今年以来，"金价上涨"频繁占据各大平台热搜。然而事实上，白银的涨幅已悄然超越黄金。根据最新市 场数据，伦敦白银现货年内累计上涨30.85%，显著高于伦敦金现货26.91%的同期涨幅，成为贵金属赛 道中表现更强势的资产。 6月5日以来，白银强势突破，银价在小幅盘整后再创新高。7月14日，伦敦银现货一度站上39美元/盎 司，创2011年9月以来近13年新高。 短期来看，白银的大涨，主要归于以下三点。1)美元指数回落：6月5日至今，美元指数走势偏弱，利好 白银的货币属性; 2)风险偏好提升：4-5月美国新增就业均超预期，经济显示出一定韧性，资金风险偏好提升，白银相对 于黄金更为受益，金银比回落; 3)白银交易量较小，容易受到资金驱动，根据LBMA，2024年黄金日均交易量1119.9亿美元，而白银日 均交易量仅119.5亿美元，白银交易量仅占黄金的10.7%。白银作为较好的"黄金平替"，资金的高切低将 对白银存在较大影响。 在此三重背景下，短期内白银上涨动能强。而从中长期角度来看，白银仍有上涨的空间。 供给主要源于伴生矿，原生银矿供给或仍为刚性 2024年全球白银供给总量约3.16万吨，同比增加1.7%。白银矿端供 ...

Group 1: Financial Instruments and Market Trends - The first batch of Sci-tech Bond ETFs has been launched, increasing the total number of credit bond ETFs to 21, which will help attract more medium to long-term funds into the market [1] - Insurance companies have raised over 74 billion yuan in capital this year, indicating a sustained high demand for capital supplementation [1] Group 2: Automotive Industry Developments - The penetration rate of L2-level assisted driving in China has exceeded 50%, the highest globally, with emerging technologies like parking assistance also gaining traction [2] - The automotive industry's competitiveness is shifting from mechanical hardware to intelligence and AI, emphasizing the need for companies to adapt to this new landscape [2] Group 3: Solar Industry Performance - The solar industry is facing significant challenges, with most companies in the supply chain reporting losses, highlighting a clear divergence in performance among firms [2] - Only 8 out of 30 solar companies that released half-year performance forecasts expect positive net profits, with only 2 showing year-on-year growth [2] Group 4: Swine Industry Insights - Despite a decline in pig prices, many pig farming companies are expected to report profits, driven by effective cost control measures [3] - The industry is focusing on regulating sow production capacity to stabilize prices, which may lead to increased market concentration [3] Group 5: Film Industry Performance - The summer film season has seen box office revenues surpass 3.5 billion yuan, with diverse genres and innovative themes contributing to its success [4] Group 6: AI and Robotics Innovations - A new AI framework for malaria diagnosis has achieved an accuracy rate of 96.47%, showcasing advancements in AI applications for disease control [4] - A new type of robot capable of self-growth and repair by absorbing surrounding materials has been developed, marking a significant step towards sustainable robotic systems [4] Group 7: Corporate Changes and Market Reactions - JD.com has criticized the recent "0 yuan purchase" promotions in the food delivery sector as a form of unhealthy competition [5] - Wahaha's sales have reportedly dropped significantly following legal issues faced by its chairman, raising concerns among distributors [5] - Good Products announced a significant change in its controlling shareholder, with the Wuhan State-owned Assets Supervision and Administration Commission set to become the actual controller [9] - Han's announcement of a fundraising adjustment indicates a focus on projects related to large model chip platforms and software [11] - Zongheng's actual controller's divorce has led to a significant change in shareholding structure, but control remains unchanged [11] - Gujia Home's CFO and board secretary have resigned, with new appointments made to fill these roles [10]

期货热点追踪 必和必拓2025财年铜产量创新高，首次突破200万吨，却预警明年下降，市场供需预期生变？ 相关链接 ...

黑色建材日报 2025-07-18 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 铁矿石 昨日铁矿石主力合约（I2509）收至 785.50 元/吨，涨跌幅+1.62 %（+12.50），持仓变化+12867 手，变 化至 70.32 万手。铁矿石加权持仓量 115.54 万手。现货青岛港 PB 粉 768 元/湿吨，折盘面基差 30.31 元 /吨，基差率 3.72%。 供给方面，最新一期海外铁矿石发运量环比维稳，澳洲受部分港口检修影响发运继续下滑，巴西发运量有 较明显回升，非主流国家发运量小幅减少，近端到港量继续增加。需求方面，最新一期钢联口径日均铁水 产量 242.44 万吨，环比增加 2.63 万吨。钢厂利润驱动高炉常规检修完成后快速复产。库存端，港口库存 小幅回升，钢厂进口矿库存有所消耗。进入 7 月后， ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for super luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025. Additionally, no consumption tax will be levied on the sale of second-hand super luxury cars [1][4]. - On July 17, TSMC reported a 60.7% increase in profits for the second quarter, marking a historical high and achieving profit growth for six consecutive quarters [11]. - The Shanghai International Tourism Resort is set to launch a "Dream Voucher" program with a total amount of 10 million yuan, aimed at boosting tourism consumption from July 18 to October 10, 2023 [2][7]. Group 2 - On July 17, Huaxia Fund (Hong Kong) announced the establishment of two tokenized money market funds: Huaxia US Dollar Digital Currency Fund and Huaxia RMB Digital Currency Fund, with the latter being the world's first RMB tokenized fund [1][13]. - The National Railway Group reported that in the first half of the year, the total number of passengers transported by rail reached 2.24 billion, a year-on-year increase of 6.7%, setting a historical record for the same period [5]. - The domestic TDI market average price reached 14,100 yuan per ton on July 17, up 613 yuan per ton from the previous day, marking a 4.56% increase [12].

中信证券指出，据藏格矿业公告，子公司藏格锂业因违规开采锂资源而停产整改，中信证券认为这反映 出国内矿产行业对采矿权合规性的审查趋于严格。且国内多数地区政府重视矿业领域违规违法行为，后 续若出现采矿权合规风险外溢的迹象，不排除会导致青海其他盐湖提锂企业或宜春锂云母提锂企业停 产，对国内锂资源供应产生较大影响。长期来看，6-7万元/吨的锂价具有较强成本支撑，叠加短期供应 扰动以及需求旺盛，预计锂价有望走出底部区间。 ...

期货热点追踪 铁矿石巨头产量齐增，2025年二季度必和必拓、力拓产量双双上涨，市场供需格局将如何变化？铁矿石 后续价格走势如何？ 相关链接 ...

必和必拓：预计2026财年埃斯孔迪达铜矿的铜产量将在115至125万吨之间；预计四季度铜产量为51.62 万吨，同比增长2%。预计四季度能源煤炭产量为410万吨，同比增长8%。 ...

必和必拓：2025财年铜产量达202万吨，同比增长8%，铁矿石产量为2.63亿吨，同比增长1%。 ...

必和必拓：预计2026财年铁矿石产量（以WAIO100%为基准）为2.84至2.96亿吨；预计2026财年的铜产 量为180至200万吨。 ...