| | | | 貴金属早报 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心贵金属团队 2026/03/02 | | | 价 格 表 现 | | | ODO BOURCE POINT | | ODO BEAURCE POINT | | | | 品种 | 伦敦金 | 伦敦银 | | 伦敦铂 | 伦敦锂 | WTI原油 | LME铜 | | 最新 | 5222.30 | 89.98 | | 2255.00 | 1769.00 | 67.02 | 13458.00 | | 変化 | 54.95 | 3.55 | | -68.00 | -63.00 | 1.81 | 132.50 | | 品种 | 美元指数 | 欧元兑美元 | | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | 97.64 | 1.18 | | 1.35 | 156.09 | | | | 変化 | -0.14 | 0.00 | | 0.00 | -0.04 | | | | 交易数据 | | | | | | | | | ...

8,000 6,000 白银进口利润 ● 白银进口利润 4,000 0 2,000 -20 0 -40 -2,000 -60 2025-04-14 2025-06-27 2025-09-10 2025-12-09 2025-04-14 2025-06-24 2025-09-02 2025-11-26 2026-02- 等设言10年期LIbS 美国国债利率与利差 十年 ● 美国国债利差(右轴) ▶ 伦敦现货黄金:以美元计价(右轴) ▶ 美国:国债收益率:通胀指数国债(TIPS):10年 6 0.5 3 6,000 5 2 0 5,000 4 -0.5 1 4,000 3 0 3,000 -1 2 -1.5 2,000 -1 1 0 -2 1,000 2021-03-03 2023-09-27 2018-07-31 2018-09-12 2021-05-25 2024-02-01 016-01-04 2016-01-04 ＥＴＦ持 仓 变 化 COMEX银库存吨 白银LBMA库存量 ● LBMA:库存量:白银:当月值 ● COMEX银库存吨 品员什 ť ( 18,000 1,200,000 16,000 1,10 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No clear core view is presented in the given content, which mainly consists of price and trading data of various commodities. 3. Summary by Related Catalogs Price Performance - Latest prices: London Gold at $4948.00, London Platinum at $74.94, London Silver at $2024.00, London Lithium at $1680.00, WTI Crude at $63.55, LME Copper at $12,790.50; Dollar Index at 97.61, Euro - US Dollar at 1.18, Pound - US Dollar at 1.36, US Dollar - Japanese Yen at 157.23, US 10 - year TIPS at 1.88 [1] - Price changes: London Gold -$3.77, London Platinum -$279.00, London Silver +$0.26, London Lithium -$133.50, WTI Crude +$100.75, LME Copper -$154.00; Dollar Index -0.35, Euro - US Dollar +0.01, Pound - US Dollar +0.20, US Dollar - Japanese Yen -0.01, US 10 - year TIPS 0.00 [1] Trading Data - COMEX Silver: latest 12,270.68, change -108.80; Shanghai Futures Exchange Silver: latest 1076.23, change -56.36; Shanghai Gold Exchange Gold: latest 16,191.09, change 0.00; Shanghai Gold Exchange Silver: latest 349.90, change 1.00; Gold ETF holdings: latest 506.49, change -62.56; Silver ETF holdings: latest 2, change -1.72 [1] Metal Ratios - COMEX - London spreads and various metal - to - metal ratios are presented in graphical form, showing trends over different time periods [1] Import Profits - Graphs show trends of silver and gold import profits over different time periods [1][2][3][5] US Treasury Rates and Spreads - Graph shows the relationship between US Treasury yields, inflation - indexed Treasury yields, and London spot gold prices [4] ETF Holdings and Inventories - Graphs show trends of ETF holdings (gold and silver) and inventories (COMEX silver, LBMA silver, Shanghai Futures Exchange silver, Shanghai Gold Exchange silver) over different time periods [4] Shanghai Gold Exchange Positions and Deliveries - Graphs show trends of Shanghai Gold Exchange gold and silver positions and deliveries over different time periods [4] Shanghai Gold Exchange Deferred Fees - Graphs show trends of Shanghai Gold Exchange gold and silver deferred fee directions over different time periods [4] COMEX Non - Commercial Long Positions - Graph shows the proportion of non - commercial long positions of COMEX gold and silver over different time periods [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No relevant information provided 3. Summary of Key Points by Category Price Performance - Latest prices: London Gold at $4847.25, London Silver at $78.71, London Platinum at $2303.00, London Palladium at $1834.00, WTI Crude at $63.21, and LME Copper at $12924.00 [1] - Price changes: London Gold dropped by $137.85, London Silver by $11.88, London Platinum rose by $56.00, London Palladium by $17.00, and LME Copper dropped by $532.00 [1] - Other financial indicators: Dollar Index at 97.96 (up 0.31), Euro - US Dollar at 1.18 (unchanged), British Pound - US Dollar at 1.35 (down 0.01), US Dollar - Japanese Yen at 157.04 (up 0.13), and US 10 - year TIPS at 1.94 (unchanged) [1] Trading Data - COMEX Silver inventory at 12379.48 (down 86.51), SHFE Silver inventory at 412.46 (down 10.78), Gold ETF holdings at 1077.95 (down 4.00), and Silver ETF holdings at 16247.45 (down 122.60) [1] - Shanghai Gold Exchange Gold inventory at 506.49 (unchanged) and Shanghai Gold Exchange Silver inventory with a deferred - fee payment direction of 2 (unchanged) [1] Precious Metal Ratios - The report presents various precious metal ratios including gold - platinum ratio, platinum - palladium ratio, COMEX - London spread, gold - crude oil ratio, and gold - copper ratio over different time periods [1] Import Profits and Other Indicators - There are charts showing gold import profit, silver import profit, US Treasury bond interest rates and spreads, and their relationships with London spot gold prices [2][3][4] - Charts display inventory changes of COMEX silver, LBMA silver, SHFE silver, and Shanghai Gold Exchange silver, as well as holdings of gold and silver ETFs [3] - Charts show the positions and settlements of Shanghai Gold Exchange gold and silver, and the deferred - fee payment directions of Shanghai Gold Exchange gold and silver [3] - A chart shows the proportion of non - commercial long positions in COMEX gold and silver [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No clear core view is presented in the provided documents. 3. Summary by Relevant Categories Price Performance - Latest prices of various precious metals and commodities: London Gold at $4714.75, London Silver at $103.19, London Platinum at $2145.00, London Lithium at $1820.00, WTI Crude at $62.14, and LME Copper at $13351.00 [1] - Price changes: London Platinum decreased by $155.00, and LME Copper increased by $843.50, while others remained unchanged [1] - Latest values of currency - related data: Dollar Index at 1.37, Euro - US Dollar at 1.18, Pound - US Dollar not provided, US Dollar - Japanese Yen at 155.60, and US 10 - year TIPS at 1.94, with no changes [1] Trading Data - COMEX Silver inventory is 12618.61 with no change,上期所白银库存 is 449.65 (decreased by 12.97), Gold ETF持仓 is 1083.38 (decreased by 3.72), Silver ETF持仓 is 16437.70 (decreased by 108.89), 上金所白银库存 is 506.49 with no change, 上金所黄金递延费支付方向 is 1 (decreased by 1.00), and 上金所白银递延费支付方向 is 2 with no change [1] Ratios - Various ratios are presented in the form of graphs, including gold - crude oil ratio, gold - copper ratio, gold - platinum ratio, platinum - palladium ratio, COMEX silver ratio, and COMEX - London spread [1][2][4] Other Data - Graphs show data such as silver import profit, gold import profit, US Treasury bond interest rates and spreads, ETF持仓 changes, silver and gold inventories in different exchanges, and non - commercial long - position ratios in COMEX for gold and silver [1][3][6][7]