Group 1 - The core viewpoint of the news is the release of the August "Golden Stock" list by various brokerages, highlighting stocks with high investment potential, including Oriental Fortune, which has received multiple recommendations despite recent price corrections [1][2] - As of July 31, 109 A-shares and Hong Kong stocks have been included in the August "Golden Stock" list, with Oriental Fortune being the most frequently recommended stock by three brokerages [1] - The stock market has shown a trend of rising volatility, with major indices experiencing fluctuations while maintaining relatively high trading volumes [2] Group 2 - The performance of the July "Golden Stocks" was reviewed, with the Wind index showing a cumulative increase of 15.07% for the best-performing stocks, indicating strong market interest [2] - Looking ahead to August, the market is expected to experience a mixed trend influenced by favorable policy expectations, moderate economic recovery, and the verification of semi-annual reports [2] - Specific investment themes recommended by Huazheng Securities include high-growth technology sectors, areas with strong support or exceeding performance expectations, and consumer services and real estate sectors [2]

Group 1 - Wang Yi, China's Foreign Minister, emphasized the stability and continuity of China's policy towards the U.S., expressing a willingness to enhance communication and explore cooperation to promote stable and sustainable development of China-U.S. relations [1] - The U.S. business community, represented by the chairman of the U.S.-China Business Council, expressed commitment to deepening trade, investment, and cooperation in various sectors including technology and healthcare in China [1] Group 2 - On July 30, the Minister of Commerce, Wang Wentao, met with executives from nearly ten U.S. companies, including Boeing and Apple, to discuss U.S.-China economic relations and the development of U.S. enterprises in China [2] Group 3 - Vanke A announced that the Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company, with certain directors abstaining from the vote [3] - Contemporary Amperex Technology Co., Ltd. (CATL) reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, with revenue reaching 178.9 billion yuan, up 7.27% [3] - Ceconomy AG signed an investment agreement with JD.com, with JD.com offering to acquire all shares at a price of 4.60 euros per share to strengthen its position in the European consumer electronics market [3] Group 4 - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fifth consecutive meeting without a rate change, reflecting a cautious approach amid economic uncertainties [4] Group 5 - On July 30, U.S. stock indices closed mixed, with the Dow Jones down 0.38%, the Nasdaq up 0.15%, and the S&P 500 down 0.12%, while major tech stocks showed varied performance [5] - Precious metals and copper sectors experienced significant declines, with Freeport-McMoRan Copper & Gold down over 9% and other companies in the sector also facing substantial losses [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Amid ongoing Fed turmoil, precious metals are in high - level oscillations. The short - term market sentiment fluctuates, but the uncertainty of US tariffs and policies will lead to inflation rebound and economic slowdown. The Fed's independence is also uncertain. Precious metals are expected to maintain high - level oscillations, and there's no need to be overly pessimistic. It's recommended to focus on tariff negotiation progress and the Fed's July interest - rate meeting at the end of the month [5][9] 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - This week, the US dollar index and the 10 - year US Treasury yield first declined and then rose. Precious metals showed an inverse relationship, rising first and then falling. Silver was more resilient than gold. London gold traded between $3338 - $3439 per ounce, with a weekly gain of 0.02%. London silver reached a new high of $39.523 since September 2011, trading between $38 - $39.5, with a weekly gain of 1.88%. Affected by exchange rates, domestic precious metals underperformed overseas markets. Shanghai gold traded between 774 - 794 yuan, with a weekly decline of 2.46%. Shanghai silver traded between 9213 - 9526 yuan, with a weekly gain of 1.28%. The US dollar index hovered between 97 - 98, with a weekly decline of 0.85%. The 10 - year US Treasury yield ranged from 4.33% - 4.44%, remaining at a relatively high level [5] - Market trading was affected by Fed turmoil, trade negotiation progress, and US macro "hard" data. The Trump administration pressured the Fed, but the Treasury Secretary soothed market sentiment. Tariff negotiations accelerated, with a preliminary agreement reached between the US and Japan, while the game between the US and the EU continued. US macro data was generally strong, and market expectations for Fed rate cuts in the second half of the year slightly adjusted downwards. Overall, there were more negative factors this week, limiting the upward trend of precious metals [5] - US macro data: The number of initial jobless claims for the week ending July 19 was 217,000, lower than the expected 226,000 and the previous value of 221,000. The preliminary value of the US S&P Global Services PMI in July was 55.2, higher than the expected 53 and the previous value of 52.9. The preliminary value of the US S&P Global Manufacturing PMI in July was 49.5, lower than the expected 52.7 and the previous value of 52.9 [5] - US tariff progress: The EU passed a 93 - billion - euro counter - tariff plan against the US, to take effect on August 7 if no agreement is reached. India is confident of reaching a trade agreement with the US. Trump announced a trade agreement with Japan, with a 15% tariff rate on Japan and $550 billion in Japanese investment in the US. Trump also said he would impose simple tariffs of 15% - 50% on most countries, but is willing to abandon the tariff clause if major countries open their markets to the US [5] 3.1.2 Trading Logic - As reciprocal tariffs are about to take effect, tariff negotiations between the US and other major economies have accelerated, easing market risk - aversion sentiment. The latest US employment and services PMI data show resilience, reducing market concerns about the deterioration of the US economic fundamentals. In the future, despite short - term market sentiment fluctuations, the benchmark scenario is inflation rebound and economic slowdown due to US tariff and policy uncertainties. The Fed's independence is also uncertain. Precious metals are expected to maintain high - level oscillations [9] 3.1.3 Trading Strategies - Unilateral: Wait for low - buying opportunities after a pullback [11] - Arbitrage: Wait and see [11] - Options: Adopt the strategy of buying out - of - the - money call options [11] 3.2 Macroeconomic Data Tracking 3.2.1 US Economy - GDP and Consumption - In 2024, the annual GDP growth rate reached 2.8%, better than expected. The consumption sector, accounting for two - thirds of the economy, continuously drove US GDP growth, with the service industry making a significant positive contribution. The investment sector also supported the economy [22] - In Q1 2025, affected by tariffs, the economy slowed down, recording - 0.3%, worse than the expected - 0.2%. This mainly reflected increased imports and reduced government spending (an 8% decline in defense spending) [23] - The latest data shows that US residents' pessimistic expectations have eased. The US retail sales month - on - month rate in June was 0.6%, higher than the expected 0.1% and the previous value of - 0.9%. The preliminary value of the University of Michigan Consumer Sentiment Index in July was 61.8, higher than the expected 61.5 and the previous value of 60.7. The preliminary value of the one - year inflation rate expectation in July was 4.4%, lower than the expected 5% and the previous value of 5% [24][25] 3.2.2 US Economy - PMI Indicators - The two major PMI indicators in the US showed a divergence. The preliminary value of the US S&P Global Services PMI in July was 55.2, higher than the expected 53 and the previous value of 52.9. The preliminary value of the US S&P Global Manufacturing PMI in July was 49.5, lower than the expected 52.7 and the previous value of 52.9. The US ISM Non - Manufacturing PMI in June was 50.8, higher than the expected 50.5 and the previous value of 49.9. The US ISM Manufacturing PMI in June was 49 [27] 3.2.3 US Economy - Employment - Employment data shows that the US job market is temporarily stable. The seasonally - adjusted non - farm payrolls in June were 147,000, higher than the expected 110,000. The unemployment rate in June was 4.1%, lower than the expected 4.3%. The average hourly wage annual rate in June was 3.7%, lower than the expected 3.9%. The number of initial jobless claims for the week ending July 19 was 217,000, lower than the expected 226,000 [32] 3.2.4 Macroeconomic Factors - Inflation - In June, the overall US CPI annual rate rose to 2.7%, the highest since February, in line with market expectations. The monthly rate was 0.3%, the highest since January, also in line with expectations. The core CPI annual rate rose to 2.9%, the highest since February, slightly lower than the expected 3% but up from the previous month's 2.8%. The monthly rate was 0.2%, lower than the expected 0.3%. The overall US CPI data showed a moderate rebound. After the data release, market expectations for Fed rate cuts this year slightly adjusted downwards [36] 3.3 Precious Metals Fundamental Data Tracking 3.3.1 ETF and CFTC Positions - The data shows the trends of gold and silver ETF positions and CFTC speculative net positions, but specific numerical analysis is not provided in the text [39] 3.3.2 Gold - Supply and Demand - In 2024, according to the World Gold Council, the total gold supply increased slightly by 1% year - on - year to 4974 tons. Mine production reached 3661 tons, basically unchanged year - on - year. Recycled gold totaled 1370 tons, a year - on - year increase of 11%. Total gold demand was 4554 tons, a 1% year - on - year increase. Investment demand increased by 25% to 1180 tons, reaching a four - year high. Gold used in technology increased by 21 tons (+7%). Jewelry consumption hit a record low, only 1877 tons, a - 9% year - on - year decrease. Global central banks bought 1044.6 tons of gold in 2024, exceeding 1000 tons for the third consecutive year [42] - For 2025, the World Gold Council predicts that gold supply will increase again due to factors such as slowing global economic growth, high gold prices, and a slight decline in geopolitical risk premiums. Low interest rates, high - valued stocks, a weak US dollar, and geopolitical risks are favorable for gold ETF, over - the - counter, and futures investments. Central banks may again purchase over 1000 tons of gold. However, economic slowdown and high prices may pressure jewelry demand. Technology - related gold demand is expected to remain stable due to continued investment in artificial intelligence [42] 3.3.3 Central Bank Gold Purchases - Since 2022, global central banks have been on a gold - buying spree. In 2022, the purchase volume reached a record high of 1082 tons, 1037 tons in 2023, and 1045 tons in 2024. Developing countries such as China, Poland, Turkey, and India have been active buyers [52] - In Q3 2024, central bank gold - buying activities slowed down to 186 tons. In Q4, in an environment of falling gold prices and Trump's inauguration, global central banks bought 333 tons of gold, a 54% year - on - year and 79% quarter - on - quarter increase [52] - Reasons for central bank gold purchases: China aims to optimize foreign exchange reserve structure, hedge against geopolitical and economic uncertainties, and promote RMB internationalization. Poland wants to prevent geopolitical risks and enhance financial security. Turkey uses gold to combat currency depreciation and inflation, reduce the risk of US dollar system sanctions, and as a hedging tool under low - interest - rate policies. India aims to optimize foreign exchange reserve structure and enhance international financial influence [52] 3.3.4 Silver - Supply and Demand - In 2024, according to the World Silver Association, the global silver supply was 31573 tons, a 2% year - on - year increase. Global silver demand was 36208 tons, a 3% year - on - year decrease. The demand mainly included 21166 tons for industrial use (6146 tons for photovoltaic use), 6491 tons for silver jewelry, 1686 tons for silverware, and 5938 tons for investment. The supply - demand gap was 4634 tons [54] - For 2025, the World Silver Association predicts that the supply will continue to grow by 2% to 32055 tons. Industrial silver demand is expected to change little, with photovoltaic silver use remaining at around 6000 tons. The supply - demand gap is expected to narrow to 3658 tons. The growth of the photovoltaic industry may be limited in 2025, and the trend of using less or no silver is emerging due to high silver prices [54] 3.3.5 Silver Inventory - Recently, the total visible silver inventory in major global exchanges, including LBMA, Comex, SHFE, and SGE, has rebounded from the historical low [61]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are $3365.85, $39.03, $1426.00, $1261.00, $66.03, and $9947.00 respectively, with changes of -$47.70, -$0.29, -$22.00, -$10.00, $0.78, and $71.00 [1] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.49, 1.17, 1.35, 147.01, and - respectively, with changes of 0.28, -0.00, -0.01, 0.49, and - [1][12] Group 2: Trading Data - The latest inventory of COMEX Silver is not provided, the latest inventory of SHFE Silver is 1188.72, Gold ETF holdings are 957.09, Silver ETF holdings are 15207.82, SGE Silver inventory is 1327.23, SGE Gold deferred - fee payment direction is 2, and SGE Silver deferred - fee payment direction is 2 [2] - The changes in SHFE Silver inventory, Gold ETF holdings, SGE Gold deferred - fee payment direction are 0.24, 2.29, and 1.00 respectively, while the changes in COMEX Silver, Silver ETF holdings, SGE Silver inventory, and SGE Silver deferred - fee payment direction are not provided or 0.00 [2]

Group 1: Gold Futures Market Performance - As of July 21, the main gold futures in Shanghai reported a price of 784.74 CNY per gram, with an increase of 0.63% [1] - The opening price for the main gold futures was 784.70 CNY per gram, reaching a high of 787.80 CNY and a low of 784.20 CNY [1] Group 2: Macroeconomic News - EU diplomats are exploring broader potential countermeasures against U.S. tariffs but prioritize negotiations with the U.S. [1] - U.S. Treasury Secretary Yellen expressed a focus on high-quality deals rather than completing transactions by August 1, indicating a desire to avoid conflict with Europe [1] - Indonesia's 19% U.S. tariff may take effect before August 1, depending on a joint statement [1] Group 3: Federal Reserve Insights - The Federal Reserve's website indicates a 97.4% probability of maintaining interest rates in July, with a 2.6% chance of a 25 basis point cut [3] - For September, the probability of keeping rates unchanged is 41.4%, while the cumulative probability of a 25 basis point cut is 57.2% [3] Group 4: Institutional Perspectives - The imminent implementation of reciprocal tariffs is intensifying economic negotiations, leading to renewed market anxiety [4] - Ongoing pressure from Trump on Powell is contributing to market unease and may soften expectations for sustained high interest rates from the Federal Reserve [4] - The uncertainty surrounding U.S. tariffs and policies is expected to lead to inflation rebound and economic slowdown, with precious metals likely to maintain an upward trend amid this uncertainty [4]

Group 1: Investment Ratings - Gold and silver are both given a ★★★ rating, indicating a clearer long/short trend and relatively appropriate investment opportunities at present [1] Group 2: Core Views - Today, precious metals are oscillating with a slight upward trend. Recently, global geopolitical risks have cooled down, risk sentiment is positive, the US economy is resilient, and a work plan for stabilizing growth in key industries such as non-ferrous metals in China is about to be introduced. Industrial products are rising excitedly in rotation, there is insufficient upward driving force for gold, and there is still room for the gold-silver ratio to decline. The uncertainty before the deadline of US tariff policy remains high, risk sentiment is prone to fluctuations, and precious metals are mainly in an oscillating and wait-and-see state [1] Group 3: Summary of Related Content Tariff - The US Commerce Secretary is confident of reaching an agreement with the EU, and small countries need to pay a 10% benchmark tariff starting from August 1st. The EU is preparing a retaliatory plan under the tough US trade stance. Trump has increased pressure on the EU, with the minimum tariff possibly rising to 15%-20%. The US-Japan trade agreement is still within the "realm of possibility", and the Pakistani Finance Minister is in the US to promote the signing of a trade agreement [2] Fed - Trump believes that high interest rates are "killing the real estate market" and has reiterated that interest rates should be lowered to 1%. An insider said that Treasury Secretary Bessent advised Trump not to remove Powell. Waller refused to comment on whether he would hold a different opinion at the July meeting and said he would accept if the president asked him to be the Fed Chairman. Goolsbee is "slightly worried" that tariffs are pushing up commodity inflation and expects interest rates to drop significantly in the next year [2] Iran Nuclear Negotiations - Iran has agreed to hold a new round of negotiations with three European countries at the deputy foreign minister level in Istanbul on the 25th. Putin met with a senior advisor to the Iranian Supreme Leader to discuss the Iran nuclear issue. Trump reiterated that all three Iranian nuclear facilities have been completely destroyed [2]

Report Summary 1. Report Industry Investment Ratings - Gold: ★★★, indicating a clearer upward trend and relatively appropriate investment opportunities currently [1] - Silver: ★★★, indicating a clearer upward trend and relatively appropriate investment opportunities currently [1] 2. Core View of the Report - The US economy shows resilience as the retail sales in June 2025 had a month - on - month increase of 0.6%, the highest since March this year, and the weekly initial jobless claims were lower than the previous value and expectations. This suppresses the performance of gold prices, but gold still shows resistance. Due to strong uncertainties before the US tariff policy deadline and repeated risk sentiment, precious metals are mainly in a volatile state [1] 3. Summary by Related Catalogs Tariff Information - The vice - chairman of the Thai Chamber of Commerce stated that Thailand will propose to exempt 90% of US goods from tariffs [1] - The EU plans to add service tariffs and export controls on the US as a retaliatory measure after the breakdown of trade negotiations [1] - White House trade advisor Navarro said that the EU's value - added tax is also a form of subsidy, and the US hopes to see VAT reduction and tariff cuts [1] - The nominee for South Korea's foreign minister said he is confident of reaching an agreement before the US tariff takes effect [1] Fed Information - Kugler believes it is appropriate to keep interest rate policy stable "for some time" [2] - Daly thinks whether to cut interest rates in July or September is not the most critical [2] - Bostic said it may be difficult to cut interest rates in the short term [2] - Waller believes the Fed should cut interest rates by 25 basis points at the July meeting [2]

1. Report Industry Investment Rating - Gold: ★☆☆ (indicating a bullish bias, with a driving force for price increase, but limited operability in the market) [1] - Silver: ★☆☆ (indicating a bullish bias, with a driving force for price increase, but limited operability in the market) [1] 2. Core View of the Report - Overnight, the US PPI was lower than expected, and news that Trump intended to fire Fed Chairman Powell caused the US dollar assets to decline and international gold prices to rise. However, after Trump's denial, the market returned to stability. Driven by events, precious metals are sensitive. There is still room for negotiations before the deadline of the US tariff policy, and risk sentiment may fluctuate. Precious metals will mainly fluctuate. Attention should be paid to the US retail sales data tonight [1]. 3. Summary Based on Related Catalogs 3.1 US Economic Data - The US White House National Economic Council Director Hasset said that the Fed's actions are "very very slow" and inflation data has been performing well [2]. - The US June PPI annual rate was 2.3%, lower than the expected 2.5%, the lowest since September 2024, and the previous value was revised up from 2.6% to 2.7% [2]. - The Fed's Beige Book shows that the economic outlook is neutral to slightly pessimistic. Manufacturing activity decreased slightly, and corporate recruitment remained cautious [2]. 3.2 Tariff Policies - Canada will tighten steel quotas for some foreign countries [2]. - Trump will send general tariff rate notices to more than 150 small countries and may impose a 10% or 15% tariff on smaller countries [2].

Group 1: Price Performance - London Gold latest price is 3323.80, down 21.30 [1] - London Silver latest price is 37.88, down 0.38 [1] - London Platinum latest price is 1389.00, up 8.00 [1] - London Palladium latest price is 1219.00, up 30.00 [1] - WTI Crude latest price is 66.38, down 0.14 [1] - LME Copper latest price is 9640.50, down 4.00 [1] Group 2: Trading Data - COMEX Silver inventory data not provided [2] - SHFE Silver latest inventory is 1212.79, down 10.17 [2] - Gold ETF latest holding is 950.79, up 3.15 [2] - Silver ETF latest holding is 14819.29, down 36.73 [2] - SGE Silver latest inventory is 1319.90, unchanged [2] - SGE Gold deferred fee payment direction change is -1.00 [2] - SGE Silver deferred fee payment direction change is 1.00 [2] Group 3: Other Data - US Dollar Index latest is 98.29, down 0.34 [8] - Euro to US Dollar latest is 1.16, unchanged [8] - British Pound to US Dollar latest is 1.34, unchanged [8] - US Dollar to Japanese Yen latest is 147.88, down 0.97 [8] - US 10 - year TIPS data not provided [8]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3345.10, 38.26, 1381.00, 1189.00, 66.52, and 9644.50 respectively, with changes of -6.05, -0.74, 12.00, 13.00, -0.46, and -31.00 [3] Group 2: Trading Data - The latest data for COMEX Silver (inventory), SHFE Silver (inventory), Gold ETF holdings, Silver ETF holdings, SGE Silver (inventory), SGE Gold (deferred fee payment direction), and SGE Silver (deferred fee payment direction) are - , 1222.96, 947.64, 14856.02, 1319.90, 2, and 1 respectively, with changes of - , -1.02, 0.00, -110.22, 0.00, 1.00, and -1.00 [4]