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Market Overview - The A-share market experienced an overall decline today, with the Shanghai Composite Index down 1.16% to 3813.56 points, and the Shenzhen Component Index down 0.65%. The ChiNext Index rose by 0.95%, while the Sci-Tech Innovation Index fell by 1.06% [1] - The trading volume in the Shanghai and Shenzhen markets was approximately 23640.86 billion yuan, a decrease of about 5109.05 billion yuan compared to the previous trading day [1] - In terms of sector performance, photovoltaic and communication sectors led the gains, while military, securities, and chip sectors faced significant declines [1] Investment Strategy - The company maintains a bullish outlook on gold, citing strong support for gold prices due to threats to the independence of the Federal Reserve and expectations of a rate cut in the U.S. in September. Investors are encouraged to pay attention to gold ETFs (518800) [1][2] - The A-share market may face short-term adjustments, primarily due to profit-taking pressures in previously high-performing sectors like technology and military. The recommendation is to switch to lower volatility cyclical and dividend stocks [1] - The bond market showed stability today, with the Shanghai 10-year government bond index slightly up by 0.02%. The company holds a view of "top-down, bottom-up" fluctuations in the bond market, suggesting investors look for low-positioning opportunities [1] Gold Market Insights - The long-term value of gold is supported by the ongoing decline of the dollar credit system, reinforced by recent events involving the Federal Reserve [4] - The dismissal of a Federal Reserve governor by Trump without judicial process poses a challenge to the political norms and the independence of the Federal Reserve [4][5] - The potential appointment of like-minded individuals to the Federal Reserve Board could significantly influence future monetary policy, further challenging the Fed's independence [5] Photovoltaic Industry Analysis - The photovoltaic sector is showing signs of recovery, with the Photovoltaic 50 ETF (159864) rising by 2.26%. The industry is benefiting from policies aimed at reducing internal competition and improving price stability [7] - The core companies in the photovoltaic sector reported a year-on-year revenue decline of 9.7% in the first half of 2025, but there was a sequential improvement in operating rates and revenue in the second quarter [9] - The industry is expected to undergo consolidation through mergers and acquisitions to manage excess capacity and debt, with a focus on price recovery [11]