金价盘中突破3600美元，刷新历史新高，中国资产逆势上涨

Group 1: Gold Price Surge - The international gold price has reached a new record high, with New York futures hitting $3600 per ounce and spot gold surpassing $3530 per ounce, marking a year-to-date increase of over 30% [1][5] - Silver prices have also surged, breaking the $40 per ounce mark for the first time since 2011, with a year-to-date increase exceeding 40% [1][5] - Morgan Stanley has set a target price of $3800 per ounce for gold and $40.9 per ounce for silver by Q4 2025, indicating potential for upward surprises [5] Group 2: Catalysts for Gold Price Increase - The expectation of interest rate cuts by the Federal Reserve is a significant catalyst for the rise in gold prices, with historical data showing an average increase of 6% in gold prices within 60 days of the Fed starting a rate cut cycle [7] - The overall demand for safe-haven assets remains high due to factors such as declining dollar index, increasing U.S. national debt, and challenges to the dollar's credit system [7][9] - Despite the bullish outlook, there are short-term risks associated with U.S. economic and policy uncertainties, although any price corrections may trigger buying behavior, limiting the downside to around 10% [7][10] Group 3: Long-term Outlook for Gold - The global bond market is facing challenges, with rising yields despite many countries entering a rate-cutting cycle, leading investors to prefer non-dollar assets like gold [9] - The long-term drivers for international gold prices remain intact, with expectations of continued upward trends [9] - The limited supply of gold and increasing allocations from foreign reserve management institutions and global gold ETFs further support its investment value [9] Group 4: Foreign Investment in Chinese Assets - Foreign investment attitudes towards Chinese assets are shifting positively, with the Shanghai Composite Index reaching a 10-year high and significant inflows into A-shares observed since August [11][13] - Data indicates a net increase of $10.1 billion in foreign holdings of domestic stocks and funds in the first half of the year, reversing a two-year trend of net reductions [13] - The influx of foreign capital is expected to continue, driven by the appreciation of the RMB and strong performance of Chinese equities [13]