GOLDTRUST FUTURES CO.，LTD 沪银2512价格下跌：短期回调不改长期支撑 金信期货日刊 本刊由金信期货研究院撰写 2025/10/23 ibaotu.com 热点聚焦 沪银2512合约近日持续回调，10月22日收盘跌幅达3.86%，结算价格下探至11327元，较前期高点12366 元已有明显回落。此次下跌是多重短期因素共振的结果，并非长期逻辑逆转。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 直接诱因是避险情绪降温与资金获利了结。特朗普发表缓和贸易紧张的言论后，市场避险需求骤降，白银 吸引力减弱。叠加此前八周累计超10%的涨幅，短期获利盘出逃压力本就高企，伦敦现货短缺缓解更触发 了资金离场。技术面超买也加剧了回调，银价偏离200日移动平均线幅度已接近历史回落临界点。 但中长期支撑仍牢固。全球白银连续四年赤字，2025年供需缺口进一步扩大，光伏与新能源汽车带来的工 业需求刚性增长明确 。 美联储宽松周期已开启，叠加金银比偏离均值的修复需求，白银长期上涨逻辑未 ...

| Millio | > 国反期员 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年10月09日 | | 黄金 | ★☆★ | 刘冬博 高级分析师 | | 白银 | ★☆★ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 【星级说明】红色星级代表预判趋势性上涨,绿色星级代表预判趋势性下跌 ★☆☆ 一颗星代表偏多/空,判断趋势有上涨/下跌的驱动,但盘面可操作性不强 ★★☆ 两颗星代表持多/空,不仅判断较为明晰的上涨/下跌趋势,且行情正在盘面发酵 国庆期间贵金属延续强势,国际金价突破四千美元关口,今日国内高开跟涨。美国政府部门停摆,非农等数 据暂停发布、市场避险情绪延续。黄金长期上行逻辑未改，但随着今日特朗普宣布以哈签署第一阶段和平协 议,短期四千美元目标达成后需警惕资金获利了结,高位保持谨慎,前期多单持有,避免追涨介入。 ...

| Millio | > 国反期员 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年10月09日 | | 黄金 | ★☆★ | 刘冬博 高级分析师 | | 白银 | ★☆★ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 国庆期间贵金属延续强势,国际金价突破四千美元关口,今日国内高开跟涨。美国政府部门停摆,非农等数 据暂停发布、市场避险情绪延续。黄金长期上行逻辑未改，但随着今日特朗普宣布以哈签署第一阶段和平协 议,短期四千美元目标达成后需警惕资金获利了结,高位保持谨慎,前期多单持有,避免追涨介入。 ★特朗普宣布以色列和哈马斯均已签署我们和平计划的第一阶段协议。此前他表示可能在周末前往中东，考 虑去加沙。 ★在近期第六轮投票表决中，美参议院再次否决两党拔款法案，联邦政府继续停摆。 ★美国联邦储备委员会公布了9月货币政策会议的会议纪要。纪要显示，在9月的会议上，与会的美联储委员 们一致认为, ...

Market Overview - On September 3, the Shanghai Composite Index fell by 1.16%, while the Shenzhen Component Index decreased by 0.65%, and the ChiNext Index rose by 0.95%[4] - The total trading volume in both markets exceeded 2.36 trillion yuan, showing a significant decline compared to previous sessions[1] - Since April 7, the Shanghai Composite Index has seen a maximum increase of nearly 28%, while the ChiNext Index has surged over 69%[1] Sector Performance - Key sectors that performed well include fourth-generation semiconductors, photovoltaic equipment, gaming, precious metals, and biopharmaceuticals, indicating strong capital inflow into these areas[1][2] - Conversely, sectors such as aerospace, shipbuilding, small metals, securities, communication services, and diversified finance experienced adjustments[1] Capital Flow - On September 3, the Shanghai Stock Exchange saw a net outflow of 20.649 billion yuan, while the Shenzhen Stock Exchange recorded a net inflow of 5.467 billion yuan[5] - The top three sectors for capital inflow were communication equipment, IT services, and photovoltaic equipment, while the sectors with the highest outflow were securities, software development, and aerospace equipment[5] Gold Market - Domestic gold jewelry prices have surpassed 1,050 yuan per gram, with international gold prices reaching a historical high of 3,546.92 USD per ounce[6] - The recent rise in gold prices has made it a safe haven for investors amid expectations of interest rate cuts by the Federal Reserve[3] Fundraising Trends - In September, there are 124 new fund launches planned, with 85 being equity funds, accounting for nearly 70% of the total[15] - The enthusiasm for new fund launches is attributed to strong market performance and supportive policies, with equity fund indices reaching near three-year highs and a 50% increase over the past year[15]