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 来源：华泰期货 作者： 新能源及有色组 昨日铂主力合约2606合约收于527.55元/克，钯主力合约2606合约收于455.15元/克。铂、钯期货自11月 27日在广期所上市以来，首次出现双合约同时涨停。同时两个品种主力合约持仓量均有大幅增加，显示 资金对铂钯中长期走势持乐观态度。 昨日铂2606和钯2606合约强势涨停，标志着贵金属市场热点从金银转向铂钯。基本面方面，南非、俄罗 斯的供给干扰因素依然存在；宏观方面，国内外流动性宽松政策频出，全球"去美元化"趋势增强，提升 贵金属避险需求。这轮上涨由供需紧平衡、宏观宽松和资金涌入共同驱动，技术上已突破关键阻力位， 打开新的上行空间。短期或有震荡，但中长期多头格局已确立。投资者宜把握回调机会，关注铂钯比价 修复带来的投资机会。 同时需警惕短期回调风险，并关注供需面和宏观面可能出现的变化。 风险提示：短期回调风险，南非、俄罗斯矿山供应进展，美联储政策转向，新上市品种流动性放大波 动。 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公 ...

Group 1 - The A-share market continues its upward trend, with the Shanghai Composite Index closing at 3352 points, up 0.28%, marking the highest closing level since March 28 [1] - The A500 Index ETF (159351) has experienced a strong four-day rally, closing with a gain of 0.73% and reaching a near one-month high [1] - The A500 Index ETF (159351) saw a trading volume of 2.575 billion yuan, ranking second in the market for similar products, with a turnover rate of 17.94%, also second in the Shenzhen market [1] Group 2 - The A500 Index ETF (159351) received a net subscription of 11.3 million shares today, ranking first among similar products in the Shenzhen market, with over 20 million shares net subscribed in the last three trading days [1] - The aerospace and military industry continues to perform strongly, with AVIC Chengfei hitting a 20% limit-up [1] - Leading companies in the optical module sector, such as NewEase and Zhongji Xuchuang, saw gains exceeding 10%, while Tianfu Communication rose over 7% [1] Group 3 - The central bank conducted a 158.6 billion yuan reverse repurchase operation with a rate cut of 10 basis points to 1.40%, resulting in a net injection of 158.6 billion yuan [1] - Brokerages believe that the liquidity easing policy directly boosts market risk appetite, supported by recent monetary policy measures like reserve requirement ratio cuts and interest rate reductions [2] - The focus of future policies is expected to shift towards expanding domestic demand and implementing fiscal measures to stimulate consumption, further strengthening market recovery expectations [2]