Core Viewpoint - Long-term U.S. Treasury bonds have declined, with the 30-year yield rising to its highest level since early September, reflecting the gradual impact of the Federal Reserve's recent interest rate cut on the bond market [1][6]. Group 1: Treasury Yield Movements - The 30-year Treasury yield increased by 6 basis points to 4.86%, marking the highest level since September 5, with a cumulative rise of approximately 5 basis points for the week [1][6]. - The 2-year Treasury yield remained relatively stable, showing a slight decline compared to the previous week [1][6]. Group 2: Federal Reserve's Stance - Federal Reserve Chairman Jerome Powell indicated the possibility of further rate cuts, which surprised the market and was termed an "unexpected dovish cut" by economists at Bank of America [3][8]. - Expectations for additional rate cuts next year have led to a decrease in short-term Treasury yields, while long-term bonds reflect high inflation expectations [3][8]. Group 3: Inflation Concerns - Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid expressed concerns about inflation, which influenced their opposition to the recent rate cut and support for maintaining rates [3][8]. - Macro strategist Edward Harrison noted that Goolsbee's comments suggest downside risks for Treasury bonds, as traders anticipate two rate cuts of 25 basis points in 2026 [3][8]. Group 4: Market Dynamics - The recent auction results for the 30-year Treasury bond were strong, but there may still be upward pressure on yields, attracting buyers [4][9]. - Expectations for rate cuts are bolstered by the anticipated aggressive easing policies from Powell's successor and a decline in oil prices, which may alleviate inflationary pressures [4][9]. - Philadelphia Fed President Anna Paulson expressed that concerns about a weak labor market outweigh worries about rising inflation risks [4][9].

格隆汇12月12日｜受美联储本周降息及明年进一步宽松政策预期提振，铜价飙升至历史新高。今年以来 铜价累计上涨近35%。澳新银行分析师指出："利率下调与经济增长加速的双重效应将提振铜需求。"此 轮涨势还受到持续供应紧张担忧的推动——美国铜库存高企及今年多起矿山停产事件加剧了市场担忧。 盛宝银行分析师指出，"铜价持续上涨，这表明当前铜市走势主要受供应限制以及能源转型和人工智能 相关基础设施需求驱动。" ...

市场避险情绪卷土重来，贵金属价格再度迎来急涨。 周五，金价飙升至七周高位，白银价格也创下历史新高。 截至发稿，现货黄金突破4330美元/盎司，涨幅为1.17%；现货白银刷新历史新高至64.56美元/盎司，涨幅1.58%。 今年以来，金银价格涨势凶猛。其中，黄金年内涨幅超65%，全年创下逾50次历史新高；白银年内涨幅更是高达120%，更是全球资产中最大"黑马"。 美元指数则徘徊在两个月低点附近，并有望连续第三周下跌。 年内，美元指数已经累计跌超近10%。 降息与避险 全球经济不确定性笼罩下，传统避险资产再次闪耀。 眼下，美联储降息预期进一步支撑金价。 美联储日前开启今年第三次降息，如期降息25基点。 虽然鲍威尔"鸽"声嘹亮，直言下一步加息无望，但市场仍预计其未来将进一步宽松货币政策。 即便美联储点阵图暗示2026年只会降息一次，交易员们仍押注两次降息。 | | | | | | | CME FEDWATCH TOOL - CONDITIONAL MEETING PROBABILITIES | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

本文源自：金融界AI电报 受降息预期提振，美股矿业股盘前走强，科尔黛伦矿业涨超4%，赫克拉矿业、泛美白银涨超3%，纽曼 矿业、哈莫尼黄金、埃氏金业涨超2%。 ...

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Industrial Silicon - Industrial silicon spot prices are stable, and futures prices are oscillating. It is expected to maintain a weak supply - demand situation in December, with prices fluctuating in the range of 8000 - 9000 yuan/ton, and attention should be paid to the support at 8000 yuan/ton and coal price changes [1]. Polysilicon - Spot prices are stable, and the main contract has risen. Although new delivery brands are beneficial for increasing deliverable volume and warehouse receipts, considering weak demand and a large decline in production, polysilicon futures may still oscillate at a high level, and the spot is still under pressure [2]. Aluminum Alloy - The casting aluminum alloy market is oscillating strongly in the game between strong cost support and weak demand. It is expected to maintain a narrow - range high - level oscillation in the short term, with the main contract reference range of 20700 - 21400 yuan/ton [3]. Aluminum - Alumina is expected to maintain a bottom - oscillation, with the main contract reference range moving down to 2400 - 2700 yuan/ton. Aluminum is expected to run strongly in the short term, with the main contract of Shanghai Aluminum oscillating in the range of 21700 - 22400 yuan/ton [4]. Tin - Market sentiment is positive, and the fundamentals are strong. It is expected that tin prices will maintain a strong trend throughout the year, and a bullish view on tin prices is maintained [6]. Zinc - With the decline of TC, the supply pressure is relieved, and the short - term price has limited downward space. The export of refined zinc drives the spot to tighten, boosting domestic zinc prices. The short - term Shanghai zinc price trend may be stronger than that of London zinc, and the main contract should focus on the support at 23000 - 23200 [8]. Copper - In the short term, the imbalance of global copper supply and inventory drives copper prices to rise rapidly, and price fluctuations may intensify. In the long term, the supply - demand contradiction of copper still exists, supporting the gradual upward movement of the bottom center of copper prices [10]. Nickel - Macro factors are temporarily stable. After the valuation repair of nickel prices, the price driving force weakens. In the medium term, the loose fundamentals restrict the upward space of prices. It is expected to oscillate in a range in the short term, with the main contract reference range of 116000 - 120000 [13]. Stainless Steel - Macro factors are temporarily stable, the supply pressure eases slightly, but the demand in the off - season is weak, and inventory reduction is not smooth. It is expected to oscillate and adjust in the short term, with the main contract operating range of 12400 - 12800 [15]. Lithium Carbonate - The lithium carbonate market is running strongly. Although the fundamentals have not changed much, the market is affected by news of slower - than - expected upstream resumption of production. In the short term, it may maintain a strong oscillation under the drive of capital sentiment [18]. Summaries According to Relevant Catalogs Price and Basis - **Industrial Silicon**: On December 11, the prices of East China oxygen - passing S15530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 silicon remained unchanged compared with the previous day, while the basis of each variety declined [1]. - **Polysilicon**: The average prices of N - type re - feeding materials, N - type granular silicon, and N - type silicon wafers - 210mm remained unchanged on December 11, while the average price of N - type silicon wafers - 210R increased by 4.24% [2]. - **Aluminum Alloy**: On December 12, the prices of SMM aluminum alloy ADC12 in various regions increased by 0.46% - 0.47% compared with the previous day, and the price difference between refined and scrap aluminum in various regions also showed an upward trend [3]. - **Aluminum**: On December 12, the price of SMM A00 aluminum increased by 0.55% compared with the previous day, and the average price of alumina in various regions showed a downward trend [4]. - **Tin**: On December 12, the price of SMM 1 tin increased by 1.04% compared with the previous day, and the SMM 1 tin premium decreased by 66.67% [6]. - **Zinc**: On December 12, the price of SMM 0 zinc ingot increased by 0.17% compared with the previous day, and the import profit and loss improved [8]. - **Copper**: On December 12, the prices of SMM 1 electrolytic copper, SMM Guangdong 1 electrolytic copper, and SMM wet - process copper increased by 1.05% - 1.22% compared with the previous day, and the import profit and loss worsened [10]. - **Nickel**: On December 12, the prices of SMM 1 electrolytic nickel, 1 Jinchuan nickel, and 1 imported nickel decreased by 0.21% - 0.26% compared with the previous day, and the import profit and loss of futures worsened [13]. - **Stainless Steel**: On December 12, the price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged, and the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 0.39% [15]. - **Lithium Carbonate**: On December 12, the average prices of SMM battery - grade lithium carbonate, SMM industrial - grade lithium carbonate, etc. increased to varying degrees compared with the previous day [18]. Month - to - Month Price Differences - **Industrial Silicon**: The price differences between 2512 - 2601, 2601 - 2602, etc. showed significant changes on December 11, with some increasing by more than 100% [1]. - **Polysilicon**: The price differences between the main contract, current - month - to - first - continuous, etc. changed on December 11, with the current - month - to - first - continuous increasing by 1166.67% [2]. - **Aluminum Alloy**: The price differences between 2601 - 2602, 2602 - 2603, etc. changed on December 12 [3]. - **Aluminum**: The price differences between AL 2512 - 2601, AL 2601 - 2602, etc. changed on December 12 [4]. - **Tin**: The price differences between 2512 - 2601, 2601 - 2602, etc. changed on December 12 [6]. - **Zinc**: The price differences between 2512 - 2601, 2601 - 2602, etc. changed on December 12 [8]. - **Copper**: The price differences between 2512 - 2601, 2601 - 2602, etc. changed on December 12 [10]. - **Nickel**: The price differences between 2601 - 2602, 2602 - 2603, etc. changed on December 12 [13]. - **Stainless Steel**: The price differences between 2601 - 2602, 2602 - 2603, etc. changed on December 12 [15]. - **Lithium Carbonate**: The price differences between 2601 - 2602, 2601 - 2603, etc. changed on December 12 [18]. Fundamental Data - **Industrial Silicon**: In November, the national industrial silicon output decreased by 11.17% month - on - month, and the outputs of Yunnan and Sichuan decreased significantly. The outputs of organic silicon DMC and regenerative aluminum alloy increased, while the outputs of polysilicon and the export volume of industrial silicon decreased [1]. - **Polysilicon**: In November, the polysilicon output decreased by 14.48% month - on - month, the import volume increased by 11.96%, and the export volume decreased by 27.99%. The silicon wafer output decreased by 10.35% [2]. - **Aluminum Alloy**: In November, the output of regenerative aluminum alloy ingots increased by 5.74% month - on - month, the output of primary aluminum alloy ingots increased by 5.84%, and the output of scrap aluminum increased by 11.45%. In October, the import volume of unforged aluminum alloy ingots decreased by 7.06%, and the export volume increased by 31.49% [3]. - **Aluminum**: In November, the alumina output decreased by 4.44% month - on - month, the domestic electrolytic aluminum output decreased by 2.82%, and the overseas electrolytic aluminum output decreased by 3.50%. In October, the electrolytic aluminum import volume increased by 0.61%, and the export volume decreased by 15.18% [4]. - **Tin**: In October, the tin ore import volume increased by 33.49%, the SMM refined tin output increased by 53.09%, the refined tin import volume decreased by 58.55%, and the export volume decreased by 15.33% [6]. - **Zinc**: In November, the refined zinc output decreased by 3.56% month - on - month. In October, the refined zinc import volume decreased by 16.94%, and the export volume increased by 243.79% [8]. - **Copper**: In November, the electrolytic copper output increased by 1.05% month - on - month. In October, the electrolytic copper import volume decreased by 15.61% [10]. - **Nickel**: In November, the Chinese refined nickel output decreased by 9.38% month - on - month, and the refined nickel import volume decreased by 65.66% [13]. - **Stainless Steel**: In November, the output of Chinese 300 - series stainless steel crude steel decreased by 0.72%, and the output of Indonesian 300 - series stainless steel crude steel increased by 0.36%. The stainless steel import volume increased by 3.18%, and the export volume decreased by 14.43% [15]. - **Lithium Carbonate**: In November, the lithium carbonate output increased by 3.35% month - on - month, the demand increased by 5.11%, the import volume increased by 21.86%, and the export volume increased by 63.05% [18]. Inventory Changes - **Industrial Silicon**: The weekly factory - warehouse inventories in Xinjiang, Yunnan, and Sichuan increased slightly, the weekly social inventory increased by 0.54%, the daily warehouse - receipt inventory increased by 11.40%, and the non - warehouse - receipt inventory decreased by 0.28% [1]. - **Polysilicon**: The polysilicon inventory increased by 0.69%, the silicon wafer inventory increased by 9.39%, and the polysilicon warehouse receipts increased by 7.58% [2]. - **Aluminum Alloy**: The weekly social inventory of regenerative aluminum alloy ingots decreased by 1.08%, the daily inventory in Foshan decreased by 0.28%, the daily inventory in Ningbo increased by 3.91%, and the daily inventory in Wuxi decreased by 28.57% [3]. - **Aluminum**: The Chinese electrolytic aluminum social inventory decreased by 2.01%, the Chinese aluminum rod social inventory decreased by 3.72%, the electrolytic aluminum plant's alumina inventory increased by 0.15%, the alumina plant's in - house inventory increased by 1.72%, the alumina port inventory increased by 2.36%, the LME inventory decreased by 0.39% [4]. - **Tin**: The SHEF weekly inventory increased by 7.96%, the social inventory increased by 2.39%, the SHEF daily warehouse - receipt inventory decreased by 1.78%, and the LME daily inventory increased by 1.09% [6]. - **Zinc**: The Chinese zinc ingot seven - region social inventory decreased by 8.62%, and the LME inventory increased by 0.92% [8]. - **Copper**: The domestic social inventory increased by 2.58%, the bonded - area inventory decreased by 2.58%, the SHFE inventory decreased by 9.22%, the LME inventory decreased by 0.42%, the COMEX inventory increased by 0.48%, and the SHFE warehouse receipts increased by 8.74% [10]. - **Nickel**: The SHFE inventory increased by 4.23%, the social inventory increased by 2.71%, the bonded - area inventory remained unchanged, the LME inventory decreased by 0.09%, and the SHFE warehouse receipts decreased by 0.86% [13]. - **Stainless Steel**: The 300 - series social inventory (Wuxi + Foshan) increased by 0.69%, the 300 - series cold - rolled social inventory (Wuxi + Foshan) increased by 0.08%, and the SHFE warehouse receipts decreased by 0.20% [15]. - **Lithium Carbonate**: In November, the total lithium carbonate inventory decreased by 23.36%, the downstream inventory decreased by 21.13%, and the smelter inventory decreased by 27.19% [18].

美国商务部数据显示，美国9月贸易逆差缩窄至五年来最低水平，这主要归因于贵金属进口的大幅飙升 后，美国投资者将黄金转移回海外。 今年早些时候，市场猜测特朗普对欧洲的关税威胁可能适用于黄金，导致交易商争相将金条从欧洲空运 至纽约，这种混乱局面一直持续到夏季。当时，美国海关与边境保护局表示，特朗普对瑞士进口商品征 收的关税将适用于从该国进口的100盎司和1公斤金条。然而，几天后的8月11日，特朗普在Truth Social 上澄清，黄金不会被加征关税。 牛津经济研究院的经济学家格雷斯.茨韦默指出，到了8月，"一旦明确黄金不会受到关税影响，黄金进 口的增长势头便发生了逆转。"她还认为，今年黄金贸易的波动也源于避险需求，包括在10月1日美国政 府停摆前夕。 摘要今日周五(12月12日)亚盘时段，黄金期货目前交投于969附近，截至发稿，黄金期货暂968.90元/ 克，大幅上涨11.00美元，涨幅1.14%，最高触及969.92元/克，最低下探955.50元/克。目前来看，黄金期 货短线偏向看涨走势。 今日周五(12月12日)亚盘时段，黄金期货目前交投于969附近，截至发稿，黄金期货暂968.90元/克，大 幅上涨11.0 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The central economic work conference has a positive tone, and the improvement of demand expectations may boost basic metals. In the short - to - medium term, positive macro - expectations and supply disruption concerns continue to support prices. In the long term, there are still expectations of potential incremental stimulus policies in China, and the supply disruption issues of copper, aluminum, and tin remain, with expectations of tightening supply - demand [1]. - For different metals, the report gives specific views: copper prices will oscillate and rise; alumina prices will continue to be under pressure; aluminum prices will oscillate and rise; alloy prices will oscillate at a high level; zinc prices will oscillate at a high level; lead prices will stabilize and rebound; nickel prices will run weakly; stainless - steel prices will correct; tin prices will oscillate and strengthen [2]. 3. Summary According to Relevant Catalogs 3.1行情观点 3.1.1 Copper - **View**: The Fed continues to cut interest rates, and copper prices oscillate and rise, showing a trend of being oscillatory and strong in the medium - term [6][7][8]. - **Analysis**: The Fed cuts interest rates and restarts balance - sheet expansion, providing liquidity support. The supply of copper ore is tight, and CSPT will reduce the production capacity of mine copper by more than 10% in 2026. The terminal demand is weak, but the spot is at a premium, and the overseas squeeze on positions boosts prices [6][7]. 3.1.2 Alumina - **View**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure, with an expected oscillatory trend [8][9]. - **Analysis**: High - cost production capacity fluctuates, and there are short - term disturbances, but the supply contraction is insufficient, with strong inventory accumulation. Raw material prices are weak, and the futures - spot price difference is large. Although the valuation is low, the price may still be under pressure [9]. 3.1.3 Aluminum - **View**: Aluminum inventory has decreased, and aluminum prices oscillate and rise, showing an oscillatory and strong trend in the short - term and a potential upward shift of the price center in the medium - term [12][13]. - **Analysis**: The macro - environment is complex, with fluctuating interest - rate cut expectations. The domestic production capacity is high, while overseas supply may tighten in the long - term. The terminal demand is stable, and the inventory is decreasing [12][13]. 3.1.4 Aluminum Alloy - **View**: Cost support continues, and the market oscillates at a high level, with an oscillatory and strong trend in the short - and medium - term [14][15]. - **Analysis**: The supply of scrap aluminum is tight, providing cost support. The supply side has production reduction risks, while the demand side shows marginal improvement, and the inventory shows a mixed trend [14][15]. 3.1.5 Zinc - **View**: Social inventory has decreased, and zinc prices oscillate at a high level, with an overall oscillatory trend [16][18][19]. - **Analysis**: The Fed's dovish stance and weak economic data increase the expectation of interest - rate cuts. The short - term supply of zinc ore is tight, and the demand is in the off - season. The inventory may not accumulate, but there is still a potential for price decline in the long - term [18][19]. 3.1.6 Lead - **View**: Social inventory remains at a low level, and lead prices stabilize and rebound, showing an oscillatory trend [20][21]. - **Analysis**: The spot premium is stable, and the supply of lead ingots is tight in some regions. The demand from the battery industry is relatively good, and the inventory is at a low level [20][21]. 3.1.7 Nickel - **View**: LME inventory remains at a high level, and nickel prices run weakly, showing an oscillatory trend [21][23]. - **Analysis**: The market sentiment dominates the market, and the industrial fundamentals are weakening. The overall supply of nickel resources is loose, and the inventory is high, but there are potential supply - side policy risks [21][23]. 3.1.8 Stainless Steel - **View**: Weak nickel prices drive the stainless - steel market to correct, with an expected range - bound oscillation [24]. - **Analysis**: The cost support of nickel iron is strengthening, but the stainless - steel production is expected to decline in December. The inventory may accumulate in the off - season, but the profit compression and cost support limit the price decline [24]. 3.1.9 Tin - **View**: Supply concerns remain unresolved, and tin prices oscillate and strengthen [25][27]. - **Analysis**: The supply of tin is tight, with slow复产 in mines, restricted exports from Indonesia, and limited production in Africa. The demand is growing in semiconductor, photovoltaic, and new - energy vehicle industries, which will push up the price [26][27]. 3.2行情监测 - **Comprehensive Index**: The comprehensive index, specialty index (including commodity 20 index and industrial products index), and sector index (non - ferrous metals index) are presented, with specific values and changes on December 11, 2025 [154][156].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Today, precious metals showed high-level differentiation. Shanghai Gold's main contract closed up 0.21%, Shanghai Silver's main contract closed up 3.07%, Platinum's main contract closed down 0.48%, and Palladium's main contract closed down 0.68% [1] - In the short - term, trade - war related hedging has subsided, but geopolitical risks remain. The US employment is weakening and inflation is moderate, leading to a slowdown in interest - rate cut expectations [1] - The Fed cut the interest rate with internal differences, hinting at a pause in action and possibly only one rate cut next year. The current market expects the probability of no rate cut in January 2026 to remain around 80%, and the next possible rate cut may be in April [1] - Precious metals are expected to be weakly volatile in the short - term, highly volatile in the medium - term, and to rise step - by - step in the long - term [1] - The price trend of gold is the anchor for the price of silver. In terms of capital, CFTC silver net long positions and iShare silver ETF have slightly increased their positions. In terms of inventory, the recent visible inventory of silver has slightly increased [5] Summary by Directory 1. Gold - **Price Performance**: Comex gold's main contract closed at $4258.30 per ounce, up 0.51% from the previous day and 0.55% from last week. London gold was at $4200.15 per ounce, up 0.05% from the previous day and down 0.24% from last week. Shanghai Gold's main contract closed at 957.90 yuan per gram, up 0.16% from the previous day and 0.47% from last week [2] - **Position and Inventory**: Comex gold's position was 459,997 lots (100 ounces per lot), Shanghai Gold's main contract position decreased by 0.25% from the previous day and 2.76% from last week. LBMA gold inventory was 8598 tons with no change, Comex gold inventory decreased by 1.08% from last week [2] - **Investment Strategy**: For gold, conservative investors are advised to wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [2] 2. Silver - **Price Performance**: Comex silver's main contract closed at $62.20 per ounce, up 1.70% from the previous day and 5.55% from last week. London silver was at $61.04 per ounce, up 4.10% from the previous day and 4.57% from last week. Shanghai Silver's main contract closed at 14,488 yuan per kilogram, up 0.80% from the previous day and 7.93% from last week [6] - **Position and Inventory**: LBMA silver inventory increased by 10.60% from last week, Comex silver inventory decreased by 0.07% from last week, and Shanghai Silver's inventory increased by 19.34% from last week [6] - **Investment Strategy**: Similar to gold, conservative investors are advised to wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [6] 3. Fundamental Key Data - **Fed - related Data**: The upper limit of the federal funds target rate is 3.75%, the discount rate is 4.00%, and the reserve balance interest rate (IORB) is 3.65%, all decreased by 0.25% compared to before. The Fed's total assets are $6586.185 billion, down $164.12 billion from before [8] - **Inflation Data**: The year - on - year CPI is 3.00%, the month - on - month CPI is 0.30%, the year - on - year core CPI is 3.00%, and the month - on - month core CPI is 0.30% [10] - **Economic Growth Data**: The annualized year - on - year GDP is 2.00%, and the annualized quarter - on - quarter GDP is 3.80% [10] - **Employment Data**: The unemployment rate is 4.40%, and the monthly change in non - farm payrolls is 11.90 million [10] - **Other Data**: The geopolitical risk index is 123.60, down 22.89% from before; the VIX index is 15.77, down 6.85% from the previous day and 1.93% from last week; the CRB commodity index is 301.38, up 0.58% from the previous day and down 0.84% from last week [11] 4. Fed's Latest Interest Rate Expectations - The probability of the Fed keeping the interest rate in the 350 - 375 range in January 2026 is 77.9%. The probability distribution of interest - rate ranges changes over different meeting dates from 2026 to 2027 [12]

数据来源：Wind 配置方向 宏观经济方面，美国9月PCE物价指数在预期内维持高位，但个人消费支出环比增幅边际回落。美国9月 PCE物价指数同比上涨2.8%持平预期，高于前值2.7%；美国9月PCE物价指数环比上涨0.3%，持平预期 和前值。美国9月核心PCE物价指数同比上涨2.8%，持平预期，低于前值2.9%；美国9月核心PCE物价指 数环比上涨0.2%，持平预期和前值。美国9月个人消费支出环比上涨0.3%，持平预期值，低于前值 0.5%；美国9月实际个人消费支出环比0%，低于预期值0.1%和前值0.2%。 美国11月制造业继续收缩，服务业则加速扩张。美国11月ISM制造业指数录得48.2%，低于预期值49% 和前值48.7%美国11月ISM服务业指数录得52.6%，高于预期值52%和前值52.4%。美国11月ADP就业大 幅低于预期，专业服务、信息和制造业等多行业就业继续负增，企业招聘需求放缓。 美国11月ADP就业人数减少3.2万人，不及预期值1万人和前值4.2万人。美国12月消费者信心明显改善， 通胀预期有所回落。 美国12月密歇根大学消费者信心指数初值录得52.3%，好于预期值52%和前值51%。美 ...

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