2025年12月19日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：通胀温和回落 | 2 | | --- | --- | | 白银：高位调整 | 2 | | 铜：内外库存减少，价格获得支撑 | 4 | | 锌：横盘震荡 | 6 | | 铅：库存减少，支撑价格 | 8 | | 锡：供应再出扰动 | 9 | | 铝：区间震荡 | 11 | | 氧化铝：小幅下跌 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 铂：ETF持续流入，震荡上行 | 13 | | 钯：顺利突破前高，上行动能充足 | 13 | | 镍：过剩结构性转向，关注印尼政策风险 | 15 | | 不锈钢：供需双弱运行，钢价低位震荡 | 15 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2025 年 12 月 19 日 黄金：通胀温和回落 白银：高位调整 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | ...

Regulatory Landscape & Market Structure - US Senate delays the Clarity Act, postponing the crypto market structure bill until 2026 [1] - Key issues remain unresolved, including regulations for top government officials profiting from crypto ventures and the extent of decentralized finance regulation [4][5] - Senate Banking Committee anticipates a markup on bipartisan digital asset market structure legislation in early 2026 [7] - Binance secures first global license under ADGM framework, separating trading, custody, settlement, and off-exchange activities [18][19] Market Trends & Investment - Despite Bitcoin's price remaining relatively stable year-to-date, fundamentals have drastically changed [7] - Traditional finance is increasingly embracing crypto, with banks like JP Morgan engaging in various crypto-related activities [9][10] - XRP ETF inflows have surpassed $1 billion since launching in November, demonstrating positive net inflows for over 30 consecutive days [14] - Solana ETFs have the highest net inflows of all crypto ETFs, exceeding $63 million in the last 7 days [15] - Investors are rotating profits from Ether and Bitcoin ETFs into Solana and XRP [16] Company Initiatives - Coinbase is expanding its platform to offer stocks, becoming an "Everything Exchange" with multiple asset classes [20][22]

AvantisAVIVchuck jaffecore strategies Content Hubetf of the weekexpert insightsPodcaststodd rosenbluth Earn free CE credits and discover new strategies VettaFi's Head of Research Todd Rosenbluth discussed the Avantis US Small Cap Value ETF (AVUV) on this week's "ETF of the Week†podcast with Chuck Jaffe of "Money Life.†For more news, information, and strategy, visit the Core Strategies Content Hub. RELATED TOPICS ...

Bitwise joins race to launch SUI ETF with latest SEC filing https://t.co/2GO98SfcQX ...

🔥 JUST IN: Bitwise has officially filed an S-1 for a Sui ETF, marking the start of the SEC approval process. https://t.co/3AmeFM9Ojl ...

In this episode of Trillions, we talk to Invesco’s global head of ETFs about Bitcoin, smart-beta and much more https://t.co/u7riwxylMr ...

LATEST: 📊 Asset manager Bitwise predicts that Bitcoin, Ethereum and Solana will all set new all-time highs in 2026, and that ETFs will vacuum up all the new BTC, ETH and SOL supply as institutional demand accelerates. https://t.co/J7YO5g7RkC ...

Core Viewpoint - The Amplify Seymour Cannabis ETF (CNBS) has experienced significant growth, reaching a 52-week high and increasing by 199.07% from its 52-week low price of $13.96/share, indicating strong momentum in the cannabis sector [1][2]. Group 1: Fund Performance - CNBS employs an active strategy to provide diversified exposure across the U.S. cannabis ecosystem, charging 76 basis points in annual fees [1]. - The fund has a positive weighted alpha of 19.45, suggesting potential for further gains in the near term [3]. Group 2: Market Drivers - The cannabis sector is gaining renewed attention due to President Trump's plan to ease federal regulations on marijuana, which could serve as a significant policy tailwind [2]. - Reclassifying marijuana to a lower-risk category could enhance research funding and improve access to capital by reducing legal constraints [2].

[Table_Title] 金 金融工程点评 [Table_Message]2025-12-18 金工 ETF 点评：宽基 ETF 单日净流入 163.36 亿元；非银、地产、社服拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日农牧、军工、商贸零售靠前，相比较而言，计算机、家电、石化、 医药的拥挤度水平较低，建议关注。此外，非银、地产、社服拥挤度变动较 大。从主力资金流动来看，前一交易日主力资金流入通信、有色；流出军工、 汽车。近三个交易日主力资金减配电子、电力设备；增配商贸零售、食饮。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ETF 产品筛选信号模型，通过滚动测算提 供存在 ...

NEW: U.S. spot $BTC ETFs saw $457.3M in net inflows Dec. 17, the largest one-day total since Nov. 11 ...