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 （卓创资讯分析师李欢） 【导语】2025年4季度，热轧板卷行情基本呈现阶梯式下滑走势，价格波动幅度收窄，但均价重心逐月 下移。就卓创资讯分析市场背景来看，供应偏高，需求释放较少，库存同比转增，诸多利空背景下，4 季度卷价走弱已经成为必然，但宏观消息面释放增多，良好延缓价格跌势。 4季度热轧板卷价格走势呈现阶梯式下移局面，季度内最高价格出现在10月初，为3379.09元/吨，最低 价格出现在12月底，为3262.05元/吨，季度均价为3299.31元/吨，环比3季度均价下跌3.13%。4季度热轧 板卷市场运行基本围绕弱现实与强预期展开，市场宏观消息面释放增多，但供需面矛盾升温，市场多空 博弈加剧，带动市价呈现弱势震荡格局。 产量一度创下历史新高水平，带动4季度供应压力持续偏高 2025年10月份，热轧板卷月度产量达到2943.62万吨水平，单月产量首次突破2900万吨，创下历史新高 水平，11-12月产量虽有下滑，但整体降幅有限。4季度热轧板卷产量8673.94万吨，环比3季度产量增加 2.12%。近两年产量对比可以看出，2025年月度产量均处于 ...

华联期货分析称，基本面上，全球铂金连续两年短缺，2024年缺口达99.2万盎司，预计2025年继续短 缺。铂金的供应萎缩以及工业需求的上升和价格较低使得珠宝首饰和投资需求企稳，使得铂金的供需矛 盾凸显，预计铂金的供需缺口未来几年仍存，因此长期看好铂金的基本面。操作上建议，铂金PT2606 多单持有。 新湖期货指出，欧洲原定于2040年全面停止销售燃油新车的计划将被取消，同时此前规定的2035年实现 新车100%零排放目标，也将调整为车企整体车队减排90%。这一变化意味着，燃油车在欧洲市场不再 面临强制退出的命运，预计铂钯未来的需求仍有上行空间，叠加近期白银上涨带来的投资热情，助推铂 钯价格上行，短期警惕波动风险。 12月18日，国内期市贵金属板块全线飘红。其中，铂期货主力合约开盘报529.00元/克，今日盘中高位 震荡运行；截至午间收盘，铂主力最高触及549.50元，下方探低529.00元，涨幅达5.87%。 目前来看，铂行情呈现震荡上行走势，盘面表现偏强。对于铂后市行情将如何运行，相关机构观点汇总 如下： 光大期货表示，银铂钯仍保持强势，黄金强势给了市场做多银铂钯的"底气"，但也要防止市场过热下出 现快速调 ...

Core Insights - The public REITs market has recently seen significant activity with the listing of two data center-focused REITs on August 8, both achieving a 30% limit-up on their first trading day, injecting new vitality into the market [1] - Since the inception of public REITs, the overall performance has been impressive, with an average return of nearly 35%, and 17 products exceeding 50% returns, showcasing strong profit potential [1] - Despite high demand for public REITs, the total market size has just surpassed 2 trillion yuan, indicating a supply shortage that limits the ability to meet large-scale capital allocation needs [1] Market Performance - A total of 15 public REITs have hit the limit-up on their first trading day, representing 20.55% of the 73 public REITs listed [1] - The two newly listed data center REITs, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, had subscription multiples of 317.96 times and 454.96 times, respectively, reflecting strong investor interest in these scarce assets [4] Product Differentiation - The performance of public REITs is not uniform, with some products showing cumulative gains of less than 20% and eight products experiencing negative returns, with the largest loss exceeding 30% [5] - This differentiation is closely linked to operational data and financial metrics, where stable operations and good financial indicators attract more market funds [5] Recommendations for Market Improvement - Experts suggest increasing the supply of quality assets to alleviate the supply-demand imbalance and reduce liquidity risks associated with concentrated investor preferences [5] - Recommendations include gradually relaxing restrictions on investment institutions and Pre-REITs funds as original equity holders to enhance market supply diversity and flexibility [5] Future Development - The future development of the public REITs market requires collaborative efforts to increase the supply of quality assets, improve market mechanisms, and enhance investor risk awareness for sustainable growth [6]