| | 国投票资 | | | 贵金属日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年12月24日 | | 黄金 | ★☆☆ 白银 | | ★☆☆ | 刘冬博 高级分析师 | | 销 | ★☆☆ 紀 | | ★☆☆ | F3062795 Z0015311 | | | | | | 吴江 高级分析师 | | | | | | F3085524 Z0016394 | | | | | | 孙芳芳 中级分析师 | | | | | | F03111330 Z0018905 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 隔夜美国公布第三季度GDP录得4.3%超预期为两年来最快增速,数据发布后金银一度有所回落,但此后收复 跌幅。近期美委、伊以等地缘风险犹动，黄金刷新历史新高后形成突破带动责金属整体趋势得到强化。虽然 广期所针对铂密发布提保、限仓政策，但实际交割业务从2026年5月1日才开始办理，资金多头依然元奋。远 月合约多头资金拥挤，铂兜封死涨停。内外盘高价差引发市场广泛关 ...

全球股市温和交投，欧股基本持平，美国股市在圣诞假期前徘徊于历史高位附近，随着对股市季节性利 好的时间窗口开启，黄金与白银则继续刷新纪录。受圣诞节假期影响，周三美股提前三小时休市。 截至发稿，道指期货跌0.08%，标普500指数期货跌0.02%，纳指期货跌0.01%。 投资者信心部分来自于美国经济持续超预期的表现，这为明年企业盈利前景提供支撑。与此同时，货币 市场仍认为2026年美联储至少还有两次降息空间，这种背景有望提振更广泛的股票板块，即便市场对领 涨的科技股估值偏高的担忧仍未消散。 Swissquote分析师Ipek Ozkardeskaya表示，近期市场表现显示"圣诞老人或许仍会到来"，但之后"现实可 能会反扑"。她指出，科技板块的部分领域可能出现泡沫迹象，而明年的财报季将不再只关注亮眼数 据，更关键的是收入增长的真实来源与质量。 黄金大爆发升穿4500 贵金属方面，黄金一度升破4，500美元/盎司，但随后回吐部分涨幅。委内瑞拉局势紧张升级提升了黄 金的避险吸引力，同时降息预期也为这类无息资产提供支撑。铂金也一度触及历史新高后回落。 美国总统特朗普近期对委内瑞拉采取了更强硬的行动，包括对进出委内瑞拉的油 ...

ADP周度就业报告：截至2025年12月6日的四周里，私人部门雇主平均每周增加11500个就业岗位。 12月24日 资讯分享 周二，现货黄金延续创纪录的涨势，将历史新高刷新至4490美元上方，并一度逼近4500美元大关，最终 收涨0.93%，报4484.87美元/盎司；现货白银突破70美元的关键心理关口，最终收涨3.54%，报71.45美 元/盎司。 因美国表示可能出售其扣押的委内瑞拉原油，而乌克兰对俄罗斯船只和码头的袭击加剧了市场对供应中 断的担忧，原油震荡后小幅走高。WTI原油最终收涨0.84%，报58.37美元/桶；布伦特原油最终收涨 0.66%，报62.44美元/桶。 美国经济第三季度以4.3%速度扩张，创两年来最快增速，但美国消费者信心指数连续五个月走低。 川普：不同意其观点的人永远不会成为美联储主席。 下任美联储候选人哈塞特：预测月度新增岗位或重回10万+，美联储在降息问题上远落后于形势。 美财长建议美联储可以围绕将通胀目标调整为1.5%-2.5%或1%-3%的区间展开讨论。 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - Platinum's outer - market price breaks through the previous high with strong upward momentum, while palladium follows platinum to rise [1]. - The trend strength of platinum and palladium is both 1, indicating a neutral - to - slightly - bullish outlook [3]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Price Data**: Platinum futures 2606 closed at 619.95 with a 9.06% increase; gold - exchange platinum at 561.61 with a 5.26% increase; New York platinum main - continuous at 2320.10 with a 7.97% increase; London spot platinum at 2285.00 with an 8.46% increase. Palladium futures 2606 closed at 532.55 with a 4.74% increase; RMB spot palladium at 437.00 with a 1.63% increase; New York palladium main - continuous at 1964.00 with a 5.56% increase; London spot palladium at 1858.00 with a 5.21% increase [1]. - **Trading Volume and Open Interest**: For Guangdong platinum, the trading volume was 155,413 (a change of 101,107 from the previous day) and the open interest was 44,432 (a change of 3,345). For NYMEX platinum, the trading volume was 42,519 (- 9,028) and the open interest was 59,873 (a change of 27,467). For Guangdong palladium, the trading volume was 182,094 (a change of 153,767) and the open interest was 22,805 (a change of 5,106). For NYMEX palladium, the trading volume was 13,058 (a change of 1,991) and the open interest was 211,674 (a change of 190,256) [1]. - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3,269,872 (a change of 20,778), and palladium ETF holdings (ounces, previous day) were 1,138,951 (a change of 9,396) [1]. - **Inventory Data**: NYMEX platinum inventory (ounces, previous day) was 624,733 (no change), and NYMEX palladium inventory (ounces, previous day) was 195,570 (a change of 6,480). No data was provided for Guangdong platinum and palladium inventories [1]. - **Spread Data**: PT9995 to PT2606 spread was - 58.34 (a change of - 23.46); Guangdong platinum 2606 to 2610 spread was - 2.40 (no change), and the cross - period arbitrage cost of buying Guangdong platinum 2606 and selling 2610 was 7.62 (a change of 0.61). The spread between the gold - exchange platinum and London platinum was 44.53 (a change of - 12.10). Similar spread data for palladium was also provided [1]. - **Exchange Rate Data**: The US dollar index was 97.90 with a - 0.37% change; the US dollar to RMB (CNY spot) was 7.04 with a - 0.04% change; the US dollar to offshore RMB (CNH spot) was 7.03 with a 0.06% change; the US dollar to RMB (6M forward) was 6.95 with a - 0.08% change [1]. 3.2 Macro and Industry News - The US economy expanded at a 4.3% rate in the third quarter, the fastest in two years, but the US consumer confidence index declined for five consecutive months [4]. - According to the ADP weekly employment report, private - sector employers added an average of 11,500 jobs per week in the four weeks ending December 6, 2025 [4]. - Trump stated that those who disagree with his views will never become the Federal Reserve Chairman [4]. - Hassett, the next - potential Federal Reserve candidate, predicted that monthly new jobs may return to over 100,000 and that the Federal Reserve lags far behind the situation in terms of interest - rate cuts [4]. - US Treasury Secretary Bessent suggested that the Federal Reserve could discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [4]. - The Russian Foreign Ministry refuted the rumor that the Russian embassy in Venezuela was evacuating [4]. - Two departments such as the National Development and Reform Commission aimed to reach a total installed capacity of about 15 million kilowatts for solar - thermal power generation by 2030 [4].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 大型科技股多数上涨 ，英伟达涨超3%，谷歌、亚马逊涨超1%，Meta、苹果、微软、奈飞小幅上 涨；特斯拉、英特尔小幅下跌。 中概股方面，纳斯达克中国金龙指数收跌0.58%。小马智行跌3%，蔚来跌超2%，哔哩哔哩跌近 1%；阿里巴巴微涨。 国际金银持续拉升，续创历史新高，12月24日亚洲早盘， 现货黄金走高首次升破4500美元/盎司关 口 。 隔夜美股盘中拉升。12月24日黄金高开再创新高。关于美联储未来降息，传来大消息，特朗普也表 态。 | 道琼斯工业平均 | | | DJIA | 纳斯达克 | | | IXIC | 标普500 | | | SPX | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 48442.41 | | | 79.73 | 23561.84 | | | 133.02 | 6909.79 | | | 31.30 | | | | | 0.16% | | | | 0.57% | | | | 0.46% ...

隔夜美股盘中拉升。12月24日黄金高开再创新高。关于美联储未来降息，传来大消息，特朗普也表态。 国际金银持续拉升，续创历史新高，12月24日亚洲早盘，现货黄金走高首次升破4500美元/盎司关口。 12月23日COMEX黄金期货收涨1.02%，报4515美元/盎司；COMEX白银期货收涨4.44%，报71.61美元/盎司。现货铂金涨超7%，触及2277.05美元/盎司的 历史新高。现货钯金盘中也大涨7%。 截至12月23日收盘，美股三大指数集体上涨，均录得日线4连涨。纳指涨0.57%，标普500指数涨0.46%，道指涨0.16%。其中，标普500指数创收盘新高。 大型科技股多数上涨，英伟达涨超3%，谷歌、亚马逊涨超1%，Meta、苹果、微软、奈飞小幅上涨；特斯拉、英特尔小幅下跌。 中概股方面，纳斯达克中国金龙指数收跌0.58%。小马智行跌3%，蔚来跌超2%，哔哩哔哩跌近1%；阿里巴巴微涨。 美国白宫国家经济委员会主任哈塞特表示，贵金属"飙涨"有很好的理由。 关于美联储未来降息，再度传来大消息，特朗普也发声。 美国白宫国家经济委员会主任哈塞特表示，美国在降息节奏上远远落后于全球趋势。 据央视新闻报道，当地时间23 ...

大型科技股多数上涨，英伟达涨超3%，谷歌、亚马逊涨超1%，Meta、苹果、微软、奈飞小幅上涨；特 斯拉、英特尔小幅下跌。 隔夜美股盘中拉升。12月24日黄金高开再创新高。关于美联储未来降息，传来大消息，特朗普也表态。 截至12月23日收盘，美股三大指数集体上涨，均录得日线4连涨。纳指涨0.57%，标普500指数涨 0.46%，道指涨0.16%。其中，标普500指数创收盘新高。 关于美联储未来降息，再度传来大消息，特朗普也发声。 美国财政部长贝森特支持在通胀率稳步回落至2%之后，重新审视美联储的这一通胀目标。贝森特建 议，一旦通胀目标重新锚定，可以讨论将其转变为一个区间，例如1.5%-2.5%，或者1%-3%。 中概股方面，纳斯达克中国金龙指数收跌0.58%。小马智行跌3%，蔚来跌超2%，哔哩哔哩跌近1%；阿 里巴巴微涨。 国际金银持续拉升，续创历史新高，12月24日亚洲早盘，现货黄金走高首次升破4500美元/盎司关口。 12月23日COMEX黄金期货收涨1.02%，报4515美元/盎司；COMEX白银期货收涨4.44%，报71.61美元/ 盎司。现货铂金涨超7%，触及2277.05美元/盎司的历史新高。现货钯 ...

Group 1 - The market experienced significant gains last week, with the CSI 300 index rising by 4.18%, the Shanghai Composite Index by 3.49%, and the CSI 500 index by 3.87% [3] - The sectors that performed best included telecommunications, which ranked first, and computers, which ranked third, along with the automotive industry, which ranked fifth, indicating strong performance outside the TMT sector [3] - The industry model signals indicated an excess return of 4.34% for the week, confirming the accuracy of the previous week's predictions regarding the main board and small-cap stocks [3][5] Group 2 - Major fundamental events included the Federal Reserve's adjustment of its inflation target and Trump's mediation in the Russia-Ukraine conflict, which are expected to have positive implications for the Chinese stock market [4] - The Federal Reserve's shift towards a short-term inflation target suggests a potential for rapid interest rate cuts, which may not significantly support the U.S. economy or stock market but could lead to increased foreign capital allocation to China [4] - The active participation of retail and institutional investors in the market indicates a strong short-term bullish sentiment, with institutional fund flow indicators turning upward [5][6] Group 3 - The recommendation for the main board is to maintain a high position, as short-term capital inflows and the ongoing U.S.-China dynamics are expected to bolster A-shares [6] - For small-cap stocks, while maintaining a high position is advised, there has been a noted weakening in overall style, with large-cap stocks currently outperforming [6] - The short-term momentum model suggests focusing on the media industry as a potential area of interest [6]