\u94dc\u6b63\u5728\u6446\u8131\u5e02\u573a\u4e60\u60ef\u8d34\u4e0a\u7684\u201c\u65e0\u804a\u5de5\u4e1a\u91d1\u5c5e\u201d\u6807\u7b7e\u3002Panmure Liberum \u7684\u4e00\u4efd\u5206\u6790\u6307\u51fa\uff0c\u8fd9\u79cd\u7ea2\u8272\u91d1\u5c5e\u6b63\u540c\u65f6\u626e\u6f14\u4e09\u4e2a\u89d2\u8272\uff1a\u7c7b\u4f3c\u9ec4\u91d1\u7684\u901a\u80c0\u5bf9\u51b2\u5de5\u5177\u3001\u627f\u8f7d\u5b9e\u4f53\u7ecf\u6d4e\u9700\u6c42\u589e\u957f\u7684\u5de5\u4e1a\u539f\u6599\uff0c\u4ee5\u53ca\u56f4\u7ed5\u7f8e\u56fd\u8d38\u6613\u653f\u7b56\u5c55\u5f00\u7684\u5173\u7a0e\u8d4c\u5c40\u7b79\u7801\u3002\u8fd1\u671f\u4ef7\u683c\u8d70\u52bf\u3001\u5e93\u5b58\u5f02\u52a8\u548c\u6295\u8d44\u8005\u884c\u4e3a\uff0c\u90fd\u5728\u5370\u8bc1\u8fd9\u4e00\u591a\u91cd\u8eab\u4efd\u7684\u5207\u6362\u3002<\/p>\n
Panmure Liberum \u7684\u6838\u5fc3\u5224\u65ad\u662f\uff0c\u94dc\u63d0\u4f9b\u4e86\u6295\u8d44\u8005\u901a\u5e38\u5728\u9ec4\u91d1\u4e2d\u8ffd\u9010\u7684\u901a\u80c0\u5bf9\u51b2\u529f\u80fd\uff0c\u540c\u65f6\u81ea\u5e26\u5b9e\u4f53\u7ecf\u6d4e\u987a\u98ce\u3002\u8fd9\u4e0e\u4f20\u7edf\u907f\u9669\u903b\u8f91\u5f62\u6210\u5fae\u5999\u5bf9\u5cd9\u3002\u8be5\u673a\u6784\u5206\u6790\u5e08 David Aspell \u7279\u522b\u63d0\u9192\uff0c\u94dc\u5e76\u4e0d\u5177\u5907\u9ec4\u91d1\u548c\u767d\u94f6\u7b49\u8d35\u91d1\u5c5e\u7684\u7a00\u7f3a\u6027\u4e0e\u7269\u7406\u7279\u8d28\uff0c\u50a8\u91cf\u548c\u7a00\u7f3a\u7a0b\u5ea6\u201c\u65e0\u8bba\u662f\u7edd\u5bf9\u89c4\u6a21\u8fd8\u662f\u76f8\u5bf9\u4ea7\u91cf\uff0c\u90fd\u5dee\u5f02\u5de8\u5927\u201d\u3002\u8a00\u4e0b\u4e4b\u610f\uff0c\u94dc\u4e0d\u662f\u4f9b\u5728\u535a\u7269\u9986\u91cc\u7684\u5c55\u54c1\uff0c\u800c\u662f\u4e00\u79cd\u5fc5\u987b\u5e72\u6d3b\u7684\u91d1\u5c5e\uff0c\u4f46\u4ef7\u683c\u538b\u529b\u6700\u8fd1\u5374\u6cbf\u7740\u901a\u80c0\u9884\u671f\u7684\u8f68\u9053\u5411\u4e0a\u6500\u722c\u3002<\/p>\n
LME \u57fa\u51c6\u94dc\u4ef7\u6b63\u5728\u63d0\u4f9b\u6162\u70ed\u5f0f\u7684\u4f50\u8bc1\u30025 \u6708 14 \u65e5\u683c\u6797\u5a01\u6cbb\u65f6\u95f4 0955\uff0c\u4e09\u4e2a\u6708\u671f\u94dc\u4e0a\u6da8 0.2%\uff0c\u62a5\u6bcf\u5428 9,618 \u81f3 9,621 \u7f8e\u5143\uff0c\u76d8\u4e2d\u89e6\u53ca 9,642 \u7f8e\u5143\uff0c\u4e3a 4 \u6708 3 \u65e5\u4ee5\u6765\u6700\u9ad8\u3002\u8fd9\u4e0d\u662f\u70df\u82b1\u822c\u7684\u7206\u53d1\uff0c\u800c\u662f\u4e00\u6b65\u4e00\u6b65\u62d2\u7edd\u56de\u843d\u7684\u7f13\u6da8\u3002\u5728\u5546\u54c1\u5e02\u573a\u4e2d\uff0c\u8fd9\u79cd\u6162\u63a8\u5f80\u5f80\u6bd4\u5355\u65e5\u66b4\u6da8\u66f4\u5177\u8d8b\u52bf\u610f\u5473\u3002\u5b8f\u89c2\u8d44\u91d1\u5f00\u59cb\u5c06\u94dc\u770b\u4f5c\u4e00\u4efd\u9644\u5e26\u5de5\u4e1a\u7ea2\u5229\u7684\u901a\u80c0\u4fdd\u5355\uff0c\u800c\u8fd9\u4efd\u4fdd\u5355\u7684\u5b9a\u4ef7\uff0c\u5df2\u7ecf\u90e8\u5206\u8131\u79bb\u4e86\u5355\u7eaf\u7684\u4f9b\u9700\u5e73\u8861\u8868\u3002<\/p>\n
\u94dc\u4e4b\u6240\u4ee5\u80fd\u591f\u627f\u8f7d\u901a\u80c0\u5bf9\u51b2\u9884\u671f\uff0c\u6839\u57fa\u5728\u4e8e\u4e0d\u53ef\u66ff\u4ee3\u7684\u5de5\u4e1a\u7528\u9014\u3002\u5efa\u7b51\u7535\u7ebf\u3001\u7535\u529b\u7f51\u7edc\u3001\u8f93\u914d\u7535\u5668\u6750\uff0c\u8fd9\u4e9b\u9700\u6c42\u4ecd\u5728\u6301\u7eed\u63d0\u4f9b\u5e95\u90e8\u652f\u6491\u3002Panmure Liberum \u6240\u8bf4\u7684\u201c\u5b9e\u4f53\u7ecf\u6d4e\u987a\u98ce\u201d\uff0c\u6b63\u662f\u6e90\u4e8e\u7535\u6c14\u5316\u4e0e\u7535\u7f51\u5347\u7ea7\u7684\u957f\u671f\u53d9\u4e8b\u3002\u8fd9\u79cd\u9700\u6c42\u7ed3\u6784\u4f7f\u5f97\u94dc\u5728\u9762\u5bf9\u5229\u7387\u8d77\u4f0f\u65f6\u8868\u73b0\u51fa\u4e00\u5b9a\u7a0b\u5ea6\u7684\u201c\u514d\u75ab\u201d\u2014\u2014\u52a0\u606f\u6253\u538b\u6295\u673a\u4ed3\u4f4d\uff0c\u5374\u4e0d\u4f1a\u8ba9\u7535\u7f51\u4e0d\u518d\u9700\u8981\u94dc\u82af\u7535\u7f06\u3002<\/p>\n
\u5de5\u4e1a\u521a\u9700\u7684\u5b58\u5728\uff0c\u4e5f\u8ba9\u94dc\u4e0e\u9ec4\u91d1\u7684\u907f\u9669\u903b\u8f91\u5206\u9053\u626c\u9573\u3002\u9ec4\u91d1\u7684\u6da8\u8dcc\u4f9d\u8d56\u5e02\u573a\u5bf9\u98ce\u9669\u4e0e\u8d27\u5e01\u4f53\u7cfb\u7684\u7126\u8651\u7a0b\u5ea6\uff0c\u94dc\u7684\u5b9a\u4ef7\u5374\u5fc5\u987b\u56de\u5e94\u5de5\u5382\u8ba2\u5355\u3001\u57fa\u5efa\u8fdb\u5ea6\u548c\u5b9e\u9645\u6d88\u8017\u3002\u5f53\u5e02\u573a\u60c5\u7eea\u4ece\u7eaf\u6050\u614c\u5411\u589e\u957f\u56de\u6446\u65f6\uff0c\u8d44\u91d1\u4f1a\u81ea\u7136\u800c\u7136\u5730\u79bb\u5f00\u7eaf\u7cb9\u907f\u9669\u8d44\u4ea7\uff0c\u91cd\u65b0\u8fdb\u5165\u5de5\u4e1a\u91d1\u5c5e\u9886\u57df\u3002Tom Price \u5c31\u660e\u786e\u8868\u793a\uff0c\u6295\u8d44\u8005\u5df2\u201c\u4ece\u9ec4\u91d1\u7b49\u907f\u9669\u8d44\u4ea7\u8f6e\u52a8\u56de\u5de5\u4e1a\u9886\u57df\u201d\u3002\u8fd9\u53e5\u5224\u65ad\u5e72\u51c0\u5229\u843d\u5730\u52fe\u52d2\u51fa\u5f53\u4e0b\u504f\u597d\u8f6c\u79fb\u7684\u65b9\u5411\uff1a\u94dc\u4e0d\u518d\u53ea\u662f\u5468\u671f\u6027\u6307\u6807\uff0c\u800c\u662f\u5e26\u7740\u4f7f\u7528\u4ef7\u503c\u7684\u5b8f\u89c2\u8d44\u4ea7\u3002<\/p>\n
\u7b2c\u4e09\u4e2a\u89d2\u8272\u6700\u5177\u620f\u5267\u51b2\u7a81\u3002\u81ea 2025 \u5e74 2 \u6708\u7f8e\u56fd\u542f\u52a8\u9488\u5bf9\u94dc\u8fdb\u53e3\u53ef\u80fd\u52a0\u5f81\u65b0\u5173\u7a0e\u7684\u8c03\u67e5\u4ee5\u6765\uff0c\u4ea4\u6613\u5458\u59cb\u7ec8\u5904\u4e8e\u8b66\u89c9\u72b6\u6001\uff0c\u4eff\u4f5b\u542c\u89c1\u9694\u58c1\u623f\u95f4\u4f20\u6765\u95e8\u8f74\u8f6c\u52a8\u7684\u58f0\u97f3\u3002\u8fd9\u79cd\u653f\u7b56\u7126\u8651\u76f4\u63a5\u8f6c\u5316\u4e3a\u8de8\u6d0b\u642c\u8fd0\u91d1\u5c5e\u7684\u5957\u5229\u884c\u4e3a\uff0c\u628a COMEX \u4ed3\u5e93\u7cfb\u7edf\u53d8\u6210\u4e86\u4e00\u95f4\u6781\u5176\u6602\u8d35\u7684\u50a8\u7269\u95f4\u3002<\/p>\n
\u6570\u636e\u523b\u753b\u4e86\u8fd9\u4e00\u8d4c\u5c40\u7684\u89c4\u6a21\u3002\u81ea 2 \u6708\u5e95\u8d77\uff0cCOMEX \u94dc\u5e93\u5b58\u8df3\u5347 77%\uff0c\u8fbe\u5230 165,112 \u5428\u3002\u8def\u900f\u5c06\u6b64\u589e\u957f\u5f52\u56e0\u4e8e\u5173\u7a0e\u9884\u5224\u4e0b\u7684\u524d\u7f6e\u56e4\u8d27\u3002\u6469\u6839\u58eb\u4e39\u5229\u9884\u8ba1\u4f1a\u6709\u66f4\u591a\u4ea4\u5272\uff0c\u201c\u8fd8\u6709\u66f4\u591a\u8981\u6765\u201d\uff0c\u8fd9\u4e3a\u5f53\u4e0b\u5e02\u573a\u7559\u4e0b\u4e86\u4e00\u4e2a\u514d\u4e8e\u7acb\u5373\u9762\u4e34\u5173\u7a0e\u51b2\u51fb\u7684\u91d1\u5c5e\u7f13\u51b2\u5e26\u3002\u8fd9\u80a1\u56e4\u8d27\u6f6e\u4e5f\u5c06 COMEX \u5bf9 LME \u7684\u6ea2\u4ef7\u63a8\u81f3\u6781\u7aef\u6c34\u5e73\u2014\u20143 \u6708\u89e6\u53ca 18% \u7684\u5cf0\u503c\uff0c\u968f\u540e\u5728 5 \u6708\u4e2d\u65ec\u5df2\u6536\u7a84\u81f3\u7ea6 10%\u3002\u6ea2\u4ef7\u538b\u7f29\u8868\u660e\u6700\u6050\u614c\u7684\u5b9a\u4ef7\u9636\u6bb5\u6b63\u5728\u51b7\u5374\uff0c\u4f46\u5e76\u672a\u6d88\u5931\u3002\u4ef7\u5dee\u4ece\u8352\u8c2c\u56de\u5f52\u5230\u7d27\u5f20\uff0c\u4f9d\u7136\u5728\u8bc9\u8bf4\u653f\u7b56\u98ce\u9669\u7684\u5b58\u5728\u3002<\/p>\n
\u56e4\u8d27\u65b9\u5e76\u975e\u4fe1\u4ef0\u94dc\u7684\u957f\u671f\u53d9\u4e8b\uff0c\u800c\u662f\u5728\u5bf9\u534e\u76db\u987f\u51b3\u7b56\u8def\u5f84\u4e0b\u6ce8\u3002\u8fd9\u79cd\u4ea4\u6613\u8003\u9a8c\u7684\u662f\u7269\u6d41\u80fd\u529b\u548c\u65f6\u70b9\u5224\u65ad\uff0c\u66f4\u50cf\u4e00\u573a\u56f4\u7ed5\u653f\u7b56\u65f6\u95f4\u8868\u7684\u5957\u5229\u5de5\u7a0b\u3002\u4e00\u65e6\u5173\u7a0e\u9774\u5b50\u843d\u5730\u7684\u65b9\u5f0f\u4e0e\u9884\u671f\u51fa\u73b0\u504f\u5dee\uff0c\u4ed3\u5e93\u91cc\u5806\u79ef\u7684\u91d1\u5c5e\u5c31\u53ef\u80fd\u9762\u4e34\u5feb\u901f\u91cd\u5b9a\u4ef7\u3002\u5e02\u573a\u5f53\u524d\u65e2\u6ca1\u6709\u5e73\u4ed3\u79bb\u573a\uff0c\u4e5f\u6ca1\u6709\u7ee7\u7eed\u52a0\u7801\uff0c\u800c\u662f\u7ef4\u6301\u7740\u4e00\u79cd\u7d27\u7ef7\u7684\u89c2\u671b\u3002<\/p>\n
Panmure Liberum \u63cf\u7ed8\u7684\u6295\u8d44\u8005\u753b\u50cf\u6781\u5ea6\u5199\u5b9e\u3002Tom Price \u6307\u51fa\uff0c\u8d44\u91d1\u5c1a\u672a\u4ee5\u79ef\u6781\u59ff\u6001\u91cd\u8fd4\u5e02\u573a\uff0c\u201c\u5728\u521d\u671f\u9636\u6bb5\u6ca1\u6709\u5927\u529b\u91cd\u65b0\u53c2\u4e0e\uff0c\u76ee\u524d\u975e\u5e38\u8c28\u614e\u3002\u4ed6\u4eec\u5728\u60f3\u7279\u6717\u666e\u4e0b\u4e00\u6b65\u4f1a\u505a\u4ec0\u4e48\u201d\u3002\u8fd9\u4e0d\u662f\u5efa\u4ed3\u4fe1\u5fc3\uff0c\u800c\u662f\u4e00\u7fa4\u4eba\u772f\u7740\u773c\u775b\u76ef\u4f4f\u653f\u7b56\u5730\u5e73\u7ebf\uff0c\u8c01\u4e5f\u4e0d\u613f\u7387\u5148\u7728\u773c\u3002<\/p>\n
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