今年以来，黄金白银表现强势，让看重资产配置的机构投资者和高净值人群，获得了不错的回报。年 末，在走势强劲的白银行情中，由国投白银LOF高溢价催生的套利机会，也让小投资者们"薅了一把羊 毛"。 具体来看，在近期的白银强势上行行情中，主要投资于白银期货的国投瑞银白银期货（LOF）受到追 捧，由于该基金的场外申购设有限额，而场内交易需求旺盛，导致其二级市场交易价格大幅偏离基金份 额净值，从11月下旬至12月24日，国投白银LOF场内价格上涨1倍多，这远远超过了同期的白银涨幅， 溢价率一度超过60%。 对于金融产品而言，当高溢价出现时，套利者就出现了。事实上，套利的原理并不复杂：当基金场内交 易价格显著高于其净值时，投资者可在场外按净值申购基金份额，然后转入场内，再以更高的市场价格 卖出，从而赚取差价。当大家假定白银价格还会上涨的时候，即使不能在场内高价卖出而套利，依然可 以选择赎回卖出。 与此同时，单账户单日申购该基金限额仅为500元，对于大资金来说不值一提，但是对于资金量不大的 投资者来说，在数十个百分点的溢价率面前，一次操作可以获得两三百元的收益，而其承担的风险相对 较低，无疑具有很强的吸引力。 然而，套利的另 ...

■记者观察 国投白银LOF套利是一堂生动的"投资课" 对于金融产品而言，当高溢价出现时，套利者就出现了。事实上，套利的原理并不复杂：当基金场内交 易价格显著高于其净值时，投资者可在场外按净值申购基金份额，然后转入场内，再以更高的市场价格 卖出，从而赚取差价。当大家假定白银价格还会上涨的时候，即使不能在场内高价卖出而套利，依然可 以选择赎回卖出。 与此同时，单账户单日申购该基金限额仅为500元，对于大资金来说不值一提，但是对于资金量不大的 投资者来说，在数十个百分点的溢价率面前，一次操作可以获得两三百元的收益，而其承担的风险相对 较低，无疑具有很强的吸引力。 在各种各样的社交平台上，大量图文并茂、步骤清晰的"保姆级"套利攻略被创作出来，从如何开户、如 何申购，到如何转托管、如何卖出，每一个环节都被细致拆解。无数年轻人跟随教程，完成了可能是人 生中第一次主动的、有明确金融逻辑驱动的投资操作。 对于年轻人而言，当他们成功地将几百元利润"落袋为安"时，获得的不仅是一笔小额财富，也是一种正 反馈激励。这种"学习—实践—验证—收获"，其教育效果甚至超过课本。它让年轻人真切体会到，投资 不是虚无的赌博，而是基于规则、知识和 ...

► 生产经营情况 2025Q1 原铝净成品产量为 396,866 吨，同比略降 2%。 证券研究报告|行业研究报告 [Table_Title] 巴林铝业 2025Q1 铝产量为 39.69 万吨，实现利润 4820 万美元 [Table_Date] 2025 年 6 月 18 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 尽管面临市场挑战，2025Q1 原铝销售量仍达到 374,809 吨，同 比增长 3%。 增值销售量（VAP）平均占总发货量的 71%，同比增长 5% （2025Q1 增值销售量为 265,657 吨，而 2024Q1 为 252,772 吨）。 e-Al Hassalah 节省了 3,090 万美元，而 2025 年的目标是 6,000 万美元。 ►财务业绩情况 2025Q1 利润为 1,810 万巴林第纳尔（4,820 万美元），同比下 降 25.9%，而 2024 年同期利润为 2,450 万巴林第纳尔（6,500 万美元）。公司 2025Q1 的基本和稀释后每股收益为 13 巴林第 纳尔，而 2024 年同期为 17 巴林第纳尔 ...

Report Industry Investment Ratings - Bullish: Aluminum, Palm Oil, Soybean Oil, Rapeseed Oil [1] - Bearish: Coke, Coking Coal, BR Rubber [1] - Neutral: Gold, Silver, Copper, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Lithium Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Ferro - Silicon, Glass, Soda Ash, Cotton, Pulp, Crude Oil, Asphalt, Shanghai Rubber, PTA, Ethylene Glycol, Short Fiber, Pure Benzene, Styrene, PP, PVC, Aluminum Oxide, LPG, Container Shipping European Line [1] Core Views - Geopolitical conflicts are intensifying, and options tools can be used to hedge uncertainties [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward trend [1] - The situation has slightly eased, and the gold price may return to a volatile state in the short term; the long - term upward logic remains solid [1] - The market should pay attention to tariff - related developments and domestic and foreign economic data changes due to the repeated market sentiment affected by the Middle East geopolitical risks and the resilience of China's May economic data [1] Summaries by Industry Categories Macro - finance - Asset shortage and weak economy are favorable for bond futures, but short - term central bank warnings on interest - rate risks suppress the upward movement [1] Non - ferrous metals - Copper: Market risk appetite has declined, downstream demand has entered the off - season, and there is a risk of price correction after the copper price has risen [1] - Aluminum: Domestic electrolytic aluminum inventory has continued to decline, and the risk of a short squeeze still exists, with the aluminum price remaining strong; alumina spot price is relatively stable, while the futures price is weak, and the futures discount is obvious [1] - Nickel: The Middle East geopolitical risk persists, and the domestic May economic data shows resilience. The nickel price is in a short - term weak shock, and there is still pressure from the long - term surplus of primary nickel [1] - Stainless steel: The price of nickel iron has fallen, steel mill price limits are fluctuating, spot sales are weak, and social inventory has slightly increased. The short - term futures price is in a weak shock, and there is still long - term supply pressure [1] - Tin: The supply contradiction of tin ore has intensified in the short term, and the increase in Wa State's tin ore production still takes time, so the short - term tin price is in a high - level shock [1] Energy and chemicals - Crude oil: Geopolitical tensions are easing, and the price has fallen. The chemical industry as a whole has followed the decline in the crude oil price [1] - PTA: The spot basis remains strong, PXN is expected to be compressed due to the delay of Northeast PX device maintenance and market rumors of the postponement of Zhejiang reforming device maintenance [1] - Ethylene Glycol: It continues to reduce inventory, and the arrival volume will decrease. Polyester production cuts have an impact on the market [1] - Short fiber: In the case of a high basis, the cost is closely related to the price. Short - fiber factories have started maintenance plans [1] - Pure benzene and styrene: The price of pure benzene has started to weaken, the load of styrene devices has increased, and the basis has also weakened [1] - PP: The price is in a volatile and slightly downward trend, with limited support from maintenance [1] - PVC: After the end of maintenance and the commissioning of new devices, the downstream enters the seasonal off - season, and the supply pressure increases [1] - Alumina: The electricity price has dropped, and non - aluminum demand is weaker than last year. The market is trading the price - cut expectation in advance [1] - LPG: Geopolitical sentiment has eased, and the price premium is expected to be repaired [1] Agricultural products - Palm oil, soybean oil, and rapeseed oil: The US biodiesel RVO quota proposal exceeds market expectations, which may tighten the global oil supply - demand situation, and they are considered bullish in the short term [1] - Cotton: There are short - term disturbances in US cotton, and the long - term macro uncertainty is strong. The domestic cotton price is expected to be in a weak shock [1] - Sugar: Brazil's 2025/26 sugar production is expected to reach a record high, but the oil price may affect the sugar production through the sugar - alcohol ratio [1] - Corn: The overall supply - demand situation in the corn year is tight, and the short - term price is expected to be in a shock [1] - Bean粕: Before the release of the USDA planting area report at the end of the month, the futures price is expected to be in a shock [1] - Pulp: The current demand is light, but the downward space is limited, and it is recommended to wait and see [1] - Hog: The inventory is being repaired, the slaughter weight is increasing, and the futures price is relatively stable [1] Others - Container Shipping European Line: There is a situation of strong expectation and weak reality. The peak - season contracts can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1]

铝和铜市场开始意识到特朗普关税。在期货交易中，美国的价格相对于其他国家急剧上涨。美国市 场的铝3月期货2月10日比前一周周末上涨了2%，之后仍在持续上涨。铜的美英市场差价也迅速扩 大…… 铝和铜市场开始意识到特朗普关税。 在预测未来某个时间的价格的期货交易中，美国的价格相对于 其他国家急剧上涨。 虽然关税是否会实际征收还无法预料，但有色金属相关人士已开始在考虑关税 启动的情况下进行交易。 "将对象品类明确锁定为钢铁和铝的方案出乎意料"，一家日本大型商社的铝行业负责人如此表示。 与特朗普就任前提出的普遍关税不同，钢铁和铝成为焦点，相关人士的紧张感正在加剧。 美国政府将从3月12日起对美国进口的钢铁和铝制品加征25%的关税。2月10日总统令签署后，首先 作出反应的是期货市场比钢铁更为发达的铝。 在评估铝价格方面属于国际指标的伦敦金属交易所（LME）的铝锭价格之上支付的"溢价"备受关 注。这反映了运费和各地区的供需情况。 日本经济新闻（中文版：日经中文网）山田周吾 美国总统特朗普2月25日签署了对铜也加征关税的总统令，并指示美国商务部进行实际调查。受此 影响，美国纽约商品交易所（COMEX）的铜期货价格急剧上涨，交 ...