Market Performance - A-shares major indices rose, with the Shenzhen Component Index increasing over 1%, the ChiNext Index rising over 1%, and the Shanghai Composite Index up by 0.44% [1] - Concepts such as liquid cooling, AI corpus, Huawei HiSilicon, shipbuilding, and film and television showed strong performance, while precious metals, coal, and multi-financial concepts weakened [1] - Nearly 4,000 stocks in the market rose, while 1,100 stocks declined [1] Stock Highlights - ST Xiangxue (300147) saw a price increase of 16.47% with a total market value of 5.892 billion [2] - Hanyu Pharmaceutical (300199) increased by 12.05%, with a market cap of 25.8 billion and a year-to-date increase of 126.53% [2] - Wanbangde (002082) rose by 10.01%, with a market value of 4.906 billion and a year-to-date increase of 24.73% [2] - Tian Shili (600535) increased by 7.73%, with a market cap of 26 billion and a year-to-date increase of 22.17% [2] - Shanghai Leifu (688091) rose by 6.94%, with a market value of 16.9 billion and a year-to-date increase of 104.93% [2] - Olin Bio (688319) increased by 5.63%, with a market cap of 10.3 billion and a year-to-date increase of 139.06% [2] - Yangguang Nuohuo (688621) rose by 5.22%, with a market value of 9.033 billion and a year-to-date increase of 114.56% [2] - Other notable stocks include Nuo Si Lan De (430047) up by 4.62%, Hai Te Bio (300683) up by 4.08%, and Nanxin Pharmaceutical (688189) up by 4.08% [2]

Group 1 - The A-share market opened slightly lower on August 15, with the Shanghai Composite Index down by 0.18%, the Shenzhen Component Index down by 0.28%, and the ChiNext Index down by 0.2% [1] - Sectors such as AI chips, precious metals, and digital currencies experienced the largest declines [1]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The unexpectedly high US inflation data released last night and the Fed officials' cautious stance on interest rate cuts have put short - term pressure on precious metal prices [2][3]. - The much - higher - than - expected PPI data in July shows that Trump's tariff policy has significantly affected US prices. Fed officials' statements around the data release were generally hawkish [3]. - Despite the current resilience of US inflation data, due to factors such as US debt interest payments and Trump administration intervention, the Fed will implement a further easing cycle. It is recommended to wait and see for now and consider buying on dips after the price stabilizes. The reference operating range for the main contract of Shanghai Gold is 766 - 788 yuan/gram, and for Shanghai Silver, it is 9045 - 9526 yuan/kilogram [3]. 3. Summary by Related Catalogs Market Price Changes - Shanghai Gold (Au) dropped 0.55% to 774.54 yuan/gram, and Shanghai Silver (Ag) dropped 1.31% to 9197.00 yuan/kilogram. COMEX Gold fell 0.12% to 3379.00 dollars/ounce, and COMEX Silver fell 0.12% to 38.03 dollars/ounce. The US 10 - year Treasury yield was 4.29%, and the US dollar index was 98.21 [2]. - In the comparison of recent trading days, various precious - metal - related products showed different price and volume changes, such as Au(T + D) rising 0.05% to 775.10 yuan/gram, and London Gold falling 0.61% to 3343.85 dollars/ounce [4]. US Economic Data - In July, the US PPI year - on - year value was 3.3%, much higher than the expected 2.5% and the previous value of 2.4%. The month - on - month value was 0.9%, significantly higher than the expected 0.2% and the previous value of 0% [3]. Trading Suggestions - Given the current market situation, it is recommended to wait and see for now. After the precious metal prices stabilize after a correction, consider buying on dips. The reference operating range for the main contract of Shanghai Gold is 766 - 788 yuan/gram, and for Shanghai Silver, it is 9045 - 9526 yuan/kilogram [3]. Data Tables and Graphs - Multiple data tables presented detailed information on precious - metal prices, trading volumes, positions, and inventories in different markets and time periods, such as the COMEX and SHFE gold and silver markets [6]. - There are also various graphs showing the relationships between precious - metal prices, US dollar index, real interest rates, and other factors, as well as the near - far month structure and price spreads of precious metals [8][11][21].

Market Overview - The Shanghai Composite Index reached a peak of 3704 points before experiencing a pullback, closing down 0.46% at 3666.44 points, with 735 stocks rising and 4648 stocks falling [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for two consecutive days, reaching 22,792 billion yuan, an increase of 128.3 billion yuan compared to Wednesday [1] Futures Market - In the futures market, coking coal and coke saw significant declines, with main contracts dropping by 6.25% and 4.32% respectively [1] - Other commodities such as polysilicon and iron ore also experienced notable declines, indicating a trend against "involution" themes [1] Futures Simulation Competition - The "Economic Grain Cup - National Futures Simulation Competition" is currently ongoing, with the first phase running from August 11 to August 29, attracting many participants [1] - Participants in the competition are using simulated funds of 1 million yuan, with cash rewards for positive returns, and opportunities for learning through various resources provided by the organizing team [3][5] Performance of Participants - Some top-performing participants capitalized on short-selling opportunities in coking coal, coke, and lithium carbonate, demonstrating the flexibility of profit-making strategies in the futures market compared to stocks [3] - The competition features a dual evaluation mechanism for weekly and monthly rewards, with the highest monthly prize reaching 1288 yuan (pre-tax) [4] Insights on Stock Market - Participants noted that certain stocks are dominated by speculative trading, leading to rapid price fluctuations that make it difficult for investors to profit, particularly in the AI industry chain [7] - There is a consensus among participants that the Shanghai Composite Index faces resistance around the 3700 and 4000 point levels, with recent fluctuations being expected [7] Investment Opportunities - The AI sector is identified as a significant investment theme, with potential in sub-sectors such as IoT, solid-state transformers, and copper-clad laminates [9] - In the context of a declining interest rate environment, opportunities in precious metals and non-ferrous metals are also highlighted [9]

Market Commentary - The market has entered a positive feedback loop, with the recent rally driven by a significant increase in risk appetite and strong overseas performance in optical module companies, leading to a substantial rise in the ChiNext Index [2][3][4] - On August 13, the Shanghai Composite Index rose by 0.48% to 3683.46 points, breaking the previous high since the 924 market, while the ChiNext Index surged by 3.62% to 2496.50 points, nearing its previous peak [2][3] - The total trading volume of the A-share market reached 2.18 trillion, the second highest this year, indicating robust market activity [2] Internal Driving Forces of the Bull Market - The current bull market is characterized by strong internal driving forces, with a steady upward trend since early April, supported by increased attention from decision-makers towards the capital market, continuous improvement in micro liquidity, and persistent market hotspots [4][6] - The decision-makers have shifted their tone from "stabilizing and activating" to "consolidating and improving," signaling a heightened focus on the capital market, which provides a safety net for ongoing liquidity inflows [4] - The bull market's internal driving forces have entered a virtuous cycle, with no changes in the three core supporting factors: increased attention from decision-makers, continuous liquidity inflow, and sustained market hotspots [4][6] Investment Focus - The report suggests focusing on sectors with the highest growth elasticity, particularly in technology and performance-supported areas [6][7] - The first investment line emphasizes high-elasticity growth technology sectors, including AI, computing power, robotics, and military industry, which are expected to perform well in the current bull market [6] - The second investment line targets sectors with strong performance support, such as rare earth permanent magnets, precious metals, engineering machinery, motorcycles, and agricultural chemicals, which are expected to benefit from favorable market conditions [6] - The third investment line highlights structural policy opportunities in service consumption and potential valuation recovery in real estate, driven by macro policy adjustments [7]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.2% with a transaction volume of 106 million yuan [2] - Over the past week, the average daily transaction volume reached 371 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 290 million yuan in the past week, also ranking first among comparable funds [2] - The latest share count for the Rare Earth ETF reached 3.351 billion shares, marking a one-year high and ranking first among comparable funds [2] - The latest net inflow of funds into the Rare Earth ETF was 58.08 million yuan, with a total of 344 million yuan net inflow over the last five trading days [2] - As of August 12, the net value of the Rare Earth ETF has increased by 76.79% over the past year, ranking 124th out of 2954 index equity funds, placing it in the top 4.20% [2] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Market Outlook and Recommendations - Xiangcai Securities suggests focusing on upstream rare earth resource companies due to improved supply-demand dynamics, driven by expectations of supply contraction and increased demand from relaxed export controls [3] - Everbright Securities anticipates that the domestic market will continue to perform strongly due to the accumulation of favorable internal and external factors [3] - Huazhong Securities recommends investors to focus on high-growth technology sectors and performance-supported industries, including AI, robotics, military industry, rare earth permanent magnets, precious metals, construction machinery, motorcycles, and agricultural chemicals [3] Group 3: Top Holdings in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, Shenghe Resources, Wolong Electric Drive, China Aluminum, Lingyi Technology, Greeley, Xiamen Tungsten, and Goldwind Technology, collectively accounting for 59.32% of the index [2]

Report Summary 1) Report Industry Investment Rating - Gold: ★★★, indicating a clearer long - trend and relatively appropriate investment opportunities currently [1] - Silver: ★★★, indicating a clearer long - trend and relatively appropriate investment opportunities currently [1] 2) Core View of the Report - Overnight, precious metals declined, and the international gold price still showed strong resistance above $3400 per ounce. Trump clarified the gold tariff rumor, relieving concerns about supply - chain disruptions. The China - US joint statement announced a 90 - day suspension of reciprocal tariffs again today. This week, focus on the US - Russia leaders' meeting and the release of US CPI data tonight. Market sentiment may fluctuate. Be cautious when participating in precious metals at high levels and patiently wait for pull - back opportunities in the volatile trend [1] 3) Summary by Related Content - **Tariff Suspension**: The US will continue to modify the implementation of ad - valorem tariffs on Chinese goods (including those from Hong Kong and Macao SARs) stipulated in Executive Order No. 14257 on April 2, 2025. From August 12, 2025, the 24% tariff will be suspended again for 90 days, while retaining the remaining 10% tariff. China will continue to modify the implementation of ad - valorem tariffs on US goods stipulated in Tariff Commission Announcement No. 4, 2025. From August 12, 2025, the 24% tariff will be suspended again for 90 days, while retaining the remaining 10% tariff. China will also take or maintain necessary measures to suspend or cancel non - tariff counter - measures against the US according to the Geneva Joint Statement [2] - **Fed Chair Candidates**: The Trump team has included Bowman, Jefferson, and Logan in the list of candidates for the Fed chair, and the chairperson may be announced this autumn [2] - **Trump's Statements**: Trump said the meeting with Putin was a tentative one. The next meeting will be with Zelensky or with both Putin and Zelensky, and there will be changes in the Russia - Ukraine territory [2]

Core Viewpoint - The market showed a mixed performance with major indices experiencing slight gains, indicating a generally healthy market environment despite a majority of individual stocks declining [3][4]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.51% to 3666.33, the Shenzhen Component Index increased by 0.34% to 11330.34, and the ChiNext Index gained 0.91% to 2401.52 [3][4]. - Over 3300 stocks in the market experienced declines, reflecting a broad-based weakness among individual stocks [4]. Sector Analysis - Key sectors such as AI hardware saw significant gains, with stocks like Industrial Fulian reaching new historical highs [6]. - Active sectors included Xinjiang and banking, while popular themes like rare earth permanent magnets, lithium mining, innovative pharmaceuticals, and military industry faced collective declines [6]. Capital Flow - Main capital inflows were observed in sectors such as electronics, communications, non-bank financials, computers, banks, home appliances, and media [7]. - Notable individual stocks with net inflows included Cambrian Biologics-U, Guosheng Jinkong, and Xinyi Technology, attracting 2.103 billion, 1.202 billion, and 1.090 billion respectively [8]. - Conversely, stocks like Great Wall Military Industry, Hewei Electric, and Northern Rare Earth faced net outflows of 600 million, 399 million, and 362 million respectively [9]. Institutional Insights - Analysts from Zhongtai Securities expressed optimism regarding the overall market direction, citing positive domestic economic expectations and ongoing international liquidity easing [10]. - The investment director from Qianhai Bourbon Fund noted that while external funds are entering the market, it may lead to increased volatility in index movements, suggesting a cautious approach to buying [10].

Market Overview - The Shanghai Composite Index rose by 0.01%, the Shenzhen Component Index increased by 0.01%, and the ChiNext Index gained 0.06% [1][4]. Lithium Market - Lithium carbonate futures saw a significant drop, with the main contract's increase narrowing to nearly 4% after initially rising close to 10% at the opening [2][4]. - The price of lithium carbonate futures at 09:30 was reported at 84,100, with a decrease of 3,200 (3.96%) from the previous session [3]. A-shares Performance - A-shares opened higher, with the Xinjiang sector remaining active, particularly in wind power and vaccine concepts, while cyclical stocks generally retreated [4]. - The overall A-share market showed 2,118 stocks rising, 1,162 unchanged, and 2,137 declining [5]. Hong Kong Market - The Hang Seng Index opened lower, down 0.33%, with the Hang Seng Tech Index falling by 0.59%. Major tech stocks like Alibaba and Baidu dropped over 1% [6][7]. - Lithium mining stocks continued to rise, while pharmaceutical stocks remained active, with Fosun Pharma increasing by over 7% [6]. Monetary Policy - The central bank conducted a 7-day reverse repurchase operation of 114.6 billion yuan at an interest rate of 1.40%, with 160.7 billion yuan of reverse repos maturing today [8].

Group 1 - The Shanghai Composite Index closed at 3653.5 points, up 0.51% [1] - The Shenzhen Component Index closed at 11293.25 points, up 1.48% [1] - The ChiNext Index closed at 2380.29 points, up 1.99% [1] Group 2 - Sectors such as PEEK materials, energy metals, and CPO saw gains [1] - The precious metals sector experienced a correction [1]