Core Viewpoint - The price of silver has reached a historic high, surpassing $57 per ounce for the first time, with a year-to-date increase of over 90% [1][3]. Group 1: Market Dynamics - The recent rise in expectations for a Federal Reserve interest rate cut has provided strong support for silver and the entire precious metals market [3]. - A significant supply shortage exists due to declining silver production in recent years, leading to low global exchange silver inventories, which are at their lowest in nearly a decade [3]. - The demand for silver in industrial sectors, such as photovoltaics and electric vehicles, continues to grow, exacerbating the tightness in the physical market [3]. Group 2: Market Indicators - In the leasing market, short-term silver leasing rates have surged, highlighting the scarcity of silver supply in the market [3]. - The current gold-to-silver price ratio is approximately 75:1, significantly higher than the historical average of 60:1 over the past two decades, indicating that silver may be undervalued within the precious metals sector [3]. - Bank of America has raised its silver price target for 2026 to $65 per ounce, reflecting positive long-term outlooks for silver prices [3].

11月28日晚间，现货黄金(伦敦金现)直线拉升，盘中一度突破4200美元/盎司，刷新近两周盘中新高。截 至发稿，现货黄金报4198.020美元/盎司，涨近1%，COMEX黄金期货同步上涨，报4222.8美元/盎司。 兴业期货28日早报称，CME数据显示，美联储12月降息25个基点的概率升至86.9%。美联储降息周期未 结束。金价支撑增强，长线看涨逻辑清晰。 国信期货28日发布报告认为，短期来看，贵金属市场预计将在避险需求与政策观望之间维持震荡格局。 技术面上，纽约黄金需重点关注能否有效站稳4200美元/盎司一线，若能企稳该位置，则下一阻力位上 看4250美元/盎司附近。操作上建议以回调后轻仓布局多单为主，重点关注俄乌和谈进展及欧美央行政 策信号演变。 现货白银日内涨幅扩大至超2%，报54.62美元/盎司，创历史新高。 SPTAGUSDO 2017-11- (40) 100 150 150 修效糖酸 d a t do do at the iller in the min PTAGEADOCHISOCHERED - 2022-06-12 - 8: MASSO STAT 8 黑水 t M 11:00 PM IN M ...

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月25日｜现货黄金站上4150美元/盎司，为11月14日以来首次，日内涨0.39%。纽约期银日内涨 幅达2%，现报51.34美元/盎司。 ...

Report Industry Investment Rating - Not provided Core View of the Report - The precious metals market continued its volatile adjustment pattern during the session. The preliminary value of the US S&P Global Manufacturing PMI in November was 51.9, a 4 - month low, while the service industry index was 55, with the employment sub - item declining. The labor market faces further downward risks. The probability of a Fed rate cut in December has risen from 40% to 70%, potentially benefiting precious metal prices. Geopolitically, the US and Ukraine are negotiating a cease - fire, but the military conflict between Russia and Ukraine continues. In the short term, the precious metals market lacks clear positive factors, and gold and silver prices will enter a range - bound period. In the long term, the US government's debt pressure weakens the US dollar's credit foundation, and gold remains attractive. The recommended price range for the Shanghai Gold 2602 contract is 900 - 950 yuan/gram, and for the Shanghai Silver 2602 contract is 11500 - 12300 yuan/kilogram [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Gold main contract was 930.32 yuan/gram, up 3.38 yuan; the closing price of the Shanghai Silver main contract was 11808 yuan/kilogram, up 128 yuan. The main contract positions of Shanghai Gold were 164620 hands, up 4310 hands; those of Shanghai Silver were 347468 hands, up 830 hands. The net positions of the top 20 in the Shanghai Gold main contract were 106620 hands, up 1060 hands; those of Shanghai Silver were 91476 hands, up 4192 hands. The warehouse receipt quantity of gold was 0 kilograms, unchanged; that of silver was 0 kilograms, unchanged [2] 现货市场 - The spot price of gold on the Shanghai Non - ferrous Metals Network was 925.39 yuan/gram, down 2.11 yuan; the spot price of silver was 11818 yuan/kilogram, down 97 yuan. The basis of the Shanghai Gold main contract was - 4.93 yuan/gram, down 5.49 yuan; the basis of the Shanghai Silver main contract was 10 yuan/kilogram, down 225 yuan [2] Supply and Demand Situation - The gold ETF holdings were 1040.57 tons, up 1.14 tons; the silver ETF holdings were 15257.92 tons, up 11.29 tons. The non - commercial net positions of gold in CFTC were 231956 contracts, down 20952 contracts; those of silver were 46217 contracts, down 3522 contracts. The total supply of gold in the quarter was 1248.76 tons, up 42.73 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter was 1313.07 tons, up 86.25 tons; the global total demand for silver in the year was 1195 million ounces, down 47.4 million ounces [2] Option Market - The 20 - day historical volatility of gold was 22.13%, up 0.18%; the 40 - day historical volatility was 28.38%, down 0.12%. The implied volatility of at - the - money call options for gold was 22.09%, down 3.17%; the implied volatility of at - the - money put options for gold was 22.09%, down 3.17% [2] Industry News - Ukraine's Zelensky reported multiple rounds of high - level peace talks in Geneva, Switzerland, saying that "substantive dialogue" had begun, but the specific plan was still highly uncertain. The US Treasury Secretary said that the government shutdown caused a permanent loss of $11 billion to the US GDP, and the overall economy was not at risk of recession. Multiple Fed officials signaled a rate cut, and after their speeches, the market's bet on a Fed rate cut in December exceeded 50% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The precious metals market oscillated within a range this week due to the vacillation of the Fed's interest - rate cut expectations. The delayed September non - farm payroll report failed to offer clear guidance, and market uncertainty remained high. The 12 - month interest - rate cut probability dropped significantly, and the precious metals market will continue to oscillate. In the short term, precious metals lack clear positive factors, and gold prices will mainly move in an oscillatory manner next week. In the long run, due to the increasing US debt pressure and central bank gold purchases, the gold price center may rise further. The suggested attention range for the SHFE gold 2602 contract next week is 900 - 950 yuan/gram, and for the SHFE silver 2602 contract, it is 11,500 - 12,300 yuan/kilogram [8]. 3. Summary by Directory 3.1 Weekly Highlights Summary - **Market Performance**: Affected by the vacillation of the Fed's interest - rate cut expectations, the precious metals market oscillated within a range this week. The delayed September non - farm payroll report failed to provide clear guidance, and market uncertainty remained high. Although the number of new jobs significantly exceeded market expectations, the downward revision of previous data and the unexpected increase in the unemployment rate (the highest in four years) made the data less impressive. The Fed officials were divided on the interest - rate cut stance, with most supporting maintaining interest rates and some advocating a looser policy. The 12 - month interest - rate cut probability dropped from nearly 70% at the beginning of last week to 30% - 45% this week [8]. - **Market Outlook**: In the short term, the suppression of interest - rate cut expectations is unfavorable for gold prices. The lack of data guidance and the callback of the US stock market may exacerbate the liquidity risk and the callback of the precious metals market. The neutral - to - hawkish tone of the Fed officials restricts the upward space of gold prices. In the long term, the increasing US debt pressure and central bank gold purchases may push up the gold price center [8]. 3.2 Futures and Spot Markets - **Price Movement**: After a significant increase in the previous period, the precious metals market corrected at a high level this week. As of November 21, 2025, COMEX silver was at $48.77 per ounce, down 3.23% for the week; the SHFE silver 2602 contract was at 11,680 yuan/kilogram, down 5.43% for the week. COMEX gold was at $4,032.9 per ounce, down 1.33% for the week; the SHFE gold 2602 contract was at 926.94 yuan/gram, down 2.75% for the week [9][11]. - **ETF Holdings**: This week, the net holdings of foreign - market silver ETFs increased, while those of gold ETFs decreased. As of November 20, 2025, the SPDR gold ETF holdings were 1,039.43 tons, a 0.91% decrease from the previous period; the SLV silver ETF holdings were 15,247 tons, a 0.50% increase from the previous period [12][16]. - **COMEX Positions**: Due to the US government shutdown, the COMEX position data of precious metals stopped being updated. As of September 23, 2025 (the latest), the total COMEX gold positions were 528,789 contracts, a 2.43% increase from the previous period; the net positions were 266,749 contracts, a 0.13% increase from the previous period. The total COMEX silver positions were 165,805 contracts, a 1.75% increase from the previous period; the net positions were 52,276 contracts, a 1.43% increase from the previous period [17][21]. - **Basis**: This week, the basis of gold and silver in the Shanghai market weakened. As of November 20, 2025, the gold basis was - 5.46 yuan/gram, and the silver basis was 94 yuan/kilogram [22][24]. - **Inventory**: This week, the SHFE gold inventory increased, while the silver inventory decreased. As of November 20, 2025, the COMEX gold inventory was 36,937,024.89 ounces, a 1.61% decrease from the previous period; the SHFE gold inventory was 90,426 kilograms, a 0.90% increase from the previous period. The COMEX silver inventory was 15,247 ounces, a 0.50% increase from the previous period; the SHFE silver inventory was 576,894 kilograms, a 7.40% decrease from the previous period [27][31]. 3.3 Industrial Supply and Demand 3.3.1 Silver Industry - **Imports**: As of October 2025, the import volumes of silver and silver ore sand decreased. The Chinese silver import volume was 239,777.07 kilograms, a 2.43% decrease from the previous period; the import volume of silver ore sand and its concentrates was 149,358,822 kilograms, a 6.99% decrease from the previous period [33][37]. - **Downstream Demand**: Due to the increasing demand for silver in semiconductors, the growth rate of integrated circuit production continued to rise. As of October 2025, the monthly integrated circuit production was 4,177,000 pieces, with a year - on - year growth rate of 17.7% [39][42]. - **Supply - Demand Balance**: The silver supply - demand situation is in a tight - balance pattern. As of the end of 2024, the industrial demand for silver was 680.5 million ounces, a 4% year - on - year increase; the demand for coins and net bars was 190.9 million ounces, a 22% year - on - year decrease; the net investment demand for silver ETFs was 61.6 million ounces, compared with - 37.6 million ounces in the same period of the previous year; the total silver demand was 1,164.1 million ounces, a 3% year - on - year decrease. The total silver supply was 1,015.1 million ounces, a 2% year - on - year increase; the supply - demand gap was - 148.9 million ounces, a 26% decrease from the previous period [44][48][52]. 3.3.2 Gold Industry - **Product Price**: This week, the price of gold jewelry decreased. As of November 20, 2025, the Chinese gold recycling price was 929.60 yuan/gram, down 2.71% from the previous period. The gold prices of Laofengxiang, Chow Tai Fook, and Saturday Fu were 1,302 yuan/gram, 1,305 yuan/gram, and 1,273 yuan/gram respectively [54][58]. - **Investment Demand**: According to the World Gold Council, in Q3 2025, the investment demand for gold ETFs increased significantly. Central banks net - purchased about 220 tons of gold in the third quarter, with a cumulative purchase of 634 tons in the first three quarters of 2025 [60]. 3.4 Macroeconomic Data - **Dollar and Treasury Yields**: This week, the US dollar index continued to rebound, and the yield of 10 - year US Treasury bonds increased slightly. The 10Y - 2Y Treasury yield spread widened week - on - week, and the CBOE gold volatility declined. The 10 - year inflation - balanced interest rate was 2.24%, slightly lower than last week [64][68][72]. - **Central Bank Gold Purchases**: In the third quarter of 2025, central banks around the world purchased 220 tons of gold, a 28% quarter - on - quarter increase, reversing the downward trend at the beginning of the year. The cumulative net gold purchase from the beginning of the year to now was 634 tons, still significantly higher than the level before 2022 [76][78].

Report Industry Investment Rating No relevant content provided Core Viewpoints - The precious metals market continues to be under pressure and in a correction trend, with the London gold price once breaking below the significant $4000 mark. Uncertainty over the release of the US CPI data for October, combined with previous warnings from Fed officials about the risk of inflation rebounding, has significantly reduced the probability of rate cuts in December and January next year. The rebound of the US dollar and the 10-year US Treasury yield, as well as the sharp correction in the US stock and cryptocurrency markets, have also intensified liquidity risks, posing resistance to the upward movement of gold and silver prices [2]. - In the short term, the correction in the US stock market may exacerbate market liquidity risks and cause short-term shocks to the gold price. The Fed's stance is more hawkish than expected, and the rate cut expectation is under pressure, which is a potential negative for the gold price. However, geopolitical risks may continue to provide price support, and the possibility of a significant decline in the gold market in the short term is relatively limited [2]. - In the medium to long term, the US debt pressure continues to intensify, and investors' confidence in the US dollar tends to weaken. Gold, as the preferred asset for hedging against US dollar credit, remains attractive. Coupled with the continuous intervention of central banks buying gold at low prices, the central price of gold may further increase [2]. - Technically, the short-term upward momentum has significantly weakened, and the $4000 and $50 integer marks for London gold and silver prices form key supports. The Shanghai gold 2512 contract should focus on the range of 900 - 950 yuan/gram; the Shanghai silver 2602 contract should focus on the range of 11300 - 12000 yuan/kilogram [2]. Summary by Relevant Catalogs 1. Market Data - **Futures Market**: The closing price of the Shanghai gold main contract was 918.52 yuan/gram, down 10.94 yuan; the closing price of the Shanghai silver main contract was 11699 yuan/kilogram, down 234 yuan. The main contract positions of Shanghai gold decreased by 10851 hands to 90872 hands, while those of Shanghai silver increased by 10886 hands to 322401 hands. The net positions of the top 20 in the Shanghai gold main contract decreased by 473 hands to 107875 hands, and those of Shanghai silver decreased by 12386 hands to 93067 hands. The warehouse receipt quantity of gold and silver both decreased to 0, with a decrease of 90426 kilograms for gold and 569355 kilograms for silver [2]. - **Spot Market**: The Shanghai Nonferrous Metals Network gold spot price was 917.3 yuan/gram, down 14.15 yuan; the silver spot price was 11787 yuan/kilogram, down 190 yuan. The basis of the Shanghai gold main contract was -1.22 yuan/gram, down 3.21 yuan; the basis of the Shanghai silver main contract was 88 yuan/kilogram, up 44 yuan [2]. - **Supply - Demand Situation**: Gold ETF holdings decreased by 2.57 tons to 1041.43 tons, while silver ETF holdings remained unchanged at 15218.42 tons. The non - commercial net positions of gold and silver in the CFTC increased, with an increase of 339 contracts for gold to 266749 contracts and an increase of 738 contracts for silver to 52276 contracts. The quarterly total supply and demand of gold were both 1313.01 tons, with an increase of 54.84 tons in supply and 54.83 tons in demand. The annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces, and the global total demand was 1195 million ounces, down 47.4 million ounces [2]. - **Option Market**: The 20 - day historical volatility of gold decreased by 0.58% to 27.02%, and the 40 - day historical volatility increased by 0.93% to 28.14%. The implied volatility of at - the - money call and put options for gold both increased by 2.17% to 28.93% [2]. 2. Industry News - Fed Vice Chair Jefferson believes that the downside risk to employment has increased, and the upside risk to inflation may have slightly decreased recently. He also reiterated that as interest rates approach the neutral level, policymakers need to be more cautious and proceed slowly. Fed Governor Waller believes that the Fed should cut rates again at the December meeting due to the weak US labor market and the harm of monetary policy to low - and middle - income consumers [2]. - US White House National Economic Council Director Hasset pointed out that the job market shows "mixed signals", suggesting that the labor market may be slowing down [2]. - According to CME's "FedWatch", the probability of the Fed cutting rates by 25 basis points in December is 42.9%, and the probability of keeping rates unchanged is 57.1%. The probability of the Fed cutting rates by a cumulative 25 basis points by January next year is 48.2%, the probability of keeping rates unchanged is 35.6%, and the probability of a cumulative 50 - basis - point cut is 16.1% [2].

准确 快速 权威 专业 截至今日晚间发稿，现货黄金跌超2%，报4081.11美元/盎司。 现货白银向下跌破51美元/盎司，日内跌超2%。 下载财联社APP获取更多资讯 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

Market Performance - The three major U.S. stock indices showed mixed results, with the Dow Jones Industrial Average reaching a record high of 48,254.82 points, up 0.68% [2] - The S&P 500 index closed at 6,850.92 points, with a slight increase of 0.06%, while the Nasdaq Composite index fell by 0.26% to 23,406.46 points [2] Technology Sector - The majority of the U.S. tech giants experienced declines, with the tech giants index down by 0.80%. Notable movements included Microsoft up 0.48% and Nvidia up 0.33%, while META dropped 2.88% and Tesla fell 2.05% [4] - Other tech companies like Amazon and Google saw declines of over 1%, and Apple had a minor decrease of 0.65% [4] Commodity Prices - Gold prices surged significantly, with spot gold rising by 1.66% to $4,195.195 per ounce, and COMEX gold futures increasing by 2.11% to $4,203.1 per ounce [5] - In contrast, international oil prices saw a notable decline, with light crude oil futures for December delivery dropping by $2.55 to $58.49 per barrel, a decrease of 4.18%, and Brent crude oil futures for January down by $2.45 to $62.71 per barrel, a drop of 3.76% [7]

Core Viewpoint - The resignation of Wu Yuehua, the general manager of Huayang New Materials, marks a significant leadership change within the company, which is undergoing a transformation in its business focus towards precious metals and related sectors [1][3][6]. Company Summary - Wu Yuehua submitted his resignation due to work changes, effective immediately, and will no longer hold any position within the company [1][3]. - The board of directors will promptly complete the election of a new director and the appointment of a new general manager [3]. - Wu Yuehua's term was originally set to end on January 9, 2026, and he has not held any company stock or unfulfilled commitments [3]. - Huayang New Materials, formerly Taihua Co., was rebranded in May 2021 as part of a strategic shift under the Huayang Group [5]. Recent Developments - In 2024, Huayang New Materials experienced significant personnel changes, including the resignation of other key executives and the appointment of new leadership [6]. - The company announced the transfer of certain land use rights to Taiyuan Chemical Industry Group, resulting in a net asset disposal gain of 119 million yuan and a land transfer subsidy of 5 million yuan from the Taiyuan Municipal Finance Bureau [6]. - This land transfer is expected to enhance asset operation efficiency and alleviate financial pressure on the company [6]. Financial Performance - For the first half of the year, Huayang New Materials reported revenue of 150 million yuan, with a net profit attributable to shareholders increasing by 266.15% year-on-year [6]. - In the first three quarters, the company achieved revenue of 326 million yuan, a year-on-year growth of 31.10%, and a net profit of 68.88 million yuan, up 178.58% [6]. - The increase in revenue is primarily attributed to higher sales of platinum nets and palladium chloride, benefiting from a recovery in the precious metals market [6][7]. Industry Outlook - Huayang New Materials has been transitioning towards precious metals since 2016, fully divesting from chemical assets by 2021 [7]. - The company now focuses on three core business segments: precious metal recycling, biodegradable materials, and sodium-ion battery materials [7]. - The precious metals processing business has a production capacity of 2,500 kg of platinum nets annually and can process 1,000 tons of waste catalysts containing precious metals [7]. - A recent report predicts that the global precious metals market will exceed $1.8 trillion by 2030, with the Chinese market expected to surpass 1.2 trillion yuan, growing at a stable annual rate of 8%-10% [8][9].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The U.S. government shutdown is expected to cause the precious metals market to decline. The sharp rise in gold and silver prices today may be due to the short - term liquidity buffer provided by the temporary appropriation bill and the continuous weakening of the U.S. dollar index after breaking through the 100 mark, which boosts the monetary attribute of precious metals. The continuous weakening of the U.S. dollar is expected to boost the precious metals trend, but the optimistic expectation of the government shutdown may weaken the market's safe - haven demand and resist the upward movement of gold prices. Technically, there is a short - term callback risk, and specific price ranges for Shanghai gold and silver contracts are given [3]. 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract is 935.98 yuan/gram, up 14.72; the closing price of the Shanghai silver main contract is 11719 yuan/kilogram, up 235 [3]. - **Positions**: The main contract positions of Shanghai gold are 136657 hands, down 3; those of Shanghai silver are 243217 hands, down 2300. The net positions of the top 20 in the Shanghai gold main contract are 110522 hands, up 5914; those of Shanghai silver are 101886 hands, down 3302 [3]. - **Warehouse Receipts**: The warehouse receipt quantity of gold is 89616 kilograms, unchanged; that of silver is 609978 kilograms, down 13074 [3]. 3.2现货市场 - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network is 928.1 yuan/gram, up 12.15; the spot price of silver is 11607 yuan/kilogram, up 161 [3]. - **Basis**: The basis of the Shanghai gold main contract is - 7.88 yuan/gram, down 2.57; that of the Shanghai silver main contract is - 112 yuan/kilogram, down 74 [3]. 3.3 Supply and Demand Situation - **ETF Holdings**: Gold ETF holdings are 1042.06 tons, up 1.71; silver ETF holdings are 15088.63 tons, down 25.4 [3]. - **CFTC Non - commercial Net Positions**: Gold CFTC non - commercial net positions are 266749 contracts, up 339; silver CTFC non - commercial net positions are 52276 contracts, up 738 [3]. - **Supply and Demand Quantities**: The total quarterly supply of gold is 1313.01 tons, up 54.84; the total annual supply of silver is 987.8 million troy ounces, down 21.4. The total quarterly demand for gold is 1313.01 tons, up 54.83; the global annual demand for silver is 1195 million ounces, down 47.4 [3]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold is 31.98%, down 0.42; the 40 - day historical volatility is 26.76%, down 0.03 [3]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold is 20.46%, down 1.3; that of at - the - money put options is 20.47%, down 1.27 [3]. 3.5 Industry News - The U.S. Senate passed a temporary appropriation bill to end the government shutdown until January 30, 2026. The government shutdown has a greater - than - expected impact on the U.S. economy, and the labor department cannot release the non - farm payroll report, which makes the Fed's December interest - rate cut decision difficult [3]. 3.6 Technical Analysis - The hourly RSI of London gold has continued to strengthen and broken through the 90 overbought range. The key resistance level for London gold is $4100, and the strong support level is $4000. The Shanghai gold 2512 contract should focus on the range of 890 - 950 yuan/gram; the Shanghai silver 2512 contract should focus on the range of 11000 - 11900 yuan/kilogram [3].