?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)

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

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