CGS(SH:601881) Mei Ri Jing Ji Xin Wen·2025-09-04 00:57Group 1: Gold Market Outlook - CITIC Securities predicts that gold prices may exceed $3730 per ounce by the end of the year, driven by factors such as tariff impacts, U.S. fiscal policies, geopolitical tensions, and central bank gold purchases [1] Group 2: A-Share Market Trends - Galaxy Securities anticipates that the A-share market will continue its structural trend in September, supported by liquidity and policy expectations, with a focus on sectors showing high profitability or positive trends [2] - The current liquidity environment is relatively abundant, and expectations for a potential interest rate cut by the Federal Reserve in September could further enhance global liquidity, benefiting the A-share market, particularly large-cap growth stocks [2] Group 3: Brokerage Sector Analysis - Huatai Securities highlights a significant year-on-year increase in net profit for listed brokerages, with a projected growth of 65% for the first half of 2025 [3] - The brokerage sector is experiencing asset expansion driven by client funds, a strong recovery in investment and brokerage services, and accelerated international expansion, leading to improved profitability for subsidiaries [3] - Despite a rising equity market, brokerage indices have not fully recovered, with current valuations remaining at historical lows, indicating potential for valuation recovery in the sector [3]