围绕"枢纽"建设奋力谱写中国式现代化河南篇章 中国共产党河南省第十一届委员会第十次全体会议，于2025年11月28日至29日在郑州举行。会议审议通 过了《中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议》（简称河南"十五 五"规划建议），系统擎画了"十五五"河南经济社会发展蓝图。 随着中部地区加快崛起、黄河流域生态保护和高质量发展等国家战略深入实施，河南在"十五五"时期面 临前所未有的大好形势和机遇。国家扩大内需战略与全国统一大市场建设的双重驱动，为河南释放区位 交通枢纽、超大规模市场、完整产业体系、人力资源禀赋及深厚文化底蕴等综合优势提供了关键契机。 在此背景下，河南正通过强化"枢纽"与"支点"功能，深度融入服务全国统一大市场建设，进而提升在全 国发展格局中的能级与位势。期货日报记者就此采访了多位业内专家，聚焦河南枢纽经济提质路径，为 区域协同发展建言献策。 1.建设国家要素配置枢纽中心 推动要素资源配置是全国统一大市场建设的核心，它通过打破壁垒、促进要素自由流动和高效组合，直 接提升全要素生产率，为构建新发展格局和实现高质量发展奠定坚实基础。河南"十五五"规划建议提 出，深入推进要素市场 ...

01 价格飙涨 截至2025年12月12日，COMEX白银期货报64.835美元/盎司，较年初的29.3美元/盎司上涨约120%。现货白银涨幅同样突破120%，而同期黄金约60%的涨幅 相形见绌。 白银在今年上半年表现相对平淡，但进入下半年后便火力全开，涨势陡然加快。 12月11日，现货白银价格一举突破62美元/盎司，再度刷新历史纪录。交易大厅里，投资者盯着屏幕上不断跳升的数字，这个曾被戏称为"穷人黄金"的金属 正在上演一场前所未有的价值重估。 2025年12月11日，现货白银价格突破62美元/盎司，盘中最高触及62.884美元/盎司。与此同时，COMEX白银盘中突破63美元/盎司，一度摸高63.25美元/盎 司。 这已是白银连续第三天刷新历史纪录。12月9日，白银价格首次突破每盎司60美元；12月10日站上61美元；12月11日则进一步冲高至62美元以上。 自年初以来，现货白银的累计涨幅已逼近120%，成为年内最牛的贵金属品种。 而同期黄金的涨幅约为60%，仅为白银的一半。在贵金属市场，白银正从黄金的"影子"中走出，迎来属于自己的超级周期。 9月1日现货白银突破40美元/盎司，仅一个多月后的10月9日便突破 ...

2 【量价观察】美元兑人民币期权隐含波动率下降 国内基本面向好与美 联储降息的双重信号 华泰期货研究院 2025年12月12日 蔡劭立 F3063489 Z0014617 联系人： 朱思谋 F03142856 — 量价和政策信号— 【量价观察】期限结构 ◆3个月的美元兑人民币期权隐含波动率曲线显示出人民币的升值趋势，Put端波动率高于Call端 美元兑人民币期权隐含波动率 Delta为5的美元兑人民币3个月期权隐含波动率 数据来源： 3 Bloomberg Wind 华泰期货研究院 2 3 4 5 6 3M 2025/12/11 3M 2025/09/30 3M 2025/06/30 0 2 4 6 8 10 12 2023-09 2024-03 2024-09 2025-03 2025-09 20251210（%） 20251203（%） 20251112（%） (0.5) 0.5 1.5 2.5 3.5 4.5 一月 三月 六月 一年 本周新交所美元兑人民币期货升贴水(-) 本周银行远期升贴水(-) 本周美中利差 (0.5) 0.5 1.5 2.5 3.5 4.5 一月 三月 六月 一年 上周新交所美元兑 ...

来源：喜娜AI 一、贵金属期货 隔夜贵金属市场表现强势，黄金价格显著上涨，纽约期金突破4310美元/盎司，日内涨幅达2.02%[1]； 现货黄金同步走高，突破4280美元/盎司，日内涨1.23%[2]。 白银市场更为强劲，现货白银突破64美元/盎司，日内涨幅3.56%[3]；纽约期银同样突破64美元/盎司， 日内涨4.87%[4]。 国内市场方面，白银连续主力合约日内涨幅达4%，现报14930.00元[5]。 原油价格承压下行，WTI原油失守57美元/桶，日内跌2.23%[7]；布伦特原油同步走弱，失守61美元/ 桶，日内跌幅1.96%[8]。 天然气市场表现疲软，美国天然气期货跌超4.00%，现报3.557美元/百万英热[9]。 机构预测方面，巴克莱银行预计2026年布伦特原油均价为每桶65美元[10]。 四、宏观与市场影响 多家国际机构密集上调2025年中国经济增速预期，其中世界银行、国际货币基金组织、亚洲开发银行分 别上调0.4、0.2、0.1个百分点，认为中国经济展现显著韧性[11]。 美联储政策方面，橡树资本创始人表示，进一步降息意义不大，反而可能助长市场冒险行为[12]；美联 储将于周五购买82亿 ...

市场静待美联储最新利率决议，整体情绪趋于谨慎，美股债窄幅波动。 12月10日，美股指期货基本持平，欧股开盘走低，亚洲股市涨跌互现。美债收益率高位盘整，美元、日元承压。商品表现分化，金价小幅回落， 白银在突破新高后延续涨势，油价企稳，加密货币小幅上涨。 前白宫经济顾问、被视为美联储主席潜在人选的凯文·哈塞特表示，认为当前存在"较大空间"推行更大幅度降息，幅度可能超过常规的25个基点。 | ES | 标普500期货小型 | 6851.50d | 3.25 | 0.05% | | --- | --- | --- | --- | --- | | NQ | 纳斯达克100期货小型 | 25703.25d | 3.50 | 0.01% | | MNQ | 纳斯达克100期货微型 | 25703.50d | 3.75 | 0.01% | | YM | 道琼斯期货小型 | 47625.00d | 12.00 | 0.03% | 尽管普遍预期将迎来年内第三次降息，但投资者关注焦点已转向后续政策路径，尤其是点阵图与经济预测释放的信号。墨尔本Vantage Markets分 析师陈赫贝表示： "由于投资者正密切关注美联储今年最'已 ...

12月9日，汇丰银行（中国）有限公司（下称汇丰中国）发布消息称，作为合格境外投资者（QFII）托 管行，已成功协助一家境外资管机构完成境内市场首笔以国债作为保证金的QFI商品期货交易。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，国债作为商品期货保证金是债市与期市 基础设施"互联互通"的最新实践，为更多境外投资者参与境内商品期货市场提供了可复制的路径。不仅 为境外投资者提供了更高效的资金运用渠道，还能通过跨市场协同进一步丰富国债的使用场景。随着构 建多层次资本市场体系的不断加速，中国资本市场的吸引力和影响力持续提升，将吸引更多优质外资深 度参与其中。 瑞银期货董事长张家荣表示，此次首笔业务的落地，不仅标志着国债作为商品期货保证金业务向境外投 资者的开放正式落地，更体现出中国市场多元性和开放性的不断提升。 （文章来源：期货日报网） 本次交易中，汇丰中国为该机构提供了涵盖账户管理、担保品业务申请、国债交存及结算交收的全流程 服务。通过与中央国债登记结算有限责任公司、相关商品期货交易所以及期货公司的紧密合作，汇丰中 国协助该境外投资者将其在中国银行间债券市场持有的国债作为保证金，成功运用于境内商品期货交 ...

Core Viewpoint - The article emphasizes the risks associated with virtual currencies and related activities, highlighting that they are not recognized as legal tender in China and warning against illegal financial activities linked to them [1][3][4]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as national legal tender, thus cannot be circulated as currency within China [1][3]. - Certain virtual currencies, such as "air coins" (e.g., π coin), lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation issues [3][5]. - Stablecoins currently fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [3][5]. Group 2: Prohibited Activities - Domestic institutions and individuals engaging in the exchange of legal currency for virtual currencies or issuing and financing real-world asset tokens are involved in illegal financial activities [4][5]. - Member institutions are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens, and must not provide any related services [5]. - Financial institutions must conduct thorough customer due diligence to identify potential risks related to virtual currencies and report any suspicious activities to relevant authorities [5]. Group 3: Public Awareness and Caution - The public is urged to remain vigilant against various forms of virtual currency and real-world asset token activities, which are often linked to speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency-related activities, including illegal fundraising under the guise of "mining" [5]. - Any suspicious activities related to virtual currencies should be reported to regulatory authorities or law enforcement [5].

Core Viewpoint - The Chinese financial regulatory authorities have issued a risk warning regarding virtual currencies and related illegal activities, emphasizing that virtual currencies are not legal tender and warning the public against participating in such activities [1][4][5]. Group 1: Regulatory Actions - On December 5, multiple financial associations in China jointly released a risk warning to prevent illegal activities related to virtual currencies [1]. - The warning highlights that virtual currencies are not issued by monetary authorities and do not have the same legal status as legal tender, thus cannot be circulated or used within China [4]. Group 2: Risks Associated with Virtual Currencies - Recent trends show a rise in illegal activities related to virtual currencies, including illegal fundraising and Ponzi schemes, often disguised as stablecoins or asset-backed tokens [4]. - Specific tokens like π coin are identified as lacking substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [4]. - The warning outlines that stablecoins currently do not meet requirements for customer identity verification and anti-money laundering, posing risks of being used for money laundering and illegal fundraising [4]. Group 3: Prohibitions for Financial Institutions - Domestic institutions and individuals are prohibited from engaging in activities related to the exchange of legal tender for virtual currencies and the issuance of asset-backed tokens [5][6]. - Financial institutions, including banks and payment service providers, are instructed not to offer any services related to virtual currencies or asset-backed tokens, including mining operations [6]. Group 4: Public Awareness and Precautions - The public is urged to remain vigilant against various forms of virtual currency and asset-backed token activities, which are often associated with speculation and illegal activities [7]. - Individuals are advised to enhance their risk awareness and avoid participating in any virtual currency-related activities, including those disguised as mining operations [7].

Core Viewpoint - The joint announcement by seven associations in China emphasizes the risks associated with virtual currencies and related activities, urging the public and financial institutions to remain vigilant against illegal activities and scams [1][2]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as fiat currencies, making them unsuitable for circulation within China [2]. - Certain virtual currencies, such as π coin, lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [2]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [2]. - The tokenization of real-world assets carries multiple risks, including false asset risks and speculative trading risks, with no approval from Chinese financial authorities for such activities [2]. Group 2: Prohibitions on Financial Institutions - Financial institutions are prohibited from engaging in activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [4]. - Banks and payment institutions must not provide any form of financial services or credit support to virtual currency mining projects [4]. - Securities, fund, and futures institutions are also barred from offering services related to virtual currencies and real-world asset tokens [4]. - Internet platform companies must refrain from marketing or providing technical services for virtual currency-related activities and should ensure compliance in information dissemination [4]. Group 3: Public Awareness and Caution - The public is urged to be highly alert to various forms of virtual currency and real-world asset token activities, which are often associated with speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency-related activities, including illegal fundraising under the guise of mining [5]. - It is advised to report any suspicious activities related to virtual currencies to regulatory authorities and law enforcement [5].

FICC日报 | 2025-12-05 国债期货集体收跌，日债持续承压 市场分析 国内政策预期升温。11月14日国务院常务会议，研究深入实施"两重"建设有关工作，部署增强消费品供需适配性进 一步促进消费政策措施。11月24日，国家发展改革委价格司组织召开价格无序竞争成本认定工作座谈会。11月28 日，工信部组织召开动力和储能电池行业制造业企业座谈会，强调认真落实党中央关于综合整治"内卷式"竞争的 决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争。数据方面，中国10月出口 （以美元计价）同比下降1.1%，前值增8.3%，进出口数据受工作日天数减少以及节前抢出口影响，前期的"抢出口" 和"抢进口"有待消化，同时10月投资、消费和工业的增速也出现不同程度放缓，国内经济基础有待夯实。中国11 月官方制造业PMI环比回升至49.2，高技术制造业PMI连续10个月位于临界点50以上，受高基数影响非制造业PMI 小幅回落。党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出， 构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系。中国央行12月5日将开展100 ...