Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 5222.30, 89.98, 2366.00, 1793.00, 67.02, and 13396.00 respectively. The price changes are 0.00, 0.00, 111.00, 24.00, 0.00, and -62.00 respectively [2]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.64, 1.18, 1.35, 156.09, and 1.74 respectively, with all changes being 0.00 [2]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 11207.59, 309.44, and 450.45 respectively. The change in SHFE Silver inventory is 2.84, while others remain unchanged [3]. - The latest holdings of Gold ETF and Silver ETF are 1097.90 and 16079.74 respectively, with no changes [3]. - The latest deferred - fee payment directions of SGE Silver are 1 and 2 respectively, with no changes [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Price Performance - **Precious Metals and Commodities**: London Gold is at 5222.30 with a change of 54.95; London Silver is at 89.98 with a change of 3.55; London Platinum is at 2255.00 with a change of -68.00; London Lithium is at 1769.00 with a change of -63.00; WTI Crude is at 67.02 with a change of 1.81; LME Copper is at 13458.00 with a change of 132.50 [1] - **Currencies and Bonds**: The US Dollar Index is at 97.64 with a change of -0.14; Euro to US Dollar is at 1.18 with no change; Pound to US Dollar is at 1.35 with no change; US Dollar to Japanese Yen is at 156.09 with a change of -0.04 [1] Trading Data - **Inventory and Deferred Fees**: COMEX Silver inventory is 11207.59 with a change of -9.53; SHFE Silver inventory is 306.60 with a change of -39.77; Shanghai Gold Exchange (SGE) Gold deferred fee payment direction is 1; SGE Silver deferred fee payment direction is 2 [1] Precious Metal Ratios - **Gold - Crude and Gold - Copper Ratios**: The report shows the historical trends of gold - crude ratio and gold - copper ratio [1] - **Gold - Platinum and Platinum - Aluminum Ratios**: The report presents the historical trends of gold - platinum ratio and platinum - aluminum ratio [3][4] Other Indicators - **Silver Import Profit**: The report shows the historical trends of silver import profit [5][6] - **COMEX - London Spread**: The report presents the historical trends of COMEX - London spread [7][8] - **US Treasury Yields and Spreads**: The report shows the historical trends of US 10 - year Treasury yields, spreads, and London spot gold price [9] - **ETF Holdings and Inventories**: The report shows the historical trends of COMEX Silver inventory, LBMA Silver inventory, SGE Silver inventory, SHFE Silver inventory, Gold ETF holdings, and Silver ETF holdings [9] - **SGE Holdings and Deliveries**: The report presents the historical trends of SGE Gold and Silver holdings and deliveries [9] - **SGE Deferred Fees**: The report shows the historical trends of SGE Gold and Silver deferred fee payment directions [9] - **COMEX Non - Commercial Long Positions**: The report presents the historical trends of COMEX Gold and Silver non - commercial long position ratios [9] - **Gold Import Profit**: The report shows the historical trends of gold import profit [10]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall trends of both Shanghai gold and silver futures are in an upward channel, but they may be approaching the end of the trend. For gold, short - term market may continue to oscillate in the current range to digest the gains, and in the long - term, the weakening US dollar index and potential geopolitical policy risks provide upward space for gold prices. For silver, in the short - term, it may oscillate strongly in the range of 22,500 - 23,500 yuan/kg, and in the long - term, the price center is expected to rise due to the expanding supply - demand gap and the weakening US dollar [7][33] 3. Summary by Directory Gold Futures 3.1.1 Mid - line Market Analysis - The overall trend of Shanghai gold futures is in an upward channel and may be near the end of the trend. Last week, the gold main contract rose 3.52% driven by the US tariff policy adjustment and the weakening US dollar. Then, it sorted in the range of 1,146 - 1,151 yuan/g. The market volatility narrowed, trading was active, and long - position funds continued to increase positions. In the short - term, the market may continue to oscillate, and in the long - term, the weak US dollar and geopolitical risks provide upward space. It is necessary to pay attention to the US dollar trend, US tariff policy, and main position changes [7] - The mid - line strategy suggestion is to wait and see [8] 3.1.2 Variety Trading Strategy - Last week's strategy review: The Shanghai gold contract 2604 was in short - term high - level oscillation, with the upper pressure at 1,200 - 1,220 yuan/g and the lower support at 1,080 - 1,100 yuan/g. It was recommended to buy on dips [10] - This week's strategy suggestion: The Shanghai gold contract 2604 is expected to run strongly at a high level, with the upper pressure at 1,200 - 1,220 yuan/g and the lower support at 1,080 - 1,100 yuan/g. It is recommended to buy on dips [11] 3.1.3 Related Data Situation - Multiple data charts are provided, including the price trends of Shanghai gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yield, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai gold basis, and gold internal - external price difference [19][21][23] Silver Futures 3.2.1 Mid - line Market Analysis - The overall trend of Shanghai silver futures is in an upward channel and may be near the end of the trend. Last week, the main contract rose 12.84% driven by the US tariff policy adjustment and the weakening US dollar. Then, it stabilized in the range of 22,600 - 23,000 yuan/kg. The trading volume increased significantly, and the short - side did not dominate. The continuous supply shortage of global silver and the significant reduction of COMEX inventory provide fundamental support. In the short - term, it may oscillate strongly in the range of 22,500 - 23,500 yuan/kg, and in the long - term, the price center is expected to rise. It is necessary to pay attention to the COMEX silver price, inventory changes, and Fed policy signals [33] - The mid - line strategy suggestion is to wait and see [34] 3.2.2 Variety Trading Strategy - Last week's strategy review: The silver contract 2604 was in high - level oscillation, with the upper pressure at 21,000 - 23,000 yuan/kg and the lower support at 17,000 - 19,000 yuan/kg. It was recommended to buy on dips [38] - This week's strategy suggestion: The silver contract 2604 is expected to run strongly at a high level, with the upper pressure at 24,000 - 27,000 yuan/kg and the lower support at 18,000 - 21,000 yuan/kg. It is recommended to buy on dips [39] 3.2.3 Related Data Situation - Multiple data charts are provided, including the price trends of Shanghai silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver internal - external price difference [47][49][51]

Domestic Market Overview - The Shanghai Composite Index reached a monthly closing high, achieving a three-week upward trend, with a weekly increase of 1.98%[26] - The resource sectors, including coal, steel, and chemicals, saw significant growth, with the steel sector leading at a weekly increase of 12.27%[26] - The bond market showed a "see-saw" effect, with the 10-year government bond yield rising after an initial decline[8] - The RMB appreciated against the USD by 0.80%, closing at 6.8559, supported by favorable macroeconomic factors[29] Global Market Insights - Brent crude oil prices surged above $73 per barrel due to escalating geopolitical tensions in Iran[10] - The US stock market experienced a downturn, with the Dow Jones, Nasdaq, and S&P 500 indices falling by 1.31%, 0.95%, and 0.44% respectively[27] - The AI sector shifted focus from software and hardware to infrastructure, with the TYG ETF rising by 2.5%[10] Economic Data and Policy Review - Industrial park resumption rates exceeded 60% post-holiday, indicating strong economic recovery[11] - The steel mill operating rate continued to improve, reflecting a robust industrial recovery trend[11] - The Chinese government is implementing supportive policies for the aging population and real estate market, including adjustments to housing regulations in Shanghai[19] Commodity Market Performance - Precious metals performed well, with COMEX silver rising by 13.30% and gold increasing by 3.29%[28] - Domestic black commodities faced pressure, with coking coal and coke prices dropping by 3.35% and 2.60% respectively[28] Risk Factors - Potential escalation of geopolitical conflicts could lead to increased volatility in commodity prices[46] - Domestic policy measures may not meet expectations, potentially slowing economic growth[46]

来源|凤凰网财经 这个周末，全球投资者的心情或许都不太平静。 当中国 投资者 还沉浸在 A股月线三连阳、憧憬"春季躁动"延续的暖意中时，中东火药桶再度被引爆。2月28日，美以对伊朗发动军事打击，伊朗随 后宣布封锁全球油运命脉 —— 霍尔木兹海峡。 这场骤然升级的地缘冲突，不仅搅动了全球能源市场，也为明日即将开盘的 A股乃至全球资本市场蒙上了一层不确定性阴影。据媒体报道，2月28日 下午起，各大券商密集召开电话会议，其中东方证券一场会议更是吸引超2000人参与，瞬间满员。 霍尔木兹海峡的关闭，究竟对全球经济意味着什么？面对 "黑天鹅"，券商又如何研判明日A股走势？ 01 油市"核弹" 霍尔木兹海峡，这个位于阿曼和伊朗之间的水道，连接波斯湾、阿曼湾和阿拉伯海 ，当属 全球石油供应的咽喉。 行业统计显示，全球约五分之一的石油总消费量，即每天约 1800万至1900万桶石油、凝析油和燃料需经此运往全球 。虽然沙特和阿联酋拥有可以 绕过霍尔木兹海峡的管道，但这些管道每天只有约 350万桶的有效运量，相当于目前运能的20%。 一旦这条大动脉被切断，对于极度依赖中东原油的亚洲经济体 如日本和印度而言 ，无疑是釜底抽薪。 据 ...

Market Overview - The U.S. stock market indices collectively declined, with all three major indices falling over 1% [1] - Major technology stocks mostly dropped, with Oracle and Salesforce down over 4%, and the "Big Seven" tech stocks, including Nvidia and Microsoft, down over 2% [1] Individual Stock Performance - Apple shares fell by 1.39%, Amazon by 0.81%, Google by 0.28%, Facebook by 2.34%, Microsoft by 2.15%, Nvidia by 2.24%, and Tesla by 1.14% [2] - Semiconductor stocks experienced a significant decline, with the Philadelphia Semiconductor Index leading the market drop, and companies like Bluefin Semiconductor down over 5% and Broadcom and GlobalFoundries down over 2% [2] - Bank stocks also saw a downturn, with Barclays and Citigroup down approximately 4%, and Bank of America and Wells Fargo down over 4% [2] Notable Stock Movements - CoreWeave's stock plummeted over 17%, marking its largest drop since August of the previous year due to concerns over massive capital expenditures [4] - Duolingo's stock fell by 22%, reaching its lowest level since February 2023, as the company's booking outlook for Q1 and the full year fell short of expectations [4] - Dell Technologies saw its stock surge by 18%, the largest intraday increase since April 9, as its revenue guidance for fiscal 2027 exceeded market expectations [4] - Netflix's stock rose by 12%, marking its largest increase since January 2025, following its exit from the Warner Bros. bidding war [4] - Block, the U.S. version of Alipay, increased nearly 20%, achieving its largest intraday gain since February 2024 [4] Commodity Market - Gold and silver prices surged due to escalating tensions in the Middle East, with silver rising approximately 5% and gold exceeding $5,230 [3][5] - International oil prices also spiked, with WTI and ICE Brent crude both increasing over 3% [3][5] - Year-to-date, international oil prices have risen nearly 20%, with potential for significant fluctuations depending on geopolitical developments involving the U.S. and Iran [5] Cryptocurrency Market - The cryptocurrency market experienced a widespread decline, with Bitcoin down 2.5% and Ethereum down over 5%, leading to over 100,000 liquidations globally in the past 24 hours [5]

Core Viewpoint - The price of silver on the COMEX has significantly increased, reaching $90.34 per ounce, with a daily change of 1.65% from the previous closing price of $88.87 per ounce [1]. Price Movement Summary - The opening price today was $89.08 per ounce, with a high of $91.17 and a low of $88.31, resulting in a trading volume of 11,305 contracts [1]. - The 5-day price increase is 1.95%, the 10-day increase is 18.00%, the 15-day increase is 8.00%, the 30-day decrease is 4.18%, the 60-day increase is 54.52%, and the year-to-date increase is 27.27% [1]. Technical Analysis - The daily MACD indicator for COMEX silver is showing a bearish signal, while the KDJ indicator is also indicating a bearish trend. Conversely, the RSI is signaling a bullish trend [2].

Core Viewpoint - The silver futures market is experiencing significant price movements, with both domestic and international markets showing upward trends in silver prices [1]. Domestic Market Summary - The Shanghai silver futures (沪银) are currently priced at 23,019.00 CNY per kilogram, reflecting a daily increase of 0.57% from the previous closing price of 22,572.00 CNY per kilogram [1]. - The opening price for today was 22,088.00 CNY per kilogram, with a daily high of 24,699.00 CNY and a low of 23,101.00 CNY, alongside a trading volume of 389,182 contracts [1]. International Market Summary - The COMEX silver price has risen to 90.34 USD per ounce, marking a daily increase of 1.65% from the previous closing price of 88.87 USD per ounce [1]. - Today's opening price was 89.08 USD per ounce, with a high of 91.17 USD and a low of 88.31 USD, and a trading volume of 11,305 contracts [1]. Technical Analysis - The MACD indicator for Shanghai silver futures is signaling a bullish trend, while the KDJ indicator is indicating a bearish trend, and the RSI is showing a bullish signal [1]. - For COMEX silver, the MACD and KDJ indicators are both signaling a bearish trend, while the RSI is indicating a bullish signal [1].

今日周五(2月27日)亚盘时段，COMEX白银目前交投于90.20一线上方，今日开盘于89.08美元/盎司，截 至发稿，comex白银暂报90.62美元/盎司，上涨1.97%，最高触及90.68美元/盎司，最低下探88.31美元/盎 司，目前来看，comex白银盘内短线偏向看涨走势。 古尔斯比在接受Fox News采访时表示,他对2026年利率能够再次下调数次持有一定信心。他表示,在美联 储获得通胀正在回落至美联储2%目标的证据之前,他不希望过早大幅降息。 此外，在最新的经济分析中，美联储官员古尔斯比表示，美国的就业市场目前呈现出稳定的趋势。 打开APP，查看更多高清行情>> 这一声明在近期的经济会议上提出，旨在回应外界对经济复苏的关注。古尔斯比指出，尽管面临全球经 济不确定性和通货膨胀压力，但美国就业形势依然良好，失业率保持在较低水平。 【要闻速递】 【最新comex白银行情解析】 芝加哥联邦储备银行行长奥斯坦·古尔斯比周四表示,他对今年晚些时候多次降息的预测使他成为美联储 政策制定者中较为多方的一员,但他希望美联储在降息时保持谨慎，因为这可能导致经济过热和通胀加 剧。 白银多头短期下一上行目标为推动期货价 ...

Price Performance - Latest prices of various commodities: London Gold at 90.71, London Silver at 2323.00, London Platinum at 1832.00, WTI Crude Oil at 13325.50, LME Copper at 5191.55; latest values of currency pairs and indices: US Dollar Index at 97.66, Euro to US Dollar at 1.18, British Pound to US Dollar at 1.36, US Dollar to Japanese Yen at 156.37 [1] - Changes in prices and values: most with 0.00 change, except for some with specific change points [1] Trading Data - Latest trading data: COMEX Silver at 1097.90, Shanghai Futures Exchange Silver at 16079.74, Shanghai Gold Exchange Gold at 346.37, Shanghai Gold Exchange Silver at 493.67, Silver ETF holdings at 2, Gold ETF holdings at 1 [1] Ratios and Spreads - Gold - Crude Oil ratio and Gold - Copper ratio are presented in a chart [3] - Gold/Platinum ratio and Platinum/Palladium ratio are shown in a chart [5] - COMEX - London spread is presented in a chart [10] Inventory and Holdings - COMEX Silver inventory, LBMA Silver inventory, Shanghai Gold Exchange Silver inventory, Shanghai Futures Exchange Silver inventory, Gold ETF holdings, and Silver ETF holdings are presented in charts [11] Position and Settlement - Shanghai Gold Exchange Gold and Silver positions and settlements are presented in charts [11] Deferred Fees - Shanghai Gold Exchange Gold and Silver deferred fee directions are presented in charts [11] Non - Commercial Long Positions - COMEX Gold and Silver non - commercial long position ratios are presented in a chart [11] Import Profits - Gold and Silver import profits are presented in charts [12][6]