??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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