Market Overview - The A-share market showed mixed performance on December 10, with the Shanghai Composite Index down by 0.23% to 3900.50, while the Shenzhen Component Index rose by 0.29% to 13316.42. The ChiNext Index decreased by 0.02% to 3209.00 [1][2]. - The total market turnover was 1.79 trillion yuan, a decrease of 126.1 billion yuan compared to the previous trading day, with over 2800 stocks declining [1][2]. Sector Performance - The Hainan sector continued to perform strongly, with stocks like Hainan Development, Luoniushan, and Hainan Ruize hitting the daily limit [3]. - The retail sector was active, with Yonghui Supermarket achieving three consecutive limit-ups, and Maoye Commercial and Central Plaza achieving two consecutive limit-ups [3]. - The real estate sector saw significant gains, with stocks like Shilianhang and Vanke A hitting the daily limit [3]. - The CPO sector showed strong performance, with stocks such as Lianang Micro, Zhongci Electronics, and Changfei Fiber hitting the daily limit. The leading CPO stock, Xinyi Sheng, reached a historical high with a market cap exceeding 430 billion yuan, closing with a gain of over 3% [3]. Individual Stock Highlights - Moer Thread saw its intraday gains reach 27%, closing at 735 yuan per share, with a market cap of 345.5 billion yuan. It is now ranked fourth among A-share chip concept stocks, following SMIC, Cambrian, and Haiguang Information [5]. - In the precious metals market, spot silver reached a new historical high of 61.607 USD per ounce, with a year-to-date increase of 112%, while gold increased by 60%, indicating that silver's growth is nearly double that of gold [5][6].

Group 1 - Silver prices have reached a historic high, with spot silver hitting $61.469 per ounce on December 10, marking the first time it has surpassed $61 per ounce. The year-to-date increase in silver prices is 112%, compared to a 60% increase in gold prices, making silver the best-performing investment of the year [2][11] - COMEX silver prices have also exceeded $62 per ounce, while the Shanghai Futures Exchange's main silver contract reached a peak of 14,388 yuan per kilogram, with an increase of over 5%. This marks the eighth consecutive month of price increases for silver [2][11][15] Group 2 - The demand for precious metals has surged in recent months, driven by rising debt levels in major Western economies and increased risks of currency devaluation. Silver, being more sensitive to changes in the dollar due to its smaller market size, has attracted investors seeking lower-cost safe-haven assets [4][12] - Analysts expect strong industrial demand for silver in the coming years, which is contributing to rising prices. Factors such as tight supply, declining global inventories, and the Federal Reserve's anticipated interest rate cuts are also supporting silver prices [4][12] Group 3 - Predictions indicate a structural supply gap of approximately 95 million ounces in the global silver market by 2025, marking the fifth consecutive year of supply shortages. Global silver supply is expected to remain stable at around 813 million ounces, while total demand is projected to decline by about 4% to 1.12 billion ounces [6][16] - The demand for silver in the photovoltaic industry is expected to be a long-term support factor, with the International Energy Agency forecasting an increase in solar capacity that will drive silver demand up by nearly 150 million ounces annually by 2030 [6][16] Group 4 - The market anticipates a high probability of a 25 basis point rate cut by the Federal Reserve in December, with estimates around 87.6%. This expectation is likely to continue boosting market sentiment towards silver [5][13][17] - Despite the significant year-to-date increase in silver prices, the market has entered an overbought territory, which may lead to heightened sensitivity to macroeconomic data. The current gold-silver ratio indicates potential for further correction [8][17][18] Group 5 - The largest silver ETF, SLV, has seen its holdings increase to 15,973.16 tons, reflecting a rise of 84.62 tons from the previous day, maintaining a high level of investment interest [9][18]

不过，需要注意的是，LBMA金库中约78%的白银实际上被实物白银ETP（交易所交易产品）锁定，并 非全部都能流向现货市场。中国方面，上海期货交易所和保税区库存却出现明显下降，显示亚洲实物需 求依然强劲。 【最新白银期货行情解析】 即将落幕的美联储货币政策会议。市场普遍预期，美联储将在12月11日宣布降息25个基点。 尽管最新公布的JOLTS职位空缺数据略超预期，使降息概率小幅回落至87.4%，但并未削弱投资者对贵 金属的追捧。历史上，利率下行往往利好无息资产，叠加当前西方主要经济体债务高企、货币贬值风险 上升，资金正加速流入黄金和白银市场。 另外2025年以来，伦敦LBMA金库白银库存累计增加1447吨，纽约Comex库存增加4311吨，伦敦库存与 Comex库存之比升至1.91，创下年内新高。 今日周三(12月10日)欧盘时段，白银期货目前交投于14185一线上方，今日开盘于13761元/千克，截至发 稿，白银期货暂报14321元/千克，上涨5.05%，最高触及14388元/千克，最低下探13735元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 沪银本周 ...

【#银价为何历史性暴涨##银价已暴涨110%#】隔夜，国际白银价格突破了每盎司60美元的关口，创下 历史新高。背后的推动因素之一，就是市场对美联储本周的降息预期在逐渐升温。当地时间周二，在美 联储利率决议前夕，贵金属集体走高，国际白银现货和期货隔夜均上涨约4%，双双突破了每盎司60美 元的关口，创下历史新高。明年三月到期的COMEX白银期货隔夜收于每盎司60.84美元。亚洲早盘阶段 继续攀升，截至北京时间早上9点，徘徊在每盎司61.2美元附近。同样亚洲早盘阶段，白银现货则是徘 徊在每盎司60.7美元附近，今年迄今为止白银现货已经上涨超110%。明年二月到期的COMEX黄金期货 隔夜小幅上涨，收于每盎司4236.2美元，今年迄今为止上涨约60%。长期来看，支撑银价的因素包括： 持续的供应紧张、工业和投资需求旺盛等等；而短期上，市场的焦点则是集中在美联储的利率决议上， 分析普遍认为，美联储大概率会在本周降息，利率下降利好不产生利息的贵金属。 来源：@央视财经微博 ...

周二美盘交易时段，贵金属集体走高，而受到供应紧缺推动的白银则飙升至史无前例的每盎司60美元。 截至发稿，纽约期银及现货白银日内涨幅均超4%，分别至61美元/盎司及60美元/盎司上方，今年迄今， 银价已经上涨了近110%。 现货黄金上涨0.6%，至每盎司4215美元；美国2月交割的黄金期货上涨0.6%，至4244.80美元。 其他贵金属方面，现货钯金日内涨幅扩大至2.00%，现报1502.12美元/盎司；现货铂金上涨3%，至每盎 司1692.10美元。 从现货层面来看，在两个月之前，伦敦白银库存由于现货难以满足交割，拉高了欧洲的白银现货升水， 对国内白银现货形成贸易流驱动。国内白银现货市场出现吃紧，国内白银期货市场三年来首次出现现货 升水和近月升水格局。美国白银市场也面临12月交割的问题，实物交割紧张或进一步推动白银价格上 涨。 国际投行瑞银已将2026年白银目标价上调至58美元/盎司至60美元/盎司，甚至不排除触及65美元/盎司的 可能；美国花旗与渣打则预测2025年第四季度至2026年第一季度，白银价格将稳定在55美元/盎司以 上。 当前，全球白银市场呈现高价格、高波动率。专家表示，在当前高波动环境下，尤其 ...

Core Viewpoint - Silver prices have surged significantly, reaching historical highs, driven by strong industrial demand and expectations of interest rate cuts by the Federal Reserve [1][2][4][10]. Price Movement - As of December 10, 2023, spot silver hit a record high of $61.469 per ounce, marking the first time it surpassed $61 [1]. - Year-to-date, silver has increased by 112%, outperforming gold, which rose by 60% [2]. - COMEX silver prices exceeded $62 per ounce, while the Shanghai Futures Exchange saw silver contracts peak at 14,388 yuan per kilogram, with an increase of over 5% [2][7]. Demand and Supply Dynamics - There has been a significant rise in demand for precious metals due to increasing debt levels and currency devaluation risks in major Western economies [4]. - Silver's smaller market size makes it more sensitive to changes in the dollar, leading to higher volatility compared to gold [4]. - Industrial demand for silver is expected to remain strong, particularly driven by the solar energy sector, which is projected to increase silver demand by nearly 150 million ounces annually by 2030 [9]. Market Expectations - The market anticipates that the Federal Reserve will cut interest rates by 25 basis points in December, with a probability of 87.6% [5]. - Analysts suggest that the current momentum in silver prices is supported by tight supply conditions, declining global inventories, and the inclusion of silver in the U.S. critical minerals list [4][10]. Future Outlook - The silver market is expected to face a structural supply deficit of approximately 95 million ounces by 2025, with supply growth remaining limited [8]. - Despite the significant price increase, there are concerns about potential market corrections due to high volatility and sensitivity to macroeconomic data [11]. - Analysts predict that silver prices will continue to exhibit a strong upward trend, supported by low inventories and resilient industrial demand [13]. Investment Trends - The largest silver ETF, SLV, reported a holding of 15,973.16 tons, reflecting a recent increase, indicating sustained investor interest [14]. - The silver market's volatility is higher than that of gold, suggesting that economic and geopolitical risks will continue to influence silver prices [14].

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 德邦证券指出，过去两周全球大宗商品迎来普遍上涨，贵金属与有色金属表现强势，其中银价领涨。国 内商品市场同样呈现涨多跌少格局，有色金属板块表现突出。在美联储降息预期升温的背景下，美元走 弱进一步支撑了以美元计价的大宗商品价格。贵金属作为传统避险资产，在流动性宽松预期下获得资金 青睐。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 ...

截至今日凌晨，纽约期银及现货白银日内涨幅均超4%，分别至61美元/盎司及60美元/盎司上方，今年迄 今，银价已经上涨了近110%。 与此同时，现货黄金上涨0.6%，至每盎司4215美元；美国2月交割的黄金期货上涨0.6%，至4244.80美 元。 其他贵金属方面，现货钯金日内涨幅扩大至2.00%，现报1502.12美元/盎司；现货铂金上涨3%，至每盎 司1692.10美元。 近几个月来，投资者对贵金属的需求大幅上升，部分原因是西方主要经济体债务水平攀升及货币贬值风 险上升。 12月9日晚间，黄金小幅走高，白银则攀升至历史新高。现货白银首次站上60美元/盎司的心理关口，纽 约期银也首次站上60美元/盎司，沪银主力合约现涨幅超过3%，最高涨至14086元/千克，续创历史新 高。 纽约白银 CFD(2603) く T 開 SI 60.38 +1.98 +3.39% 12-09 23:49:18 60.55 持仓量 今开 58.52 最高 振幅 4.37% 最低 57.99 美元指数 99.2432 +0.1444% 月K 分时 五日 日K 圖K 曲号 均价:59.26 最新:60.39 +1.98 +3.39% 6 ...

贵金属日报 2025-12-10 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金涨 0.20 %，报 955.82 元/克，沪银涨 3.55 %，报 14116.00 元/千克；COMEX 金报 4238.90 美元/盎司，COMEX 银报 61.41 美元/盎司； 美国 10 年期国债收益率报 4.18%，美元指数报 99.23 ； 昨日美联储主席热门候选人哈塞特表态转向鸽派，驱动贵金属，尤其是白银价格表现极为强势。 美联储主席热门候选人哈塞特在被问及"若被提名为新任联储主席，是否会进行大幅降息？" 的问题时表示"当前具备这么做的条件"，与其前几日的偏谨慎表态相比出现较大转变。 而在本周，特朗普将启动最后一轮美联储主席面试，候选人包括当前最热门的哈塞特、美联储 前理事凯文沃什、现任联储理事鲍曼以及贝莱德的里克里德尔。而在采访中，特朗普也明确表 示"是否快速降息是新任美联储主席人选的试金石"。 【策略观点】 在特朗普进行面试的同时，美联储也将会在明天凌晨两点召开 12 月议息会 ...

近几个月来，投资者对贵金属的需求大幅上升，部分原因是西方主要经济体债务水平攀升及货币贬值风险上升。 据报道，交易员正关注美联储周三备受期待的利率决议——这也是今年最后一次议息会议。市场押注，美联储将像9月和10月会议那样，再次将联邦基金 目标利率下调25个基点。根据芝商所FedWatch工具的数据，利率期货目前显示本次降息的概率约为87%，高于一个月前不足67%的水平。 分析师表示："虽然现在降息几乎已经是板上钉钉，但美联储公布的经济预测，以及鲍威尔主席的表态，将在很大程度上决定市场的反应——不仅是本周 的走势，甚至可能为整个12月定下基调。在近期股市和加密资产回调之后，偏好风险资产的投资者希望，美联储能为年底行情'加点润滑油'，而不是给刚 刚出现的反弹泼冷水。" 9日晚间，黄金小幅走高，白银则攀升至历史新高。现货白银首次站上60美元/盎司的心理关口，纽约期银也首次站上60美元/盎司，沪银主力合约现涨幅 超过3%，最高涨至14086元/千克，续创历史新高。 截至发稿，纽约期银及现货白银日内涨幅均超4%，分别至61美元/盎司及60美元/盎司上方，今年迄今，银价已经上涨了近110%。 图源：千图网 与此同时，现货 ...