Industry Overview - In July, the U.S. non-farm employment increased by 73,000, falling short of the market expectation of 104,000, with a downward revision of 258,000 for May and June, marking the lowest level since June 2020 [1] - The Ministry of Industry and Information Technology and eight other departments in China issued the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)" [1] Commentary - A new round of interest rate cuts is expected to begin due to the weaker-than-expected U.S. non-farm data and manageable inflation, with the U.S. CPI year-on-year rate at 2.7% in June, aligning with expectations, and core CPI at 2.9%, slightly below expectations. As of August 3, the probability of a rate cut in September reached 80.3% [2][10] - The gold market is anticipated to benefit from the convergence of interest rate cuts and de-dollarization trends, potentially driving gold prices upward. In the first half of 2025, global gold demand was 2,384.6 tons, a year-on-year increase of 13% but a quarter-on-quarter decrease of 5%. Central bank net purchases of gold in the first half of 2025 totaled 415 tons, a year-on-year decrease of 21% and a quarter-on-quarter decrease of 26% [2] - Global gold ETF net inflows reached 397 tons, the highest for the first half of any year since 2020, showing a significant increase compared to the previous year [2] Market Trends - The trend of de-dollarization is becoming evident in the gold ETF market, with a notable decrease in correlation with U.S. real interest rates. The correlation coefficient between SPDR daily gold holdings and ten-year TIPS since early 2025 is only -0.019 [3] - The profitability of global gold mining companies is expected to continue improving, with average pre-tax profit per ounce projected to rise to $1,546 in 2025, a 63% increase from $952 in 2024, assuming a 5% increase in average all-in sustaining costs (AISC) [3] - The "Implementation Plan for High-Quality Development of the Gold Industry" emphasizes the strategic importance of gold as a mineral resource for national industrial and financial security, outlining key areas for resource exploration and development [3][17] Supply and Demand Analysis - In the first half of 2025, total gold supply was 2,423.2 tons, with a year-on-year growth rate of 1% and a quarter-on-quarter decline of 5%. The supply from mined gold was 1,741.6 tons, showing no growth year-on-year and an 8% decline quarter-on-quarter [11] - Gold demand in the first half of 2025 was 782.1 tons, with jewelry consumption down 18% year-on-year and 27% quarter-on-quarter. Investment demand for gold bars and coins increased by 6% year-on-year [11]

中金主要观点如下： 行业近况：8月初披露的7月美国非农就业新增7.3万人，不及市场预期10.4万人，5、6月累计下修25.8万 人，创2020年6月以来纪录。6月，工业和信息化部等九部门印发《黄金产业高质量发展实施方案(2025- 2027年)》。 智通财经APP获悉，中金发布研报称，7月美国非农不及预期，美国经济现弱化信号，截至8月3日， CME9月降息概率升至80.3%。新一轮降息交易有望开启，实际利率水平或回落。国内方面，近期《黄 金产业高质量发展实施方案》(2025-2027)发布，明确国内黄金资源开发重点方向，包括重点资源勘探、 开发区域及重点开发矿山，推进国内资源增储上产。标的上，建议关注具备资源整合、增储上产和并购 预期的黄金上市公司。 黄金板块风鹏正举，戴维斯双击有望延续 全球黄金矿企单盎司利润有望持续走阔。全球金企平均单盎司税前利润经历过3Q20-4Q23的下降之后， 自1Q24至1Q25已持续回升。假定2025年全球黄金平均AISC上行5%，按照1H25伦敦金均价3075美元/盎 司测算，单盎司税前利润为1546美元，较2024年的952美元上涨63%。测算1Q25国内主要黄金上市公司 合 ...

Market Overview - On August 5, US stock indices closed lower, with the Dow Jones down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65% [2][4] - The Wind data indicates a decline in the major US technology stocks, with the index for the seven largest US tech companies falling by 0.66% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index decreased by 0.56%, with mixed performance among popular Chinese stocks; Ascentage Pharma rose over 12%, while Tiger Tech International fell over 11% [5] Economic Indicators - The ISM reported that the US non-manufacturing PMI for July dropped to 50.1, below the market expectation of 51.5, indicating a slowdown in the services sector [7] - The employment index fell to 46.4, marking the fourth contraction in the past five months [7] Precious Metals - International precious metal futures generally rose, with COMEX gold futures increasing by 0.25% to $3435 per ounce, and COMEX silver futures rising by 1.36% to $37.835 per ounce [9][10] - Long-term forecasts suggest that "rate cut trades" will continue to catalyze gold prices, with strong support expected from central bank reserves [10] Oil Market - The main contracts for US oil fell by 1.69% to $65.17 per barrel, while Brent crude oil dropped by 1.54% to $67.70 per barrel [9][10] Federal Reserve Leadership - President Trump indicated that he may soon announce a new chair for the Federal Reserve, narrowing down potential candidates to four, excluding Treasury Secretary Scott Pruitt [11]

Core Viewpoint - COMEX gold futures rose by 0.85% to $3428.6 per ounce, indicating strong investor interest in gold amid expectations of interest rate cuts by the Federal Reserve [1] Group 1: Economic Indicators - The U.S. non-farm payrolls added 73,000 jobs in July, significantly below expectations, with previous months' data revised down, highlighting signs of a weakening labor market [1] - The probability of a 25 basis point rate cut by the Federal Reserve in September is at 94.4%, according to CME data, with Goldman Sachs predicting three consecutive rate cuts starting in September [1] Group 2: Market Analysis - Huayuan Securities suggests that the "Trump 2.0" narrative involving tariffs and tax cuts may stabilize, while "rate cut trades" will provide strong momentum for gold prices [1] - It is anticipated that changes in U.S. monetary policy will support gold prices in the second half of the year, creating opportunities for phased investment [1] Group 3: Investment Products - The Jianxin Shanghai Gold ETF (518860) has seen continuous net inflows over the past four days, reflecting strong market interest [1]

Group 1 - Gold stocks collectively rose, with Lingbao Gold increasing by 7.36% to HKD 10.8, Chifeng Gold up by 6.29% to HKD 24.5, Shandong Gold rising by 5.19% to HKD 25.56, and Zhaojin Mining up by 4.72% to HKD 20.4 [2] - The U.S. Labor Department reported that 73,000 non-farm jobs were added in July, significantly below the market expectation of 110,000, with previous months' job additions revised down by a total of 258,000 [2] - Following the disappointing non-farm employment data, expectations for interest rate cuts increased, leading to a sharp rise in gold prices, with COMEX gold futures surpassing USD 3,400 [2] Group 2 - Huayuan Securities indicated that the "Trump 2.0" theme involving tariffs and tax cuts may stabilize, while "rate cut trades" will provide strong momentum for gold price increases [3] - After the non-farm data fell short of expectations, gold prices surged by USD 40, recovering all previous losses and closing at USD 3,363 per ounce [3] - The expectation is that changes in U.S. monetary policy will support gold prices in the second half of the year, with a dual catalyst of "rate cut trades" and "Trump 2.0" continuing to drive gold prices until 2025 [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas "rate - cut trading" is heating up, with the probability of a Fed rate cut in September reaching 94%. The dollar index has fallen, and the prices of gold, silver, and copper have rebounded, while OPEC+ production increases have pressured oil prices down. In China, the economy is in a weak recovery, the A - share market has risen with reduced trading volume, and the bond market has shown differentiation. The equity market may fluctuate and consolidate, and attention should be paid to bond market opportunities [2][3]. - The prices of precious metals, copper, and nickel are supported by the expectation of Fed rate cuts; the prices of aluminum, lead, tin, and industrial silicon face downward pressure due to factors such as inventory increases and weak demand; the price of lithium carbonate is in a state of multi - factor entanglement and fluctuates; the price of crude oil is affected by geopolitical factors and may fluctuate; the prices of steel products and iron ore are expected to fluctuate; the prices of soybean meal and rapeseed meal may fluctuate upward, and the price of palm oil may fluctuate and adjust [4][6][8][11][13][15][16][19][21][22][23][25] Summary According to Relevant Catalogs 1. Main Variety Views Macro - Overseas: Fed official Daly signaled a dovish stance. The probability of a Fed rate cut in September reached 94%, and the market expected three rate cuts this year. The dollar index fell to 98.6, the 10 - year U.S. Treasury yield dropped to 4.18%, and the U.S. stock market rebounded nearly 2%. The prices of gold, silver, and copper rebounded, while oil prices fell due to OPEC+ production increases. The reciprocal tariff 2.0 game is in the second half [2]. - Domestic: The economy is in a weak recovery. The A - share market rose with reduced trading volume, and the bond market showed differentiation. The equity market may fluctuate and consolidate, and attention should be paid to bond market opportunities [3]. Precious Metals - After the U.S. non - farm payrolls data was far lower than expected, the market's expectation of a Fed rate cut in September soared, boosting precious metal prices. Trump's tariff increase measures also increased inflation expectations and risk aversion, further boosting the price of gold. The short - term focus is on the resistance of the international gold price at $3450 per ounce, and the silver price may rebound more strongly after a significant correction [4][5]. Copper - Fed official Daly's dovish remarks and Trump's possible appointment of new Fed officials have increased the expectation of rate cuts, boosting market risk appetite and weakening the dollar index, which is beneficial to the metal market. The Skouries copper - gold project in Greece is expected to start production in early 2026, with an annual copper output of about 30,000 tons. It is expected that the Shanghai copper price will enter a rebound rhythm [6][7]. Aluminum - The EU will suspend tariff counter - measures against the U.S. for 6 months. Trump adjusted the tariff rates, and the average U.S. tariff reached 18.3%. The social inventory of aluminum continued to increase this week, and the spot market transaction premium continued to decline slightly. Macro and fundamental pressures have increased, and the aluminum price is expected to adjust [8]. Alumina - The futures price of alumina rose slightly. The futures spread structure is conducive to long - position roll - over, and the liquidity risk has decreased. The fundamental situation shows that the warehouse receipt inventory has not increased, the spot price is firm, and consumption is stable. It is expected that the alumina price will fluctuate [9]. Zinc - The EU's suspension of trade counter - measures against the U.S. and the market's expectation of a Fed rate cut in September have improved market risk appetite, and the zinc price has moved up slightly. However, the inventory continues to increase slightly, and the supply - demand pattern of increasing supply and weak demand remains unchanged. It is expected that the zinc price will fluctuate narrowly [10]. Lead - The lead price has fallen significantly, and the downstream consumption improvement is insufficient. The supply of primary lead and recycled lead is expected to recover, and the lead price will maintain a weak - side shock [11]. Tin - The operating rate of refined tin smelting enterprises has recovered, but the supply of tin ore and waste tin is still tight, and the downstream demand is weak. The social inventory has risen above 10,000 tons. It is expected that the tin price will fluctuate narrowly in the short term [13]. Industrial Silicon - The main contract of industrial silicon continued to decline. The supply is still shrinking, and the demand in the photovoltaic market is weak. The social inventory has increased, and the spot market price has been pressured. It is expected that the futures price will continue to adjust in the short term [14][15]. Lithium Carbonate - The futures price of lithium carbonate fluctuated weakly. The supply side was affected by the suspension of a lithium mine project in Nigeria and the successful commissioning of a lithium carbonate project in Sichuan. The policy is in a state of correction, and the market fundamentals are still weak. It is expected that the lithium price will fluctuate [16][17]. Nickel - The market's expectation of a Fed rate cut has increased, and the dollar index has fallen, pushing up the nickel price. The price of nickel ore is firm, and the price of Indonesian nickel iron has increased, but the cost pressure remains. The spot trading of pure nickel is okay. It is expected that the nickel price will continue to fluctuate under the influence of repeated macro - expectations [18]. Crude Oil - U.S. economic data is lower than expected, increasing the expectation of Fed rate cuts. Geopolitical factors focus on U.S. sanctions against Russia, with the deadline on August 8th. If sanctions are implemented, oil prices may rise; otherwise, they may give back previous gains. In the short term, the oil market outlook is unclear, and it is advisable to wait and see [19]. Steel Products - The futures prices of steel products fluctuated. The fifth round of coke price increases was fully implemented. The production of five major steel products remained stable, the apparent demand weakened significantly, and the inventory increased significantly. With the approaching of the military parade production restrictions in the north in mid - August, the supply contraction expectation is increasing. It is expected that the futures price will maintain a fluctuating trend [20][21]. Iron Ore - The futures price of iron ore fluctuated and rebounded. Overseas shipments decreased this week, while arrivals increased, and supply remained stable. The daily average pig iron production of steel mills decreased slightly but remained above 2.4 million tons. It is expected that the iron ore price will mainly fluctuate in the short term [22]. Soybean and Rapeseed Meal - The good - to - excellent rate of U.S. soybeans is 69%, at a relatively high level in the same period. The future precipitation in the U.S. soybean - producing areas is slightly lower than the average, with limited short - term impact. The domestic soybean purchase rhythm in the fourth quarter is slow, and the tight supply expectation may intensify. In the short term, the Dalian soybean meal may fluctuate upward [23][24]. Palm Oil - The market expects the inventory of Malaysian palm oil to increase in July. India's palm oil imports in July decreased, while soybean oil imports increased. The domestic palm oil inventory decreased slightly. In the short term, the palm oil price may fluctuate and adjust [25][27] 2. Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts on August 4th, including copper, aluminum, zinc, lead, nickel, tin, gold, silver, steel products, iron ore, etc. [28] 3. Industrial Data Perspective - The report presents the price changes, inventory changes, and other data of metals such as copper, nickel, zinc, lead, aluminum, alumina, tin, and precious metals from August 1st to August 4th, including futures prices, spot prices, inventory levels, and basis [29][30][31]

Market Overview - The U.S. stock market showed a collective increase in July, with the Nasdaq leading the gains, while the Dow remained flat[3] - The probability of a Federal Reserve rate cut in September has surged to over 80% following disappointing non-farm payroll data, which reported only 73,000 new jobs in July, significantly below the expected 110,000[3] Investment Strategy - Focus on interest rate cut trades and opportunities following corrections in the U.S. stock market, particularly in the XBI sector, which is expected to show resilience as previous pressures fade[3] - The potential for a 50-75 basis point rate cut by the end of the year has increased significantly due to the weak economic indicators and internal divisions within the Federal Reserve[3] Risks - Risks include unexpected rebounds in overseas inflation, weaker-than-expected global economic conditions, and geopolitical tensions that could lead to increased market volatility[3][46] Economic Data Adjustments - The Bureau of Labor Statistics (BLS) revised down previous non-farm payroll figures for May and June by a total of 258,000 jobs, raising concerns about the accuracy of employment data and its implications for economic health[3] Global Market Performance - In July, the VN30 index in Vietnam led the gains in the Asia-Pacific region, while European indices, including the FTSE 100, outperformed the Nasdaq[3]

Group 1 - The article discusses the current market sentiment, highlighting that a strong performance in the stock market during challenging times can significantly boost investor confidence [1][2] - It identifies two main themes in the market: interest rate cuts and the behavior of capital flows, particularly from southbound funds [3][8] - The article notes that southbound funds sold over 18 billion, marking the third-largest single-day net sell since September of the previous year, while the Hang Seng Index showed a divergence by continuing to rise [3][5] Group 2 - The article emphasizes the global stock market's rebound, with the S&P 500 and Nasdaq 100 showing significant gains based on expectations of interest rate cuts by the Federal Reserve [7][9] - It explains that the recent strong performance of the US dollar led to a sell-off in Hong Kong dollar assets, prompting the Hong Kong Monetary Authority to intervene by buying HKD [8][9] - The article highlights that the A-share market is primarily driven by sentiment and capital, with a notable recovery in market mood as the Hang Seng Index rose [11][12] Group 3 - The article presents data on margin financing, indicating a pattern of consistent net buying followed by a reversal, suggesting that there is still significant capital waiting to enter the market [15][17] - It discusses the relationship between long-term bonds and the stock market, noting that bond prices acted as a leading indicator for stock movements [18][20] - The article concludes with a recommendation for investors to maintain a diversified and balanced asset allocation strategy in light of global interest rate cut trends [21][22] Group 4 - The article mentions that gold and US Treasuries are benefiting from the interest rate cut narrative, with gold prices rising significantly [25][26] - It highlights the performance of gold ETFs, noting that they are among the few low-fee options available in the market [28] - The article discusses the bond market's current sentiment and the potential for future bond purchases depending on new bond issuance [30][32]

Core Viewpoint - The article highlights the strong performance of the A-share market despite external uncertainties, particularly focusing on the military industry and gold stocks as key investment opportunities driven by geopolitical tensions and economic indicators [1][4][6]. Group 1: Military Industry - The military sector experienced a significant surge, with defense and military-related stocks leading the market, including companies like Aileda and Lijun Shares, which saw a 20% increase [2][4]. - Geopolitical conflicts, such as the intensified military actions in Ukraine and the Middle East, have positively impacted the military sector, leading to a robust market performance [4][5]. - The long-term outlook for the military industry remains strong, driven by strategic goals to build a world-class military, indicating a new growth phase for the sector [5]. Group 2: Gold Stocks - Gold stocks collectively strengthened due to rising expectations of interest rate cuts, with companies like Chifeng Gold and Shandong Gold seeing increases of over 6% [6][7]. - Recent U.S. labor market data showed lower-than-expected job growth, which has fueled speculation about potential interest rate cuts, thereby boosting gold prices [9][10]. - The article suggests that the combination of interest rate cuts and ongoing economic policies will provide strong support for gold prices in the medium to long term [10]. Group 3: Humanoid Robotics - The humanoid robotics sector saw significant gains, with companies like Songlin Technology and Zhejiang Rongtai reaching new highs, driven by positive industry forecasts and major procurement contracts [11][14]. - The upcoming World Robot Conference and the announcement of large-scale orders for humanoid robots are expected to further enhance market sentiment and attract investment [14][15]. - Analysts note that while the sector shows strong growth potential, caution is advised due to potential volatility from capital outflows [15].

Market Performance - The three major indices showed strength, with the Shanghai Composite Index rising by 0.66%, the Shenzhen Component Index increasing by 0.46%, the ChiNext Index up by 0.5%, and the STAR Market 50 Index gaining 1.22% [2][3] - Over 3,700 stocks in the two markets experienced an increase, with a total trading volume of approximately 1.50 trillion yuan [4] Military Industry - The military sector performed exceptionally well, with notable stock increases: North China Long Dragon (301357.SZ) up by 20%, Construction Industry (002265.SZ) up by 10%, and others like China Marine Defense (600764.SH) and North Navigation (600435.SH) also rising [5] - CITIC Securities indicated that the fundamentals of the military sector are beginning to recover, with catalysts expected to continue delivering results into the first half of 2025, suggesting a turning point in performance and ongoing investment value [5] Gold Sector - The gold sector rebounded as international gold prices strengthened, with stocks like Chifeng Jilong Gold Mining (600988.SH) and Shandong Gold (600547.SH) seeing significant gains [6][7] - The U.S. Labor Department reported that non-farm payrolls increased by only 73,000 in July, significantly below the market expectation of 110,000, leading to heightened expectations for interest rate cuts and supporting gold prices [7] Robotics and AI Sector - The humanoid robot concept gained traction, with stocks such as Wuzhou New Spring (603667.SH) rising by 10% and Changsheng Bearing (300718.SZ) increasing by 8.88% [8] - The World Artificial Intelligence Conference (WAIC) in 2025 will showcase over 150 humanoid robots, emphasizing the integration of AI with the real economy, which is expected to drive growth in this sector [8] - The State Council approved the "AI+" action plan, promoting the development of intelligent products, indicating a potential for explosive growth in companies deeply involved in AI technologies [8] Declining Sectors - Some sectors, including photovoltaic and film industries, saw declines, with stocks like Happiness Blue Ocean (300528.SZ) dropping over 11% and Shanghai Film (601595.SH) falling by 7.87% [9]