1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Gold prices are expected to be volatile and strong in the short - term, fluctuate at high levels in the medium - term, and rise step - by - step in the long - term. The core logic includes short - term risk aversion due to geopolitical risks and the existence of interest - rate cut expectations, and the influence of factors in terms of risk - aversion, monetary, and commodity attributes [1]. - The price trend of gold is the anchor for the price of silver. In terms of the capital side, the net long position of CFTC silver has recently been reduced again, and the iShare silver ETF has slightly increased its position. In terms of inventory, the recent explicit inventory of silver has slightly decreased [5]. 3. Summary According to Relevant Catalogs Gold - **Price Performance**: International prices such as Comex gold and London gold, and domestic prices like Shanghai gold futures and gold T + D all showed increases. For example, Comex gold rose 0.76% from the previous day and 2.40% from the previous week [2]. - **Position and Inventory**: Comex gold positions remained unchanged compared to the previous week, while Shanghai gold futures positions increased by 127.87%. Some inventories decreased, such as Comex gold inventory which decreased by 1.08% compared to the previous week [2]. - **Strategy**: For gold, conservative investors are advised to wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [3]. Silver - **Price Performance**: International prices of Comex silver and London silver, and domestic prices of Shanghai silver futures and silver T + D all increased. For instance, Comex silver rose 1.16% from the previous day and 2.39% from the previous week [5]. - **Position and Inventory**: Comex silver positions remained unchanged compared to the previous week, while Shanghai silver futures positions increased by 13.23%. Some inventories decreased, like the explicit inventory which decreased by 0.74% compared to the previous week [5]. - **Strategy**: Similar to gold, conservative investors should wait and see, and aggressive investors can adopt a high - selling and low - buying strategy. Position management and strict stop - loss and take - profit are recommended [5]. Fundamental Key Data - **Monetary Attributes**: The federal funds target rate, discount rate, and reserve balance rate all decreased by 0.25%. The Fed's total assets decreased by 0.00%. The ten - year US Treasury real yield, dollar index, and other indicators showed certain changes [7]. - **Inflation**: US inflation indicators such as CPI, core CPI, PCE price index showed different degrees of changes compared to the previous period [9]. - **Economic Growth**: US economic growth indicators including GDP, unemployment rate, and non - farm payrolls had corresponding changes [9]. - **Other Aspects**: There were also changes in data related to the labor market, real estate market, consumption, industry, trade, and economic surveys. In addition, data on central bank gold reserves, risk - aversion attributes, and commodity attributes were also presented [9][10]. Fed's Latest Interest Rate Expectations The probability of the Fed cutting interest rates in December 2025 to the range of 350 - 375 basis points is 82.9%. The probability distribution of interest - rate ranges in subsequent meetings also shows different trends [11].

摘要今日周三（11月26日）亚盘时段，现货黄金目前交投于4160美元附近，截至发稿，现货黄金最新报 4160.70美元/盎司，涨幅0.75%，最高上探至4169.20美元/盎司，最低触及4129.07美元/盎司。目前来 看，现货黄金短线偏向看涨走势。 针对美国24日将委"太阳集团"列为"外国恐怖组织"（指其由马杜罗及政府高层领导），委外长希尔驳斥 称该组织不存在，谴责美方借此抹黑。近期，美国以"缉毒"为名在委附近加勒比海域部署多艘军舰；9 月初至今，美军在加勒比海和东太平洋击沉超20艘所谓"贩毒船"，致80余人死亡。但美国缉毒署近年报 告显示，委并非流入美毒品主要来源地。 委政府多次指责，美国意图通过军事威胁策动其政权更迭，并在拉美推进军事扩张。 【最新现货黄金行情解析】 经济不确定性、地缘动荡与市场对美联储持续宽松的预期，仍将在短期支撑金价。尽管金价在4200美 元/盎司下方盘整，交易员们仍在等待新的催化剂，但黄金价格仍呈现上涨趋势。相对强弱指数(RSI)虽 然持平，但仍高于50的阈值，表明买方占据主导地位。 金价第一个关键阻力位是4200美元/盎司，其次是11月13日的高点4245美元/盎司。如果突破后者 ...

肥料占据玉米生产成本的35%（照片为美国伊利诺伊州，reuters） 肥料价格创三年来新高 含有磷和氮的磷酸二铵（DAP）的国际价格8月达到每吨795美元，创下三年来的高点。9月价格小幅回 落至每吨780美元，尽管如此，仍比年初上涨了34%。 肥料价格受地缘政治风险左右。2022年，因俄乌冲突，肥料价格曾急速上涨。原因是来自全球最大肥料 出口国俄罗斯的供应不确定性上升。 肥料的原料磷矿石的全球总产量中，中国占46%。中国、摩洛哥、美国、俄罗斯这四个国家的磷矿石产 量合计占到全球的70%以上。中国于10月中旬暂停出口尿素等肥料，动摇了全球供应链…… 国际肥料价格正再度攀升。背后的原因是肥料生产地集中于中国、俄罗斯等国家，而地缘政治紧张导致 供应不稳定。中国于10月中旬暂停出口尿素等肥料，动摇了全球供应链。肥料农业生产不可或缺的物 资，其价格高涨及供应受限可能会对食品价格形成上涨压力。 与稀土管制相似 中国10月中旬暂停了氮肥尿素及磷酸二铵的出口。2024年，中国氮肥出口量比上年减少90%以上，尽管 今年春季以后似乎曾出现扩大出口的动向，但如今又再度转向实施出口管制。这种做法与中国将稀土当 作武器进行出口管制的做 ...

Group 1: Report Overview - Report Title: Five Minerals Futures Morning Report | Non-ferrous Metals [1][31][78] - Date: November 26, 2025 Group 2: Industry Investment Rating - Not provided in the content Group 3: Core Views - Copper prices are expected to fluctuate and strengthen due to dovish Fed statements, reduced geopolitical risks, tight raw material supply, and strong downstream demand [5] - Aluminum prices are likely to strengthen after adjustment as global visible inventory is low and supply disruptions are expected, despite the approaching off - season [8] - Lead prices are expected to be weak in the short term due to increased supply, stable domestic demand, and rising inventory [10] - Zinc prices are predicted to be weak in the short term as the zinc industry is in an over - supply cycle, and recent financial assets are performing weakly [12] - Tin prices are expected to be in a tight - balance state in the short term and may fluctuate, with support from emerging demand and potential supply increases [14] - Nickel prices are likely to be under pressure in the short term due to supply increases and weak demand [18] - Lithium carbonate prices have significant market differences, and it is recommended to wait and see, focusing on first - quarter cell production and equity market sentiment [21] - Alumina prices are suggested to be observed in the short term as the industry has over - capacity and potential supply - side changes [24] - Stainless steel prices are expected to fluctuate as the market has a mixed situation of price increases and weak demand [27] - Cast aluminum alloy prices are likely to be volatile in the short term with strong cost support and average demand [30] Group 4: Summary by Metal Copper - **行情资讯**: Offshore RMB strengthened, oil prices were pressured, and copper prices rose and then fell. LME copper inventory increased, and domestic warehouse receipts decreased. Spot premiums declined, and import losses widened [4] - **策略观点**: With a high probability of Fed rate cut in December and eased geopolitical risks, copper prices are expected to fluctuate and strengthen. The reference range for SHFE copper is 85,800 - 87,000 yuan/ton, and for LME copper 3M is 10,700 - 10,900 dollars/ton [5] Aluminum - **行情资讯**: Aluminum prices fluctuated and declined. LME aluminum inventory decreased, and domestic futures positions and warehouse receipts decreased. Spot premiums declined, and market activity decreased [7] - **策略观点**: Global visible inventory is low, and supply disruptions are expected. Aluminum prices may strengthen after adjustment. The reference range for SHFE aluminum is 21,300 - 21,600 yuan/ton, and for LME aluminum 3M is 2,780 - 2,830 dollars/ton [8] Lead - **行情资讯**: Lead prices declined. Domestic and overseas inventories changed, and the basis and spreads showed certain trends [9] - **策略观点**: Supply is increasing, domestic demand is stable, and inventory is rising. Lead prices are expected to be weak in the short term [10] Zinc - **行情资讯**: Zinc prices declined slightly. Zinc ore supply is tight due to winter stockpiling, and zinc ingot inventory decreased slightly [11] - **策略观点**: The zinc industry is in an over - supply cycle. Zinc prices are expected to be weak in the short term [12] Tin - **行情资讯**: Tin prices rose. Supply is affected by raw material shortages, and demand from emerging fields provides support. Inventory increased slightly, and there are geopolitical risks in Congo (Kinshasa) [13] - **策略观点**: Tin supply and demand are in a tight - balance state. Tin prices are expected to fluctuate. The reference range for domestic SHFE tin is 280,000 - 300,000 yuan/ton, and for LME tin is 36,000 - 38,000 dollars/ton [14] Nickel - **行情资讯**: Nickel prices rebounded slightly. Spot premiums were stable, nickel ore prices were stable, and nickel iron prices declined [16] - **策略观点**: Nickel supply is increasing, demand is weak, and prices are expected to be under pressure in the short term. The reference range for SHFE nickel is 113,000 - 118,000 yuan/ton, and for LME nickel 3M is 13,500 - 15,500 dollars/ton [18] Lithium Carbonate - **行情资讯**: Lithium carbonate prices rose. The spot index and futures prices increased [20] - **策略观点**: There are differences in the market regarding short - term demand and future supply - demand improvement. It is recommended to wait and see. The reference range for the Guangzhou Futures Exchange's LC2605 contract is 92,200 - 100,600 yuan/ton [21] Alumina - **行情资讯**: Alumina prices declined slightly. The basis, overseas prices, and inventory showed certain trends [23] - **策略观点**: Overseas ore supply is expected to increase, and the industry has over - capacity. It is recommended to wait and see in the short term. The reference range for the domestic AO2601 contract is 2,600 - 2,900 yuan/ton [24] Stainless Steel - **行情资讯**: Stainless steel prices rose slightly. Spot prices increased, and inventory decreased slightly [26] - **策略观点**: Spot prices increased, but demand is weak due to the real - estate market. Stainless steel prices are expected to fluctuate [27] Cast Aluminum Alloy - **行情资讯**: Cast aluminum alloy prices rebounded slightly. The contract price, inventory, and basis changed [29] - **策略观点**: Cost support is strong, and supply is affected by policies. Prices are expected to be volatile in the short term [30]

金价在美联储降息预期与地缘政治风险推动下，于4150美元下方企稳，创逾一周新高 俄罗斯于周二（2025年11月25日）凌晨对乌克兰首都基辅发动新一轮袭击，目标锁定居民楼及能源基础设施。此次攻击发生在美国与乌克兰代表周末在瑞士 就美方斡旋的结束近四年战争计划进行谈判之后。 白宫表示，美国总统唐纳德·特朗普仍对达成协议抱有希望和乐观态度，但他警告称任何进展仍存在不确定性。据乌克兰官员透露，美国提出的俄乌和平计 划现包含19项条款，且未对乌克兰军队规模设置严格限制。 随着市场对美联储12月降息的预期升温，黄金连续第二日吸引买盘。持续的地缘政治不确定性为这种避险商品提供了额外支撑。 风险偏好回升及美元走强限制金价涨幅，市场静候美国宏观数据。 黄金（XAU/USD）虽触及一个半周高点，但未能延续日内温和涨势，周二欧洲时段仍维持小幅上涨态势。美联储关键委员近期表态后，交易员加码押注12 月再度降息，持续为无收益的黄金提供支撑。此外，俄乌冲突升级及中东新冲突引发的地缘政治不确定性，成为支撑避险商品的另一因素。 与此同时，美元指数维持在5月下旬以来的高位附近——尽管市场预期美联储将采取鸽派立场，美元上周仍触及该水平，对金价构 ...

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 近日，无锡药明康德新药开发股份有限公司（下称"药明康德"，603259.SH）披露了2025年第三季度报 告，前三季度实现营业收入328.57亿元，同比增长18.61%；归属于上市公司股东净利润120.76亿元，同 比大增84.84%。 （数据来源：Wind） 但细究业绩结构，可以看到，公司存在非经常性收益贡献显著，国内业务增长停滞、部分板块疲软、研 发投入收缩等问题。 非经常性收益拉高利润 报告显示，前三季度公司非经常性损益达25.53亿元，主要来自出售联营企业WuXi XDC Cayman Inc.部 分股票的收益（32.23亿元）。扣除该部分后，归属于上市公司股东的扣除非经常性损益净利润为95.22 亿元，同比增长率下降至42.51%，显著低于净利润增速。 对此，山东隆湶律师事务所主任、高级合伙人李富民对《华夏时报》记者表示，利润结构的健康度要 看"可持续性"。84%的净利润里，超过四成来自非经常性收益，扣非增速落后同行20个百分点，说明主 业溢价能力在收窄。CXO板块普遍把闲置资金做理财或跟投客户股权，但把公允价值变动当"主营味 道 ...

摘要今日周二（11月25日）亚盘时段，现货黄金价格一度冲高至一周半新高，达4155.70美元/盎司，随 后微幅回落，现徘徊于4145美元附近，涨幅约0.21%。此轮涨势源于市场对美联储鸽派立场的预期， FOMC重要成员讲话后，投资者笃定12月降息，致美元动能衰减，为无收益的黄金提供支撑。 今日周二（11月25日）亚盘时段，现货黄金价格一度冲高至一周半新高，达4155.70美元/盎司，随后微 幅回落，现徘徊于4145美元附近，涨幅约0.21%。此轮涨势源于市场对美联储鸽派立场的预期，FOMC 重要成员讲话后，投资者笃定12月降息，致美元动能衰减，为无收益的黄金提供支撑。 【要闻速递】 纽约联储主席约翰·威廉姆斯上周五明确表示，短期内实施降息政策并不会对美联储实现通胀目标构成 威胁。紧接着，在周一，联储理事克里斯托弗·沃勒进一步阐述，鉴于当前就业市场的疲软态势，已具 备支持12月再次降息25个基点的条件。 下行方面，若金价回落至4130-4132美元区域下方，可能被视为逢低买入机会，预计将在4110-4100美元 区域获得有力支撑。若有效跌破该支撑区间，则将考验前述位于4030-4040美元区域的关键汇合支撑， ...

周生生、老庙、周大福、六福、老凤祥的足金首饰报价在11月21日前后出现小调整，有的下调12元，有的微幅下挫或持平，零售端的波动被细碎地 传递出去； 事情起因之一是美国劳工部在11月20日发布的滞后就业数据，显示9月失业率升至4.4%，9月非农就业增加11.9万人，远超预估，这个数据被市场当 作既能喂鹰派也能喂鸽派的"双刃剑"； 道明证券的分析师把这份报告说成让双方都能回到各自阵营的话，市场于是开始赌美联储的节奏，美元走强成为短期金价承压的直接因素； 同日COMEX报4044.9美元，差不多是那个节奏，先跌后稳，像是被人拉扯了一把； 国内市场也没逃过波及，11月21日收盘上海金Au99.99报924.44元，跌了0.59%，金店的价签也跟着动了； | 国内现货 | 国际现货 | 黄金实物 | | | --- | --- | --- | --- | | 品牌 | 银行 回收 | | | | 品牌 | | 价格(元/克) | 日涨跌幅 | | 周大福 | | 1305 | 0.00% | | 老凤祥 | | 1298 | -0.31% | | 周六福 | | 1266 | -0.55% | | 周生生 | | 12 ...

2025年11月25日 星期二 股债 市场短期调整,中期趋势依然乐观,高新技术产业持续壮大。国债现券利率盘整,市场趋 势小幅反弹。 黑色 受外蒙一亿的进口目标这个消息影响,叠加供暖季保供会议召开,市场担忧后续供给端有 复产,煤焦高位调整。成材供应无显著减量预期,需求无显著增量预期,关注12月宏观政 策预期对冬储影响。 黄金 9月非农数据意外强劲,但失业率数据超预期上升,市场对美联储12月降息预期不到40% 12月会议面临数据真空,不确定性可能让美联储决策更加谨慎。美联储降息周期、全球央 行购金和地缘政治风险对金价形成坚实的长期支撑。 原木 现货市场价格偏弱运行,辐射松多个规格出现下跌,上周到港量预计环增,供应延续承压 趋势,需求增量预计难以维持,成本支撑减弱,预计原木价格底部震荡为主。 橡胶 主产区降雨影响持续,成本端支撑强。需求端偏弱,下游采购谨慎,R冶约仓单集中注 销,创近年新低,短期内天然橡胶价格延续震荡走势。 油粕 美豆压榨数据再创新高但出口疲软,市场重新衡量大豆需求前景,国内大豆供应充裕,油 厂开机率高位,豆粕供应宽裕,而需求疲软,预计豆粕短期震荡偏弱。 聚酯 俄乌新方案谈判暂无定论,美联储12月降 ...

有色金属日报 2025-11-25 五矿期货早报 | 有色金属 铜 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美领导人通电话，市场情绪回暖，铜价震荡略升，昨日伦铜 3M 合约微涨 0.03%至 10781 美元/吨， 沪铜主力合约收至 86040 元/吨。LME 铜库存增加 725 至 155750 吨，注销仓单比例下滑，Cash/3M 小 ...