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Market Overview - The market experienced fluctuations with mixed performance across major indices, with the Shanghai Composite Index rising by 0.39% and the Shenzhen Component Index increasing by 0.11%, while the ChiNext Index fell by 0.24% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.47 trillion yuan, a decrease of 20.8 billion yuan compared to the previous trading day [1] Gold Market Insights - Gold ETFs saw gains, with the Gold Fund ETF (518800) rising by 1.15% and the Gold Stock ETF (517400) increasing by 1.02% [3] - Gold prices have risen over 25% in the first half of 2025, marking the best performance since the second half of 2007, driven by liquidity, geopolitical factors, and central bank purchases [3] - Global central banks are entering a rate-cutting cycle, with expectations of three rate cuts within the year, which is likely to support gold prices [3][4] Central Bank Gold Demand - According to a survey by the World Gold Council, nearly 43% of 73 central banks plan to increase their gold reserves in the next year [4] - As of May this year, the People's Bank of China has increased its gold reserves for seven consecutive months, totaling 73.83 million ounces (approximately 2,296.37 tons) [4] Pharmaceutical Sector Developments - The pharmaceutical sector showed strong performance, with the Innovation Drug ETF (517110) rising by 3.90% and other related ETFs also gaining [9] - New policies from the National Healthcare Security Administration aim to support the development of innovative drugs, including increased R&D support and inclusion in insurance directories [9][10] - The year 2025 is expected to be significant for domestic innovative drugs, with a shift from generic to innovative drug development anticipated [10] Metal Market Trends - The mining ETF (561330) rose by 1.56%, and the Nonferrous 60 ETF (159881) increased by 1.35%, continuing an upward trend [11] - Copper supply remains tight with declining inventories, benefiting from improved macro sentiment and expectations of rate cuts [11] - The aluminum market is also experiencing tight supply conditions, with high operational capacity and no immediate new production expected [11]