来源：天风研究 基本金属：铜铝普涨，降息驱动铜价创历史新高。贵金属：美联储降息预期强化，金银价格震荡走强。 小金属：锑价小幅回调。稀土永磁：核心磁材公司获通用许可证，出口存放松预期。能源金属：整体呈 现震荡态势。 贵金属：美联储降息预期强化，金银价格震荡走强。 截至12月4日，国内99.95%黄金市场均价850.88元/克，较上周均价上涨1.87%，上海现货1#白银市场均 价13382元/千克，较上周均价上涨10.67%。周初在感恩节假期市场流动性偏弱的背景下，金价的窄幅震 荡反映了投资者在评估美联储信号时的谨慎态度。随后受宏观经济环境和货币政策预期的双重支撑，金 银价格强势上涨。我们看好降息周期中贵金属价格表现。 小金属：锑价小幅回调。 本周0#锑锭市场价格为17.4万元/吨，均价较上周同期下调0.2万元/吨；氧化锑价格下调，99.5%三氧化 二锑市场价格14.55万元/吨，均价较上周同期价格稳定。当前市场价格窄幅波动主要源于两方面支撑： 一是中间商库存成本偏高，低价出货意愿不强，挺价心态较为坚定；二是头部企业年度任务基本完成， 报价多跟随市场情绪。出口方面，近期订单以民营企业申请为主，实际出货规模仍较有限 ...

Core Insights - The equity market demonstrated resilience with a rebound after a brief pullback, particularly in the technology sector, which remains the main battleground [1][3] - The bond market experienced a long-awaited recovery, with 10-year and 30-year government bond yields rising to 1.81% and 2.11% respectively, before showing signs of repair in the afternoon [1][6] Equity Market Performance - The total trading volume in the A-share market reached 2.37 trillion yuan, an increase of 639 billion yuan compared to the previous day [2] - The ChiNext Index and the Science and Technology Innovation 50 Index rose by 1.32% and 0.68% respectively, while the CSI 300 Index fell by 0.21% [2][3] - Small-cap stocks outperformed larger ones, with the CSI 2000 rising by 1.61% and the micro-cap index increasing by 1.49% [2] Technology Sector Focus - The market remains sensitive to positive news in the technology sector, as evidenced by the 1.32% rise in the Science and Technology Innovation 50 Index following news of Nvidia's antitrust investigation [3] - The SW Robotics Index surged by 3.85%, driven by developments related to Tesla's Optimus robot and significant stock purchases by Elon Musk [3] Bond Market Dynamics - Despite a tight funding environment, the bond market saw a recovery, with yields on 10-year and 30-year government bonds declining to 1.78% and 2.08% respectively after initial increases [6][9] - The central bank's net injection of 400 billion yuan was significantly lower than previous months, indicating a tightening liquidity situation [5][9] Commodity Market Trends - The commodity market experienced a broad rally, particularly in the black series, with coking coal and coke prices rising by 5.8% and 4.2% respectively [9][11] - The low inventory levels and rising demand in the steel sector contributed to the upward price movement, with average daily pig iron production increasing by 5.2% week-on-week [11] Capital Flows and Investor Sentiment - There is a dual focus on both defensive and cyclical investments, with significant inflows into gold and black chain indices, reflecting a recovery in market confidence [10] - The recent policy measures aimed at boosting service consumption are expected to positively impact related sectors such as film, gaming, and tourism [4][11]