| 名称 | 最新价 | 开盘价 | 昨收价 | 最高价 | 最低价 | 报价单位 | | --- | --- | --- | --- | --- | --- | --- | | 美期金 | 5186.80 | 5201.40 | 5201.50 | 5212.00 | 5182.90 | 美元/盎司 | 打开APP，查看更多高清行情>> 备注：以上 黄金期货价格仅供参考，更多 黄金期货行情实时价格、 黄金期货一手要多少钱请以官方价 格为准，如有对黄期货价格有何疑问可咨询本站客服。 最新美黄金期货价格实时行情查询（2026年2月27日） | 今日纽约黄金期货价格（2026年2月27日） | | --- | ...

Group 1 - The A-share market opened strong in the Year of the Horse, with the Shanghai Composite Index rising by 0.87%, the Shenzhen Component Index by 1.36%, and the ChiNext Index by 0.99% on February 24, 2026, with a total trading volume of 2.2 trillion yuan, an increase of 219.4 billion yuan from the previous trading day [1] - The 2026 Spring Festival box office reached 5.752 billion yuan, with a total of 120 million viewers, marking a significant performance for the film industry during this period [4] - The domestic tourism market saw 596 million trips during the Spring Festival holiday, an increase of 95 million trips compared to the previous year, with total spending reaching 803.483 billion yuan, up by 126.481 billion yuan [6] Group 2 - The number of cross-regional movements during the Spring Festival exceeded 2.8 billion, with an average of 311 million movements per day, reflecting an 8.2% year-on-year growth [5] - The number of electric vehicle charging sessions on highways reached 6.021 million, with a total charging volume of 14.97675 billion kilowatt-hours, representing a 52.01% increase in daily average charging volume compared to the previous year [8] - International gold and silver prices surged during the Spring Festival due to geopolitical tensions and inflation pressures, with gold futures rising by 3.55% and silver futures by 11.04% over five trading days [12]

Market Overview - US stock index futures declined amid light trading as investors returned from the Presidents' Day holiday, entering a week with reduced trading hours [1][7] - Concerns over ongoing AI spending and competitive pressures continue to weigh on the tech-heavy Nasdaq index, which saw futures drop by 0.7% [1][9] - European markets opened quietly, with most blue-chip indices rising, including the FTSE 100, which increased by 0.4% [2][8] Currency and Commodities - The US dollar rose to an 11-day high against a basket of currencies, supported by risk-averse capital flows as traders returned from the holiday [3][9] - Gold prices fell below $5,000 per ounce, with New York gold futures down by 2.2% to $4,937.40 [6][12] - Oil prices declined ahead of direct talks between the US and Iran, with Brent crude down by 0.9% to $68 per barrel [5][11] Economic Data and Expectations - Investors are awaiting key economic indicators, including the ADP employment data and inflation figures from the US and Japan, to be released later in the week [1][5] - The market anticipates the release of the Federal Reserve's meeting minutes and fourth-quarter economic growth data, which may provide insights into future interest rate cuts [3][9] Stock Performance - The Nasdaq index futures fell by 0.6% in pre-market trading, with most of the "Magnificent 7" tech stocks declining, except for Amazon, which rose by 0.2% [1][7] - The Nikkei index closed down 0.2%, marking its fourth consecutive day of decline, with SoftBank shares dropping by 5.1% [2][7]

Core Viewpoint - Gold prices have retreated below $5,000 amid thin trading conditions due to the Lunar New Year holidays in Asia and a market closure in the U.S. on Monday [1] Group 1: Market Conditions - New York gold futures fell by 2.2% to $4,937.40 per ounce [1] - The liquidity situation remains thin, particularly in the metals market [1] - Speculative sentiment needs to significantly improve for price movements to break out of a relatively narrow range in the short term [1] Group 2: Economic Data Focus - Attention is shifting towards upcoming economic data releases, including the U.S. ADP employment data scheduled for Tuesday [1] - Inflation data from the UK and Japan is also anticipated, which may trigger regional volatility [1]

欧洲市场早盘，金价走软，纽约黄金期货价格维持在每盎司5,100美元下方，因强于预期的美国就业人 数数据和失业率下降，降低了市场对美联储近期降息的预期。盛宝银行的分析师表示："市场对未来经 济数据的重新关注表明，在近期波动性飙升后市场出现一定程度的正常化，而中国即将到来的春节假期 可能会进一步抑制风险偏好和流动性。"黄金期货下跌0.3%，至每盎司5,082.50美元；白银下跌0.9%， 至每盎司83.16美元。美元指数持平于96.88。 来源：滚动播报 ...

| 名称 | 最新价 | 开盘价 | 昨收价 | 最高价 | 最低价 | 报价单位 | | --- | --- | --- | --- | --- | --- | --- | | 美期金 | 5048.40 | 5084.30 | 5084.20 | 5100.90 | 5011.00 | 美元/盎司 | 最新美黄金期货价格实时行情查询（2026年2月10日） | 今日纽约黄金期货价格（2026年2月10日） | | --- | 备注：以上 黄金期货价格仅供参考，更多 黄金期货行情实时价格、 黄金期货一手要多少钱请以官方价 格为准，如有对黄期货价格有何疑问可咨询本站客服。 打开APP，查看更多高清行情>> ...

Group 1 - The core viewpoint is that the recent rise in gold prices above $5000 is primarily driven by the rebound in silver prices, which have increased over 20% from a low of $64 to nearly $81 [1] - The previous decline in gold prices was attributed to a cleansing of profit-taking, while the initial rise was linked to a loss of confidence in the US dollar [1] - The current market sentiment suggests that the logic supporting weak dollar conditions is no longer recognized by investors, making it difficult for precious metals to reach previous peak levels [1] Group 2 - The outlook for gold prices above $5000 is cautious, with increasing pressure for further upward movement, indicating limited short-term potential for price increases [1] - The new market conditions suggest that gold should be viewed as a gradual selling opportunity above $5000, rather than a buying point [3] - If gold prices were to decline to around $4500, it could present a buying opportunity for investors [3]

而对现货黄金来说，早盘跌破了4800美元。纽约黄金期货的跌幅也逼近了3%，最低时到了4800美元，前天的反弹成果也被吃掉大部分。 理论上说，中期而言只要全球央行继续增持黄金，我想黄金的牛市就不会结束，但是对短期的波动还是要保持一种敬畏的姿态。 如何看待这个现象呢？ 到底应该怎么应对？ 经历了连续两天的反弹之后，白银和黄金今天再度出现跳水，尤其是白银期货盘中一度大跌13%，重新回到了73美元附近，要知道昨天白银期货最高时还到 了接近92美元，而今天一个早上就将过去两天的反弹成果全部吞吃了，给人感觉这有点多杀多的情形。 我以为，尽管美元信用短期内修复的概率非常低，对黄金而言中长期的多头是毋庸置疑的。但是从目前的贵金盘面看，资金浮躁的态势非常明显，我越来越 感觉到空头似乎在占据主导了，这种情形下最好的应对策略，对我个人而言那就是继续减仓了，用控制仓位的方式来应对接下来的不确定性，等黄金彻底找 到了平衡之后再做打算无疑是最合适的。 从白银的走势可以看出，感觉资金的心态依然不是很稳定，因为此前已经出现了一波明显的下跌，按理来说到了目前这个位置应该逐步的平稳为主了，可是 从早盘白银期货快速下跌13%的现象观察，多头的底气 ...

Group 1: Gold Market Insights - Last week, gold prices briefly reached a record high of $5,586 but closed below $5,000, indicating a return to the long-term logarithmic ascending channel[4] - The single-day percentage drop in gold prices exceeded 11%, marking the largest drop in at least 50 years, surpassing the previous record of 9.4% on March 17, 1980[7] - The gold-silver price ratio fell to 46, the lowest level in 15 years, before rebounding above 50, suggesting potential weakness in gold's recovery[10] Group 2: Currency and Bond Market Trends - The risk reversal volatility for the euro against the dollar has surged to its highest level in 20 years, indicating increased demand for euro call options[12] - As of January 30, the net short position in dollar futures dropped to 13.9% of total open interest, down from 22% the previous week, reflecting reduced bearish sentiment ahead of the new Fed chair nomination[16] - The equity risk premium (ERP) for the CSI 300 index is currently at 4.2%, which is one standard deviation above the 16-year average, indicating potential for valuation uplift[17] Group 3: Bond Market Developments - The forward arbitrage return for China's 10-year government bonds is currently 30 basis points, which is 60 basis points higher than the level in December 2016[20] - The 3-month USD/JPY basis swap is at -15.9 basis points, while the Libor-OIS spread is at 121.5 basis points, indicating increased offshore dollar financing pressure[23] Group 4: Stock and Bond Performance - The total return ratio of domestic stocks to bonds is at 28.8, above the average level of the past 16 years, suggesting enhanced attractiveness of equities relative to fixed income[28]

证 券 研 究 报 告 【资产配置快评】 Riders on the Charts: 每周大类资产配置图 表精粹 ❖ 投资摘要： If you knew how hard it is to obtain perfection in any work, you would overlook shortcomings. —Lorenzo di Piero De' Medici 多资产配置研究 资产配置快评 2026 年 02 月 04 日 华创证券研究所 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《金银巨震，大类资产风波又起——总量"创" 辩第 121 期》 2026-02-03 《资产配置快评 2026 年第 5 期：美联储重回"观 望"模式——1 月美联储议息会议点评 2026 年 第 1 期》 2026-01-29 《资产配置快评 2026 年第 4 期：Riders on the Charts：每周大类资产配置图表精粹》 2026-01-26 《资产配置快评 2026 年第 3 期：Riders on the Chart ...