??�?????�

????:????SPA??:?????

????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)

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

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

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