2025-12-08 ⚫ 综述 上周市场整体呈现先跌后涨的趋势，绝大部分指数收涨，其 中创业板指数领涨，周度涨幅达 1.86%。板块方面，有色金属和通 信等行业板块表现突出，周度涨幅分别为 5.35%和 3.69%；传媒和 房地产等板块走势偏弱，周度跌幅分别约为 3.86%和 2.15%。上周 市场的焦点集中在美元流动性修复的可持续性。一方面，特朗普 暗示可能提名哈塞特担任美联储主席，增强了市场对 12 月降息的 积极预期。另一方面，中法领导人会晤等地缘事件推动局势向积 极方向发展。国内方面，目前人民币汇率震荡偏强，但受日债收 益率飙升的溢出效应及国内债市波动影响，市场流动性受到扰动。 政策上，中国证监会主席吴清于 12 月 6 日表示将强化分类监管， 以"扶优限劣"为核心，对优质机构"适度松绑"，适度打开资本 空间和杠杆限制。预计短期国内市场或将延续震荡偏强格局，继 续关注后续国内债市的流动性变化以及政策端的信号。 ⚫ 期权市场 上周期权市场中，各品种金融期权隐波（IV）普遍下降，多数 已处于年内较低水平。其中科创 50 期权隐波降幅最深，达 13%。 当前科创 50 期权（IV=24%）和创业板指期权（I ...

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The reopening of the US government creates fundamental bearish factors for precious metal prices, especially international gold prices, from the perspective of easing recession trading. However, the previous pressure on gold and silver prices was mainly due to liquidity tightening rather than strong overseas economic fundamentals. Therefore, in the context of the restoration of US dollar liquidity, the prices of gold and silver, as important major assets, will be boosted in the short term [3] - It is recommended to go long on silver at low prices. The reference operating range for the main contract of Shanghai gold is 927 - 968 yuan/gram, and the reference operating range for the main contract of Shanghai silver is 11,575 - 12,366 yuan/kilogram [3] 3. Summary by Relevant Content Market Quotes - On November 11, 2025, Shanghai gold rose 2.23% to 944.76 yuan/gram, Shanghai silver rose 3.09% to 11,868.00 yuan/kilogram; COMEX gold was reported at 4,123.40 US dollars/ounce, COMEX silver was reported at 50.41 US dollars/ounce; the yield of 10 - year US Treasury bonds was reported at 4.13%, and the US dollar index was reported at 99.62 [2] - As of November 11, the gold - silver ratio was 81.5, still significantly higher than the historical average of 62 since 1971 [3] Macroeconomic Situation in the US - Since the "Big and Beautiful" bill was officially passed in July 2025 and the debt ceiling issue was resolved, the balance of the US Treasury's cash (TGA account) on the Fed's liability side has continued to rise, from 311.1 billion US dollars on July 9 to 852 billion US dollars on October 15. Due to the government shutdown, the TGA account balance reached 942.7 billion US dollars on November 5, and the deposit reserve scale dropped from 29.8 million US dollars at the beginning of October to 28.5 million US dollars. The spread between the US Secured Overnight Financing Rate (SOFR) and the effective federal funds rate significantly widened, reaching a high of 0.36% on October 31. The US dollar index was strong, and precious metal prices and overseas equity markets were significantly under pressure [2] Market Charts and Data Tables - The report provides multiple charts and data tables, including the relationship between gold and silver prices, trading volume, open interest, and other data, as well as the relationship between precious metal prices and the US dollar index, real interest rates, and other factors, and the internal and external price differences of gold and silver [6][51]