Group 1: Price Performance - London Gold's latest price is 4060.85, with a change of -11.65 [2] - London Silver's latest price is 50.30, with a change of -0.76 [2] - London Platinum's latest price is 1537.00, with a change of 5.00 [2] - London Palladium's latest price is 1385.00, with a change of 0.00 [2] - WTI Crude's latest price is 60.74, with a change of 0.83 [2] - LME Copper's latest price is 10682.00, with a change of -130.00 [2] Group 2: Trading Data - Gold ETF's latest holding is 1041.43, with a change of 0.00 [3] - Shanghai Gold Exchange's silver deferred fee payment direction is 2, with a change of 0.00 [3] - Shanghai Gold Exchange's gold deferred fee payment direction is 1, with a change of 0.00 [3] Group 3: Other Information - The data sources of the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

消息面：搭载祖冲之三号同款芯片的超导量子计算机天衍-287已完成搭建。阿里巴巴正式宣布千问项目，全 力进军AI to C市场，当天千问APP公测版上线。华为将在11月21日发布AI领域的突破性技术，是通过软件创 新实现英伟达、昇腾及其他三方算力的统一资源管理与利用，屏蔽算力硬件差异，为AI训练推理提供更高效 的资源支撑。 低开低走后探底回升，但整体依然弱势，截止午盘三大指数集体收跌。其中沪指下跌0.43%，深成指下跌 0.35%，创业板指下跌0.8%。两市合计超2900只个股下跌，合计成交额1.27万亿。 福建板块再度爆发，其中厦工股份、平潭发展等10余股涨停。AI应用概念快速走强，包括三六零等在内的多 股涨停。军工板块延续强势，其中航天发展2连板。锂矿概念表现活跃，其中大中矿业3连板。 贵金属大幅低开后始终维持在低位盘整，截止午盘大跌2.56%、其中招进黄金大跌4.01%，湖南白银下跌 3.94%，赤峰黄金下跌3.1%，西部黄金、晓程科技等多股跌幅均在2%上方。医药股出现分化，其中济民健 康、药易购大幅下挫。 ...

贵金属日报 | 2025-11-18 12月降息路径仍不确定 贵金属价格回调 市场分析 美联储副主席杰斐逊表示，他认为就业面临的下行风险有所上升，而通胀的上行风险则可能最近略有下降，释放 偏鸽信号；不过他还表示，随着利率接近中性水平，决策者需要更加谨慎；而美联储理事沃勒重申，他认为美联 储应该在12月会议上再次降息，理由是美国劳动力市场疲软以及货币政策在伤害中低收入消费者。美国白宫国家 经济委员会主任哈塞特则指出，就业市场出现了"混合信号"，暗示劳动力市场可能正在放缓；同时实际工资上涨， 而且这一趋势将继续下去。 贵金属ETF持仓跟踪： 贵金属ETF方面，昨日黄金ETF持仓为1,044.00吨，较前一交易日持平。白银ETF持仓为15,218吨，较前一交易日增 加45吨。 贵金属套利跟踪： 期现价差：2025-11-17，国内溢价方面，昨日黄金国内溢价为21.65元/克，白银国内溢价为-564.90元/千克。金银比 价：昨日上期所金银主力合约价格比约为77.89，较前一交易日变动1.07%，外盘金银比价为80.01，较上一交易日 变化1.79%。 基本面： 期货行情与成交量： 2025-11-17，沪金主力合约 ...

Market Analysis - The A-share market experienced a weak adjustment, with the Shanghai Composite Index falling below the 4000-point mark, closing at 3990.49, down 0.97% [4][7] - The market saw a decrease in trading volume, with total market turnover dropping to 1.98 trillion, a 4.1% decline from the previous day [7][9] - Defensive sectors outperformed, while technology growth sectors faced significant declines, with electronic, communication, and computer sectors down by 2.88%, 2.45%, and 2.32% respectively [7][9] Bond Market - The bond market remained stable, with the 30-year main contract rising by 0.03% to 116.160, while the 10-year and 5-year contracts held steady [10] - The People's Bank of China conducted a 212.8 billion yuan reverse repurchase operation, indicating a net liquidity injection of 71.1 billion yuan [10] Commodity Market - Agricultural product prices increased, with notable rises in soybean and apple prices, up 2.26% and 2.25% respectively [10] - Precious metals experienced slight declines, with gold and silver futures down by 0.29% and 0.04%, respectively, amid changing expectations regarding Federal Reserve interest rate cuts [10] Investment Strategy - The report suggests maintaining a balanced allocation strategy focusing on dividend stocks, micro-cap stocks, and technology sectors, while closely monitoring external environmental changes [9][13] - The bond market is expected to remain loose in the short term, presenting potential allocation opportunities as the stock-bond dynamic adjusts [13] Key Investment Themes - The report highlights several key investment themes, including artificial intelligence, nuclear fusion, domestic chip production, and quantum technology, emphasizing the importance of technological breakthroughs and policy support [15] - The report also notes the potential for gold and silver investments to gain value following further interest rate cuts by the Federal Reserve, alongside the impact of geopolitical risks [15]

Group 1: Price Performance - London Platinum's latest price is $1580.00, with a change of -$12.00 [2] - London Palladium's latest price is $1439.00, with a change of -$7.00 [2] - LME Copper's latest price is $10963.00, with a change of $114.00 [2] - The latest value of the US Dollar Index is 99.18, with a change of -0.30 [2] - The latest exchange rate of Euro to US Dollar is 1.16, with a change of 0.00 [2] - The latest exchange rate of Pound to US Dollar is 1.32, with a change of 0.01 [2] - The latest exchange rate of US Dollar to Japanese Yen is 154.52, with a change of -0.29 [2] Group 2: Trading Data - COMEX Silver's latest inventory is 14815.08, with a change of -58.35 [3] - SHFE Silver's latest inventory is 584.01, with a change of 0.95 [3] - Gold ETF's latest holding is 1048.93, with a change of 2.29 [3] - Silver ETF's latest holding is 15173.28, with a change of 84.65 [3] - SGE Gold's latest deferred fee payment direction is 1, with a change of -1.00 [3] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [3]

•大越期货：风险偏好回升降息预期回归 金价偏强 •银河期货表示，美国政府结束持续40多天的"停摆"在即，与此同时，特朗普提及的针对年收入10万美 元以下家庭发放2000美元退税的设想，以及对美联储官员（接替退休的博斯蒂克）的提名倾向，共同扰 动市场情绪：市场担忧美国政府可能再度推出类似疫情期间的大规模财政刺激措施托举经济；同时，美 联储理事及票委中鸽派阵营可能扩大，引发市场对美联储独立性及其控制通胀能力的怀疑，这些因素共 同增加了贵金属资产的吸引力。此外，白银走势不仅受到黄金价格上扬的带动，其自身基本面也提供支 撑，尽管当前伦敦银市场较10月初极度紧张的局面有所缓解，但整体还是处于供应紧张状态，这使得白 银近两日的涨幅甚至优于黄金。总的来看，短期内贵金属后市整体预计延续高位偏强震荡走势。 •银河期货：短期内贵金属后市整体预计延续高位偏强震荡走势 •五矿期货：流动性修复叠加美联储宽松货币政策预期进一步深化 金银价格延续强势表现 •StoneX：对美联储独立性的担忧构成推涨金价的一个重要因素 •FxPro：日益增长的政治不确定性正在为黄金制造顺风 【机构分析】 •大越期货表示，美国政府开门在望，经济数据降温预期先 ...

Core Viewpoint - The A-share market showed a positive trend with all three major indices opening lower but rising throughout the morning session, driven by significant gains in precious and energy metals, particularly lithium-related stocks [1] Group 1: Market Performance - The A-share market indices experienced a low opening but subsequently increased, with notable stocks such as Tianhua New Energy rising over 10% and Rongjie Co. hitting the daily limit [1] - Rare metal ETF (562800) saw an intraday increase of over 4%, reflecting the positive sentiment in the market [1] Group 2: Price Trends of Raw Materials - Prices of upstream raw materials for lithium batteries have risen significantly, with battery-grade lithium carbonate priced at 85,000 yuan/ton, a 15.65% increase from early October 2025 [1] - The price of electrolytic cobalt reached 402,500 yuan/ton, marking a 17.69% increase since early October [1] - Lithium hexafluorophosphate saw a dramatic price increase of 105.0%, now priced at 123,000 yuan/ton compared to early October [1] Group 3: ETF Composition - The rare metal ETF (562800) tracks the CSI Rare Metal Theme Index, which includes sectors such as rare earths, lithium, copper, cobalt, and tungsten [1] - The top ten weighted stocks in the ETF include leading companies like Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and Salt Lake Potash [1]

Core Viewpoint - The A-share market opened lower on November 13, with all three major indices declining slightly, indicating a cautious market sentiment amid sector-specific movements [1] Market Performance - The Shanghai Composite Index fell by 0.09% - The ChiNext Index also decreased by 0.09% [1] Sector Movements - The photovoltaic glass, duty-free shops, and Hainan free trade zone concepts experienced significant declines - Conversely, lithium battery electrolyte stocks showed strong upward momentum [1] Commodity Trends - International gold prices surged, leading to a strengthening in the precious metals sector - The oil and gas sector underwent a correction [1]

Price Performance - London Gold's latest price is 4090.25 with no change [1] - London Silver's latest price is 50.04 with no change [1] - London Platinum's latest price is 1554.00 with no change [1] - London Palladium's latest price is 1414.00, up 18.00 [1] - WTI Crude's latest price is 60.13 with no change [1] - LME Copper's latest price is 10809.00, up 29.50 [1] - US Dollar Index's latest value is 99.62 with no change [1] - Euro to US Dollar's latest exchange rate is 1.16 with no change [1] - British Pound to US Dollar's latest exchange rate is 1.32 with no change [1] - US Dollar to Japanese Yen's latest exchange rate is 154.13 with no change [1] - US 10 - year TIPS's latest value is 1.84 with no change [1] Trading Data - COMEX Silver inventory is 14901.82 with no change [1] - SHFE Silver inventory is 591.88, down 18.10 [1] - Gold ETF holdings are 1042.06 with no change [1] - Silver ETF holdings are 15088.63 with no change [1] - SGE Silver inventory is 905.24 with no change [1] - SGE Gold deferred - fee payment direction is 1 with no change [1] - SGE Silver deferred - fee payment direction is 2 with no change [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - After the meeting between Chinese and US leaders in Busan, the contradiction in the Sino-US trade field has been paused, and the economic risk aversion sentiment has slightly eased. The mid-term trends of gold and silver may diverge, with gold potentially oscillating at a high level and silver possibly having a catch-up rally [2][9][26] - The US government is still in a shutdown, making it difficult to obtain the latest economic data. The Fed's disagreement on a December interest rate cut has increased, adding uncertainty to the future interest rate cut rhythm and bringing volatility factors to the precious metal market [3][14] - The offshore RMB exchange rate mainly follows the US dollar index passively. Although the RMB has recently faced increased depreciation pressure, the trend of moderate appreciation remains unchanged. Currently, the exchange rate issue has not had a significant impact on the gold market [3] Group 3: Summary by Relevant Catalogs Chapter 1: Market Review - After the meeting between Chinese and US leaders, trade negotiations have slightly eased, and risk aversion sentiment has weakened. The market is currently pricing in two 25-basis-point interest rate cuts by the Fed this year. Gold and silver may rise again under the expectation of consecutive Fed interest rate cuts, but whether their trends will diverge needs continuous attention [9] Chapter 2: Overview of Important News - The US government shutdown has a greater-than-expected impact on the US economy, causing long-term damage to the government's efficient operation and slowing down Q4 GDP growth. The tourism and leisure industry is being hit hard [12] - China's Ministry of Commerce and General Administration of Customs announced the suspension of multiple export control measures from now until November 10, 2026, and the resumption of the soybean export qualification of three US enterprises and the import of US logs starting from November 10 [12] - Some Fed officials are worried about further interest rate cuts due to high inflation levels and the lack of key price data caused by the government shutdown [14] Chapter 3: Analysis of Important Influencing Factors 3.1 US Economy and Policy - Due to the US government shutdown, it is difficult to track the US economy. The preliminary values of the US manufacturing, service, and composite PMIs in October all rebounded from September and were better than expected. The market has fully priced in two 25-basis-point interest rate cuts by the Fed for the rest of the year [15] 3.2 International Economy and Geopolitics - Chinese and US leaders held a meeting, and both sides reached a consensus on important economic and trade issues. The EU listed Chinese enterprises in its 19th round of sanctions against Russia, and China urged the EU to stop this action [18] 3.3 Other Financial Markets - The US manufacturing, service, and composite PMIs in October all rebounded and were better than expected. OPEC+ agreed to increase production by 137,000 barrels per day in December and suspend production increases in Q1 next year. Crude oil prices rebounded, and copper prices rose due to supply shortages and Fed interest rate cut expectations [19] 3.4 RMB Exchange Rate - The RMB exchange rate mainly follows the US dollar index passively. The long-term weakening trend of the US dollar supports precious metals. The RMB is in a slow appreciation trend, and its impact on the gold market is limited [23] Chapter 4: Market Outlook and Investment Strategy - After the meeting between Chinese and US leaders, the Sino-US trade conflict has been paused, and risk aversion sentiment has eased. After COMEX gold reached a high of 4398, precious metals have corrected significantly. In the mid-term, the trends of gold and silver may diverge, with gold potentially oscillating at a high level and silver possibly having a catch-up rally [26]