黄金白银资产，又涨疯了！ 10月2日，港股国庆假期开市首日，贵金属概念全线大涨，板块中多只黄金股涨幅超10%，其中中国白银集团更是大涨30%，创出近4年新高。 | 序号 | 代码 | 名称 | 涨跌幅 > | 市盈率TTM | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 00815 | 中国日银集团 | 30.19% | 34.500 | 17.1亿 | 192.37% | | 2 | 00340 | 滝关黄金 | 15.13% | 29.714 | 137.21亿 | 552.72% | | 3 | 02259 | 紫金黄金国际 | 14.01% | 58.386 | 3607.99亿 | 92.07% | | 4 | 03330 | 員宝黄金 | 10.68% | 19.825 | 262.8亿 | 672.57% | | ટે | 01712 | 龙' 加 | 9.68% | 12.237 | 14.84 Z | 407.79% | | 6 | 06693 | 赤峰黄金 | 6.90% | 26.078 | 618.0 ...

作者 | 哥吉拉 黄金白银资产，又涨疯了！ 10月2日，港股国庆假期开市首日，贵金属概念全线大涨，板块中多只黄金股涨幅超10%，其中中国白银集团更是大涨30%，创出近4年新 高。 | 嫁信 | 代码 | 名称 | 涨跌幅 ▽ | 市盈率TTM | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 00815 | 中国日银集团 | 30.19% | 34.500 | 17.1亿 | 192.37% | | 2 | 00340 | 漳关黄金 | 15.13% | 29.714 | 137.21亿 | 552.72% | | 3 | 02259 | 紫金黄金国际 | 14.01% | 58.386 | 3607.99亿 | 92.07% | | 4 | 03330 | 灵宝黄金 | 10.68% | 19.825 | 262.8亿 | 672.57% | | ਟ | 01712 | 龙'ø源 | 9.68% | 12.237 | 14.84亿 | 407.79% | | 6 | 06693 | 赤峰黄金 | 6.90% | 26.078 ...

近日，全球资本市场见证了一场贵金属的狂欢，国际金价接连冲破历史高位，白银价格亦同步走强。 9月的最后几天，这份热度尤为鲜明。今日，COMEX黄金期货盘中突破3897.7美元/盎司的历史性关口，尾盘回落；而前一日，COMEX白银期货也冲高至 47.41美元/盎司。若拉长时间线，今年以来两者涨幅已分别达46%与60%。（来源：Wind，截至2025-9-30 16:30） 一时间，贵金属成为市场焦点，做多情绪迎来高潮。事实上，这轮波澜壮阔的上涨，并非单一因素驱动，而是多重逻辑共同助推的结果。 01 降息与避险 ——宏观变局下的"信任投票" 当前金银牛市的根基，深扎在全球宏观经济格局的转变之中。当不确定性成为市场底色，贵金属便成为了资本眼中更可靠的锚。 美联储如期降息： 今年以来，美国经济数据逐渐显露出疲态，就业市场活力减弱，通胀水平有所放缓。在此背景下，美联储议息会议如期将联邦基金利率目标区间下调25个 基点至4.00%~4.25%，点阵图更暗示年内或再降息两次。 | | | | | | FedWatch美联储降息概率预测(%) | | | | | | | --- | --- | --- | --- | --- ...

跟踪上海期货交易所白银主力合约的国投白银LOF大涨3.11%。 在中国古代，北宋金银比等于9，清朝大约10。 大家都知道黄金涨得猛，其实白银更猛，今年白银涨幅已经超过黄金。 1 金银比 业内有种说法，黄金白银都属于贵金属，白银是高波动版的黄金，金银行情正相关，可以用二者的价格比来估值，简称金银比。 金银比起源于2600年前。 土耳其西部有个吕底亚王国，当地盛产金银。吕底亚国王克罗伊斯主持铸造了世界上最早的金币和银币，并约定1枚金币兑换13枚银币。 金银比等于13。 金银即货币的时代，金银比和当时已探明的黄金白银储量以及开采难度挂钩，各国金银比差不太多，比较稳定。 2 定价中枢 就这样一直持续到几十年前，布雷顿森林体系解体，全球进入信用货币时代，汇率不再锚定金银。 金银重新定价，金银比的中枢来到60~80区间。 极值最高100，最低40。 所以衍生出刻舟求剑的玩法，比如金银比超过100就做多白银，赌均值归回。 3 赌均值回归 上图一张，蓝线代表金银比，红线代表白银价格。 今年4月，金银比站上100。 貌似利用金银比赚钱很简单，但我一直没参与，因为逻辑不够硬。 金银重新定价之后，黄金负责保值，白银用于工业。 黄金 ...

Group 1 - The online seminar focused on the current status and development trends of the gold and silver industries, pricing frameworks, and the role of the futures market in supporting high-quality development in the precious metals sector [1] - In 2024, gold is projected to be the largest mineral in terms of exploration investment and mergers in the global non-ferrous metal mining sector, with stable total supply and demand over the past decade, but a significant shift in demand structure towards investment and reserve asset [2] - China has maintained its position as the world's largest producer and consumer of gold for 18 and 12 consecutive years, respectively, but there is a long-term gap between gold supply and demand, necessitating increased production and recycling efforts [2] Group 2 - Global silver supply and recycling are expected to grow in 2024, driven by industrial demand, with various sectors experiencing different levels of consumption growth, indicating that supply growth may not keep pace with demand [3] - China's influence in the international gold and silver markets is increasing, marked by the establishment of a multi-layered market system that includes futures and options, enhancing resource allocation and promoting high-quality industry development [3] - The precious metals futures market in China is evolving, with ongoing product innovation and infrastructure improvements, fostering a sustainable development environment for the precious metals industry [4]

Core Viewpoint - The recent U.S. inflation data met expectations, strengthening market bets on potential interest rate cuts by the Federal Reserve later this year, leading to significant increases in precious metal prices, particularly gold and silver [1][2]. Market Review - On the last Friday, spot gold saw a substantial rise, reaching above $3780 during intraday trading but ultimately closed up 0.31% at $3760.53 per ounce, marking a six-week consecutive increase [2]. - Spot silver also surged, breaking above $46 and hitting a 14-year high, closing up 1.98% at $46.06 per ounce, similarly recording six consecutive weeks of gains [2]. Key News Summary - U.S. personal consumption expenditures (PCE) have increased for the third consecutive month, with the core PCE price index remaining at a stubborn year-on-year increase of 2.9%, which is a key inflation indicator for the Federal Reserve [3]. - The consumer confidence index from the University of Michigan has dropped to a four-month low, indicating rising concerns over income [3]. - The precious metals market has continued its strong upward trend, with both gold and silver futures reaching historical highs, particularly silver, which has shown stronger momentum [3]. - As of September 26, the COMEX silver futures have surpassed the $46 mark, driven by market sentiment following anticipated interest rate cuts by the Federal Reserve [3]. - Economic data indicates a significant upward revision of the U.S. second-quarter GDP growth rate to 3.8%, up from a previous estimate of 3.3%, with consumer spending growth also revised upward [3]. - Despite the strong economic data supporting a rebound in the dollar, silver continues to reach new highs, suggesting a robust trend [3]. - Short-term expectations indicate silver may challenge the historical high of $50, with a forecast for increased volatility in the market [3]. - Mid-term target prices are set at $4000 for COMEX gold and $50 for COMEX silver [3].

金信期货日刊 本刊由金信期货研究院撰写 2025/09/29 GOLDTRUST FUTURES CO.，LTD 沪银期货上涨：多重逻辑共振下的行情演绎 ibaotu.com 热点聚焦 沪银期货价格持续走高，主力合约收盘10632元/千克，9月26日单日涨幅达2.27%，成交量近百万手，创 下阶段性新高。这轮上涨是宏观预期、供需基本面与市场情绪共同作用的结果。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 宏观层面，美联储宽松预期是核心推手。新任美联储理事鸽派发言支持年内降息150个基点，市场预期未来 两次议息会议均将降息，显著降低白银持有成本。叠加俄乌、中东局势紧张，避险资金持续涌入贵金属市 场。 基本面支撑更为坚实。2025年全球白银供需缺口预计达3659吨，连续五年供不应求。光伏装机量大幅增长 带动工业用银需求激增，而白银70%作为铜铅锌副产品产出，扩产受限加剧短缺。 不过需警惕短期风险，当前金银比仍高于历史均值，且白银市场规模较小，资金进出易引发波动。中长期 看，降息周期 ...

↑点击上面图片 加雪球核心交流群 ↑ 美国关税政策又有变数！ 01 药品关税不适用于 已达成贸易协定的国家 当地时间9月26日，美国白宫表示，最新针对药品的关税措施不适用于已与美国达成贸易协定的国家。 此前一天，美国总统特朗普在其社交媒体"真实社交"宣布，将自10月1日起对进口的所有品牌或专利药品征收100%关税。受该消息影响，亚太股 市医药股26日多数下跌，百济神州跌4%，住友制药跌超3%，三星生物制剂跌超2%等。 据央视新闻援引路透社消息，白宫官员表示，对于欧盟、日本等贸易伙伴，美国将继续遵守协定中规定的15%关税上限。 彭博社也报道了上述消息，该媒体称，一位白宫官员表示，特朗普对药品进口的新关税将不适用于与美国谈判达成包含药品条款的协议的国家。这 意味着，包括欧盟和日本在内的经济体将获得美国本已承诺的待遇。 大型科技股多数上涨，万得美国科技七巨头指数涨0.46%。个股方面，特斯拉涨超4%，微软涨近1%，亚马逊涨0.75%，谷歌-C涨0.25%，英伟 达涨0.28%，苹果跌0.55%，Meta跌0.69%。 不过，白宫官员称，英国向美国出口的药品将面临100%的关税。伦敦与华盛顿此前的谈判达成了一项贸易协 ...

Group 1: Precious Metals Market Overview - The precious metals market is experiencing unprecedented strength, driven by factors such as Federal Reserve interest rate cuts and increasing geopolitical risks [1][3] - On September 26, silver prices surpassed $46 per ounce, reaching a 14-year high, with a six-month increase of over 30% [1][3] - Platinum prices surged by 11.5% in one week, breaking through $1500 per ounce, marking a 12-year high [1][3] Group 2: Silver Market Dynamics - Silver's recent price surge is attributed to its dual role as both a precious and industrial metal, benefiting from economic conditions such as rising inflation and loose liquidity [4][5] - The average price of silver is projected to be $28.27 per ounce in 2024, up from $23.35 in 2023 [4] - The current gold-silver ratio is approximately 82 domestically and 85 internationally, indicating that silver is still undervalued and has significant price recovery potential [5] Group 3: Platinum and Gold Performance - Platinum prices have increased significantly, with a year-to-date rise of over 73%, driven by demand in automotive catalysts and electric vehicle batteries [7] - Gold remains strong near historical highs, with a current price of $3783 per ounce, supported by increased demand for safe-haven assets amid global uncertainties [7][8] - In September, global gold ETF inflows reached a record $10.5 billion, with total inflows exceeding $50 billion year-to-date [7] Group 4: Future Outlook and Market Sentiment - Analysts suggest that while silver has strong upward momentum, caution is advised due to potential price volatility at high levels [10][11] - The macroeconomic environment, including expectations of continued monetary easing and geopolitical uncertainties, is expected to support silver prices [10][11] - Central bank gold purchases are anticipated to remain a long-term strategic behavior, aimed at optimizing foreign exchange reserves and hedging against global uncertainties [8]

本报（chinatimes.net.cn）记者叶青 北京报道 近期国际贵金属市场呈现冲高回落的震荡格局，在美联储政策余波与市场情绪博弈中完成短期动能切 换，9月23日COMEX黄金价格一度攀升至3824.6美元/盎司的历史新高后，同期COMEX白银价格也升至 44.77美元/盎司。9月24日COMEX黄金价格回落至3797.1美元/盎司，白银价格也回落至44.40美元/盎 司，这反映短期多空分歧加剧。 "近期国际银价创出历史新高，这与贵金属属性相关，在美联储降息周期和商品反弹背景下，白银出现 大幅补涨。随着银价上涨，资金自然而然会流入白银市场，进一步推高银价。尽管鲍威尔的讲话抑制金 价再度创新高，但当前金银比长期处于较高位置，反映白银低估，后期上涨的概率较大。"创元期货分 析师何燚在接受《华夏时报》记者采访时表示。 鲍威尔持中性偏鸽态度 "9月23日国际金价和银价再度创出历史新高，其中长期驱动因素仍是市场对美联储降息预期的不断升温 所带来的流动性交易，以及地缘政治紧张局势持续所带来的避险性交易。与此同时，美国政府停摆危机 也是近两天贵金属价格上涨的推动因素之一。"光大期货分析师赵复初在接受《华夏时报》记者采访 ...