黄金站上4000美元，机构展望仍然乐观

Group 1 - The core viewpoint of CITIC Securities indicates that gold prices have rapidly increased since the end of August, driven by factors such as rising expectations for Federal Reserve interest rate cuts, U.S. government shutdowns prompting safe-haven trading, and geopolitical disturbances from Venezuela. Despite short-term factors eventually fading, the long-term bullish fundamentals remain unchanged, with gold prices expected to exceed $4,500 per ounce in Q1 of next year under neutral assumptions [1] Group 2 - CITIC Securities highlights a trading investment opportunity in the superhard materials sector following the recent export controls implemented by the Ministry of Commerce and the General Administration of Customs. The scope of these controls has expanded compared to August 2024, emphasizing the strategic nature of superhard materials. While short-term exports may face obstacles, the long-term view suggests that these controls will accelerate the consolidation of the domestic superhard materials industry, with prices expected to trend upward and functional applications of synthetic diamonds likely to continue driving demand [2] Group 3 - Guojin Securities reports that the overall economic performance in September remained stable, with resilient exports and a marginal recovery in domestic demand driven by the "Golden September and Silver October" peak season. However, performance across industries has been uneven. Supply-side governance and industrial upgrades have shown early effectiveness, leading to superior performance in upstream resource products and emerging manufacturing, particularly in high-end equipment manufacturing. In contrast, traditional raw materials and consumer sectors are experiencing a "peak season without prosperity" due to delayed demand-side stimulus and consumer confidence recovery [3]