???????????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)

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

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

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

??

??:???????????,??????????,??????????????