资金面上，数据宝统计，截至12月5日收盘，12月以来融资净买入逾1亿元的白银概念股有4只，分别为 云南铜业、兴业银锡、赤峰黄金、铜陵有色。 估值水平方面，截至12月5日收盘，13只白银概念股滚动市盈率低于30倍，其中豫光金铅、株冶集团、 紫金矿业、西部矿业滚动市盈率不到20倍。豫光金铅滚动市盈率为15.04倍，排在最低位置。今年前三 季度，公司实现净利润6.21亿元，同比增长11.99%。 据数据宝统计，截至12月5日收盘，今年以来白银概念股平均上涨79.24%，远远跑赢同期上证指数。兴 业银锡、华钰矿业、盛达资源、鹏欣资源、紫金矿业、赤峰黄金6只概念股年内涨幅翻倍。 ...

全球银价创出历史新高，成为市场关注的热点。 多股早盘一字涨停 四大领域推升白银需求大幅增长 12月8日早盘，A股主要指数全线上涨，创业板指上涨3.02%，上证指数、深证成指分别上涨0.62%、1.55%。 CPO概念、光通信、铜缆高速连接、6G、商业航天等题材涨幅领先。CPO概念龙头天孚通信触及20cm的涨停板，该股上午收盘时股价报收238.5元/股，创 下历史新高，A股市值升至1800亿元以上。 安妮股份（002235）今日早盘直接一字涨停，上午收盘时涨停板封单超过100万手。12月7日晚间，公司发布公告，公司控股股东、实控人林旭曦和张杰已 签署相关协议，拟向北京晟世天安科技有限公司(以下简称"晟世天安")合计转让15.92%公司股份，张杰拟同意放弃自标的股份交割日起所持4.98%公司股 份对应表决权。交易完成后，晟世天安将成为公司控股股东，并取得公司控制权。 今日早盘一字涨停的还有西部材料、*ST铖昌、双星新材、龙洲股份、瑞达期货等。 白银价格涨幅已翻倍 涨幅远超黄金 近期，国际银价持续走高。12月5日，伦敦银涨幅一度扩大至3.9%，触及59.33美元/盎司的历史峰值，当天收于58.29美元/盎司。 据观 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Global debt inflation expectations support precious metal prices. The probability of the Fed cutting interest rates in December is still over 80%, and multiple countries' governments have introduced fiscal easing policies, leading to expectations of debt expansion and fiscal deficit growth. Central banks of many countries are continuously buying gold, and geopolitical risks are likely to support precious metal prices in the long - and medium - term [1] - The global platinum supply - demand outlook for 2025 - 2026 is expected to be tight, but high platinum prices may suppress downstream demand and cause price adjustments [1] - The global lithium supply - demand outlook for 2025 - 2026 may change from tight to loose, and multiple factors may cause lithium price adjustments [1] Summary by Related Catalogs Precious Metal Market Data - **Gold**: Shanghai gold futures closing price on 2025 - 12 - 01 was 961.04 yuan/gram, with a change of - 2.24 compared to the previous day and 7.62 compared to the previous week; trading volume on 2025 - 12 - 04 was 237,697.00; inventory on 2025 - 12 - 01 was 91,299.00 (in ten - grams). COMEX gold futures closing price on 2025 - 12 - 04 was 4,237.90 dollars/ounce, with a change of - 10.20 compared to the previous day and 31.60 compared to the previous week; trading volume on 2025 - 12 - 05 was 190,889.00; inventory on 2025 - 12 - 01 was 36,310,675.24 (in troy ounces). London gold spot price on 2025 - 12 - 04 was 4,200.60 dollars/ounce [1] - **Silver**: Shanghai silver futures closing price on 2025 - 12 - 01 was 13,687.00 yuan/ten - grams, with a change of 263.00 compared to the previous day and 409.00 compared to the previous week; trading volume on 2025 - 12 - 04 was 2,703,384.00; inventory on 2025 - 12 - 01 was 687,956.00 (in ten - grams). COMEX silver futures closing price on 2025 - 12 - 04 was 53.76 dollars/ounce, with a change of 1.27 compared to the previous day and 5.04 compared to the previous week; trading volume on 2025 - 12 - 05 was 5,227.00; inventory on 2025 - 12 - 01 was 457,220,650.80 (in troy ounces). London silver spot price on 2025 - 12 - 04 was 57.57 dollars/ounce [1] Important Information - China's gold reserves at the end of November were reported at 74.12 million ounces (about 2,305.39 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, generally 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 level at the beginning of the year [1] Trading Strategies - **Gold and Silver**: Buy on price dips. For London gold, focus on the support level around 3,900 - 4,100 and the resistance level around 4,300 - 4,600; for Shanghai gold, focus on the support level around 890 - 920 and the resistance level around 970 - 1,000. For London silver, focus on the support level around 49 - 54 and the resistance level around 59 - 63; for Shanghai silver, focus on the support level around 12,500 - 15,000 and the resistance level around 14,000 - 15,000 [1] - **Platinum**: Temporarily stay on the sidelines for single - sided trading, and cautiously hold "long platinum, short palladium" long positions. For London platinum price, focus on the support level around 1,300 - 1,500 and the resistance level around 1,800 - 2,000; for domestic platinum price, focus on the support level around 335 - 385 and the resistance level around 465 - 516 [1] - **Lithium**: Temporarily stay on the sidelines for single - sided trading. For London lithium price, focus on the support level around 1,190 - 1,390 and the resistance level around 1,600 - 1,800; for domestic lithium price, focus on the support level around 305 - 357 and the resistance level around 415 - 465 [1]

当地时间5日，受投资者对美联储降息前景持乐观态度、白银ETF持仓增量等因素推动，国际白银价格 显著上涨。伦敦现货白银价格盘中一度突破每盎司59.33美元，刷新历史纪录。纽商所白银期货价格主 力合约价格当天一度逼近每盎司60美元大关，收盘报每盎司59.053美元，创历史新高，涨幅超过2.7%。 广东深圳水贝某珠宝品牌负责人 李永长：从11月24日到今天，两周的时间涨了16%。但是这个热度跟 国庆节差很远，大家都很平静，反倒是卖出的多，买入的少，真正看长线的有，但可能公司行为多一 点。 由于受黄金加税政策的影响，市场对于贵金属的投资范围选择更广，需求也更多。有些销售门店由原来 只专注于黄金销售，现在也兼卖白银。 广东深圳水贝某品牌贵金属销售门店工作人员 王镜铭：现在这个阶段，对投资类的金属都有很多的需 求，这段时间白银跟黄金的涨幅比较大，包括铂金，还有其它衍生的投资产品都有很多的咨询。 业内认为，白银价格持续走高，是因为全球性白银库存下降，导致现货市场出现明显的供应趋紧。不过 分析师指出，短期追高会加剧投资风险，应注意理性投资。 广东南方黄金市场研究院市场研究中心主任 宋蒋圳：从市场得到的消息，现在国外已经连续几 ...

Group 1: Securities Industry Overview - As of September 2025, the total assets, net assets, and net capital of the securities industry are projected to reach 14.51 trillion yuan, 3.27 trillion yuan, and 2.39 trillion yuan respectively, showing significant growth compared to 2021 [2] - The cumulative operating income of the entire industry is expected to exceed 2 trillion yuan, with cumulative net profit surpassing 800 billion yuan [2] - The asset management business scale of the securities industry is anticipated to exceed 9 trillion yuan, and the scale of financial products sold is expected to exceed 4 trillion yuan, reflecting a growth of over 50% since the end of 2021 [2] Group 2: Fund Management Regulations - The draft guidelines for performance assessment of fund management companies have been released, emphasizing performance evaluation and linking various indicators to profitability [3] - Regulatory requirements mandate that senior executives and fund managers increase their investment in their own funds, with at least 30% of their annual performance compensation tied to the purchase of their company's funds [3] - Fund managers' performance compensation will be closely linked to fund performance, with significant reductions in compensation for those whose products underperform benchmarks by over 10 percentage points and have negative profit margins [3] Group 3: Market Trends and Projections - The Chinese cultivated diamond market is expected to exceed 100 billion yuan by 2030, with China currently holding about 63% of the global production capacity [4] - The global first panoramic drone, Yingling A1, recorded over 200 million yuan in sales on its first day, topping sales charts across multiple platforms [5] - OpenAI plans to respond to Google's Gemini 3 with the upcoming release of GPT-5.2, which is now expected to launch on December 9, ahead of its original schedule [6] Group 4: Commodities and Economic Indicators - Citic Securities indicates that the copper price is expected to gradually rise to 12,000 USD/ton by 2028, driven by a weak dollar and strategic importance in global supply chains [7] - The Ministry of Transport and the Ministry of Culture and Tourism have introduced measures to enhance cruise transportation and tourism services [8] - The Ministry of Industry and Information Technology plans to establish a standardization committee for quantum information, focusing on key areas such as quantum computing and communication [10] Group 5: Investment Opportunities - The silver market has seen significant growth, with silver prices reaching historical highs, making it an attractive investment for retail investors [10] - There has been a notable increase in state-owned enterprise mergers and acquisitions, with 265 events reported from January to November, reflecting a 14.22% year-on-year growth [11] - Recent inflation data in the U.S. supports the likelihood of the Federal Reserve lowering interest rates, which could positively impact the stock market [12]

当地时间5日，受投资者对美联储降息前景持乐观态度、白银ETF持仓增量等因素推动，国际白银价格显著上涨。伦敦现货白银价格盘中一度突破每盎司 59.33美元，刷新历史纪录。纽商所白银期货价格主力合约价格当天一度逼近每盎司60美元大关，收盘报每盎司59.053美元，创历史新高，涨幅超过 2.7%。 消费者：没有经常去关注。我觉得差别没有特别大，因为耳环什么时候大概都是这个价格。 另外一家白银销售门店的负责人表示，虽然这波行情持续上涨，但是消费者并没有大量抢购，门店白银的回收数量相比销售数量更多，大家对于白银投资 明显理性了不少。 由于受黄金加税政策的影响，市场对于贵金属的投资范围选择更广，需求也更多。有些销售门店由原来只专注于黄金销售，现在也兼卖白银。 广东深圳水贝某珠宝品牌负责人 李永长：从11月24日到今天，两周的时间涨了16%。但是这个热度跟国庆节差很远，大家都很平静，反倒是卖出的多， 买入的少，真正看长线的有，但可能公司行为多一点。 广东深圳：水贝市场白银投资趋于理性 近期白银期货波动率上升，10月以来已多次出现单日涨跌幅超5%的走势。目前白银的消费投资情况如何。 12月5日，在深圳水贝市场，大屏上显示白银 ...

当地时间5日，受投资者对美联储降息前景持乐观态度、白银ETF持仓增量等因素推动，国际白银价格 显著上涨。伦敦现货白银价格盘中一度突破每盎司59.33美元，刷新历史纪录。纽商所白银期货价格主 力合约价格当天一度逼近每盎司60美元大关，收盘报每盎司59.053美元，创历史新高，涨幅超过2.7%。 广东深圳：水贝市场白银投资趋于理性 近期白银期货波动率上升，10月以来已多次出现单日涨跌幅超5%的走势。目前白银的消费投资情况如 何。 12月5日，在深圳水贝市场，大屏上显示白银实时零售价格是16.4元每克，接近今年最高位。一家银饰 品的档口内，负责人告诉记者，白银价格的上涨对于银饰品的销售影响较小，卖得好的产品依然销量不 错，客户更关注款式。 广东深圳水贝某珠宝品牌负责人 李永长：从11月24日到今天，两周的时间涨了16%。但是这个热度跟 国庆节差很远，大家都很平静，反倒是卖出的多，买入的少，真正看长线的有，但可能公司行为多一 点。 由于受黄金加税政策的影响，市场对于贵金属的投资范围选择更广，需求也更多。有些销售门店由原来 只专注于黄金销售，现在也兼卖白银。 消费者：没有经常去关注。我觉得差别没有特别大，因为耳环什么时 ...

周五(12月5日)亚欧时段，现货白银强势反弹企稳58美元关口，交易员普遍选择在今晚美国9月PCE通胀 数据公布前保持观望，印度央行2026年4月生效的新规将白银纳入正规抵押体系，此举已进一步激活需 求，推动印度10月白银进口额同比增长5倍，导致伦敦银市流动性紧张。 市场流动性紧张是推动银价早些时候突破每盎司50美元的关键因素。11月以来的持续强劲需求使全球白 银库存维持在接近历史低位的水平，支撑银价稳定在每盎司59美元附近的新高。 【最新白银行情解析】 日图来看，白银价格目前处于趋势线阻力下方震荡调整，多头动力减弱，但仍处于众多均线支撑上方， 看涨前景良好，虽有继续调整和回落风险，但也可视为再度的入场看涨机会，因而，下方关注各均线支 撑，进行低多看涨，白银走势下方关注56.45美元或55.70美元支撑；上行方面，如果银价持续突破58.98 美元的历史高位，则将进一步深入未知区域，将瞄准60.00美元。 据部分报道，印度近期的白银需求激增可能与这项新规则相关。尽管该规则于11月正式宣布，但印度央 行自今年年初以来就一直在制定相关框架。10月，该央行已向主要贷款机构分享了该框架以收集反馈。 根据政府贸易数据，20 ...

未经季节性调整的申请人数更是骤降近5万人，至19.7221万人，远超模型预期，主要集中在加州、德州 和纽约州等地。同时，续请失业金人数也减少4000人，至193.9万人，虽然仍居高不下，但整体显示劳 动力市场处于维持状态，并未陷入停滞的危险。 周四数据显示，美国上周初请失业金人数远低于经济学家预期，降至逾三年来最低水平，现货白银遭资 金获利了结，最终收跌2.32%，报57.09美元/盎司。 【最新白银行情解析】 本周白银抛售潮源于价格抛物线式上涨至纪录高位后，交易员纷纷锁定收益。当杠杆头寸平仓时，此类 行为通常会加速——算法交易与止损订单进一步放大卖盘，加剧价格压力。回调速度表明投机性持仓可 能正在减少，这往往是市场进入盘整阶段的前兆。 短期市场情绪还对强劲的美国经济数据及美联储官员言论敏感，后者淡化了激进降息预期。实际利率上 升会降低白银等无收益资产的吸引力，政策制定者的任何鹰派表态都可能延长短期压力。对活跃交易员 而言，即便长期基本面仍具支撑，短期市场也可能维持负面动能。 北京时间周五(12月5日)亚盘时段，现货白银小幅上涨，截至发稿，现货白银暂报57.22美元/盎司，上涨 0.22%，最高触及57.27 ...

地缘政治方面，克里姆林宫澄清普京并未拒绝美国方案，美乌高级代表将于周四会面，紧张局势虽未升 级但谈判进程的反复仍为市场提供避险支撑。 今年以来，白银价格一路走高，涨幅甚至超过了传统"避险资产"的黄金。今年白银大幅上涨的背后，是 文化与节庆消费、工业端的强劲需求、供应持续紧张等多重因素共同推动的结果。 首先是，全球最大的白银消费国——印度，今年需求激增。据悉，印度每年消费大约4000吨的白银，主 要用于珠宝、器皿和饰品。印度大约80%的白银依赖进口，而英国长期以来是其最大的供应国。随着印 度需求急剧上升，市场压力迅速传导到伦敦。市场一度紧张到部分交易商不得不改用飞机而非货船运输 白银完成交割，隔夜借银成本也一度被推高到了年化200%。 还有一大推动白银走强的重要结构性因素，就是其工业用途。白银是所有金属中热导率和电导率最高 的。分析指出，虽然过去八九年里白银供应一直大于工业及消费需求，但这一格局近期已出现逆转。 周四(12月4日)欧盘时段，现货白银缩窄跌幅，收复亚盘部分失地，白银价格暂守57美元关口，稍早银 价加速下挫逼近这一关口，美国初请失业金人数将于今晚公布，根据昨日公布的ADP和市场预期来看， 大概率将利 ...