消息面上，12月10日，现货白银向上触及61美元/盎司，再创历史新高。值得一提的是，今年以来，白 银涨幅已接近110%，表现远超黄金和铂金。目前市场普遍押注美联储将在本周三结束的会议上宣布降 息25个基点。此外，南华期货研究院高级总监周骥分析称，白银兼具工业属性，光伏用银量占全球需求 比重的上升、AI算力服务器用银量较传统设备的增加，使工业刚需爆发形成强支撑。 智通财经APP获悉，中国白银集团(00815)涨近6%，截至发稿，涨5.97%，报0.71港元，成交额742.68万 港元。 ...

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.21% and the ChiNext Index down 0.26%. The precious metals sector showed strong performance, with Hunan Silver rising over 4%, while sectors like consumer electronics and large financials experienced the largest declines [1] - Zhongyin Securities anticipates that the "spring excitement" preheating market may begin earlier, supported by funds and policies, with the A-share market expected to continue its bull market next year due to valuation support and stabilizing profits [1] - The easing of geopolitical risks and the renewed expectations of interest rate cuts by the Federal Reserve are expected to contribute to the spring market excitement, with the gradual realization of Sino-US policy expectations being a key factor for the market's upward movement [1] Group 2 - Xinda Securities suggests that December 2025 may serve as a window for positioning in the cross-year market, with expectations of a cross-year market likely in 2026 [2] - The macroeconomic outlook is perceived as weak, providing space for more substantial growth-stabilizing policies, although the timing for the cross-year market may not be early due to current high A-share valuations [2] - The low interest rate environment continues to drive residents to allocate more funds to the stock market, but short-term factors affecting incremental capital include the limited spread of the "profit-making effect" and market risk aversion due to year-end expectations [2] Group 3 - Dongfang Securities believes the market will primarily experience a period of consolidation, but the long-term positive outlook remains unchanged due to supportive consumption policies and new consumption scenarios driving positive changes in the consumer market [3] - Many listed companies reported quarter-on-quarter net profit growth in Q3, indicating emerging investment opportunities, particularly in leading commercial stocks towards the end of the year [3] - Overall, the market is still in an adjustment phase with structural trends dominating, and while there are market hotspots, short-term upward momentum for stock indices is insufficient, leading to a focus on consolidation [3]

Core Viewpoint - Silver prices have surged past $60 per ounce, reaching a historical high, driven by expectations of Federal Reserve interest rate cuts, global supply constraints, and its inclusion in the U.S. critical minerals list [1][3]. Group 1: Price Movement - Silver prices increased by 4.4% to $60.97 per ounce, with an intraday high of $61.06; spot prices rose by 3.9% to $60.46, peaking at $60.50 [1]. - Year-to-date, silver has appreciated nearly 110%, outperforming gold and platinum [1]. - In comparison, gold has risen 60% this year, surpassing $4,200, but its growth rate is lower than that of silver, resulting in the gold-silver ratio dropping below 70 for the first time since July 2021 [2]. Group 2: Supply Dynamics - The immediate catalyst for the current silver rally is the Federal Reserve's monetary policy meeting, with market expectations for a 25 basis point rate cut [3]. - Structural supply issues are a significant driver, exacerbated by the U.S. Geological Survey listing silver as a "critical mineral," which has heightened concerns over supply stability and triggered stockpiling [3][5]. - Despite some relief in supply due to inflows into London vaults, other markets are facing severe supply constraints, with China's silver inventory at a decade low [5]. - The Silver Institute forecasts a fifth consecutive annual deficit in the silver market by 2025 due to limited production and rising industrial and investment demand [5]. Group 3: Industrial Demand - Silver's strong industrial demand is expected to provide solid support for prices, driven by growth in solar energy, electric vehicles, data centers, and AI [6]. - Analysts predict that industrial demand for silver will remain robust in the coming years, contributing to price increases [6]. - Silver plays a crucial role in the broader electrification process, grid upgrades, and in hybrid and electric vehicles, reinforcing the long-term bullish outlook for silver amid Federal Reserve easing and geopolitical tensions [6].

【最新伦敦银行情解析】 伦敦银已连续六个交易日在56.19至59.34美元区间内窄幅震荡，在经历了11月28日强势收盘于当日前高 附近的上升三角形突破后，市场波动率急剧收缩。这段平静的盘整期始于此前的一轮涨势，当时白银价 格以看涨锤形线形态收复10日均线，并从50日均线区域直接反弹启动上涨。这是典型的健康整理消化过 程，既能为趋势重新蓄积需求动能，又不会侵蚀既有的涨幅。 【要闻速递】 价格在前期高点下方窄幅整理而非深度回调，是市场内在力量稳固的标志。10日均线当前正向上朝价格 靠拢，该均线自被果断收复以来已连续两周未被触及，即将迎来本轮涨势启动后的首次真正考验。若能 在此成功坚守，将重现20日均线在11月完美防守后启动当前行情的经典走势，极有可能推动价格开启新 一轮加速上涨。 若能在首次测试中守住即将上移的10日均线支撑，并强势突破59.89–60.20美元关键技术阻力区，将有望 启动下一轮指向63美元以上的抛物线式上涨阶段；唯有决定性跌破50日均线与上升趋势线汇合支撑区 域，才会真正威胁当前这轮历史性牛市行情的延续。 格上基金研究员托合江表示，目前全球白银库存持续处于历史低位，实物供应紧张加剧，这也形成 了 ...

市场冰火两重天，A村无论指数还是个股都不错，中位数涨幅0.5cm，但港股扑街，A股之前涨得不错的 周期股也无理由下跌。 举例来说，周五晚白银大涨，今天也没怎么跌，但黄金股、白银股都在跌。今天跌的主要是周期、消费 和医药，但原因可能不太一样。 那他应该抱怨熬了很多年呢，还是应该感恩终于被提拔上去了？从本质来看，价值投资是一种对成功路 径的选择，但也不能保证马上会成功、一定会成功。所以你必须认识到，合理是少数、不合理是多数， 但合理是才是属于你的机会，不合理是属于其他人的机会。或者说，不合理是某些人的机会，但会是你 的地狱；作为一个普通人，合理才是我们唯一的依仗。 对了，今天还有件事值得写下。由于德银发了看空研报，泡泡玛特盘中大跌9cm。我仔细看了下研报， 理由基本上还是二手泡泡玛特跌价，特别是隐藏款大幅跌价，倒推一手失去投资价值。这个理由其实已 经被写烂了，也并不太符合实际，因为绝大多数人买泡泡玛特是消费而不是投资，并没打算卖出去。每 次发做空报告的时候，就是做空最凶猛的时候，很难分清是先有鸡还是先有蛋。 但有一点是确定的，那就是做空是需要回购的，今天做空了多少未来就需要回购多少，这些本质看都是 潜在的多头。 ...

Group 1: Commodity Market Overview - The domestic commodity futures market experienced mild fluctuations on December 8, with a noticeable divergence among varieties, leading to more declines than increases among active commodities [1] - The China Securities Commodity Price Index closed at 1510.25 points, up 0.78 points or 0.05% from the previous trading day, while the China Securities Commodity Index closed at 2088.09 points, up 1.09 points or 0.05% [1] Group 2: Specific Commodity Performance - Coking coal and coke prices fell significantly, with coking coal down 6.14% and coke down 5.79%, primarily due to a weak supply-demand balance [5] - The multi-crystalline silicon market saw a further decline, dropping over 2% as downstream demand continued to weaken [1][6] - Conversely, live pig futures rebounded by 2.29%, driven by improved demand expectations as temperatures dropped, although the overall supply pressure remains [2] Group 3: Silver Market Dynamics - Silver prices continued to rise, with the main contract closing up over 2% and reaching a new historical high, supported by supply tightness and year-end delivery pressures [3] - The market anticipates continued dovish monetary policy, which is expected to benefit both gold and silver, with silver particularly benefiting from tight supply conditions [3] Group 4: Other Commodities - High and low sulfur fuel oils both saw gains, closing up 1.91% and 2.18% respectively, while other commodities like lithium carbonate, pure benzene, copper, and palladium also rose by over 1% [4] - Double-sided adhesive paper experienced a significant decline for the second consecutive trading day, closing down 2.75% and hitting a new low since its listing [7]

Core Viewpoint - Hunan Silver (002716.SZ) plans to conduct annual routine equipment maintenance to ensure efficient and stable operation of production equipment, which will not impact the company's production and operations for the current year [1] Group 1: Maintenance Plan - The maintenance will involve comprehensive inspection, maintenance, testing, and necessary upgrades of production line components, environmental protection facilities, and safety devices [1] - The maintenance period is scheduled from December 9, 2025, to January 5, 2026, lasting approximately 27 days, with the actual resumption time to be confirmed [1] Group 2: Impact on Operations - This annual planned maintenance is not expected to affect the company's production and operational performance for the current year [1]

湖南白银（002716）(002716.SZ)公告，公司计划进行年度例行设备检修与维护工作，本次检修将主要 对生产线的零配件、环保设施及安全装置等进行全面的检查、保养、测试与必要的升级改造。停产检修 起始时间为2025年12月9日，预计27天。 ...

湖南白银公告称，为确保生产设备高效、稳定运行，公司计划进行年度例行设备检修与维护。检修主要 针对生产线零配件、环保设施及安全装置等，起始时间为2025年12月9日，结束时间为2026年1月5日， 预计27天，具体以实际复产时间为准。本次停产检修属年度计划检修，不会对公司本年度生产经营产生 影响。 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core View The report indicates that the Fed's expected rate cut in December, global debt expansion, central bank gold - buying, and geopolitical risks are likely to support precious metal prices in the medium - to - long - term. However, the high price of platinum may curb downstream demand, and the supply - demand situation of lithium is expected to shift from tight to loose, which may lead to price adjustments for both [1]. 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Gold**: Shanghai gold futures' closing price was 958.27 yuan/gram, with a change of 7.56 compared to the previous day and - 2.27 compared to the previous week. International gold's COMEX futures active contract closing price was 4227.70 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week [1]. - **Silver**: Shanghai silver futures' closing price was 13687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week. International silver's COMEX futures active contract closing price was 58.80 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week [1]. 3.2 Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2305.39 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons), marking the 13th consecutive month of increase [1]. - The Fed's favored inflation indicator, the September core PCE index, increased by 2.8% year - on - year, in line with expectations, and real personal spending stagnated. US consumer confidence ended a four - month decline, and short - term inflation expectations dropped to the lowest point at the beginning of the year [1]. 3.3 Multi - and Short - Logic - **Gold and Silver**: The mixed performance of the US economic and employment data, along with some Fed officials' support for a December rate cut, keeps the probability of a December rate cut above 80%. Fiscal easing policies in multiple countries lead to expectations of debt expansion and fiscal deficit growth, and central banks' continuous gold - buying, along with geopolitical risks, may support precious metal prices in the medium - to - long - term [1]. - **Platinum**: High mining costs, unstable power supply, and aging equipment limit platinum production, while increased demand from traditional fuel and hybrid vehicles due to stricter emission standards and optimistic demand from other industries lead to a tight global platinum supply - demand situation in 2025 - 2026. However, high platinum prices may curb downstream demand [1]. - **Lithium**: Supply is affected by deep - mine mining, power shortages, etc., but increased recycling is expected. Demand from the automotive industry is expected to decline, while demand from other industries has low elasticity. The global lithium supply - demand situation is expected to shift from tight to loose in 2025 - 2026 [1]. 3.4 Trading Strategies - **Gold and Silver**: When prices decline, it is advisable to go long. For London gold, pay attention to support levels around 3900 - 4100 and resistance levels around 4300 - 4600; for Shanghai gold, support levels are around 890 - 920 and resistance levels are around 970 - 1000. For London silver, support levels are around 49 - 54 and resistance levels are around 59 - 63; for Shanghai silver, support levels are around 12500 - 15000 and resistance levels are around 14000 - 15000 [1]. - **Platinum**: Temporarily stay on the sidelines for single - side trading. Hold "long platinum, short palladium" positions cautiously. For London platinum, pay attention to support levels around 1300 - 1500 and resistance levels around 1800 - 2000; for domestic platinum, support levels are around 335 - 385 and resistance levels are around 465 - 516 [1]. - **Lithium**: Temporarily stay on the sidelines for single - side trading. For London lithium, pay attention to support levels around 1190 - 1390 and resistance levels around 1600 - 1800; for domestic lithium, support levels are around 305 - 357 and resistance levels are around 415 - 465 [1].