分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联储观察工具的最新数据显示，市场 预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未 来低利率环境的信心。 12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间上午10点，伦敦现货银价报每盎司 57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑赢黄金。 而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至近十年来低位，而光伏、电动汽车 等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场，白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认 为，目前黄金与白银价格比约为75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前已将 2026年白银目标价上调至每盎司65美元。 ...

Core Viewpoint - The silver market is experiencing significant price increases, driven by dovish comments from Federal Reserve officials and strong demand in industrial sectors, particularly in green energy and AI, leading to a bullish outlook for precious metals [1][2]. Group 1: Market Performance - As of December 1, silver spot prices surpassed $57 per ounce, with COMEX silver breaking through $58 per ounce for the first time [1]. - The main contract for silver on the Shanghai Futures Exchange rose over 7%, reaching 13,475 yuan per kilogram, marking a new high [1]. - Several A-shares related to silver, such as Hunan Silver and Xingye Silver, hit their daily limit up, although some later experienced price corrections [1]. Group 2: Fundamental Analysis - The recent rise in silver prices has increased activity in the precious metals sector, with cost pressures in industrial applications like photovoltaics and electronics becoming apparent [2]. - The long-term support for silver prices remains strong due to persistent supply-demand gaps and increasing demand from green energy and AI sectors, alongside expectations of loose monetary policy [2]. - The combination of monetary easing and industrial demand is driving silver prices, with a significant portion of demand (over 60%) coming from the industrial sector [2]. Group 3: Future Outlook - Short-term silver prices may experience fluctuations, but the medium to long-term outlook remains positive, driven by the ongoing energy transition and potential for further price increases if interest rate cuts materialize [2]. - Investors are advised to approach the market rationally, taking advantage of structural opportunities while being mindful of potential risks such as inflation, economic downturns, and geopolitical changes [2].

12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间上午10点，伦敦现货银价报每盎司 57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑赢黄金。 而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至近十年来低位，而光伏、电动汽车 等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场，白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认 为，目前黄金与白银价格比约为75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前已将 2026年白银目标价上调至每盎司65美元。 责编:王时丹 | 审核:李震 | 监审:古筝 （来源：央视财经） 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联储观察工具的最新数据显示，市场 预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未 来低利率环境的信心。 ...

12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间 上午10点，伦敦现货银价报每盎司57.7美元，涨幅约2.3%。今年以来，国际银价已上涨超90%，大幅跑 赢黄金。 来源：央视财经 而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至 近十年来低位，而光伏、电动汽车等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场， 白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认为，目前黄金与白银价格比约为 75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前 已将2026年白银目标价上调至每盎司65美元。 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联 储观察工具的最新数据显示，市场预计美联储在12月降息25个基点的概率为87.4%。并且，被认为持鸽 派立场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未来低利率环境的信心。 ...

Group 1 - The core viewpoint of the articles highlights that silver prices have reached a historic high, surpassing $57 per ounce, with a year-to-date increase of over 90%, significantly outperforming gold [1][3] - The market's rising expectations for a Federal Reserve interest rate cut are providing strong support for silver and the entire precious metals market, with an 87.4% probability of a 25 basis point cut in December [1] - The potential appointment of a dovish candidate, Haskett, as the next Federal Reserve Chair is further boosting market confidence in a low-interest-rate environment [1] Group 2 - On the supply and demand side, a decline in silver production has led to a persistent supply shortage, with global exchange silver inventories at a near ten-year low [3] - The demand for silver in industrial sectors such as photovoltaics and electric vehicles is continuously growing, exacerbating the tightness in the spot market [3] - The short-term leasing rates for silver have surged, indicating a shortage of silver supply in the market [3] - The current gold-to-silver price ratio is approximately 75:1, significantly higher than the historical average of 60:1 over the past two decades, suggesting that silver is relatively undervalued [3] - Bank of America has raised its silver price target for 2026 to $65 per ounce [3]

铜板块：2025年前三季度铜板块收入增速较去年同期回正，归母净利润增速改善明显。收入端来看， 2025年前三季度铜板块实现营收14249.67亿元，同比增长5.01%，增速虽较2024年全年下降但较2024年 同期小幅回升;利润端来看，2025年前三季度铜板块实现归母净利润690.05亿元，同比增长46.17%，增 速较2024全年及2024年同期分别提升11.38pct和18.36pct。2025年前三季度铜板块盈利能力回升，毛利率 及净利率分别较去年同期提升2.74pct和1.82pct至10.42%和5.84%;资本支出同比大幅收缩14.92%。 贵金属板块：2025年前三季度贵金属板块营收及利润同比高增长，增速边际大幅提升。收入端来看， 2025年前三季度贵金属板块实现营收2,995.43亿元，同比增长35.02%，较2024年全年和2024年同期分别 提升11.47pct和9.53pct;利润端来看，2025年前三季度贵金属板块实现归母净利润147.26亿元，同比增长 62.64%，增速较2024全年及2024年同期分别大幅提升14.4pct和16.45pct，板块收入及净利润大幅增长主 要得益于金 ...

Group 1 - Silver prices surged to a historic high, continuing a nearly 6% increase from the previous trading day, driven by a combination of a trading interruption at the Chicago Mercantile Exchange (CME), ongoing supply tightness, and rising expectations for a U.S. interest rate cut [1] - In the spot market, silver prices rose approximately 1.5% to $57.86 per ounce, breaking the previous week's high, with silver prices nearly doubling this year and marking the sixth consecutive day of gains [1] - Despite record inflows of silver into the London market alleviating some supply shortages, the one-month silver borrowing cost remains high, and other trading hubs, such as the Shanghai Futures Exchange, are experiencing significant supply pressures with silver inventories at a near ten-year low [1] Group 2 - In Asia and Australia, silver and copper mining companies saw their stock prices rise collectively, with Sun Silver Ltd. increasing by 19% and Silver Mines Ltd. rising by 12% [2] - As of the latest update, spot silver prices increased by 0.5% to $57.309 per ounce, while spot gold rose by 0.4% to $4237.91 per ounce, indicating a positive trend in precious metals [3]

消息面上，上周五，COMEX白银期货一举突破57美元/盎司关口，最高触及57.245美元/盎司，创下历史 新高；伦敦现货白银价格同样表现强势，最高攀升至56.533美元/盎司，亦创下历史最高纪录。分析认 为，宏观货币政策预期、地缘局势以及基本面供需结构等，均为近期白银价格上涨提供支撑。 智通财经APP获悉，中国白银集团(00815)高开逾14%，截至发稿，涨14.08%，报0.81港元，成交额 296.46万港元。 中银证券认为，贵金属长期牛市逻辑依然稳固。白银补涨弹性优于黄金。黄金仍处上升通道，但当前处 于加速上行后的高位震荡阶段，后续行情的催化关键在于"实际利率下行"与"美元走弱"能否形成共振。 相比之下，白银的短期确定性更强：当前处于历史高位的"金银比"蕴含着较大的修复空间，而光伏等工 业领域需求增长为银价提供了支撑，较低的库存水平使其价格短期弹性或优于黄金。 ...

中国白银集团(00815)高开逾14%，截至发稿，涨14.08%，报0.81港元，成交额296.46万港元。 消息面上，上周五，COMEX白银期货一举突破57美元/盎司关口，最高触及57.245美元/盎司，创下历史 新高；伦敦现货白银价格同样表现强势，最高攀升至56.533美元/盎司，亦创下历史最高纪录。分析认 为，宏观货币政策预期、地缘局势以及基本面供需结构等，均为近期白银价格上涨提供支撑。 中银证券（601696）认为，贵金属长期牛市逻辑依然稳固。白银补涨弹性优于黄金。黄金仍处上升通 道，但当前处于加速上行后的高位震荡阶段，后续行情的催化关键在于"实际利率下行"与"美元走弱"能 否形成共振。相比之下，白银的短期确定性更强：当前处于历史高位的"金银比"蕴含着较大的修复空 间，而光伏等工业领域需求增长为银价提供了支撑，较低的库存水平使其价格短期弹性或优于黄金。 ...

Group 1: Precious Metals Market Overview - International gold prices have risen significantly, with spot gold reaching $4218.55 per ounce and COMEX gold futures at $4256.4 per ounce as of the morning of the 29th [1] - Silver prices have also surged, with spot silver breaking the $56 per ounce mark, and New York silver futures closing at $57.16 per ounce, marking a 6.6% increase [3] - Copper prices have hit a record high, with LME copper rising nearly 2.5% to $11,210.50 per ton [3] Group 2: Market Influences and Predictions - Expectations for a Federal Reserve interest rate cut have increased, with the probability of a December rate cut rising from about 50% to nearly 90%, contributing to the rebound in gold prices [5] - The World Silver Association forecasts that global silver mining supply will remain flat at 813 million ounces in 2025, while demand is expected to decline by 4% to 1.12 billion ounces [5] - A resource company executive indicated that silver supply is expected to remain short in 2026, which will support silver prices [5] Group 3: Future Price Projections - Goldman Sachs has reiterated its target for gold prices to reach $4900 per ounce by the end of 2026, driven by central bank purchases and declining interest rates [8] - UBS strategists believe there is further upside potential for silver prices in the coming year, raising their forecast by $5 to $8 per ounce, with expectations for prices to reach $60 per ounce by 2026 [8] - Overall, the precious metals market is expected to continue a strong oscillating trend in the short term, with technical indicators suggesting potential upward movement for silver prices [8]