国泰海通海外策略团队指出，展望未来，年内需重视港股三大因素：AI领域技术突破催化科技成长、 美联储降息背景下外资可能超预期，南下增配力量仍有较大空间。此外，受益于资产稀缺性优势，港股 市场望持续吸引增量资金入市助推行情向上，结构上重视本轮产业周期中弹性更大的恒生科技。 美联储主席鲍威尔暗示可能下月降息，港股三大指数今日强势走高，恒指盘中涨超2%创近四年新高， 恒科指则大涨超3%。截止收盘，恒生指数涨1.94%或490.77点，报25829.91点，全日成交额为3696.98亿 港元；恒生国企指数涨1.85%，报9248点；恒生科技指数涨3.14%，报5825.09点。 蓝筹股表现 紫金矿业（601899）(02899)领涨蓝筹。截至收盘，涨6.38%，报24.34港元，成交额19.37亿港元，贡献 恒指13.1点。花旗研报指出，对紫金开启90天正面催化剂观察，考虑到紫金矿业海外黄金资产紫金国际 (ZGI)的港股IPO即将推出，将有助于紫金矿业的重新估值。此外，美国降息预期可能短期内支持铜相关 股票情绪。 其他蓝筹股方面，百度集团-SW(09888)涨6.25%，报91港元，贡献恒指10.76点；网易-S(09 ...

Market Performance - On August 25, the industrial metals sector rose by 5.29% compared to the previous trading day, with Northern Copper leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Northern Copper (000737) closed at 12.50, with a gain of 10.04% and a trading volume of 1.0465 million shares, resulting in a turnover of 1.281 billion [1] - Jiangxi Copper (600362) closed at 26.97, up 9.10%, with a trading volume of 935,900 shares and a turnover of 2.498 billion [1] - Luoyang Molybdenum (603993) closed at 12.08, gaining 8.73% with a trading volume of 4.0237 million shares, totaling a turnover of 4.749 billion [1] - Other notable performers include Yunnan Copper (000878) with a 6.06% increase and a turnover of 2.156 billion [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 1.467 billion in main funds, while speculative funds experienced a net outflow of 921 million, and retail investors had a net outflow of 546 million [2] - The capital flow for individual stocks indicates that Luoyang Molybdenum had a net inflow of 539 million from main funds, while Northern Copper experienced a net outflow of 170 million from speculative funds [3]

Group 1 - The gold sector continues to strengthen, with companies such as Dengyun Co., Hunan Silver, and Northern Copper reaching their daily limit increase [1] - Other companies including Jiangxi Copper, Luoyang Molybdenum, Zijin Mining, Silver Nonferrous, Hunan Gold, and Zhuhai Group also experienced significant gains [1]

美联储降息预期升温不仅提振了黄金价格走势，也为整体金属市场注入上涨动能。杰克逊霍尔会议后，市场对9月降息的预 期大幅上升，推动贵金属和工业金属价格同步走强。黄金作为避险资产，在全球宏观经济不确定性加剧的背景下，其战略 配置价值进一步凸显。国泰君安期货指出，鲍威尔强调就业风险并为降息敞开大门，这为黄金价格提供了明确支撑，预计 金价将在降息预期落地过程中持续走高。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港市场中，选取50只 市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样本，以反映内地与香港市场中黄金产业上市公司证 券的整体表现。 截至2025年8月25日 13:23，中证沪深港黄金产业股票指数(931238)强势上涨3.65%，成分股湖南白银(002716)上涨10.00%， 江西铜业股份(00358)上涨8.77%，江西铜业(600362)上涨8.58%，紫金矿业(02899)，登云股份(002715)等个股跟涨。黄金股 票ETF基金(159322)上涨3.68%，最新价报1.3元。拉长时间看，截至2025年8月22日，黄金股票ETF基金近1月 ...

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。 8月25日，截止午间收盘，沪深300ETF中金（510320）涨1.02%，报1.189元，成交额856.13万元。沪深 300ETF中金（510320）重仓股方面，贵州茅台截止午盘涨1.36%，宁德时代涨1.45%，中国平安涨 0.17%，招商银行涨0.95%，兴业银行涨0.44%，长江电力涨1.97%，美的集团涨1.08%，紫金矿业涨 6.00%，比亚迪涨0.66%，东方财富涨1.15%。 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为17.41%，近一个月回报为6.44%。 来源：新浪基金∞工作室 ...

Market Performance - On August 25, the rare earth magnetic materials sector saw significant gains, with companies like Jinli Permanent Magnet and Dadi Bear rising over 10%, and Northern Rare Earth increasing by over 8% [1] - The non-ferrous metals sector also performed well, with companies such as Zhangyuan Tungsten and Northern Copper hitting the daily limit, and Luoyang Molybdenum rising over 7%, reaching a historical high [1] Stock Highlights - Zhangyuan Tungsten (002378.SZ) reached a price of 13.38 with a gain of 10.03% and a market cap of 159.90 billion [3] - Northern Copper (000737.SZ) increased to 12.50, up 10.04%, with a market cap of 238.07 billion [3] - Hunan Silver (002716.SZ) also saw a rise of 10.00%, reaching a price of 5.39 and a market cap of 119.14 billion [3] Regulatory Developments - On August 22, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources jointly announced the "Interim Measures for Total Control Management of Rare Earth Mining and Smelting Separation," effective immediately [5] - The measures require rare earth production companies to establish a tracking system for rare earth product flows and report this information monthly [5] Industry Insights - The recent implementation of the interim measures marks the beginning of significant supply-side reforms in the rare earth industry, with a notable increase in magnetic material exports in July, up 75% month-on-month and 6% year-on-year, indicating potential for further recovery [6] - The demand for magnetic materials in the electric vehicle sector is expected to grow by nearly 20% this year, with wind power and industrial robotics also showing strong growth prospects [6] - Short-term supply and demand dynamics are shifting, with expectations of improved demand as the peak season approaches, providing support for prices [6]

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Group 1 - Federal Reserve Chairman Powell signaled a dovish stance at the Jackson Hole meeting, indicating increased risks in the job market and hinting at a higher likelihood of interest rate cuts in September, which boosted market expectations for rate cuts [1] - Analysts noted that gold is currently experiencing low volatility and low market attention, providing space for a potential price reversal, supported by a stagflation scenario of weakening economy and persistent inflationary pressures [1] - In the medium to long term, the ongoing loosening of global monetary and fiscal discipline, along with a weakening trend in dollar credit, is expected to support an upward shift in gold prices [1] Group 2 - As of August 25, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 2.05%, with constituent stocks like Jiangxi Copper (00358) up by 8.25% and Zijin Mining (02899) up by 4.72% [2] - The Gold Stock ETF (159322) increased by 1.68%, with a recent price of 1.27 yuan, and has seen a cumulative increase of 2.04% over the past month, ranking 1/6 among comparable funds [2] - The Gold Stock ETF has a net value increase of 29.66% over the past year, with a maximum monthly return of 16.59% since inception and a historical one-year profit probability of 100% [3] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.02% of the index, with Zijin Mining (601899) and Shandong Gold (600547) being the largest contributors [5] - The Gold Stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [3]

Group 1 - The A500 index has shown a positive trend, with a rise of 0.87% as of August 25, 2025, and notable increases in constituent stocks such as Daqo New Energy (up 15.19%) and Kangtai Biological (up 12.68%) [1] - The A500 ETF managed by Harvest has experienced a trading volume of 2.05 billion yuan, with a recent average daily trading volume of 34.14 billion yuan over the past week, and its latest scale reached 12.817 billion yuan [3] - The A500 ETF has achieved a net value increase of 11.53% over the past six months, with a maximum single-month return of 4.48% since its inception [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of July 31, 2025, include Kweichow Moutai, CATL, and Ping An Insurance, collectively accounting for 19.83% of the index [3] - The outlook for the A-share market is optimistic due to factors such as capital market reforms, stable market liquidity, and improved social attitudes towards risk, which are expected to support the performance of Chinese assets [4] - The institution highlights that China's economic transformation is accelerating, leading to a decrease in opportunity costs for the stock market, thus creating a favorable environment for equity performance [4]

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with notable gains in various companies following comments from the Federal Reserve Chairman regarding potential interest rate cuts [1] Company Performance - Northern Copper Industry has reached its daily limit increase - Jiangxi Copper, Silver Nonferrous, Electrical Alloy, and Yunnan Copper have all surged over 5% - Other companies such as Luoping Zinc & Electricity, Zijin Mining, Luoyang Molybdenum, and Yun Aluminum have also seen significant gains [1]