????:1?????????:????????

2????????

3???????VX

4???????

5??????

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

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

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