本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 【11月22日澳新银行：黄金回落至4000美元，白银表现优，美联储下月或降息】11月22日，澳新银行透 露，黄金价格从近期4380美元峰值回落，现交投于4000美元附近。不过市场基本面稳固，投资需求旺， 央行购金势头强。当前美国劳动力市场、通胀与消费者支出风险平衡，预示美联储下月有望降息25个基 点。增长放缓、股市估值高、地缘政治不确定等因素，将支撑投资需求与央行购金趋势。白银表现持续 优于黄金，黄金白银价格比率降至80。十月零售投资增长使现货市场供应趋紧，助推白银强势。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和闭猎报 11.22 22:42:15 厨六 澳新银行:黄金回落至4000美元,白 银表现电优 【11月22日澳新银行:黄金回落至4000美元,白银 表现优,美联储下月或降息】 11月22日,澳新银行 透露,黄金价格从近期4380美元峰值回落,现交投 于4000美元附近。不过市场基本面稳固,投资需求 旺,央行购金势头强。当前美国劳动力市场、通胀 与消费者支出风险平衡,预示美联储下月有望降息 ...

澳新 银行表示， 黄金价格已从近期4380美元的峰值回落，目前交投于4000美元附近。尽管如此，市场 基本面依然稳固，投资需求旺盛且央行购金势头强劲。当前美国劳动力市场、通胀与消费者支出领域的 风险平衡态势，预示着美联储下月有望降息25个基点。经济增长放缓、股市估值过高、地缘政治不确定 性以及全球资金从美国资产转向多元化配置等因素，预计将持续支撑稳健的投资需求与央行购金趋势。 白银表现继续优于黄金，黄金白银价格比率已降至80。十月零售投资增长令现货市场供应趋紧，进一步 助推了白银强势。（格隆汇） ...

2025年国际金价年内涨幅超30%、A股黄金概念板块29只个股股价翻倍的强势表现，并非偶然行情波动，而是多 重底层逻辑共振的必然结果，更预示着贵金属行业未来的清晰发展方向。领峰新时代平台就是在这样一个背景下 应运而生，平台深度融合了技术革新与市场需求的双重驱动。 从领峰品牌的迭代升级到全行业的价值重构，贵金属市场正站在新的发展起点。领峰新时代平台的崛起印证了"专 业积淀 + 技术创新"的强大生命力，而多重核心逻辑的共振则预示着贵金属的战略配置价值将持续凸显。在全球 资产配置逻辑重构的背景下，既背靠专业积淀、又拥抱数字变革的市场参与者，终将在贵金属行业的发展浪潮中 占据先机。 在产业端，行业正呈现明显的头部聚集效应。A 股市场中，紫金矿业以7827 亿元总市值领跑黄金概念板块，洛阳 钼业、山东黄金等龙头企业通过资源整合与产能扩张进一步巩固优势，盛屯矿业等企业则通过海外并购强化资源 储备，行业集中度持续提升。同时，贵金属的应用场景正从投资领域向工业领域延伸，白银在新能源、电子元件 等领域的需求增长，赋予了"贵金属 + 工业金属"的双重属性，进一步打开行业成长空间。 贵金属行业的发展虽长期向好，但仍需警惕潜在风险。 ...

本文黄金、白银等产品行情分析，以国际报价为基准；今日换算系数，国际金价/4.374≈国内金价。 周五黄金再次大扫荡，昨天开盘之后，亚洲盘惯性下跌，欧洲盘时段受支撑于3886美元以来的趋势支撑止跌反弹，美盘时段迎来了大涨拉升。美盘一度突破 日内高点至4100区域后再次回落；最终，日线以阴十字收盘，周线同样收取阴十字。下周是11月最后一个交易周，月线收盘，下周相对关键。 昨天欧美盘时段的上涨最主要是受两个消息影响，第一个，乌克兰和欧盟拒绝了美国起草的和平协议关键部分。第二，纽约联储主席威廉姆斯拥有了投票 权，昨天讲话凸显鸽派，市场认为12月份美联储可能降息。威廉姆斯的讲话，使得导致12月份美联储降息的概率从前一天的30%下方直接跃升至50%以上， 接近百分之70%。 在消息之后，黄金迎来了拉升，美股也迎来了止跌回升。昨天美联储还有几个官员讲话，洛根以及柯比斯，他们两个倾向于暂停降息里，今年刚刚当选的理 事米兰是支持降息。现在，美联储比较热闹，前几天是鹰派作风，一堆官员出来讲话，打压降息预期，昨天美联储内部又开始分化了。 地缘局势，俄乌冲突再次回到了市场的焦点；亚太地区的日本，同时我们要持续关注北美地区，美国和委内 ...

Market Overview - On November 17, a broad sell-off occurred in the U.S. financial markets, affecting technology stocks, cryptocurrencies, and gold, leading to significant declines across various asset classes [1] - The Dow Jones Industrial Average dropped by 557 points, while the S&P 500 and Nasdaq fell below their 50-day moving averages for the first time in 138 days, breaking a bullish trend that had persisted since May [1] Technology Sector - Despite an increase in Alphabet's stock by over 3 points due to Berkshire Hathaway's investment, this positive momentum was insufficient to support the overall tech sector [3] - Apple’s stock fell by over 1 point following Berkshire's reduction of its stake, while major tech companies like Nvidia and Meta also experienced declines [4] - The index tracking large tech stocks reached its lowest level in nearly a month, indicating a loss of confidence in previously popular stocks [6] Cryptocurrency Market - Bitcoin's price fell below $92,000, erasing earlier gains and indicating a bearish trend, as it formed a "death cross" with its 50-day moving average crossing below the 200-day moving average [6] - Coinbase's stock dropped by over 7 points, with analysts suggesting Bitcoin's decline may have been a precursor to the broader market downturn [8] Gold and Silver - Contrary to expectations that gold would serve as a safe haven, spot gold prices fell to around $4,000, and futures dropped to $4,068.30 per ounce, with silver also falling below $50 [8] - Analysts noted that gold's trading behavior has increasingly resembled speculative stocks rather than a traditional safe asset [10] Credit Market Concerns - The credit market is showing signs of stress, with Amazon issuing $15 billion in bonds at a higher spread than existing bonds, indicating increased perceived risk among investors [10] - Concerns are growing regarding the debt levels of tech giants relying on borrowed funds for AI infrastructure, as seen in rising credit default swap spreads for companies like Oracle and CoreWeave [12] Market Sentiment and Future Outlook - The S&P 500 has breached the critical level of 6,725 points, raising concerns that quantitative trend-following funds may shift from buyers to sellers, potentially increasing downward pressure on the market [15] - Uncertainty surrounding the Federal Reserve's interest rate policy and mixed economic data is contributing to investor anxiety, leading to asset sell-offs as a precautionary measure [17][21] - Upcoming earnings reports from Nvidia and delayed employment data are expected to be pivotal in determining market direction [18][23]

新华财经北京11月21日电 受外围市场拖累，国内商品市场21日几乎全线走弱。截至收盘时，中证商品期货价格指数收报1458.04点，较前一交易日下跌16.46 点，跌幅1.12%；中证商品期货指数收报2015.90点，较前一交易日下跌22.76点，跌幅1.12%。 在工业品普遍承压的背景下，部分农产品板块21日表现坚挺。其中，淀粉及玉米主力合约当日均涨超1%，领涨商品市场。分析认为，玉米产业链的相对强 势主要受到自身基本面支撑。据国投期货介绍，目前东北玉米新粮增量幅度减小，农户惜售情绪渐强，价格稳中略强；北港玉米价格继续偏强，价格坚挺； 山东现货上量较上周略减，价格平稳。目前中下游玉米库存普遍较低，随着近期深加工企业开工率的提升，收购价格有所上涨。进口玉米也依旧偏少，后续 需等待中美具体贸易协议的签订，目前粮权并未完全转移，关注未来东北新粮售粮进度。另外，需要注意到的是，由于养殖企业处于增肥阶段，玉米需求增 加，饲企玉米库存继续增加。据Mysteel最新调查数据显示，截至11月20日，全国饲料企业平均库存26.23天，较上周增加0.62天，环比上涨2.42%。 油脂板块21日走势分化，在豆系油脂油料普遍收跌的背 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the Nanhua Composite Index dropped 46.24 points, a decline of -1.81%. The most influential varieties were crude oil and silver, with the crude oil variety index falling -2.63% and contributing -0.43%, and the silver variety index falling -5.62% and contributing -0.34% [1][2]. - The Nanhua Industrial Products Index decreased by 66.82 points, a -1.9% decline. The most influential varieties were crude oil and soda ash, with the crude oil variety index contributing -0.46% and the soda ash variety index contributing -0.19% [1][2]. - The Nanhua Metal Index fell 41.52 points, a -0.64% decline. The most influential variety was nickel, contributing -0.28% [1][2]. - The Nanhua Energy and Chemical Index dropped 37.08 points, a -2.36% decline. The most influential variety was crude oil, contributing -0.66% [2]. - The Nanhua Agricultural Products Index declined by 16.47 points, a -1.55% drop. The most influential variety was live pigs, contributing -0.55% [2]. 3. Summary by Relevant Catalogs 3.1. Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Points Change | Change Rate | This Week's Maximum | This Week's Minimum | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCl | 2502.56 | 2548.80 | -46.24 | -1.81% | 2548.80 | 2502.56 | 46.24 | | Precious Metals Index NHPMI | 1528.34 | 1593.22 | -64.87 | -4.07% | 1593.22 | 1523.63 | 69.59 | | Industrial Products Index NHII | 3456.21 | 3523.03 | -66.82 | -1.90% | 3531.97 | 3456.21 | 75.76 | | Metal Index NHMI | 6404.75 | 6446.27 | -41.52 | -0.64% | 6497.29 | 6404.75 | 92.54 | | Energy and Chemical Index NHECI | 1536.98 | 1574.06 | -37.08 | -2.36% | 1576.32 | 1536.98 | 39.35 | | Non - ferrous Metals Index NHNFI | 1733.12 | 1759.79 | -26.67 | -1.52% | 1763.47 | 1733.12 | 30.35 | | Black Index NHFI | 2482.40 | 2488.63 | -6.23 | -0.25% | 2531.04 | 2482.40 | 48.64 | | Agricultural Products Index NHAI | 1045.84 | 1062.32 | -16.47 | -1.55% | 1062.32 | 1045.84 | 16.47 | | Nanhua Comprehensive New Consumption NHCIMi | 1158.20 | 1175.38 | -17.18 | -1.46% | 1182.55 | 1158.20 | 24.35 | | Energy Consumption NHEI | 992.08 | 1019.23 | -27.15 | -2.66% | 1023.40 | 992.08 | 31.32 | | Petrochemical Ammonia NHPCI | 875.55 | 885.60 | -10.05 | -1.13% | 887.30 | 875.55 | 11.75 | | Chlor - alkali Engineering Equipment MHCCI | 904.67 | 922.93 | -18.25 | -1.98% | 922.93 | 904.67 | 18.25 | | Black Raw Materials Index NHFMI | 1045.83 | 1049.97 | -4.15 | -0.39% | 1071.42 | 1045.83 | 25.59 | | Building Materials Index NHBMI | 687.69 | 696.93 | -9.24 | -1.33% | 702.74 | 686.94 | 15.80 | | Oilseeds Index NHOOl | 1233.00 | 1253.02 | -20.02 | -1.60% | 1253.02 | 1233.00 | 20.02 | | Economic Crops Consumption NHAECI | 906.22 | 916.59 | -10.37 | -1.13% | 916.59 | 906.22 | 10.37 | [3] 3.2. Nanhua Variety Index Arbitrage Data The report provides data on the relative strength arbitrage of Nanhua variety indices, including the present value, previous value, change, and ranking of various index ratios such as the ratio of the precious metals index to the composite index, the ratio of the industrial products index to the composite index, etc. [9] 3.3. Nanhua Sector Index Weekly Data - **Nanhua Industrial Products Index**: The most influential varieties were crude oil, soda ash, etc. The index closed at 3456.21 this week, down 1.90% from last week. There were 21 commodities in total, with 3 rising and 17 falling [14]. - **Nanhua Metal Index**: The most influential varieties were nickel, copper, etc. The index closed at 6404.75 this week, down 0.64% from last week. There were 13 commodities in total, with 3 rising and 10 falling [14]. - **Nanhua Energy and Chemical Index**: The most influential varieties were crude oil, soda ash, etc. The index closed at 1536.98 this week, down 2.36% from last week. There were 20 commodities in total, with 5 rising and 15 falling [14]. - **Nanhua Agricultural Products Index**: The most influential varieties were live pigs, soybean meal, etc. The index closed at 1045.84 this week, down 1.55% from last week. There were 13 commodities in total [14]. - **Nanhua Black Index**: The most influential varieties were coke, manganese silicon, etc. The index closed at 2482.40 this week, down 0.25% from last week [15]. - **Nanhua Non - ferrous Metals Index**: The most influential varieties were zinc, copper, etc. The index closed at 1733.12 this week, down 1.52% from last week [15]. 3.4. Contribution of Each Variety to Index Fluctuations The report shows the contribution of the daily fluctuations of each futures variety to the index fluctuations, as well as the average weekly open interest,环比增幅, and open interest ratio of each futures variety [17].

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年11月21日15时44分 一、黄金 报告导读： 今日贵金属震荡回调，沪金主力收跌1.40%，沪银主力收跌3.70%。①核心逻辑，短期避险方面，中美会谈利空兑现，地缘异动风 险仍存；美国就业走弱通胀温和，联储官员偏鹰，降息预期回调。②避险属性方面，中美经贸磋商成果共识公布。俄乌、中东等地 缘异动风险仍存。③货币属性方面，美国9月就业增长超预期，但失业率升至4.4%。美联储官员警示金融稳定风险，12月是否降息 仍存分歧。美联储公布的10月政策会议纪要显示，美联储决策层在上月降息时存在严重分歧。许多官员认为，在2025年剩余时间 内维持利率不变"可能是合适之举"。更多美联储决策者暗示对12月降息持谨慎态度。美国政府结束停摆，市场等待更多经济数 据指引。目前市场预期美联储12月降息25基点概率跌至30%附近。美元指数和美债收益率下行遇阻偏强；④商品属性方面，CRB 商品指数震荡偏弱，人民币贬值利多内价格。⑤预计贵金属短期震荡偏弱，中期高位震荡，长期阶梯上行。 | 策略：稳健者观望，激进者高抛低吸。建议做好仓位管理，严格止损止盈。 | | --- | | 表 ...

（编辑 袁冠琳） 证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司主要产品有铅锭、锌 锭及锌合金、阴极铜、白银、黄金、粗铜、电镓、锗精矿、工业硫酸、硫磺等产品。铅金属主要用于铅 酸蓄电池、铅材和铅合金，其他用途还包括氧化铅、铅盐、电缆等其他铅产品。锌金属主要用于镀锌、 压铸合金、氧化锌、黄铜、电池等领域。 ...

（编辑 袁冠琳） 证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司主要产品有铅锭、锌 锭及锌合金、阴极铜、白银、黄金、粗铜、电镓、锗精矿、工业硫酸、硫磺等产品。铅金属主要用于铅 酸蓄电池、铅材和铅合金，其他用途还包括氧化铅、铅盐、电缆等其他铅产品。锌金属主要用于镀锌、 压铸合金、氧化锌、黄铜、电池等领域。 ...