交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年7月28日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：美欧贸易协定接近达成，国内风险偏好迅速降温，金价跟随银价回落； 美国三大股指小幅收涨，欧洲主要股指收盘涨跌不一；美债收益率涨跌不一，10年 期美债收益率跌0.99个基点报4.388%；美元指数涨0.19%报97.67，离岸人民币对美 元贬值报7.1681；COMEX黄金期货跌0.77%报3371.3美元/盎司；中性 6、预期：今日关注国新办新闻发布会、美国7月达拉斯联储商业活动指数。美欧贸 易协定接近达成，虽同时暗示美联储降息，但国内商品情绪大幅降温，金价跟随银 价回落。沪金溢价扩大至0.6元/ ...

Group 1 - The core issue in the US-EU trade negotiations revolves around tariffs on automobiles and agricultural products, with a potential temporary trade agreement being sought [1][2] - If the negotiations succeed in capping agricultural tariffs at or below 10% and making concessions on automobile tariffs, it could significantly reduce global supply chain pressures and improve corporate profit outlooks [1][4] - The EU is pushing for a 10% tariff on agricultural exports, while the US has proposed a 17% tariff, indicating a gap in expectations that needs to be bridged [3] Group 2 - The EU is focusing on automotive tariffs and has suggested delaying the implementation of retaliatory measures against US tariffs on steel and aluminum, which are set to automatically resume soon [2][3] - Any potential agreement is heavily dependent on the personal views of former President Donald Trump, who has not publicly commented on the ongoing negotiations [2][3] - The outcome of the trade talks will have significant implications for global stock markets, with a positive result potentially leading to a continuation of low volatility and upward trends [4] Group 3 - The US is considering sector-specific tariffs on industries such as pharmaceuticals and semiconductors, with the final results of investigations under Section 232 of the Trade Expansion Act expected soon [5][6] - The EU is preparing countermeasures in case negotiations fail, including potential tariffs on $24.5 billion worth of US goods and an additional list targeting up to €72 billion [7] - The EU's countermeasures are strategically aimed at politically sensitive US states and industries, indicating a calculated approach to trade relations [7]