【要闻速递】 特朗普政府日前宣布，将对所有国家和地区商品加征15%关税，引发日本企业界广泛担忧，认为政策不 确定性将显著增加投资风险。 今日周三(2月25日)亚盘尾盘，沪银最新报价为23097.00元/克，较前一交易日上涨1068.00元，涨幅 4.85%，日内呈现上扬走势。当日开盘价报22205.00元/克，盘中最高触及23311.00元/克，最低下探至 21780.00元/克。 打开APP，查看更多高清行情>> 【最新白银期货行情解析】 当前沪银主力合约价格高位震荡，技术面呈现强势整理特征。日线级别上，价格稳固站于20日与50日均 线支撑带，MACD指标维持零轴上方金叉，显示多头动能主导。关键支撑位在23000-24000元/千克区 间，若有效跌破可能测试22000元附近支撑；上方阻力聚焦25000-26000元区域，突破后或挑战27000元 压力。短期波动加剧，建议关注中东地缘风险与美联储政策信号对避险资金的影响，操作上宜轻仓为 主，严格设置止损。 日本经济团体联合会会长筒井义信24日表示，美方关税政策的不稳定性令企业经营环境高度不透明，可 预见性下降，投资决策难度加大。同日，日本经济同友会代表干事山口 ...

今日周二(2月24日)亚盘时段，截止周五(2月13日)COMEX白银2603主力合约收报84.57美元/盎司，周涨 幅+8.47%。主要受益于地缘与贸易关税避险升温，以及2月12日晚间公布的美CPI数据支持美联储降息 的预期影响。 打开APP，查看更多高清行情>> 同时警惕短期风险：若地缘与关税担忧缓和，可能引发价格回吐，并伴生投资需求流出。上周全球最大 白银ETF(SLV)持仓周减524.1吨，至15517.6吨。 【最新白银期货行情解析】 3月白银期货多头的上行目标为收盘突破90.00美元的关键技术阻力位;空头的下行目标则是推动价格跌 破2月低点71.815美元的重要支撑位。第一阻力位看向88.00美元，进一步阻力位为90.00美元;下方第一 支撑位为隔夜低点84.56美元，后续支撑位见83.00美元。 【要闻速递】 春节期间，贵金属走出"数据打底、地缘抬升、政策引爆"的三段式上涨。当前市场处于美联储政策边际 宽松、全球贸易体系碎片化与地缘不确定性叠加的交汇点，黄金作为非信用货币的配置与避险价值愈发 突出。 短期需关注15%临时关税若落地，贸易伙伴(如欧盟、中国)是否采取对等反制，若成真，避险需求将再 升 ...

Group 1 - COMEX silver is currently trading above $87.19, with an opening price of $84.92 per ounce and a current price of $87.42, reflecting a 2.94% increase [1] - The highest price reached today is $87.98, while the lowest was $83.00, indicating a short-term oscillating trend in COMEX silver [1] Group 2 - The Trump administration is discussing plans to formally increase tariffs on South Korean goods, which could escalate trade tensions between the two allies [1] - Proposed tariffs would increase from 15% to 25% on "reciprocal" tariffs and specific goods such as automobiles, timber, and pharmaceuticals [1] - South Korea's Trade Minister Yoo Han-koo confirmed that diplomatic efforts are underway to ease the situation, including a visit to Washington to meet with U.S. Trade Representative Jamieson Greer [1]

Group 1 - COMEX silver is currently trading above $88.60, with an opening price of $93.40 per ounce and a current price of $88.78, reflecting a decrease of 4.72% [1] - The highest price reached today was $93.70 per ounce, while the lowest was $86.15 per ounce, indicating a short-term sideways trend in COMEX silver [1] Group 2 - Trump stated that Russian President Vladimir Putin is ready to end the ongoing conflict, while expressing frustration with Ukrainian President Volodymyr Zelensky, suggesting that Zelensky is hesitant to reach an agreement [2] - Trump's comments highlight the ongoing tension between him and Zelensky, despite some improvements in their interactions during Trump's first year back in office [2] - A potential meeting between Trump and Zelensky at the upcoming World Economic Forum in Davos is anticipated, contingent on Zelensky's attendance [2] Group 3 - In March silver futures, bulls hold a clear technical advantage, with the next upward target being a closing price above the key resistance level of $100.00 [3] - The next downward target for bears is a closing price below the key support level of $80.00, with initial resistance at $92.50 and subsequent resistance at $94.00 [3] - Initial support is noted at the overnight low of $86.75, followed by further support at $85.00 [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week, silver showed high - level fluctuations. London silver once fell below the 10 - day moving average during the week, then stabilized on Friday and tested the $80 mark, eventually closing at $79.9. The Shanghai silver main contract closed at 19,438 yuan/kg in the night session on Saturday morning. The weekly gains of London silver and Shanghai silver were both 9.7%, and the cumulative gains in 2025 were 148% and 129% respectively [8]. - The US manufacturing PMI in December was 47.9, lower than expected. The number of non - farm payrolls in December increased by 50,000, lower than expected, and the data of the previous two months was significantly revised downward, but the unemployment rate dropped to 4.4% [8]. - The US CPI in November increased by 2.7% year - on - year, lower than expected, and the core CPI increased by 2.6% year - on - year, the slowest growth rate since early 2021, strengthening the market's expectation of the Fed's interest rate cut [8]. - Last week, the yield of the 10 - year US Treasury bond decreased by 1 basis point, and the US dollar index continued to rebound slightly [8]. - In 2025, the global silver market's supply - demand gap is expected to exceed 100 million ounces, and the market is in a supply shortage state for the fifth consecutive year. The inventory of LBMA has dropped to a historical low, and the tradable silver inventory is tight [8]. - The silver market is expected to remain strong in the medium and long term under the triple - drive of strategic resources, financial attributes, and industrial attributes. It is recommended to hold the AG2604 long position in the medium term [9]. 3. Summary by Relevant Catalogs Weekly Viewpoints and Strategies - **Silver Trends**: London silver and Shanghai silver had significant weekly and cumulative gains in 2025. London silver showed high - level fluctuations and finally closed at $79.9, while Shanghai silver closed at 19,438 yuan/kg [8]. - **US Economy**: The manufacturing PMI was weak, non - farm payrolls were lower than expected with previous data revisions, but the unemployment rate dropped [8]. - **Inflation**: US CPI and core CPI in November were lower than expected, strengthening the expectation of the Fed's interest rate cut [8]. - **Interest Rates**: The 10 - year US Treasury bond yield decreased by 1 basis point, and the US dollar index rebounded slightly [8]. - **Supply and Demand**: There is a large supply - demand gap in the silver market, and the tradable inventory is tight. The position of the largest silver ETF decreased week - on - week [8]. - **Spreads**: The spread between domestic and foreign silver futures reached a high of 1,762 yuan and finally closed at 820 yuan, and the gold - silver ratio in London spot reached 56.43 [8]. - **Viewpoint and Strategy**: The silver market is expected to be strong in the medium and long term, and it is recommended to hold the AG2604 long position [9]. Futures and Spot Markets - Multiple charts show the trends of COMEX silver futures, London silver spot, Shanghai Futures Exchange silver futures, and Shanghai Gold Exchange silver [13][17]. US Economy - Charts present data on US GDP, PMI, non - farm payrolls, and unemployment rate [24][25]. Inflation - Charts display US CPI/PCE and core CPI/PCE data [30]. Interest Rates - Charts show short - term and medium - long - term US Treasury bond yields and real interest rates [37][41]. Fundamentals - A table shows the global silver supply - demand balance sheet from 2016 to 2025F, including supply (mining production, recycling, etc.) and demand (industrial, jewelry, etc.) [45]. - Charts show silver ETF positions, COMEX, LBMA, Shanghai Futures Exchange, and Shanghai Gold Exchange silver inventories [46][49][53]. US Dollar Index and Exchange Rates - Charts show the US dollar index, US dollar - RMB exchange rate, and other exchange rates such as pound - US dollar and US dollar - Canadian dollar [59][62][67]. Silver Spreads - Charts show the trends of domestic and foreign silver futures, spreads between domestic and foreign silver, silver basis, and gold - silver ratio [76][84][89].

1. Macroeconomic Data Overview - GDP in Q3 2025 grew by 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In November 2025, the Manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the Non-Manufacturing PMI: Business Activity was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1] - In October 2025, the monthly increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412.0 billion yuan in the same period last year [1] - In November 2025, CPI increased by 0.7% year-on-year, up from 0.2% in the previous month and the same period last year; PPI decreased by 2.2% year-on-year, down from -2.1% in the previous month but up from -2.5% in the same period last year [1] - In November 2025, exports increased by 5.9% year-on-year, turning positive from -1.1% in the previous month but slightly down from 6.58% in the same period last year; imports increased by 1.9% year-on-year, up from 1.0% in the previous month and turning positive from -4.03% in the same period last year [1] 2. Commodity Investment Reference 2.1 Comprehensive - The Central Economic Work Conference emphasized continuing proactive fiscal and moderately loose monetary policies, with 8 key tasks including promoting investment recovery, developing new energy, and stabilizing the real estate market [2] - High-frequency data in November showed positive trends in consumption, investment, and foreign trade, with offline consumption index up 12.0% year-on-year, infrastructure project中标金额 and construction machinery operating rate increasing, and international freight flights up 6.2 percentage points from October [2] - In the first 11 months, China's total goods import and export value increased by 3.6% year-on-year, with private enterprises' imports and exports reaching 23.52 trillion yuan, up 7.1% year-on-year, and the number of private enterprises with import and export records increasing by 66,000 [3] 2.2 Metals - The aluminum industry chain prices are diverging, with alumina prices halved from a year ago while electrolytic aluminum prices are rising, leading to improved profitability for electrolytic aluminum enterprises and potential losses for some alumina enterprises [4] - As of December 11, 2025, the international silver futures price on the COMEX had increased by 113.3% since the beginning of the year, reaching $62.5 per ounce [4] - Goldman Sachs believes there is room to raise the gold price forecast to $4900 per ounce by the end of 2026 if US private investors increase their investment in gold ETFs [5] 2.3 Energy and Chemicals - Jilin Province plans to develop future industries such as artificial intelligence, hydrogen energy, and new energy storage [8] - Citibank revised its oil price forecast, expecting Brent crude oil prices to remain stable in 2026, with an average price of $62 per barrel in the base scenario and potentially reaching $75 per barrel in an optimistic scenario [8] - OPEC maintained its global oil demand growth forecast at 1.3 million barrels per day in 2025 and 1.38 million barrels per day in 2026 [9] 2.4 Agricultural Products - Malaysia's palm oil inventory is expected to continue rising in December, potentially exceeding 3 million tons if exports remain weak, and its 2025 production is expected to exceed 20 million tons for the first time [11] - Argentina reduced the export tax rate for soybeans from 26% to 24% and for wheat and barley from 9.5% to 7.5% [11] - Brazil has been authorized to export beef and beef products to Guatemala [12] 3. Financial News Compilation 3.1 Open Market - On December 11, the central bank conducted 118.6 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 62.2 billion yuan as 180.8 billion yuan of reverse repurchases matured [14] 3.2 Key News - The Central Economic Work Conference set the tone for next year's economic work, emphasizing proactive fiscal and moderately loose monetary policies, and outlined 8 key tasks [15] - The Ministry of Commerce will issue opinions to promote the innovation and development of the retail industry [15] - In November, China's automobile production and sales reached 3.532 million and 3.429 million vehicles respectively, with year-on-year growth of 2.8% and 3.4%, and new energy vehicle production and sales reached 1.88 million and 1.823 million vehicles respectively, with year-on-year growth of 20% and 20.6% [16] 3.3 Bond Market Summary - China's bond market continued to perform well, with most interest rate bond yields declining, and treasury bond futures rising [19] - In the exchange bond market, Vanke bonds generally adjusted downward, while some other bonds such as "25 TeGuo 03" rose [20] - Most money market interest rates declined on December 11 [21] 3.4 Foreign Exchange Market - The onshore RMB against the US dollar closed at 7.058 on December 11, up 58 points from the previous trading day, and the central parity rate of the RMB against the US dollar was 7.0686, up 67 points [24] 3.5 Research Report Highlights - CITIC Construction Investment believes that the Central Economic Work Conference provided clear policy directions, including more proactive fiscal and moderately loose monetary policies, and emphasized new industries and anti-competition [25] - CITIC Securities expects the fiscal budget deficit rate to remain at around 4% in 2026, with a slight increase in the scale of special treasury bonds and local special bonds, and there may be a 10bps interest rate cut in the first half of the year [25][26] - Huatai Fixed Income believes that the November inflation data has some impact on the bond market, but the bond market's counterattack logic remains unchanged, and it is recommended to hold short-term credit bonds, certificates of deposit, and interest rate bonds with maturities of 5 - 7 years or less [26] 4. Stock Market News - The A-share market declined, with the Shanghai Composite Index down 0.7%, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.41%, while the BeiZheng 50 Index rose 3.84% [29] - The Hong Kong stock market opened higher but closed lower, with the Hang Seng Index down 0.04%, the Hang Seng Tech Index down 0.83%, and the Hang Seng China Enterprises Index down 0.23% [29]

Group 1 - Foreign capital is increasingly optimistic about Chinese technology assets, with UBS and Goldman Sachs projecting a 37% profit increase for Chinese tech companies in 2025 and setting a target of 7100 points for the Hang Seng Tech Index [2] - The significant asset restructuring by Dongfang Precision involves the cash sale of 100% equity in Fosber Group and two other companies for a base price of €774 million, focusing on core business development [2] - The Chicago Mercantile Exchange experienced a major outage due to cooling issues, leading to a surge in silver prices, with the COMEX silver futures contract rising over 6% to reach a historical high [2] Group 2 - A senior executive from a leading brokerage was fined 135 million yuan for insider trading, having made a profit of 18.75 million yuan from undisclosed information [3] - Analyst Li Bei expressed optimism for A-shares and Hong Kong stocks, suggesting a potential bull market due to favorable valuations and improving earnings for leading companies [3] - The China Securities Regulatory Commission is soliciting opinions on several new regulations aimed at promoting market development, including a pilot program for commercial real estate investment trusts [3] Group 3 - Gold prices surged past $4200 per ounce, driven by expectations of a potential interest rate cut by the Federal Reserve, with multiple officials signaling a dovish stance [4] - Major adjustments to A-share indices were announced, with increased representation of the information technology sector, leading to a more balanced industry allocation [5] - Japan plans to issue approximately 11.7 trillion yen in government bonds to finance economic stimulus, raising concerns about fiscal sustainability and potential impacts on the yen and Japanese bonds [5] Group 4 - Silver prices reached historical highs, supported by expectations of a supply deficit by 2025 and increasing demand from the photovoltaic sector [5]

Group 1 - COMEX silver futures are currently trading at around $51.40, showing an increase of 0.52% from the opening price of $51.16, with a high of $51.51 and a low of $50.77, indicating a bullish short-term trend [1] - The escalation of the Russia-Ukraine conflict has led to heightened demand for safe-haven assets like silver, as Ukraine issued emergency air alerts and the situation remains tense with military actions [1] - The peace talks between the U.S. and Ukraine have been complicated, with Russia rejecting the European version of the peace plan, suggesting a low likelihood of a quick resolution to the conflict [1] Group 2 - The December silver futures market shows that bulls have a technical advantage, with the next target being to close above the strong resistance level of $54.415, while bears aim to push prices below the support level of $47.00 [2] - The first resistance level is identified at the recent high of $50.555, followed by $51.00, while the initial support level is at today's low of $49.37, with the next support at $49.00 [2]

Group 1 - Silver futures are currently trading above 12050, with an opening price of 11760 and a current price of 12058, reflecting a 1.43% increase [1] - The highest price reached today was 12107, while the lowest was 11760, indicating a short-term bearish trend in silver futures [1] Group 2 - The delayed US August factory orders report shows a year-on-year increase of 1.4%, aligning with initial expectations [3] - Durable goods orders increased by 2.9%, while non-durable goods orders slightly decreased by 0.1% [3] - Excluding transportation, factory orders saw a modest rise of 0.1% [3] Group 3 - A significant contributor to the increase in orders was a 21.8% surge in civilian aircraft orders, adding $4.2 billion to the total [4] - Other transportation orders also performed well, with defense aircraft orders rising by $1.2 billion to $6.7 billion and ship/boat orders increasing by $0.5 billion to $4.7 billion [4] - Excluding transportation, durable goods orders grew by 0.3%, marking the fifth consecutive month of growth, particularly in machinery (up 1.2% to $39.2 billion) and metal products (up 0.7% to $41.5 billion) [4] Group 4 - Silver futures experienced a rebound after dropping to around 11700, closing temporarily at 11950, with ongoing long positions being held [5] - The potential for further upward movement in silver prices is anticipated, with short-term targets set at 12200 and medium-term at 12500 [5]

Core Viewpoint - The gold futures market is experiencing a decline, with December 2025 gold prices dropping by $49.1 to $4045.1 per ounce, reflecting a decrease of 1.20% due to a lack of positive news in the precious metals sector [1] Market Performance - The most actively traded December 2025 gold futures price fell by $49.1, closing at $4045.1 per ounce, with a decline of 1.20% [1] - Silver futures for December delivery decreased by $0.636, closing at $50.050 per ounce, marking a drop of 1.25% [1] Economic Data Impact - Upcoming U.S. economic data releases, including the delayed September employment report on November 20 and the inflation-adjusted corporate earnings report on November 21, are expected to provide insights into the U.S. economic situation [1] - These data releases will primarily reflect past economic conditions rather than current trends [1] Market Sentiment - The current sentiment among gold and silver bulls is cautious, as prices remain at historical highs without new supportive fundamentals [1] - Last week saw a strong rebound in gold and silver prices, driven by the reopening of the U.S. government and potential interest rate cuts, which may further elevate gold prices [1] Technical Analysis - The next bullish target for December gold futures is to break through the historical high of $4398 per ounce, while the bearish target is to fall below the strong technical support level of $4000 per ounce [1] - Industrial demand is expected to provide long-term support for silver prices [1]