国际金价近期屡创新高。 Wind数据显示，10月7日，COMEX黄金期货突破4000美元/盎司，截至10月9日上午发稿，国际金价仍保持在4000美元/盎司以上。 | < w | 伦敦金现 | | | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | 4027.270 | 昨结 开盘 | 404 | | -13.150 -0.33% | 总量(kg) 现手 | | | 最高价 4046.400 | 持 仓 O 外 营 | | | 最低价 4001.025 | 曾 仓 o | R | | 分时 五日 日Ｋ 月Ｋ | | 申笑 | | 叠加 | | | | 4079.815 | | 0.98% 卖1 4027. | | | | 买1 4027 | | | | 09:26 4027 | | 4040.420 | | 09:26 4027 0.00% 09:26 4027 | | | | 09:26 4027 | | 9 | | 09:26 4027 | | | | 09:26 4027 | | | | 09:26 4027 | | 4001.025 | -0.98% 09:26 4 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002266 | 浙富控股 | 数 | 10.12 | 233亿 | 45.27 | | 603588 | 高能环境 | | 10.06 | 120亿 | 52.26 | | 000878 | 云南铜业 | 家 | 10.01 | 385 C | 61.00 | | 600362 | 江西师业 | 1 | 10.00 | 1352亿 | 94.73 | | 601212 | 日银有色 | 1 | 10.00 | 342亿 | 66.19 | | 600089 | 特变电工 | 1 | 10.00 | 989亿 | 56.84 | | 001337 | 四川黄金 | 1 | 10.00 | 128亿 | 47.46 | | 600547 | 山东黄金 | 1 | 9.99 | 1994 Z | 92.07 | | 000630 | 铜陵有色 | 1 | 9.51 | 787亿 | 87.50 | | 600489 | 中金黄金 | 1 | 8.71 | 1 ...

Core Viewpoint - The Federal Reserve's recent decision to cut interest rates by 25 basis points has ignited enthusiasm in the gold market, with expectations of continued growth in October due to escalating geopolitical risks [1] Group 1: Gold Market Dynamics - The gold market is experiencing unprecedented demand growth, with India's gold premium reaching a 10-month high in September, indicating strong investor interest despite record-high gold prices [4] - Central banks worldwide are accelerating their diversification strategies by significantly increasing gold purchases to achieve de-dollarization, leading to a 43% surge in gold ETF holdings, reaching a historic value [6] Group 2: Investment Opportunities - The lowered deposit thresholds for promotional activities by Huangyu Precious Metals allow investors to benefit from higher rebates, with a minimum deposit of $3,000 yielding a rebate of $26 per lot traded [3][4] - The commencement of the Federal Reserve's rate-cutting cycle provides a solid policy foundation for rising gold prices, supported by ongoing central bank purchases, creating a compelling investment opportunity in the gold market [7]

Group 1 - The core viewpoint is that Noan Fund remains optimistic about the long-term upward trend of gold prices, especially after the London spot gold price surpassed $4000, marking a year-to-date increase of over 50% [1] - The increase in gold prices is attributed to central banks in some Asian and Middle Eastern countries continuously increasing their gold reserves [1] - The recent rise in the U.S. 10-year Treasury yield and the U.S. dollar index, along with a decrease in the VIX index, indicates market volatility, while global gold ETF holdings have accelerated [1] Group 2 - As of now, there are over 142,000 gold-related enterprises in China, with Guangdong, Jiangsu, and Hunan provinces having the highest number of such enterprises [2] - Nearly 30% of these enterprises were established within the last five years, and 6.77% were founded within the last year [2]

多只黄金ETF年内规模已实现飞跃式增长。国内规模最大的黄金ETF——华安黄金易ETF规模已经达到 682.63亿元，永赢中证沪深港黄金产业股票ETF近期规模突破了百亿元。 ◎记者 朱妍 国际金价正在持续攀升。10月8日，COMEX黄金的价格盘中一度突破4060美元/盎司，多只港股黄金股 在长假期间也表现出彩。业内人士认为，美联储10月降息25个基点的概率较高，降息大周期利好黄金及 黄金资产价格的进一步走高。 Choice数据显示，长假期间，COMEX黄金的价格不断创出新高。10月8日，COMEX黄金的价格在盘中 一度突破4063.4美元/盎司。 从资金流向看，长假前已有大量资金流入黄金ETF，9月合计净申购份额达到40亿份。拉长时间周期来 看，今年前9个月，黄金ETF净申购份额高达135亿份。其中，永赢中证沪深港黄金产业股票ETF净申购 份额为43亿份，华安黄金易ETF为33亿份。另外，国泰黄金ETF、博时黄金ETF净申购份额均超过10亿 份。 除黄金ETF外，港股黄金股也在长假期间表现出彩。截至10月8日，赤峰黄金、紫金黄金国际10月以来 累计涨幅超过20%，山东黄金涨逾15%。 多家券商研报看好后续黄金表 ...

Core Insights - The recent increase in gold prices has sparked discussions about the best time to buy and the implications of these price changes [1][4][9] Price Comparison - The current base gold price from China Gold is 896 yuan per gram, while investment gold bars and value-stored gold bars are priced at 912 yuan per gram. In contrast, Lao Feng Xiang's gold and pure gold prices are higher at 1138 yuan per gram and 1088 yuan per gram for investment gold bars [1][7] - There is a significant price difference between various brands and products, with investment gold bars and value-stored gold bars being more focused on value retention, while jewelry and branded gold are more expensive but suitable for collection and gifting [1][6] Jewelry Price Tiers - Gold jewelry is categorized into three tiers: high-end, mid-range, and low-end. High-end jewelry is made from K platinum, high K gold, or pure gold, offering both aesthetic appeal and strong value retention. Mid-range and low-end jewelry prioritize cost-effectiveness with simpler designs [3][9] Price Fluctuations - Lao Feng Xiang's pure gold price has shown notable fluctuations, increasing from 1125 yuan per gram on October 2 and 3 to 1138 yuan per gram today, indicating the volatility of gold prices [4][9] Investment and Exchange Options - Lao Feng Xiang's investment gold bars are priced at 1088 yuan per gram, which is cheaper than gold jewelry, and they are convenient for resale. The exchange price for gold is also 1138 yuan per gram, allowing customers to trade in old gold jewelry for cash [6][9] Buying Considerations - When purchasing gold, several factors should be considered: purity (999 pure gold vs. pure gold), craftsmanship (higher costs for complex designs), and market trends to avoid impulsive buying [7][9] - It is essential to clarify the purpose of the purchase; for investment and value retention, gold bars are the most reliable, while for collection or gifting, high-end jewelry is preferable [9]

Group 1 - The People's Bank of China reported that as of the end of September, the country's gold reserves reached 74.06 million ounces, marking the 11th consecutive month of increases, with a month-on-month increase of 40,000 ounces [1] - Spot gold prices have surpassed the $4,000 per ounce milestone, driven by concerns over the U.S. economy and government shutdown risks, with gold prices rising over 50% this year [2] - The People's Bank of China will conduct a 1.1 trillion yuan reverse repurchase operation on October 9 to maintain ample liquidity in the banking system [3] Group 2 - During the National Day holiday, over 2.4 billion people traveled across regions, setting a historical record, with box office revenue exceeding 1.8 billion yuan [4] - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year" capital market planning, focusing on deepening reforms in issuance, refinancing, and mergers and acquisitions [5] - The National Development and Reform Commission has allocated 69 billion yuan in special bonds to support the consumption upgrade policy [6] Group 3 - Cambrian Technology announced a private placement to raise 3.985 billion yuan, with funds allocated for AI chip and software platform projects [6] - Chipone Technology expects to sign new orders worth 1.593 billion yuan in Q3, a year-on-year increase of 145.8%, with AI-related orders accounting for about 65% [6][14] - Zhangjiang Hi-Tech's controlling shareholder plans to reduce its stake by up to 1% [7] - Shenyang Chemical is facing penalties for alleged false disclosures in annual reports from 2018 to 2021, resulting in a fine of 7 million yuan [8] - Hainan Huatie's subsidiary terminated a 3.69 billion yuan computing power service agreement due to market changes [9] - Wintime Technology announced a temporary suspension of trading due to undisclosed important information [10] - Seres reported a 19.44% year-on-year increase in September sales of new energy vehicles [11] - Hainan Huatie's major shareholder plans to increase its stake by 30 to 50 million yuan [12] - Yonghe Holdings expects a significant increase in net profit for Q3, projecting a year-on-year growth of 448% to 507% [12] - Sichuan Gold acquired exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating favorable geological conditions [13]

Core Viewpoint - The gold ETF fund is experiencing a significant upward trend, driven by expectations of interest rate cuts by the Federal Reserve and ongoing geopolitical uncertainties, which are likely to enhance the appeal of gold as a safe-haven asset [3][4]. Group 1: Gold ETF Fund Performance - As of October 9, 2025, the gold ETF fund (159937) has risen by 4.66%, marking three consecutive days of gains, with the latest price at 8.74 yuan [3]. - Over the past two weeks, the gold ETF fund has accumulated a rise of 2.17% [3]. - The fund's liquidity is notable, with an intraday turnover of 0.69% and a transaction volume of 226 million yuan [3]. - The average daily transaction volume over the past month is 982 million yuan, ranking it among the top two comparable funds [3]. Group 2: Market Conditions and Influences - International gold prices are on the rise, with COMEX gold prices surpassing 4060 USD per ounce on October 8 [3]. - The ongoing U.S. government shutdown has entered its second week, contributing to market uncertainty and reinforcing expectations for a 25 basis point rate cut by the Federal Reserve [3]. - The combination of government shutdown and weak employment data is expected to lead to a prolonged bullish trend for gold and silver [3]. Group 3: Fund Inflows and Market Sentiment - The gold ETF fund has reached a new high of 3.685 billion shares, indicating strong investor interest [4]. - In the last three days, the fund has seen continuous net inflows, with a peak single-day net inflow of 618 million yuan, totaling 665 million yuan over the period [4]. - The average daily net inflow stands at 222 million yuan, reflecting robust demand for gold assets [4].

alexandra.paulus@gs.com Goldman Sachs & Co. LLC 1 October 2025 | 7:09PM EDT Commodities Research Precious Comment: Gold: Still Our Favorite Long Commodity 1 We estimate contributions to the 14% rally since August 26 from rising Western ETF holdings of 3pp, and from rising speculative positioning of 1pp. While our nowcast for September central bank buying is not available yet, we suspect that a pick-up in central bank buying reflects a large share of the 10pp remainder of the price rally based on seasonality ...

Group 1: AI Video Development - The development of AI video is accelerating, leading to diverse innovations in PGC (Professionally Generated Content) and UGC (User Generated Content) applications [2] - In PGC, Sora2 enhances character control and explores revenue-sharing models, providing new opportunities for IP holders and creators, and promoting the upgrade of short dramas and interactive dramas [2] - In the UGC sector, AI video is being applied across various scenarios including entertainment, social media, e-commerce marketing, and education [2] Group 2: AI Industry Trends - The AI industry is witnessing clear trends, with significant advancements in the AI supply chain, including the release of Sora2 and partnerships between AMD and OpenAI [3] - There is a notable explosion in demand for AI infrastructure, particularly in IaaS (Infrastructure as a Service) providers, both domestically and internationally [3] - The demand for databases and data governance in the inference stage is increasing, highlighting key participating firms [3] Group 3: Content and Platform Opportunities - Technological breakthroughs represented by models like Sora2 are expected to drive new enthusiasm for AI applications, creating new opportunities in the content sector [4] - The valuation increase of leading companies like OpenAI benefits their ecosystem partners indirectly, while AI technology is reshaping content production paradigms [4] - Key areas of focus include micro-short dramas, films, animations, and the digital marketing sector, particularly mainstream community platforms like Douyin and Xiaohongshu [4] Group 4: Manufacturing Sector Recovery - The global manufacturing cycle is on the rise, which is expected to be a key variable influencing major asset trends [5] - Factors driving this recovery include a dual easing of fiscal and monetary policies globally, along with accelerated capital expenditures related to AI [5] - Investment recommendations include high-probability assets such as large-cap tech stocks, precious metals, and non-ferrous metals [5] Group 5: Gold Market Insights - The long-term support for gold remains solid due to factors like the restructuring of the global monetary credit system and ongoing central bank purchases [6] - Short-term dynamics indicate that while upward momentum may have been absorbed, continued investment demand and geopolitical risks will support gold prices [6] - The current expansion of dollar credit cracks is seen as a long-term driving force for gold prices, suggesting that gold is entering a new phase of long-term upward movement [7]