有色金属行业:波动不改上行趋势

国泰海通证券股...
Jan 29

本报告导读:在供需紧平衡的状况下,供需平衡表很重要,但更需关注宏观对金属价格走势的核心影响,货币政策、宏观预期、地缘博弈与供给扰动将成为胜负手。投资要点:贵金属:贵金属价格震荡走高,波动加大。美国就业数据偏暖,贵金属价格小幅走高。展望2026 年,我们认为央行购金和黄金ETF 持仓份额的上升,将继续成为支撑黄金价格的重要因素。白银来看,伦敦白银租赁利率有所下降,但美国白银库存下降速度较快。相关标的...

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