Core Viewpoint - COMEX gold futures prices have reached a historic high of over $3760 per ounce, driven by ongoing commodity inflation trends in the U.S. and a weakening labor market [1] Group 1: Economic Indicators - U.S. commodity inflation continues to rise, while service sector inflation shows signs of easing [1] - The labor market is experiencing a downward trend, which may influence future monetary policy [1] Group 2: Market Predictions - The Federal Reserve's focus on the labor market, as indicated during the August global central bank meeting, suggests that moderate commodity inflation will not alter the pace of interest rate cuts [1] - The combination of rising tariffs contributing to inflation and declining nominal interest rates is expected to benefit precious metals in the near future [1] Group 3: Demand Factors - The recent surge in international gold prices coincides with the upcoming Mid-Autumn Festival and National Day, which is likely to sustain demand for gold jewelry [1]

Market Overview - A-shares saw all three major indices close higher on September 22, with a total trading volume of 2.14 trillion yuan, a decrease of over 200 billion yuan compared to the previous trading day [1] - More than 2,100 stocks closed higher, with 73 stocks hitting the daily limit up [1] - The precious metals sector led the gains with an increase of over 6%, particularly driven by Hunan Silver's limit up [1] Historical Highs - A total of 102 stocks reached historical closing highs today, excluding newly listed stocks from the past year [2] - The electronics, machinery equipment, and automotive sectors had a significant concentration of stocks reaching new highs, with 38, 19, and 10 stocks respectively [2] Stock Performance - Stocks that reached historical highs averaged a 7.27% increase, with notable limit-up performances from Changying Precision, Hongfuhan, and Henghe Precision [3] - Eight stocks showed an upside potential exceeding 20%, with the highest being Gaoweida, which has a projected target price of 51.5 yuan per share, indicating an upside of 98.76% [4] Institutional Ratings - The non-ferrous metals sector was the most favored by institutions, with four stocks including Shenghe Resources and Tianqi Lithium receiving buy ratings [5] - A total of 31 buy ratings were issued today, with 11 stocks having future target prices compared to their latest closing prices [4][5] Institutional Buying and Selling - In the龙虎榜, 12 stocks saw net purchases exceeding 10 million yuan, with Jucheng Co. leading at 359 million yuan [6] - Conversely, Lixun Precision, a leader in the "fruit chain," faced the largest net sell-off at 281 million yuan [7] Important Announcements - Longi Green Energy reported a stable yield of over 97% for its HPBC 2.0 battery production line [8] - Hong Kong-listed Zhongjing Electronics plans to raise no more than 700 million yuan for a smart PCB production base project in Thailand [12]

Market Overview - The three major A-share indices showed mixed performance on the morning of the 22nd, with the Shanghai Composite Index up by 0.07%, the Shenzhen Component Index up by 0.17%, and the ChiNext Index down by 0.09% [2] - The North Stock 50 index increased by 0.72% [2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.3556 trillion yuan, a decrease of 155.2 billion yuan compared to the previous day [2] - Over 3,400 stocks in the market experienced declines [2] Sector Performance - The sectors that saw significant gains included precious metals, consumer electronics, storage chips, liquid cooling servers, and humanoid robot concept stocks [2] - Conversely, the sectors that faced the largest declines were film and cinema, energy metals, photovoltaic equipment, tourism and hotels, dairy, and cement [2] Notable Stocks - The consumer electronics sector experienced a collective surge, with stocks such as Luxshare Precision, Hongfu Huan, and Guoguang Electric reaching their daily limits [2] - The liquid cooling server sector also saw a breakout, with Invec hitting the daily limit and Industrial Fulian rising over 8%, setting a new historical high [2] - Other stocks that followed suit included Siquan New Materials and Shenling Environment [2] - In contrast, the film and cinema sector faced a significant downturn, with Jinyi Film experiencing a limit down, and China Film, Happy Blue Sea, and Hengdian Film seeing substantial declines [2] - The energy metals sector opened high but fell back, with companies like Tengyuan Cobalt, Tianqi Lithium, and Ganfeng Lithium all experiencing declines [2]

Market Performance - A-shares showed mixed performance with the CSI A500 index up by 0.02%, the CSI 300 index up by 0.1%, and the ChiNext index down by 0.1% as of midday close [1] - The STAR 50 index increased by 1.5%, while the Hang Seng China Enterprises Index decreased by 1.3% [1] Sector Performance - The top-performing sectors included precious metals, consumer electronics, storage, liquid cooling servers, and humanoid robots [1] - The sectors with the largest declines were film and cinema, energy metals, photovoltaic equipment, tourism and hotels, dairy, and cement [1] Index Details - The CSI 300 index consists of 300 stocks with good liquidity from the Shanghai and Shenzhen markets, covering 11 primary industries, with a rolling P/E ratio of 14.0 times and a valuation percentile of 61.9% since its inception in 2005 [3] - The CSI A500 index includes 500 securities with good liquidity from various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.5 times and a valuation percentile of 70.4% since its inception in 2004 [3] - The ChiNext index is composed of 100 stocks with good liquidity from the ChiNext board, with a rolling P/E ratio of 43.4 times and a valuation percentile of 41.7% since its inception in 2010 [3] - The STAR 50 index consists of 50 stocks with good liquidity from the STAR market, with a rolling P/E ratio of 176.5 times and a valuation percentile of 99.0% since its inception in 2020 [3]

Market Overview - The three major indices showed mixed performance in early trading, with the Shanghai Composite Index up by 0.07%, the Shenzhen Component Index up by 0.17%, and the ChiNext Index down by 0.09% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.3556 trillion yuan, a decrease of 155.2 billion yuan compared to the previous day [1] - Over 3,400 stocks in the market experienced declines [1] Sector Performance - The sectors with notable gains included precious metals, consumer electronics, storage chips, liquid cooling servers, and humanoid robot concepts [1] - Conversely, the sectors that saw significant declines included film and cinema, energy metals, photovoltaic equipment, tourism and hotels, dairy, and cement [1] Notable Stocks - In the consumer electronics sector, several stocks surged, with Luxshare Precision, Hongfu Huan, and Guoguang Electric all hitting the upper limit [1] - The liquid cooling server sector experienced a breakout, with Invec hitting the upper limit and Industrial Fulian rising over 8%, reaching a new historical high, along with gains from Siquan New Materials and Shenling Environment [1] - Precious metals and storage chips also saw upward movement during the trading session [1] - The film and cinema sector faced significant declines, with Jinyi Cinemas hitting the lower limit, and China Film, Happiness Blue Sea, and Hengdian Film all experiencing substantial drops [1] - The energy metals sector opened high but fell back, with companies like Tengyuan Cobalt, Tianqi Lithium, and Ganfeng Lithium all experiencing declines [1]

Group 1: Price Performance - London Gold's latest price is 3643.70 with no change [3] - London Silver's latest price is 41.86 with no change [3] - London Platinum's latest price is 1369.00 with no change [3] - London Palladium's latest price is 1161.00 with no change [3] - WTI Crude's latest price is 63.57 with no change [3] - LME Copper's latest price is 9962.50 with a change of 20.00 [3] - The US Dollar Index's latest value is 97.37 with no change [3] - Euro to US Dollar's latest exchange rate is 1.18 with no change [3] - Pound to US Dollar's latest exchange rate is 1.36 with no change [3] - US Dollar to Japanese Yen's latest exchange rate is 148.00 with no change [3] - US 10 - year TIPS's latest value is 1.75 with a change of 0.02 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 16300.91 with no change [4] - SHFE Silver's latest inventory is 1159.44, a decrease of 44.08 [4] - Gold ETF's latest holding is 994.56, an increase of 18.90 [4] - Silver ETF's latest holding is 15205.14 with no change [4] - SGE Silver's latest inventory is 1283.61 with no change [4] - SGE Gold's latest deferred fee payment direction is 2, an increase of 1.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with no change [4]

Group 1: Report Industry Investment Rating - Gold and silver are both rated ★☆★, indicating a bullish bias but with limited operability on the trading floor [1] Group 2: Core View of the Report - The precious metals market is experiencing oscillations. Geopolitical tensions in the Middle East remain high, and the prospect of a cease - fire agreement between Russia and Ukraine is fading. US inflation data is in line with market expectations, and the combination of moderate inflation and a cooling labor market has strengthened the expectation of interest rate cuts. The international gold price has confirmed a breakthrough of the upper limit of the four - month oscillation range, and silver has also opened up upward space. It is recommended to maintain long - position participation. However, if the interest rate cut meets expectations, be vigilant against a phased adjustment [1] Group 3: Summary by Related Information Geopolitical Situation - Israel conducted an air strike on the capital of Qatar last week, targeting senior Hamas leaders, and the Middle East geopolitical situation remains tense. Trump reiterated his willingness to impose sanctions on Russia and urged other countries to follow suit, making the Russia - Ukraine cease - fire agreement seem more distant. Hamas has suspended negotiations with Israel regarding a cease - fire in the Gaza Strip and the exchange of detainees [1][2] Economic Data - The US Bureau of Labor Statistics reported that the US CPI in August increased by 2.9% year - on - year, in line with expectations and slightly up from the previous value of 2.7%. The month - on - month increase was 0.4%, slightly higher than the expected 0.3% and the previous value of 0.2%. The core CPI increased by 3.1% year - on - year and 0.3% month - on - month, both in line with expectations and the previous value. After the non - farm payrolls showed a cooling labor market, the number of initial jobless claims last week rose to 263,000, the highest in nearly four years [1] Market Expectations - The combination of moderate inflation and a cooling labor market has further strengthened the expectation of interest rate cuts. The market has almost fully priced in three consecutive interest rate cuts within the year. This week, focus on the Fed's interest rate cut amplitude and Powell's speech for guidance on the future path. If the interest rate cut meets expectations, beware of a phased "buy the rumor, sell the news" adjustment [1]

Market Overview - The three major A-share indices showed mixed results, with the Shanghai Composite Index down 0.26%, the Shenzhen Component Index up 0.63%, and the ChiNext Index up 1.52% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 23,031 billion yuan, a decrease of 2,452 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced declines [1] Sector Performance - The gaming, pork, film and television, automotive parts, and CRO sectors saw the largest gains [1] - The semiconductor and new energy industry chains experienced a pullback, while precious metals, satellite internet, and copper cable high-speed connection sectors faced the largest declines [1] ETF Highlights - The AI application sector performed strongly, with gaming ETFs leading the gains: Huaxia Fund's gaming ETF rose by 4.38%, Huatai-PB's gaming ETF increased by 4.02%, and Guotai Junan's gaming ETF went up by 3.88% [1] - The film and television sector saw afternoon gains, with Yinhua Fund's film ETF rising by 3.09% and Guotai Fund's film ETF increasing by 2.85% [1] - The new energy sector experienced a pullback, with ICBC Credit Suisse's lithium battery ETF rising by 2.92% and Invesco Great Wall's battery 30 ETF increasing by 2.82% [1] Declines in Specific Sectors - The AI hardware sector faced a correction, with communication ETFs, 5G50 ETF, and communication equipment ETF declining by 1.75%, 1.72%, and 1.68% respectively [1] - The telecommunications sector weakened, with telecom ETFs and telecom 50 ETF both down by 1.5% [1] - Hong Kong financial stocks were in the red, with non-bank ETFs and Hong Kong securities ETF both declining by 1.3% [1]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index recovering after an initial dip, while the ChiNext Index experienced a high of 2.8% before retreating [1] - As of the midday close, the Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 1.07%, and the ChiNext Index was up by 2.13% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan, with over 2000 stocks experiencing gains [1] Group 2 - The battery sector saw initial gains, with CATL's A and H shares reaching new highs, and CATL's stock price increasing by 9.85% [1] - Other notable performers included Zhongyi Technology hitting the daily limit, while Tianhong Lithium and Lijia Technology also showed significant gains [1] - The gaming sector later surged, with Xinghui Entertainment and Perfect World both hitting the daily limit, followed by increases in Sanqi Interactive and Giant Network [1] Group 3 - Other active sectors included the prepared food concept, automotive supply chain, and CRO concept stocks [1] - Conversely, the cultural media, real estate, and precious metals sectors experienced notable declines [1]

Group 1: Federal Reserve and Economic Indicators - The Federal Reserve is expected to implement a significant interest rate cut during its upcoming meeting, marking the first policy easing in nine months [1] - Economic indicators show a cooling labor market, with initial jobless claims rising to 263,000, the highest in nearly four years, reinforcing expectations for a rate cut [1] - The median forecast from economists suggests a 25 basis point rate cut, with increasing speculation of a potential 50 basis point cut later in the year [2] Group 2: Gold Market - The expectation of a rate cut is driving global funds to accelerate purchases of gold, with a recommendation to focus on leading gold companies [2] - The geopolitical climate and trade disputes are enhancing the strategic value of precious metals, leading to increased demand for gold as a safe-haven asset [2] Group 3: Rare Earth and Strategic Metals - The rare earth industry is experiencing a clearer global monopoly due to strengthened export controls in China, with expectations of increased consumption of rare earth magnetic materials by Q3 2025 [2] - The supply tightness of praseodymium and neodymium oxides is providing strong support for rare earth prices, with a recommendation to focus on leading companies in the rare earth magnetic materials sector [2] - The strategic metals sector is anticipated to undergo a value reassessment, with recommendations to pay attention to rare earth magnetic materials and tungsten [2] Group 4: Related Companies - Key companies in the gold industry include Zijin Mining, Shandong Gold, Zhaojin Mining, Lingbao Gold, China Gold International, and others [3] - Companies involved in rare earth magnetic materials include Jinli Permanent Magnet, while companies related to tungsten include Jiaxin International Resources [4]