2025年，贵金属无疑是最大赢家，而几乎所有其他传统"避险"投资均表现不佳。在这一年里，市场充斥着动荡、冲突以及对人工智能泡沫的 担忧，这样的结果着实令人瞩目。 全球经济热度高涨，政客力推宽松货币政策，衰退担忧逐渐消退，人工智能狂热席卷市场，再加上地缘政治紧张局势升级，这些因素共同塑 造了今年的市场格局。 然而，受原油供应过剩加剧的拖累，大宗商品综合指数今年表现糟糕。尽管2025年中东地区出现过数次紧张局势，市场也曾担忧原油价格会 飙升至每桶100美元，但实际原油价格同比下跌了20%，目前几乎仅为该水平的一半。 如果投资者担忧全球冲突，那么他们最佳的去处并非公用事业、必需消费品等传统防御性板块，而是国防板块本身。2025年，美国航空航天 与国防股涨幅达36%，欧洲同类股票涨幅更是高达55%，德国及欧洲大陆正加速重整军备。 债券与防御性资产表现滞后 今年以来，大多数其他传统对冲工具和安全资产非但未能起到保护作用，反而成了投资组合的拖累，即便是被一些人吹捧的"数字黄金"年末 也以亏损收官。 债券市场今年同样表现不佳。以美元计价，全球"无风险"政府债券指数下跌约1%，总回报率仅略超6%。涵盖政府债券、超国家债券、机 ...

2025 12 18 来源：上期所，价格：元/克，交易单位：1千克/手，成交量、持仓量及变化单位为手单边计算；成交额单位为万元，单边计算 2 元元 研究咨询：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 GO CM rangua 4 .. childer 图片来源：国金期货行情软件 | | 图 3：上期所黄金期货合约行情图 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交割月份 | 前結算 | 今开盘 | 磨层砂 | 磨喉ሉ | 收盘价 | 结算参考价 | 涨跌1 | 涨跌2 | 成交手 | 成交额 | 持仓手/变化 | | | 商品名称:黄金 | | | | | | | | | | | | | | 2601 | 975.94 | 975.54 | 981.32 | 975.10 | 978.76 | 978.40 | 2.82 | 2.46 | 1 ...

央行预计，泰国经济增长将长期低于潜在水平，2026年GDP增速约为1.5%，2027年回升至2.3%，仍落 后于东南亚其他国家。出口在2025年因"抢出口"效应大幅增长后，2026年增速预计明显放缓至0.6%。通 胀方面，受需求疲弱影响，未来数年仍将低于1%—3%的目标区间。尽管降息有助于降低融资成本、缓 解债务压力，但信贷持续收缩，中小企业流动性承压。央行表示，将继续采取宽松货币政策，并密切关 注泰铢升值对经济的影响。 据泰媒报道，泰国央行货币政策委员会一致决定将政策利率下调25个基点至1.25%，以应对经济持续放 缓。这是自2024年10月以来的第五次降息，累计降幅达125个基点。央行指出，政治不确定性、泰铢大 幅升值、美国加征关税以及区域性洪灾等因素叠加，对经济构成明显压力，当前经济放缓态势较此前更 加清晰。 ...

2025年的牛市，绝对是贵金属，黄金屡次创历史新高，白银、铂金同样如此。显然贵金属的亮眼表现，让大多数机构始料未及，不少大机构连夜为研报"打 补丁"，不过仍然赶不上国际黄金价格的上涨趋势，黄金成投资界"最靓的仔"。 昨日，国际黄金受地缘政治紧张局势恶化和市场对美联储明年进一步降息的预期推动，黄金的价格从开盘价4338.60到停盘价4443.69。尤其是今日，开盘同 样疯狂，目前黄金价格最高点4491.12。这种行情如同4月和10月的逼空拉升手法相似，大概率是在提前消化委内瑞拉事件。 目前，交易员们预计美联储将在2026年降息两次，尽管美国总统特朗普一直主张大幅降息，但上周美国公布的一系列经济数据未能为前景提供更清晰的指 引。对于不支付利息的黄金来说，宽松的货币政策无疑是一大利好。 地缘政治紧张局势也增强了贵金属的避险吸引力。美国加强了对委内瑞拉的石油封锁，加大了对马杜罗政府的压力，与此同时，乌克兰首次在地中海袭击了 一艘来自俄罗斯"影子船队"的油轮，中东局势也开始紧张。 贵金属市场正在结束一个具有历史意义的一年，黄金将创下1979年以来最大的年度涨幅。黄金价格飙升了约三分之二，这主要得益于各国央行购买量的增加 ...

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - For the overall market, although there is uncertainty at the end of the year, the policy support for the capital market remains unchanged. In the medium and long - term, the idea of buying on dips is the main strategy [4]. - Different commodities have different market trends and investment strategies. For example, precious metals are expected to show strong performance; some metals like copper and aluminum have certain price support but also face resistance; and some agricultural products like sugar are expected to be bearish in the long - term but with short - term uncertainties [7][11][86]. Summary by Category Macro - Financial Stock Index - **Market Information**: Li Qiang plans major projects; the Ministry of Commerce imposes temporary anti - subsidy measures on EU dairy products; spot gold hits $4400/oz, up nearly 68% this year; Goldman Sachs expects a bull market in Chinese stocks next year, with corporate earnings potentially growing 14% in 2026 and 12% in 2027, and the stock market may rise 38% by the end of 2027 [2]. - **Strategy Viewpoint**: At the end of the year, some funds cash in on profits, and the market faces uncertainty. But in the long - run, it is advisable to buy on dips [4]. Treasury Bonds - **Market Information**: On Monday, TL, T, TF, and TS main contracts had different declines; the 12 - month LPR remained unchanged; the central bank issued 40 billion yuan of 6 - month RMB central bank bills in Hong Kong; there was a net withdrawal of 6.36 billion yuan in liquidity on Monday [5]. - **Strategy Viewpoint**: The unchanged LPR is in line with expectations. The economy has stable production but weak service and demand. There is still an expectation of interest rate cuts. The bond market is expected to oscillate in the short - term, and attention should be paid to the supply - demand relationship repair and rebound [6]. Precious Metals - **Market Information**: Shanghai gold rose 1.60%, silver rose 2.30%; COMEX gold and silver had corresponding prices; the Fed's attitude towards interest rate cuts changed, and the Bank of Japan's policy statement affected the market [7]. - **Strategy Viewpoint**: The release of overseas central bank policy risks boosts market sentiment. Gold and silver prices are expected to be strong. It is recommended to hold long positions, with reference price ranges for Shanghai gold and silver [7]. Non - Ferrous Metals Copper - **Market Information**: The unchanged LPR and strong precious metals prices pushed copper prices up. LME inventory decreased, and domestic inventories and premiums had corresponding changes [9]. - **Strategy Viewpoint**: The Fed's loose policy and strong precious metals support copper prices. But there is resistance due to the higher - than - expected 2026 copper concentrate processing fee and weak November consumption. The price is expected to oscillate [11]. Aluminum - **Market Information**: Domestic aluminum inventories increased, and prices oscillated down. LME inventory was flat, and premiums had corresponding changes [12]. - **Strategy Viewpoint**: Overall inventory is relatively low, and there is support from overseas supply disruptions and the precious metals market. But there are pressures from tariff hikes and the off - season. The price is expected to oscillate and rise [13]. Zinc - **Market Information**: Shanghai zinc index rose, and LME zinc also had a price increase. There were corresponding changes in inventories, premiums, and other indicators [14]. - **Strategy Viewpoint**: The shortage of domestic zinc ore is expected to ease. The price is expected to be weak in the medium - term but may rise in the short - term due to macro - sentiment [14]. Lead - **Market Information**: Shanghai lead index rose, and LME lead also increased. There were changes in inventories, premiums, and other aspects [15]. - **Strategy Viewpoint**: Domestic lead supply is tightening, and the price is expected to be strong in a wide - range in the short - term [15]. Nickel - **Market Information**: Nickel prices rebounded sharply. Spot premiums and cost - end prices had corresponding changes [16]. - **Strategy Viewpoint**: The oversupply pressure is still large, but the bottom may have been reached. It is recommended to wait and see in the short - term [17]. Tin - **Market Information**: Shanghai tin main contract price declined. The smelting enterprises in Yunnan and Jiangxi had different production situations, and the demand was weak [18]. - **Strategy Viewpoint**: The demand is weak, and the supply is expected to improve. The price is expected to fluctuate with market sentiment. It is recommended to wait and see [19]. Carbonate Lithium - **Market Information**: The spot index and futures contract price of carbonate lithium increased [20]. - **Strategy Viewpoint**: The supply pressure is relieved, and the bullish trend is not over. It is recommended to wait and see or buy options lightly [21]. Alumina - **Market Information**: The alumina index declined, and there were changes in positions and premiums [22]. - **Strategy Viewpoint**: The ore price is expected to decline, and the over - capacity pattern of alumina is hard to change. It is recommended to wait and see in the short - term [23]. Stainless Steel - **Market Information**: The stainless steel main contract price rose, and there were changes in positions and spot prices [24]. - **Strategy Viewpoint**: The reduction of Indonesia's nickel ore production target affects the market. The actual spot trading is light. It is recommended to wait and see and pay attention to policy implementation [24]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated. There were changes in positions, trading volume, and prices [25]. - **Strategy Viewpoint**: The cost is firm, and there are supply disruptions. The price is expected to fluctuate within a range [26]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil increased. There were changes in positions, spot prices, and inventories [28]. - **Strategy Viewpoint**: The steel market oscillates. The terminal demand is weak, and the steel price is expected to oscillate at the bottom. The winter storage willingness is not strong [29]. Iron Ore - **Market Information**: The iron ore main contract price rose. There were changes in positions and spot prices [30]. - **Strategy Viewpoint**: The overseas iron ore shipment decreased, and the demand for iron water declined. The port inventory increased, and the steel mill inventory was at a low level. The price is expected to oscillate [31]. Glass and Soda Ash - **Market Information**: The glass main contract price declined, and the inventory increased. The soda ash main contract price also declined, and the inventory increased [32][34]. - **Strategy Viewpoint**: The glass demand is weak, and the market is expected to oscillate narrowly. The soda ash demand is weak, and it is advisable to short - sell [33][34]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon increased. There were changes in spot prices and premiums [35]. - **Strategy Viewpoint**: The market macro - sentiment is stable. The future market is affected by the black market trend, cost, and supply. Attention should be paid to manganese ore and "dual - carbon" policies [39]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon main contract price declined. The polysilicon main contract price also declined. There were changes in positions, spot prices, and inventories [40][42]. - **Strategy Viewpoint**: The industrial silicon supply may decrease, and the demand is weak. The polysilicon production is expected to decline, and the demand is weak. The prices are expected to fluctuate [41][43]. Energy and Chemicals Rubber - **Market Information**: The rubber price oscillated. There are different views on the market from bulls and bears. The tire enterprise operating rates and inventories had corresponding changes [45][46][47]. - **Strategy Viewpoint**: It is recommended to operate short - term and hedge partially [50]. Crude Oil - **Market Information**: The INE main crude oil futures and related refined oil futures prices increased. The European ARA refined oil inventories had different changes [51]. - **Strategy Viewpoint**: It is not advisable to be overly bearish on oil prices in the short - term. It is recommended to wait and see [52]. Methanol - **Market Information**: The regional spot and main futures prices of methanol had corresponding changes [53]. - **Strategy Viewpoint**: After the bullish factors are realized, the market will consolidate. The port pressure remains, and it is recommended to wait and see [54]. Urea - **Market Information**: The regional spot and main futures prices of urea had corresponding changes [55]. - **Strategy Viewpoint**: The demand has improved, and the supply is expected to decline seasonally. It is recommended to buy on dips [56]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene increased. There were changes in premiums, inventories, and operating rates [57]. - **Strategy Viewpoint**: The non - integrated profit of styrene has room for repair. It is advisable to go long on the non - integrated profit before the first quarter of next year [58]. PVC - **Market Information**: The PVC05 contract price declined. There were changes in spot prices, costs, operating rates, and inventories [59]. - **Strategy Viewpoint**: The supply is strong, and the demand is weak. It is recommended to short - sell in the medium - term [61]. Ethylene Glycol - **Market Information**: The EG05 contract price declined. There were changes in supply, demand, inventories, and profits [62]. - **Strategy Viewpoint**: The supply is expected to improve, but the inventory is high. Attention should be paid to the risk of price rebound [63]. PTA - **Market Information**: The PTA05 contract price increased. There were changes in operating rates, inventories, and processing fees [64]. - **Strategy Viewpoint**: The supply has high maintenance, and the demand will decline. It is advisable to go long on dips [65]. p - Xylene - **Market Information**: The PX03 contract price increased. There were changes in operating rates, inventories, and valuations [66][67]. - **Strategy Viewpoint**: The PX inventory is expected to increase slightly in December. It is advisable to go long on dips [68]. Polyethylene (PE) - **Market Information**: The PE main contract price declined. There were changes in spot prices, operating rates, and inventories [69]. - **Strategy Viewpoint**: The PE valuation has limited downward space. It is advisable to go long on the LL5 - 9 spread [70]. Polypropylene (PP) - **Market Information**: The PP main contract price declined. There were changes in spot prices, operating rates, and inventories [71]. - **Strategy Viewpoint**: The supply pressure is large, and the demand is seasonally weak. The inventory pressure is high. The market may be supported in the first quarter of next year [72]. Agricultural Products Hogs - **Market Information**: The domestic hog prices fluctuated. The demand after the Winter Solstice decreased but still supported the price [74]. - **Strategy Viewpoint**: The demand has decreased marginally, but the supply is large. It is recommended to short - sell on rebounds in the short - term and pay attention to the long - term support [75]. Eggs - **Market Information**: The national egg prices were mostly stable. The supply was normal, and the market trading was tepid [76]. - **Strategy Viewpoint**: The spot price is expected to squeeze the premium. It is recommended to short - sell on rebounds in the short - term and pay attention to the long - term pressure [77]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price increased. The domestic soybean meal price increased, and there were changes in inventories and压榨量 [78]. - **Strategy Viewpoint**: The import cost has a bottom, and the soybean meal is expected to oscillate [80]. Oils - **Market Information**: The Malaysian palm oil production and export data had different changes. The domestic oil prices rebounded [81]. - **Strategy Viewpoint**: The palm oil supply is large in the short - term but may reverse in the first quarter of next year. It is recommended to operate based on high - frequency data [82]. Sugar - **Market Information**: The Zhengzhou sugar futures price rebounded. The spot prices of different regions had corresponding changes. The import and production data of different countries had different changes [83][84][85]. - **Strategy Viewpoint**: The global sugar supply is expected to be in surplus. It is advisable to be bearish in the long - term but wait and see in the short - term [86]. Cotton - **Market Information**: The Zhengzhou cotton futures price increased. The spot price increased, and there were changes in import, inventory, and operating rate data [87][88]. - **Strategy Viewpoint**: The demand is not bad after the peak season. The price is unlikely to have a unilateral trend [89].

贵金属日报 2025-12-23 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 【行情资讯】 图 1：金银重点数据汇总 | 金银重点数据汇总 | | 单位 | 2025-12-22 2025-12-19 | | | 日度变化 日度涨跌幅 近一年历史分位数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 黄金 | | COMEX报告区间为: | 2025-12-22 2025-12-19 | | | | | | 收盘价（活跃合约） | | 美元/盎司 | 4480.60 | 4368.70 | 上涨 | 2.56% | 99.60% | | 成交量 | | 万手 | 19.85 | 16.12 | 上涨 | 23.16% | 49.20% | | COMEX黄金 | 持仓量（CFTC最新报告期：周) 万手 | | 43.26 | 41.85 | 上涨 | 3.36% | 7.54% | | 库存 | | 吨 | 1123 ...

第四件事事关马斯克。他的SpaceXIPO进程迎来了摩根士丹利牵头，这可是个大动作。然而，周末马斯 克的星链卫星突发罕见事故，这让市场对SpaceX的预期产生了波动。那么，这些顶级投行是否会因此 降低对SpaceX的预期呢？明天商业航天板块会不会面临风险呢？ 今天，我想和大家聊聊周末发生的一些大事，这些事情可能会对我们的投资产生重要影响。 最后一件事，也是最重要的，和在座的2亿股民息息相关。2025年券商处罚大数据显示，已经有326张罚 单涉及73家券商公司。这对散户来说，可能是一个利好消息。因为这意味着市场的监管更加严格，市场 的环境也会更加健康。 首先，第一个消息和外围市场有关。美联储最新主席的人选可能会提前公布。这意味着什么呢？如果新 主席的政策倾向更偏向宽松，那么明年美联储降息的幅度可能会进一步增加。这对A股市场来说，可能 会带来更多的外资流入，提升市场的整体估值。 第二个消息是周末的热点，咱们的机器人行业直接火出了圈。王力宏演唱会上，机器人完成了高难度的 空翻表演，马斯克还转发了这一视频，让全球都印象深刻。同时，咱们中国的机器人还在世界格斗机器 人大赛中夺冠，这说明咱们在机器人赛道上已经达到了世界领 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The weak non - farm employment and inflation data in the US have boosted the expectation of interest rate cuts. It is recommended to hold long positions in gold, with the reference operating range of the main Shanghai gold contract being 940 - 1002 yuan/gram. For silver, due to the significant increase in the early stage during the Hassert nomination process, it is advisable to maintain a wait - and - see attitude, and pay attention to the risk of short - term sharp fluctuations. The reference operating range of the main Shanghai silver contract is 13918 - 16000 yuan/kilogram [3] 3. Summary by Related Catalogs Market Quotes Information - Shanghai gold rose 0.02% to 980.20 yuan/gram, and Shanghai silver fell 1.42% to 15228.00 yuan/kilogram. COMEX gold was reported at 4363.90 US dollars/ounce, and COMEX silver was reported at 65.45 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.12%, and the US dollar index was reported at 98.44 [2] - The inflation data released by the US Bureau of Labor Statistics yesterday was significantly lower than expected, which boosted the market's pricing of the Fed's subsequent loose monetary policy and supported the prices of gold and silver. The year - on - year CPI in the US in November was 2.7%, significantly lower than the expected 3.1%, and the year - on - year core CPI was 2.6%, significantly lower than the expected 3%. The housing rent, which accounts for the highest proportion, showed a significant decline. The year - on - year CPI of out - of - home accommodation was - 4.1%, significantly lower than - 0.1% in September, which also caused the year - on - year CPI of housing to fall from 3.5% in September to 3%. The housing rent CPI accounts for 35% of the overall CPI, which is an important reason for the significant decline in this inflation data [2] - The US labor market showed weakness. The number of newly added non - farm employment in the US in November was 64,000, higher than the expected 50,000, but the newly added non - farm employment data in October recorded a decline of 105,000 [3] - With the weakening of both employment and inflation data in the US, the current CME interest rate observer shows that the market's probability expectation of a 25 - basis - point interest rate cut by the Fed in January next year is 26.6%, and the probability of a cumulative 25 - basis - point interest rate cut by March is 46.8% [3] Key Data Summary of Gold and Silver - For gold, the closing price of the active COMEX contract decreased by 0.17% to 4363.90 US dollars/ounce; the trading volume increased by 11.14% to 228,600 lots; the position volume decreased by 3.34% to 418,500 lots; the inventory increased by 0.22% to 1122 tons. The closing price of LBMA gold increased by 0.41% to 4342.10 US dollars/ounce. The closing price of the active Shanghai Futures Exchange (SHFE) contract increased by 0.08% to 980.50 yuan/gram; the trading volume decreased by 9.26% to 318,400 lots; the position volume increased by 1.15% to 349,800 lots; the inventory decreased by 0.01% to 91.72 tons; the settled funds increased by 1.23% to 54.873 billion yuan. The closing price of AuT + D increased by 0.18% to 974.68 yuan/gram; the trading volume decreased by 14.24% to 42.67 tons; the position volume increased by 0.92% to 219.11 tons [5] - For silver, the closing price of the active COMEX contract decreased by 1.49% to 65.45 US dollars/ounce; the position volume increased by 4.35% to 150,800 lots; the inventory increased by 0.05% to 14095 tons. The closing price of LBMA silver increased by 4.71% to 65.95 US dollars/ounce. The closing price of the active SHFE contract increased by 0.06% to 15,521.00 yuan/kilogram; the trading volume decreased by 4.76% to 2,736,200 lots; the position volume decreased by 1.94% to 783,300 lots; the inventory increased by 0.03% to 912.16 tons; the settled funds decreased by 1.88% to 32.824 billion yuan. The closing price of AgT + D increased by 0.05% to 15,463.00 yuan/kilogram; the trading volume decreased by 31.79% to 900.98 tons; the position volume decreased by 3.71% to 3622.722 tons [5] Price Difference Information - For gold, the SHFE - COMEX price difference was - 5.30 yuan/gram or - 23.40 US dollars/ounce, and the SGE - LBMA price difference was 1.02 yuan/gram or 4.50 US dollars/ounce [50] - For silver, the SHFE - COMEX price difference was 817.72 yuan/kilogram or 3.62 US dollars/ounce [50]

在当前的宽松货币政策环境下，贵金属期货市场呈现出一个长期核心逻辑清晰，但短期多空因素交织的 复杂局面。黄金和白银虽同为贵金属，但其驱动逻辑和市场表现存在显著差异。 为了让你更清晰地把握两者的不同，下面汇总了它们在当前环境下的核心逻辑、市场表现和潜在风险： 黄金 核心逻辑 "去美元化"与信用对冲：央行持续购金、美国债务问题引发的美元信用担忧是其根本驱动 力。 趋势性强：被视为长期趋势行情。机构预测，在央行持续购买和美联储持续宽松的背景下，金价有潜力 继续上涨。 全球央行购金：这是最坚实的长期需求来源。 货币政策预期变化：若美联储放缓降息步伐或美元意外走强，可能抑制金价。 白银 金融与工业属性共振：除跟随黄金的金融属性外，新能源（如光伏）等产业需求提供了额外支撑。 波动性大、弹性强：由于市场规模较小且存在结构性供需缺口，价格上涨时涨幅往往超越黄金。 长期供需失衡：显性库存处于历史低位，远低于安全边界，构成了价格的基本支撑。 短期逼仓风险消退：交割月过后，由空头回补带来的极端上涨动力可能减弱。 日本央行加息：可能引发全球资金回流，造成流动性冲击和短期波动。 未来走势猜想：情景展望 基于以上逻辑，对两种贵金属未来可能 ...

专题：ATFX外汇专栏投稿 12月18日，ATFX汇评：今日20：00，英国央行将公布12月利率决议结果，主流预期认为将降息25基 点，基准利率从4%下降至3.75%。今年9月和10月的利率决议，英国央行均选择按兵不动。虽然市场预 期英国央行会在本周降息，但考虑到政策惯性，本周利率决议仍有可能继续按兵不动。降息将冲击英镑 币值，而超预期的结果将对英镑币值形成显著提振。 ▲ATFX图 英国央行降息的主要压力来自于劳动力市场。英国央行政策制定者梅根格林本月初表示："需要看到劳 动力市场进一步恶化（才能支持降息）"。自2024年8月份以来，英国的失业率不断升高，从4%一路攀 升至今年10月份的5.1%。上一次英国出现就业率在5%以上，还是在2021年5月份，也就是疫情期间。当 前的失业率数据与疫情期间持平，足见英国的就业市场已经进入非常糟糕的局面。 据英国劳动力市场统计主管分析，就业疲软的原因是"私营部门就业增长乏力，而裁员活动显著增 加。"与美国移民政策和AI替代导致的就业减少不同，英国的就业市场危机更像是宏观经济衰退导致的 系统性问题。美国正在依靠宽松货币政策提振就业市场，英国大概率也将遵循着货币政策路径进行宏 ...