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

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

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