宏观环境:贸易摩擦加剧宏观扰动,美联储降息周期延续。2025年下半年策略:1)贵金属:金融属性持续绽放。美元储备信用削弱/美国财政赤字持续上升,全球央行储备资产多元化趋势不变,贸易摩擦升级进一步放大避险需求,预计金价中枢将继续抬升,而相对滞涨的白银也具备较强的补涨需求(建议关注山东黄金、山金国际、招金矿业、中金黄金、盛达资源、株冶集团)。2)基本金属:弱预期有望切换。电解铝,铝产能接近天花板,...
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