（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月25日｜现货黄金站上4150美元/盎司，为11月14日以来首次，日内涨0.39%。纽约期银日内涨 幅达2%，现报51.34美元/盎司。 ...

贵金属产业日报 2025-11-24 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 廖宏斌 期货从业资格号F3082507 期货投资咨询从业证书号Z0020723 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 930.32 | 3.38 沪银主力合约收盘价(日,元/千克) | 11808 | 128 | | | 主力合约持仓量:沪金(日,手) | 164620 | 4310 主力合约持仓量:沪银(日,手) | 34 ...

作者： 瑞达期货研究院 「2025.11. 21」 贵金属市场周报 研究员 廖宏斌 期货投资咨询证号：Z0020723 助理研究员 徐鼎烽 期货从业资格号：F03144963 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 「 周度要点小结」 来源：瑞达期货研究院 3 ◆ 行情回顾：受美联储降息预期反复牵制，贵金属市场本周区间震荡运行。因美政府停摆而延后的9月非农报 告未能提供明确指引，市场不确定性持续高企。就业新增人数大幅超出市场预期，但前期数据下修令数值 略有失色。失业率意外抬升，市场此前预期维持不变，尽管劳动参与率微升表明供应面改善部分推高了失 业率，但该数据仍创下四年以来的最高水平，预示美联储在实现"充分就业"政策目标方面仍面临挑战。 美联储官员在降息立场上呈现严重分歧，多数官员支持年内维持利率不变，或因前期持续性的数据缺失以 及通胀的潜在抬升，亦有部分官员支持较为宽松的利率基调，12月降息概率较前期大幅下滑,虽表观数据显 示就业需求韧性犹存，但市场仍将前值下修以及失业率上升视作降温信号。利率期货显示，12月降息概率 ...

贵金属产业日报 2025-11-18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 918.52 | -10.94 沪银主力合约收盘价(日,元/千克) | 11699 | -234 | | | 主力合约持仓量:沪金(日,手) | 90872 | -10851 主力合约持仓量:沪银(日,手) | 322401 | 10886 | | | 沪金主力前20名净持仓(日,手) | 107875 | -473 沪银主力前20名净持仓(日,手) | 93067 | -12386 | | | 仓单数量:黄金(日,千克) | 0 | -90426 仓单数量:白银(日,千克) | 0 | -569355 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 917.3 | -14.15 上海有色网白银现货价(日,元/千克) | 11787 | -190 | | | 沪金主力合约基差(日,元/克) | -1.22 | -3.21 沪银主力合约基差(日,元/ ...

准确 快速 权威 专业 截至今日晚间发稿，现货黄金跌超2%，报4081.11美元/盎司。 现货白银向下跌破51美元/盎司，日内跌超2%。 下载财联社APP获取更多资讯 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

Market Performance - The three major U.S. stock indices showed mixed results, with the Dow Jones Industrial Average reaching a record high of 48,254.82 points, up 0.68% [2] - The S&P 500 index closed at 6,850.92 points, with a slight increase of 0.06%, while the Nasdaq Composite index fell by 0.26% to 23,406.46 points [2] Technology Sector - The majority of the U.S. tech giants experienced declines, with the tech giants index down by 0.80%. Notable movements included Microsoft up 0.48% and Nvidia up 0.33%, while META dropped 2.88% and Tesla fell 2.05% [4] - Other tech companies like Amazon and Google saw declines of over 1%, and Apple had a minor decrease of 0.65% [4] Commodity Prices - Gold prices surged significantly, with spot gold rising by 1.66% to $4,195.195 per ounce, and COMEX gold futures increasing by 2.11% to $4,203.1 per ounce [5] - In contrast, international oil prices saw a notable decline, with light crude oil futures for December delivery dropping by $2.55 to $58.49 per barrel, a decrease of 4.18%, and Brent crude oil futures for January down by $2.45 to $62.71 per barrel, a drop of 3.76% [7]

Core Viewpoint - The resignation of Wu Yuehua, the general manager of Huayang New Materials, marks a significant leadership change within the company, which is undergoing a transformation in its business focus towards precious metals and related sectors [1][3][6]. Company Summary - Wu Yuehua submitted his resignation due to work changes, effective immediately, and will no longer hold any position within the company [1][3]. - The board of directors will promptly complete the election of a new director and the appointment of a new general manager [3]. - Wu Yuehua's term was originally set to end on January 9, 2026, and he has not held any company stock or unfulfilled commitments [3]. - Huayang New Materials, formerly Taihua Co., was rebranded in May 2021 as part of a strategic shift under the Huayang Group [5]. Recent Developments - In 2024, Huayang New Materials experienced significant personnel changes, including the resignation of other key executives and the appointment of new leadership [6]. - The company announced the transfer of certain land use rights to Taiyuan Chemical Industry Group, resulting in a net asset disposal gain of 119 million yuan and a land transfer subsidy of 5 million yuan from the Taiyuan Municipal Finance Bureau [6]. - This land transfer is expected to enhance asset operation efficiency and alleviate financial pressure on the company [6]. Financial Performance - For the first half of the year, Huayang New Materials reported revenue of 150 million yuan, with a net profit attributable to shareholders increasing by 266.15% year-on-year [6]. - In the first three quarters, the company achieved revenue of 326 million yuan, a year-on-year growth of 31.10%, and a net profit of 68.88 million yuan, up 178.58% [6]. - The increase in revenue is primarily attributed to higher sales of platinum nets and palladium chloride, benefiting from a recovery in the precious metals market [6][7]. Industry Outlook - Huayang New Materials has been transitioning towards precious metals since 2016, fully divesting from chemical assets by 2021 [7]. - The company now focuses on three core business segments: precious metal recycling, biodegradable materials, and sodium-ion battery materials [7]. - The precious metals processing business has a production capacity of 2,500 kg of platinum nets annually and can process 1,000 tons of waste catalysts containing precious metals [7]. - A recent report predicts that the global precious metals market will exceed $1.8 trillion by 2030, with the Chinese market expected to surpass 1.2 trillion yuan, growing at a stable annual rate of 8%-10% [8][9].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The U.S. government shutdown is expected to cause the precious metals market to decline. The sharp rise in gold and silver prices today may be due to the short - term liquidity buffer provided by the temporary appropriation bill and the continuous weakening of the U.S. dollar index after breaking through the 100 mark, which boosts the monetary attribute of precious metals. The continuous weakening of the U.S. dollar is expected to boost the precious metals trend, but the optimistic expectation of the government shutdown may weaken the market's safe - haven demand and resist the upward movement of gold prices. Technically, there is a short - term callback risk, and specific price ranges for Shanghai gold and silver contracts are given [3]. 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract is 935.98 yuan/gram, up 14.72; the closing price of the Shanghai silver main contract is 11719 yuan/kilogram, up 235 [3]. - **Positions**: The main contract positions of Shanghai gold are 136657 hands, down 3; those of Shanghai silver are 243217 hands, down 2300. The net positions of the top 20 in the Shanghai gold main contract are 110522 hands, up 5914; those of Shanghai silver are 101886 hands, down 3302 [3]. - **Warehouse Receipts**: The warehouse receipt quantity of gold is 89616 kilograms, unchanged; that of silver is 609978 kilograms, down 13074 [3]. 3.2现货市场 - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network is 928.1 yuan/gram, up 12.15; the spot price of silver is 11607 yuan/kilogram, up 161 [3]. - **Basis**: The basis of the Shanghai gold main contract is - 7.88 yuan/gram, down 2.57; that of the Shanghai silver main contract is - 112 yuan/kilogram, down 74 [3]. 3.3 Supply and Demand Situation - **ETF Holdings**: Gold ETF holdings are 1042.06 tons, up 1.71; silver ETF holdings are 15088.63 tons, down 25.4 [3]. - **CFTC Non - commercial Net Positions**: Gold CFTC non - commercial net positions are 266749 contracts, up 339; silver CTFC non - commercial net positions are 52276 contracts, up 738 [3]. - **Supply and Demand Quantities**: The total quarterly supply of gold is 1313.01 tons, up 54.84; the total annual supply of silver is 987.8 million troy ounces, down 21.4. The total quarterly demand for gold is 1313.01 tons, up 54.83; the global annual demand for silver is 1195 million ounces, down 47.4 [3]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold is 31.98%, down 0.42; the 40 - day historical volatility is 26.76%, down 0.03 [3]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold is 20.46%, down 1.3; that of at - the - money put options is 20.47%, down 1.27 [3]. 3.5 Industry News - The U.S. Senate passed a temporary appropriation bill to end the government shutdown until January 30, 2026. The government shutdown has a greater - than - expected impact on the U.S. economy, and the labor department cannot release the non - farm payroll report, which makes the Fed's December interest - rate cut decision difficult [3]. 3.6 Technical Analysis - The hourly RSI of London gold has continued to strengthen and broken through the 90 overbought range. The key resistance level for London gold is $4100, and the strong support level is $4000. The Shanghai gold 2512 contract should focus on the range of 890 - 950 yuan/gram; the Shanghai silver 2512 contract should focus on the range of 11000 - 11900 yuan/kilogram [3].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The precious metals market continued its wide - range oscillation this week due to complex global macro - situations such as easing tariff tensions, ongoing US government shutdown, and weakened short - term expectations of Fed rate cuts. The US government shutdown provides bottom - line support for gold prices, but the uncertainty of the Fed's future rate - cut path and the potential end of the government shutdown may suppress the upward trend of gold prices. Precious metals are expected to resume a mild upward trend in the short term, and it is recommended to adopt an interval - band trading strategy. The recommended trading intervals are 890 - 950 yuan/gram for the Shanghai Gold 2512 contract and 11000 - 11700 yuan/kg for the Shanghai Silver 2512 contract [8] 3. Summary According to the Directory 3.1 Weekly Highlights Summary - **Market Situation**: The precious metals market continued to oscillate widely. The US government shutdown reached a record 38 days, providing support for gold prices. The overall PMI was dragged down by the manufacturing industry, the labor market was weakening, and the Fed's future rate - cut path was uncertain, which potentially suppressed the upward movement of gold prices. The high - level decline of the US dollar provided potential support for gold prices [8] - **Market Outlook**: Precious metals are expected to resume a mild upward trend in the short term, but the potential end of the US government shutdown may suppress the upward expectation of gold prices. Attention should be paid to the US October CPI data [8] 3.2 Futures and Spot Markets - **Price Movement**: COMEX silver rose 0.63% to $48.55 per ounce, and the Shanghai Silver 2512 contract rose 0.38% to 11484 yuan/kg. COMEX gold rose 0.06% to $4017.5 per ounce, while the Shanghai Gold 2512 contract fell 0.07% to 921.26 yuan/gram [11] - **ETF Holdings**: As of November 6, 2025, SPDR gold ETF holdings remained basically the same as last week, and SLV silver ETF holdings decreased by 0.5% [16] - **COMEX Positions**: Due to the US government shutdown, COMEX position data for precious metals was suspended. As of September 23, 2025, COMEX gold total positions increased by 2.43%, and net positions increased by 0.13%. COMEX silver total positions increased by 1.75%, and net positions increased by 1.43% [17][21] - **Basis**: The basis of Shanghai gold strengthened, while that of silver weakened. As of November 6, 2025, the gold basis was - 3.80 yuan/gram, and the silver basis was - 93 yuan/kg [22][24] - **Inventory**: COMEX precious metals inventory decreased, while SHFE inventory increased. As of November 6, 2025, COMEX gold inventory decreased by 1.04%, and SHFE gold inventory increased by 0.92%. COMEX silver inventory decreased by 1.2%, and SHFE silver inventory increased by 0.1% [31] 3.3 Industrial Supply and Demand Situation 3.3.1 Silver Industry - **Imports**: As of September 2025, China's silver imports increased by 19.17% month - on - month, while silver ore imports decreased by 13.19% month - on - month [37] - **Downstream Demand**: Due to the increasing demand for silver in semiconductors, the growth rate of integrated circuit production continued to rise. As of September 2025, the monthly integrated circuit production was 4371000 pieces, with a year - on - year growth rate of 5.90% [39][42] - **Supply and Demand Balance**: The silver market was in a tight - balance state. As of the end of 2024, industrial demand increased by 4% year - on - year, coin and net bar demand decreased by 22% year - on - year, and ETF net investment demand changed from - 37.6 million ounces to 61.6 million ounces. Total demand decreased by 3% year - on - year. The supply - demand gap was - 148.9 million ounces, a 26% decrease from the previous period [48][52] 3.3.2 Gold Industry - **Price**: Affected by the gold tax policy, the prices of gold jewelry increased. As of November 6, 2025, the gold prices of Laofengxiang, Chow Tai Fook, and Saturday Fu were 1256 yuan/gram, 1259 yuan/gram, and 1261 yuan/gram respectively. The Chinese gold recycling price was 910.80 yuan/gram, a 0.80% decrease from the previous period [54][58] - **Demand**: According to the World Gold Council, gold ETF investment demand increased significantly in Q3 2025. Central banks net - purchased about 220 tons of gold in Q3, with a cumulative total of 634 tons in the first three quarters of 2025 [60] 3.4 Macroeconomic and Options (Macroeconomic Data) - **Dollar and Treasury Yields**: The US dollar index oscillated higher and then declined from its high this week, and the 10 - year US Treasury yield followed the trend of the US dollar [64] - **Yield Spread and Volatility**: The 10Y - 2Y US Treasury yield spread widened, and the CBOE gold volatility continued to decline [68] - **Inflation - Balanced Interest Rate**: The 10 - year inflation - balanced interest rate was 2.28%, slightly lower than last week [71] - **Central Bank Gold Purchases**: In Q3 2025, central banks around the world purchased 220 tons of gold, a 28% increase from the previous quarter, reversing the downward trend at the beginning of the year. The cumulative net gold purchases from the beginning of the year to now reached 634 tons, still significantly higher than the level before 2022 [75][77]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market regained upward momentum during intraday trading as the meeting between the top leaders of China and the US and the FOMC meeting approached. The London gold price rebounded after a sharp correction, and the London silver price regained the $48 mark. The tariff news was optimistic, causing market risk aversion to recede and increasing market volatility. Trump's tariff negotiations with Southeast Asian countries and the initial optimistic Sino - US tariff consultations were short - term negative for the gold price. The US September CPI was lower than expected, and the market fully priced in two interest rate cuts this year. Affected by the previous sharp correction, the trading sentiment was cautious, with strong profit - taking sentiment among bulls, but there was also strong buying demand at key support levels. Most Fed voting members supported restarting the easing path, and two 25 - basis - point interest rate cuts this year were the market's general expectation. Before the meeting between the top leaders of China and the US, the long - short game in the market intensified. The Fed's interest rate cut expectation and the continued US government shutdown provided bottom support. However, if the Sino - US talks achieved substantial results, the gold price might continue to correct. It is recommended to focus on range - bound trading. The recommended trading range for the Shanghai Gold 2512 contract is 880 - 920 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Shanghai Gold main contract closing price: 910.88 yuan/gram, up 9.5 yuan; Shanghai Silver main contract closing price: 11338 yuan/kilogram, up 289 yuan - Shanghai Gold main contract open interest: 168691 lots, down 7225 lots; Shanghai Silver main contract open interest: 304414 lots, down 17462 lots - Shanghai Gold main contract top 20 net open interest: 110656 lots, up 2063 lots; Shanghai Silver main contract top 20 net open interest: 85919 lots, up 3368 lots - Gold warehouse receipts: 87816 kilograms, up 801 kilograms; Silver warehouse receipts: 653828 kilograms, down 3599 kilograms [2] 3.2现货市场 - Shanghai Non - ferrous Metals Network gold spot price: 904.7 yuan/gram, down 6.71 yuan; Shanghai Non - ferrous Metals Network silver spot price: 11272 yuan/kilogram, up 109 yuan - Shanghai Gold main contract basis: - 6.18 yuan/gram, up 0.53 yuan; Shanghai Silver main contract basis: - 66 yuan/kilogram, down 175 yuan [2] 3.3 Supply and Demand Situation - Gold ETF holdings: 1038.92 tons, unchanged; Silver ETF holdings: 15209.57 tons, down 131.22 tons - Gold CFTC non - commercial net open interest (weekly): 266749 contracts, up 339 contracts; Silver CTFC non - commercial net open interest (weekly): 52276 contracts, up 738 contracts - Gold total supply (quarterly): 1313.01 tons, up 54.84 tons; Silver total supply (yearly): 987.8 million troy ounces, down 21.4 million troy ounces - Gold total demand (quarterly): 1313.01 tons, up 54.83 tons; Silver global total demand (yearly): 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - 20 - day historical volatility of gold: 36.03%, up 2.69 percentage points; 40 - day historical volatility of gold: 26.86%, up 1.96 percentage points - At - the - money call option implied volatility of gold: 26.17%, down 1.51 percentage points; At - the - money put option implied volatility of gold: 26.18%, down 1.51 percentage points [2] 3.5 Industry News - The US Senate, with a 54 - to - 45 vote, failed again in a procedural vote to advance the "2025 Fiscal Year Continuing Appropriations and Extension Act" aimed at ending the government shutdown. The bill, passed by the House of Representatives, proposed to temporarily resume government operations at the current funding level and needed 60 votes in the Senate to proceed. This was the 13th vote on the bill, and it still failed to reach the required threshold, meaning the government shutdown would continue - On October 28, Japanese Prime Minister Hayasuna Kōichi and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US - ADP, the "small non - farm" data publisher, announced that it would launch weekly employment data from this week to track the US labor market dynamics more frequently. The first report showed that in the four weeks ending October 11, the average number of private - sector jobs in the US increased by 14,250 - The Conference Board data showed that the US consumer confidence index in October declined for the third consecutive month, falling from 95.6 in September to 94.6, the lowest level since April this year. The expectation index dropped to 71.5, the lowest since June [2]