贵金属：白银价格将延续强势表现

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report predicts that the price of silver will continue its strong performance. The weakening US labor market and relatively moderate inflation data, along with the influence of "Trump faction" officials on the Fed's personnel appointments and the resulting increase in interest - rate cut expectations, are significant positive factors for silver prices [1]. 3. Summary of Each Section Section 1: Labor Market Weakening and Inflation Data - The US labor market has significantly weakened. In August, the number of new non - farm employment was only 22,000, far lower than the expected 75,000 and the previous value of 79,000. From April 2024 to March 2025, the overall non - farm employment was revised down by 911,000, much higher than the market expectation. The initial jobless claims in the week of September 6, 2025, were also higher than expected [3]. - In terms of inflation data, the US PPI in August was significantly lower than expected, while the CPI was slightly higher than expected due to factors such as food, energy, and housing rent. The August PPI同比 was 2.6%, lower than the expected 3.3%, and the CPI同比 was 2.9%, in line with expectations [4]. Section 2: Fed Personnel Appointments and Interest - Rate Cut Expectations - The nomination of Stephen Milan as a Fed governor by Trump has advanced. He is likely to have the official governing qualification before the September interest - rate meeting and will participate in the vote. Trump's influence on the Fed's monetary policy is increasing, and the market expects more aggressive interest - rate cuts after the new Fed chairman takes office [8][12]. - The market expects a 93.38% probability of a 25 - basis - point interest - rate cut in the September Fed meeting and also anticipates interest - rate cuts in October and December. Historically, silver price increases are driven by expectations of the Fed's loose monetary policy, and the current situation is favorable for the rise of silver prices [12].