紫金黄金开启招股，有望带动贵金属板块估值中枢上移

Core Viewpoint - The precious metals sector is experiencing a sustained price increase for gold and silver, driven by recent economic data and monetary policy changes [2][3]. Price Movements - London spot gold rose by 1.91% to $3663.15 per ounce, while the Shanghai Futures Exchange gold increased by 1.83% to ¥830.56 per gram, with holdings up by 2.24% to 448,900 contracts [2][3]. - London spot silver increased by 3.66% to $42.24 per ounce, and the Shanghai Futures Exchange silver rose by 1.62% to ¥9971 per kilogram, with holdings up by 4.69% to 867,300 contracts [2][3]. - London spot palladium rose by 1.86% to $1151 per ounce, and platinum increased slightly by 0.07% to $1393 per ounce [2][3]. Economic Factors - The U.S. non-farm payrolls for August showed only a 22,000 increase, significantly below expectations, with the unemployment rate rising to 4.3% [3]. - The Federal Reserve announced a 25 basis point rate cut, bringing the rate to a range of 4.00%-4.25%, marking a resumption of the easing cycle [3]. - The Fed's dot plot indicates expectations for two more rate cuts this year, with varying opinions among officials regarding the extent of future cuts [3]. Future Outlook - The "Trump 2.0" policy framework, including tariffs and tax cuts, is expected to stabilize, while the "rate cut trade" will provide strong momentum for gold prices [4]. - Key upcoming events include the release of the U.S. core PCE price index and employment data, which may influence market sentiment [4]. Long-term Trends - Central bank gold purchases are expected to provide strong support for gold prices, with global gold demand projected to reach 4974 tons in 2024, a 1.5% increase from 2023 [6]. - China's central bank has increased its gold reserves for ten consecutive months, reaching 74.02 million ounces by the end of August [6]. - The listing of Zijin Gold International is anticipated to elevate the valuation of the entire precious metals sector [6]. Investment Recommendations - The precious metals industry is rated positively, with a focus on specific stocks such as Zijin Gold International, Shandong Gold, and others [7].