短期国债购买，市场对于货币政策 宽松的预期升温从金融属性方面利好贵金属。尽管此后美联储 2026 年 ...

新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 12月8日，金价在周一亚洲早盘保持在约4205上方温和走高。金丰来认为，金市当前的上行动能主要源 于投资者对本周美联储政策路径的重新定价，尤其是广泛押注即将落地的降息举措。随着利率敏感型资 产不断根据新形势调整，黄金凭借其对政策变化的高相关性，再次获得市场的重点关注。在交易层面， 市场对未来资金成本的判断正逐步影响黄金的估值结构，使金价呈现出稳中偏强的运行基调。 从宏观数据来看，劳动力市场持续降温，加之此前通胀虽仍维持在目标之上，但已有明显回落趋势，使 降息逻辑更具说服力。市场参与者表示，本周三降息25个基点的概率逼近九成，已成为投资者定价的重 要依据。金丰来表示，在利率下降的预期下，持有黄金的机会成本显著降低，这为无收益的贵金属提供 了天然支撑。此外，近期全球多家大型央行延续增持黄金的趋势，也在资产配置层面巩固了其相对优 势。在全球储备结构不断调整的背景下，黄金的战略储备性质进一步凸显，为金价提供更为坚实的中长 期基础。 在需求与心理层面，最新数据显示12月初消费者信心指数升至53.3，高于预期的52.0，也强于上月的 51.0。金丰来认为，这类温和向 ...

P -11 OEXN DEXN交易 金融科技社 双监管|低点差| 注册体验: live.oe 全球官网:www. 国内官网: www OBAL FX ﻌﻘﻮﺩ ﻣﻘﺎﺑﻞ ﺍﻟﻔﺮ LOW Trad: 7 Arag pre BrokersviewExpo Abu Dhabi 2024 A Exhibitor particl KC Titler Business Development Maroger OPEN compony. ABU DHABI T 10-04 T Free DI 12 7 t - real in orest ar made a Rifal " 797 habi 202 ds, Big Retu 白银在新加坡时段的小幅下跌，与黄金、铂金和钯金的回落走势一致。美元指数保持平稳，也反映出市场正在等待更明确的政策指引。对于趋势交易者而 言，这一阶段更像是上涨行情中的技术性喘息，而不是终结信号。 从OEXN的角度看，当前的波动属于常见的高位震荡结构。在供需偏紧与货币政策宽松预期仍然成立的前提下，白银中长期的支撑因素依然稳固。投资者在 此时应更加关注区间震荡带来的潜在布局点，而非被短线波动扰动整体判断 ...

日期 COMEX黄金库存量(吨) 增持(吨) 2025-12-01 1128.49 -2.34 2025-11-28 1130.83 -6.25 【要闻回顾】 美国11月ISM制造业PMI不及预期且连续九个月萎缩，强化了经济增长放缓忧虑与货币政策宽松预期； 同时，特朗普政府商讨对委内瑞拉"下一步行动"以及俄军宣布控制乌克兰两座重镇，均加剧地缘不确定 性，推升避险情绪。 日本央行行长释放明确加息信号，预示全球流动性环境可能边际收紧，或在一定程度上抑制贵金属上行 空间。 摘要12月1日，COMEX黄金库存录得1128.49吨，较上一交易日减少2.34吨；COMEX黄金周一(12月1日) 收4271.60美元/盎司，上涨0.36%，comex黄金价格日内最高上探至4299.60美元/盎司，最低触及4241.10 美元/盎司。 12月1日，COMEX黄金库存录得1128.49吨，较上一交易日减少2.34吨；COMEX黄金周一(12月1日)收 4271.60美元/盎司，上涨0.36%，comex黄金价格日内最高上探至4299.60美元/盎司，最低触及4241.10美 元/盎司。 最新comex黄金库存数据： ...

Core Viewpoint - Silver and copper are becoming the new focus in the commodity market due to tightening global supply and expectations of loose monetary policy, with silver prices reaching historical highs [1] Group 1: Price Movements - Spot silver prices have surpassed $57 per ounce for the first time in history, with a daily increase of approximately 1% [1] - Silver futures on the New York Mercantile Exchange hit a new high of $57.81 per ounce [1] Group 2: Market Drivers - The rapid price increase is primarily driven by deep concerns over supply shortages [1] - Traders are widely betting on an imminent interest rate cut by the U.S. Federal Reserve [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - There are limited expectations for monetary policy easing, and the flattening of the yield curve supports long - term interest rates [2] - The overall capital situation is stable, and bond supply does not exert significant pressure on the market [2] - Last week, Treasury bond futures contracts across all tenors generally closed lower, with long - term varieties like 30 - year Treasury bond futures experiencing larger declines, reflecting market concerns about long - term interest rates [2] - It is recommended to pay attention to the issuance of interest - rate bonds and central bank operation signals, conduct band - trading, and control risks [2] 3. Summary by Related Catalogs 3.1 Treasury Bond Yields - The data shows the trends of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bond yields from 2024/04 to 2025/08 [3] 3.2 Funding Rates - The trends of the weighted average rate of pledged repo by deposit - taking institutions for 1 - day and 7 - day, and the 7 - day reverse repo rate from 2023/12 to 2025/06 are presented [3] 3.3 Treasury Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024/04 to 2025/08 are shown [4][5] 3.4 Treasury Bond Futures Positions - The positions of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2015/12 to 2023/12 are presented [7] 3.5 Treasury Bond Futures Trading Volume - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2024/04 to 2025/08 are shown [8] 3.6 Treasury Bond Futures Basis of Current - Quarter Contracts - The basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures current - quarter contracts are presented from different time periods [9][10][11][12] 3.7 Treasury Bond Futures Inter - Delivery Spreads - The inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are shown from different time periods [13][15][16] 3.8 Treasury Bond Futures Inter - Variety Spreads - The inter - variety spreads of TS*4 - T from 2024/04 to 2025/08 and T*3 - TL from 2023/06 to 2025/06 are presented [17][18]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For the TL2512 variety, the short - term view is oscillatory, the medium - term view is oscillatory, and the intraday view is weak, with an overall view of oscillatory consolidation. The core logic is that the short - term expectation of interest rate cuts has decreased, while the medium - and long - term expectation of monetary easing still exists [1]. - For TL, T, TF, and TS varieties, the intraday view is weak and the medium - term view is oscillatory, with a reference view of oscillatory consolidation. The current upward and downward kinetic energy of treasury bond futures is limited. On one hand, economic data such as consumption, investment, and exports have weakened, indicating insufficient domestic demand, which provides strong support for treasury bond futures in the long - term. On the other hand, there is no strong need for further policy tightening this year, and the possibility of a short - term policy interest rate cut is low, limiting the upward kinetic energy of treasury bond futures. Due to tax period factors, capital liquidity fluctuations have intensified, and market interest rates have rebounded in the short - term, with the central bank mainly conducting net injections in the open market. Overall, treasury bond futures will maintain oscillatory consolidation in the short - term [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - **TL2512**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: weak; View: oscillatory consolidation; Core logic: short - term interest rate cut expectation decreases, long - term easing expectation remains [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: TL, T, TF, TS. Intraday view: weak; Medium - term view: oscillatory; Reference view: oscillatory consolidation. Core logic: treasury bond futures oscillated and slightly declined yesterday. Upward and downward kinetic energy is limited. Economic data weakness supports long - term easing and treasury bond futures, but short - term policy rate cut is unlikely, and capital liquidity fluctuations and central bank net injections affect the market, resulting in short - term oscillatory consolidation [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term view of TL2512 is to oscillate, the medium - term view is to oscillate, and the intraday view is weak, with an overall view of oscillatory consolidation due to a decline in short - term interest rate cut expectations and the existence of long - term easing expectations [1]. - For financial futures in the bond index sector including TL, T, TF, and TS, the intraday view is weak, the medium - term view is to oscillate, and the reference view is oscillatory consolidation. The short - term trend is mainly oscillatory consolidation as the upward and downward momentum of Treasury bond futures is limited [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Index Sector - For TL2512, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weak, and the view is oscillatory consolidation. The core logic is that short - term interest rate cut expectations decline while long - term easing expectations still exist [1]. Main Variety Price Market Driving Logic - Financial Futures Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. Treasury bond futures oscillated and rebounded slightly in the previous two days this week due to factors like loose liquidity, reduced policy increments, stock market corrections, and geopolitical risk aversion. However, the upward and downward momentum is limited. Economic data shows insufficient domestic demand, so a long - term loose monetary environment is needed, but there is little need for policy intensification this year and a low possibility of short - term policy interest rate cuts [5].