11:51 黄金ETF持仓报告 公布机构：美国SPDR Gold Trust 当前总持仓 1071.99 吨黄金 黄金ETF总持合变化 更新时间:2025-12-2 1.080 1,070 1,060 1.050 1.040 1,030 1,020 2025-10-31 2025-11-19 2025-12-08 2025 -- EBC黄金ETF持仓报告解读 基本面消息，在经过周一的大幅抛售之后，金价收复部分失地，盘中一度上冲至4400美元关口，不过随后仍然回落至4330美元附近。分析认为，金价在4350 美元上方试图恢复升势，此前在周初创下历史新高后遭遇获利回吐，于周一触及4,300美元低点。尽管避险情绪提供支撑，但美元需求回升限制了金价涨 幅。 针对金价周一的暴跌，市场人士认为，芝加哥商品交易所（CME）上调黄金和白银期货保证金要求，引发市场大规模获利了结和投资组合调整，导致金价 在前一交易日暴跌4.5%。尽管如此，2026年美联储降息预期可能限制黄金下行空间。 同时，现货白银在周一狂跌超9%之后，周二也收复部分失地，反弹超5%，盘中更是一度大涨10%站上78美元关口。分析指出，年末市场交投清淡，一定程 ...

★年底结汇潮过后，人民币升值动能将减弱，明年或进入6.8-7.1的拉锯震荡区间 ★人民币升值受益板块明确，成本降毛利升 ★有色行情下半场：从追逐泡沫到拥抱价值 ★避险情绪升温，电解铝凭借低波动率与价格位置成为"压舱石" 第一财经资讯2025-12-31 22:14:42 【本期重点】 ★一致看多下的隐忧：全球权益资产估值已高，警惕"黑天鹅"波动 ★煤价区间锁定，高股息凸显：煤炭板块仍是优质的"压舱石"资产 ★穿越内卷：如何筛选化工板块中，兼具供给侧改革与需求弹性的品种？ 本期会谈邀请数位买方机构的基金经理，对大盘、政策、以及后市投资机会等进行深度交流。 ...

专题：ATFX外汇专栏投稿 12月30日，ATFX：白银结束了一个多月的疯涨模式。11月24日开始，白银从49.9美元开始，一路顺畅 上涨，期间极少出现阴线（日K线），每日的涨幅在1~3美金之间。12月26日，即上周五，白银从72.8 美元涨至最高79.3美元，收盘在79.14美元，全天涨幅超6美元，多头力量极端放大。 白银的特征是波动率显著高于黄金，这导致白银经常在疯涨之后出现暴跌。本周一，白银再次验证了这 一规律。白银CFD开盘价格80.05美元，盘中冲高至83.91美元，刷新历史最高纪录，随后开启暴跌模 式，最低点70.50美元，全天振幅高达13美元。 疯涨后暴跌，未来可能出现"踩踏式"出逃行情。过去一个月，国际市场并没有发生足以促使白银翻倍上 涨的热点事件。白银市场持续放大的波动率，并没有宏观因素支撑，无法吸引足够的长期资金入场。对 于中短线资金来说，白银已经在一个月左右出现极端的涨幅，极易引发争先恐后的获利了结，进而导致 行情迅速回落。 ▲ATFX图 长期来看，黄金和白银回落之后，仍有继续上涨的动力。美联储存在强烈的降息预期，2026年可能像 2025年那样继续降息三次。尤其是美联储主席鲍威尔卸任， ...

长期来看，黄金和白银回落之后，仍有继续上涨的动力。美联储存在强烈的降息预期，2026年可能像2025年那样继续降息三次。尤其是美联储主席鲍威 尔卸任，白宫经济委员会主任哈塞特继任之后，美联储的降息幅度恐将超乎想象。 俄乌冲突可能在2026年迎来终局，但加勒比海地区的紧张对峙态势将再度激发国际市场避险情绪。乌克兰总统泽连斯基表示，和平计划最难以接受的两 点是扎波罗热核电和领土归属问题，谈判仍将持续。相比特朗普上台前俄乌双方剑拔弩张的态势，现如今事态已大幅缓和，2026年年中极有可能迎来终 局。 加勒比海地区的局势发展，有可能成为继俄乌冲突之后，新的避险情绪触发点。昨日，特朗普表示，摧毁了委内瑞拉境内的一座大型基础设施。虽然这 一表态尚未得到委内瑞拉方面的证实，也缺乏相应细节。但可以看出，美国与委内瑞拉之间的矛盾存在升级可能。这对于黄金和白银的中短期走势形成 持续提振。 ATFX贵金属：白银结束了一个多月的疯涨模式。11月24日开始，白银从49.9美元开始，一路顺畅上涨，其间极少出现阴线（日K线），每日的涨幅在 1~3美金之间。12月26日，即上周五，白银从72.8美元涨至最高79.3美元，收盘在79.14美元， ...

Group 1 - The total silver futures in Shanghai Futures Exchange is 755,754 kilograms, with a decrease of 40,985 kilograms compared to the previous day [1][2] - The main silver futures maintained a volatile pattern, opening at 18,000 yuan per kilogram, reaching a high of 18,636 yuan and a low of 17,205 yuan, closing at 18,140 yuan, down 3.96% [1] - The decrease in silver futures warehouse receipts is primarily attributed to significant reductions in various warehouses, with the largest drop of 20,333 kilograms from Zhonggongmei Supply Chain [2] Group 2 - Rising geopolitical tensions due to Russia's accusations against Ukraine have increased demand for traditional safe-haven assets like gold and silver [2] - CME raised margin requirements for gold and silver futures to curb excessive leverage among traders [2] - The U.S. housing market shows resilience, with the pending home sales index rising 3.3% in November, exceeding expectations and reaching the highest level since February 2023 [2]

摘要今日周二(12月30日)亚盘时段，黄金T+D最新报价980.02元/克，较昨日下跌28.89元/克，跌幅 2.86%，日内价格最高达1003.69元/克，最低下探至969.32元/克，昨日收盘价1003.69元/克，今日开盘价 1000.80元/克。 【最新黄金t+d行情解析】 国内上海黄金t+d大幅下挫，收盘报974.95元/克，日内暴跌3.40%，最低触及969.31元/克，失守1000元整 数关口，技术形态呈现破位特征。布林带下轨加速下移，中轨拐头向下，波动率显著扩张；MACD柱状 体由红转绿并放大，DIF与DEA在零轴下方形成死叉，RSI下探至38，空头动能强劲。成交量显著放 大，持仓量同步下降，反映多头集中离场，抛压集中释放。国际金价同步重挫至4350.2美元/盎司，美 元走强叠加假期前避险情绪退潮，构成双重压制。短期支撑下移至965元，若跌破则可能下探950元区 间，反弹需放量突破985元方可确认企稳。 【要闻速递】 据伊朗官方媒体报道，央行行长穆罕默德.礼萨.法尔津已辞职。德黑兰市中心萨迪街和大巴扎附近的舒 什社区出现商人及店主集会，抗议经济恶化。目击者称，包括伊斯法罕、设拉子、马什哈德在内 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 新能源及有色组 昨日铂钯价格大幅下跌，均以跌停价收盘。铂主力合约2606收于634元/克，钯主力合约2606收于494元/ 克，跌幅均为10%。 近期大幅下跌主要是受到贵金属板块整体回调带动。午盘过后，金银铂钯纷纷大幅跳水，其中白银从涨 10%跌至收盘0.5%，铂钯直接跌停，主要受到近期贵金属涨幅过大，多头止盈的影响。此外，此前 NYMEX因圣诞假期休市，外盘暂停交易，而国内铂钯依然维持强势走势，导致铂钯内外价差拉大到 100元/克附近，跨地区套利窗口持续打开，导致内盘回调幅度强于外盘。 长期来看，潜在的地缘政治风险和贸易冲突引发的避险情绪仍将继续支撑贵金属维持高位。铂钯品种由 于交易规模相对较小，波动幅度更大，需关注波动风险。 风险提示：关注宏观环境变化，供给端干扰事件。 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 修改。 本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，投资者并不能 依靠本报告以取代 行使独立判断。对投资者依据或者使用本报告所造成的一切后果，本公司及作者均 不 ...

Core Viewpoint - The price of gold and other precious metals has surged to historical highs, driven by factors such as interest rate cut expectations, geopolitical tensions, and strong trading activity in the precious metals sector [1][10]. Group 1: Market Dynamics - As of last Friday, the London spot gold price closed at $4532.51 per ounce, marking a cumulative increase of $191.45 per ounce or 4.41% since December 19 [1]. - The U.S. GDP growth rate for Q3 exceeded market expectations, rising from 3.8% in Q2 to 4.3%, which has led to a temporary cooling of interest rate cut expectations [3]. - The precious metals sector has seen significant trading activity, with silver prices breaking through key levels and rising over 10% on Friday, while platinum and palladium also reached new highs [1][10]. Group 2: Geopolitical Factors - The situation in Venezuela has escalated, with the U.S. seizing oil and tankers near Venezuela and increasing military presence in the Caribbean [5][6]. - In the Russia-Ukraine conflict, Ukraine's drone attacks on Moscow have heightened tensions, with ongoing discussions about peace plans that have yet to resolve key territorial issues [7]. Group 3: Future Outlook - Short-term risks include potential price volatility due to thin liquidity at year-end and profit-taking by investors after recent highs [2][10]. - In the medium to long term, factors such as the Federal Reserve's interest rate cut cycle, increasing global uncertainties, and the trend of de-dollarization are expected to support gold prices [2][11]. - The CME Group has announced an increase in margin requirements for various metal futures, reflecting concerns over current market volatility [8].

Group 1: Precious Metals Market Overview - The precious metals market is showing strong signals, with gold and silver reaching historical highs due to a combination of factors including risk aversion, a weakening dollar, and technical resonance [1][2] - Silver has outperformed gold, indicating a shift of funds towards high-elasticity assets, reflecting an increase in market pricing for future uncertainties [1][2] - Platinum has also reached new highs, suggesting that funds are diversifying within the entire precious metals sector rather than being limited to traditional safe-haven assets [1][2] Group 2: Industrial Metals Insights - Copper prices have experienced a historic breakthrough, which is seen as a reflection of long-term supply and demand dynamics rather than short-term sentiment [3][4] - There is an expectation of tightening global supply in the coming years, coupled with structural demand increases for copper due to energy transition, making it a key target for investment [3][4] Group 3: Market Dynamics and Investment Strategy - The volatility of certain high-risk financial products serves as a reminder for the market to pay attention to valuation and risk alignment [4] - As prices rise beyond fundamental rhythms, any corrections could be amplified, necessitating a focus on the underlying price logic of assets rather than merely chasing short-term gains [4] - Both gold and silver are in a strong bullish trend, with key resistance levels being tested; as long as core support levels are not breached, the medium-term outlook for precious metals remains optimistic [4]

Group 1 - The market experienced a sell-off, particularly in recently surging commodities, with significant declines in platinum, palladium futures, and lithium carbonate [1][2] - Lithium carbonate futures dropped by 7.89%, hitting the limit down, influenced by delayed resumption of lithium mines and adjustments in pricing by leading lithium salt companies [2] - Silver futures initially surged nearly 10% but later fell, with geopolitical tensions and supply constraints providing initial support for precious metals [3] Group 2 - Copper prices reached new highs but later retraced some gains, supported by ongoing supply constraints from overseas mining disruptions and a favorable monetary policy environment [4] - The overall demand for lithium carbonate is weakening, with a reduction in orders for passenger vehicles expected in January, while commercial vehicle and energy storage orders remain strong [2] - The commodity index reported a decline of 0.38%, reflecting a broader trend of capital outflow from precious metals and new energy sectors, with significant outflows from gold, lithium carbonate, and silver [6]