②【石油股盘前多数上涨，美国能源涨超18%】石油股盘前多数上涨。截至发稿，埃克森美孚上涨2.00%，雪佛龙上涨1.56%，康菲石油公司上涨2.49%， 美国能源上涨18.26%。WTI原油期货上涨5.19%，报74.97美元/桶。 ③【军工股集体走强】军工股盘前集体走强。截至发稿，洛克希德马丁上涨1.56%，雷神技术公司上涨0.82%。 ④【航空股普跌】美股航空盘前普跌。截至发稿，美国航空下跌3.12%，达美航空下跌3.05%，美国联合航空下跌2.91%。 ⑤【内存股普跌，美光跌超6%】内存股盘前普跌。截至发稿，美光下跌6.15%，西部数据下跌5.04%，希捷下跌4.80%。 ⑥【明星科技股普跌】明星科技股盘前普跌。截至发稿，英伟达、谷歌下跌超3%，AMD下跌3.71%，微软下跌1.70%。 每经记者｜岳楚鹏 每经编辑｜段炼 高涵 ⑦【联合创始人计划出售2.8亿美元股票，Palantir跌超3%】当地时间3月2日，最新监管文件显示，Palantir联合创始人彼得·蒂尔计划于3月3日通过美林证 券出售至多200万股A类股票，价值2.8亿美元。根据美国证券交易委员会（SEC）的文件，蒂尔上一次减持Palantir ...

操作评级 贵金属 女女女 贵金属日报 不可作为投资依据,转载请注明出处 美元的持续反弹可能也将遏制贵金属反弹空间,白银的大幅波动主要体现的是波动率的双向扫动,无明确有 力的逻辑驱动,预计在伊朗事宜落地前偏强震荡,而落地后偏弱震荡。美联储方面继续观察美国经济数据, 特别是非农和通胀数据及相应联储官员评论。 节中宏观局势带动金银拉升, 铂、把投资溢价空间再打开。全球包主要供应商诺尔里斯克2026年纪产量预期 同比下调11%，把基本面向好修复。节后广期所铂把高开震荡，但市场等待非农数据等以研判美联储降息动 线,资金入场情谨慎,盘面增仓有限。技术面看,外盘钩把中线上行趋势未证伪,但反弹20日均线暂承压, 短期方向性稍欠明朗,观望以待明朗。 美国与伊朗之间的军事冲突风险正以前所未有的速度攀升。五角大楼罕见地向特朗普总统发出了严厉警告， 明确指出针对伊朗的旷日持久的军事行动将带来难以估量的风险，包括美军及其盟友的严重伤亡、防空系统 的耗尽以及兵力的不堪重负。据报道,正在研究的打击方案范围极广,从有限的打击到旨在推翻政权的为期 数天的空袭行动,每一种选择都伴随着巨大的代价。几乎在同一时间,美国国务院下令从美国驻贝鲁特大使 ...

Market Overview - On February 24, the first trading day after the Spring Festival, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.36%, while the Sci-Tech Innovation Board Index fell by 0.61%, and the ChiNext Index rose by 0.99% [1][4] - The total market turnover for the day was 2.22 trillion yuan, with over 4,000 stocks in the green and 111 stocks hitting the daily limit [1][4] Oil and Gas Sector - Tensions in US-Iran relations have increased geopolitical risk premiums in the oil market, leading to a surge in the oil and gas sector, with multiple stocks hitting the daily limit [1][4] - Notable stocks include: - Xinjin Power: 20.07% increase, trading volume of 123 million shares, turnover of 7.96 billion yuan [2][5] - Tongyuan Petroleum: 20.04% increase, trading volume of 9.41 million shares, turnover of 11.84 billion yuan [2][5] - Qianeng Hengxin: 20.01% increase, trading volume of 3.47 million shares, turnover of 11.78 billion yuan [2][5] - Zhongyou Engineering: 10.13% increase, trading volume of 100 million shares, turnover of 4.20 billion yuan [2][5] Diamond Sector - The cultivated diamond sector saw significant gains, with stocks like Sifangda hitting the daily limit, and other stocks such as World and Huifeng Diamond rising over 10% [5] Precious Metals Sector - The precious metals sector was active, with stocks like Hunan Silver, Shengda Resources, and Sichuan Gold hitting the daily limit, while Xiaocheng Technology rose over 15% [6] - The CPO index for optical modules increased by over 4%, with major players like Yizhongtian achieving transaction volumes exceeding 10 billion yuan [6]

格隆汇2月19日｜去年加拿大贸易逆差扩大至313亿加元，创下新冠疫情之外的最大年度贸易逆差纪录， 原因是美国加征关税重创了加拿大的主要出口行业。除了2020年公共卫生措施导致部分商业活动停滞 外，加拿大2025年的贸易逆差是自1988年有数据记录以来最大的。去年加拿大年度出口额下降了 0.2%，大多数产品类别出口额都下降。然而，金价的强劲上涨掩盖了与美国的贸易战对加拿大出口造 成的真正损害。去年，未加工黄金、白银、铂族金属及其合金的出口量激增41.7%。若剔除该类别，加 拿大出口额则大幅下降3%。 ...

经济观察网 赫克拉矿业（HL）于2026年2月17日发布的2025财年第四季度及全年财报显示，其业绩在 多方面表现突出。 核心矿山（如Greens Creek、Keno Hill）实现满产，白银产量持续增长，Keno Hill矿扭亏为盈，爬坡成 本同比减少2900万美元。单位开采成本优化，进一步推高毛利率至55.4%。 行业政策现状 受益于贵金属价格高位及工业需求（如光伏、电子领域用银），公司作为北美最大白银生产商，在政策 稳定的区域运营，抗风险能力增强。2026年指引聚焦产能稳步释放与成本控制。 业绩经营情况 2025财年第四季度，公司总营收同比增长53%，归母净利润达3.21亿美元，较去年同期的3500万美元增 长超8倍。全年来看，2025财年累计营收和净利润均创历史新高，主要受白银、黄金等金属销量提升及 价格走强驱动。 财务状况 第四季度经营活动现金流为2.171亿美元，同比增幅达221.7%；现金及现金等价物储备增至2.416亿美 元，同比上升799.1%。自由现金流保持稳健，支撑了债务偿还与资本开支。 财务状况 公司通过全额偿还循环信贷、赎回债务等措施，将净杠杆率从2024年末的1.8倍降至0.3倍 ...

Group 1 - The AI application sector is experiencing significant gains, with companies like Dongfang Guoxin and Sanliu Ling (601360) hitting the daily limit, alongside other firms such as Zhongwen Online, Rongxin Culture, and Zhangyue Technology also reaching their limits [2] - Recent developments in the domestic video generation industry include the launch of the 3.0 series models by Keling AI on February 5, which encompass video and image generation, editing, and post-production across the entire film and television process [2] - ByteDance's multi-modal model Seedance 2.0 underwent a major update on February 7, achieving high stability in subject features during multi-shot continuous generation, marking a critical milestone for AI video transitioning from "short video materials" to "narrative long content" [2] Group 2 - The precious metals sector saw afternoon gains, with Hunan Silver hitting the daily limit and other stocks like Sichuan Gold and Zhongjin Gold following suit [3]

Core Insights - Silver has been referred to as "the poor man's gold," but recent market performance has challenged this notion, with silver prices experiencing significant volatility compared to gold [1] - The demand dynamics for gold and silver are fundamentally different, with over 90% of gold demand coming from investment and reserves, while industrial demand accounts for 60% of silver [1][3] Group 1: Price Volatility and Market Dynamics - Silver prices are highly volatile, with a historical volatility rate of 33%, which is 1.7 times that of gold [3] - In 2025, silver saw an annual increase of approximately 147.79%, while gold's increase was 64.56% [3] - The silver market is significantly smaller than the gold market, with a market size only one-tenth that of gold, leading to lower liquidity and greater susceptibility to speculative trading [3][5] Group 2: Demand and Supply Factors - Gold's demand is bolstered by central bank purchases, with global central banks net buying 230 tons of gold in Q4 2025, reflecting a trend towards de-dollarization [3][7] - Silver's demand is closely tied to industrial applications, with increasing usage in sectors like photovoltaics and AI servers, but this demand is cyclical and can be negatively impacted during economic downturns [3][7] - The supply of gold is relatively stable and scarce, while silver supply is more abundant and often derived from base metal mining, leading to a persistent supply-demand gap in the silver market [7] Group 3: Investment Behavior and Market Structure - The gold-silver ratio, which measures the value of one ounce of gold relative to silver, indicates that silver's short-term performance can sometimes exceed that of gold, as seen when the ratio fell from over 100 to around 91 in mid-2025 [5] - The investor base for gold primarily consists of central banks and long-term investors focused on value preservation, while silver attracts more industrial users and speculative investors, leading to higher leverage in the silver futures market [5][9] - Historical instances show that gold can rise while silver falls, indicating that silver cannot fully replace gold's core role as a safe-haven asset, but may serve as a strategic complement during certain market cycles [9]

国金证券研报分析称， 金银市场将更加波谲云诡。虽然美元信用等长周期逻辑没有改变，但其背后的 资金流动，资产之间的偏好切换和杠杆交易却从未停歇。随着时间的推移，全球"黑天鹅"事件频发引起 阶段式风险偏好降低，美国再通胀压力抬头引发降息预期收紧以及AI广义成本的传导显著加快，三者 可能在某个时刻面临共振；金银的历史级别波动也可能在其他大类资产身上发生。 对于这轮"过山车"行情，上海金融与发展实验室首席专家、主任曾刚认为，"整个2月份，更可能是冲高 以后，震荡回落"。另有分析人士判断， 2月份接下来的金价更可能以震荡为主。目前只是大跌之后的 反弹而不是反转，反弹之后还可能阴跌。 基于风险考虑，该分析人士建议 投资者尽量避免持仓过节，对2月份贵金属行情需持谨慎态度。 监制：王薇薇 审核：于浩 有机构表示，当前，贵金属市场情绪仍不稳定，高波动性可能会持续一段时间。 | 现货番金 XAU 交易中 | | | | | | ラ 美元/盎司 ○ 刷新行情 | | --- | --- | --- | --- | --- | --- | --- | | 4892.09 -71.45(-1.44%) | | | | | | 2026 ...

每经编辑｜段炼 2月4日，A股早盘震荡调整。截至中午休市，沪指报4067.67点，基本平收；深证成指报13997.72点，跌0.92%；创指报3266.99点，跌1.74%。全市超2300 股上涨，近3000股下跌。 煤炭股强势爆发，兖矿能源、中煤能源、陕西黑猫、晋控煤业等多股涨停；地产板块走强，荣安地产、京投发展、财信发展涨停；航空股"起飞"，东航涨 停，国航、南航等大涨。 | 新闻 | 大V 成分 | 资金 | 研报 | | | --- | --- | --- | --- | --- | | √ 含新股次新股 | | 最新 | 涨幅 | 5分钟涨速 | | 究矿能源 | | | | | | SH600188 | | 15.27 | +10.01% | 0.00% | | 业绩龙头 4 市值龙头 4 | | | | | | 美锦能源 | | 5.17 | +10.00% | 0.00% | | SZ000723 | | | | | | 中煤能源 SH601898 | | 14.08 | +10.00% | 0.00% | | 业绩龙头 2 市值龙头 3 | | | | | | 陕西黑猫 | | 4.62 | ...

2月3日，A股三大股指集体高开，其中上证综指上涨28.16点，涨幅0.7%报4043.91点；深证成指上涨 162.54点，涨幅1.18%报13986.89点；沪深300上涨42.38点，涨幅0.92%报4648.36点；创业板指上涨53.95 点，涨幅1.65%报3318.06点；科创50指数上涨24.67点，涨幅1.7%报1475.57点。半导体（核心股）板块 盘初走强，朗科科技、普冉股份双双涨超7%，芯导科技、恒烁股份、强一股份、北京君正、长川科技 等个股跟涨；房地产（核心股）板块高开，京投发展、城建发展涨停，华夏幸福、大龙地产、荣盛发展 纷纷高开；贵金属（核心股）板块低开，四川黄金、招金黄金双双跌停，中金黄金跌超8%，恒邦股 份、山东黄金、西部黄金等个股跟跌，湖南黄金逆市走强涨超5%。 盘面上，半导体（核心股）、存储芯片、CPO集体回升；贵金属（核心股）、白酒（核心股）及油气板 块继续调整；市场焦点股万丰股份（3板）竞价涨停，白酒股皇台酒业（3板）低开1.71%、金徽酒（3 天2板）低开3.79%，影视股横店影视（3板）竞价涨停，零售板块茂业商业（2板）低开2.62%、新华百 货（3天2板）低开0.2 ...