商 品 研 究 2025 年 12 月 03 日 铂：窄幅震荡 钯：NYMEX 对伦敦价差拉开，有上行可能 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | --- | --- | --- | --- | --- | | | 铂金期货2606 | 442. 50 | | -2.02% | | | 金交所铂金 | 430. 94 | | -2. 50% | | | 纽约铂主连 | 1653. 60 | | -1.05% | | | 伦敦现货铂金 | 1640. 50 | | -1.36% | | | 铝金期货2606 | 374. 25 | | -2. 12% | | | 人民币现货把金 | 350.00 | | -4. 37% | | 价格 | 纽约肥主连 | 1.516.00 | | 4. 31% | | | 伦敦现货包金 | 1. 424. 81 | | -1.61% | | | | 昨日成交 | 较前日变动 | 昨日持仓 较前日变动 | | | 广铂 | 22, 571 | -2 ...

Group 1 - The core viewpoint of the article emphasizes the importance of monitoring the timing and implementation of the People's Bank of China's (PBOC) resumption of government bond trading, as it reflects a reasonable yield point from a short-term central bank perspective [4][13] - The article discusses the potential impact of the PBOC's actions on liquidity management, particularly in relation to the scale of re-lending during the period of government bond purchases [4][14] - It highlights the significance of banks' government bond purchases during the PBOC's operations, indicating that increased purchases could positively affect overall liquidity, while reduced purchases may have a limited impact [4][15] Group 2 - The article presents two considerations regarding the provision of liquidity to non-bank institutions, noting the correlation between non-bank deposits and equity market transaction volumes [6][19] - It suggests that the reduction in volatility of equity assets this year has improved their risk-adjusted returns, enhancing the attractiveness of equity asset allocation [6][21] Group 3 - The article outlines three thoughts on future monetary policy, indicating that the necessity for a short-term reserve requirement ratio (RRR) cut is low due to the current economic context [7][24] - It also states that the probability of a short-term policy interest rate cut is low, as it could accelerate the outflow of household deposits into financial markets [7][26] - The possibility of a reduction in the five-year Loan Prime Rate (LPR) is noted, as it could help lower household debt costs and improve the downward trend in housing prices [7][26] Group 4 - The article analyzes the impact of current policies on capital markets, stating that the strength of the equity market this year is attributed to reduced volatility and drawdown [8][27] - It mentions that the PBOC's resumption of government bond trading sets a framework for short-term interest rates, but the actual rates will still depend on supply and demand dynamics [8][27] - Historical experience suggests that a simultaneous bull market in both stocks and bonds requires sustained liquidity injections from the central bank, with the potential for rapid asset price increases due to shifts in non-bank deposits [8][30]

Group 1 - The People's Bank of China (PBOC) will maintain a supportive monetary policy stance and implement moderately loose monetary policies, utilizing various monetary policy tools to provide liquidity arrangements in the short, medium, and long term [1] - The PBOC has paused government bond trading earlier this year due to significant supply-demand imbalances and market risks, but will now resume open market operations for government bonds as the bond market is currently performing well [1] - The PBOC is addressing the issue of virtual currencies, particularly stablecoins, which are still in the early stages of development and do not meet basic requirements for customer identification and anti-money laundering, thus exacerbating global financial regulatory gaps [1] Group 2 - The PBOC is researching policies to support personal credit repair, including a one-time personal credit relief policy that will not display certain default records in the credit system for individuals who have repaid loans below a specified amount since the pandemic [2] - This measure aims to help individuals accelerate the repair of their credit records while maintaining the effectiveness of default credit records, and is planned for implementation in early next year after necessary technical preparations [2]

据新华财经消息，中国人民银行行长潘功胜27日在2025金融街论坛年会表示，央行将恢复公开市场国债 买卖。 编辑刘佳妮来源新华财经 经常有读者朋友错过推送 ...

据新华财经消息，中国人民银行行长潘功胜27日在2025金融街论坛年会表示，央行将恢复公开市场国债 买卖。 ...