\u9285\u6b63\u5728\u64fa\u812b\u5e02\u5834\u7fd2\u6163\u8cbc\u4e0a\u7684\u201c\u7121\u804a\u5de5\u696d\u91d1\u5c6c\u201d\u6a19\u7c3d\u3002Panmure Liberum \u7684\u4e00\u4efd\u5206\u6790\u6307\u51fa\uff0c\u9019\u7a2e\u7d05\u8272\u91d1\u5c6c\u6b63\u540c\u6642\u626e\u6f14\u4e09\u500b\u89d2\u8272\uff1a\u985e\u4f3c\u9ec3\u91d1\u7684\u901a\u8139\u5c0d\u6c96\u5de5\u5177\u3001\u627f\u8f09\u5be6\u9ad4\u7d93\u6fdf\u9700\u6c42\u589e\u9577\u7684\u5de5\u696d\u539f\u6599\uff0c\u4ee5\u53ca\u570d\u7e5e\u7f8e\u570b\u8cbf\u6613\u653f\u7b56\u5c55\u958b\u7684\u95dc\u7a05\u8ced\u5c40\u7c4c\u78bc\u3002\u8fd1\u671f\u50f9\u683c\u8d70\u52e2\u3001\u5eab\u5b58\u7570\u52d5\u548c\u6295\u8cc7\u8005\u884c\u70ba\uff0c\u90fd\u5728\u5370\u8b49\u9019\u4e00\u591a\u91cd\u8eab\u4efd\u7684\u5207\u63db\u3002<\/p>\n
Panmure Liberum \u7684\u6838\u5fc3\u5224\u65b7\u662f\uff0c\u9285\u63d0\u4f9b\u4e86\u6295\u8cc7\u8005\u901a\u5e38\u5728\u9ec3\u91d1\u4e2d\u8ffd\u9010\u7684\u901a\u8139\u5c0d\u6c96\u529f\u80fd\uff0c\u540c\u6642\u81ea\u5e36\u5be6\u9ad4\u7d93\u6fdf\u9806\u98a8\u3002\u9019\u8207\u50b3\u7d71\u907f\u96aa\u908f\u8f2f\u5f62\u6210\u5fae\u5999\u5c0d\u5cd9\u3002\u8a72\u6a5f\u69cb\u5206\u6790\u5e2b David Aspell \u7279\u5225\u63d0\u9192\uff0c\u9285\u4e26\u4e0d\u5177\u5099\u9ec3\u91d1\u548c\u767d\u9280\u7b49\u8cb4\u91d1\u5c6c\u7684\u7a00\u7f3a\u6027\u8207\u7269\u7406\u7279\u8cea\uff0c\u5132\u91cf\u548c\u7a00\u7f3a\u7a0b\u5ea6\u201c\u7121\u8ad6\u662f\u7d55\u5c0d\u898f\u6a21\u9084\u662f\u76f8\u5c0d\u7522\u91cf\uff0c\u90fd\u5dee\u7570\u5de8\u5927\u201d\u3002\u8a00\u4e0b\u4e4b\u610f\uff0c\u9285\u4e0d\u662f\u4f9b\u5728\u535a\u7269\u9928\u88e1\u7684\u5c55\u54c1\uff0c\u800c\u662f\u4e00\u7a2e\u5fc5\u9808\u5e79\u6d3b\u7684\u91d1\u5c6c\uff0c\u4f46\u50f9\u683c\u58d3\u529b\u6700\u8fd1\u537b\u6cbf\u8457\u901a\u8139\u9810\u671f\u7684\u8ecc\u9053\u5411\u4e0a\u6500\u722c\u3002<\/p>\n
LME \u57fa\u6e96\u9285\u50f9\u6b63\u5728\u63d0\u4f9b\u6162\u71b1\u5f0f\u7684\u4f50\u8b49\u30025 \u6708 14 \u65e5\u683c\u6797\u5a01\u6cbb\u6642\u9593 0955\uff0c\u4e09\u500b\u6708\u671f\u9285\u4e0a\u6f32 0.2%\uff0c\u5831\u6bcf\u5678 9,618 \u81f3 9,621 \u7f8e\u5143\uff0c\u76e4\u4e2d\u89f8\u53ca 9,642 \u7f8e\u5143\uff0c\u70ba 4 \u6708 3 \u65e5\u4ee5\u4f86\u6700\u9ad8\u3002\u9019\u4e0d\u662f\u7159\u82b1\u822c\u7684\u7206\u767c\uff0c\u800c\u662f\u4e00\u6b65\u4e00\u6b65\u62d2\u7d55\u56de\u843d\u7684\u7de9\u6f32\u3002\u5728\u5546\u54c1\u5e02\u5834\u4e2d\uff0c\u9019\u7a2e\u6162\u63a8\u5f80\u5f80\u6bd4\u55ae\u65e5\u66b4\u6f32\u66f4\u5177\u8da8\u52e2\u610f\u5473\u3002\u5b8f\u89c0\u8cc7\u91d1\u958b\u59cb\u5c07\u9285\u770b\u4f5c\u4e00\u4efd\u9644\u5e36\u5de5\u696d\u7d05\u5229\u7684\u901a\u8139\u4fdd\u55ae\uff0c\u800c\u9019\u4efd\u4fdd\u55ae\u7684\u5b9a\u50f9\uff0c\u5df2\u7d93\u90e8\u5206\u812b\u96e2\u4e86\u55ae\u7d14\u7684\u4f9b\u9700\u5e73\u8861\u8868\u3002<\/p>\n
\u9285\u4e4b\u6240\u4ee5\u80fd\u5920\u627f\u8f09\u901a\u8139\u5c0d\u6c96\u9810\u671f\uff0c\u6839\u57fa\u5728\u65bc\u4e0d\u53ef\u66ff\u4ee3\u7684\u5de5\u696d\u7528\u9014\u3002\u5efa\u7bc9\u96fb\u7dda\u3001\u96fb\u529b\u7db2\u7d61\u3001\u8f38\u914d\u96fb\u5668\u6750\uff0c\u9019\u4e9b\u9700\u6c42\u4ecd\u5728\u6301\u7e8c\u63d0\u4f9b\u5e95\u90e8\u652f\u6490\u3002Panmure Liberum \u6240\u8aaa\u7684\u201c\u5be6\u9ad4\u7d93\u6fdf\u9806\u98a8\u201d\uff0c\u6b63\u662f\u6e90\u65bc\u96fb\u6c23\u5316\u8207\u96fb\u7db2\u5347\u7d1a\u7684\u9577\u671f\u6558\u4e8b\u3002\u9019\u7a2e\u9700\u6c42\u7d50\u69cb\u4f7f\u5f97\u9285\u5728\u9762\u5c0d\u5229\u7387\u8d77\u4f0f\u6642\u8868\u73fe\u51fa\u4e00\u5b9a\u7a0b\u5ea6\u7684\u201c\u514d\u75ab\u201d\u2014\u2014\u52a0\u606f\u6253\u58d3\u6295\u6a5f\u5009\u4f4d\uff0c\u537b\u4e0d\u6703\u8b93\u96fb\u7db2\u4e0d\u518d\u9700\u8981\u9285\u82af\u96fb\u7e9c\u3002<\/p>\n
\u5de5\u696d\u525b\u9700\u7684\u5b58\u5728\uff0c\u4e5f\u8b93\u9285\u8207\u9ec3\u91d1\u7684\u907f\u96aa\u908f\u8f2f\u5206\u9053\u63da\u9463\u3002\u9ec3\u91d1\u7684\u6f32\u8dcc\u4f9d\u8cf4\u5e02\u5834\u5c0d\u98a8\u96aa\u8207\u8ca8\u5e63\u9ad4\u7cfb\u7684\u7126\u616e\u7a0b\u5ea6\uff0c\u9285\u7684\u5b9a\u50f9\u537b\u5fc5\u9808\u56de\u61c9\u5de5\u5ee0\u8a02\u55ae\u3001\u57fa\u5efa\u9032\u5ea6\u548c\u5be6\u969b\u6d88\u8017\u3002\u7576\u5e02\u5834\u60c5\u7dd2\u5f9e\u7d14\u6050\u614c\u5411\u589e\u9577\u56de\u64fa\u6642\uff0c\u8cc7\u91d1\u6703\u81ea\u7136\u800c\u7136\u5730\u96e2\u958b\u7d14\u7cb9\u907f\u96aa\u8cc7\u7522\uff0c\u91cd\u65b0\u9032\u5165\u5de5\u696d\u91d1\u5c6c\u9818\u57df\u3002Tom Price \u5c31\u660e\u78ba\u8868\u793a\uff0c\u6295\u8cc7\u8005\u5df2\u201c\u5f9e\u9ec3\u91d1\u7b49\u907f\u96aa\u8cc7\u7522\u8f2a\u52d5\u56de\u5de5\u696d\u9818\u57df\u201d\u3002\u9019\u53e5\u5224\u65b7\u5e79\u6de8\u5229\u843d\u5730\u52fe\u52d2\u51fa\u7576\u4e0b\u504f\u597d\u8f49\u79fb\u7684\u65b9\u5411\uff1a\u9285\u4e0d\u518d\u53ea\u662f\u9031\u671f\u6027\u6307\u6a19\uff0c\u800c\u662f\u5e36\u8457\u4f7f\u7528\u50f9\u503c\u7684\u5b8f\u89c0\u8cc7\u7522\u3002<\/p>\n
\u7b2c\u4e09\u500b\u89d2\u8272\u6700\u5177\u6232\u5287\u885d\u7a81\u3002\u81ea 2025 \u5e74 2 \u6708\u7f8e\u570b\u555f\u52d5\u91dd\u5c0d\u9285\u9032\u53e3\u53ef\u80fd\u52a0\u5f81\u65b0\u95dc\u7a05\u7684\u8abf\u67e5\u4ee5\u4f86\uff0c\u4ea4\u6613\u54e1\u59cb\u7d42\u8655\u65bc\u8b66\u89ba\u72c0\u614b\uff0c\u4eff\u4f5b\u807d\u898b\u9694\u58c1\u623f\u9593\u50b3\u4f86\u9580\u8ef8\u8f49\u52d5\u7684\u8072\u97f3\u3002\u9019\u7a2e\u653f\u7b56\u7126\u616e\u76f4\u63a5\u8f49\u5316\u70ba\u8de8\u6d0b\u642c\u904b\u91d1\u5c6c\u7684\u5957\u5229\u884c\u70ba\uff0c\u628a COMEX \u5009\u5eab\u7cfb\u7d71\u8b8a\u6210\u4e86\u4e00\u9593\u6975\u5176\u6602\u8cb4\u7684\u5132\u7269\u9593\u3002<\/p>\n
\u6578\u64da\u523b\u756b\u4e86\u9019\u4e00\u8ced\u5c40\u7684\u898f\u6a21\u3002\u81ea 2 \u6708\u5e95\u8d77\uff0cCOMEX \u9285\u5eab\u5b58\u8df3\u5347 77%\uff0c\u9054\u5230 165,112 \u5678\u3002\u8def\u900f\u5c07\u6b64\u589e\u9577\u6b78\u56e0\u65bc\u95dc\u7a05\u9810\u5224\u4e0b\u7684\u524d\u7f6e\u56e4\u8ca8\u3002\u6469\u6839\u58eb\u4e39\u5229\u9810\u8a08\u6703\u6709\u66f4\u591a\u4ea4\u5272\uff0c\u201c\u9084\u6709\u66f4\u591a\u8981\u4f86\u201d\uff0c\u9019\u70ba\u7576\u4e0b\u5e02\u5834\u7559\u4e0b\u4e86\u4e00\u500b\u514d\u65bc\u7acb\u5373\u9762\u81e8\u95dc\u7a05\u885d\u64ca\u7684\u91d1\u5c6c\u7de9\u885d\u5e36\u3002\u9019\u80a1\u56e4\u8ca8\u6f6e\u4e5f\u5c07 COMEX \u5c0d LME \u7684\u6ea2\u50f9\u63a8\u81f3\u6975\u7aef\u6c34\u5e73\u2014\u20143 \u6708\u89f8\u53ca 18% \u7684\u5cf0\u503c\uff0c\u96a8\u5f8c\u5728 5 \u6708\u4e2d\u65ec\u5df2\u6536\u7a84\u81f3\u7d04 10%\u3002\u6ea2\u50f9\u58d3\u7e2e\u8868\u660e\u6700\u6050\u614c\u7684\u5b9a\u50f9\u968e\u6bb5\u6b63\u5728\u51b7\u537b\uff0c\u4f46\u4e26\u672a\u6d88\u5931\u3002\u50f9\u5dee\u5f9e\u8352\u8b2c\u56de\u6b78\u5230\u7dca\u5f35\uff0c\u4f9d\u7136\u5728\u8a34\u8aaa\u653f\u7b56\u98a8\u96aa\u7684\u5b58\u5728\u3002<\/p>\n
\u56e4\u8ca8\u65b9\u4e26\u975e\u4fe1\u4ef0\u9285\u7684\u9577\u671f\u6558\u4e8b\uff0c\u800c\u662f\u5728\u5c0d\u83ef\u76db\u9813\u6c7a\u7b56\u8def\u5f91\u4e0b\u6ce8\u3002\u9019\u7a2e\u4ea4\u6613\u8003\u9a57\u7684\u662f\u7269\u6d41\u80fd\u529b\u548c\u6642\u9ede\u5224\u65b7\uff0c\u66f4\u50cf\u4e00\u5834\u570d\u7e5e\u653f\u7b56\u6642\u9593\u8868\u7684\u5957\u5229\u5de5\u7a0b\u3002\u4e00\u65e6\u95dc\u7a05\u9774\u5b50\u843d\u5730\u7684\u65b9\u5f0f\u8207\u9810\u671f\u51fa\u73fe\u504f\u5dee\uff0c\u5009\u5eab\u88e1\u5806\u7a4d\u7684\u91d1\u5c6c\u5c31\u53ef\u80fd\u9762\u81e8\u5feb\u901f\u91cd\u5b9a\u50f9\u3002\u5e02\u5834\u7576\u524d\u65e2\u6c92\u6709\u5e73\u5009\u96e2\u5834\uff0c\u4e5f\u6c92\u6709\u7e7c\u7e8c\u52a0\u78bc\uff0c\u800c\u662f\u7dad\u6301\u8457\u4e00\u7a2e\u7dca\u7e43\u7684\u89c0\u671b\u3002<\/p>\n
Panmure Liberum \u63cf\u7e6a\u7684\u6295\u8cc7\u8005\u756b\u50cf\u6975\u5ea6\u5beb\u5be6\u3002Tom Price \u6307\u51fa\uff0c\u8cc7\u91d1\u5c1a\u672a\u4ee5\u7a4d\u6975\u59ff\u614b\u91cd\u8fd4\u5e02\u5834\uff0c\u201c\u5728\u521d\u671f\u968e\u6bb5\u6c92\u6709\u5927\u529b\u91cd\u65b0\u53c3\u8207\uff0c\u76ee\u524d\u975e\u5e38\u8b39\u614e\u3002\u4ed6\u5011\u5728\u60f3\u7279\u6717\u666e\u4e0b\u4e00\u6b65\u6703\u505a\u4ec0\u9ebc\u201d\u3002\u9019\u4e0d\u662f\u5efa\u5009\u4fe1\u5fc3\uff0c\u800c\u662f\u4e00\u7fa4\u4eba\u772f\u8457\u773c\u775b\u76ef\u4f4f\u653f\u7b56\u5730\u5e73\u7dda\uff0c\u8ab0\u4e5f\u4e0d\u9858\u7387\u5148\u7728\u773c\u3002<\/p>\n
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