Group 1: Market Movements - Significant pullback in spot gold, dropping nearly 2.5% to around $5094, closing at $5141.43, a decline of approximately 1.65%, interrupting a four-day upward trend [1] - Spot silver also saw a decline of 1.15%, closing at $87.18, with a slight recovery in European trading, currently around $90.63 [1] - U.S. stock indices collectively rose, with the Dow Jones Industrial Average, Nasdaq, and S&P 500 increasing by 0.76%, 1.04%, and 0.77% respectively [1] Group 2: Economic Data and Federal Reserve Commentary - Positive economic data and hawkish comments from the Federal Reserve boosted U.S. stock markets [3] - ADP reported an increase of 128,000 private sector jobs in the past week, exceeding previous values [3] - The consumer confidence index for February was reported at 91.2, better than market expectations [3] - Federal Reserve officials indicated that interest rates may remain unchanged for some time due to improved labor market data, despite ongoing inflation risks [3] Group 3: Political Developments - President Trump delivered a significant State of the Union address, stating that U.S. tariffs will continue to be effective based on other legal provisions [4][6] - Trump mentioned agreements with major tech companies regarding the costs of their AI data centers, which will not be borne by the public [6] - Recent setbacks in Trump's tariff and immigration policies were highlighted, including a Supreme Court ruling limiting his authority to impose large tariffs [6][8] Group 4: International Relations and Military Movements - The deployment of 11 U.S. F-22 fighter jets to Israel is reported, potentially in preparation for responses to Iranian missile threats [9] - Ongoing border clashes between Pakistan and Afghanistan were noted, with both sides using heavy weaponry [11] - The UN General Assembly passed a resolution calling for an immediate ceasefire between Russia and Ukraine, with 107 votes in favor [11]

Group 1 - The core viewpoint of the article highlights that Shengda Resources is a leading silver enterprise that continues to deepen its involvement in the silver industry, with plans for resource integration and acquisitions to enhance overall resource allocation and efficiency [1] - As of the end of 2024, the company is expected to have approximately 12,000 tons of silver metal and 34 tons of gold metal, with an annual mining capacity of nearly 2 million tons [1] - In 2023, the company's net profit attributable to shareholders was 148 million yuan, impacted by factors such as technical upgrades at Jinshan Mining and a decline in ore grade [1] - Following the completion of technical upgrades at Jinshan, the company reported a net profit of 323 million yuan in Q1-Q3 2025, representing a year-on-year increase of 61.97% [1] - The company is positioned as a core player in the A-share silver market, benefiting from a tight supply-demand balance and rising silver prices due to its high self-sufficiency and gross margin [1] - The production launch of projects like Caiyuzi Copper-Gold Mine, along with resource acquisitions, is expected to support the company's transition from a single silver focus to a "dual gold and silver" strategy, reducing dependency on a single product and contributing to continuous performance growth [1]

Email:lizongheng@lczq.com 证书:S1320524090001 行业研究｜贵金属 2026 年 02 月 25 日 证券研究报告 行业点评：节后金价能否持续走强 [Table_Author] 李纵横 分析师 投资要点： 行业事件： 2 月 20 日1，美国最高法院以 6 比 3 的结果裁决特朗普政府依据 《国际紧急经济权力法》所征收大规模关税违法；24 日，美国国土安全 部证实，停止收取相关进口商品关税；为取代被裁定违法的关税，特朗 普 20 日签署文件，对来自所有国家和地区的商品加征 10%的关税；21 日再次宣布将这一关税税率提高至 15%，上述决定均依据《1974 年贸 易法》第 122 条款发布，该条款允许联邦政府最多征收 150 天关税，延 长须经国会同意。 事件点评： 此次关税政策的反复，本质上是美国国内政治制衡机制在政治周期关 键节点上的阶段性反映。随着特朗普开启第二任期，关税政策不仅构成其 对外经济战略的核心支柱，更成为其拓展外交空间、深度介入地缘政治博 弈的关键工具。进入 2026 年中期选举年，特朗普政府面临的国内政治压 力逐步凸显。最新民调数据显示，其当前支持率已 ...

现货白银同步走强，截至发稿，现货白银突破90美元/盎司，盘中涨幅超4%。上期所沪银主力合约大涨 5%，报23138元/千克。 国投白银LOF大涨超9%。 | < W | | | 国投白银LOF(161226.SZ) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 交易中 02-25 13:47:30 | | | | | 3.401 | | 昨收 | 3.103 | 流通盘 | | 36.33亿 | | +0.298 +9.60% | | 升营 | 3.199 | 流通值 | | 124亿 | | 最高 | 3.402 | 成交量 | 4.3亿 | 换手率 | | 11.76% | | 最低 | 3.145 | 成交额 | 14.10 亿 | 均价 | 3.301 | | | IOPV | 0.0000 | 溢折率 | 0.00% | 贴水率 | 38.06% | | | | | 净值走势 国投瑞银白银期货A(161226.OF) 2.4634 +11.44% | | | | | | 十月日 | HH | 日K | 周K | 月K | 中文 ...

纽约州政府声明称，耶鲁大学预算实验室估算，因特朗普政府去年加征关税，纽约州每户家庭平均多支 出1751美元，全州总计135亿美元。霍楚尔直言，这类不合理且违法的关税，实质是对消费者、小企业 及农民的变相征税，因此必须全额退还。 美国最高法院20日裁决，《国际紧急经济权力法》并未赋予总统征收大规模关税的权力，这令特朗普政 府的关税政策遭遇重大挫折。此前在2025年4月23日，纽约州联合另外11个州，在美国国际贸易法院起 诉特朗普政府，指控其关税措施违法，要求法院判定"对等关税"无效并予以叫停。 【最新伦敦金行情解析】 摘要今日周三(2月25日)亚盘时段，伦敦金最新报价为1147.99元/克，较前一交易日上涨11.50元，涨幅 1.01%，日内呈现震荡走高走势。当日开盘价报1136.13元/克，盘中最高触及1148.49元/克，最低下探至 1132.86元/克。 今日周三(2月25日)亚盘时段，伦敦金最新报价为1147.99元/克，较前一交易日上涨11.50元，涨幅 1.01%，日内呈现震荡走高走势。当日开盘价报1136.13元/克，盘中最高触及1148.49元/克，最低下探至 1132.86元/克。 【要闻速递 ...

汇通财经APP讯——周三（2月26日）亚市早盘，现货黄金窄幅震荡，目前交投于5150美元/盎司附近。 周二（2月24日）现货黄金价格出现显著回调，一度下跌近2.5%至接近5094美元，收报5141.43美元/盎 司，跌幅约1.65%，从而中断了此前连续四个交易日的上涨行情。这一轮调整主要源于市场获利了结行 为叠加美元指数的明显走强，导致以美元计价的贵金属承压下行。周二金价在触及近三周高点后转跌， 回吐了周一的大部分涨幅，日K线形成"吞没"看空信号，显示短期多头动能有所减弱。 尽管价格出现回落，但仍有逢低买盘提供支撑，交易参与者高度关注即将于稍后（北京时间周三上午 10:00）公布的美国总统唐纳德·特朗普国情咨文讲话内容。该讲话预计将涉及财政政策、贸易关税及国 际关系等关键议题，或为市场提供进一步的方向指引。同时，美联储官员近期持续释放的鹰派信号继续 支撑美元汇率，例如波士顿联储主席苏珊·柯林斯明确表示，鉴于劳动力市场数据改善且通胀风险犹 存，利率将在较长一段时间内维持不变。这种货币政策预期进一步强化了美元的吸引力，对黄金构成直 接压制。 获利回吐与美元强势成主要下行驱动，地缘不确定性提供底部支撑 黄金在触及多 ...

长沙晚报掌上长沙2月25日讯（全媒体记者 周丛笑）25日，A股市场在昨日迎来"开门红"后，今日整体 呈现高位震荡格局。尽管指数层面波澜不惊，但盘面内部暗流涌动，资源周期股与AI概念股上演极端 分化，资金调仓迹象明显，为马年行情定下了"结构为王"的基调。 机构观点：聚焦业绩与政策双主线 板块：资源周期股持续"高烧" 盘面上最亮眼的明星依然是资源周期板块。受国际油价维持高位及地缘因素持续催化，油气板块延续昨 日强势。贵金属、有色金属、磷化工板块同样表现活跃。据华西证券研报分析，资源品行情由商品市场 涨价逻辑推动，贵金属和石油上涨与地缘因素及美元信用波动相关，有色和石油板块的修复趋势有望延 续。 行情：冰火两重天的"新结构" 在一片资源品火红的背后，市场内部的"割裂感"极为突出。此前被热炒的部分AI概念股遭遇重挫，成为 今日市场最大的"寒意"来源。DeepSeek、AIGC、ChatGPT等概念指数纷纷大幅下跌，短剧游戏、虚拟 人概念同样跌幅居前。 整体来看，马年开局呈现"普涨掩盖分化，次日分化加剧"的特征。一方面，回流资金大举涌入具备业绩 支撑和涨价预期的周期及硬件板块；另一方面，前期涨幅过高的纯题材股遭到无情抛 ...

Fundamental Analysis - The ongoing tensions in Iran have become a significant driver of risk aversion in the market, with the U.S. military deploying 11 F-22 fighter jets to Israel and Iran conducting military exercises, indicating that military confrontation risks remain high [1] - Iran's foreign minister expressed a desire to reach a fair agreement with the U.S. as soon as possible, creating a "fighting while negotiating" ambiguity that heightens market uncertainty and underscores gold's value as a safe-haven asset [1] - Federal Reserve Governor Cook noted that the AI investment boom could raise the neutral interest rate in the short term and may not alleviate the unemployment wave driven by AI without triggering inflation risks, revealing the complexity of future macroeconomic management [1] - The potential for stagflation, as indicated by Cook's comments on inflation risks, enhances gold's dual appeal as an inflation hedge and a safe haven, despite other officials suggesting that AI will not drastically impact the job market [1] - Overall, geopolitical tensions and the potential inflation risks highlighted by Federal Reserve officials create a favorable macro environment for gold prices, reinforcing its status as a hedge against complex risk assets [1] Technical Analysis - Gold (XAUUSD) has entered an adjustment phase after reaching a historical high, but the bullish trend is recovering, with prices moving out of a consolidation range and the moving average system indicating a clear bullish trend [4] - The Bollinger Bands are narrowing, suggesting a potential adjustment in the short term, while the CCI indicator in the overbought zone indicates strong bullish momentum [4] - The trading strategy suggests looking for buying opportunities on dips [4] Day Trading Strategy - A buy position is suggested around 5144.2, with a stop loss at 5090.0 and a target range of 5249.5 to 5406.0 [5] Silver (XAGUSD) Analysis - Silver prices have retraced after reaching a new high but are now warming up again, indicating a continuation of the bullish trend, with key support levels within the previous consolidation range to watch [7] - The Bollinger Bands are narrowing, indicating a potential adjustment opportunity in the short term, while the CCI indicator near the overbought zone suggests strong overall bullish momentum [7] - The trading strategy recommends looking for buying opportunities on price pullbacks [7] Economic Calendar - Key economic indicators to watch include the German Gfk Consumer Confidence Index, the final value of Germany's Q4 GDP year-on-year, and the Eurozone's CPI year-on-year and month-on-month final values [8]

●FPG最新市场脱水消息： | | 黄金 (XAUUSD) | | | | --- | --- | --- | --- | | 日图 K 线呈现: 偏空 日内方向 | | | | | 5201 阻力 | | 521 7 | 5228 | | 支撑 5163 | | ਟੀਥੇਟ | STS3 | | 动能 | 动力强（实时变化）全品种量化周期大于３年，参考价值≥67.1% | | | 1. ADP数据显示，过去一周美国民间就业新增12.8万人，高于前值。此外，美国2月消费者信心指数为 91.2，优于市场预期。 2. 据彭博社报道，波士顿联储主席柯林斯周二表示，鉴于近期经济数据表明劳动力市场有所改善，但通 胀风险仍在，利率"可能在一段时间内维持不变"。 3. 美国总统特朗普将于当地时间2月24日晚间9点左右在国会山向两院议员发表2026年度国情咨文，这是 2026年中期选举前的一次重要政治演讲。 ●FPG fortune prime global分析师观点： FPG特约分析师（Felix）观点： 在金价触及数周高位后，交易员开始获利了结，令黄金承压走低。此外，美联储官员偏鹰派的言论支撑 了美元，并拖累以美元计价的 ...

2月25日，A股市场早盘震荡拉升，三大指数均涨超1%，截至午间收盘，沪指涨1.20%，深成指涨 1.47%，站上14400点，创业板指涨1.43%。沪深两市半日成交额1.52万亿，较上个交易日放量104亿。 盘面上，涨价题材股轮番活跃，小金属、贵金属等有色板块走高，华锡有色、云南锗业等多股涨停；农 药、化工股延续涨势，金浦钛业、川金诺、六国化工等多股封板；油气股拉升走高，通源石油、洲际油 气涨停或涨超10%；锂矿股震荡走高，永杉锂业、大中矿业等封涨停；半导体产业链盘中震荡走强，设 备、材料方向领涨，富创精密、明阳电路涨超10%； 下跌方面，影视院线板块继续调整，横店影视连续两日跌停；AI应用概念走势较弱；存储芯片板块盘 初下挫；光模块、光纤板块部分个股回调。 展望后市，中原证券认为，综合假期内外盘表现及最新宏观动态，市场短期调整压力已得到部分释放， 但上行斜率将趋于平缓，指数层面大概率呈现宽幅震荡、结构分化的格局。 热门板块 1、有色金属板块走高 小金属、贵金属等有色板块走高，华锡有色、云南锗业等多股涨停。 点评：中银证券发布研报称，进入2026年，随着市场进入牛市第二阶段"盈利驱动上涨阶段"，在"反内 卷" ...