Report Summary 1. Report Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View of the Report - On February 26, 2026, the trends of platinum and palladium slightly diverged. The PT2666 contract closed up 2.0% at 589.5 yuan/gram, and the PD2006 contract closed up 2.27% at 446.55 yuan/gram [7]. - At the macro - level, the uncertainty of tariff policies and the tense geopolitical situation in the Middle East are the main supports for the entire precious metals market. However, in terms of fundamentals, short - term attention should be paid to the exemption of key minerals in Trump's new tariff policy, which may have a greater impact on palladium and weaken the short - term sustainability of the upward movement of the market [7]. - In the long run, the global platinum supply - demand bottleneck persists, and the global palladium supply - demand balance sheet is expected to improve. Therefore, platinum and palladium prices are still supported in the long term. - In the short term, platinum and palladium are expected to maintain a volatile trend, but the volatility may still be large. It is recommended that investors mainly buy on dips [7]. 3. Summary by Relevant Catalogs Domestic Prices - Platinum: The spot price of platinum (99.95%) has a certain value; the platinum futures main contract closed at 589.5 yuan/gram, up 0.60% from the previous value; the platinum basis (spot - futures) was - 2 yuan, down - 88.89% [5]. - Lithium: The lithium futures main contract closed at 446.55 yuan/gram, down - 2.49% from the previous value; the spot price of lithium (99.95%) was 443.5 yuan/gram, down - 2.21% from the previous value; the lithium basis (spot - futures) was - 3.05 yuan, down - 31.46% [5]. International Prices - London spot platinum was at 2306.064 dollars/ounce, up 1.23% from the previous value; London spot palladium was at 1795.576 dollars/ounce, down - 0.58% from the previous value [5]. - NYMEX platinum was at 2309.2 dollars/ounce, up 0.94% from the previous value; NYMEX palladium was at 1846.5 dollars/ounce, up 0.52% from the previous value [5]. Internal - External 15 - point Spreads - The dollar/renminbi central parity rate was 6.9228, down - 0.13% from the previous value. The spread between domestic platinum and London platinum was 9.51 yuan/gram, down - 22.52% from the previous value; the spread between domestic platinum and NYMEX platinum was 8.72 yuan/gram, down - 11.74% from the previous value [5]. Ratios and Inventory - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.3201, with a change of 0.0405 from the previous value. The ratio of London spot platinum to palladium was 1.2843 [6]. - NYMEX platinum inventory was 186,269 ounces, with a change of 0.00% from the previous value; NYMEX palladium inventory was 578,195 ounces, with a change of 0.00% from the previous value [6]. Positions - NYMEX total platinum positions were 69,291, up 0.33% from the previous value; non - commercial net long positions in platinum were 12,347, up 2.18% from the previous value [6]. - NYMEX total palladium positions were 16,538, down 1.52% from the previous value; non - commercial net long positions in palladium were 513, down - 4.09% from the previous value [6].

2月25日，昨日周二我们认为，中东局势动荡，美国与伊朗爆发军事冲突的风险急剧升高，市场避险情 绪快速升温，避险买盘支撑黄金持续上涨，刷新本月新高，因此操作上建议大家，下方支撑关注5200和 5176美元，其次5120美元，上方压力关注5280和5300美元，其次5380美元。 从之后的走势看，周二亚盘开盘后，黄金短线冲高，涨至5249美元遇阻，刷新2月份新高，到亚盘盘 中，黄金短线跳水近80美元，急跌至5145美元企稳，反弹5191美元遇阻，美盘开盘后，黄金再次短线急 跌近60美元，至5092美元企稳，收盘前反弹5173美元遇阻。总体来看，黄金冲高遇阻，引发走势回调， 金价暂时保持高位震荡。 Wolfinance星级分析师认为，黄金周二刷新2月份新高后，走势遇阻承压，回吐周一涨幅，结束此前4日 连涨趋势，主要受多个因素影响，具体来看：金价短期涨幅较大，黄金冲高至5249美元遇阻后，一些投 资者选择锁定利润，获利了结加强短期卖压，引发了技术性回调；美国最高院驳回全面关税后，特朗普 政府迅速宣布了10%关税叠加的临时替代方案，暂时降低了政策完全失控的极端不确定性，部分削弱避 险买盘；此前有消息美国可能在23或24 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2026-02-25 避险情绪抬升，铂钯显著上行 受春节假期期间关税与地缘不确定性加剧影响，截⾄2026年2⽉24⽇收 盘，⼴州期货交易所铂⾦主⼒合约上涨5.54%，报551.85元/克；钯⾦主 ⼒合约上涨4.57%，报438.45元/克。据新华社报道，美国最⾼法院裁定 特朗普政府关税措施缺乏明确法律授权，特朗普随即采取替代⽅案，关税 不确定性进⼀步上升。同时，美伊双⽅在谈判与军事对峙中持续博弈，中 东地缘紧张局势未⻅缓和。多重不确定性叠加下，铂钯价格随贵⾦属板块 整体⾛强。 铂观点：美国非农数据好于预期，铂金显著上行 主要逻辑：据新华社2月22日报道，美国最高法院20日公布裁决，认定美 国《国际紧急经济权力法》没有授权总统征收大规模关税，叠加美伊紧张 局势持续发酵，短期来看铂金价格震荡偏强。长期来看，美国仍处于降息 通道中，特朗普造成的美联储独立性受损和全球政治经济秩序松动，从而 促使美元信用走弱的长期趋势延续，有利于价格长期弹性的释放。此外， 供应紧张问题虽有边际缓解，但制裁和关税风险仍存，对价格形成下方支 撑。 展望：震荡偏强 ...

Wolfinance星级分析师黄力晨认为，黄金周二刷新2月份新高后，走势遇阻承压，回吐周一涨幅，结束此前4日连涨趋势， 主要受多个因素影响，具体来看：金价短期涨幅较大，黄金冲高至5249美元遇阻后，一些投资者选择锁定利润，获利了 结加强短期卖压，引发了技术性回调；美国最高院驳回全面关税后，特朗普政府迅速宣布了10%关税叠加的临时替代方 案，暂时降低了政策完全失控的极端不确定性，部分削弱避险买盘；此前有消息美国可能在23或24日对伊朗发动军事打 击，但时间过去并未发生，市场开始期待26日的美伊谈判，部分削弱避险买盘。展望后市，尽管黄金短期冲高遇阻，但 整体方向仍是多方占优，在降息预期、地缘紧张局势与央行购金需求的支撑下，黄金中长期趋势依旧看涨。 日线图上，黄金冲高遇阻，回吐周一涨幅，暂时保持高位震荡。黄金下方支撑，可以关注周二日线5日均线5090美元，也 是当天金价承压下跌低点位置，失守这里短线可能继续承压，可以关注日线布林带中轨附近5020美元；黄金上方压力， 可以关注5200美元整数位置，其次周线布林带上轨5260美元，周二黄金冲高接近这里遇阻回落。5日均线小幅金叉， MACD指标轻微金叉，KDJ与RSI指 ...

若本轮成品油零售限价上调确认后，私家车单次加满一箱50L的油后将多花7元，以月跑2000公里、百 公里平均油耗8L的燃油汽车为例，下次调价窗口开启前（2026年3月9日24时），单辆车的燃油成本将 增加10元左右。物流行业方面，以月跑10000公里，百公里油耗在38L的重型卡车为例，在下次调价窗 口开启前，单辆车的燃油成本将增加231元左右。 后市来看，许磊进一步指出，预计原油市场将继续关注中东地缘局势的进一步指引。虽然原油价格处于 阶段性高位，但地缘不确定性以及石油库存下滑，对油价仍有支撑。下一轮调价周期重新计算后的原油 变化率仍正值开端，成品油零售调价窗口呈现上调预期，下轮调价窗口在2026年3月9日24时。 编辑：吴郑思 转自：新华财经 新华财经北京2月24日电 本轮国内成品油零售调价周期内（2月3日24时至2月24日24时），国际原油价 格上涨，本期原油变化率持续正值范围内运行，成品油零售价格呈现上调预期。预计2月24日24时国内 成品油零售调价或将开启上调窗口。 据卓创资讯分析师许磊具体分析，新一轮成品油调价窗口周期内，地缘紧张局势变化推高国际油价的风 险溢价，且暂时基本面对原油影响有限，国际原油触 ...

2月18日，昨日周二黄金震荡承压，金价呈现阶梯回落，亚盘开盘不久，金价急跌超过60美元，小幅反 弹后，于亚盘盘中急跌近90美元后反弹，美盘开盘后，黄金再度急跌近80美元，失守4900美元整数关 口，刷新一周新低至4842美元，全天跌幅一度超过2%，短期表现偏弱运行；周三开盘后，黄金短线企 稳反弹，目前交投于4914美元附近。 Wolfinance星级分析师认为，黄金周二剧烈震荡，整体呈现承压态势，主要因市场避险情绪降温，削弱 了黄金的避险吸引力。具体来看： 美国与伊朗新一轮的间接谈判，在周二取得了突破性的进展，双方就一系列指导性原则达成总体共识， 谈判前景较之前更加清晰，后续双方同意继续接触； 俄罗斯与乌克兰也在周二开启了和平谈判，尽管双方核心分歧严重，局面也处于边打边谈的状况，但谈 判为市场提供了通过外交途径解决冲突的积极预期，对和平曙光的期望令避险降温。 展望后市，市场除了需要继续关注地缘局势的动态外，仍需要留意美联储货币政策可能对黄金带来的影 响，日内主要关注即将公布的美联储会议纪要。 日线图上，黄金在上周反弹遇阻后，短期走势震荡承压。黄金下方支撑，可以关注4850美元附近，周二 金价回落，多次试探这里 ...

Core Viewpoint - The significant drop in gold prices is attributed to multiple factors, including strong U.S. employment data, a sharp decline in U.S. stock markets, and profit-taking activities in the silver market, leading to a chain reaction affecting gold prices [2]. Group 1: Market Reactions - Gold prices fluctuated between $5040 and $5080 until a sharp decline occurred, dropping nearly $200 to a low of $4878 before stabilizing around $4888 [1]. - Following the drop, gold rebounded to a high of $4997 but faced resistance near the $5000 mark, currently trading around $4977 [1]. Group 2: Economic Indicators - The U.S. non-farm payroll data released on Wednesday showed an increase of 130,000 jobs, significantly above the expected 70,000 and previous value of 50,000, with the unemployment rate decreasing from 4.4% to 4.3% [2]. - This strong employment data has led to expectations that the Federal Reserve will maintain higher interest rates for a longer period until inflation is controlled, causing a delay in market expectations for the Fed's first rate cut this year [2]. Group 3: Market Sentiment and Technical Analysis - The decline in U.S. stock markets, driven by fears of AI disrupting traditional industries, prompted panic selling and increased demand for margin, leading some investors to liquidate gold positions for cash [2]. - Profit-taking in the silver market, which had seen significant gains, also contributed to the pressure on gold prices, as the volatility in silver prompted investors to exit positions in gold [2]. - Technical indicators suggest that gold prices are experiencing a rebound demand despite the recent drop, with support levels identified at $4930 and $4880, while resistance is noted at $5000 and $5100 [4].

Core Viewpoint - The market's expectation of a Federal Reserve interest rate cut is supporting gold prices, creating opportunities for upward movement in gold prices, with key support levels at $5050 and $5000, and resistance at $5100 and $5200 [1][5]. Group 1: Market Analysis - Gold prices have been fluctuating around high levels, with a potential for upward breakout due to factors such as Federal Reserve rate cut expectations, geopolitical tensions, and strong central bank demand [2][6]. - The U.S. non-farm payroll data for January showed an increase of 130,000 jobs, significantly higher than December's 50,000 and above the market expectation of 70,000, with the unemployment rate dropping from 4.4% to 4.3% [2][6]. - Despite strong non-farm data, the market still anticipates two rate cuts by the Federal Reserve within the year, which continues to support gold prices [3][7]. Group 2: Technical Analysis - On the daily chart, gold attempted to break above the $5100 level but failed to maintain that position, resulting in a high-level consolidation [3][7]. - Key support levels to watch include the daily low of $5044 and the psychological level of $5000, while resistance remains at $5100, with a potential upward target of $5200 [3][7]. - Technical indicators show mixed signals, with the 5-day moving average forming a golden cross, while the MACD indicator's bearish crossover is slowing down, indicating a potential rebound demand for gold [3][7].

里奇蒙联储主席巴尔金周二的表态进一步印证了这一点，他表示美联储的降息举措有助于维护就业市场 健康，同时生产率提升正帮助企业缓解成本压力，助力通胀回归2%目标。 周三(2月4日)亚洲时段，现货黄金价格延续反弹态势，截至发稿，现货黄金暂报5080.28美元/盎司，上 涨2.72%，最高触及5082.14美元/盎司，最低下探4908.40美元/盎司。黄金短暂下跌之后重回5000美元上 方，基本面上美伊紧张局势升温支撑避险需求，但美联储人事变动强化鹰派预期，对金价构成压制，因 此短期波动率并未有效降低之前，维持高位震荡为主。 另外，据NBC新闻报道，美国众议院周二通过了一项规模庞大的资金法案，以结束自周六开始的部分 政府停摆局面，该法案现将送交总统特朗普签署成为法律。据悉，投票结果是217票赞成，214票反对。 特朗普曾表示，他将"立即"签署该文件。这一事件暴露了国内政治的不稳定性。民主党人借机推动对特 朗普移民政策的限制，这可能引发更多分歧。 美联储政策的微调一直是黄金市场的重要风向标，而Warsh的提名无疑为这一领域注入了新的变量。尽 管市场普遍预期Warsh不会急于推动快速降息，但他对资产负债表的收缩态度可能导 ...

Group 1 - The core viewpoint of the article indicates that after a weak adjustment, copper prices have returned to a strong trend, with the main contract showing an increase of nearly 3% in the morning [1] - Precious metals have also surged again, contributing to a positive atmosphere in the domestic futures market, which is influencing copper price movements [1] - Global visible copper inventories have recently increased, and high prices are still suppressing downstream demand; however, ongoing geopolitical tensions and a weakening US dollar provide some support for copper prices [1]