????? ?????????

????:??????????:???????95

??????,?????COMEX???2800?????????????/????,???????2830.39????????/???????2872?????????????????????????????/??????????2??????????4?????,??????????,???????????2820??/?????????????

???????????,??????????????,???840???????????????/????????????????,?????????????,??????????,??

???????,????????????????,?????????????????,?????????3000????????????????/??????,???,??????????ETF?????????????

?

2??4??,??,??????????????????????2820???/???????????,?,??,???0.08%???2816.63????/???????????????????????????????????????????,????2???????,?,??2830.39?/???,?????????????2814.38????????????/???

??,COMEX????,????????2872????/??????,?2843.25???????????/??????

????,?????????????2???????1????????????,?????????????,????25%?,???????4?????????????????,????2?????????????????3?????????,?????????,?3??4???

??(??????????????)???,??25%???,??????????????????,???????????????;?,??????????????,???

??????????,??????????????2024???,????????,??????????????COMEX??36%?37%?

??1??????????????28???,????????????????????COMEX??2.74%?3.7%?????????????,?,???,??,??????????????????

????????

???????,?,?????????,?????????????????????????????????????????????????????????840??????????????????????????/?????????????????????????2????4???????????,?????????????????????,?855????/?????????????853???????????/???

??,??????,??????????????????,???????,??????????“??????????”??????????????????????,????7?,????????600???,?????,????????????????????????????,???

?????????,???????,????,?,????,?????????,?????????????

??????????,??????????,????,?,????????,??????????????

?????????????????,??????????????,??????????,3?31?,??,????????10??????????,??100????????????????????????????

??????????,??,??,??

??

2024?,???????????????????,???,??????,???????COMEX???????????????27%?

2025?????????????????,????????????,?????????,?,??;?,???,??????????????????????;??,??????,???????????

“??????????????2025??,?????????,????????3000????????,??????????????????”????????,??????????????,????,????????????,???????????????????????????????ETF????????,?,????????????

?,????????????,??????,??,??????,???????????????

???????????????? ??????????????? ?????????????????:??????????????