Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3]. Core Insights - The report highlights that the U.S. non-farm payrolls exceeded expectations with an addition of 130,000 jobs in January, leading to a decrease in the unemployment rate to 4.3%. This has resulted in a cooling of interest rate cut expectations [2]. - The report expresses a positive long-term outlook for gold prices, driven by central bank purchases and a weakening U.S. dollar credit [2]. - The report notes that silver prices may continue to weaken due to pressure from photovoltaic demand and rising costs in silver paste, indicating a trend towards cheaper metals [2]. Summary by Sections Industry and Stock Performance - The report indicates that the SW Non-ferrous Index rose by 1.67% during the week, while the COMEX gold price increased by 1.51% and COMEX silver decreased by 0.33% [9]. - The report provides a detailed performance analysis of key stocks, with several companies recommended for investment based on their earnings forecasts and valuations [3]. Base Metals - The report discusses the fluctuations in base metal prices, noting that aluminum prices have been under pressure due to high inventory levels and seasonal demand declines as the Chinese New Year approaches [25][26]. - Copper prices experienced volatility, initially rising but later falling due to strong U.S. employment data and cautious market sentiment ahead of the holiday [45]. Precious Metals and Minor Metals - The report states that gold and silver prices have seen fluctuations, with gold averaging 1101.52 CNY per gram, down 0.83% from the previous week, while silver prices fell significantly [74]. - The report emphasizes the ongoing geopolitical tensions and their impact on precious metal prices, with a focus on the potential for price recovery as market conditions evolve [78]. Energy Metals - The report highlights a clear shortage in the energy metals sector, particularly lithium and cobalt, with expectations for price increases post-holiday as demand recovers [9]. - Nickel prices are anticipated to rise due to the implementation of Indonesia's nickel ore export quota policy [9].

特朗普国情咨文称绝不允许伊朗拥核，为金价再添支撑。其他贵金属同步走强：白银一度涨4.8%至 91.07美元，铂金涨5.5%至2283.11美元，钯金涨2.58%至1825.70美元，均创三周新高。 摘要周三亚洲时段，现货黄金震荡上行，一度涨1.34%至5210美元/盎司，现回落至5190美元附近，涨幅 收窄至0.95%。市场避险情绪升温，因美国最高法院推翻特朗普多项关税后，其政策前景仍不明朗，加 剧不确定性。 周三亚洲时段，现货黄金震荡上行，一度涨1.34%至5210美元/盎司，现回落至5190美元附近，涨幅收窄 至0.95%。市场避险情绪升温，因美国最高法院推翻特朗普多项关税后，其政策前景仍不明朗，加剧不 确定性。 美国周二起对全球加征10%临时进口关税，白宫拟再提至15%，政策混乱令市场承压。两位美联储官员 暗示短期不调息，但市场仍预期年内三次25基点降息。 ...

与此同时，两位美联储官员暗示，短期内无意改变央行利率政策设定。市场目前预计今年将进行三次25 个基点的降息。"金价仍有充足的上行空间，特别是推动金价上涨的所有因素（如美国财政贸易政策、 外交政策等）持续存在的话。"地缘政治方面，阿曼外交大臣此前表示，美伊将于周四在日内瓦举行第 三轮核谈判。截至发稿，现货黄金涨超1%，现货白银、现货铂金均涨超4%，现货钯金涨逾2%。 美股频道更多独家策划、专家专栏，免费查阅>> 2月25日，由于美国最高法院驳回特朗普多项关税措施后，政策前景存在不确定性，投资者纷纷涌向避 险金属，推动金价上涨。市场分析师Kyle Rodda表示："中国市场的回归，加上美国政策不确定性的增 加，正维持着黄金和白银在一定程度上的吸引力。" 责任编辑：钟离 ...

展望今日周三(2月25日)：国际黄金开盘受到均线支撑买盘，有所止跌运行，同时，美元指数早盘反弹 动力减缓，也对其产生一定支撑，故此，操作上，5日或10日均线支撑位，也仍是继续做多入场的位 置。 上交易日周二(2月24日)：国际黄金遇阻回落收跌，受美元走强以及获利了结的影响，再加上多位美联 储官员警告通胀依然过高，降息预期大幅降温，拖累因避险情绪升温推动的金价涨幅，多头动力减弱， 但近期走势模式为震荡上移，中东地缘政治紧张局势的反复升温，已成为近期黄金市场的重要推动力。 年内降息前景仍在，故此，行情遇阻回撤，在触及支撑位置也是入场做多的机会。 具体走势上，金价自亚市开于5227.26美元/盎司，直接先行录得日内高点5249.43美元，便遇阻回撤并开 始跳水100多美金，之后止跌回升，陷入5160-5186美元区间震荡盘整，到美盘开盘，又再度跳水触及日 内低点5094.07美元，最后触底回升，但受阻于日内区间压力，最终收于5143.70美元，日振幅155.36美 元，收跌83.56美元，跌幅1.6%。 基本面上，昨日因古尔斯比：在有更多证据表明通胀正在回落之前不宜降息，对今年有望进一步降息持 乐观态度。柯林斯：很 ...

最近关于黄金白银的消息都纷纷冲上热搜，很多人也因此盲目跟风，但投资终究还是存有风险，所以一定要理性投资，麦向作为健康的引领者，不止教会 大家注重身体，也能带你们获取社会的热榜消息~ 一、突破了行情的全景：国内外市场分化走强 1. 核心价格表现（截至2026 年 2 月 25 日实时数据） | 品种 | 最新价格 | 沂期涨跌 | | --- | --- | --- | | 伦敦金现 | 5186.11 美元 / 盎司 | +39.88 美元(+0.77%) | | 伦敦银现 | 88.562 美元 / 盎司 | +1.345 美元(+1.54%) | | 黄金 T+D | 1147.66 元 / 克 | -0.28元(-0.02%) | | 白银 T+D | 21682元/千克 | +321元(+1.50%) | | 沪银主连 | 22500 元 / 千克 | +478元(+2.17%) | | 金店零售价(周大福) | 1560元/克 | +5.26%(单田)美向圍園 | 2. 市场特征：内强外弱格局显著 国内市场：春节后消费与投资需求集中释放，白银 T+D 复工首日暴涨 13.97%，金店实物黄金因婚嫁季 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the Spring Festival, the stock market showed a mixed performance with some sectors rising and others falling. The futures market also had different trends in various products, influenced by factors such as supply - demand, geopolitical situations, and policy changes [20][21][25]. - The bond market sentiment was not weak, but the market might become more cautious as the "Two Sessions" approached. The medium - term outlook for the bond market was relatively optimistic [25][26]. - In the agricultural product market, the supply and price trends of different products varied. For example, the supply of protein meal increased, and the price oscillated; the international sugar price bottomed out and oscillated [30][35]. - In the black metal market, steel faced post - holiday pressure, while the performance of coking coal and iron ore was affected by factors such as production resumption and supply - demand changes [62][65][71]. - In the non - ferrous metal market, precious metals like gold and silver were in high - level oscillations due to macro uncertainties, and other non - ferrous metals also had different price trends influenced by factors such as tariffs and supply - demand [76][79][84]. - In the shipping and carbon emission market, the container shipping market was in short - term oscillations, the dry bulk freight market showed a positive trend after the holiday, and the carbon price in the domestic market oscillated while the EU carbon price was affected by policies and public opinions [122][124][126]. - In the energy and chemical market, the prices of various products were affected by factors such as geopolitical situations, supply - demand, and cost. For example, crude oil was in high - level oscillations, and asphalt was supported by cost but with weak demand [132][136]. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - After the Spring Festival, the stock index rose across the board, but the trading volume was slightly insufficient. The market showed a clear differentiation, with some sectors rising and others falling. The trading strategy was to be bullish on the trend, buy on dips, and consider arbitrage and option strategies [20][21][23]. Treasury Bond Futures - On Tuesday, the bond futures contracts of various tenors generally strengthened. The central bank's large - scale net withdrawal of short - term liquidity after the holiday and the approaching of the "Two Sessions" affected the bond market sentiment. The trading strategy was to be neutral - bullish and wait and see for arbitrage [25][26][28]. Agricultural Products Protein Meal - The supply increased overall, and the price oscillated. The trading strategy was to short at high levels and wait and see for arbitrage [30][31]. Sugar - The increase in Indian sugar production was revised down, and the international sugar price bottomed out and oscillated. The domestic sugar market was in a bottom - oscillation trend. The trading strategy was to wait and see for arbitrage and sell put options in the short term [32][35][36]. Oilseeds and Oils - The domestic oil market made up for losses and maintained oscillations. The trading strategy was to wait and see for arbitrage and consider reverse arbitrage for some contracts [38][39][40]. Corn/Corn Starch - The spot price in the production area was stable, and the futures price was in high - level oscillations. The trading strategy was to buy on dips for the outer - market corn and short lightly on rallies for domestic corn, and consider expanding the spread between corn and starch [41][43]. Live Pigs - The supply increased gradually, and the price continued to decline. The trading strategy was to buy a small amount of the 05 contract and wait and see for arbitrage [44][46]. Peanuts - The spot price was stable, and the futures price oscillated in a narrow range. The trading strategy was to buy lightly on dips and sell put options [47][48]. Eggs - After the holiday, it entered the off - season, and the egg price was stable with a slight decline. The trading strategy was to short the June contract on rallies and wait and see for arbitrage [50][51][52]. Apples - The market performance varied after the year, with the western region performing slightly better than the eastern region. The trading strategy was to go long on the 5 - month contract on dips and consider a long - 5 short - 10 arbitrage [54][55][56]. Cotton - Cotton Yarn - The fundamentals changed little, and the cotton price was supported. The trading strategy was to go long on dips and wait and see for arbitrage [58][59][60]. Black Metals Steel - There was still pressure on steel after the holiday. The trading strategy was to maintain a weak - oscillation trend, hold short positions, and wait and see for arbitrage [62][63]. Coking Coal and Coke - Coal mines were gradually resuming production. The trading strategy was to consider going long on dips and wait and see for arbitrage [64][65][67]. Iron Ore - The fundamentals continued to weaken, and the ore price was in a weak - running state. The trading strategy was to be bearish and wait and see for arbitrage [70][71]. Ferroalloys - The cost support was strong, and it could be used as a long - position configuration on dips. The trading strategy was to go long on dips and wait and see for arbitrage [72][73][74]. Non - Ferrous Metals Gold and Silver - The macro uncertainties continued, and the prices were in high - level oscillations. The trading strategy was to hold long positions cautiously and consider option strategies [76][79][80]. Platinum and Palladium - Supported by macro and geopolitical factors, platinum could be bought on dips, and palladium could be traded in bands. Consider a long - platinum short - palladium arbitrage [80][81][83]. Copper - Affected by continuous tariff disturbances, the copper price was in a strong - oscillation state. The trading strategy was to be bullish in the long - term and consider option strategies [84][85]. Alumina - After the decline in the supply - side operating rate, the spot price was supported. The trading strategy was to be bullish in the short - term [86][87]. Electrolytic Aluminum - Tariff disturbances did not change the supply - demand support pattern. The trading strategy was to wait and see for both arbitrage and options [89][91][92]. Cast Aluminum Alloy - It oscillated with the aluminum price. The trading strategy was to wait and see for both arbitrage and options [93][95]. Zinc - After the correction stabilized, it could be bought on dips. The trading strategy was to wait and see for both arbitrage and options [96][97]. Lead - It oscillated in a range. The trading strategy was to go long lightly on dips and consider option strategies [99][100]. Nickel - The macro factors dominated the price fluctuations. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [101][103][104]. Stainless Steel - Supported by cost, it followed the nickel price. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [106]. Industrial Silicon - Attention should be paid to the resumption rhythm of large factories. The trading strategy was to rebound in the short - term and short on rallies in the medium - term [107][108]. Polysilicon - Driven by merger news, it might rebound in the short - term, and the spot price should be focused on in the medium - term [110][111]. Lithium Carbonate - The demand was good, and the price was at a high level. The trading strategy was to wait and see [113][115]. Tin - Attention should be paid to macro - policy trends. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [118][120]. Shipping and Carbon Emissions Container Shipping - It was mainly in short - term oscillations, and attention should be paid to Maersk's opening - cabin price. The trading strategy was to wait and see for both single - side trading and arbitrage [121][122][124]. Dry Bulk Freight - After the holiday, the demand recovery drove the spot price to improve. Attention should be paid to the impact of the US Maritime Action Plan. The trading strategy was to wait and see [124][125][126]. Carbon Emissions - The domestic carbon price oscillated, and the EU carbon price was affected by policies and public opinions. The trading strategy was to wait and see [126][127][128]. Energy and Chemicals Crude Oil - The API inventory increased more than expected. The trading strategy was to be bullish on the trend, consider the bullish spread, and buy out - of - the - money call options [132][133]. Asphalt - The cost supported the spot price, but the rigid demand had not recovered. The trading strategy was to go long on the BU2606 contract on dips and wait and see for arbitrage [134][136][137]. Fuel Oil - The high - sulfur supply increased, and the low - sulfur price strengthened in the near - term. The trading strategy was to be bullish on the trend, consider expanding the spread between high - and low - sulfur fuel oil, and wait and see for options [139][140][141]. LPG - It was still dominated by geopolitical factors. The trading strategy was to wait and see for both single - side trading and arbitrage [142]. Natural Gas - It was waiting for geopolitical guidance. The trading strategy was to hold short positions on the HH second - quarter contract and wait and see for both arbitrage and options [145][146][147]. PX & PTA - Driven by cost. The trading strategy was to hold long positions, consider positive arbitrage, and wait and see for options [149][150]. BZ & EB - There was a supply vacuum in the overseas market. The trading strategy was to oscillate and consider reverse arbitrage [151][152]. Ethylene Glycol - There was obvious inventory - accumulation pressure. The trading strategy was to oscillate in a range and wait and see for both arbitrage and options [154][157]. Short - Staple Fiber - The polyester raw materials strengthened. The trading strategy was to be bullish on the price, consider narrowing the processing fee on rallies, and wait and see for options [158]. Bottle Chips - The supply was expected to be tight. The trading strategy was to be bullish on the price and wait and see for both arbitrage and options [160][162]. Propylene - The supply - demand support was acceptable. The trading strategy was to hold long positions and wait and see for both arbitrage and options [163]. Plastic PP - The L plastic was bullish on the trend, and the PP was to wait and see. The trading strategy was to go long on the L 2605 contract on dips and wait and see for both arbitrage and options [165][166]. Caustic Soda - The price was weakening. The trading strategy was to wait and see [168][169]. PVC - It was mainly in oscillations. The trading strategy was to go long on dips and wait and see for both arbitrage and options [170][173]. Soda Ash - The price was bullish on the trend. The trading strategy was to be bullish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [174][175]. Glass - The price was bearish on the trend. The trading strategy was to be bearish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [176][178]. Methanol - It was in a strong - oscillation state. The trading strategy was to go long on dips, consider a 5 - 9 positive arbitrage, and sell put options on corrections [179][180]. Urea - It was rising strongly. The trading strategy was to go long cautiously and wait and see for both arbitrage and options [182][183]. Pulp - The US dollar quotation increased, but the high inventory suppressed the rebound. The trading strategy was to hold long positions and consider option strategies [184][185][187]. Offset Printing Paper - The inventory was high, and the market rebound was limited. The trading strategy was to short on rallies and consider option strategies [188][189]. Logs - The supply and demand were both weak. The trading strategy was to wait and see and consider a 3 - 5 reverse arbitrage [190][192][193]. Natural Rubber and No. 20 Rubber - The gross profit of concentrated latex decreased for consecutive months. The trading strategy was to go long on the RU 05 contract and consider arbitrage strategies [194][196][197]. Butadiene Rubber - The growth rate of butadiene production slowed down. The trading strategy was to short the BR 04 contract lightly and wait and see for both arbitrage and options [198][200][201].

技术面来看，美元兑加元短期呈现温和上行态势。从近期走势看，汇价自2月中旬低位逐步反弹，日内 依托1.3690支撑震荡走高，4小时图显示多头动能温和，短期支撑位于1.3690附近，若有效站稳该位置， 有望进一步测试1.3724前期高位；上方阻力集中在1.3705—1.3724区间，突破后将进一步打开上行空 间，若未能突破则可能重回区间震荡整理。 后市展望，美元兑加元短期仍将维持震荡走强格局，走势取决于美联储政策动向及加拿大经济数据表 现。机构分析认为，美联储与加拿大央行的货币政策分化将继续支撑汇价，但需警惕加拿大经济数据超 预期回暖及美联储官员鸽派讲话带来的回调风险。投资者需重点关注美国通胀数据、美联储及加拿大央 行官员讲话，合理控制仓位与止损。 2026年2月25日，美元兑加元延续震荡走强态势，截至亚市尾盘报1.3702，微涨0.05%，日内交投于 1.3692至1.3705区间。汇价走势主要受美联储与加拿大央行货币政策分化及美元整体偏强格局主导，短 期呈现温和上行态势，多空博弈相对平缓。 基本面核心驱动聚焦美联储与加拿大央行货币政策差异，这一格局持续支撑美元兑加元。美联储方面， 降息预期持续遇冷，1月会议纪 ...

摘要 【行情复盘】春节后首日化工及股市大幅高开，受此提振，橡胶期 价增仓再度挑战前高，假期橡胶海外现货稳中偏强，产地停割对胶 价形成支撑。宏观美国2025年四季度美国GDP增速环比折年率1.4 %，远低于市场预计的2.5%，也低于三季度的修正值4.4%；美国个 人消费支出（PCE）物价指数上涨2.9%，高于前值的2.8%; 美国1 月核心CPI年率如期降至2.5%，创近5年来新低, 从通胀结构来看， 超级核心服务通胀环比增速录得1年以来新高，核心商品本次环比 反弹力度料更大；相对而言现阶段经济的关注高于通胀，降息预期 有所抬升。另一端，美伊对抗进一步升级，美国考虑对伊朗实施有 限的军事打击，同时俄乌谈判未取得实质性进展，原油价格大幅高 开，原油带动合成橡胶出现高开，但需警惕美伊局势变化导致地缘 情绪降温以及宏观避险情绪升温带来原油溢价回吐，此外需要关注 中方对新一轮关税措施的回应情况。 农产品团队 | 作者： | 辛旋 | | --- | --- | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | | 作者： | 宋从志 | | 从业资 ...

今 日 早 评 重点品种： 【短评-白银】美国政府计划利用五角大楼开发的人工智能 项目，为关键矿产制定参考价格，以支撑其构建全球金属贸易 集团的计划，首批将聚焦锗、镓、锑、钨四种金属，随后将逐 步扩大覆盖范围。评：稀有金属需求持续有支撑，但是白银更 多关注黄金的波动，节假日期间市场风险偏好有所减弱，白银 做多力量小于黄金。关注后续美联储政策预期，白银跟随黄金 被动波动，中期暂看高位震荡。关注黄金、白银相互影响。 【短评-黄金】美联储理事库克表示，AI已引发美国劳动力 市场的代际更迭，可能导致失业率上升，美联储可能无法以降 息应对，货币政策可能陷入两难，降息既无法有效应对结构性 失业，又可能推高通胀。评：美联储理事库克及芝加哥联储主 席古尔斯比均表示，只是降息不能解决所有问题，市场对降息 预期有所减弱。黄金进一步上涨动力不足，关注美国关税及地 缘扰动，黄金中期或依然高位震荡。 投资咨询中心 2026年02月25日 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F0255552 期货投资咨询从业证书号：Z0010784 姓名：曹宝琴 邮箱：caobaoqin@nzfco.c ...

张尧浠：金价遇阻获利了结、利好仍在回撤仍可看涨 上交易日周二(2月24日)：国际黄金遇阻回落收跌，受美元走强以及获利了结的影响，再加上多位美联储官员警告通胀依然过高，降息预期大幅降温，拖 累因避险情绪升温推动的金价涨幅，多头动力减弱，但近期走势模式为震荡上移，中东地缘政治紧张局势的反复升温，已成为近期黄金市场的重要推动 力。年内降息前景仍在，故此，行情遇阻回撤，在触及支撑位置也是入场做多的机会。 具体走势上，金价自亚市开于5227.26美元/盎司，直接先行录得日内高点5249.43美元，便遇阻回撤并开始跳水100多美金，之后止跌回升，陷入5160-5186 美元区间震荡盘整，到美盘开盘，又再度跳水触及日内低点5094.07美元，最后触底回升，但受阻于日内区间压力，最终收于5143.70美元，日振幅155.36 美元，收跌83.56美元，跌幅1.6%。 展望今日周三(2月25日)：国际黄金开盘受到均线支撑买盘，有所止跌运行，同时，美元指数早盘反弹动力减缓，也对其产生一定支撑，故此，操作上，5 日或10日均线支撑位，也仍是继续做多入场的位置。 黄金TD=(国际黄金价格x汇率)/31.1035 国际黄金波动1美金， ...