截至2025年9月5日收盘，中金黄金（600489）报收于18.15元，较上周的15.97元上涨13.65%。本周，中金黄金9月3日盘中最高价报18.75元，股价 触及近一年最高点。9月1日盘中最低价报16.28元。本周共计1次涨停收盘，无跌停收盘情况。中金黄金当前最新总市值879.79亿元，在贵金属板块 市值排名2/11，在两市A股市值排名184/5152。 本周关注点 交易信息汇总 9月1日中金黄金发生1笔大宗交易，成交金额504.26万元 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 交易信息汇总：9月1日中金黄金发生1笔大宗交易，成交金额504.26万元 ...

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 - 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 09 月 07 日 降息预期进一步抬升，重视黄金 板块表现 看好 —— 金属&新材料行业周报20250811-20250815 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数下跌 1.18%，深证成指下跌 0.83%，沪深 300 下跌 0.81%，有色金属（申万） ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601069 | 西部黄金 | 29.82 | 10.00% | 62.19万 | 17.22亿 | | 002716 | 湖南白银 | 6.11 | 5.71% | 246.97万 | 14.93 Z | | 600988 | 赤峰青金 | 27.85 | 4.86% | 85.51万 | 23.50 Z | | 001337 | 四川黄金 | 26.34 | 4.07% | 1 20.48万 | 5.32亿 | | 600547 | 山东黄金 | 37.69 | 3.97% | 54.54万 | 20.37亿 | | 002237 | 恒邦股份 | 13.38 | 3.88% | 36.85万 | 4.87亿 | | 002155 | 湖南黄金 | 21.53 | 3.76% | 71.60万 | 15.18 Z | | 300139 | 際程科技 | 23.27 | 3.51% | 73.76万 | 16.73亿 | | 600489 | 中 ...

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 ...

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]

Group 1 - The A-share market showed mixed performance on September 3, with the Shanghai Composite Index down by 1.16%, the Shenzhen Component Index down by 0.65%, and the ChiNext Index up by 0.95 [1] - The precious metals sector performed well, with West Gold reaching the daily limit up and Zhaojin Gold increasing by nearly 7% [1] - Notable stock performances included West Gold with a 10% increase, Jiaye Group at 9.97%, and Zhaopin at 6.93% [1] Group 2 - Gold futures in New York reached a historic high, surpassing $3600, while spot gold prices exceeded $3540 per ounce [4] - Major domestic jewelry brands reported rising prices for gold jewelry, with Chow Tai Fook and Luk Fook Jewelry pricing their gold at 1053 RMB per gram [4] - The Shanghai Gold Exchange announced adjustments to margin levels and price limits for certain contracts, increasing the margin for gold contracts from 13% to 14% and for silver contracts from 16% to 17% [4]

晨会纪要（2025/09/04） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.04） 行业研究 晨 会 纪 要 稀土价格表现强势，关注 9 月议息会议——金属行业 9 月投资策略展望 工程机械延续高景气，关注下游需求改善——机械设备行业 9 月投资策略展 望 证 券 研 究 报 告 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/09/04） 行业研究 稀土价格表现强势，关注 9 月议息会议——金属行业 9 月投资策略展望 张珂（证券分析师，SAC NO：S1150523120001） 投资要点： 1、行业数据 （1）钢铁：9 月是钢铁行业传统消费旺季，下游需求或有回升；钢厂生产将随需求提升，但考虑到唐山等 地的限产和高炉检修，若 9 月供给回升幅度不及需求增长幅度，短期钢价有望震荡偏强运行，需关注后续 国内"稳增长"相关政策消息。 （2）铜：铜矿供应偏紧依旧对铜价下方有支撑，9 月为传统消费旺季，下游需求或复苏，若检修和原料不 足导致供应 ...

数据显示，截至2025年8月29日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、北方稀土(600111)、洛阳钼业(603993)、华友钴业(603799)、中国铝业(601600)、山东黄金 (600547)、天齐锂业(002466)、赣锋锂业(002460)、中金黄金(600489)、云铝股份(000807)，前十大权重 股合计占比50.35%。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年9月4日 09:33，国证有色金属行业指数(399395)上涨0.80%，成分股云南锗业(002428)上涨 3.71%，赣锋锂业(002460)上涨3.60%，华友钴业(603799)上涨2.88%，中矿资源(002738)上涨2.83%，铂 科新材(300811)上涨2.74%。有色ETF基金(159880)上涨0.86%，最新价报1.52元。 消息面上，受美联储9月降息预期强化推动，有色板块走高，钴、铜、稀土等品种集 ...

有色ETF基金（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为51.22%，近一个月回报为23.01%。 来源：新浪基金∞工作室 9月4日，有色ETF基金（159880）开盘涨0.07%，报1.509元。有色ETF基金（159880）重仓股方面，紫 金矿业开盘跌0.56%，洛阳钼业跌0.37%，北方稀土跌1.30%，中国铝业跌0.51%，山东黄金跌0.16%，华 友钴业跌0.36%，中金黄金跌0.06%，赣锋锂业跌0.05%，赤峰黄金涨0.39%，云铝股份跌0.31%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...