摘要 地缘政治风险和供应链脆弱性驱动主权国家对大宗商品的"保险类需 求"上升，表现为库存囤积、扶持国内生产和出口管制，导致市场碎片 化和波动加剧。铜市场已出现此现象，美国库存积累导致全球供需失衡。 对冲宏观与政策不确定性是当前大宗商品全面上涨的关键驱动因素。投 资者转向硬资产以对冲财政、货币、贸易和地缘政治政策带来的不确定 性，以及 AI 颠覆浪潮对能源和金属需求的确定性。 硬资产轮动对大宗商品价格的提振幅度显著，因大宗商品市场规模远小 于股票和债券市场。金属价格上行空间预计大于能源，因金属市场规模 更小、供应响应更受约束且更易储存。 客户侧已观察到两轮投资浪潮。第一轮以通胀对冲和投资组合多元化为 主，第二轮强调大宗商品战略资产配置，关注"调控周期"、底部交易 和地缘政治风险。整体判断仍处于新周期开端，未来资金流入仍具增长 空间。 硬资产主题构成新的交易环境，源于对供应链韧性的重估和资源民族主 义抬头。配置路径上，贵金属是自然起点，随后扩展至基本金属。能源 领域更具挑战性，运输成本显著上升，存储成为增强系统灵活性的关键 变量。 Q&A 在各国央行持续购金、以对冲地缘政治与金融尾部风险的背景下，主权"保险 需求 ...

| 壽纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂] 行使與否而定) | | --- | | [編纂]數目 : [編纂]股H股(可予[編纂]) | | [編纂]數目 : [編纂]股H股(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股[編纂][編纂]港元, | | 另加1%經紀佣金、 | | 0.0027%證監會交易徵賽 · | | 0.00015%會財局交易徵費及 | | 0.00565%聯交所交易費(須於申請時 | | 以港元繳足,多繳款項可予退還) | | 面值 : 每股H股人民幣1.00元 | | [編纂] : [編纂] | 瑞财经 王敏 2月9日，据港交所官网，杭州热联集团股份有限公司（以下简称"热联集团"）向港交所提 交上市申请书，独家保荐人为中金公司。 招股书显示，热联集团成立于2001年3月，是国内领先的全球化大宗商品产业服务商及交易商。公司采 购及销售超过285种实物商品，包括黑色金属及原材料、化工品类、有色金属及其他品类。 根据弗若斯特沙利文的资料，按2024年贸易量计，公司是中国第五大大宗商品产业服务商及交易商；是 中国第四大钢材类产业服务商及 ...

由于贵金属价格飙升，本届冬奥会登上领奖台的运动员将获得奥运会历史上最昂贵的奖牌。不过，盛宝银行大宗商品策略主管奥勒·汉森表示， 鉴于持续的地缘政治不确定性和不断攀升的政府债务水平，市场对贵金属的需求可能依然强劲。"我估计下一届夏季奥运会（2028年）的金牌和 银牌的价格会比现在冬季奥运会的还要贵。" ▲2026年冬季奥运会的奖牌 在本届冬奥会上，超过700枚金、银、铜牌将颁发给参加滑雪、冰球、花样滑冰、冰壶等项目的世界顶级冬季运动运动员。 虽然这些奖牌的情感价值无法估量，但从纯粹的现金价值来看，它们将比以往任何时候都更高。据FactSet数据，自2024年7月巴黎奥运会以来，黄金和白银 的现货价格分别飙升了约107%和200%。 仅按金属价格计算，米兰冬奥会金牌现在的价值约为2300美元（约合人民币16000元），是巴黎奥运会时价值的两倍多。银牌的价值接近1400美元，是两年 前价值的3倍。 米兰冬奥会的金牌是由意大利国家造币厂和印刷研究所用回收金属打造的，宽80毫米，厚10毫米。金牌的总重量为506克，其中只有6克是纯金，其余部分由 白银构成；银牌由500克纯银打造，价值约为1400美元（约合人民币9700 ...

Core Viewpoint - The Zhengzhou International Commodity Trading Center is a significant project aimed at establishing a comprehensive trading platform for bulk commodities, enhancing logistics and supply chain capabilities, and positioning Zhengzhou as a key player in the global commodity market [3][4]. Group 1: Project Overview - The first phase of the Zhengzhou International Commodity Trading Center has a total investment of approximately 4.7 billion yuan, covering an area of about 1,500 acres, with a total construction area of 567,500 square meters [4]. - The project includes a trading center, service center, and four office buildings, all of which have reached the topping-out stage, with completion expected by the end of June [3][4]. Group 2: Operational Features - The trading platform is set to launch its technical operations in March, offering various trading and delivery services, including spot listing, warehouse receipts, auction trading, and capacity pre-sale [3]. - The average daily trading volume is projected to exceed 80 million yuan as the variety of traded commodities increases [3]. Group 3: Strategic Importance - The trading center aims to become a pivotal point for the national and global bulk commodity supply chain, enhancing the logistics and trade capabilities of Zhengzhou [3][4]. - The project aligns with national policies on enhancing security capabilities in key areas, particularly in the storage and logistics of essential goods like grain and fertilizers [4]. Group 4: Future Prospects - The center is expected to facilitate international trade through the China-Europe Railway Express, promoting the liberalization and convenience of bulk commodity trade [5]. - It will also integrate with local free trade zones and innovation zones to enhance resource allocation capabilities and support the upgrading of related industrial chains [5].

1月5日，大宗商品资源配置枢纽一体推进机制工作会议在杭州召开。会议在全面总结2025年重点工作的 基础上，系统谋划2026年任务、形成工作合力，深入推进"三基地两中心"建设。 1月8日，象屿股份与中铁铁龙集装箱物流股份有限公司在辽宁省营口市鲅鱼圈区签署战略合作协议，并 举行象屿铁龙库揭牌仪式。象屿铁龙库坐落于铁龙货场内，具有"铁路直达、铁水联动"的区位优势，将 为"北粮南运"提供高效稳定的物流基础设施。 1月20日，北京铁矿石交易中心与大连商品交易所举行座谈，双方围绕优化指数编制方法、拓展数据样 本来源、推动指数实际应用、促进期现市场协同发展、提升价格发现与风险管理功能等议题进行了深入 交流。 1月21日，新华指数研究院在青岛发布《全球海运物流通道发展指数报告（2025）》与《新华·山东港口 大宗商品指数运行报告（2025）》。 1月22日，天津交易集团有限公司正式成立，旨在建立统一的要素资源交易体系、服务体系、监管体 系，推动要素交易"一网通办"。该集团前身为天津产权交易中心有限公司。 1月29日，浙江国际大宗商品交易中心落地首笔有色金属现货仓单注册生成与转让业务。 1月10日，贵州省交易集团有限公司揭牌仪 ...

Group 1 - The core focus of local government reports during the ongoing regional two sessions is the establishment of a "bulk commodity resource allocation hub" to enhance trading platform services and promote efficient resource allocation for a unified national market [1] - Zhejiang province is advancing the construction of a bulk commodity spot and futures integrated market, with a plan to increase spot trading scale and industry influence by 2027 and to enhance the impact of commodity price indices by 2030 [2] - Hubei province is developing a "seven major elements" trading service platform to facilitate the efficient allocation of various resources, with a focus on technology transfer and data sharing [3] Group 2 - Shandong province is committed to high-level opening up, focusing on stabilizing foreign trade and investment, and enhancing the role of Qingdao and Rizhao ports as national bulk commodity resource allocation hubs [4] - Henan province is accelerating integration into the national unified market, with a focus on logistics and commodity circulation, and has initiated comprehensive reforms to enhance market efficiency [5][6] - Tianjin is promoting a high-efficiency resource allocation market system, encouraging innovation in trading platforms and financial services to enhance the overall efficiency of resource allocation [7]

据知情人士透露，本周卸任高盛集团贵金属交易主管的Benjamin Binet-Laisne，将加盟摩科瑞能源集团 （Mercuria）。这是摩科瑞在金属领域最新的一项重量级人事任命，该公司以石油和天然气交易为人熟 知。自2024年引入前托克集团金属联席主管科Kostas Bintas以来，摩科瑞已将铜、铝等金属交易业务扩 展至约150人规模。在地缘政治风险上升、投资者撤离货币和美债的背景下，贵金属投资需求出现一波 激增，推动各方加快组建交易团队。知情人士称，顶级大宗商品交易商托克和贡沃去年已引入贵金属交 易团队，而竞争对手IXM和摩科瑞也在持续招兵买马。 本文源自：金融界AI电报 ...

美元指数一度跌破97，助推贵金属价格。 | < W | | | 美元指数 | | | | --- | --- | --- | --- | --- | --- | | | | | USDX.FX | | | | 97.1127 | | 前收 | 97.5053 开盘 | | 97.1569 | | -0.3926 | -0.40% | 委员 | 97.1127 买入 | | 97.1127 | | 最高 | 97.2693 | 今年来 | -1.18% | 20日 | -0.90% | | 最低 | 96.9355 | 10日 | -1.80% | 60日 | -2.77% | | 分时 | | 日K | 周Ｋ 月Ｋ | | 更多 ◎ | | | | | 叠加 设均线 MA5:98.0413↓ 10:98.6220↓ 20:98.5991↓ 60:91 切走势线 | | | | 101.5669 | | | | | | | -100.3950 | | | | | | | 99.0899 | | | | | | | ... << | | | | | 96.9355 | | 96.6130 | 1 1 1 1 1 ...

Core Viewpoint - The Tianjin Free Trade Zone has released measures to promote the high-quality development of bulk commodity trading venues, reflecting a dual focus on practical advancement and innovative leadership in response to national policies on building a commodity trading center and resource allocation hub [1] Group 1: Policy Measures - The document outlines six areas and twelve specific measures aimed at enhancing the quality of bulk commodity trading venues in Tianjin, showcasing years of policy exploration and innovation in the sector [1] - The measures serve as a practical implementation path for the high-quality development of Tianjin's bulk commodity trading venues and provide a replicable model for the national industry [1] Group 2: Historical Context - Tianjin has a historical significance in the bulk commodity trading sector, having established the influential Tianjin United Exchange in the early 1990s, which once held domestic pricing rights for red beans [2] - The establishment of the Tianjin Precious Metals Exchange in 2008 aimed to create a globally influential trading platform, but the proliferation of similar local platforms led to regulatory challenges and a shift in trading models [3] Group 3: Current Development Strategy - Tianjin's strategy now focuses on compliance and innovation in the bulk commodity trading sector, driven by the city's industrial structure and economic characteristics [4] - The city aims to build national-level financial infrastructure to support a new development pattern that integrates industrial upgrading with financial aggregation [4] Group 4: Comprehensive Service Platform - The evolving trading venues in Tianjin are transitioning from traditional trading platforms to comprehensive service platforms that address various business needs, including trade circulation, financing, and risk management [5] - These platforms integrate multiple stakeholders, including enterprises, financial institutions, and logistics providers, to create a collaborative ecosystem that enhances the efficiency of commodity trading [6] Group 5: Technological Integration - Current trading venues in Tianjin are actively collaborating with innovative policies to accelerate their transformation into comprehensive service platforms, leveraging technologies like AI, big data, and blockchain [4][6] - The Tianjin International Oil and Gas Trading Center has introduced flexible trading mechanisms that have generated significant value for supply chain participants, indicating a positive market response [6]

Core Viewpoint - The transformation of Da Yu Shan Island from a small fishing village to a world-class petrochemical base exemplifies the "Zhejiang speed" and the province's unique advantages in global connectivity and domestic integration [1][3]. Group 1: Development of the Petrochemical Base - The Zhoushan Green Petrochemical Base integrates refining, chemicals, and high-end new materials, marking a significant industrial development in Zhejiang [1]. - Since 2015, the establishment of the Zhoushan Green Petrochemical Base has been a key project, contributing to the growth of China's first large commodity resource allocation hub [3]. Group 2: Role of Zhoushan in Commodity Trading - Zhoushan serves as the main battlefield for the commodity hub, facilitating the efficient operation of storage, transportation, processing, and trade of major commodities like crude oil, grain, and iron ore [3]. - The city has achieved a remarkable transition from not producing oil to becoming a significant player in oil and gas storage and transportation, housing the largest oil and gas storage base in China [3]. Group 3: Efficiency and Innovation - The successful simultaneous berthing of two 400,000-ton vessels at the Shulanghu terminal set a global record, showcasing the operational efficiency of the port [4]. - The collaboration between the Zhejiang International Bulk Commodity Trading Center and the Shanghai Futures Exchange has led to the establishment of a pricing index for low-sulfur fuel oil, marking a shift from passive to active pricing in the market [6]. Group 4: Future Outlook - The province aims to transition from a "trade powerhouse" to a "pricing center," reflecting its ambition to enhance its global influence in commodity pricing [6].