智通财经获悉，随着美国铜期货交易价格屡创新高，近年来长期低迷的欧洲铜类矿业股即将为自2016年 以来的最佳年度画上圆满句号。对全球股票市场的铜类股票多头势力而言，下一年能否继续强劲上涨且 再度创下2016年之后的最佳年份，可能取决于美国铜期货价格是否能不断刷新历史高位以及LME铜价 能否在2026年持续上涨至突破历史最高点位。 来自花旗集团(Citigroup Inc.)的矿业分析师们表示，大宗商品贸易领军者嘉能可(Glencore Plc)是他们对 2026年的首选股票标的，并预计近期涨势强劲的该股在未来12个月该股将上涨约15%，主要因为该公司 正努力提升铜产量。 铜矿系列有色金属港股： 铜矿：洛阳钼业（03993）、紫金矿业（02899）、五矿资源（01208）、江西铜业（00358）、中国有色 矿业(01258)、中国中冶(01618)等； 覆铜板：建滔积层板(01888)、建滔集团（00148） 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 在Oddo BHF看来，全球矿业巨头力拓集团(Rio Tinto Group)在铜业务方面拥有"非常有吸引力的发展路 线图"，并且随着其位于几内 ...

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 美国劳工部11日公布的数据显示，截至4日当周，经季节性调整后的失业救济金首次申请人数为23.6万 人，较上周修正后的19.2万人增加了4.4万人。该数据远低于预期，此前市场普遍预期申请人数为22万 人。 高盛11日表示，其对2026年底黄金价格每盎司4900美元的预测存在很大的上涨空间。 当天3月交割的白银期货价格上涨2.946美元，收于每盎司63.975美元，涨幅为4.83%。 纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价11日上涨84.6美元，收于每盎司4309.3美 元，涨幅为2.00%。 受白银市场强劲上涨的提振，黄金价格当日大幅上涨，白银价格则再创新高。技术性买盘强劲，美联储 降息均支持黄金、白银价格。美元指数当日跌至六周低点，也进一步提振了市场对贵金属的买盘兴趣。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创 ...

Group 1 - The core viewpoint is that European copper mining stocks are poised for their best annual performance since 2016, driven by rising U.S. copper futures prices and the potential for continued growth in 2026 [1] - Citigroup analysts favor Glencore Plc as their top stock pick for 2026, expecting a 15% increase in the stock price over the next 12 months due to the company's efforts to boost copper production [1] - Oddo BHF highlights Rio Tinto Group's attractive development roadmap in copper, particularly with the ramp-up of its Simandou project in Guinea, which is expected to enhance iron ore production [1] Group 2 - Oddo mining analyst Maxime Kogge maintains a bullish outlook on mining stocks for next year, emphasizing that a significant slowdown in the Asian economy could negatively impact market sentiment [2] - Citic Construction's report indicates that gold and silver performed strongly last week, while other risk assets were weaker, with precious metals expected to dominate the market in 2025 [2] - The report outlines three phases for precious metals in 2025, influenced by factors such as tariffs and Federal Reserve policies, suggesting that copper will be the next major commodity to watch after gold and silver [2] Group 3 - Key copper mining stocks in the Hong Kong market include Luoyang Molybdenum (03993), Zijin Mining (02899), Minmetals Resources (01208), Jiangxi Copper (00358), China Nonferrous Mining (01258), and China Metallurgical Group (01618) [3] - Key players in the copper-clad board sector include Kingboard Laminates (01888) and Kingboard Chemical Holdings (00148) [3]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今年以来，贵金属在大类资产中表现格外抢眼。其中，金价年内大涨60%，银价更是翻倍有 余。 在连续多日上涨后，金银走势再次出现分化，银价突发剧烈调整。展望明年，机构显然更加 看好黄金，高盛甚至喊出4900美元/盎司。 黄金逼近前高 当地时间12月12日，海外贵金属市场呈现冲高回落，黄金守住涨势、逼近前高，银价收盘大 跌。伦敦金当日上涨0.47%报4299.29美元/盎司，伦敦银则下跌2.5%、收报61.92美元/盎 司。前者年初至今涨幅已达63.83%，后者今年涨幅高达114.35%。 | | 豊金属 | | | | МБ | | --- | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | 时间 | | 伦敦金现 | 4299.285 | 20.075 | 0.47% | 63.83% | 05:59 | | 伦敦银现 | 61.920 | -1.586 | -2.50% | 114.35% | 05:59 | | COMEX黄金 | 4329.8d ...

Core Viewpoint - Silver prices have reached historic highs in 2025, with significant increases in both spot and futures markets, driven by macroeconomic uncertainties and changing investment dynamics in precious metals [1][2]. Group 1: Price Performance - As of December 12, 2025, London spot silver prices surpassed $60 per ounce, peaking at $64.658 per ounce, while COMEX silver futures reached $65.085 per ounce, marking a cumulative increase of over 110% for the year [1][2]. - The performance of silver has outpaced that of gold, indicating a shift in market dynamics where silver is leading the gains in the precious metals sector [2]. Group 2: Market Drivers - The rise in silver prices is attributed to several factors, including increased demand for safe-haven assets due to U.S. tariff policy risks and changes in international trade dynamics [3]. - The shift in investment demand from emerging market central banks to Western ETFs has also played a crucial role in supporting gold and silver prices, with global gold ETF holdings increasing by approximately 674 tons from January to October 2025 [2]. Group 3: Phased Price Increases - The price increase of silver has occurred in distinct phases throughout 2025, with initial support from U.S. tariff risks, followed by fluctuations due to international trade tensions, and later recovery driven by improved market sentiment and supply chain concerns [3][4]. - The current upward trend in silver prices aligns with historical patterns observed in previous years, characterized by two distinct phases of price increases [4][5]. Group 4: Future Outlook - Looking ahead to 2026, silver prices are expected to continue rising, supported by ongoing demand for safe-haven assets and concerns over inflation and dollar credit [5]. - While industrial demand for silver may stabilize or decline, physical investment demand is anticipated to expand, contributing to a bullish outlook for precious metals [5].

【投资需谨慎，#白银飙涨有人赚麻有人亏哭#】今年来，贵金属投资异常火热，黄金价格一路狂飙引起 市场轰动，但在其处于高位震荡之际，曾被视为"冷门品种"的白银却弯道超车，以超120%的年度涨幅 成为全年投资"黑马"，而同期黄金的涨幅约为60%，为白银的一半。#白银暴涨有人2月狂赚16万#@封 面新闻 记者看到，11月时白银也经历过"波澜起伏"，部分投资者面临随之而来的市场波动与心理挑 战，有人难以承受提前亏损离场，也有一些人选择与风险同行。事实上，这场白银狂潮并非单纯的资金 炒作，而是多重基本面变化与资金推力的共振结果。科方得智库研究负责人张新原表示，"白银市场规 模较小，流动性更容易受大资金影响，这确实会加剧未来波动性。大额交易可能快速推高或拉低价格， 导致市场不稳定，投资者需谨慎管理风险。" 此前视频： 来源：封面新闻 ...

Core Viewpoint - The recent dovish actions by the Federal Reserve, including a rate cut and the initiation of RMP bond purchases, have positively influenced market sentiment, leading to a significant rise in silver prices and volatility [1][3]. Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 3.5%-3.75%, totaling a 75 basis point reduction for the year [3]. - The Fed also initiated a $40 billion short-term Treasury bond purchase for reserve management, aimed at ensuring market liquidity [3]. - These actions are expected to lead to a substantial increase in money supply, alleviating previous liquidity concerns in the market [3]. Group 2: Silver Market Dynamics - The COMEX silver market is experiencing unprecedented physical delivery demand, with significant unfulfilled positions remaining in the delivery month [5]. - The London silver borrowing and leasing rates have risen above 7%, indicating increased costs for short sellers and highlighting the challenges in fulfilling contracts [5]. - The overall silver supply is projected to have a deficit of nearly 3,000 tons in 2025, with mining supply growth remaining subdued [5]. Group 3: Market Outlook - The macroeconomic fundamentals and monetary policy expectations in the U.S. are expected to support silver prices, with significant inflows into silver ETFs indicating strong bullish sentiment [9]. - Short-term demand for physical delivery is anticipated to decrease as the COMEX silver approaches its final trading day, potentially easing bullish sentiment [9]. - The market may face increased volatility risks due to crowded trading conditions, and regulatory measures could be implemented to manage these risks [9].

金价猛涨，银价更疯！你一定没想到，今年涨得最猛的贵金属不是黄金，而是它身边那个"小兄弟"白银。截至12月12日，现货白银年内涨幅居然超过了 110%，直接把黄金60%的涨幅甩在了身后。这个数字让不少老投资者都直呼意外。 就在12月12日，现货黄金价格最高触及每盎司4285.75美元，创下一个多月来的新高。国内各大金店的价格牌也跟着翻新，老庙黄金等品牌首饰金价已标至 1339元/克，投资金条价格则在每克969-1019元之间。 白银的表现更为抢眼，同期创下每盎司64.31美元的历史新高。这场贵金属市场的火爆行情，在12月初的冬天里烧得格外热烈。 美联储按下降息按钮 这波行情的直接推手，是美联储在12月议息会议中的决定。当地时间12月10日，美联储宣布将联邦基金利率目标区间下调25个基点，至3.5?.75%的水平。这 是美联储今年连续第三次降息。 降息意味着资金的使用成本降低，而黄金本身是不产生利息的资产。利率下降使得持有黄金的机会成本随之降低，自然提升了它的吸引力。与此同时，降息 通常会给美元带来压力，12月12日美元指数跌破99关口，而以美元计价的黄金则显得"更便宜"了，这进一步推动了价格上涨。 不只是利率在 ...

| > 国立斯员 111 | | | 责金属日报 | | --- | --- | --- | --- | | | 操作评级 | | 2025年12月12日 | | 黄金 | ★☆☆ 白银 | ★☆☆ | 刘冬博 高级分析师 | | 销 | ★☆☆ 紀 | ★☆☆ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | ★据三位消息人士称，日本央行可能在下周维持将继续加息的承诺，但会强调进一步加息的步伐将取决于经 济对每次加息的反应。日本央行行长植田和男已基本提前宣布12月加息，市场几乎已完全消化了12月将利率 从0.5%上调至0.75%的可能性。市场的关注点已转向日本央行能在何种程度将利率提升至中性水平。 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 【星级说明】红色星级代表预判趋势性上 ...

以下文章来源于广发期货研究 ，作者广发期货研究所 广发期货研究 . 推送广发期货研究所的最新报告和观点 编辑 | 杨兰 审核 | 浦电路交易员 行情导读： 隔夜，美联储降息叠加启动RMP债券购买的偏鸽派行动对市场影响持续发酵叠加COMEX白银交割月行 情 的 演 绎 ， 海 外 市 场 情 绪 高 涨 的 带 动 内 外 盘 白 银 价 格 继 续 摸 高 。 12 月 12 日 ， 日 盘 ， 沪 银 主 力 合 约 AG2602涨幅接近4%，收盘报14892元/千克，价格持续上涨带来波动率的走强，白银VIX波动率指数维 持在40%的高位。 数据来源：文华财经 驱动分析一：美国储宽松预期持续升温，流动性改善支持资金流向贵金属 美联储周四凌晨如期宣布降息25个基点将联邦基金利率目标区间下调至3.5%-3.75%，年内累计降息达75 个基点。值得注意的是决议上宣布当月启动400亿美元的短期国债购买用于准备金管理，在关键时间保障市 场流动性。 从市场反应来看，本次降息叠加启动 RMP债券购买的偏鸽派行动具有重要意义，尽管区别于购买长债的QE 扩表，但美联储的 RMP短债购买措施将持续到明年二季度，购债规模可能维持 ...