新华财经北京6月18日电根据世界黄金协会于6月17日发布的《2025年全球央行黄金储备调查》(CBGR) 数据，95%的受访央行认为，在未来12个月内全球央行将继续增持黄金。这一比例不仅创下自2019年首 次针对该问题进行调查以来的新高，也较去年上升了17个百分点。 世界黄金协会全球央行兼亚太区（中国除外）负责人樊少凯（Shaokai Fan)指出："我们的调查显示，近 半数的受访央行计划在未来一年内增储黄金，这表明在全球金融和地缘政治环境日益复杂多变的背景 下，黄金作为一项战略性资产的重要性愈发凸显。" 随着全球经济不确定性的增加，以及利率、通胀和地缘政治局势等因素的影响，黄金作为抵御风险的战 略性资产的角色变得更加重要。越来越多的央行正通过增持黄金来应对这些挑战，并优化其国际储备结 构。 （文章来源：新华财经） 央行持有黄金的主要动机已经转变为：长期价值储存（80%）、有效实现投资组合多样化（81%），以 及危机时期的表现（85%）。新兴市场和发展中经济体（EMDE）央行对黄金在储备组合中的作用尤其 乐观。 在58家受访的EMDE央行中，有28家（占比48%）预计其黄金储备将在未来12个月内增加；而在发达 ...

世界黄金协会：95%央行预计未来12个月黄金储备将上涨 金十数据6月17日讯，世界黄金协会表示，该协会《2025年央行黄金储备调查》创下新基准，共收到73 份回复——这是该调查八年前启动以来的最高值。如此高的参与度有力表明， 央行界对黄金的关注度 正在提升。调查结果显示： 2. 创纪录的43%的央行表示，其所在机构的黄金储备在同一时期也将增加，且无人预期黄金持有量会下 降。 3. 主动管理黄金储备的央行比例从2024年的37%升至2025年的44%，提升收益仍是主因，但风险管理超 越战术交易，成为第二大动机。 4. 英国央行仍是最受欢迎的黄金储备存放地（64%），不过选择国内存储黄金的央行比例从2024年的 41%升至2025年的59%，但仅7%计划未来12个月增加国内存储。 黄金在危机时期的表现、投资组合多元化功能及抗通胀特性，是推动各国央行计划在未来一年增持黄金 的关键因素。这些特质，也是央行对黄金进行战略配置的核心原因。 1. 各国央行对黄金的预期持续向好，95%的央行认为，全球央行黄金储备在未来12个月将增加。 ...

Group 1 - The emphasis on deepening the implementation of the free trade zone enhancement strategy to explore broader and deeper areas for higher-level free trade zones [1][5] - The steady expansion of institutional openness in various free trade zones this year, promoting innovation across the entire industry chain [1][5] - The role of free trade zones as a demonstration and leading force in economic development [1][5] Group 2 - The opening of the Fourth China-Africa Economic and Trade Expo, with participation from 53 African countries and over 3,000 enterprises and organizations [13] - The establishment of a domestic trade credit insurance co-insurance body to enhance domestic trade insurance capacity, providing an initial insurance guarantee of 10 billion yuan [18] Group 3 - The launch of a new batch of reserve rice by the Japanese government to stabilize rice prices, with 120,000 tons released [28][29] - The continuous rise in rice prices in Japan due to extreme heat and poor harvests, with the average price for 5 kilograms of rice around 210 yuan [29]

2024年黄金价格飙升约30%。经过通货膨胀调整后，2024年的实际金价超过1979年石油危机时的峰值。 报告指出，黄金传统上被视为对冲实际利率波动的工具。而自2022年俄乌冲突升级以来，黄金价格与实 际利率的相关性已被打破，地缘政治风险已成为影响金价的重要因素。 报告还指出，黄金供给的变化是未来金价走势的重要变量。以往经验表明，黄金供给曾对需求上升做出 弹性反应，未来官方部门的黄金储备需求若进一步上升，可能会带动全球黄金供给进一步增加。（完） 新华社法兰克福6月12日电（记者马悦然 刘向）欧洲中央银行11日发布的最新报告显示，2024年，按 照市场价格计算，黄金在全球央行储备中的份额升至20%，超过欧元的16%占比，成为继美元之后的全 球第二大储备资产。 报告显示，2024年各国央行对黄金的需求占全球黄金总需求的20%以上，远超2010年至2020年间10%的 比例。各国央行黄金净购买量也在2024年连续第三年突破1000吨，创历史纪录。珠宝首饰消费及黄金投 资在全球黄金需求中仍占大部分，约为70%，近三年基本持平。 世界黄金协会调查显示，各国持有黄金主要为分散投资，央行视黄金为对冲经济风险（如通胀、周期性 ...

Group 1 - The global official reserve status of gold is increasing, with its share in central bank reserves projected to exceed 20% in 2024, surpassing the euro's 16% share, making gold the second-largest reserve asset after the US dollar [1] - Central banks are expected to account for over 20% of global gold demand in 2024, a significant increase from 10% in the 2010s, with net purchases surpassing 1,000 tons for the third consecutive year, setting a historical record [1] - Jewelry and investment consumption still dominate global gold demand, accounting for approximately 70%, remaining stable over the past three years [1] Group 2 - Central banks primarily hold gold for diversification and as a hedge against economic risks such as inflation, cyclical downturns, and defaults, with geopolitical factors also playing a significant role in driving central bank investments in gold [1] - The nominal price of gold is projected to rise by about 30% in 2024, exceeding historical highs seen during the 1979 oil crisis, with geopolitical risks becoming a crucial factor influencing gold prices [1] - Future changes in gold supply will be an important variable for price trends, with central bank demand's impact on prices depending on the "stickiness" of gold supply, which has historically responded elastically to rising demand [2]

Group 1 - The Hong Kong innovative drug sector has seen significant growth, with ETFs such as the Hong Kong Innovative Drug ETF, Hang Seng Innovative Drug ETF, and Hong Kong Stock Connect Innovative Drug ETF rising over 70% year-to-date [1][3] - The sector demonstrated resilience, with a slight decline of less than 1% followed by a recovery, contrasting with broader market declines, as the Hang Seng Biotechnology Index surged by 4% [1] - The year-to-date performance of the top three ETFs in the innovative drug sector includes 71.59% for the Hong Kong Stock Connect Innovative Drug ETF, 71.27% for the Hang Seng Innovative Drug ETF, and 70.79% for the Hong Kong Innovative Drug ETF [1][3] Group 2 - The capital inflow into the Hong Kong Stock Connect Innovative Drug Index was notable, attracting 2.51 billion yuan, while other indices experienced significant outflows [7] - The report indicates that the innovative drug sector's growth is attributed to factors such as low valuations, policy support, and international business development [5][6] - The potential for the Hong Kong Stock Connect Innovative Drug ETF to double in value within a short timeframe is highlighted, assuming a daily growth rate of 3% [5][6]

2025 年 6 月 12 日 股指期货将震荡整理 原油期货将震荡偏强 黄金期货将偏 强震荡 白银、铜、螺纹钢、玻璃、纯碱期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将震荡整理：IF2506 阻力位 3895 和 3906 点，支撑位 3862 和 3850 点；IH2506 阻力位 2689 和 2699 点，支撑位 2676 和 2664 点；IC2506 阻力位 5801 和 5817 点，支撑位 5752 和 5729 点；IM2506 阻力位 61 ...

6月12日早盘，COMEX黄金期货价格延续走强。黄金相关ETF保持活跃，截至10:45，黄金ETF华夏 （518850）涨1.04%，黄金股ETF（159562）涨1.45%，其持仓股招金矿业、紫金矿业、晓程科技、兴 业银锡、四川黄金纷纷走强。 消息面上，据智通财经，6月12日，据欧洲央行发布的最新报告，在全球购金潮与金价飙升的双重驱动 下，黄金已正式超越欧元，成为全球央行第二大储备资产。报告显示，2024年黄金占全球官方储备的比 例达到20%，首次超过欧元的16%，仅次于美元的46%。 欧洲央行表示，各国央行继续以创纪录的速度增持黄金。2024年全球央行黄金净购买量连续三年突破 1000吨，相当于全球年矿产量的五分之一，较2010年代年均水平翻倍。世界黄金协会数据显示，中国、 印度、土耳其和波兰成为最大买家，其中中国央行全年增持规模达289吨，创下自2015年以来的最高纪 录。根据欧洲央行的数据，1965年全球央行黄金储备曾达到3.8万吨的历史峰值，而2024年这一数字已 回升至3.6万吨，接近60年前的水平。 南华期货表示，周三晚间公布的美国CPI略低于预期曾一度助推黄金上涨，因降息预期回升，但很快黄 金 ...

Core Insights - Central banks are increasingly turning to gold as a reserve asset, making it the second-largest reserve asset globally in 2024, following the US dollar [1] - The share of gold in global official reserves is projected to rise to 19% in 2024, while the euro's share will decrease to 16% [1] - Central banks currently account for over 20% of global gold demand, a significant increase from about 10% in the 2010s [1] Group 1: Central Bank Demand - Central banks purchased over 1,000 tons of gold for the third consecutive year in 2024, but there was a notable slowdown in purchases in the first quarter of 2025, with a 33% decrease compared to the previous quarter [2] - The European Central Bank noted that gold is becoming increasingly attractive to emerging and developing countries [2] Group 2: Market Dynamics - Despite a reduction in central bank purchases, factors supporting gold prices remain strong, with recommendations for investors to diversify portfolios with gold and hedge funds [4] - The uncertainty in global markets, particularly due to US tariff policies, has increased gold price volatility [2] Group 3: Long-term Outlook - Analysts suggest that central banks will continue to allocate a larger portion of their reserves to gold as a hedge against global financial, inflation, and geopolitical risks [5] - Approximately 70% of gold demand still comes from the jewelry and investment sectors, indicating a diverse demand landscape [5] Group 4: Supply Considerations - Historical data suggests that gold supply has been responsive to demand growth, and further increases in official gold reserves may support global gold supply growth [6]

手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 需求疲软主导聚酯市场情绪，原油价格上涨难提振 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 2. 聚酯 06月06日，短纤主力合约收6394.0元/吨，较前一交易日收涨0.66%。华东 市场现货价为6500.0元/吨，较前一交易日收涨20.0元/吨，基差为106.0 元/吨。 轻纺城成交量连续下滑，MA15值从831.33万米（5月30日）降至808.93万米 （6月6日），下降约2.7%，表明下游纺织需求疲软。库存端：截至6月5 日，涤纶短纤库存8.4天、涤纶长丝FDY库存21.6天、DTY库存28.4天、POY 库存16.5天。短期产业链偏弱运行，价格承压或持续下行，需求端收缩主 导市场。 1/10 二、产业链价格监测 06月09日，PX 主力合约收0.0元/吨，较前一交易日收涨0.24%，基差为0.0 元/吨。PTA 主力合约收4652.0元/吨，与前一交易日持平，基差为0.0元/ 吨。 成本端，06月09日，WTI收64.7 ...