时隔十年，上证指数站上3900点之际，A股融资余额规模继续攀升。 10月9日单日融资净买额508亿元，创近1年新高，亦为历史次高。 两融余额单日增长额历史最高发生在2024年10月8日，单日激增1074.86亿元，创下历史最高纪录。 截至2025年10月9日，沪深京三市融资融券余额已达24292亿元，续创历史新高。 截至10月9日，杠杆资金买入额前10的的个股分别为：东方财富、中国平安、中信证券、贵州茅台、新 易盛、宁德时代、中际旭创、胜宏科技、中芯国际、比亚迪。 杠杆资金钟爱黄金ETF。杠杆资金买入额前10的的ETF分别为：华安黄金ETF、易方达黄金ETF、华夏 恒生ETF、华泰柏瑞沪深300ETF、国泰证券ETF、博时黄金ETF基金、南方中证500ETF、海富通短融 ETF、易方达H股ETF、南方中证1000ETF。 | 证券代码 | 证券简称 | 融资融券余额(亿元) | 所属行业 | | --- | --- | --- | --- | | 518880.SH | 更蛋ETF | 75.12 | 华安基金 | | 159934.SZ | 更金ETF | 58.40 | 易方达基金 | | 159920. ...

- FREE F 投资咨询业务资格: 证监许可【2011】1292号 2025年10月10日 欢迎关注微信公众号 主力合约 品种 点评 操作建议 板块 节前资金以获利止盈为主,长假中海外市场均表现 积极,旅游出行数据保持同比增长,综合提振市场 IF2512 风险偏好。科技主线持续活跃,节后A股主要指数 IH2512 节后开门红,周期板块火热上扬 股指 如期迎来开门红,但亦有冲高回落现象,推荐逢回 IC2512 IM2512 调轻仓卖出MO2511执行价6800附近看跌期权收 取权利金。 如果10年期国债利率上行至1.8%以上区间配置价 12512 值有所回升。短期期债预计继续区间震荡, TF2512 国债 长假后债市开门红,期债各品种均走暖 TS2512 T2512震荡区间可能在107.4-108.3,建议以观 金融 望为主等待超调机会。 TL2512 黄金操作上单边保持谨慎低多思路,期权在波动率 白银现货供应紧张价格盘中突破新高 地缘政治风险缓和贵金属 见顶后可逢高卖出虚值期权;关注伦敦白银拆借和 AU2512 贵金属 AG2512 租赁利率等短期供应紧张情况能否缓解,10-11月 神高回落 为非交割月上行 ...

贵金属产业日报 2025-10-09 | 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) | 914.32 | 39.92 沪银主力合约收盘价(日,元/千克) | 11169 | 251 | | | 主力合约持仓量:沪金(日,手) | 251137 | -5739 主力合约持仓量:沪银(日,手) | 477441 | 1197 | | | 沪金主力前20名净持仓(日,手) | 157017 | -9396 沪银主力前20名净持仓(日,手) | 98301 | -7580 | | | 仓单数量:黄金(日,千克) | 70728 | 0 仓单数量:白银(日,千克) | 1186846 | -5436 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 910.89 | 37.94 上海有色网白银现货价(日,元/千克) | 11107 | 194 | | | 沪金主力合约基差(日,元/克) | -3.43 | -1.98 沪银主力合约基差(日,元/千 ...

联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 10 月 8 日 COMEX 黄金期货涨 1.40%报 4060.60 美元/盎司，COMEX 白银期货涨 1.95% 报 48.44 美元/盎司。国庆节前沪金收涨 1.48%报 874.40 元/克，沪银涨 0.77%报 10918 元/千克。 【重要资讯】 | | | | | 1、截至 10 月 8 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日增加 1.43 吨， 当前持仓量为 1014.58 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日 | | | | | 增加 19.76 吨，当前持仓量为 15415.53 吨。 | | | | | 2、当地时间 10 月 1 日 0 时，美国联邦政府时隔近七年再度"停摆"。本周美国政 | | | | | 府关门进入第二周，但预期两党终会妥协。 | | | | | 3、10 月 2 日，美国财长贝森特在接受 CNBC ...

智通财经APP获悉，周一，三大指数涨跌不一。AMD暴涨推动纳指与标普500指数再创收盘历史新高， 盘中，纳指最高上涨至22991.72点，再创盘中历史新高。 【美股】截至收盘，道指跌63.31点，跌幅为0.14%，报46694.97点；纳指涨161.16点，涨幅为0.71%，报 22941.67点；标普500指数涨24.49点，涨幅为0.36%，报6740.28点。英伟达(NVDA.US)跌1%，特斯拉 (TSLA.US)涨超5%，AMD(AMD.US)涨23.7%。纳斯达克中国金龙指数收涨1%，小牛电动(NIU.US)涨超 20%，百度(BIDU.US)涨2%。 【欧股】德国DAX30指数收盘下跌13.25点，跌幅0.05%，报24373.06点；英国富时100指数收盘下跌 13.90点，跌幅0.15%，报9477.35点；法国CAC40指数下跌109.76点，跌幅1.36%，报7971.78点；欧洲斯 托克50指数下跌24.46点，跌幅0.43%，报5627.25点；西班牙IBEX35指数下跌52.22点，跌幅0.33%，报 15548.08点；意大利富时MIB指数下跌126.11点，跌幅0.29%，报4 ...

Market Performance - The Dow Jones Industrial Average and S&P 500 reached historical highs, increasing by 0.51% and 0.01% respectively, despite concerns over a government shutdown and a weak job market [1] - The Nasdaq index declined by 0.28%, with mixed performance among major tech stocks [1] Technology Sector - The overall performance of large tech stocks was varied, with the US Tech Giants Index down by 0.47% [1] - Apple and Microsoft saw slight increases of 0.35% and 0.31%, while Nvidia, Amazon, Tesla, and Meta experienced declines of 0.67%, 1.30%, 1.42%, and 2.27% respectively [1] Banking Sector - Bank stocks generally rose, with JPMorgan up 0.80%, Goldman Sachs up 1.36%, Citigroup up 0.38%, Morgan Stanley up 1.45%, Bank of America up 0.36%, and Wells Fargo up 0.21% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.15%, with notable performances from Yipeng Energy, which surged nearly 50% [1] - Alibaba and Baidu saw increases of over 1%, while stocks like NIO, Kingsoft Cloud, and New Oriental dropped more than 2%, and Li Auto and Xpeng Motors fell over 3% [1] Investment Trends - Ark Invest, led by Cathie Wood, has been increasing its positions in Alibaba and Baidu, purchasing shares worth approximately $2.74 million and $6.4 million respectively over several days [2] - Since mid-July, US funds have been flowing into the Chinese stock market, with $18 billion in inflows by September 30, significantly higher than last year's $7 billion [2] Precious Metals Market - As of October 3, spot gold rose by 0.78% to $3,885.66 per ounce, marking a historical high, while COMEX gold futures increased by 1.14% to $3,912.10 per ounce [3] - Spot silver rose by 2.17%, and COMEX silver futures increased by 3.45%, with silver up 66.09% and gold up 48.07% year-to-date [3] Federal Government Impact - The US Senate failed to pass a temporary funding bill, resulting in a government shutdown, which is the first such crisis in seven years [3] - The shutdown has affected the release of the September non-farm payroll report, adding uncertainty to the Federal Reserve's monetary policy [4]

瑞银（UBS）在一份报告中表示，预计未来几个月黄金价格将升至每盎司4200美元，因为"美国实际利 率下降，持有黄金的机会成本随之降低，同时市场普遍预期美元将进一步走弱，这为黄金提供了另一股 上行动力"。 其他贵金属方面，现货白银上涨1.4%，至每盎司47.63美元；铂金上涨1.9%，至每盎司1599.01美元；钯 金上涨1%，至每盎司1253.75美元。多家机构看好白银行情，国信证券认为，降息、央行需求、避险继 续支撑金价高位震荡上行；白银的工业属性与金融属性共振，表现可能优于黄金。浙商证券认为，随着 贵金属市场逐渐走高，市场做多情绪回升，COMEX白银投机多头持仓量从5月低位的3万张上升至9月23 日的约3.8万张，投机需求加速上行。（闻辉） | < W | | | COMEX貢金 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | GC.CMX | | | | | | 3912 | | 昨结 | | 3868.1 | 十禧 | | 3880.4 | | | +44.0 | +1.14% | 总手 | | ...

来源：张志专栏 非农数据公布再生变数！ 昨天，美国参议院民主党成员沃伦针对数据问题致信代理劳工统计局局长Wiatrowski和总统的预算主管Vought，呼吁美国政府关门期间，仍按计划 于周五发布9月就业报告。 他强调：这份原定于本周五发布的就业数据无疑已经收集完成，总统必须发布。没有这些数据，美联储将无法全面掌握情况，从而在本月关于利 率的决策上受到影响，而这将关系到全美每个家庭。 截止目前，我们还无法确定今天晚上的非农会不会如期而至，随着时间的推移，这种概率在一点点降低。 之前我们提到由于美国政府停摆，导致官方很多经济数据推迟公布，但是从最新的消息来看，今天晚上依然有可能会公布美国9月非农就业报告。 原因也很简单，它太重要了！ 贵金属方面 继周二跳水之后，昨天黄金在此迎来盘中大跌，亚盘最高点一度冲到了3897，距离3900就差了3美金，可就是这3美金最后也没能看到。美盘一 开，黄金就如洪水般倾泻而下。 截止收盘黄金最终险守3850一线，但是高到低点测算的话，已经跌了近80美金，和周二的走势如出一辙。 一周内连续两次盘中大跳水，这就很难再让我们对于黄金的上涨抱有信心，至少短期是这样的。 内容仅供交流参考，不 ...

Group 1 - International gold prices reached a historical high before a slight retreat, with spot gold rising to $3860 per ounce as of October 3 [1] - Silver prices also saw significant gains, with New York silver futures increasing by up to 2%, reaching $47.22 per ounce [1] Group 2 - UBS forecasts that central bank gold demand will remain between 900 to 950 tons in 2025 [3] - UBS anticipates that gold prices may rise to $4200 per ounce in the coming months after a strong performance [3] - Aakash Doshi from State Street Global Advisors noted that silver is experiencing a lagging rally, as its performance has not matched that of gold in recent quarters [3] - The supply of silver has consistently lagged behind demand growth in recent years, which has contributed to the current market dynamics [3]

Core Insights - The gold and silver markets are experiencing significant upward momentum, with gold reaching an all-time high of $3,919 per ounce and silver rising nearly 70% year-to-date as of October 1, 2025 [1][2]. Group 1: Key Drivers for Gold - Gold's price surge is primarily driven by macroeconomic factors, including U.S. inflation data and expectations of interest rate cuts by the Federal Reserve, with a 95% probability of a rate cut in October [4][5]. - The weakening U.S. dollar and political uncertainties, such as the government shutdown, are contributing to increased demand for gold as a safe-haven asset [5]. - Geopolitical tensions, particularly between Russia and NATO, are further supporting gold's safe-haven demand [6]. Group 2: Key Drivers for Silver - Silver's performance is bolstered by strong industrial demand, which constitutes 58% of total global demand, and persistent supply bottlenecks [7]. - The gold-silver ratio remains elevated at around 86, indicating potential for silver to narrow the valuation gap with gold as investors seek more affordable alternatives [7]. - China's commitment to reducing carbon emissions is expected to enhance the adoption of solar technologies, increasing silver demand [7]. Group 3: Signs Supporting a Solid Bull Run - The current rally in precious metals is supported by structural drivers, including the Fed's dovish monetary policy and strong central bank demand for gold, with 95% of central banks planning to increase their gold holdings [8]. - The geopolitical landscape and the U.S. government shutdown are reinforcing the role of precious metals as hedges against currency volatility [8]. Group 4: Factors Suggesting Bubble Risks - Despite strong macroeconomic support, the rapid price increases in gold and silver raise concerns about potential market overheating and speculative participation [9][10]. - The gold-silver ratio being above its long-term average suggests that silver's relative outperformance could overshoot, increasing vulnerability to sentiment shifts [9]. Group 5: Conclusion - The current rally is characterized as a solid bull run driven by macro fundamentals, although there is a risk of short-term corrections due to overbought conditions and sensitivity to monetary policy changes [11]. - Monitoring key economic and political events is essential for understanding the trajectory of precious metals [11].