宏观+供需+情绪三重共振白银价格继续刷新历史新高

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cp\u003e现货白银收涨2.82%，报63.543美元/盎司，继续刷新历史新高。\u003c!--VERTICAL_CARD_BEGIN_0--\u003eCOMEX黄金期货\u003c!--VERTICAL_CARD_END_0--\u003e涨2%，报4309.3美元/盎司；COMEX白银期货涨4.83%，报63.975美元/盎司。隔夜美股有色金属板块涨幅居前，\u003c!--SECURE_LINK_BEGIN_0--\u003eVista黄金\u003c!--SECURE_LINK_END_0--\u003e涨超15%，\u003c!--SECURE_LINK_BEGIN_1--\u003e赫克拉矿业\u003c!--SECURE_LINK_END_1--\u003e涨超12%，\u003c!--SECURE_LINK_BEGIN_2--\u003e世纪铝业\u003c!--SECURE_LINK_END_2--\u003e涨超6%。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\n\u003cp\u003e光大期货有色金属研究总监展大鹏认为，近期白银价格大幅上涨是宏观环境、供需格局和市场情绪三重共振的结果。宏观方面，在市场对美联储更换主席及其政策独立性日益担忧的背景下，对明年宽松预期有了更强的期待。供需方面，全球白银已连续5年处于供不应求的状态，2025年市场缺口预计达2950吨。另外，近期中国铜原料联合谈判小组（CSPT）要求成员企业将2026年度矿铜产能负荷降低10%以上，而白银是有色金属冶炼重要的副产品，这意味着未来白银供给也会受限。资金方面，黄金持续强势让市场看到其他贵金属价值重估的可能性，这意味着金银比回归的市场逻辑仍然存在，白银的弹性优势凸显，进而吸引了避险资金与趋势资金的共同配置。\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\n\u003cp\u003e据财联社主题库显示，相关上市公司中：\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003c!--SECURE_LINK_BEGIN_3--\u003e兴业银锡\u003c!--SECURE_LINK_END_3--\u003e\u003c/strong\u003e截至2024年末，拥有银储量2.72万吨、锡储量18.57万吨，公司保有的银、锡资源量分别占国内总储量的38.86%、18.57%。\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\n\u003cp\u003e\u003cstrong\u003e\u003c!--SECURE_LINK_BEGIN_4--\u003e盛达资源\u003c!--SECURE_LINK_END_4--\u003e\u003c/strong\u003e在白银方面，旗下东晟矿业巴彦乌拉银多金属矿25万吨/年采矿项目正在建设中，力争2026年完成建设；金山矿业生产能力将逐步递增至采矿许可证核准的48万吨/年。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003c!--PARAGRAPH_3--\u003e\u003csection\u003e（财联社）\u003c/section\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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宏观+供需+情绪三重共振 白银价格继续刷新历史新高

宏观+供需+情绪三重共振 白银价格继续刷新历史新高

宏观+供需+情绪三重共振白银价格继续刷新历史新高

宏观+供需+情绪三重共振白银价格继续刷新历史新高