贵金属早报 研究中心贵金属团队 2026/03/04 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 5313.90 | 94.62 | 2366.00 | 1793.00 | 71.23 | 13145.00 | | 变化 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -251.00 | | 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 | 98.55 | 1.17 | 1.34 | 157.35 | 1.76 | | | 变化 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 交 易 数 据 | | | | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | -- ...

| | | | 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 | | | | | | | | | ...

技术面来看，欧元兑美元经阶段性回调后进入超卖修复，空头动能衰减，反弹概率上升。汇价运行于关 键支撑上方，均线系统逐步修复，多空博弈均衡，短期走势取决于关键点位突破情况，突破阻力可延续 修复，反之或重回震荡、测试支撑。 欧元走强存在双重影响：既提升居民购买力、降低进口成本、缓解输入性通胀，也可能削弱出口经济体 竞争力、拖累制造业复苏，进而间接影响欧央行政策与欧元走势。 后市而言，短期汇价受晚间数据、财报及情绪驱动，关键点位决定波动方向；中长期由欧美政策分化、 欧元区经济复苏、全球贸易及美元信用主导。机构分歧明显，多数认为政策差未扭转前汇价震荡、下行 空间有限，也有机构警示回调风险。 投资者需保持谨慎，重点关注关键点位得失，依托技术修复适度低吸布局，跌破支撑果断离场、严控仓 位止损，持续跟踪欧美央行动向、经济数据及地缘贸易局势。 2026年2月25日周三，全球汇市交投平稳，欧元兑美元低位企稳，摆脱前期弱势开启技术性修复，围绕 近期区间震荡未现明确单边方向，市场静待晚间重点财经数据及相关事件指引。 基本面核心是欧央行与美联储的货币政策分化。欧央行维持谨慎偏鹰立场，虽欧元区通胀回落，但核心 通胀黏性仍存，官员明确短期 ...

●FPG最新市场脱水消息： | | 黄金 (XAUUSD) | | | | --- | --- | --- | --- | | 日图 K 线呈现: 偏空 日内方向 | | | | | 5201 阻力 | | 521 7 | 5228 | | 支撑 5163 | | ਟੀਥੇਟ | STS3 | | 动能 | 动力强（实时变化）全品种量化周期大于３年，参考价值≥67.1% | | | 1. ADP数据显示，过去一周美国民间就业新增12.8万人，高于前值。此外，美国2月消费者信心指数为 91.2，优于市场预期。 2. 据彭博社报道，波士顿联储主席柯林斯周二表示，鉴于近期经济数据表明劳动力市场有所改善，但通 胀风险仍在，利率"可能在一段时间内维持不变"。 3. 美国总统特朗普将于当地时间2月24日晚间9点左右在国会山向两院议员发表2026年度国情咨文，这是 2026年中期选举前的一次重要政治演讲。 ●FPG fortune prime global分析师观点： FPG特约分析师（Felix）观点： 在金价触及数周高位后，交易员开始获利了结，令黄金承压走低。此外，美联储官员偏鹰派的言论支撑 了美元，并拖累以美元计价的 ...

Group 1: Price Performance - London Gold's latest price is 5191.40 with a change of 196.45 [1] - London Silver's latest price is 86.94 with a change of 9.59 [1] - London Palladium's latest price is 2058.00 with a change of -51.00 [1] - WTI Crude's latest price is 66.31 with a change of 3.42 [1] - LME Copper's latest price is 13061.50 with a change of 167.00 [1] - US Dollar Index's latest value is 97.74 with a change of 0.88 [1] - Euro to US Dollar's latest rate is 1.18 with a change of -0.01 [1] - British Pound to US Dollar's latest rate is 1.35 with a change of -0.02 [1] - US Dollar to Japanese Yen's latest rate is 154.67 with a change of 1.97 [1] - US 10 - year TIPS's latest value is 1.77 with a change of 0.00 [1] Group 2: Trading Data - COMEX Silver's value is 11321.76 with a change of -386.68 [1] - SHFE Silver's value is 349.88 with a change of -3.68 [1] - Gold ETF's value is 1086.47 with a change of 0.00 [1] - Silver ETF's value is 15830.38 with a change of 0.00 [1] - SGE Silver's value is 493.67 with a change of 9.44 [1] - SGE Gold's value is 1 with a change of 0.00 [1] - Another SGE Silver's value is 2 with a change not clearly presented [1]

策略研究 · 全球大类资产配置观察 海外市场有何异动？ ——全球大类资产配置观察 2026 年 2 月 22 日 核心观点 分析师 杨超 ：010-8092-7696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 孔玥 ：kongyue_yj @chinastock.com.cn 分析师登记编码：S0130525100001 相关研究 2025-11-22，变局蕴机遇，聚势盈未来——2026 年 A 股 市场投资展望 2025-11-06，A 股三季报业绩有哪些看点？2025-10-23， 划重点：二十届四中全会公报对 A 股投资的启示 2025-10-26，布局消费主题投资机遇— "十五五"规划展 望系列 2025-08-20，反内卷中寻投资机会—— "十五五"规划展 望系列 2025-08-06，七部门剑指新型工业化，金融活水锚定新 质生产力 2025-07-31，8 月投资组合报告：政策预期+业绩护航 2025-07-31，7 月决议偏鹰，9 月降息窗口还在吗？ 2025-07-30，7 月政治局会议对 A 股市场的投资指引 2025-07- ...

Core Viewpoint - The US dollar index increased by 0.23% to 97.08, indicating a strengthening of the dollar against most non-US currencies [1] Currency Movements - The euro declined by 0.15% against the dollar, trading at 1.1851 [1] - The British pound fell by 0.20% against the dollar, with a rate of 1.3628 [1] - The Australian dollar remained stable against the dollar, holding at 0.7072 [1] - The Japanese yen depreciated by 0.54% against the dollar, with a rate of 153.5205 [1] - The Canadian dollar weakened by 0.14% against the dollar, trading at 1.3637 [1] - The Swiss franc decreased by 0.26% against the dollar, with a rate of 0.7697 [1]

Group 1 - The latest Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistics indicates a further slowdown in inflation growth, prompting the market to reassess the Federal Reserve's policy path [1] - In January, the overall CPI increased by 0.2% month-on-month, below the market expectation of 0.3%, and the year-on-year growth rate recorded 2.4%, also below the expected 2.5%, marking the smallest increase since May of the previous year [1] - The core CPI, excluding volatile food and energy prices, rose by 0.3% month-on-month, in line with market expectations, while the year-on-year growth rate fell to 2.5%, matching expectations and indicating the slowest growth since March 2021 [1][3] Group 2 - The decline in inflation is primarily attributed to a significant drop in energy prices, with the energy index falling by 1.5% in January, and gasoline prices dropping by 3.2%, alleviating upward pressure on overall inflation data [3] - Housing costs remain a major contributor to inflation, increasing by 0.2% in January, but this increase is relatively mild compared to previous years, providing strong support for the inflation outlook [3] - Current CPI levels suggest that the Federal Reserve is nearing its 2% inflation target, although the market may not price in an earlier rate cut, a slight reduction in terminal rates is deemed reasonable based on current data [3]

Group 1: Price Performance - London Gold's latest price is 5077.85, with a change of 46.45 [1] - London Silver's latest price is 86.10, with a change of 3.82 [1] - London Platinum's latest price is 2120.00, with a change of 25.00 [1] - London Palladium's latest price is 1733.00, with a change of 27.00 [1] - WTI Crude Oil's latest price is 63.96, with no change [1] - LME Copper's latest price is 13170.00, with a change of 94.00 [1] - The latest value of the US Dollar Index is 96.87, with no change [1] - The latest exchange rate of Euro to US Dollar is 1.19, with no change [1] - The latest exchange rate of British Pound to US Dollar is 1.36, with no change [1] - The latest exchange rate of US Dollar to Japanese Yen is 154.40, with no change [1] - The latest value of US 10 - year TIPS is 1.84, with no change [1] Group 2: Trading Data - COMEX Silver's latest inventory is 12014.43, with no change [2] - SHFE Silver's latest inventory is 342.10, with a change of 18.73 [2] - Gold ETF's latest holding is 1081.32, with a change of 2.00 [2] - Silver ETF's latest holding is 16236.18, with a change of 19.73 [2] - SGE Silver's latest inventory is 504.96, with no change [2] - SGE Silver's latest deferred fee payment direction is 2, with a change of 1.00 [2] - Another SGE Silver's latest deferred fee payment direction is 2, with no change [2]

●FPG最新市场脱水消息： 1. 美国1月就业增长意外加速，失业率降至4.3%，这些劳动力市场稳定的迹象，可能为美联储提供政策观望的空 间，能在监控通胀之际，继续让利率保持一段时间不变。 2. 根据美国劳工部周三发布的数据，1月非农就业人数增加13万人，远高于市场预期的6.6万人。失业率则由2025年 12月的4.4%降至4.3%。强劲非农数据促使市场重新调整对降息的预期。由于劳动市场表现稳健，且通胀走势基本 符合预期，投资者降低降息押注并买进债券，推动美债收益率上升。 3. 美国《华尔街日报》周三发布独家报道，美国官员透露，五角大楼已指示第二支航空母舰打击群进入部署准备 状态，准备前往中东地区，以应对美军可能对伊朗采取军事行动的局势升温。 ●FPG fortune prime global分析师观点： FPG特约分析师（Felix）观点： 尽管美国国债收益率上升，但逢低买盘仍涌入黄金市场，黄金价格并未受到强劲的非农就业数据影响。堪萨斯城 联储主席施密德的鹰派言论抑制了市场对美联储大幅降息的预期。与美国总统特朗普相关的地缘政治和贸易风险 支撑金价在5000美元/盎司上方。除了地缘政治局势之外，投资者也将密切关 ...