地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/3/3 隔夜夜盘市场走势 1. 国际油价全线上涨，美油主力合约涨 5.98%，报 71.03 美元/桶。布油主力合 约涨 6.82%，报 77.85 美元/桶。美以联合空袭伊朗引发中东局势急剧升温，市 场担忧霍尔木兹海峡航运安全及伊朗报复性减产。 2. 国际贵金属期货收盘涨跌不一，CO ...

2026年03月03日 国泰君安期货商品研究晨报-贵金属及基本金属 商 品 研 究 2026 年 3 月 3 日 黄金：地缘政治冲突爆发 | 黄金：地缘政治冲突爆发 | 2 | | --- | --- | | 白银：震荡格局 | 2 | | 铜：库存增加，限制价格上方空间 | 4 | | 锌：区间震荡 | 6 | | 铅：缺乏驱动，价格震荡 | 8 | | 锡：震荡调整 | 9 | | 铝：偏强运行 | 10 | | 氧化铝：区间震荡 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：行情走势较为纠结 | 12 | | 钯：预计盘整 | 12 | | 镍：印尼矿端现实跟进，三月警惕投机属性 | 14 | | 不锈钢：矿端矛盾边际增加，成本支撑重心上移 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 观点与策略 白银：震荡格局 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日 涨幅 | 昨日夜盘收盘价 | 夜盐涨幅 | ...

Core Viewpoint - The metal market is currently in a state of tight supply-demand balance, with macroeconomic factors being the key drivers of metal price trends, including monetary policy, macro expectations, geopolitical dynamics, and supply disruptions [1][12]. Precious Metals - Geopolitical disturbances, particularly the US-Iran conflict, have led to a steady increase in precious metal prices, supported by ongoing central bank gold purchases. As of the end of January, China's gold reserves reached 74.19 million ounces, an increase of 40,000 ounces from the previous month, marking 15 consecutive months of reserve expansion [2][13]. - Specific price movements include SHFE gold rising by 3.29% to 1,147.90 CNY per gram, COMEX gold increasing by 4.24% to 5,296.40 USD per ounce, and London gold rising by 3.27% to 5,278.26 USD per ounce. Silver prices also saw significant increases, with SHFE silver up 16.34% to 23,019 CNY per kilogram [2][13]. - Recommended stocks in the precious metals sector include Zhongjin Gold, Chifeng Jilong Gold, Shandong Gold, and Zhaojin Mining [3][14]. Base Metals - The copper sector is characterized by a strong supply-demand dynamic, with prices supported by strategic stockpiling and rigid supply. Recent data shows SHFE copper prices increased by 3.53% to 103,920 CNY per ton, while LME copper rose by 2.93% to 13,343.5 USD per ton [4][15]. - In contrast, the aluminum sector faces a "macro positive, inventory pressure" scenario, with SHFE aluminum prices rising by 2.76% to 23,835 CNY per ton, but facing seasonal supply pressures and increasing inventories [5][16]. - Recommended stocks for copper include Jincheng Resources and Luoyang Molybdenum, while for aluminum, recommended stocks include Yun Aluminum and Tianshan Aluminum [4][5][15][16]. Energy Metals - The energy metals sector is experiencing strong demand and declining inventories, with lithium carbonate continuing to deplete. Recommended stocks include Ganfeng Lithium and Tianqi Lithium [7][19]. - The cobalt sector is facing tight raw material supplies, with companies extending their operations into downstream electric new energy sectors to enhance competitive advantages. Recommended stocks include Huayou Cobalt [7][19]. Rare Earth and Strategic Metals - The rare earth sector has seen price increases post-holiday, with prices for praseodymium-neodymium oxide and dysprosium oxide rising significantly. The report highlights the investment value of rare earths as strategic resources [8][20]. - The tungsten sector is benefiting from supply constraints and strategic pricing models, with recommended stocks including Xiamen Tungsten [8][20]. - The uranium sector has seen long-term price increases due to supply rigidity and nuclear power development, with recommended stocks including China Uranium [9][21].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Geopolitical conflicts and risks have a significant impact on the prices of precious metals and base metals. For example, the gold price is affected by the outbreak of geopolitical conflicts, and the copper price rises due to the fermentation of geopolitical risks [2][4][8]. - Different metals show different trends, including price increases, oscillations, and oscillations with an upward or downward bias [2]. 3. Summary by Relevant Catalogs Gold - **Price Performance**: The prices of domestic and international gold futures and spot markets generally rose. For example, the daily increase of Comex gold 2602 was 1.82%, and the daily increase of London gold spot was 1.88% [4]. - **Trading Volume and Open Interest**: The trading volume of some contracts increased, while the open interest decreased. For example, the trading volume of Shanghai gold 2602 increased by 25,303, and the open interest decreased by 1,496 [4]. - **Macro and Industry News**: The joint military strike by the US and Israel on Iran has led to a sharp escalation of the regional situation, which has a significant impact on the gold market [4]. Silver - **Price Performance**: The prices of domestic and international silver futures and spot markets generally rose. For example, the daily increase of Comex silver 2602 was 6.21%, and the daily increase of London silver spot was 6.30% [4]. - **Trading Volume and Open Interest**: The trading volume of some contracts increased, while the open interest decreased. For example, the trading volume of Shanghai silver 2602 increased by 31,572, and the open interest decreased by 2,359 [4]. - **Trend**: It is in an oscillatory pattern [2]. Copper - **Price Performance**: The price of the Shanghai copper main contract rose by 1.22%, and the price of the London copper 3M electronic disk rose by 0.28%. However, the night - trading price of the Shanghai copper main contract decreased by 0.62% [8]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index increased by 79,669, and the open interest increased by 19,913. The trading volume of the London copper 3M electronic disk increased by 7,286, and the open interest decreased by 497 [8]. - **Macro and Industry News**: Geopolitical risks have led to a sharp escalation of the regional situation, and the supply of refined copper in December 2025 was in surplus [8]. Zinc - **Price Performance**: The closing price of the Shanghai zinc main contract rose by 0.57%, while the closing price of the London zinc 3M electronic disk decreased by 1.74% [11]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai zinc main contract increased by 10,174, and the open interest increased by 2,112. The trading volume of the London zinc increased by 434, and the open interest decreased by 3,669 [11]. - **News**: The central bank of China adjusted the forward foreign exchange sales risk reserve ratio, and the situation in the Middle East affected shipping prices [12]. - **Trend**: It is oscillating with a upward bias [2]. Lead - **Price Performance**: The closing price of the Shanghai lead main contract rose by 0.27%, while the closing price of the London lead 3M electronic disk decreased by 0.96% [14]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai lead main contract decreased by 6,221, and the open interest decreased by 1,080. The trading volume of the London lead decreased by 706, and the open interest decreased by 1,561 [14]. - **News**: Geopolitical conflicts have led to a significant escalation of the regional situation [15]. - **Trend**: The decrease in inventory supports the price, and the trend strength is neutral [2][14]. Tin - **Price Performance**: The prices of the Shanghai tin main contract and the London tin 3M electronic disk rose significantly. The daily increase of the Shanghai tin main contract was 8.53%, and the daily increase of the London tin 3M electronic disk was 6.74% [18]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai tin main contract increased by 227,884, and the open interest increased by 42,991. The trading volume of the London tin increased by 650, and the open interest decreased by 231 [18]. - **Macro and Industry News**: Geopolitical events in the Middle East have a significant impact on the tin market [20]. - **Trend**: Attention should be paid to the impact of macro - geopolitics [2]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The prices of aluminum, alumina, and cast aluminum alloy contracts showed different trends. For example, the closing price of the Shanghai aluminum main contract decreased by 10, and the closing price of the Shanghai alumina main contract decreased by 76 [21]. - **Trading Volume and Open Interest**: The trading volume and open interest of different contracts also showed different changes [21]. - **Comprehensive News**: The situation in Iran and the adjustment of the US PPI have an impact on the market [23]. - **Trend**: Aluminum and cast aluminum alloy have a certain upward trend, while alumina is neutral [23]. Platinum and Palladium - **Price Performance**: The prices of platinum futures and spot markets generally rose, while the prices of palladium showed different trends. For example, the increase of platinum futures 2606 was 5.81%, and the increase of palladium futures 2606 was 8.09% [24]. - **Trading Volume and Open Interest**: The trading volume and open interest of different contracts changed differently [24]. - **Macro and Industry News**: The situation in Iran and other geopolitical events have an impact on the market [27]. - **Trend**: Both platinum and palladium have a neutral trend [26]. Nickel and Stainless Steel - **Price Performance**: The closing price of the Shanghai nickel main contract rose by 520, and the closing price of the stainless - steel main contract decreased by 60 [29]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai nickel main contract increased by 130,488, and the trading volume of the stainless - steel main contract increased by 29,790 [29]. - **Macro and Industry News**: There are various events in the nickel industry, such as the revision of the nickel ore benchmark price formula in Indonesia and the restart of nickel mines in Guatemala [29][30]. - **Trend**: Both nickel and stainless steel have a neutral trend [35].

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 [Table_Title] 美伊局势扰动加剧，宏观带动金属价格上行 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: ►贵金属：美以开始对伊朗进行打击，避险情绪上行 带动黄金走强 本周 COMEX 黄金上涨 4.59%至 5,296.40 美元/盎司， COMEX 白银上涨 22.15%至 94.39 美元/盎司。SHFE 黄金上涨 3.41%至 1,147.90 元/克，SHFE 白银上涨 16.36%至 23,019.00 元/千克。 本周金银比下跌 14.37%至 56.11。本周 SPDR 黄金 ETF 持 仓增加 781,154.27 金衡盎 司，SLV 白银 ETF 持仓 减少 1,586,043.90 盎司。 周一，美国 12 月工厂订单月率 -0.7%，预期-0.5%，前值 2.70%。美国 2 月达拉斯联储商业活动指数 0.2，前值-1.2。 周二，美国 12 月 S&P/CS20 座大城市未季调房价指数年 率 1.4%，预期 1.4%，前值 1.39%。美国 ...

本周 COMEX 黄金上涨 4.59%至 5,296.40 美元/盎司， COMEX 白银上涨 22.15%至 94.39 美元/盎司。SHFE 黄金上涨 3.41%至 1,147.90 元/克，SHFE 白银上涨 16.36%至 23,019.00 元/千克。 [Table_Title] 美伊局势扰动加剧，宏观带动金属价格上行 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: 本周金银比下跌 14.37%至 56.11。本周 SPDR 黄金 ETF 持 仓增加 781,154.27 金衡盎 司，SLV 白银 ETF 持仓 减少 1,586,043.90 盎司。 证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 ►贵金属：美以开始对伊朗进行打击，避险情绪上行 带动黄金走强 周一，美国 12 月工厂订单月率 -0.7%，预期-0.5%，前值 2.70%。美国 2 月达拉斯联储商业活动指数 0.2，前值-1.2。 周二，美国 12 月 S&P/CS20 座大城市未季调房价指数年 率 1.4%，预期 1.4%，前值 1.39%。美国 ...

● 本报记者 葛瑶 国际金价的涨幅，令机构此前最乐观的预测都显得保守。此前，各家国际投行对2026年国际金价的预测 区间大致落在4800美元/盎司至5500美元/盎司之间，但开年不足一月，金价便已提前穿越这一区间。 涨价趋势逐渐蔓延，市场关心的问题是：涨价接力棒将传向何方？ 涨声四起 贵金属上涨，早已不是新鲜事。自2025年初以来，国际金价在短短一年多时间不断攀升，截至2026年2 月27日，伦敦金现货价格涨幅已超90%，伦敦银现货价格则涨逾200%，远超黄金。 基本金属市场同样暗流汹涌。锗价接近5000美元/公斤，钨价持续走高，稀土系列维持高景气。二级市 场上，稀土永磁、小金属概念指数2026年初以来涨幅紧随贵金属之后，盛和资源、中钨高新等个股相继 异动。 涨价的热浪并未止步于金属，化工板块暗潮涌动。近期，分散染料龙头浙江龙盛、闰土股份相继上调分 散黑等核心染料产品报价。据百川盈孚数据，截至2月22日，分散染料价格报2.1万元/吨，年初以来上 涨23.53%；活性染料价格报2.3万元/吨，上涨4.55%。 能源领域，油气价格上行。国际油价在地缘扰动与供需再平衡的推拉中逐步抬升。而在运输端，油轮市 场的涨势同 ...

新材料 分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-65585629 津巴布韦限制锂矿出口，河南发布 2026 年汽 车以旧换新补贴细则 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 新材料相对沪深 300 指数表现 相关报告 《新材料行业月报：基本金属价格普涨，2025 年 全 国 累 计 发 电 装 机 容 量 同 增 16% 》 2026-01-29 《新材料行业月报：人形机器人标委会在北京 成立，功能金刚石迎来首个团体标准聚焦热沉 应用》 2025-12-30 《新材料行业月报：河南省印发有色金属产业 提质升级行动计划，Diamond Foundry 投建 金刚石晶圆工厂》 2025-11-28 联系人：李智 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2026 年 02 月 27 日 -50% -40% -30% -20% -10% 0% 10% 20% ...

2026年02月27日 | 黄金：震荡上行 | 2 | | --- | --- | | 白银：震荡格局 | 2 | | 铜：库存持续增加，限制价格回升 | 4 | | 锌：关注地缘扰动 | 6 | | 铅：缺乏驱动，价格震荡 | 8 | | 锡：震荡偏强 | 9 | | 铝：区间震荡 | 10 | | 氧化铝：供应压力未缓解 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：箱体震荡 | 12 | | 钯：高频数据偏弱 | 12 | | 镍：沪镍投机情绪仍存，持续关注镍矿矛盾 | 14 | | 不锈钢：成本支撑重心上移，淡季累库约束弹性 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 27 日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 产 业 服 务 研 究 所 白银：震荡格局 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | ...

每经AI快讯，当地时间2月26日，伦敦基本金属多数下跌，LME期锡涨1.28%报54385.0美元/吨，LME期 铜跌0.48%报13259.0美元/吨，LME期铅跌0.58%报1979.0美元/吨，LME期锌跌0.65%报3366.5美元/吨， LME期铝跌0.91%报3141.5美元/吨，LME期镍跌1.96%报17730.0美元/吨。 （文章来源：每日经济新闻） ...