20240403_海通证券_有色金属行业：沪金价格持续突破新高_24页.pdf

SAC S0850522120002 SAC S0850520010002 2024 4 3 3 28 2214.35/24.54/2.0%-0.2%3 29 527.54/6.45/3.20%2.43%2 PCE 2.5%2.4%PCE 2.8%0.5%-0.3%0.8%0.2%SMM 72000/SMM 2024 3 28 86.5 0.5 0.6%23.1 0.5 1.9%SMM 3 26 9372/5.76%6 CIF 1198 3 14 3 29 35.4/2 29-3 29-2.3%0.7%0.7%2 YWDWwPmRtQmNtNnOrMrOrQbRaO9PnPqQtRqMkPoOmQlOrRmPaQqQwOwMtQsNwMrQsR3 Wind 2024/2/29 2024/3/29/10.2 11.7 15.3%/9.2 10.9 19.1%/8.8 9.9 12.9%LME/1.8 1.7-6.7%SHFE/13.8 13.1-4.9%/3.1 3.1 1.0%/960 925-3.6%/22.4 22.7 1.3%MB/13.5 13.7 1.5%MB/16.8 16.9 0.7%LME/8479 8872 4.6%LME/2225 2335 4.9%LME/2424 2437 0.6%LME/2065 2053-0.6%LME/2.6 2.7 3.8%SHFE/6.9 7.3 5.1%SHFE/1.9 2.0 4.1%SHFE/2.1 2.1 1.5%SHFE/1.6 1.7 5.3%SHFE/21.9 22.8 4.2%A00/1.9 1.9 3.3%/3417 3400-0.5%2024/2/29 2024/3/29/2048 2214 8.1%/22.3 24.5 9.8%COMEX/2053 2255 9.8%COMEX/22.9 25.1 9.7%/36.3 35.4-2.3%:45%-50%/3375 3315-1.8%/9.2 9.1-0.7%/0.2 0.2 3.9%/0.5 0.5 0.9%:55%/12.3 12.6 2.0%:50/9950 9950 0.0%:99.999%/7000 7000 0.0%99.6%/51.6 51.6 0.0%/2300 2317 0.7%/1.4 1.3-3.0%/2.1 2.0-5.9%:99.99%/5.4 5.6 3.7%:99.995%/1995 2040 2.3%1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.4 X3efPOFA9XJsdLA7g3R6ssiCYydMK33bsDsO0TSEcfazWM9icJZacXNPB7h6kRs+5 Wind 2024/3/1-2024/3/29 3/1-3/29 12.5%2024/3/1-2024/3/29 2024/3/1-2024/3/29-8%-4%0%4%8%12%16%20%24%28%1.35%12.50%-9%-6%-3%0%3%6%9%12%15%A-12%-8%-4%0%4%8%12%16%20%24%28%6 Wind 2024/3/1-2024/3/29 2024/3/1-2024/3/29 2024/3/1-2024/3/29 0%10%20%30%40%50%60%70%-20%-10%0%-12%-9%-6%-3%0%3%6%9%12%15%18%21%24%27%Allkem SQM Pilbara 3/1-3/29 12.5%7 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.8 Wind CPI%COMEX SHFE 3/1-3/28 8.1%3503703904104304504704905105305501500170019002100230022/03 22/09 23/03 23/09 24/03COMEX/SHFE/80901001101201600170018001900200021002200230022/03 22/09 23/03 23/09 24/03/350045005500650075001520253022/03 22/09 23/03 23/09 24/03COMEX/SHFE/0123456024681022/03 22/09 23/03 23/09 24/03 CPI 9 Wind 3/22-3/28 89.83 SPDR iShares ETF%34566070809010022/03 22/09 23/03 23/09 24/03/-3-2-1012322/03 22/09 23/03 23/09 24/03 10Y-2Y 10Y-3M 01002003004005006007008009000123456789102004 2009 2014 2019 2024:3804304805308001000120022/03 22/09 23/03 23/09 24/03SPDR ETF iShares ETF 10 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.11 Wind LME 3/1-3/29 4.6%/LME SHFE 567860008000100001200022/03 22/09 23/03 23/09 24/03LME/SHFE/020406022/03 22/03 22/03 22/03 22/03 22/03 22/04 22/04 22/04 22/04 22/04 22/05 22/05 22/05 22/05 22/05 22/06 22/06 22/06 22/06 22/06 22/07 22/07 22/07 22/07 22/07 22/08 22/08 22/08 22/08 22/08 22/09 22/09 22/09 22/09 22/09 22/10 22/10 22/10 22/10 22/10 22/11 22/11 22/11 22/11 22/11 22/12 22/12 22/12 22/12 22/12 23/01 23/01 23/01 23/01 23/01 23/01 23/02 23/02 23/02 23/02 23/03 23/03 23/03 23/03 23/03 23/04 23/04 23/04 23/04 23/04 23/05 23/05 23/05 23/05 23/05 23/05 23/06 23/06 23/06 23/06 23/06 23/07 23/07 23/07 23/07 23/07 23/08 23/08 23/08 23/08 23/08 23/09 23/09 23/09 23/09 23/09 23/10 23/10 23/10 23/10 23/10 23/11 23/11 23/11 23/11 23/11 23/12 23/12 23/12 23/12 23/12 24/01 24/01 24/01 24/01 24/01 24/02 24/02 24/02 24/02 24/02 24/03 24/03 24/03 24/03 24/03LME SHFE SHFE COMEX 6.57.07.5M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+82024/03/22 2024/03/2912 Wind LME 3/1-3/29 4.9%A00/LME SHFE 1.41.82.22.6150025003500450022/03 22/09 23/03 23/09 24/03LME/SHFE/0408012022/03 22/03 22/03 22/03 22/03 22/03 22/04 22/04 22/04 22/04 22/04 22/05 22/05 22/05 22/05 22/05 22/06 22/06 22/06 22/06 22/06 22/07 22/07 22/07 22/07 22/07 22/08 22/08 22/08 22/08 22/08 22/09 22/09 22/09 22/09 22/09 22/10 22/10 22/10 22/10 22/10 22/11 22/11 22/11 22/11 22/11 22/12 22/12 22/12 22/12 22/12 23/01 23/01 23/01 23/01 23/01 23/01 23/02 23/02 23/02 23/02 23/03 23/03 23/03 23/03 23/03 23/04 23/04 23/04 23/04 23/04 23/05 23/05 23/05 23/05 23/05 23/05 23/06 23/06 23/06 23/06 23/06 23/07 23/07 23/07 23/07 23/07 23/08 23/08 23/08 23/08 23/08 23/09 23/09 23/09 23/09 23/09 23/10 23/10 23/10 23/10 23/10 23/11 23/11 23/11 23/11 23/11 23/12 23/12 23/12 23/12 23/12 24/01 24/01 24/01 24/01 24/01 24/02 24/02 24/02 24/02 24/02 24/03 24/03 24/03 24/03 24/03LME SHFE COMEX 20003000400012322/03 22/09 23/03 23/09 24/03A00/1.801.851.901.952.00M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+82024/03/22 2024/03/2913 Wind LME 3/1-3/29 3.8%LME SHFE LME SHFE LME SHFE 1.52.53.5200030004000500022/03 22/09 23/03 23/09 24/03LME/SHFE/020406022/03 22/03 22/03 22/03 22/03 22/03 22/04 22/04 22/04 22/04 22/04 22/05 22/05 22/05 22/05 22/05 22/06 22/06 22/06 22/06 22/06 22/07 22/07 22/07 22/07 22/07 22/08 22/08 22/08 22/08 22/08 22/09 22/09 22/09 22/09 22/09 22/10 22/10 22/10 22/10 22/10 22/11 22/11 22/11 22/11 22/11 22/12 22/12 22/12 22/12 22/12 23/01 23/01 23/01 23/01 23/01 23/01 23/02 23/02 23/02 23/02 23/03 23/03 23/03 23/03 23/03 23/04 23/04 23/04 23/04 23/04 23/05 23/05 23/05 23/05 23/05 23/05 23/06 23/06 23/06 23/06 23/06 23/07 23/07 23/07 23/07 23/07 23/08 23/08 23/08 23/08 23/08 23/09 23/09 23/09 23/09 23/09 23/10 23/10 23/10 23/10 23/10 23/11 23/11 23/11 23/11 23/11 23/12 23/12 23/12 23/12 23/12 24/01 24/01 24/01 24/01 24/01 24/02 24/02 24/02 24/02 24/02 24/03 24/03 24/03 24/03 24/03LME SHFE 102030401234522/03 22/09 23/03 23/09 24/03LME/SHFE/1.31.41.51.61.71.815002000250022/03 22/09 23/03 23/09 24/03LME/SHFE/04000800012000160002000022/03 22/03 22/03 22/03 22/03 22/03 22/04 22/04 22/04 22/04 22/04 22/05 22/05 22/05 22/05 22/05 22/06 22/06 22/06 22/06 22/06 22/07 22/07 22/07 22/07 22/07 22/08 22/08 22/08 22/08 22/08 22/09 22/09 22/09 22/09 22/09 22/10 22/10 22/10 22/10 22/10 22/11 22/11 22/11 22/11 22/11 22/12 22/12 22/12 22/12 22/12 23/01 23/01 23/01 23/01 23/01 23/01 23/02 23/02 23/02 23/02 23/03 23/03 23/03 23/03 23/03 23/04 23/04 23/04 23/04 23/04 23/05 23/05 23/05 23/05 23/05 23/05 23/06 23/06 23/06 23/06 23/06 23/07 23/07 23/07 23/07 23/07 23/08 23/08 23/08 23/08 23/08 23/09 23/09 23/09 23/09 23/09 23/10 23/10 23/10 23/10 23/10 23/11 23/11 23/11 23/11 23/11 23/12 23/12 23/12 23/12 23/12 24/01 24/01 24/01 24/01 24/01 24/02 24/02 24/02 24/02 24/02 24/03 24/03 24/03 24/03 24/03LME SHFE 01020304022/03 22/03 22/03 22/03 22/03 22/03 22/04 22/04 22/04 22/04 22/04 22/05 22/05 22/05 22/05 22/05 22/06 22/06 22/06 22/06 22/06 22/07 22/07 22/07 22/07 22/07 22/08 22/08 22/08 22/08 22/08 22/09 22/09 22/09 22/09 22/09 22/10 22/10 22/10 22/10 22/10 22/11 22/11 22/11 22/11 22/11 22/12 22/12 22/12 22/12 22/12 23/01 23/01 23/01 23/01 23/01 23/01 23/02 23/02 23/02 23/02 23/03 23/03 23/03 23/03 23/03 23/04 23/04 23/04 23/04 23/04 23/05 23/05 23/05 23/05 23/05 23/05 23/06 23/06 23/06 23/06 23/06 23/07 23/07 23/07 23/07 23/07 23/08 23/08 23/08 23/08 23/08 23/09 23/09 23/09 23/09 23/09 23/10 23/10 23/10 23/10 23/10 23/11 23/11 23/11 23/11 23/11 23/12 23/12 23/12 23/12 23/12 24/01 24/01 24/01 24/01 24/01 24/02 24/02 24/02 24/02 24/02 24/03 24/03 24/03 24/03 24/03LME SHFE 14 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.15 Wind 3/1-3/29 15.3%/010203040506022/03 22/09 23/03 23/09 24/03 61014182222/03 22/09 23/03 23/09 24/03NCM111 NCM523 NCM622 NCM81148121620102030405022/08 23/02 23/08 24/02NCM111 NCM523 NCM622 NCM811 10.010.210.410.610.811.011.211.411.6M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+92024/03/22 2024/03/2916 Wind/LME SHFE 3/1-3/29 4.9%MB 0.05.010.015.020.0M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+92024/03/22 2024/03/29010203002422/03 22/09 23/03 23/09 24/03LME/SHFE/0102022/03 22/09 23/03 23/09 24/03LME SHFE 90011001300150017003456722/03 22/09 23/03 23/09 24/03/1020304050203040506022/03 22/09 23/03 23/09 24/03/MB/MB/17 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.18 Wind 3/1-3/29 2.3%/355575951150.00.51.01.52.022/03 22/09 23/03 23/09 24/03/567891010002000300040005000600022/03 22/09 23/03 23/09 24/03:45%-50%/910111213148000850090009500100001050022/03 22/09 23/03 23/09 24/03:5 0/:5 5%/18002000220024002600455565758522/03 22/09 23/03 23/09 24/03 99.6%/024601234522/03 22/09 23/03 23/09 24/03 10001200140016001800200022003456722/03 22/09 23/03 23/09 24/03:9 9.9 9%/:9 9.9 9 5%/19 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.20 Wind 2023 2023 2023 2023 2023 2024-3-29 2023 592.75 17.8%23.28 86.6%22.13 69.5%2024-3-28 2023 405.03 0.1%72.97 70.0%71.77 68.9%2024-3-29 2023 329.72 21.2%49.47 75.9%26.8 86.6%2024-3-28 2023 2250.71 22.7%67.17 60.2%66.14 111.3%2024-3-28 2023 5218.93 8.7%65.05 8.5%53.74 0.8%21 1.3/1-3/29 12.5%2.2.1 3/1-3/28 8.1%2.2 LME 3/1-3/29 4.6%2.3 3/1-3/29 15.3%2.4 3/1-3/29 2.3%3.4.22 SAC S0850522120002 021-23219406 Email SAC S0850520010002 021-23154394 Email 23 021-23219383 Email 021-23185845 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%24