A股开盘，三大指数涨跌不一，沪指涨0.02%报3964.65点，深证成指平开，创业板指跌0.19%。盘面 上，国际银价、铜价屡创新高，贵金属及有色金属板块涨幅延续，造纸、医药商业板块低开。 ...

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - Gold: Inflation is moderately declining [2]. - Silver: Undergoing high - level adjustment [2]. - Copper: Strong overseas spot prices support price increases [2]. - Zinc: Showing a moderately strong oscillation [2]. - Lead: Weak demand restricts price increases [2]. - Tin: Supply is facing new disruptions [2]. - Aluminum: Following the upward trend of copper [2]. - Alumina: Under the policy orientation of "internal competition" [2]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2]. - Platinum: Bullish sentiment remains strong [2]. - Palladium: Oscillating upwards [2]. - Nickel: There is a game between capital and industrial forces, and attention should be paid to the emergence of structural opportunities [2]. - Stainless steel: Fundamental factors limit its flexibility, and attention should be paid to policy risks in Indonesia [2]. Summaries Based on Relevant Catalogs Gold - **Price and Trading Volume**: Yesterday, the closing price of Shanghai Gold 2602 was 1,016.30, with a daily increase of 0.75%, and the night - session closing price was 1018.10, with a night - session increase of 0.17%. The trading volume of ETF SPDR Gold ETF increased by 3 to 1,071.13 [4]. - **Macro and Industry News**: In 2026, the Two Sessions will be held on March 4 for the Chinese People's Political Consultative Conference and March 5 for the National People's Congress. China will continue to implement a more proactive fiscal policy in 2026. China's industrial enterprise profits in November 2026 decreased by 13.1% year - on - year. The central bank emphasized preventing the "overshoot" of the RMB exchange rate. Trump stated that Russia and Ukraine were "close to reaching an agreement" [4][6]. - **Trend Intensity**: Gold trend intensity is 0 [6]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 98,720, with a daily increase of 2.61%, and the night - session closing price was 101380, with a night - session increase of 2.69%. The LME 3M electronic copper board had a closing price of 12,133, with an increase of 0.65% [7]. - **Macro and Industry News**: China will continue to implement a more proactive fiscal policy in 2026. Peru extended the temporary licenses of small - scale miners until the end of 2026. Kazakhstan's refined copper production from January to November 2025 increased by 2.5% year - on - year. China's imports of copper ore and concentrates in November 2025 increased by 3.05% month - on - month and 13.13% year - on - year. Chile initiated the preliminary mediation procedure for the labor - capital contract negotiation of the Mantoverde copper - gold mine [7][9]. - **Trend Intensity**: Copper trend intensity is 1 [9]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 23170, with an increase of 0.46%. The LME 3M electronic zinc board had a closing price of 3086.5, with a decrease of 0.32%. The Shanghai Zinc main contract's trading volume increased by 20495 to 145708, and the position increased by 4103 to 97425 [10]. - **News**: China's industrial enterprise profits in November 2026 decreased by 13.1% year - on - year, but the profits of high - tech manufacturing increased by 10.0% year - on - year from January to November. China will continue to implement a more proactive fiscal policy in 2026 [11]. - **Trend Intensity**: Zinc trend intensity is 0 [12]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17555, with an increase of 1.39%. The LME 3M electronic lead board had a closing price of 1999.5, with an increase of 0.83%. The Shanghai Lead main contract's trading volume increased by 3669 to 58769, and the position decreased by 770 to 55558 [13]. - **News**: China will continue to implement a more proactive fiscal policy in 2026. China's industrial enterprise profits in November 2026 decreased by 13.1% year - on - year [14]. - **Trend Intensity**: Lead trend intensity is 0 [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 338,550, with an increase of 0.79%, and the night - session closing price was 346,280, with an increase of 2.46%. The LME 3M electronic tin board had a closing price of 42,490, with a decrease of 0.81%. The Shanghai Tin main contract's trading volume increased by 70,845 to 369,071, and the position decreased by 968 to 52,276 [17]. - **Macro and Industry News**: Similar to gold, including the time of the Two Sessions, fiscal policy, industrial enterprise profits, exchange - rate prevention, and the Russia - Ukraine situation [18]. - **Trend Intensity**: Tin trend intensity is 1 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 22405, with an increase of 130 compared to T - 1. The closing price of the Shanghai Alumina main contract was 2793, with an increase of 147 compared to T - 1. The closing price of the cast aluminum alloy main contract was 21390, with an increase of 45 compared to T - 1 [20]. - **Comprehensive News**: Trump plans to take over the US power grid regulatory power for AI data centers. NVIDIA is leading the data center to a 800V DC architecture [21]. - **Trend Intensity**: Aluminum, alumina, and cast aluminum alloy trend intensities are all 1 [21]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 705.30, with an increase of 2.67%. The closing price of palladium futures 2606 was 515.65, with a decrease of 2.53%. The trading volume and position of Shanghai Platinum and NYMEX Platinum, as well as Shanghai Palladium and NYMEX Palladium, all had corresponding changes [22]. - **Macro and Industry News**: China's ETF scale reached 6.03 trillion yuan as of December 27. The National Fiscal Work Conference was held from December 27 to 28. Cambodia and Thailand reached a consensus on the draft joint statement of the Cambodia - Thailand Border General Committee meeting [24]. - **Trend Intensity**: Platinum and palladium trend intensities are both 1 [24]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 126,750, with an increase of 1,340 compared to T - 1. The closing price of the stainless - steel main contract was 12,955, with a decrease of 35 compared to T - 1. The trading volume and position of both also had corresponding changes [26]. - **Macro and Industry News**: An Indonesian nickel - mining area was taken over, China suspended a non - official subsidy for Russian copper and nickel imports, Indonesia imposed sanctions on mining companies, adjusted RKAB regulations, and there were tariff threats from the US, suspension of new smelting licenses in Indonesia, production impacts in Indonesian nickel - wet projects, and Fed's dovish remarks, as well as export license management for some steel products in China [26][29]. - **Trend Intensity**: Nickel and stainless - steel trend intensities are both 0 [30].

A股开盘，三大指数涨跌不一，沪指涨0.02%报3964.65点，深证成指平开，创业板指跌0.19%。盘面 上，国际银价、铜价屡创新高，贵金属及有色金属板块涨势延续，造纸、医药商业板块低开。 ...

突发跳水。 12月29日早间，贵金属市场在短线冲高后直线跳水。具体来看，白银现货一度涨超5%，随后直线跳水，一度跌约5%。 COMEX白银一度涨超7%，盘中跳水转跌，截至发稿微涨。 现货铂金盘中一度跌超7%，目前跌幅收窄至3.6%。 NYMEX铂一度跌超9%，目前跌幅收窄至5%以内。 IG的市场分析师Tony Sycamore表示，白银市场正在上演一场"世代泡沫"，因为越来越多的资本涌入贵金属市场。Sycamore表 示，贵金属价格上涨得益于市场预期美联储将在2026年多次降息，以及央行和私人投资者的强劲买盘。然而，近期最主要的驱 动因素是白银供需严重失衡，引发了对实物白银的抢购。 上周五，贵金属市场全线暴涨，COMEX黄金期货涨1.31%，报4562美元/盎司，上周累涨3.98%；现货黄金涨1.12%，报4531.1 美元/盎司，上周累涨4.44%；COMEX白银期货暴涨11.15%，报79.68美元/盎司，上周累涨18.06%；现货白银暴涨10.24%，报 79.196美元/盎司，上周累涨17.87%，年内累涨175%；现货钯金暴涨14.24%，报1923.4美元/盎司，上周累涨12.63%；现货铂 金暴 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year due to some funds cashing in on profits, the policy support for the capital market remains unchanged, and the medium - to - long - term strategy is mainly to buy on dips [2][4]. - For treasury bonds, in the short term, the bond market is expected to remain volatile under the background of weak domestic demand and institutional behavior disturbances. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after the oversold [5][7]. - For precious metals, they are in an accelerating upward phase. There may be a short - term correction in January next year, but the upward cycle is not over. It is recommended to take profit on long positions when the hourly technical pattern weakens and not to open new long or short positions [8][9]. - For non - ferrous metals, most metals are affected by factors such as supply - demand relationships, cost changes, and market sentiment. Some are expected to rise further, while others need to pay attention to the impact of inventory and other factors on prices [11][12][13][14]. - For black building materials, steel prices are expected to remain in a bottom - range oscillation. Iron ore prices are expected to operate within an oscillation range. Glass and soda ash markets are expected to remain weak, and manganese - silicon and silicon - iron need to pay attention to market sentiment and cost factors [31][32][33][34]. - For energy chemicals, rubber prices are oscillating strongly with a neutral - to - long - term view. Oil prices are maintained with a low - buy and high - sell strategy. Methanol is expected to be sorted out at a low level. Urea is expected to oscillate and build a bottom. Other chemicals also have their own supply - demand and price trends [47][50][51][52]. - For agricultural products, the short - term strength of hog prices may continue, but a short - selling strategy is maintained after the near - month rebound. Egg prices may rebound slightly before the New Year's Day and then fall slightly. Other agricultural products also have their own price trends based on supply - demand relationships [74][75][76][77]. Summaries by Relevant Catalogs Macro - Financial Category Stock Index - **Market Information**: The central bank aims to improve the scale and proportion of medium - and long - term funds investing in A - shares. Rules for commercial rocket companies to list on the STAR Market are refined. The first batch of L3 - level autonomous vehicles in China start large - scale road operation. International gold and silver prices reach new highs [2]. - **Basis Ratio of Stock Index Futures**: The basis ratios of IF, IC, IM, and IH for different contract periods are provided [3]. - **Strategy Viewpoint**: Despite short - term uncertainty, the long - term strategy is to buy on dips [4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS main contracts change. National industrial enterprise profit data is released, and a fiscal work meeting is held, indicating a more proactive fiscal policy in 2026 [5]. - **Liquidity**: The central bank conducts 930 billion yuan of 7 - day reverse repurchase operations, with a net investment of 368 billion yuan [6]. - **Strategy Viewpoint**: The bond market is expected to remain volatile in the short term, and attention should be paid to the supply - demand relationship and rebound opportunities [7]. Precious Metals - **Market Information**: Domestic and international gold and silver prices rise. The expected expansion of US fiscal policy drives up the price of gold, and the market expects the Fed to cut interest rates aggressively next year, pushing up the price of silver [8][9]. - **Strategy Viewpoint**: There may be a short - term correction in January next year, but the upward cycle is not over. It is recommended to take profit on long positions and not to open new positions [9]. Non - Ferrous Metals Category Copper - **Market Information**: The price of Shanghai copper breaks through 100,000 yuan per ton. The weekly inventory of copper at the SHFE increases, and the spot discount expands [11]. - **Strategy Viewpoint**: The price of copper is expected to rise further, but attention should be paid to the suppression of inventory accumulation on the upward trend [12]. Aluminum - **Market Information**: The price of Shanghai aluminum rises. The inventory of aluminum ingots increases slightly, and the processing fee of aluminum rods decreases [13]. - **Strategy Viewpoint**: The price of aluminum is expected to rise further, supported by the rise of precious metals and copper prices [14]. Zinc - **Market Information**: The price of Shanghai zinc rises. The inventory of zinc ingots in the SHFE and the social inventory change [15][16]. - **Strategy Viewpoint**: The fundamentals of zinc are weak, but there is a risk of supplementary price increases following the sector [17]. Lead - **Market Information**: The price of Shanghai lead rises. The inventory of lead ingots in the SHFE and the social inventory change [18]. - **Strategy Viewpoint**: The supply and demand of lead are both weak, but the price is supported by the reduction of supply on the recycling side and low inventory [18]. Nickel - **Market Information**: The price of nickel rebounds slightly. The spot premium and the price of nickel ore and nickel pig iron change [19]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, but the short - term bottom may have been reached. It is recommended to wait and see [19]. Tin - **Market Information**: The price of Shanghai tin rises. The production of tin smelting enterprises and the demand of tin solder enterprises change [20][21]. - **Strategy Viewpoint**: The price of tin is expected to fluctuate with market sentiment. It is recommended to wait and see [21]. Lithium Carbonate - **Market Information**: The price of lithium carbonate rises. The price of Australian lithium concentrate also rises [22]. - **Strategy Viewpoint**: The change in the pricing method and the initiative in long - term contracts are beneficial to the restoration of the spot valuation. It is recommended to wait and see [22]. Alumina - **Market Information**: The price of alumina rises. The spot price, overseas price, and inventory change [23]. - **Strategy Viewpoint**: The price of ore is expected to oscillate downward. It is recommended to wait and see and not to chase long positions blindly [24][25]. Stainless Steel - **Market Information**: The price of stainless steel changes. The spot price, raw material price, and inventory change [26]. - **Strategy Viewpoint**: The price of stainless steel may rise further if the nickel ore supply quota is tightened. It is recommended to buy on dips and pay attention to policy implementation [27]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuates. The inventory of recycled aluminum alloy decreases [28]. - **Strategy Viewpoint**: The price of cast aluminum alloy is expected to oscillate strongly in the short term [29]. Black Building Materials Category Steel - **Market Information**: The prices of rebar and hot - rolled coil change. The registered warehouse receipts, positions, and spot prices change [31]. - **Strategy Viewpoint**: Steel prices are expected to remain in a bottom - range oscillation. The demand is weak, and the winter storage intention is low [32]. Iron Ore - **Market Information**: The price of iron ore rises. The spot price, basis, and inventory change [33]. - **Strategy Viewpoint**: The supply of iron ore decreases, the demand is stable, and the inventory accumulates. The price is expected to operate within an oscillation range [34]. Glass and Soda Ash - **Market Information**: The prices of glass and soda ash change. The inventory, positions, and spot prices change [35][37]. - **Strategy Viewpoint**: The glass market is expected to remain weak, and the soda ash market has limited rebound strength [36][37]. Manganese - Silicon and Silicon - Iron - **Market Information**: The prices of manganese - silicon and silicon - iron change. The spot prices and basis change [38]. - **Strategy Viewpoint**: Attention should be paid to the risk of supplementary price increases in the black sector and the cost and supply factors of manganese - silicon and silicon - iron [40][41]. Industrial Silicon and Polysilicon - **Market Information**: The prices of industrial silicon and polysilicon change. The spot prices, positions, and inventory change [42][44]. - **Strategy Viewpoint**: The price of industrial silicon is expected to fluctuate with market sentiment, and the price of polysilicon is expected to oscillate [43][45]. Energy Chemicals Category Rubber - **Market Information**: The price of rubber oscillates strongly. The tire start - up rate, inventory, and spot price change [47][48][49]. - **Strategy Viewpoint**: The price of rubber is expected to oscillate strongly. It is recommended to operate short - term and hold hedging positions [50]. Crude Oil - **Market Information**: The price of crude oil falls, and the prices of refined oil products rise. The inventory of Singapore ESG oil products changes [51]. - **Strategy Viewpoint**: It is not advisable to be overly bearish on oil prices in the short term. It is recommended to wait and see and test OPEC's export price - support intention [52]. Methanol - **Market Information**: The regional spot price and the main futures price of methanol change [53]. - **Strategy Viewpoint**: The methanol market is expected to be sorted out at a low level. It is recommended to wait and see [54]. Urea - **Market Information**: The regional spot price and the main futures price of urea change [55]. - **Strategy Viewpoint**: The supply of urea decreases, and the demand increases. It is recommended to buy on dips [56]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene change. The cost, supply, demand, and inventory change [57]. - **Strategy Viewpoint**: It is recommended to go long on the non - integrated profit of styrene before the first quarter of next year [58]. PVC - **Market Information**: The price of PVC rises. The cost, supply, demand, and inventory change [59]. - **Strategy Viewpoint**: The domestic supply of PVC is strong and the demand is weak. It is recommended to short on rallies [60]. Ethylene Glycol - **Market Information**: The price of ethylene glycol rises. The supply, demand, inventory, and cost change [61]. - **Strategy Viewpoint**: The supply of ethylene glycol is high, and the inventory accumulates. The price is expected to compress the valuation [62]. PTA - **Market Information**: The price of PTA rises. The supply, demand, inventory, and cost change [64]. - **Strategy Viewpoint**: PTA is expected to enter the Spring Festival inventory - accumulation stage after short - term destocking. It is recommended to pay attention to the callback risk and the opportunity to go long on dips [65]. p - Xylene - **Market Information**: The price of p - xylene rises. The supply, demand, inventory, and cost change [66]. - **Strategy Viewpoint**: PX is expected to maintain a small inventory - accumulation pattern before the maintenance season. It is recommended to pay attention to the callback risk and the opportunity to go long on dips [67]. Polyethylene (PE) - **Market Information**: The price of PE rises. The upstream start - up rate, inventory, and downstream start - up rate change [68]. - **Strategy Viewpoint**: It is recommended to go long on the LL5 - 9 spread on dips [70]. Polypropylene (PP) - **Market Information**: The price of PP rises. The upstream start - up rate, inventory, and downstream start - up rate change [71]. - **Strategy Viewpoint**: The supply and demand of PP are weak, and attention should be paid to the change in the supply - surplus pattern at the cost end in the first quarter of next year [72]. Agricultural Products Category Hogs - **Market Information**: The price of hogs rises. The supply and demand in the market change [74]. - **Strategy Viewpoint**: The short - term strength of hog prices may continue, but a short - selling strategy is maintained after the near - month rebound [75]. Eggs - **Market Information**: The price of eggs is stable or rises. The supply and demand in the market change [76]. - **Strategy Viewpoint**: The egg price may rebound slightly before the New Year's Day and then fall slightly. It is recommended to short on rallies in the near - month and pay attention to the upper pressure in the far - month [78]. Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans falls. The domestic soybean meal price, trading volume, and inventory change [79]. - **Strategy Viewpoint**: The import cost of soybean meal has a bottom support, and the price is expected to oscillate [80]. Oils and Fats - **Market Information**: The production and export of Malaysian palm oil change. The import of Indian vegetable oil decreases. The price of domestic oils and fats rebounds [81]. - **Strategy Viewpoint**: It is recommended to observe the high - frequency production and export data and operate short - term [82][83]. Sugar - **Market Information**: The price of sugar rises. The import volume of sugar and syrup changes. The production of sugar in Brazil and India changes [84][85]. - **Strategy Viewpoint**: The international sugar price may rebound after the northern hemisphere's harvest in February next year. The domestic sugar price may continue to rebound in the short term [86]. Cotton - **Market Information**: The price of cotton rises. The spot price, import volume, and inventory change [87][88]. - **Strategy Viewpoint**: The price of Zhengzhou cotton is expected to be strong. It is recommended to wait for a callback and then go long [89].

离岸人民币持续升值！ 对股市有何影响 20251227 摘要 上游资源如铜、镍、碳酸锂价格上涨，或预示春季行情启动，投资者可 关注贵金属、有色金属等板块，并采用 ETF 网格策略降低风险。 人民币升值与港股回调并存，反映外资对港股短期前景不确定性增加， 需综合考虑宏观经济、政策及国际形势等因素。 A 股成交量创历史新高，但需关注成交量能否稳定在 2 万亿以上，以及 高位板块能否顶住压力，以判断市场反弹空间。 港股面临圣诞假期资金避险及外资观望情绪影响，短期波动风险增加， 但基本面和估值仍具潜力。 美元走弱预期增强，导致结汇需求增加，人民币升值，增加了港股投资 的持仓成本和参与成本。 外资对中国经济复苏持乐观态度，但需政策落地和数据验证，目前观望 情绪浓厚，影响港股增量资金。 北证 50 专注于"专精特新"企业，长期发展前景乐观，但基本面不够 稳健，波动性较大，适合短线操作。 Q&A 近期市场行情出现了哪些变化，如何看待这些变化？ 最近市场行情出现了显著的变化。首先，A 股市场表现出色，指数开始修复， 而港股市场则相对疲弱，仍处于回调状态。其次，人民币汇率持续升值，同时 贵金属价格也进入新一轮上涨周期，包括铜、 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **metal industry**, focusing on precious metals, lithium carbonate, industrial base metals, and steel. Precious Metals - The outlook for precious metals remains optimistic due to factors such as liquidity turning points, geopolitical risks, de-dollarization trends, and central banks' ongoing gold purchases. [4] - Silver, driven by its industrial properties and demand from photovoltaic new energy and AI, is expected to see strong support. Leading companies in this sector are currently undervalued, presenting opportunities for price recovery and allocation. [4] Lithium Carbonate - Lithium carbonate prices have surged recently due to increased demand expectations and delayed supply recovery. [5] - Mid-term demand for lithium carbonate is expected to grow due to energy storage needs, while supply growth remains limited, leading to a positive long-term price outlook. [5] Industrial Base Metals - The future outlook for industrial base metals is optimistic, supported by declining interest rates, recovery in traditional demand, and new demand from AI. [6] - Copper supply is particularly tight, with potential strikes in Chile and encouragement from China's National Development and Reform Commission for mergers in the smelting industry, which may tighten supply further. [7] - The aluminum market is experiencing high prices despite being in the off-season, with a copper-aluminum ratio reaching 4.4. Supply is weaker than expected, and the introduction of copper-free air conditioning systems may further expand aluminum applications. [12] Inventory and Supply Risks - Non-US regions are experiencing low inventory days due to a siphoning effect towards the US, which may lead to risks of soft and hard squeezes in these areas. [8] Steel Industry - The steel industry is currently at a bottoming phase, presenting a good opportunity for gradual investment, especially in leading companies whose valuations have dropped to around 10 times earnings. [18] - Capital expenditures for these companies are expected to decrease next year, with increased dividends enhancing their attractiveness. [18] - Upcoming supply-side reform measures and the implementation of the "Steel Industry Normative Conditions" are anticipated to have a substantial impact on the market. [19] Rare Earth Market - The rare earth market is experiencing mixed performance, with light rare earth prices rising while medium and heavy rare earth prices are declining. [14] - Short-term price adjustments are expected, but long-term demand from strategic sectors like electric vehicles and wind power is likely to support price increases. [17] Investment Recommendations - Investors are encouraged to focus on sectors with low valuations and high dividend yields, particularly in copper, aluminum, tin, and tungsten. [16] - Recommended stocks include those with high dividend yields and potential growth, such as Yun Aluminum, Zhongfu Industrial, and China Hongqiao. [16] Overall Market Sentiment - The overall sentiment for the metal sector is positive, with expectations of a super cycle driven by macroeconomic factors, liquidity, rigid supply, and recovering demand. [20]

高盛大宗商品策略师认为，黄金是明年整个大宗商品领域中最佳的投资选择，如果私人投资者效仿央行进行资产多元化配置，金价很可能超过每盎司4900美 元的基准预测。 "一些国家在人工智能和地缘政治实力上的竞争，以及全球能源供应浪潮，构成了我们核心判断的基础，"他们在《2026年大宗商品展望》报告中写道。"大 宗商品指数在2025年实现了强劲的总回报（例如彭博商品指数回报率为15%），这是因为工业、特别是贵金属领域的强劲回报——这两者都倾向于受益于美 联储降息——超过了能源领域相对温和的负回报。" 展望未来，高盛表示他们的宏观基准预测包括"稳固的全球GDP增长以及2026年美联储降息50个基点"，这应会再次支持大宗商品的强劲回报。 分析师们重点强调了两大结构性趋势，他们认为这将驱动来年大宗商品的前景。 "首先，在宏观层面，大宗商品很可能仍将处于大国争夺地缘政治实力以及技术和人工智能主导地位的中心，"他们写道。"其次，在微观层面，2025年开始 的两大能源供应浪潮驱动了我们对能源的判断。" 在所有研究的大宗商品中，高盛对黄金最为看涨——而央行的需求是重要原因。 "我们预计央行购金需求在2026年将保持强劲，每月平均购买7 ...

【环球网财经综合报道】12月29日亚洲市场早盘，白银继续大涨刷新历史，现货白银升破83美元/盎司 关口，日内涨超5%；COMEX白银涨超6%。其他贵金属方面，现货黄金及COMEX黄金均录得小幅上 涨。 但另一方面，在今年白银价格累计涨幅已达175%、迅猛涨势远超黄金的背景下，特斯拉CEO马斯克对 此表达担忧，直言这对工业发展"不是好事"。随着白银等贵金属价格持续飙涨，亦有分析人士警告称， 贵金属价格已站在"悬崖边缘"，回调风险正在累积。 《埃及金字塔报》发文称，银价强劲上涨，有望创1979年来最佳年度表现，主要受益于全球供应受限和 需求增加。中国出口管制导致供应缩减，而低利率环境和投资者避险需求推高银价，作为避险资产和工 业金属，白银受益于工业和投资需求增长。 消息面上，作为全球重要的衍生品交易所，芝商所（CME Group）发布重大保证金调整通知称，将于12 月29日（星期一）收盘后，全面上调黄金、白银、锂等金属期货品种的履约保证金。 ...

今日关注 全国财政工作会议召开，锚定明年六大任务； 上交所发布商业火箭企业IPO指引; 6.12月27日起，银行业监督管理法修订草案(下称"修订草案")向社会公开征求意见，为期30日。在此之前，修订草案于12月22日提请十四届全国人大常委 会第十九次会议首次审议。修订草案以强化机构监管、行为监管、功能监管、穿透式监管、持续监管为主线，以消除监管空白、弥补监管短板、明确监管 授权为着力点，切实提高监管的前瞻性、精准性、有效性和协同性，更好发挥法治固根本、稳预期、利长远的保障作用，切实提高金融治理体系和治理能 力现代化水平。 7.国投白银LOF发布公告，为保护基金份额持有人利益，国投瑞银白银期货证券投资基金(LOF)C类基金份额将从2025年12月29日开始暂停申购。本基金取 消或调整2025年12月29日起的暂停C类基金份额申购(含定期定额投资)业务的具体时间将另行公告。 白银史诗级暴涨； 国投瑞银白银基金C类份额周一(12月29日)开始暂停申购。 重要的消息有哪些 1.12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。会 ...