?900????????,?90??????

??2???20?? (???????????)20?,??????????????????????????????????????????????890????/??????,?895?/????

?,????????????,????????????????????????(?????????????????????)??2944.046?/?,COMEX???????????????2960.8????/?,??3000??/????????????

??90?

20????????,???????????????????????????????????892?/?????895?/???892???????/???????????????892?/???892???/??????????,?1??????,????90??

2025?????1?????????????????????????,??800?/????????2024?????????,??620?/?????????

????,??1????25????,??63????????????????????,????????????????836???????????????/??,??????????786??????????????/????????????

“?????????????,??????????????900????/??????,???4000?????????”??????????

2??????????????5???????????,??,??,2024?479?????????,????????????2023??24%??,???????,??:?????????2615?,????7%,????????????

?,???2025?,??????????,??????????,????????????,????

?7??

2025????????,?????????????????

2025????????????????????????????????Wind

1????????30????????????,COMEX??????????????????3%,??????????2853.2????/??????????????????,??2793??????????/???????????????,????????????????????????1.26%?

1?31??????,?2817???/???????,?,COMEX??2862.9??????/???????

2???????????????????5??,??2870??/?????,??2877.04???????/??,???????1%;COMEX????????????????????2900???????????????????????/?,???

2?7???,??????2886.79???/?,COMEX??????2910.60?/??,?????????

2??????????????????10?,??????????2910?/?,?????1.72%;COMEX??????2916.5????????/????,??????1%?

2?11??,??2942.71?/??,COMEX??2968.5????????????/?,?????????????

2?19??????,????????,?????????2946.99????/?,COMEX????????????????2964.4???/?????

????????????????,2025??????????,??7??

????????,???????????,?????2024??????????????????GDP??,?,?,????????????????,??,?????,2024????????1000??,??????,???????????,??????????,?????

2?????7???,???????????,?????????:????ETF???????????????,????A?,??????A??

?????????

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

2??????????????7?????????,?,?,?,???????????,?????????,????????

2?6???,???????????2026???????????????????3000???/??,??,??????10%??,?COMEX??????(EFP)?????????????????????????????????

????2????5?????????,2025????,?,?????????????????ETF??????????2025?,???????????????

(????,?:liziman@chinanews.com.cn)(?APP)

(?????????????,??,????????,??)

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