[Table_Reportdate] 2025年08月24日 [美联储主席偏鸽言论 Table_NewTitle] 或强化降息预期， 资产方向的持续性更重要 ——资产配置周报（2025/08/18-2025/08/22） [table_main] 投资要点 策 略 研 究 [证券分析师 Table_Authors] 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾。8月22日当周，全球股市多数收涨，A股领跑；主要商品期货原油、黄 金、铜、铝均上涨；美元指数下跌，非美货币升值。1）权益方面：科创50>创业板指>深 证成指>沪深300指数>上证指数>英国富时100>恒生科技指数>道指>法国CAC40>恒生指 数>标普500>德国DAX30>纳指>日经225。2）俄乌谈判仍存不确定性，美国8月标普全球 制造业PMI超预期，油价当周上涨；美联储降息预期影响黄金价格上涨。3）工业品期货： 南华工业品价格指数下跌，水泥、炼焦煤上涨，螺纹钢、混凝土下跌；高炉开工率环比下 跌；乘用车日均零售5.09万辆，环比12.62%，同比2.00%；BDI环比下跌4.9 %。4）国内 债券收益率上行。全周中债1Y国债收 ...

Core Viewpoint - The article highlights the significant rise in precious metals, particularly platinum and silver, with various institutions raising their price forecasts due to increased investment demand and tightening physical supply [2][4][5]. Group 1: Precious Metals Performance - Platinum has seen a price increase of over 57% this year, while silver has risen by 30%, both reaching multi-year highs [2][4]. - The performance of palladium and copper has also been notable, with increases of over 36% and 36% respectively, while gold has risen by 26% [2]. - The overall performance of the non-ferrous metals sector has been strong, with a 19.54% increase, ranking first among 31 sectors [3][6]. Group 2: Investment Demand and Market Trends - There has been a surge in sales of silver products, such as silver bars and coins, alongside a continuous increase in silver ETF shares [3]. - Citigroup has raised its price targets for platinum and silver, predicting silver could exceed $40 per ounce in the coming months due to tightening supply and rising investment demand [4]. - The World Gold Council suggests that geopolitical tensions and economic downturns could further boost gold prices by 10% to 15% [4]. Group 3: Sector Analysis - The non-ferrous metals sector has outperformed other sectors, with all sub-industries showing positive growth [6]. - The precious metals sector has led the market, with specific ETFs linked to precious metals showing significant year-to-date gains [6]. - Analysts emphasize the importance of investment demand in driving silver prices, indicating a strong correlation between investment demand and price movements [5]. Group 4: Strategic Metals and Policy Risks - The article discusses the political and policy risk premiums associated with trading strategic metals, highlighting the need for a long-term view on supply chains and national security [7].