桥水中国在题为"分散化投资正当时"的文章中表示，尽管金价已有明显上涨，但我们仍认为其有配置价 值，能为投资组合提供分散化效益。值得注意的是，投资者尚未大幅调整黄金配置，而提升黄金吸引力 的长期结构性因素，短期之内似乎不太可能减弱。持续的通胀担忧、高企的政府债务（提升了未来债务 货币化的可能性），以及不断升级的区域政治紧张局势，这些因素共同动摇着法定货币的价值。黄金的 价格走势反映出，全球央行与其他投资者正越来越多地通过黄金来对冲货币风险。换言之，目前存在大 量资金似乎愿意以当前价格买入黄金，即便需承担零"利息收益"的机会成本，也要通过配置黄金以对冲 因区域冲突或货币贬值导致重大资本损失的风险。 截至2025年9月5日 13:07，中证沪深港黄金产业股票指数(931238)强势上涨3.62%，成分股西部黄金 (601069)上涨9.70%，白银有色(601212)上涨6.81%，紫金矿业(02899)上涨5.85%，招金矿业(01818)，湖 南白银(002716)等个股跟涨。黄金股票ETF基金(159322)上涨3.40%，最新价报1.46元。拉长时间看，截 至2025年9月4日，黄金股票ETF基金近1周累计 ...

紫金矿业股价上涨6.6%，领涨恒生指数。 ...

Group 1: Hong Kong Stock Market Highlights - China Tobacco Hong Kong (06055) rose over 2% after announcing exclusive distribution agreements for brand cigars with Hubei and Shandong Tobacco [1] - Sportswear stocks generally increased, with Li Ning (02331) up nearly 1% and Tmall (06110) up nearly 2%, following a government directive to enhance the modern sports industry and boost consumption [1] - He Yu-B (02256) surged over 3% as the company announced multiple positive developments, including the approval of oral PD-L1 combined with Gorai Leisai for Phase II clinical trials [1] - Gold stocks collectively rose, with Lingbao Gold (03330) up over 4%, China Gold International (02099) up over 1%, and Zijin Mining (02899) up over 3%, amid expectations of a U.S. interest rate cut [1] - UBTECH (09880) increased over 2% after Citigroup reported that the company has received 400 million RMB in humanoid robot orders and secured a $1 billion strategic investment from a Middle Eastern fund [1] - Huimai Technology (01860) surged over 12%, reaching a historical high, with a year-to-date stock price increase of over 110% due to the continuous iteration of its AI-driven smart bidding system [1] Group 2: Other Notable Stocks - Wanka Yilian (01762) rose over 11% after announcing a comprehensive cooperation memorandum with Alibaba Cloud to create an AI marketing ecosystem [2] - Longpan Technology (02465) increased over 10%, with Citic Securities indicating potential opportunities in the battery sector due to an upcoming significant meeting [2] - Juzi Bio (02367) rose over 4%, with institutions optimistic about the recovery of live streaming during the upcoming Double Eleven shopping festival [2] - Shoucheng Holdings (00697) increased over 8% after its subsidiary announced additional investment in Songyan Power amounting to several million RMB [2] Group 3: U.S. Stock Market Highlights - Salesforce (CRM.US) fell 4.85% after reporting a 9.8% year-over-year revenue growth for Q2, with Q3 revenue guidance slightly below expectations [3] - American Eagle (AEO.US) surged 37.96% after exceeding expectations in its Q2 earnings report [3] - Hewlett Packard Enterprise (HPE.US) rose 1.49% with a 19% year-over-year revenue growth in Q3, marking a record high [3] - United Microelectronics (UMC.US) increased 3.46%, reporting a 1.86% year-over-year sales growth for the first eight months of the year [3] - ZTO Express (ZTO.US) continued to rise by 0.94%, with the logistics industry index in China at 50.9%, up 0.4 percentage points from the previous month [3] - Bilibili (BILI.US) rose 0.99%, with research indicating high growth in the gaming industry supported by policy, expecting continued quarter-over-quarter improvement [3] - Waterdrop (WDH.US) increased 2.25%, reporting nearly a 120% growth in net profit attributable to shareholders, driven by AI model empowerment [3] Group 4: Additional U.S. Stock Movements - Sanofi (SNY.US) fell 9.14% despite achieving all primary and secondary endpoints in a Phase III study for Amlitelimab, as results did not meet market expectations [4] - Toyota (TM.US) rose 2.40% after announcing plans to produce a pure electric vehicle model at its Czech factory, marking its first electric vehicle production in Europe [4] - Baidu (BIDU.US) increased 1.88% following the release of an action plan by the Ministry of Industry and Information Technology to enhance intelligent cloud services [4] Group 5: Earnings Reports and Forecasts - C3.ai (AI.US) fell 7.31% after reporting Q1 results and revenue guidance for FY2026 that fell short of expectations [5] - Samsara (IOT.US) rose over 10% with a 30% year-over-year revenue growth in Q2 [5] - UiPath (PATH.US) increased nearly 5%, reporting Q2 revenue of $362 million, a 14% year-over-year growth, and projecting FY2026 revenue between $1.571 billion and $1.576 billion [5] - DocuSign (DOCU.US) rose nearly 9% after reporting Q2 revenue of $800.6 million, a 9% year-over-year increase, with GAAP gross margin at 79.3% [5]

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a clear peak and decline trend, particularly in the copper smelting sector, which is facing significant losses and requires the implementation of "anti-involution" measures [1][2] - The "anti-involution" movement is driven by the need for industry self-discipline to prevent vicious competition, especially in the context of slowing economic growth and negative PPI [2] - The copper smelting industry is under pressure due to a mismatch between mining and smelting capacities, exacerbated by high costs and weak raw material conditions in China [2][3] Group 2 - The focus of "anti-involution" in the copper smelting industry is on optimizing production capacity, which includes phasing out outdated capacities and enhancing efficiency through advanced smelting technologies [3] - There is an expectation that the copper industry profits will return to positive values as production capacity is optimized, with stronger profitability anticipated for companies with cost advantages in smelting [3] - The report suggests monitoring companies with smelting cost advantages and those involved in mining and smelting partnerships, including Zijin Mining, Western Mining, Jiangxi Copper, China Nonferrous Mining, Yunnan Copper, and Northern Copper [3]

另外国纯多头(长仓、好仓)基金的累计流入进一步升至10亿元，逆转了去年流出170亿元的局面。 报告指出，宁德时代(03750)、泡泡玛特(09992)和紫金矿业(02899)是本季度迄今被加仓最多的个股；中 石油(00857)、建设银行(00939)等是被减仓最多的个股。 该行还指出，观察到高净值投资者参与中国A股的程度加大，以及资金从货币市场基金转入股票基金的 早期迹象。继4月大规模卖出后，外国被动基金在8月变成A股净买家。 智通财经APP获悉，摩根士丹利发布研报称，8月外国投资者继续向中国股市投入资金，但速度较上月 放缓。从数据来看，净流入金额9亿(美元，下同)，少于7月的27亿美元，买盘大多由被动管理基金驱 动，而被动基金资金流入总额为14亿元，低于7月的39亿元，美国被动基金仍然是主力。 报告续称，主动型外国基金方面，资金流出5亿元，为2023年年中以来最大。 截至8月31日，今年流入中国股市的外国被动资金总和达到130亿元，已超过去年全年总额70亿元；今年 以来外国主动资金共计流出110亿元，较去年流出240亿元的步伐放缓。 ...

中信证券研报表示，4月底以来黄金处在震荡市中，该行认为是关税冲击、美国财政、地缘政治、央行购金等因素形成了复杂的多空平衡。但这些 因素的改变有望开启黄金上行趋势。关税的预期好转可能暂告一段落，而对滞胀的影响可能刚开始体现；年内地缘风险明显下降的可能性较小； 美联储可能开启提前曲线降息；全球央行的购金趋势稳定。中性假设下，该行的模型预测年底金价有望超过3730美元/盎司。 （原标题：港股异动 | 黄金股集体走高 ADP就业数据强化美降息预期 市场聚焦今晚非农数据） 智通财经APP获悉，黄金股集体走高，截至发稿，灵宝黄金(03330)涨6.32%，报16.33港元；中国黄金国际(02099)涨3.71%，报120.2港元；招金矿 业(01818)涨3.7%，报28.04港元；紫金矿业(02899)涨3.07%，报27.5港元。 消息面上，9月4日晚，ADP数据显示，美国8月ADP就业人数增加5.4万人，低于市场预期。另据美国劳工部最新数据，美国截至8月30日当周初请 失业金人数 23.7万人，高于市场预期。美国劳动力市场持续降温进一步强化了美联储降息预期，目前市场定价显示，美联储在9月降息的概率已升 至97.4% ...

中信证券研报表示，4月底以来黄金处在震荡市中，该行认为是关税冲击、美国财政、地缘政治、央行 购金等因素形成了复杂的多空平衡。但这些因素的改变有望开启黄金上行趋势。关税的预期好转可能暂 告一段落，而对滞胀的影响可能刚开始体现；年内地缘风险明显下降的可能性较小；美联储可能开启提 前曲线降息；全球央行的购金趋势稳定。中性假设下，该行的模型预测年底金价有望超过3730美元/盎 司。 黄金股集体走高，截至发稿，灵宝黄金(03330)涨6.32%，报16.33港元；中国黄金（600916）国际 (02099)涨3.71%，报120.2港元；招金矿业(01818)涨3.7%，报28.04港元；紫金矿业（601899）(02899)涨 3.07%，报27.5港元。 消息面上，9月4日晚，ADP数据显示，美国8月ADP就业人数增加5.4万人，低于市场预期。另据美国劳 工部最新数据，美国截至8月30日当周初请失业金人数 23.7万人，高于市场预期。美国劳动力市场持续 降温进一步强化了美联储降息预期，目前市场定价显示，美联储在9月降息的概率已升至97.4%。在 ADP数据公布后，市场聚焦将于周五发布的美国8月非农数据。另外，高盛预 ...

Core Viewpoint - The current expectations of interest rate cuts are likely to support gold prices, especially in the context of high inflation and declining real interest rates, making gold an attractive investment option [1] Group 1: Market Performance - As of September 5, 2025, the CSI Hong Kong and Shanghai Gold Industry Stock Index rose by 1.29%, with notable increases in individual stocks such as Hunan Silver (up 3.81%) and Chifeng Jilong Gold (up 3.09%) [2] - The Gold Stock ETF Fund (159322) increased by 1.35%, with a recent price of 1.43 yuan, and has seen a cumulative increase of 7.71% over the past week [2] - The Gold Stock ETF Fund recorded a turnover of 1.25% during the trading session, with a total transaction value of 929,500 yuan [2] Group 2: Fund Performance Metrics - The Gold Stock ETF Fund has seen a net value increase of 48.70% over the past six months, ranking in the top 1.56% among 3,579 index stock funds [3] - The fund's highest monthly return since inception was 16.59%, with a maximum consecutive monthly gain of 31.09% [3] - The fund's Sharpe ratio for the past year is 1.51, placing it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [3] Group 3: Fund Composition and Weighting - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 66.52% of the index [5] - The top weighted stocks include Zijin Mining (10.84%), Shandong Gold (10.02%), and Zhongjin Gold (7.37%) [7]

Core Insights - The report emphasizes the ongoing trend of "anti-involution" in the copper smelting industry, driven by economic slowdown and the need for industry self-discipline to prevent vicious competition [3][4][6] - The copper smelting sector is facing significant losses, necessitating a focus on capacity optimization to improve profitability [3][22] - The report suggests that the copper industry is expected to return to profitability in the long term, with an emphasis on optimizing capacity and improving operational efficiency [3][22] Industry Overview - The "anti-involution" movement was first highlighted in a Politburo meeting on July 30, 2024, aiming to strengthen industry self-discipline and prevent harmful competition [3][5] - The copper smelting industry is currently experiencing substantial losses, with the need for a shift towards capacity optimization and the elimination of outdated production methods [3][22] - The report identifies the mismatch between copper mining and smelting capacities as a critical issue, with domestic smelting capacity expanding while raw material supply remains heavily reliant on imports [45][49] Economic Context - The report draws parallels between the current "anti-involution" movement and previous supply-side reforms, both occurring in a context of economic growth slowdown [7][9] - It highlights that both periods experienced declining GDP growth rates and prolonged periods of negative Producer Price Index (PPI) [9][10] - The current economic environment is characterized by weaker demand on the consumer side, exacerbating challenges for industries like copper smelting [10][14] Capacity Optimization Strategies - The report outlines key strategies for optimizing copper smelting capacity, including the elimination of outdated production capacity and the adoption of advanced smelting technologies [3][52] - It emphasizes the importance of constructing high-standard smelting facilities and effectively utilizing recycled resources [3][52] - The report suggests that companies with cost advantages in smelting are likely to have stronger profitability as the industry undergoes restructuring [3][22] Investment Opportunities - The report recommends focusing on companies with smelting cost advantages and those involved in mining and smelting integration, such as Zijin Mining, Western Mining, Jiangxi Copper, and others [3][22] - It indicates that the copper smelting industry may see a turnaround in profitability as capacity mismatches are addressed and operational efficiencies are improved [3][22] Challenges and Risks - The report notes that the copper smelting industry is currently facing significant challenges, including high production costs and a reliance on imported raw materials [3][45] - It highlights the need for the industry to adapt to changing market conditions and regulatory environments to mitigate risks associated with overcapacity and competition [3][22]

金价飙升，黄金股迎来"淘金热"：掘金巨头利润惊人，投资者需辨真伪 近期，国际金价如脱缰的野马，一路狂飙，成功突破3500美元/盎司大关，震惊了无数投资者。而这波黄金浪潮中最令人瞩目的，莫过于紫金矿业上半年每 日净赚1.28亿元的惊人业绩，仿佛一座"印钞机"在矿山深处轰然启动，让"家里有矿"这句话有了全新的、令人咋舌的解读。 9月2日，现货黄金价格在交易时段内飙升至3500美元/盎司，不仅创下了自2011年以来的历史新高，更实现了年内超过33%的惊人涨幅。白银市场也同样不 甘示弱，COMEX白银期货价格一度攀升至41美元/盎司，这是近14年来的最高点。 黄金价格的飞跃，背后潜藏着两条清晰可见的驱动逻辑。 其一，美联储降息预期愈发浓厚。美国通胀数据显示出回落迹象，经济放缓的信号也日益明显，市场普遍预测美联储将在年内启动降息周期。一旦利率下 行，持有黄金的机会成本将大幅降低。毕竟，与产生利息的存款或债券不同，黄金本身并不生息，其吸引力在于保值增值和避险属性。 其二，全球资金正积极寻求安全避风港。在股票和债券市场波动加剧、风险敞口增大的背景下，黄金凭借其稳健的避险属性，成为了大型资金的"安全垫"， 吸引着海量资金的涌 ...