Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the **robotics industry**, particularly focusing on humanoid robots and their market dynamics. Additionally, there are mentions of **financial markets** and **various sectors** such as **materials**, **banking**, **public utilities**, and **precious metals**. Core Points and Arguments 1. **Market Dynamics**: The current market shows a slight bias towards bullish trends, with notable strength in cyclical sectors like materials and construction machinery, while sectors like media, fintech, and real estate are experiencing declines [1][2][3]. 2. **Market Participation**: The trading volume remains stagnant at around 1.4 to 1.5 trillion, indicating a slow recovery in market sentiment. The number of stocks hitting the daily limit up has increased slightly but remains below 100, suggesting limited market enthusiasm [2][3]. 3. **Earnings Season Caution**: As earnings reports approach, there is a heightened caution regarding companies that may report weaker performance. High dividend or high-growth stocks could attract attention during this period [3][4]. 4. **Dividend Index Performance**: The dividend index has shown a 4% increase since late June, indicating a shift in market focus towards dividend-paying stocks [4][5]. 5. **Robotics Material Advancements**: The emergence of new materials for humanoid robots, particularly following advancements in Tesla's Optimus robot, is driving interest in the sector. These materials are crucial for enhancing robot performance while reducing weight [6][7]. 6. **Market Potential for Humanoid Robots**: The humanoid robot sector is poised for growth, especially with significant orders from major companies like China Mobile, indicating a potential shift towards mass production [9][11]. 7. **Gold and Precious Metals**: The precious metals sector is influenced by external factors, particularly the performance of the US dollar. Recent trends show a recovery in gold prices, which could be impacted by fluctuations in the dollar index [12][14]. 8. **Sector Rotation**: There is a noted rotation in asset performance, with cyclical sectors like steel and precious metals becoming more prominent in July, suggesting a potential shift in market leadership [15][16]. 9. **Brokerage Performance**: Several brokerages have released optimistic earnings forecasts for the first half of 2025, with some companies projecting growth rates of up to 45% [17][18]. 10. **IPO Activity**: The market is observing a significant number of IPOs, particularly from the Beijing Stock Exchange, which could impact the investment banking sector and overall market liquidity [21][22]. Other Important but Possibly Overlooked Content 1. **Technological Developments**: The advancements in humanoid robot technology and materials are critical for the industry's future, with companies like Zhiyuan and Yushu leading in production capabilities [32][33]. 2. **Market Sentiment and Technical Analysis**: The market is currently in a phase of technical analysis, with key levels being monitored for potential breakout or breakdown scenarios [27][29]. 3. **Investment Strategy**: Investors are advised to focus on sector-level analysis and the performance of leading companies within those sectors to identify potential investment opportunities [22][24]. 4. **Caution in High Valuation Sectors**: There is a warning against chasing high-performing sectors without considering the associated risks, particularly in the context of recent price increases [30][31]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current market landscape and future outlooks in the robotics and financial sectors.

Group 1: Humanoid Robot Industry - The humanoid robot industry is experiencing rapid growth, driven by significant orders and technological advancements [6] - Major contracts have been awarded, such as a 124 million yuan procurement order from China Mobile to Zhiyuan Robotics and Yushu Technology [6] - Key areas of focus include sensors, dexterous hands, and exoskeleton robots, with recommendations from CITIC Securities [6] Group 2: AI and Computing Infrastructure - Meta has announced a multi-billion dollar investment in AI data center clusters, including the "Prometheus" project [2] - Amazon has launched the AI programming agent Kiro to optimize development processes [3] - The demand for AI data centers is boosting nuclear power stocks, with NuScale Power seeing a 12.38% increase in a single day [3] Group 3: Precious Metals - Silver prices have surged, with spot silver exceeding $39 per ounce, marking a 35% increase year-to-date, outperforming gold [7] - The expectation of interest rate cuts by the Federal Reserve and improved monetary policy cycles between China and the U.S. are driving demand for precious metals [7] - Chinese silver stocks, such as China Silver Group, have seen significant gains, with a 14.29% increase [8] Group 4: Innovative Pharmaceuticals and Biotechnology - The National Medical Insurance Administration in China is adjusting the innovative drug catalog, supporting the entire development chain [8] - Hong Kong's innovative drug stocks have surged, with companies like Boan Biotechnology rising by 22.31% [13] - A-share companies in the pharmaceutical sector, such as Lianhuan Pharmaceutical and Laimei Pharmaceutical, are also experiencing upward momentum [13] Group 5: Stablecoins and Cryptocurrencies - The Hong Kong Stablecoin Regulation took effect on August 1, with discussions on cryptocurrency trends by the Shanghai State-owned Assets Supervision and Administration Commission [13] - The U.S. Congress is advancing stablecoin legislation, contributing to Bitcoin reaching a historical high [13] - Stocks related to oil and gas equipment are supported by geopolitical factors and summer oil demand, with Baijin Oil Services rising by 18.75% [13] Group 6: Energy and Power Transition - Extreme weather conditions are increasing demand for air conditioning, leading to a surge in the power sector, with companies like Jiantou Energy and Yunnan Energy hitting their daily limits [9] - The cement industry is undergoing transformation with production control and efficiency improvements, as seen in companies like Ta Pai Group and Ningxia Building Materials [10] Group 7: Consumer Electronics and Globalization - Companies like Lens Technology and Luxshare Precision are listing in Hong Kong to enhance overseas capacity and local service [11] - The current market environment suggests prioritizing investments in the commercialization of robots, AI infrastructure, precious metals, and the realization of innovative drug policies [12]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3300.15, 36.59, 1373.00, 1115.00, 68.38, and 9660.50 respectively [1] Group 2: Trading Data - The latest inventory of COMEX Silver is not available, the latest inventory of SHFE Silver is 1320.91, the latest Gold ETF holdings are 947.37, the latest Silver ETF holdings are 14966.24, the latest inventory of SGE Silver is 1323.23, the latest SGE Gold deferred fee payment direction is 1, and the latest SGE Silver deferred fee payment direction is 2 [2] - The changes in COMEX Silver inventory are not available, SHFE Silver inventory decreased by 13.82, Gold ETF holdings increased by 0.86, Silver ETF holdings increased by 31.09, SGE Silver inventory had no change, SGE Gold deferred fee payment direction had no change, and SGE Silver deferred fee payment direction increased by 1.00 [2] Group 3: Other Price Changes - 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, 1.36, 146.31, and not available respectively [10] - The changes in the US Dollar Index are 0.00, Euro to US Dollar is - 0.00, British Pound to US Dollar is - 0.00, US Dollar to Japanese Yen decreased by 0.26, and US 10 - year TIPS has no change data [10]

Group 1: Price Performance - London Gold latest price is 3315.35 with a change of 0.00 [3] - London Silver latest price is 36.25 with a change of 0.00 [3] - London Platinum latest price is 1384.00 with a change of 0.00 [3] - London Palladium latest price is 1103.00 with a change of -27.00 [3] - WTI Crude latest price is 67.93 with a change of 0.00 [3] - LME Copper latest price is 9852.00 with a change of 54.00 [3] - US Dollar Index latest is 97.55 with a change of 0.00 [3] - Euro to US Dollar latest is 1.17 with a change of 0.00 [3] - British Pound to US Dollar latest is 1.36 with a change of 0.00 [3] - US Dollar to Japanese Yen latest is 146.07 with a change of 0.00 [3] - US 10 - year TIPS latest is 2.05 with a change of 0.00 [3] Group 2: Trading Data - COMEX Silver inventory latest is 15499.06 with a change of 0.00 [4] - SHFE Silver inventory latest is 1334.73 with a change of 4.03 [4] - Gold ETF持仓 latest is 946.51 with a change of -1.15 [4] - Silver ETF持仓 latest is 14935.15 with a change of 66.41 [4] - SGE Silver inventory latest is 1323.23 with a change of 0.00 [4] - SGE Gold deferred fee payment direction latest is 1 with a change of 0.00 [4] - SGE Silver deferred fee payment direction latest is 1 with a change of -1.00 [4]

Group 1 - The Shanghai Composite Index rose 0.08% at the beginning of the trading session, surpassing 3500 points, marking an 8-month high [1] - Sectors such as childcare services, PCB, humanoid robots, Kirin batteries, and non-ferrous metals showed significant gains [1] - Conversely, sectors like precious metals, insurance, rare earth permanent magnets, and storage chips performed poorly [1]

贵金属早报 研究中心宏观团队 2025/07/08 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 3315.35 36.25 1384.00 1130.00 67.93 9798.00 变化 -16.55 -0.64 6.00 8.00 - -73.50 | 交 易 数 据 | | --- | | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | 15499.06 | 1330.70 | 947.66 | 14868.74 | 1323.23 | 1 | 2 | | 变化 | - | -9.05 | - | - | -34.62 | 0.00 | 0.00 | 贵 金 属 比 价 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯， ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The precious metals market is expected to be volatile in the short - term. After the release of the strong US June non - farm payrolls report last Thursday, gold futures prices dropped and then rebounded, while the US dollar index jumped and then fell. Silver and gold oscillated on Friday. The outcome of tariff negotiations between the US, the EU, and other countries will impact the global economy and financial markets, and the implementation of global trade negotiations needs further observation. Investors are advised to remain on the sidelines [1]. 3. Summary by Relevant Content Market Quotes - COMEX gold futures rose 0.11% to $3346.5 per ounce, and COMEX silver futures rose 0.14% to $37.14 per ounce. During the night session, the main contract of Shanghai gold rose 0.19% to 777.00 yuan per gram, and the main contract of Shanghai silver rose 0.16% to 8931 yuan per kilogram [1]. Important Information - As of 8:32 on the 5th, the holdings of the world's largest gold ETF, SPDR Gold Trust, remained unchanged at 947.66 tons compared to the previous trading day [1]. - The US President stated that he had signed 12 trade letters and planned to send them on Monday. Bessent said that trade consultations with the EU were in progress, and major news might be announced in the next two days [1]. - The Tariff Commission of the State Council decided to impose anti - dumping duties on imported relevant brandy from the EU starting from July 5, 2025 [1]. Market Logic - The stronger - than - expected US June non - farm payrolls report on Thursday night led traders to withdraw their bets on a Fed rate cut this month, causing a plunge in gold futures prices followed by a rebound, while the US dollar index jumped and then fell. Silver and gold oscillated on Friday. The expiration of the grace period for reciprocal tariffs set by the US on July 9 and the final negotiation results of tariffs between the US, the EU, and other countries will affect the global economy and financial markets [1]. Trading Strategy - Precious metal prices are expected to continue to oscillate, and investors are advised to stay on the sidelines. COMEX gold is expected to trade between $3250 - $3480 per ounce, COMEX silver between $35.0 - $37.4 per ounce, the main contract of Shanghai gold between 750 - 800 yuan per gram, and the main contract of Shanghai silver between 8450 - 9075 yuan per kilogram [1].

升 贴 水 、 库 存 、 E T F 持 仓 变 化 以上图表数据来源：彭博、永安源点资讯、万得 贵金属早报 研究中心宏观团队 2025/07/04 价 格 表 现 | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | --- | --- | --- | --- | --- | --- | --- | | 最新 | 3332.15 | 36.88 | 1383.00 | 1127.00 | 67.00 | 9981.50 | | 变化 | -3.55 | 0.57 | 24.00 | 2.00 | -0.45 | 27.00 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | - | - | - | - | - | | | 变化 | - | - | - | - | - | | 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | -- ...

隔夜美元刷新近三年新低,贵金属延续反弹,不过在美国公布经济数据后有所回落。ISM制造业PM149、职位 空缺上升至去年11月以来最高水平均超预期，体现经济韧性。鲍威尔讲话重申在经济依然稳健的情况下美联 储选择保持耐心，无法断言7月降息是否为时过早，下一步行动将完全取决于数据表现。特朗普称不考虑延 长贸易谈判最后期限，随着即将到来的明确政策落地市场风险情绪面临波动,贵金属保持观望。 ★美国总统特朗普周二表示,他不考虑延长各国与美国谈判贸易协议的最后期限 -- 7月9日,并对能否与日 本达成协议表示怀疑。特朗普称："我们已经和日本打过交道了。我不确定我们能不能运成协议。我对比表 示怀疑。"特朗普表示，他可能会对从日本进口的商品征收"30%、35%或任何我们决定的数字"的关税，这 远高于他在4月2日宣布的24%的税率。 ★美国财政部长贝森特周二表示,他认为美联储会在秋季之前降息,最迟在9月份肯定会降息。 ★当地时间7月1日，美国国会参议院通过全面减税和支出法案，并提交众议院。美国众议院将于2日就法案 进行辩论和投票。由于参议院对该法案有较大修改,这项被特朗普称为"大而美"法案的修订法案现在将返 回众议院,需要得到众 ...

Group 1 - Hilltop Metal Mining (SVM.US) saw a 6.40% increase in stock price, reaching $4.49, with a year-to-date gain of 50% [1] - Gold prices rose for the second consecutive trading day, increasing by 1.7%, recovering losses from the past two weeks [1] - International copper prices surged, with a peak of $9,984 per ton, and COMEX copper rising nearly 2% [1] Group 2 - Goldman Sachs raised its 2025 LME copper price forecast from $9,140 per ton to $9,890 per ton, expecting a peak of $10,050 per ton in August [1] - Hilltop focuses on the acquisition, exploration, development, and production of non-ferrous and precious metal mines, including silver, gold, lead, and zinc [1] - The EL Domo copper-gold project has completed a feasibility study, with a resource estimate of 10.1 million tons containing 22.9 tons of gold, 438.2 tons of silver, 20.8 million tons of copper, 25.5 million tons of zinc, and 2.3 million tons of lead [1] Group 3 - The optimism surrounding the U.S. "Build Back Better" legislation is believed to be a key driver for the rise in copper prices [2] - The U.S. dollar index fell below 97, with a decline of over 10% in the first half of the year, marking the worst performance since 1973 [2] - Goldman Sachs now anticipates the Federal Reserve will implement three rate cuts of 25 basis points starting September 2025, compared to a previous forecast of only one cut in December [2]