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" ...

2月24日复盘笔记：化工/油气/贵金属/矿产资源/光通信/智能电网等 ① ②春节假期，全国铁路累计发送旅客1.21亿人次，日均1341万人次、较去年春运同期增长11.5%。 ③今年以来消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。 沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%，科创 50 跌 0.34%。< 2月24日复盘笔记：化工/油气/贵金属/矿产资源/光通信/智能电网等 ① ②春节假期，全国铁路累计发送旅客1.21亿人次，日均1341万人次、较去年春运同期增长11.5%。 ③今年以来消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。 沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%，科创 50 跌 0.34%。 沪深两市成交额2.2万亿，较上一个交易日放量2194亿。 ①美国宣布将元素磷及草甘膦等关键除草剂纳入关键战略物资。 此前2025年11月，美国内政部及USGS已新将磷酸盐纳入关键矿产清单。 通源石油、准油股份、山东墨龙、洲际油气、中曼石油、泰山石油、惠博普、博迈科、中油工程、石化油服、贝 肯能源、中海油服、蓝焰控股、新锦动力 现货黄金向 ...

最近关于黄金白银的消息都纷纷冲上热搜，很多人也因此盲目跟风，但投资终究还是存有风险，所以一定要理性投资，麦向作为健康的引领者，不止教会 大家注重身体，也能带你们获取社会的热榜消息~ 一、突破了行情的全景：国内外市场分化走强 1. 核心价格表现（截至2026 年 2 月 25 日实时数据） | 品种 | 最新价格 | 沂期涨跌 | | --- | --- | --- | | 伦敦金现 | 5186.11 美元 / 盎司 | +39.88 美元(+0.77%) | | 伦敦银现 | 88.562 美元 / 盎司 | +1.345 美元(+1.54%) | | 黄金 T+D | 1147.66 元 / 克 | -0.28元(-0.02%) | | 白银 T+D | 21682元/千克 | +321元(+1.50%) | | 沪银主连 | 22500 元 / 千克 | +478元(+2.17%) | | 金店零售价(周大福) | 1560元/克 | +5.26%(单田)美向圍園 | 2. 市场特征：内强外弱格局显著 国内市场：春节后消费与投资需求集中释放，白银 T+D 复工首日暴涨 13.97%，金店实物黄金因婚嫁季 ...

中国基金报记者 晨曦 黄金白银，再度拉升！ 2月25日上午，现货黄金价格直线走高，盘中最高达5190美元/盎司，涨超1%。 | < 已 | | | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | 5183.850 | | 昨结 | 5132.010 | | 开盘 | | 5143.030 | | +51.840 | +1.01% | 总量(kq) | 0.00 | | 现手 | | 0 | | 最高价 | 5190.033 | 持 仓 | | 0 | ar 물 | | 0 | | 最低价 | 5120.409 | 增 仓 | | 0 | 물 内 | | 0 | | સ્ત્ર B4 | 五日 | 目K | 周K | 月K | | 重义 | | | 叠加 | | | | 均价: -- | | 窗口 | | | 5190.033 | | | | | | 1.13% 卖1 5184.205 0 | | | | | | | | | 买1 5183.345 | 0 | ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Domestic commodity futures markets closed mostly higher, with precious metals leading the gains [1]. - Domestic macroeconomic situation shows a differentiated performance during the Spring Festival, with strong travel and consumption but weak real - estate sales. The start of social financing in January was stable, with government financing being strong and private financing in line with expectations [13]. - Overseas, the US economy shows a slowdown in overall expansion and structural differentiation in multiple fields. The GDP growth rate in the fourth quarter slowed down significantly, with personal consumption being the main drag, and inflation stickiness still exists [13]. - In the short - term, overseas economy may suppress base metals, but copper, aluminum, tin, and nickel with tight supply are expected to maintain a slightly stronger oscillating trend. Tariff disturbances may support the prices of gold and silver. A - shares are expected to continue a mild upward trend, while crude oil, black commodities, and the domestic bond market should be treated with an oscillating mindset [13]. 3. Summary by Relevant Catalogs 3.1 Financial Market Fluctuations - **Stock Index Futures**: On February 24, 2026, the CSI 300 futures price was 4683.4, with a daily increase of 1.06%, a weekly increase of 1.22%, a monthly decrease of 0.59%, a quarterly increase of 1.82%, and an annual increase of 1.82%. Other stock index futures also had different degrees of fluctuations [2]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all had certain price increases and fluctuations in different time periods [2]. - **Foreign Exchange**: The US dollar index was 97.7425, with a monthly increase of 0.65% and an annual decrease of 0.54%. The US dollar middle - price had a significant decline [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate increased by 23.34bp, and the 10 - year Chinese government bond yield increased by 1.24bp [2]. 3.2 Fluctuations of Popular Industries - On February 24, 2026, industries such as non - ferrous metals, building materials, and petroleum and petrochemicals had relatively large daily and quarterly increases, while industries such as consumer services, computer, and non - bank finance had declines [5]. 3.3 Fluctuations of Overseas Commodities - On February 23, 2026, precious metals such as COMEX gold and silver had significant increases, while energy products such as NYMEX natural gas had significant declines [8]. 3.4 Fluctuations of Domestic Commodities - On February 24, 2026, products such as crude oil, low - sulfur fuel oil, and silver had relatively large daily increases, while products such as iron ore, coke, and coking coal had declines [11]. 3.5 Macro Summary - **Domestic Macro**: During the Spring Festival, travel and consumption were strong, but real - estate sales were weak. Social financing in January started stably, with government financing being strong and private financing in line with expectations [13]. - **Overseas Macro**: The US economy shows a slowdown in overall expansion and structural differentiation. The GDP growth rate in the fourth quarter slowed down, and inflation stickiness still exists [13]. - **Large - scale Assets**: Short - term overseas economy may suppress base metals, but copper, aluminum, tin, and nickel with tight supply are expected to maintain a slightly stronger oscillating trend. Tariff disturbances may support the prices of gold and silver. A - shares are expected to continue a mild upward trend, while crude oil, black commodities, and the domestic bond market should be treated with an oscillating mindset [13]. 3.6 Viewpoint Highlights - **Financial Sector**: After the Spring Festival, stocks and bonds both rose. Stock index futures are expected to be slightly stronger in an oscillating manner, stock index options are expected to oscillate, and treasury bond futures are also expected to oscillate [14]. - **Precious Metals**: Gold and silver prices are expected to be slightly stronger in an oscillating manner due to positive impacts of tariff policy changes [14]. - **Shipping**: The spot price of container shipping to Europe is expected to oscillate, and steel and iron ore prices are also expected to oscillate [14]. - **Black Building Materials**: The real - world situation and expectations are not good, and the prices of products such as coke, coking coal, and glass are expected to oscillate [14]. - **Non - ferrous Metals and New Materials**: Base metals are expected to oscillate and sort out. Products such as copper, aluminum, and nickel are expected to be slightly stronger in an oscillating manner [14]. - **Energy and Chemicals**: Due to the tense relationship between the US and Iran, oil prices are boosted. Products such as crude oil, LPG, and asphalt are expected to oscillate [16]. - **Agriculture**: After the Spring Festival, most agricultural products rose on the first day. Products such as natural rubber, cotton, and corn are expected to be slightly stronger in an oscillating manner, while products such as pigs and sugar are expected to be weaker in an oscillating manner [16].

Market Overview - International gold prices experienced fluctuations, opening at $5195.94 per ounce, reaching a high of $5249.75, a low of $5093.09, and closing at $5150.29 [1] Economic Insights - Federal Reserve Governor Cook indicated that artificial intelligence (AI) is causing a generational shift in the U.S. labor market, potentially leading to increased unemployment rates. The Fed may not be able to respond effectively through interest rate cuts [3] - Cook noted that while AI presents new opportunities, job displacement may occur before new jobs are created, leading to a potential rise in unemployment and a decline in labor force participation [3] - Collins from the Fed mentioned that recent economic data shows improvement in the labor market, suggesting that interest rates may remain unchanged for some time, although inflation risks persist [4] - Goolsbee, Chicago Fed President, stated that further rate cuts are inappropriate until there is more evidence of sustained inflation decline [4] Trade Developments - President Trump implemented a 10% global tariff, marking a continuation of his trade agenda. This follows a Supreme Court ruling that rejected his initial comprehensive trade measures [5][6] - There are plans to potentially increase the tariff rate to 15%, although the timeline for this increase remains uncertain [6] Geopolitical Developments - The U.S. has deployed 12 F-22 fighter jets to Israel, indicating ongoing military support in the region [7] Gold ETF Holdings - The SPDR Gold Trust, the largest gold ETF, increased its holdings by 7.72 tons, bringing the total to 1094.19 tons [8] Market Expectations - The probability of a 25 basis point rate cut by the Fed by March is 2%, with a 98% chance of maintaining current rates. By April, the probability of a 25 basis point cut rises to 15.9% [8]

经观能源 2月24日，A股三大股指高开高走、放量上行，市场交投活跃度提升，石油化工、有色金属、贵黄金多 数板块表现强势，多只个股实现涨停或大幅上涨，展现出较强的市场活力。 贵金属板块全线暴涨，成为当日市场一大亮点。晓程科技领涨板块，涨幅高达15.19%；四川黄金涨 停，涨幅9.99%；中国黄金、西部黄金、招金黄金、赤峰黄金、中金黄金涨幅均超5%，分别为8.71%、 6.37%、5.88%、5.44%、5.39%；紫金矿业、湖南黄金、山东黄金也均有不错表现，涨幅分别达4.08%、 4.03%、3.61%，板块内个股全线飘红，无一下跌。 储能板块震荡上行，整体呈现涨多跌少格局，多只个股实现涨停或大幅上涨。新锦动力以20.07%的涨 幅实现20cm领涨；明阳电气、瑞可达、铜冠铜箔涨幅均超14%，其中明阳电气上涨17.48%、瑞可达上 涨16.63%、铜冠铜箔上涨14.49%；安靠智电、中油工程、通鼎互联、白云电器、风华高科等个股涨幅 超10%，豫能控股、协鑫集成、嘉泽新能涨幅接近10%，潍柴动力上涨8.62%，板块整体涨幅中等，龙 头个股表现突出。 石油化工板块表现突出，全线爆发领跑市场，板块内多只个股强势涨停。其 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2026-02-25 避险情绪抬升，铂钯显著上行 受春节假期期间关税与地缘不确定性加剧影响，截⾄2026年2⽉24⽇收 盘，⼴州期货交易所铂⾦主⼒合约上涨5.54%，报551.85元/克；钯⾦主 ⼒合约上涨4.57%，报438.45元/克。据新华社报道，美国最⾼法院裁定 特朗普政府关税措施缺乏明确法律授权，特朗普随即采取替代⽅案，关税 不确定性进⼀步上升。同时，美伊双⽅在谈判与军事对峙中持续博弈，中 东地缘紧张局势未⻅缓和。多重不确定性叠加下，铂钯价格随贵⾦属板块 整体⾛强。 铂观点：美国非农数据好于预期，铂金显著上行 主要逻辑：据新华社2月22日报道，美国最高法院20日公布裁决，认定美 国《国际紧急经济权力法》没有授权总统征收大规模关税，叠加美伊紧张 局势持续发酵，短期来看铂金价格震荡偏强。长期来看，美国仍处于降息 通道中，特朗普造成的美联储独立性受损和全球政治经济秩序松动，从而 促使美元信用走弱的长期趋势延续，有利于价格长期弹性的释放。此外， 供应紧张问题虽有边际缓解，但制裁和关税风险仍存，对价格形成下方支 撑。 展望：震荡偏强 ...