Group 1 - The silver market has reached a historic high, with spot silver surpassing $75 per ounce, driven by structural shortages, strong industrial demand, and its inclusion in the U.S. critical minerals list [1] - The silver bull market is evident as prices have jumped from the "60+" range to "70+" within a short period, indicating a clear upward trend [1] Group 2 - The U.S. Dollar Index (DXY) has experienced a dramatic decline, dropping approximately 9.3% to 9.7% in 2025, marking the most significant annual drop since 2017 and potentially the largest since 2003 [2] - Factors contributing to the dollar's decline include expectations of Federal Reserve easing, policy uncertainty, geopolitical tensions, and divergent central bank policies [2] - The dollar index fell to a low of 96.21 in September, reflecting a downward trend that contrasts sharply with the previous years of a strong dollar [2] Group 3 - Recent silver price corrections occurred below $73.80, indicating profit-taking near resistance levels, while stability is observed above the $70.20 support area [3] - The Relative Strength Index (RSI) has retreated from near 70 to around 60, suggesting a consolidation phase rather than a trend reversal, with a positive outlook for future movements [3] - Future trading strategies may involve buying near $70.20 with a stop loss at $69.20 and targeting an upward movement towards $76.00 [3]

今天是周六，近期美股处于假日清淡交易期，一起聚焦海外市场最新收盘表现与本周整体走势。 美东时间12月26日周五收盘，美国股市集体收跌。热门科技股普跌，中概股多数上涨。 从周度表现看，三大指数集体上涨。其中，纳指累涨1.22%，道指累涨1.2%，标普500累涨1.4%。 板块方面，昨夜今晨美股大型科技股多数下跌，万得美国科技七巨头指数跌0.06%。个股方面，特斯拉跌超2%，脸书跌0.65%，谷歌跌0.23%，苹果跌 0.15%，微软跌0.03%，亚马逊涨0.06%，英伟达涨逾1%。 | | 序号 代码 | 名称 | 现价 | 涨跌幅 - | 年初至今 | 总市值1 | | --- | --- | --- | --- | --- | --- | --- | | 1 | TSLA | 特斯拉(TESLA) | 475.190 | -2.10% | 17.67% | 15804亿 | | 2 | META | 脸书(META PLATFORMS) | 663.190 | -0.65% | 13.62% | 16718亿 | | 3 | | GOOG 谷歌(ALPHABET)-C | 314.951 | -0.23% ...

【导读】美股集体收跌，科技股普跌，中概股多数上涨；现货白银突破79美元/盎司 大家好，今天是周六，近期美股处于假日清淡交易期，一起聚焦海外市场最新收盘表现与本周整体走势。 美东时间12月26日周五收盘，美国股市集体收跌。热门科技股普跌，中概股多数上涨。 来看具体市场情况—— 美国三大股指全线收跌 COMEX白银期货涨超11%报79.675美元/盎司，本周累涨18.06%。 | | 序号 代码 | 名称 | 现价 | 涨跌幅 | 年初至今 | 总市值1 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | BABA | 阿里巴巴 | 152.250 | 1.46% | 82.60% | 3633亿 | | 2 | NTES 网易 | | 138.050 | 0.65% | 58.77% | 875亿 | | 3 | JD | 京东集团 | 29.385 | 0.74% | -12.75% | 469亿 | | ব | BIDU | 百度集团 | 124.735 | 1.11% | 47.95% | 429亿 | | 5 | TME | 腾讯音乐 | 17.6 ...

【导读】美股集体收跌，科技股普跌，中概股多数上涨；现货白银突破79美元/盎司 中概股多数上涨，纳斯达克中国金龙指数涨0.71%。热门中概股方面，小鹏汽车涨超6%，叮咚买菜涨逾 5%，蔚来涨超4%，理想汽车涨近4%。跌幅方面，小马智行跌超4%，霸王茶姬跌逾2% 中国基金报记者 张舟 大家好，今天是周六，近期美股处于假日清淡交易期，一起聚焦海外市场最新收盘表现与本周整体走 势。 美东时间12月26日周五收盘，美国股市集体收跌。热门科技股普跌，中概股多数上涨。 来看具体市场情况—— 美国三大股指全线收跌 昨夜今晨，美股三大股指全线收跌。截至收盘，道琼斯工业平均指数跌0.04%，报48710.97点；标普500 指数跌0.03%，报6929.94点；纳斯达克综合指数跌0.09%，报23593.1点。 从周度表现看，三大指数集体上涨。其中，纳指累涨1.22%，道指累涨1.2%，标普500累涨1.4%。 板块方面，昨夜今晨美股大型科技股多数下跌，万得美国科技七巨头指数跌0.06%。个股方面，特斯拉 跌超2%，脸书跌0.65%，谷歌跌0.23%，苹果跌0.15%，微软跌0.03%，亚马逊涨0.06%，英伟达涨逾 1%。 | ...

美股三大指数收盘均微跌，纳指跌0.09%，本周累涨1.22%；道指跌0.04%，本周累涨1.2%；标普500指数跌0.03%，本 周累涨1.4%。 大型科技股涨跌不一，特斯拉跌超2%，谷歌、苹果、微软、Meta等小幅下跌；英伟达涨超1%，亚马逊、奈飞、英特 尔小幅上涨。 纳斯达克中国金龙指数收涨0.72%，本周累计上涨0.64%。小鹏汽车涨超6%，蔚来涨近4%，阿里巴巴、百度涨超1%； 霸王茶姬跌2.54%。 WTI原油期货结算价收跌2.76%，报56.74美元/桶；布伦特原油期货结算价收跌2.57%，报60.64美元/桶。 国际金银续创新高。COMEX金期货涨1.31%，报4562美元/盎司，本周累计上涨3.98%。COMEX白银期货涨11.15%， 报79.68美元/盎司，本周累计上涨18.06%。 现货黄金涨1.17%，报4531.87美元/盎司。 现货白银日内涨幅达10.24%，报79.15美元/盎司，年内涨幅超173%。 纽约白银日内涨幅达11.15%，报79.678美元/盎司。 纽约钯金涨14.1%，报2061.65美元/盎司。 上海期货交易所的铜期货价格站上每吨10万元人民币关口。纽约商品交易所 ...

【导读】美股集体收跌，科技股普跌，中概股多数上涨； 现货白银突破 79 美元 / 盎司 中国基金报记者 张舟 大家好，今天是周六，近期美股处于假日清淡交易期，一起聚焦海外市场最新收盘表现与本 周整体走势。 美东时间 12 月 26 日周五收盘，美国股市集体收跌。热门科技股普跌，中概股多数上涨。 来看具体市场情况 —— 美国三大股指全线收跌 昨夜今晨，美股三大股指全线收跌。截至收盘，道琼斯工业平均指数跌 0.04% ，报 48710.97 点；标普 500 指数跌 0.03% ，报 6929.94 点；纳斯达克综合指数跌 0.09% ， 报 23593.1 点。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | 年初至今 | 总市值1 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | BABA | 阿里巴巴 | 152.250 | 1.46% | 82.60% | 3633亿 | | 2 | NTES | 网易 | 138.050 | 0.65% | 58.77% | 875亿 | | 3 | JD | 京东集团 | 29.385 | 0.74% ...

受美联储降息预期以及加剧避险需求的地缘政治紧张局势提振，周五白银价格首破76美元关口，日内一 度涨6%；黄金与铂金价格同样创下历史新高。Zaner Metals副总裁兼高级金属策略师彼得·格兰特表示， 对美联储在2026年进一步放宽政策的预期、美元走软以及地缘政治紧张局势加剧，正推动清淡市场中的 价格波动。尽管年底前可能存在一些获利了结的风险，但上行趋势依然强劲。白银在年底前触及每盎司 77美元、甚至80美元是可能实现的。对于黄金而言，下一个目标是4686.81美元/盎司，明年上半年很可 能达到5000美元。 来源：滚动播报 ...

标配（维持） 有色金属行业双周报（2025/12/12-2025/12/25） 行 业 有色金属行业 国际金价首次突破 4500 美元，白银价格刷新历史高位 2025 年 12 月 26 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年12月25日，申万有色金属行业近两周上涨5.71%，跑赢 沪深300指数3.73个百分点，在申万31个行业中排名第3名。截至2025年12月 25日，近两周有色金属行业子板块中，小金属板块上涨7.51%，能源金属板块 上涨6.89%，金属新材料板块上涨6.31%，贵金属板块上涨5.66%，工业金属板 块上涨4.82%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 申万有色金属行业指数走势 贵金属。12月23日，COMEX黄金价格收于4515美元/盎司，首度突破4500美元， 较 ...

专题：ATFX外汇专栏投稿 12月26日，ATFX：圣诞周本应成交清淡，但贵金属行情却风起云涌，尤其是国际白银。12月19日至今 的五个交易日，白银价格连番大涨，五日连阳，市价从开盘65.44美元，涨至今日最高75.13美元。同期 的黄金随呈涨势，但幅度远不及白银。 12月22日至23日，美元指数连续大跌，驱动黄金白银反向上涨。但是，12月24~26两个交易日，美元指 数波动率急剧萎缩，呈现出横盘震荡的特征。黄金开始以十字星收盘，体现出流动性不足后的震荡态 势。但是，白银仍在剧烈上涨，超出市场预期。 ▲ATFX图 美联储的降息预期是驱动黄金和白银价格上涨的核心因素，也是最持久的因素。2025年，受到就业市场 疲软数据影响，美联储已经连续三次降息，累计幅度75基点。美国总统特朗普和财政部长贝森特对于75 基点的累计降息幅度仍不满意，希望美联储能够启动更大幅度的降息。 2026年，美联储主席鲍威尔将卸任，下一任主席极有可能是白宫经济顾问委员会主任哈塞特（美联储理 事凯文·沃什也是有力竞争者）。哈塞特是坚定的鸽派，其上任后极有可能按照特朗普的意图，大幅调 降美国的基准利率，甚至可能降低至1%左右。 美联储超强的降息 ...

Core Viewpoint - The lead price in the Changjiang spot market has shown a healthy upward trend, closing at 17,350 CNY/ton, marking a cumulative increase of 400 CNY/ton over the week, with an average price of 17,190 CNY/ton, up 80 CNY from the previous week, driven by macroeconomic factors and fundamental support [4][5]. Macroeconomic Factors - The strong rise in lead prices is attributed to four macroeconomic drivers: 1. Strengthened expectations for Federal Reserve interest rate cuts, reducing the opportunity cost of holding non-yielding assets like metals [5]. 2. Significant appreciation of the RMB, lowering import costs for raw materials and enhancing domestic investors' preference for RMB-denominated assets [5]. 3. Continuous supportive policies from the government, including signals of monetary easing and initiatives to boost consumption, which have bolstered confidence in economic recovery and industrial demand [5]. 4. Improvement in initial jobless claims data in the U.S., alleviating concerns about a deep global economic recession and increasing risk appetite [5]. Supply and Demand Dynamics - The lead market is currently in a "weak balance" state, characterized by rigid supply and elastic demand: - Supply constraints are due to structural shortages in lead concentrate and challenges in recycling during winter, leading to insufficient supply elasticity and low social inventory, which supports prices [6]. - Demand shows a mixed picture, with traditional sectors like electric bicycles and automotive batteries remaining stable, while new energy vehicles pose long-term replacement pressure on lead-acid batteries. Emerging sectors like energy storage are expected to provide incremental space but have not yet significantly impacted the overall demand [6]. - The industry's profit is shifting towards upstream mining, while midstream and downstream sectors face challenges balancing cost pressures and end prices [6]. Market Outlook - Looking ahead, the market will navigate through the interplay of policy, liquidity, and reality: - The focus will be on the Federal Reserve's December FOMC meeting minutes to validate the interest rate cut path for 2026, with any dovish signals likely to reinforce the narrative of a weak dollar and ample liquidity [7]. - Domestic policies under the "14th Five-Year Plan" are expected to drive growth, with a dual focus on "new productive forces" and expanding domestic demand, serving as key engines for the market [7]. - The lead market is anticipated to remain in a typical "weak balance" state, with supply constraints and low social inventory supporting price floors, while demand lacks explosive drivers. The lead price is expected to fluctuate within the range of 17,500 to 17,900 CNY/ton, exhibiting characteristics of "top and bottom" [7]. Investment Strategy - For investors, this period represents a critical window for positioning in 2026: - A "barbell strategy" is recommended, focusing on offensive investments in sectors aligned with "new productive forces" such as AI and commercial aerospace, while defensive allocations should include high-dividend blue-chip stocks to mitigate volatility [8]. - The trading logic is shifting from mere expectation-based speculation to a deeper validation of policy effectiveness and fundamental data, emphasizing the need for sensitivity to reality while embracing trends to seize opportunities in the year-end market [8].