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： 师橙 市场分析 美联储货币政策委员会FOMC会后公布，降息25个基点，将联邦基金利率目标区间下调至3.50%– 3.75%。这是美联储继9月17日、10月29日降息后年内的第三次降息，幅度均为25个基点。会议声明指 出经济温和扩张，就业增长放缓、失业率小幅上升，通胀仍处高位，委员会关注双重使命的双向风险。 为维持银行体系流动性充足，自12月12日起启动每月约400亿美元的短期国债购买计划。美联储主席鲍 威尔在新闻发布会上表示通胀仍偏高，但非关税驱动的核心通胀已显著改善，若无新关税，商品通胀预 计2026年第一季度见顶。利率已处于中性区间上端，政策正从限制性向中性过渡。为缓解市场压力，短 期国债购买规模将在未来数月维持高位，预计2026年4月15日前完成；变相释放流动性，或被视为宽松 力度的加强。美国总统特朗普重申对美联储主席鲍威尔的批评。特朗普表示，降息幅度太小，本可以更 大一些；美联储降息幅度本可以加倍。 期货行情与成交量： 2025-12-10，沪金主力合约开于955.70元/克，收于956.40元/克，较前一交易日 ...

金价仍在高位震荡，白银却已率先狂欢。 12月10日，白银现货价格延续飙升，伦敦银现站上60美元/盎司关口，续创历史新高。截至记者发稿， 伦敦银现报61.456美元/盎司，日内涨1.31%，盘中最高触及61.607美元/盎司，年内伦敦银现涨幅超 110%。 | COMEX白银 | | | | ਟੀ | | --- | --- | --- | --- | --- | | 61.865 | | | +1.025 +1.68% | | | | COMEX USD 3:00:01 延时15分钟 | | | 1 | | 卖五 | 61.895 | | 2 | | | 变四 | 61.890 | | 4 | | | 卖三 | 61.885 | | 5 | | | 卖二 | 61.880 | | 5 | | | = | 61.875 | | 4 | | | 云一 | 61.865 | | 2 | -1 | | 买二 | 61.860 | | 4 | | | 北三 | 61.855 | | 2 | | | 云园 | 61.850 | | 6 | | | 买五 | 61.845 | | 1 | -1 | | 总量 | 30464 ...

来源：央视财经 隔夜，国际白银价格突破了每盎司60美元的关口，创下历史新高。背后的推动因素之一，就是市场对美 联储本周的降息预期在逐渐升温。 当地时间周二，在美联储利率决议前夕，贵金属集体走高，国际白银现货和期货隔夜均上涨约4%，双 双突破了每盎司60美元的关口，创下历史新高。明年三月到期的COMEX白银期货隔夜收于每盎司60.84 美元。亚洲早盘阶段继续攀升，截至北京时间早上9点，徘徊在每盎司61.2美元附近。同样亚洲早盘阶 段，白银现货则是徘徊在每盎司60.7美元附近，今年迄今为止白银现货已经上涨超110%。明年二月到 期的COMEX黄金期货隔夜小幅上涨，收于每盎司4236.2美元，今年迄今为止上涨约60%。 长期来看，支撑银价的因素包括：持续的供应紧张、工业和投资需求旺盛等等；而短期上，市场的焦点 则是集中在美联储的利率决议上，分析普遍认为，美联储大概率会在本周降息，利率下降利好不产生利 息的贵金属。 ...

贵金属商品方面，现货白银午后继续发力，再度刷新历史新高，盘中最高触及61.607美元/盎司。现货 白银今年以来涨幅已高达112%，而现货黄金的涨幅为60%，白银涨幅几乎是黄金的两倍。 12月10日，A股三大指数涨跌不一，截至收盘，沪指跌0.23%，深成指涨0.29%，创业板指跌0.02%。全 市场成交额1.79万亿元，较上一个交易日缩量1261亿元，超2800只个股下跌。 板块方面，海南板块持续走强，海南发展（002163）、罗牛山（000735）、海南瑞泽（002596）等多股 涨停。零售概念表现活跃，永辉超市（601933）3连板，茂业商业（600828）、中央商场（600280）2连 板。房地产板块涨幅居前，世联行（002285）、万科A涨停。CPO板块走势强劲，立昂微（605358）、 中瓷电子（003031）、长飞光纤（601869）等多股涨停，CPO概念龙头新易盛（300502）午后一度涨近 5%，再创历史新高，总市值突破4300亿元，收盘涨幅超3%，最新市值4297亿元。下跌方面，银行板块 走弱，招商银行、农业银行下挫。 其他热门个股方面，摩尔线程午后涨幅一度达到27%，截至收盘回落至16.98 ...

Market Overview - The A-share market showed mixed performance on December 10, with the Shanghai Composite Index down by 0.23% to 3900.50, while the Shenzhen Component Index rose by 0.29% to 13316.42. The ChiNext Index decreased by 0.02% to 3209.00 [1][2]. - The total market turnover was 1.79 trillion yuan, a decrease of 126.1 billion yuan compared to the previous trading day, with over 2800 stocks declining [1][2]. Sector Performance - The Hainan sector continued to perform strongly, with stocks like Hainan Development, Luoniushan, and Hainan Ruize hitting the daily limit [3]. - The retail sector was active, with Yonghui Supermarket achieving three consecutive limit-ups, and Maoye Commercial and Central Plaza achieving two consecutive limit-ups [3]. - The real estate sector saw significant gains, with stocks like Shilianhang and Vanke A hitting the daily limit [3]. - The CPO sector showed strong performance, with stocks such as Lianang Micro, Zhongci Electronics, and Changfei Fiber hitting the daily limit. The leading CPO stock, Xinyi Sheng, reached a historical high with a market cap exceeding 430 billion yuan, closing with a gain of over 3% [3]. Individual Stock Highlights - Moer Thread saw its intraday gains reach 27%, closing at 735 yuan per share, with a market cap of 345.5 billion yuan. It is now ranked fourth among A-share chip concept stocks, following SMIC, Cambrian, and Haiguang Information [5]. - In the precious metals market, spot silver reached a new historical high of 61.607 USD per ounce, with a year-to-date increase of 112%, while gold increased by 60%, indicating that silver's growth is nearly double that of gold [5][6].

Group 1 - Silver prices have reached a historic high, with spot silver hitting $61.469 per ounce on December 10, marking the first time it has surpassed $61 per ounce. The year-to-date increase in silver prices is 112%, compared to a 60% increase in gold prices, making silver the best-performing investment of the year [2][11] - COMEX silver prices have also exceeded $62 per ounce, while the Shanghai Futures Exchange's main silver contract reached a peak of 14,388 yuan per kilogram, with an increase of over 5%. This marks the eighth consecutive month of price increases for silver [2][11][15] Group 2 - The demand for precious metals has surged in recent months, driven by rising debt levels in major Western economies and increased risks of currency devaluation. Silver, being more sensitive to changes in the dollar due to its smaller market size, has attracted investors seeking lower-cost safe-haven assets [4][12] - Analysts expect strong industrial demand for silver in the coming years, which is contributing to rising prices. Factors such as tight supply, declining global inventories, and the Federal Reserve's anticipated interest rate cuts are also supporting silver prices [4][12] Group 3 - Predictions indicate a structural supply gap of approximately 95 million ounces in the global silver market by 2025, marking the fifth consecutive year of supply shortages. Global silver supply is expected to remain stable at around 813 million ounces, while total demand is projected to decline by about 4% to 1.12 billion ounces [6][16] - The demand for silver in the photovoltaic industry is expected to be a long-term support factor, with the International Energy Agency forecasting an increase in solar capacity that will drive silver demand up by nearly 150 million ounces annually by 2030 [6][16] Group 4 - The market anticipates a high probability of a 25 basis point rate cut by the Federal Reserve in December, with estimates around 87.6%. This expectation is likely to continue boosting market sentiment towards silver [5][13][17] - Despite the significant year-to-date increase in silver prices, the market has entered an overbought territory, which may lead to heightened sensitivity to macroeconomic data. The current gold-silver ratio indicates potential for further correction [8][17][18] Group 5 - The largest silver ETF, SLV, has seen its holdings increase to 15,973.16 tons, reflecting a rise of 84.62 tons from the previous day, maintaining a high level of investment interest [9][18]

不过，需要注意的是，LBMA金库中约78%的白银实际上被实物白银ETP（交易所交易产品）锁定，并 非全部都能流向现货市场。中国方面，上海期货交易所和保税区库存却出现明显下降，显示亚洲实物需 求依然强劲。 【最新白银期货行情解析】 即将落幕的美联储货币政策会议。市场普遍预期，美联储将在12月11日宣布降息25个基点。 尽管最新公布的JOLTS职位空缺数据略超预期，使降息概率小幅回落至87.4%，但并未削弱投资者对贵 金属的追捧。历史上，利率下行往往利好无息资产，叠加当前西方主要经济体债务高企、货币贬值风险 上升，资金正加速流入黄金和白银市场。 另外2025年以来，伦敦LBMA金库白银库存累计增加1447吨，纽约Comex库存增加4311吨，伦敦库存与 Comex库存之比升至1.91，创下年内新高。 今日周三(12月10日)欧盘时段，白银期货目前交投于14185一线上方，今日开盘于13761元/千克，截至发 稿，白银期货暂报14321元/千克，上涨5.05%，最高触及14388元/千克，最低下探13735元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 沪银本周 ...

Core Viewpoint - The international silver price has surged to a historic high, exceeding $60 per ounce, driven by rising expectations of an interest rate cut by the Federal Reserve this week [1] Group 1: Price Movements - International silver prices rose approximately 4% overnight, with both spot and futures prices surpassing $60 per ounce, marking a historic high [1] - The COMEX silver futures for March delivery closed at $60.84 per ounce, while spot silver hovered around $60.7 per ounce in the Asian morning session [1] - Year-to-date, spot silver has increased over 110% [1] Group 2: Market Influences - Long-term factors supporting silver prices include ongoing supply tightness and strong industrial and investment demand [1] - Short-term market focus is on the Federal Reserve's interest rate decision, with widespread analysis suggesting a high probability of a rate cut this week, which would benefit non-yielding precious metals [1]

周二美盘交易时段，贵金属集体走高，而受到供应紧缺推动的白银则飙升至史无前例的每盎司60美元。 截至发稿，纽约期银及现货白银日内涨幅均超4%，分别至61美元/盎司及60美元/盎司上方，今年迄今， 银价已经上涨了近110%。 现货黄金上涨0.6%，至每盎司4215美元；美国2月交割的黄金期货上涨0.6%，至4244.80美元。 其他贵金属方面，现货钯金日内涨幅扩大至2.00%，现报1502.12美元/盎司；现货铂金上涨3%，至每盎 司1692.10美元。 从现货层面来看，在两个月之前，伦敦白银库存由于现货难以满足交割，拉高了欧洲的白银现货升水， 对国内白银现货形成贸易流驱动。国内白银现货市场出现吃紧，国内白银期货市场三年来首次出现现货 升水和近月升水格局。美国白银市场也面临12月交割的问题，实物交割紧张或进一步推动白银价格上 涨。 国际投行瑞银已将2026年白银目标价上调至58美元/盎司至60美元/盎司，甚至不排除触及65美元/盎司的 可能；美国花旗与渣打则预测2025年第四季度至2026年第一季度，白银价格将稳定在55美元/盎司以 上。 当前，全球白银市场呈现高价格、高波动率。专家表示，在当前高波动环境下，尤其 ...

Core Viewpoint - Silver prices have surged significantly, reaching historical highs, driven by strong industrial demand and expectations of interest rate cuts by the Federal Reserve [1][2][4][10]. Price Movement - As of December 10, 2023, spot silver hit a record high of $61.469 per ounce, marking the first time it surpassed $61 [1]. - Year-to-date, silver has increased by 112%, outperforming gold, which rose by 60% [2]. - COMEX silver prices exceeded $62 per ounce, while the Shanghai Futures Exchange saw silver contracts peak at 14,388 yuan per kilogram, with an increase of over 5% [2][7]. Demand and Supply Dynamics - There has been a significant rise in demand for precious metals due to increasing debt levels and currency devaluation risks in major Western economies [4]. - Silver's smaller market size makes it more sensitive to changes in the dollar, leading to higher volatility compared to gold [4]. - Industrial demand for silver is expected to remain strong, particularly driven by the solar energy sector, which is projected to increase silver demand by nearly 150 million ounces annually by 2030 [9]. Market Expectations - The market anticipates that the Federal Reserve will cut interest rates by 25 basis points in December, with a probability of 87.6% [5]. - Analysts suggest that the current momentum in silver prices is supported by tight supply conditions, declining global inventories, and the inclusion of silver in the U.S. critical minerals list [4][10]. Future Outlook - The silver market is expected to face a structural supply deficit of approximately 95 million ounces by 2025, with supply growth remaining limited [8]. - Despite the significant price increase, there are concerns about potential market corrections due to high volatility and sensitivity to macroeconomic data [11]. - Analysts predict that silver prices will continue to exhibit a strong upward trend, supported by low inventories and resilient industrial demand [13]. Investment Trends - The largest silver ETF, SLV, reported a holding of 15,973.16 tons, reflecting a recent increase, indicating sustained investor interest [14]. - The silver market's volatility is higher than that of gold, suggesting that economic and geopolitical risks will continue to influence silver prices [14].