研究所 底部区间，震荡偏强 ——国信期货有色（镍）周报 2025年10月12日 研究所 目 录 CONTENTS 1 行情回顾 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 2020/12/31 2021/02/28 2021/04/30 2021/06/30 2021/08/31 2021/10/31 2021/12/31 2022/02/28 2022/04/30 2022/06/30 2022/08/31 2022/10/31 2022/12/31 2023/02/28 2023/04/30 2023/06/30 2023/08/31 2023/10/31 2023/12/31 2024/02/29 2024/04/30 2024/06/30 2024/08/31 2024/10/31 2024/12/31 2025/02/28 2025/04/30 2025/06/30 2025/08/31 镍期货收盘价(主力合约)(单位：元/吨) 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何 ...

（文章来源：新华财经） 美国8月季调后非农就业人口低于市场预期，现货黄金短线走高超20美元，现报3577美元/盎司。 ...

Group 1 - The core point of the article indicates that the adjusted non-farm payroll employment in the U.S. for August increased by 22,000, which is significantly lower than the expected increase of 75,000 [1] - The previous value of non-farm payroll employment was revised from 73,000 to 79,000, indicating a positive adjustment in prior data [1]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美国8月失业率 4.3%，预期 4.3%，前值 4.2%。 风险提示及免责条款 ...

Market Overview - The US dollar index is trading around 98.17, while spot silver opened at $40.66/oz and is currently around $40.72/oz. The silver T+D is trading at approximately 9752 CNY/kg, and the main Shanghai silver contract is at 9767 CNY/kg. Key focus today includes the US unemployment rate for August, adjusted non-farm payrolls, and average hourly wage changes [1] - On September 4, the dollar index rose by 0.13% to close at 98.27. Spot silver closed at $40.62/oz, down 1.38%, as the August "small non-farm" data fell short of expectations, causing silver to drop below $41/oz. Spot gold also saw a decline of 0.38% to $3545.53/oz, ending a seven-day rally [1] Silver Market Data - The SLV silver ETF holdings decreased by 50.83 tons to 15230.57 tons compared to the previous trading day [2] - On September 4, the payment direction for deferred compensation fees was Ag(T+D)—short paying long [2] Economic Indicators - The US August "small non-farm" payrolls recorded an increase of 54,000, below the expected 65,000, with the previous value revised from 104,000 to 106,000. Initial jobless claims rose to 237,000, the highest level since June [3] - The average rate for a 30-year fixed mortgage in the US fell to 6.5%, the lowest since October 17 of the previous year, down from 6.56% the previous week. This decline may attract hesitant homebuyers, although many are still waiting for more significant rate cuts [4] Silver Price Analysis - The silver market opened at 41.191, experienced a slight rise to 41.221, and then saw a strong pullback, reaching a low of 40.387 before closing at 40.658. The market is currently awaiting non-farm payroll results, with suggested trading positions around 39.5 and targets set at 40.5, 40.7, and 41-41.2 [4]

Group 1 - The Ministry of Finance and the State Administration of Taxation announced that starting from August 8, value-added tax will be reinstated on interest income from newly issued government bonds [1] - The People's Bank of China expressed its commitment to support the stable operation of the capital market and optimize the use of two policy tools related to capital market support [1] - The Shanghai Stock Exchange will closely monitor stocks with abnormal fluctuations, including ST Yazhen and others, indicating heightened scrutiny on market volatility [1] Group 2 - In the United States, non-farm employment increased by 73,000 in July, which was below the expected increase of 110,000 [1]

Core Insights - The U.S. added 73,000 non-farm jobs in July, which is below the expected 110,000 jobs and significantly lower than the revised previous value of 14,000 jobs from 147,000 [1] Group 1 - The July non-farm payroll growth was 73,000, indicating a slowdown in job creation compared to expectations [1] - The previous month's job addition was revised down from 147,000 to 14,000, reflecting a substantial adjustment in employment data [1] - The discrepancy between actual job growth and expectations may signal potential challenges in the labor market [1]

Core Insights - The U.S. non-farm payroll employment change in July was 73,000, which fell short of the expected 104,000 and decreased from the previous value of 147,000 [1] Employment Data Summary - July non-farm employment change: 73,000 [1] - Expected employment change: 104,000 [1] - Previous employment change: 147,000 [1]

美国7月新增非农就业人口7.3万人，低于市场预期的11万人（5个月以来首次不及预期）；失业率4.2%，符合预期。7月平均每小时工资年率3.9%，小幅高于预期的3.8%。 ...

Core Viewpoint - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives that may impact future profitability [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $2.5 billion in the last quarter [1] - Net income rose to $300 million, reflecting a 15% increase compared to the previous year [1] Strategic Initiatives - The company has launched a new product line aimed at expanding its market share in the technology sector [1] - Investments in research and development have increased by 20%, indicating a commitment to innovation and long-term growth [1] Market Position - The company has strengthened its competitive position, now holding a 30% market share in its primary industry [1] - Recent acquisitions have contributed to a diversified portfolio, enhancing overall business resilience [1]