????:1??????150??:????????????

2?????????

3?????????

4?????????

5?????????

?????/??????

???

8??????????????????1?????????????????????,????(COMEX)?2500?????/???,????????2502.8?/?????????,???

????????????????????

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

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

??????????7????31???????,?????????5.25%???5.5%????????????????2023??????????????????9???????

??????????????,??,???“??”????????????“???”?,??,?“????????????”,??????????“??”,??????9???

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

??????(CME)“???”,???9??????????25??????????????????????????????90.5%,????????????????50????????9.5%?

????????????????

7???????31??????,??????????(???????????)??????????????????????

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

????

?????«????????»????????,???????(??????????)???????4%,?1258??????????????????,?????;??????????????????????????????,??????53%,???????329??????

????,??????????????????????????,?????????????????????,????????????,??????12???????????????????

??

????,??“?”?

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

????,2024???2009???????????????,?86???,??????????????35%,??????????53%;??????????18%,??????270??????????

?????,??????????????0.2%,?6???????3.7%?

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

??????????,??????ETF?????????????140?,?????????????????,????;?,????ETF???,??50%???????????77%?

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

?,?,??,?????2350-2485??????????/????

???????,???????,???????,??????????,?????????????,????????????????2025?????????????????2700-3000??????????????????/????????

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