Report Industry Investment Rating No relevant content provided. Core Views of the Report - The continuous push of safe - haven demand, central bank gold - buying trends, and monetary policy easing expectations have strengthened the medium - to - long - term upward logic of precious metals prices [3]. - The copper price is caught between the strong expectation of supply shortage and the weak expectation of tariff policy, leading to short - term high - level fluctuations in futures prices [16]. - Macroeconomic policies are the core factors affecting the price of Shanghai Aluminum. The price has been affected by factors such as employment data, tariff announcements, and supply disruptions. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [35]. - The fundamentals of zinc have not improved. Although the zinc price has risen, the domestic supply - strong and demand - weak pattern is obvious [56]. - The nickel price is mainly influenced by the situation of the Indonesian nickel ore market. The downstream of the new energy sector has a good demand, and the stainless steel market has some positive factors, but is also affected by tariff uncertainties [69]. - Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. Summaries Based on Relevant Catalogs Precious Metals - **Price Influencing Factors**: Fed rate - cut expectations, global economic uncertainty, geopolitical risks, and central bank gold - buying trends are driving up precious metals prices. The gold ETF holdings have rebounded [3]. - **Price Charts**: Various price charts, including SHFE gold and silver futures prices, COMEX gold prices, and gold - related spreads, are provided [4][10][12] Copper - **Price Outlook**: The copper price is in a high - level fluctuation due to the tug - of - war between supply and policy expectations. Further upward breakthrough may require the support of rate - cut expectations and domestic policies [16]. - **Price and Inventory Data**: Current copper futures and spot prices, import and export profits, and inventory data are presented [17][22][33] Aluminum - **Price Influencing Factors**: Macroeconomic policies, employment data, tariff announcements, and supply disruptions are affecting the aluminum price. Alumina is in an oversupply situation [35]. - **Price and Inventory Data**: Current aluminum and alumina futures and spot prices, spreads, and inventory data are provided [36][44][50] Zinc - **Price Outlook**: The zinc price has risen, but the domestic supply - strong and demand - weak pattern persists. The import - export situation is also a factor [56]. - **Price and Inventory Data**: Current zinc futures and spot prices, spreads, and inventory data are presented [57][63][66] Nickel - **Price Influencing Factors**: The Indonesian nickel ore market, new energy demand, and stainless steel market trends are influencing the nickel price. Tariff uncertainties also have an impact [69]. - **Price and Inventory Data**: Current nickel and stainless steel futures prices, inventory data, and downstream profit data are provided [70][76][80] Tin - **Price Outlook**: Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - **Price and Inventory Data**: Current tin futures and spot prices, spreads, and inventory data are presented [85][88][93] Lithium Carbonate - **Price Outlook**: Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - **Price and Inventory Data**: Current lithium carbonate futures and spot prices, raw material prices, and inventory data are provided [99][103][107] Silicon - **Price Outlook**: The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. - **Price and Inventory Data**: Current industrial silicon and polysilicon spot prices, production data, and inventory data are presented [110][116][123]

Core Viewpoint - Gold prices continue to reach new highs, supported by expectations of interest rate cuts by the Federal Reserve and global economic uncertainties [1][2] Group 1: Gold Price Movement - As of October 13, 2023, domestic spot gold (Au9999) rose by 2.98% to 924.4 CNY per gram, while international spot gold in London increased by 1.4% to 4075.47 USD per ounce [1] - The expectation of continued interest rate cuts by the Federal Reserve is a significant factor supporting gold prices in the short term [1] Group 2: Federal Reserve's Interest Rate Outlook - The likelihood of a rate cut in October is high, with Federal Reserve officials indicating a potential reduction of 25 basis points due to signs of a weakening labor market and slowing inflation [1][2] - The strong expectation of rate cuts is seen as bullish for gold [1] Group 3: Global Economic Factors - Ongoing geopolitical conflicts contribute to increased demand for gold as a safe-haven asset [2] - The IMF president has warned that current global asset valuations are nearing levels seen during the internet bubble 25 years ago, suggesting that a significant market correction could enhance gold's appeal as a hedge [2] Group 4: Investment Opportunities - Investors interested in gold can consider related investment products such as Tianhong Shanghai Gold ETF Connect C (Class C: 014662) and Tianhong Shanghai Gold ETF Connect A (Class A: 014661) [2]

Core Insights - International gold prices have surged over 51% this year, marking 2025 as potentially the year with the highest price increase since 1979 [1][2] - Domestic gold prices have also risen, with brands like Chow Tai Fook reporting prices around 1168 RMB per gram, an increase of 45 RMB since the end of September [1] Price Trends - After an 8-day market closure, gold trading resumed on October 9, with prices on the Shanghai Gold Exchange reaching 911.5 RMB per gram, up over 4.5% from September 30 [1] - The international gold price has increased from approximately 3300 USD per ounce to 4000 USD, a rise of over 20% since late August [1] Contributing Factors - Multiple factors are driving the rise in gold prices, including geopolitical changes, global economic uncertainty, Federal Reserve interest rate cuts, and increased gold purchases by central banks [3] - The recent U.S. government shutdown has heightened concerns over dollar credibility and U.S. sovereign debt, further pushing up gold prices [3] Investment Behavior - There is a noticeable shift in consumer behavior, with physical gold sales showing weakness while investment in gold bars is strong, indicating a market driven by investment rather than consumption [5] - During the recent holiday period, the market saw a higher proportion of out-of-town customers, primarily seeking to allocate assets [6] Future Outlook - Experts suggest that while there is medium to long-term support for gold prices, the rapid short-term increases may exceed expectations, leading to potential volatility [7] - Gold is viewed as a long-term asset allocation tool rather than a short-term speculative investment, emphasizing the need for investors to understand the risks associated with different gold-related products [7]

Core Viewpoint - International gold prices have surged significantly in 2023, with an increase of over 51%, marking it as potentially the largest annual gain since 1979 [1][5][6]. Price Movement - After an 8-day market closure for the National Day and Mid-Autumn Festival, gold prices in Shanghai rose sharply, with AU99.99 closing at 911.5 yuan per gram, up more than 4.5% from September 30 [1][5]. - Domestic gold prices have also increased, with brands like Chow Tai Fook reporting prices around 1168 yuan per gram, a rise of 45 yuan since the end of September [1][5]. Factors Driving Gold Prices - Multiple factors are contributing to the rise in gold prices, including geopolitical changes, global economic uncertainty, Federal Reserve interest rate cuts, and increased gold purchases by central banks [6][7]. - The recent U.S. government shutdown has heightened concerns over the dollar's credibility and U.S. sovereign debt, further pushing up gold prices [7]. Market Dynamics - There is a noticeable shift in consumer behavior, with a decline in gold jewelry sales but a surge in investment in gold bars, indicating a market driven by investment rather than consumption [8][9]. - The gold buyback business has been sluggish during the holiday period, attributed to the lack of signs of price stabilization or a peak [10]. Future Outlook - Experts suggest that while there is medium to long-term support for gold prices, the rapid short-term increases may exceed expectations, indicating potential volatility [15]. - Gold is viewed as a long-term asset allocation tool rather than a short-term speculative investment, emphasizing the need for investors to understand the risks associated with different gold investment products [15].

今日周四(10月9日)欧盘时段，白银期货目前交投于11115一线上方，今日开盘于11200元/千克，截至发稿，白银期货暂 报11169元/千克，上涨2.22%，最高触及11309元/千克，最低下探11082元/千克，目前来看，白银期货盘内短线偏向震荡 走势。 同时据英国金融时报报道，几位知情人士透露，美国财政部长贝森特已于周二结束了对11位美联储主席人选的长名单面 试。特朗普正寻求接替现任主席鲍威尔。 据称，候选人在长达两个小时的面试中被贝森特、财政部官员Hunter McMaster和顾问Francis Browne亲自"拷问"。一些 接受面试的人表示，贝森特询问了他们对他最近在一篇文章中提出的观点的看法。该文章呼吁对美联储进行全面改革， 并批评其量化宽松计划是"功能获得性货币政策实验"。 据一位知情人士透露，贝莱德全球固定收益首席投资官Rick Rieder表现"非常好"。贝森特对整个过程一直守口如瓶，他 在最近接受福克斯商业频道采访时表示，他希望找到一位"思想开放"且"向前看"的人。 【最新白银期货行情解析】 沪银长期看多，仍具备持续震荡拉升态势，节后波动可能较大，建议控制仓位，持多为主，区间关注111 ...

近年来，黄金作为一种传统的避险资产，吸引了越来越多投资者的关注。尤其在经济波动较大的时期，很多人开始思考：是否应该将投资从风险较大的股票 和基金转向看似稳健的黄金？黄金被认为能够保值，但它是否能够有效应对长期的通胀压力呢？ 此外，政治动荡也加剧了这种局势。尽管三年的疫情已过，但世界经济的疲态依然明显。在这样的环境下，黄金作为避险资产，其价格走高就变得不那么令 人意外了。 如果你手头有闲钱，是否也在考虑将一部分资金投入黄金？它能否为普通投资者带来稳定的回报？黄金投资的风险与回报又该如何权衡呢？ 黄金的崛起 2024年9月11日，本是一个普通的日子，却因为国际金价的飙升引起了广泛关注。金价猛涨至每克745元，涨幅高达9.08%。这一变化引起了珠宝品牌如周生 生等的金条价格大幅上涨，让市场上的投资者一时惊愕不已。 那么，是什么因素推动了金价的快速上升呢？这个问题的答案，可能与全球经济形势的复杂性有关，也可能是人们对安全感的渴望在起作用。 不少人开始感叹，曾经觉得金镯子老气的自己，是否太过浅薄。黄金，曾经被视为保守和传统的象征，如今却在这个变化莫测的时代重新焕发了夺目的光 彩。 金价背后的经济博弈 金价的飞涨反映出的 ...

Core Viewpoint - Booking Holdings experienced a significant stock decline of 3.28%, reaching its lowest point since May 2025, raising investor concerns about its financial performance and market strategy [1]. Financial Performance - In the first half of 2025, Booking Holdings reported total revenue of $11.56 billion, a year-on-year increase of 12.52%, but net profit plummeted by 46.54% to $1.23 billion [1]. - The decline in profit is closely linked to the company's strategy of expanding market share and increasing business investments, particularly high spending on advertising and marketing, which, while boosting revenue, has compressed profit margins [1]. Market Strategy and Analyst Ratings - Wells Fargo maintained a "hold" rating on Booking Holdings with a target price of $5,443, reflecting cautious sentiment among analysts regarding the company's performance in the global travel market and its expansion strategy in emerging markets [1]. - Despite the company's expansion plans, uncertainties in the global economy, intensified competition in emerging markets, and foreign exchange fluctuations have led to a cautious outlook on future profit growth [1]. Industry Trends - The online travel industry is facing increasing competition due to changing consumer preferences and travel patterns, necessitating continuous investment in technology to maintain competitiveness, which further raises operational costs [2]. - Booking Holdings operates in a challenging environment within the global travel market, where its current financial performance indicates robust revenue growth but pressured profits, highlighting the need for effective cost control and market expansion strategies in the short term [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 （於開曼群島註冊成立之有限公司） （股份代號：444） 復牌情況的季度更新 及 繼續暫停買賣 本公告乃由Sincere Watch (Hong Kong) Limited（「本公司」，連 同 其 附 屬 公 司，統 稱 「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」） 第13.09條及第13.24A條以及香港法例第571章證券及期貨條例第XIVA部項下內 幕 消 息 條 文 而 刊 發。 茲提述(1)本公司日期為2022年12月7日、2023年1月20日、2023年3月7日、2025年8 月7日 及2025年8月29日 的 公 告，內 容 有 關 終 止 獨 家 分 銷 協 議（定 義 見 該 等 公 告） 及 仲 裁（定 義 見 該 等 公 告）；(2)日期為2025年6月16日、 ...

Core Insights - The 2025 Fortune Global 500 Summit was held in Guangzhou, focusing on how companies can achieve sustainable growth through innovation and collaboration amid global economic uncertainties [1][5] - The total revenue of the listed companies reached $41.7 trillion, accounting for over one-third of global GDP, with a year-on-year growth of 1.8% [1] - The profit margin of the top ten companies includes three from the semiconductor and electronics sectors, highlighting the importance of high-tech industries [3] Group 1 - The summit emphasized the need for dialogue and cooperation to navigate the "atypical cycle" of the global economy [3][5] - Discussions included leveraging AI to enhance innovative productivity and addressing the energy transition's progress and long-term outlook [5][9] - The summit aimed to help companies enhance resilience and discover opportunities in uncertain environments [6] Group 2 - China had 130 companies on the Fortune Global 500 list, with a diverse industry representation including automotive, healthcare, new materials, finance, e-commerce, and construction [7] - Guangzhou has attracted significant foreign investment, with over 362 Fortune Global 500 companies investing in more than 2,000 projects [7] - The city's foreign trade imports and exports grew by 15.5% in the first half of the year, despite a complex global economic situation [7]

Core Viewpoint - The international gold price has surged past a 40-year historical high, reaching $3,674.27 per ounce, surpassing the inflation-adjusted record of $3,590 from 1980 [1][2]. Group 1: Market Dynamics - Gold prices have increased approximately 5% in September and nearly 40% since the beginning of the year [2]. - The recent spike in gold prices is attributed to rising unemployment claims in the U.S., which reached 263,000, a three-year high, alongside persistent core inflation and economic uncertainty [3]. - Despite the international market's enthusiasm, the domestic retail market and gold funds experienced a slight pullback on September 13 [3][4]. Group 2: Retail Pricing Strategies - Major brands like Chow Tai Fook and Luk Fook have set gold jewelry prices at 1,078 yuan per gram, showing a slowdown in momentum compared to previous surges [4]. - Gold funds, such as Huaan Gold and Bosera Gold, reported minor declines of around 0.36%, with prices around 758 yuan and 748 yuan respectively [5][6]. - Different pricing strategies among retailers are notable, with some stores like Baoqing Silver Tower offering gold at 1,036 yuan per gram, significantly lower than mainstream prices [8]. Group 3: Long-term Outlook - The current gold price increase is fundamentally different from the speculative frenzy of the 1980s, reflecting deeper uncertainties in the global economy and geopolitical landscape [10][11]. - The investment environment has become more complex, with lower barriers to entry for gold investments through various ETF products, leading to a significant increase in institutional buying [14]. - Central banks have become major buyers of gold, diversifying their foreign reserves and reducing reliance on the U.S. dollar, which has bolstered gold's position as a reserve asset [15][16]. Group 4: Future Projections - Analysts from Goldman Sachs predict that gold prices could reach $3,700 by the end of 2025 and potentially exceed $4,000 by mid-2026 [17]. - A more aggressive scenario suggests that if there is a large outflow from dollar assets, gold prices could soar to between $4,500 and $5,000 [18]. - The ongoing global economic uncertainties, geopolitical risks, and continued central bank purchases are expected to support gold prices in the long term [22].