白银市场的波动也对下游产业产生传导效应。光伏行业作为白银需求大户，白银价格的变动直接推高了 光伏组件生产成本，为缓解成本压力，部分光伏企业加速推进"去银化"技术研发与落地应用，探索降低 白银依赖的可行路径。 市场有风险，投资需谨慎。本文为基于第三方数据整理生成，仅供参考，不构成任何个人投资建议。 来源：市场资讯 近期白银市场出现显著波动，全球白银供需关系长期处于失衡状态。数据显示，全球白银市场已连续五 年存在供应短缺，2025年全球白银供应规模为3.21万吨，同期需求达到3.57万吨，缺口规模达0.36万 吨。其中，光伏产业作为白银需求的重要增长极，对白银的需求持续攀升，进一步加剧了供需矛盾。 宏观层面，美联储自2025年9月起重启降息周期，连续三次下调基准利率25个基点，同年12月启动国债 购买扩表操作，向市场释放大量流动性。与此同时，美国财政赤字率攀升至6%左右，债务规模持续扩 大，叠加行政层面对美联储政策的干预预期，市场对美元体系的稳定性产生疑虑，投资者纷纷寻求具备 货币属性的贵金属资产进行配置，推动白银资产关注度上升。 地缘政治局势的不确定性也对白银市场形成支撑。当前全球部分地区地缘摩擦频发，市场避险 ...

SHMET 网讯：1月27日，易方达基金管理有限公司发布公告称，1月28日起暂停易方达黄金主题LOF A 类人民币份额申购及定期定额投资业务。 公告称，本次操作旨在帮助基金平稳运作，并明确赎回不受影响。同时，相关公告信息显示，该产品不 同份额此前已存在不同程度的申购与定投限制，市场端实际可新增的通道本就偏紧。 当日，国投瑞银基金管理有限公司也发布公告称，将于1月28日起暂停旗下国投白银LOF的A类与C类基 金的申购及定投业务。 相比之下，国投白银LOF的"降温动作"更密集。据期货日报记者统计，2025年12月1日至2026年1月28日 间，该基金已累计发布溢价风险提示36次、停牌公告25次，并3次调整申购额度。 事实上，近50%的风险溢价意味着场内基金价格已提前透支白银预期涨幅。景川认为，一旦国际银价回 调，溢价可能在一两个交易日内急剧收敛，此时场内价格可能"闪崩"，引发踩踏、停牌和流动性枯竭， 甚至触发清盘风险。而暂停申购后，套利通道被彻底关闭，场内高溢价失去增量资金支撑，价格大概率 震荡回落，溢价缓慢收敛。在这样的情况下，套利者将转向"卖空场内份额+买入其他白银资产"的对冲 组合，或直接离场。 如果想配置 ...

1月27日，易方达基金管理有限公司发布公告称，1月28日起暂停易方达黄金主题LOF A类人民币份额申购及定期定额投资业务。 易方达黄金主题证券投资基金(LOF)A类人民币份额暂停申购 及定期定额投资业务的公告 公告送出日期: 2026年1月28日 1. 公告基本信息 | 基金名称 | 易方达黄金主题证券投资基金(LOF) | | --- | --- | | 基金简称 | 易方达黄金主题(QDII-LOF-FOF) | | 基金主代码 | 161116 | | 基金管理人名称 | 易方达基金管理有限公司 | | 公告依据 | 《易方达黄金主题证券投资基金(LOF)基金合同》《易 | | | 方达黄金主题证券投资基金(LOF)更新的招募说明书》 | | 暂停相关业务的 起始日及原因说 | 暂停申购起始日 2026年1月28日 暂停定期定额投资起始日 2026年1月28日 | | 비난 | 暂停申购、定期定额投资的 为了基金的平稳运作 | | | 原因说明 | | 下属分级基金的 | 易方达黄金主题(QDII- 易方达黄金主题(QDII- | | 基金间称 | LOF-FOF ) A LOF-FOF ) C | | ...

Group 1 - Moneta Markets has observed a rare synchronous strength in gold and silver prices since the beginning of 2024, which is expected to continue into early 2026 [5] - Gold is favored for its safe-haven and value storage attributes, while silver shows stronger price elasticity driven by industrial demand and tight supply [5] - Investors are increasingly shifting from single bets to diversified allocations in the precious metals sector, with a focus on ETFs that cover both gold and silver [5][6] Group 2 - Some ETFs track physical precious metal prices closely, suitable for investors looking to minimize operational risks, while others invest in mining companies to amplify profit potential during price increases [6] - Different product structures correspond to varying risk preferences and investment horizons [6] - A balanced strategy involving phased and proportional allocation is recommended to enhance portfolio stability amid potential price volatility in high-value precious metals [7]

Core Viewpoint - Platinum prices continue to rise, with significant increases observed in both domestic and international markets, driven by expectations of monetary policy changes and increased demand for precious metals [4]. Group 1: Domestic Market Performance - As of December 17, the main platinum futures contract (Pt99.99) on the Guangzhou Futures Exchange reached a closing price of 527.55 yuan per gram, marking a 7% increase and the second price limit within 15 trading days since its listing on November 27 [4]. - The platinum futures market in China is experiencing heightened investor interest, reflected in the recent price movements [4]. Group 2: International Market Performance - On the New York Mercantile Exchange, the main platinum futures contract hit a record high of 1955.0 USD per ounce, with a year-to-date increase exceeding 110% [4]. - The international market is responding positively to the rising prices of platinum, indicating strong demand for the metal [4]. Group 3: Market Influences - Recent U.S. employment data showing an uptick in unemployment rates has led to increased expectations for a potential interest rate cut by the Federal Reserve in 2026, which in turn is expected to accelerate currency depreciation [4]. - The anticipated acceleration in currency depreciation is driving demand for precious metals, as investors seek to hedge against inflation and currency risks [4].

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is aimed at controlling fund size and maintaining investment strategy effectiveness, reflecting a cautious approach to potential market volatility and structural characteristics in the A-share market [1][6][7]. Group 1: Fund Management Actions - On December 2, 2023, China Europe Fund announced a further reduction of the daily purchase limit to 10,000 yuan for four funds managed by fund manager Lan Xiaokang [2][4]. - This follows previous adjustments where the daily limit was set at 500,000 yuan on November 24 and 1,000,000 yuan in August for the same funds [4]. - Over 250 active equity funds have announced suspensions of large purchases or general purchase suspensions this year, indicating a broader trend among high-performing funds [7]. Group 2: Performance Metrics - The funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A, China Europe Rongheng Balance A, and China Europe Value Return A, have shown impressive annual performances of 41.64%, 31.29%, and 44.42%, respectively, significantly exceeding their benchmarks [4]. - Other high-performing funds, such as China Europe Small Cap Growth A and China Europe Digital Economy A, reported annual returns of 58.11% and 129.06%, placing them among the top in their category [5]. Group 3: Market Insights - Industry experts suggest that the recent purchase limits are a response to the notable structural characteristics of the A-share market, which may present specific industry and style-related investment opportunities [1][7]. - The cautious stance of fund managers reflects a desire to avoid potential negative effects such as trading congestion or valuation bubbles that can arise from concentrated investor interest in high-performing sectors [7].