Market Performance - On the first trading day of October, the A-share market continued its strong performance, with the Shanghai Composite Index reaching 3931.07 points, up 1.24% [2] - The Shenzhen Component Index and the ChiNext Index rose by 1.75% and 1.77%, respectively, while the Sci-Tech Innovation 50 Index surged by 5.59% [2] Gold Sector - The gold sector opened strongly, driven by international gold prices hitting new highs during the holiday, with COMEX gold futures closing at $4060.6 per ounce, a 4.45% increase over the holiday [4][7] - The Shenwan Precious Metals Index rose by 7.89%, leading all sectors, with notable stocks like Sichuan Gold and Shandong Gold hitting the daily limit [5][6] Controlled Nuclear Fusion Concept - The controlled nuclear fusion concept saw a surge, with stocks like Hahwa Huatong and Zhongzhou Special Materials reaching the daily limit of 20% [9][11] - A key breakthrough was reported on October 1, with the installation of a 400-ton base for the BEST nuclear fusion device, marking the start of its construction [11] Specific Stock Movements - Sichuan Gold and Shandong Gold both reached their daily limit, with increases of 10% and 9.99%, respectively [6] - Hainan Huatie, a previously popular stock in the computing power sector, faced a one-word drop limit, with over 2.93 million shares on the limit board due to the cancellation of a significant contract worth approximately 3.69 billion yuan [12][14]

Core Viewpoint - The A-share market experienced significant gains in precious metals and base metals sectors following the "Double Festival" holiday, with several stocks reaching their daily limit up [1][2]. Group 1: Market Performance - On the first trading day after the holiday, stocks in the precious metals and base metals sectors surged, with companies like Sichuan Gold, Jiangxi Copper, and Baiyin Nonferrous hitting the daily limit up [1]. - By midday, stocks such as Tongling Nonferrous, Yunnan Copper, and Western Mining also reached the daily limit up, while others like Xinyi Silver Tin and Luoyang Molybdenum rose over 9% [1]. - In the Hong Kong market, companies like China Gold International and Jiangxi Copper continued their upward trend, with Jiangxi Copper rising over 9% [2]. Group 2: Metal Price Movements - During the "Double Festival" period, prices of gold, silver, copper, and aluminum saw significant increases, with COMEX gold rising by 4.81% and LME copper by 4.21% [5]. - Analysts attribute the rise in base metal prices to ongoing supply disruptions and the impact of the Federal Reserve's interest rate cuts, which have led to increased investor concerns regarding the dollar's credibility [6]. Group 3: Future Outlook - Analysts expect continued support for silver, copper, and aluminum prices, with copper facing supply disruptions and low inventory levels providing strong price support [7]. - The dual nature of silver's demand, both as a precious metal and an industrial commodity, is expected to sustain its price momentum, particularly in light of ongoing policy stimuli [7].

Core Viewpoint - The gold sector has shown strong performance, with significant price increases in various gold companies, driven by a combination of long-term and short-term factors supporting gold prices [1] Group 1: Market Performance - Gold prices continued to rise during the National Day holiday, supported by a weakening of confidence in sovereign currencies and a global sovereign debt crisis [1] - Companies such as Sichuan Gold and Shandong Gold reached their daily price limits, while Pengxin Resources increased by over 9%, and both Zhongjin Gold and Zijin Mining rose by over 8% [1] Group 2: Supporting Factors - Three new variables have emerged that support the rise in gold prices: the U.S. government shutdown, political changes in Europe and Japan that weaken confidence in sovereign currencies, and a significant inflow of funds into gold ETFs from the U.S. and Europe, indicating a shift in risk aversion from central banks to private investors [1] - The long-term support system for gold remains solid, driven by the restructuring of the global monetary credit system, de-dollarization trends, ongoing gold purchases by central banks, and structural supply-demand imbalances [1] Group 3: Future Outlook - The long-term bullish trend for gold is expected to continue over the next 2-3 years, with no fundamental changes anticipated in the support system [1] - Short-term factors such as the continuation of the Federal Reserve's easing cycle, the normalization of geopolitical risks, and sustained investment demand are likely to keep gold prices at high levels with a strong upward bias [1]

Market Overview - The three major indices opened higher on October 9, with the Shanghai Composite Index rising by 1.19% to surpass 3900 points for the first time since August 2015 [1][2] - The Shenzhen Component increased by 1.84%, and the ChiNext Index rose by 1.99%, with over 3200 stocks in the two markets experiencing gains [1][2] - The total trading volume reached 1.65 trillion yuan, an increase of 525.7 billion yuan compared to the previous trading day [1] Sector Performance - The STAR 50 Index saw a gain of over 5%, with significant increases in the semiconductor industry, including Chipone Technology rising over 16% [1][2] - The GPU, controllable nuclear fusion, and rare earth sectors led the gains, while real estate and short drama sectors faced declines [3][4] - Notable stocks included ZTE Corporation, which hit the daily limit with a trading volume exceeding 12 billion yuan, and H-shares rising nearly 12% to a historical high [3] Chip Sector Highlights - The storage chip sector experienced a significant surge, with companies like Huahong Semiconductor and Yake Technology hitting their daily limits [4][5] - The STAR 50 ETF increased by 3.31%, with stocks such as Western Superconducting and Chipone Technology showing gains of over 16% [5][6] - A recent report indicated that global storage chip prices have been rising, with expectations of a 10% increase in server eSSD prices and a 10-15% rise in DDR5 RDIMM prices in Q4 2025 [6] Gold and Precious Metals - Gold futures surged, with the main contract breaking the 900 yuan/gram mark, reaching a historical high of 913.5 yuan/gram [7][8] - The precious metals sector saw collective gains, with companies like Sichuan Gold and Zhongjin Gold rising significantly [8] Nuclear Fusion and Rare Earth Developments - The controllable nuclear fusion sector showed strong performance, with companies like Hezhong Intelligent and Western Superconducting gaining traction following news of China's nuclear fusion device construction [9] - Rare earth stocks also performed well, with Baotou Steel and Northern Rare Earth seeing increases after the Ministry of Commerce announced new export controls on rare earth technologies [10]

Market Overview - The A-share market experienced a strong opening on the first trading day after the National Day and Mid-Autumn Festival holidays, with all three major indices rising. The Shanghai Composite Index increased by 0.65%, surpassing 3900 points, marking a new 10-year high [1][2] - The Shenzhen Component Index and the ChiNext Index both rose over 1% [1] Sector Performance - The opening saw a collective surge in the non-ferrous metals and gold sectors, with notable stocks such as Shandong Gold and Sichuan Gold reaching new highs. The gold stock ETFs also saw significant gains, with one ETF rising by 7.43% and another by 9.64% [7][8] - Other sectors such as media and entertainment, transportation services, and tourism experienced pullbacks [2] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation rate at 1.40% [3] Hong Kong Market - The Hong Kong market opened high but saw a decline, with the Hang Seng Index and Hang Seng Tech Index both experiencing a drop of over 1%. The innovative drug sector faced significant pullbacks, with several companies dropping more than 5% [5] Gold Market Insights - The spot gold price surpassed $4000 per ounce, reaching a historical high, while COMEX gold futures rose by 1.42% to $3862.9 per ounce. The gold market is believed to be entering a "third wave" of price increases, driven by various geopolitical and economic factors [9][8] Nuclear Fusion Sector - The controlled nuclear fusion concept saw a strong rally, with several companies experiencing significant stock price increases. Recent advancements in fusion energy projects in China are contributing to positive market sentiment [11] Future Market Outlook - Several brokerages are optimistic about the overall market performance in the fourth quarter, highlighting a focus on technology sectors and specific cyclical stocks. The report suggests that technology growth will continue to be a key driver, with particular attention to AI applications and semiconductor manufacturing [12]

或由于美联储持续降息预期，叠加长假期间，铜、黄金等大宗商品价格狂飙，今日（10月9日）揽尽有 色金属行业龙头的有色龙头ETF（159876）场内价格盘中飙涨超6.3%，现涨5.85%，刷新上市以来的高 点！实时成交额超8700万元，当前成交额已超前一交易日全天的成交额，交投火热！ ETF放量突破上市高点，或为资金买点信号！截至发稿，有色龙头ETF（159876）获资金实时净申购 6060万份！ 成份股方面，云南铜业、江西铜业、白银有色、四川黄金、山东黄金5股涨停！西部超导涨超15%，铜 陵有色、兴业银锡涨逾9%，赣锋锂业、中金黄金等个股大幅跟涨。 | 【宏观驱动】 | 前金 | 美联储降息周期+地缘扰动引发避险需求+央行增持 | | --- | --- | --- | | 【战略安全】 | 稀土、钨、锡 | 战略金属受益于全球博弈 | | 【政策护航】 | 锂、钴、镖 | "反内卷"逻辑影响,板块迎来估值修复 | | 【供需格局】 | 铜、铝等工业金属 | 新兴产业需求释放+供给增量有限,供需紧平衡 | 值得关注的是，深交所数据显示，上一交易日（9月30日），有色龙头ETF（159876）单日吸金3463万 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002266 | 浙富控股 | 数 | 10.12 | 233亿 | 45.27 | | 603588 | 高能环境 | | 10.06 | 120亿 | 52.26 | | 000878 | 云南铜业 | 家 | 10.01 | 385 C | 61.00 | | 600362 | 江西师业 | 1 | 10.00 | 1352亿 | 94.73 | | 601212 | 日银有色 | 1 | 10.00 | 342亿 | 66.19 | | 600089 | 特变电工 | 1 | 10.00 | 989亿 | 56.84 | | 001337 | 四川黄金 | 1 | 10.00 | 128亿 | 47.46 | | 600547 | 山东黄金 | 1 | 9.99 | 1994 Z | 92.07 | | 000630 | 铜陵有色 | 1 | 9.51 | 787亿 | 87.50 | | 600489 | 中金黄金 | 1 | 8.71 | 1 ...

上证报中国证券网讯 10月9日，黄金概念表现抢眼，四川黄金、赤峰黄金、莱绅通灵、白银有色竞价涨 停，晓程科技、山东黄金、中金黄金等高开超7%。 来源：上海证券报·中国证券网 ...

赤峰黄金、四川黄金、白银有色、江西铜业涨停，山金国际、西部黄金、山东黄金、中金黄金等多股高 开。 (本文来自第一财经) ...

在此背景下，各国央行持续增持黄金。10月7日，我国央行公布最新的官方储备资产情况显示，9月末， 央行持有黄金7406万盎司，较上月末增加4万盎司。这是自2024年11月以来，央行连续第11个月增持黄 金。 东方金诚首席宏观分析师王青在接受央广网记者采访时表示，近期央行继续增持黄金，主要原因是美国 新政府上台后，全球政治、经济形势出现新变化，国际金价有可能在相当长一段时间内易涨难跌。这意 味着从控制成本角度出发暂停增持黄金的必要性下降，而从优化国际储备结构角度增持黄金的需求上 升。 世界黄金协会数据显示，过去四周黄金ETF净流入资金激增至136亿美元，这意味着2025年至今净流入 规模已突破600亿美元，创下历年最高纪录。这些ETF持有的黄金总量已超过3800吨，逼近新冠疫情引 发风险资产抛售期间达到的峰值。 根据最新的研究报告，高盛已将2026年12月金价预估上调至4900美元/盎司，先前预估为4300美元。预 计2025年和2026年各国央行的黄金净购买量将分别平均为80吨和70吨，因为新兴市场央行可能会继续通 过增持黄金来实现外汇储备的结构性多元化。 高盛分析师表示，随着市场预期美联储将在2026年中期前 ...