来源：倪卫涛 一、从"黄金跟班"到"顶流网红"：白银这波涨得有多疯狂？ 要说白银这玩意儿，以前在贵金属圈就是个"千年老二"，黄金涨它跟着涨点，黄金跌它跌得更狠，活脱脱一个"黄 金影子"。但今年不一样了，黄金还在慢悠悠爬坡，白银直接一脚油门踩到底，从年初的28美元/盎司一路飙到38 美元，涨幅比黄金还猛！Wind数据显示，不光期货现货价格创新高，连带着国内的投资银条、银币销量都同比激 增40%，有珠宝交易中心的负责人都说，6月份销售额比5月份涨了20%，现在客户进门就问"一公斤的银条还有 吗？"，跟买白菜似的。 为啥突然这么火？你去银行网点瞅瞅就知道，以前大妈们排队买金条，现在柜台前问银条的比问金条的还多。有 个银行朋友跟我吐槽："以前银条放仓库积灰，现在客户打电话预定，一开口就要10公斤，说是给儿子当'结婚储 备金'，比存现金靠谱。"不光散户疯，机构也在抢，全球最大的白银ETF持仓量最近蹭蹭往上涨，连咱们国家的 央行都在悄悄增持——今年前五个月，咱们央行买了200多吨白银，比去年全年还多！ 这场景是不是有点眼熟？2020年疫情那阵子，黄金涨上2000美元，白银也跟着冲到29美元，当时也是全民抢银 条，结果后来 ...

Wind数据显示，截至当地时间7月11日收盘，伦敦银现货价格上涨3.77%，每盎司价格站上 38美元；COMEX白银期货价格上涨4.74%，每盎司价格突破39美元。白银现货及期货价格 双双创出近14年来新高，今年以来涨幅均超过32%。 白银暴涨势头猛 珠宝交易中心负责人王鸿媛表示，投资银条6月份较5月份销售额提升了20％。现在消费者普 遍对于一公斤的投资银条热度比较高，500克的银条也是消费者比较热衷的。 白银价格上涨主要受哪些方面影响？ 白银价格上涨是避险情绪与工业需求共同作用的结果 。全球地缘政治局势持续紧张，使得市 场避险情绪空前高涨。 黄金价格率先启动，白银等贵金属尽管前期涨幅滞后，但在避险需求 的扩散下，补涨行情汹涌来袭。 工业需求增加也是白银价格上涨的主要原因 。 白银在光伏电池中扮演着举足轻重的角色，光 伏产业发展迅猛，成为白银需求增长的核心驱动力；新能源汽车产业的蓬勃发展同样为白银 需求注入强劲动力，根据世界白银协会统计数据，2024年，混动汽车与纯电汽车的单位白银 用量较传统汽车分别提升了21％和71％。 与此同时， 全球主要产银国的矿山产量增长乏力，难以满足日益增长的市场需求 。 世界白 ...

中经记者 慈玉鹏 北京报道 今年以来，银价飙升。现货白银价格于2025年7月初超过36美元/盎司，7月5日触及36.91美元/盎司，连 续六个交易日上涨，创近13年来新高，年内累计涨幅达36%，显著优于现货黄金同期25%的涨幅。 在此背景下，多家银行陆续上线银条、银元宝等投资理财产品。某国有银行人士告诉《中国经营报》记 者，银条之类投资产品今年以来有所上涨，但部分白银实物产品工费较高，投资者须谨慎考虑。 业内人士指出，中长期来看，银价仍或处于上升趋势，但空间或有限，投资者若配置白银应加强风险把 控能力。一方面，应建立科学的仓位控制体系，总仓位不宜超过资产总额的20%；另一方面，建议采 用"哑铃策略"，通过配置部分国债来平衡白银投资风险。 "另一方面，也是因为投资行为推波助澜。"吴龙表示，今年以来，机构与散户同步增持。全球白银ETF 持仓量记录显示，2025年6月23日峰值为14950.99吨（约合4.8亿盎司），7月3日持仓降至14868.74吨， 但仍处高位。 严控仓位 银价未来走势如何？顾冯达表示，短期走势面临双向波动压力，需警惕两大回调风险：一是全球贸易摩 擦若现缓和信号，可能削弱避险溢价；二是美联储6 ...

Group 1 - The core viewpoint is that silver prices have surged over 32% this year, outperforming gold's nearly 20% increase, making silver one of the best-performing major commodities [2] - Silver is still relatively inexpensive compared to gold, with prices on June 16 showing gold at 797 CNY per gram and silver at 10.50 CNY per gram, indicating a growing interest in silver investments [3][5] - Investment in silver products has seen a significant increase, with sales of silver bars and coins rising over 40% year-on-year, and a 20% increase in sales from May to June [5] Group 2 - The surge in silver prices is attributed to policy risks, particularly the increase in tariffs on steel and aluminum by the U.S., leading to market uncertainty and a shift of investments into silver futures [5][6] - Silver's industrial demand is rising due to its essential role in technologies such as photovoltaics, electric vehicles, and AI hardware, with a projected total demand of 1.164 billion ounces in 2024 [10][11] - The silver market has experienced a supply-demand imbalance for five consecutive years, with limited growth in silver production and historically low global inventories, supporting price increases [13][14] Group 3 - The gold-silver ratio, which measures the relative value of gold to silver, reached 1:100 in June, significantly above historical averages, indicating potential for silver price appreciation [18][20] - Historical data suggests that when the gold-silver ratio exceeds 100, it often leads to a period of excess returns for silver, as it tends to revert to historical norms [19][20] - The current market conditions suggest that silver may continue to rise in value, making it an attractive investment option for the long term [22] Group 4 - While silver shows promise for significant price increases, potential economic downturns and inflation risks could suppress industrial demand, necessitating cautious investment strategies [23] - It is recommended that investors allocate 5-15% of their portfolio to precious metals like silver as a form of insurance rather than a primary investment [24] - The disparity between gold and silver prices presents both risks and potential returns, emphasizing the importance of understanding market dynamics over relying solely on technical analysis [26]

今年以来，全球贵金属市场走势分化，白银和铂金价格涨幅显著超越黄金，成为投资者关注的焦点。据 黄金价格网消息，7月5日，现货白银价格站稳36美元上方，接近13年以来的高点，已连续六个交易日上 涨。铂金价格年内更是暴涨36%，突破300元每克，展现出强劲的上涨势头。 7月6日，记者走访成都多个珠宝专柜了解到，消费者对白银、铂金的购买热情同样高涨，多家门店销量 上涨。白银、铂金价格为什么会上涨？现在是入手的好时机吗？ 01 白银首饰价格普遍上调15%-20% 记者走进商场，周末的铂金品牌柜台十分热闹。"现在买铂金戒指的人比买黄金的多，铂金首饰销量比 去年增加了一半。" 专柜里，铂金首饰款式丰富，戒指、项链、手镯等应有尽有。相关数据显示，2025 年第一季度，全球各地区铂金首饰需求均实现增长，同比增幅达9%，总量达17吨。 铂金价格上涨主要源于供需关系的改善以及市场情绪的转变。在供应端，全球铂金矿产主要集中在南非 等少数地区，供应相对集中且受到矿产资源限制。而在需求端，随着汽车行业复苏，尤其是对环保要求 的提高，汽车尾气催化器对铂金的需求增加；同时，珠宝首饰行业对铂金的需求也稳步回升。 在投资市场上，铂金吸引了不少追 ...

2025.07. 05 本文字数：913，阅读时长大约1分钟 来源 | 央视 财经 封面图来源 | 央视 财经 今年以来，白银价格一路上涨，成为全球大宗商品市场中备受瞩目的焦点。 6月国际现货白银价格一 度飙升至每盎司37美元上方，创下近十年来新高。 国内现货白银价格也一度突破8.46元/克，展现出 强劲的上涨势头。 白银暴涨势头猛 投资消费热度飙升 白银价格未来走势是涨是跌 今年，随着白银价格持续攀升，白银投资类产品正迎来新一轮消费热潮。有数据显示， 投资银条、 银元宝等产品销量同比激增40%以上 。 （图片来源：央视财经） 珠宝交易中心负责人 王鸿媛 ：投资银条，6月份较5月份销售额提升了20%。现在消费者普遍对于一 公斤的投资银条热度比较高，500克的银条也是消费者比较热衷的。 有人看好未来市场价格行情，现在选择入手白银，也有人购买得早，选择此时抛售变现。深圳市的毛 先生，最近也选择来到专业的回收机构，卖出他之前购买的白银产品。 白银回收企业负责人彭宝华告诉记者，现在白银回购，一般要先经过频谱仪测验纯度，然后进行熔 烧，看看是否夹带其他杂质。目前回购的白银掺假比例不高，但偶尔也会遇到。 今年白银价格的上 ...

Group 1 - Silver prices have surged significantly this year, reaching over $37 per ounce in June, marking a nearly decade-high [1] - Domestic silver prices also exceeded 8.46 yuan per gram, indicating strong upward momentum [1] - Sales of investment silver bars increased by 20% in June compared to May, with consumers showing high interest in one-kilogram and 500-gram silver bars [3] Group 2 - The demand for silver investment products, such as silver bars and silver ingots, has seen a year-on-year increase of over 40% due to rising prices [4] - Some investors are choosing to sell their silver products for profit, while others are entering the market to purchase silver [5] - The silver recycling process involves purity testing and melting, with a low incidence of counterfeit silver reported [5] Group 3 - The silver market has experienced a supply shortage for five consecutive years, driven by increased industrial demand from sectors like electric vehicles, AI, semiconductors, and 5G [7] - Current silver prices are at a critical resistance level of $37 per ounce, with expectations that this level may be broken, influenced by international capital flows and potential long-term interest rate cuts by the Federal Reserve [7] - Platinum prices have also surged by 36% this year, surpassing gold's price increase, indicating a broader trend in precious metals [9] Group 4 - The market for precious metals, including silver and platinum, is becoming increasingly popular, but experts advise consumers to remain rational and avoid impulsive buying due to significant geopolitical influences on market volatility [14]

Core Viewpoint - The stock of珠峰黄金 (Zhu Feng Gold) has shown significant growth, outperforming the Hang Seng Index, despite a decline in revenue and a high price-to-earnings ratio compared to industry peers [1][2]. Company Summary -珠峰黄金 is the largest integrated online and offline internet jewelry retailer in China, with a market share of 5.3% in online jewelry retail and 7.3% in integrated retail as of 2016 [3]. - The company operates through its own online platforms and offline retail stores, with a total of 121 experience stores and one jewelry exhibition hall in Shenzhen as of December 31, 2019 [3]. -珠峰黄金 has registered 19 design patents, emphasizing its focus on diversified design and brand value [3]. Financial Performance - As of December 31, 2024,珠峰黄金 reported total revenue of 158 million yuan, a year-on-year decrease of 61.61%, while the net profit attributable to shareholders was -23.187 million yuan, an increase of 33.75% [1]. - The gross profit margin stood at 30.72%, and the debt-to-asset ratio was 18.44% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the professional retail industry is 4.8 times, with珠峰黄金's P/E ratio at -86.02 times, ranking 41st in the industry [2]. - Other industry peers have P/E ratios ranging from 0.18 times to 6.29 times, indicating珠峰黄金's significant underperformance in this metric [2].