Group 1 - The article maintains a tactical overweight view on A/H shares, supported by multiple factors such as the ongoing enthusiasm for China's technological breakthroughs and emerging industries, stable total policy expectations, and capital market reforms that boost market risk appetite [1] - The article highlights that the trade risks are relatively clear, with China's countermeasures directly targeting key issues, and the impact of U.S. tariffs becoming less significant [1] - There is a continuous demand for quality assets in China, driven by the need for investors to "find assets," which may provide allocation opportunities amid external market fluctuations [1] Group 2 - The article suggests a tactical benchmark view on U.S. Treasuries, as expectations for a more accommodative monetary policy from the Federal Reserve may lead to a mild decline in real interest rates [1] - The article notes that the balance of credit supply and demand remains unbalanced, which, along with stable liquidity, supports the bond market [2] - The article anticipates that geopolitical uncertainties and rising risk aversion will lead to fluctuations in domestic interest rates, while the marginal improvement in liquidity may stabilize bond market sentiment [2] Group 3 - The article maintains a tactical benchmark view on the Chinese yuan, citing the resilience of the Chinese economy and the expectation of a stable appreciation of the yuan amid a complex global macro environment [3] - It is expected that the yuan will exhibit a dual-directional fluctuation pattern, with a stable central tendency [3] Group 4 - The article emphasizes the positive outlook for gold, maintaining a tactical overweight view, as gold prices have surged past key resistance levels due to supportive factors such as Fed rate cuts and ongoing geopolitical tensions [2] - The article predicts that gold will continue to perform well in the short term and has long-term allocation value [2]

Core Viewpoint - JPMorgan Chase's CEO Jamie Dimon warns of risks related to a weakening labor market and persistent inflation while announcing slightly higher-than-expected credit loss provisions [1] Group 1: Economic Indicators - Dimon noted signs of a slowdown in job growth, indicating potential challenges in the labor market [1] - He emphasized that the overall U.S. economy remains resilient despite rising uncertainties [1] Group 2: External Factors - The CEO highlighted complex geopolitical situations, tariff and trade uncertainties, high asset prices, and sticky inflation risks as factors contributing to elevated uncertainty levels [1]

Core Viewpoint - Domestic gasoline and diesel prices in China will be reduced due to the decline in international oil prices, effective from October 13 at 24:00 [1][3]. Price Adjustment Summary - From October 13, gasoline and diesel prices will be lowered by 70 yuan and 75 yuan per ton, respectively, translating to a decrease of 0.06 yuan per liter for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel on average nationwide [1]. - Filling a 50-liter tank with 92-octane gasoline will cost 3 yuan less after the price adjustment [1]. International Oil Price Trends - The international oil price has shown a downward trend during the adjustment cycle (September 23 - October 11), influenced by factors such as Iraq's resumption of oil exports, U.S. government shutdown, geopolitical conflicts, and China-U.S. trade tensions [3]. - Conversely, the drone attacks in Ukraine have led to reduced supplies from Russia, and the planned production increase by "OPEC+" in November is lower than expected, providing some support for oil prices [3]. - The National Development and Reform Commission's price monitoring center anticipates a continued weak and fluctuating trend in international oil prices, with geopolitical developments potentially amplifying price volatility [3].

Core Viewpoint - Domestic gold prices continue to rise, with an overall increase of around 10 yuan per gram, reflecting market sentiment influenced by geopolitical tensions and trade conflicts [1][4]. Group 1: Domestic Gold Prices - The price of gold in domestic stores has increased, with notable rises such as Liufu Gold up by 10 yuan per gram, reaching 1190 yuan per gram, making it one of the highest-priced stores [1]. - Shanghai China Gold has the lowest price at 1076 yuan per gram, with a rise of 13 yuan per gram [1]. - The price difference between the highest and lowest gold prices today is 114 yuan per gram, which has slightly narrowed [1]. Group 2: Domestic Platinum Prices - Platinum prices have also seen an increase, with Liufu Platinum rising by 17 yuan per gram to 658 yuan per gram [1]. Group 3: Domestic Gold Recycling Prices - The gold recycling price has increased by 6 yuan per gram, with varying prices across different brands [2]. - The recycling price for gold is reported at 909 yuan per gram, with other brands like Lao Fengxiang at 919.70 yuan per gram [2]. Group 4: International Gold Prices - International spot gold has reached a new high of 4077.76 USD per ounce, currently reported at 4076.75 USD per ounce, reflecting a 1.46% increase [4]. - The strong performance of gold prices is attributed to market sentiment and short-term speculation rather than fundamental changes [4]. - There is a high expectation for the Federal Reserve to lower interest rates, with a 95.7% probability for October and 99.5% for December [4].

Core Insights - The international gold market experienced significant volatility on October 10, 2025, with prices dropping to a low of $3945 per ounce before rebounding to a high of $4022, ultimately closing at $4010 per ounce. This fluctuation was driven by geopolitical easing and renewed tensions in U.S.-China trade relations [1][2][3] Group 1: Market Dynamics - The initial drop in gold prices was triggered by the approval of a ceasefire agreement between Israel and Hamas, which alleviated geopolitical tensions and reduced market risk aversion [2] - Following the initial decline, gold prices rebounded sharply due to fears of an escalation in the U.S.-China trade war, particularly after President Trump threatened to impose a 100% tariff on Chinese goods starting November 1 [3] - The volatility in gold prices reflects a shift in market sentiment from geopolitical concerns to the complexities of trade relations between the U.S. and China [4] Group 2: Trading Strategies - Suggested trading strategy includes buying on dips within the $3990 - $4000 range, with a stop-loss set below $3980 and a target of $4040 - $4050, capitalizing on the renewed trade-related risk aversion [5] - A cautious short position is recommended in the $4040 - $4050 range, with a stop-loss above $4060 and a target of $4000 - $4010, to take advantage of potential technical corrections if prices rise quickly [6]

Core Viewpoint - The geopolitical tensions have eased, leading to a decrease in safe-haven demand for gold, resulting in a short-term bearish trend in gold futures prices [3]. Group 1: Market Conditions - Gold futures are currently trading around 904.88 yuan per gram, with a decline of 0.90%, having reached a high of 921.40 yuan and a low of 898.06 yuan [1]. - The market's risk aversion has significantly decreased following the agreement between Israel and Hamas to release hostages, which is seen as a crucial step towards ending their prolonged conflict [3]. Group 2: External Influences - The U.S. dollar index has risen to its highest level in nine weeks, negatively impacting precious metal prices [3]. - The yield on the U.S. 10-year Treasury bond remains stable around 4.13%, contributing to the unfavorable environment for gold and silver [3]. Group 3: Technical Analysis - Key resistance levels for gold futures are identified between 920 yuan per gram and 940 yuan per gram, while important support levels are between 850 yuan per gram and 880 yuan per gram [4].

Core Viewpoint - The significant rise in gold and mining ETFs is attributed to the historical surge in gold prices, driven by various factors including geopolitical tensions and the U.S. government shutdown [9][11][12]. Market Performance - On October 9, the first trading day after the holiday, major stock indices in China saw strong gains, with the Shanghai Composite Index rising 1.32% to 3933.97 points, marking a 10-year high [1]. - The gold stock ETF closed up 9.47%, the mining ETF up 8.58%, the non-ferrous 60 ETF up 8.44%, and the gold fund ETF up 4.57% [2][4][6][7]. Gold Price Surge - The spot gold price has historically surpassed $4000 per ounce, closing at $4040.42 on October 8, with a cumulative increase of $207.49 per ounce since September 30, reflecting a 5.41% rise [9]. - The U.S. government shutdown has delayed the release of key economic data, contributing to uncertainty in the labor market, with the ADP reporting a decrease of 32,000 jobs in September, significantly below expectations [9]. Geopolitical Factors - Ongoing geopolitical tensions, including the Israel-Palestine conflict, continue to create uncertainty in the market, which may further drive demand for gold as a safe-haven asset [10][12]. Central Bank Actions - The People's Bank of China has increased its gold reserves for the eleventh consecutive month, reaching 74.06 million ounces by the end of September, indicating a trend towards diversifying international reserves [10]. Future Outlook - The expectation of a Federal Reserve rate cut, combined with geopolitical uncertainties and a trend towards de-dollarization, is likely to support gold prices in the medium to long term [12][14]. - The copper market is also expected to show resilience due to supply constraints and increasing demand from sectors such as electric vehicles and data centers [13][14]. Investment Opportunities - Investors are encouraged to monitor gold and mining ETFs, as their performance is closely tied to gold prices, which are expected to rise [11][14]. - The mining ETF has a significant exposure to copper and gold, with copper accounting for 28% and gold 15% of its composition, while the non-ferrous 60 ETF has 29% copper and 17% gold [11].

Core Insights - Domestic gold prices have reached a new high, with retail prices surpassing 1100 yuan per gram, indicating a significant upward trend in the market [1][2] - The price disparity among different gold retailers has widened, with the highest price at 1108 yuan per gram and the lowest at 1011 yuan per gram, reflecting a 97 yuan difference [1][2] Gold Retail Prices - Major gold retailers have reported the following prices as of September 26, 2025: - Lao Miao: 1106 yuan/gram, up by 1 yuan - Liu Fu: 1108 yuan/gram, up by 10 yuan - Chow Tai Fook: 1108 yuan/gram, up by 10 yuan - Zhou Li Fu: 1061 yuan/gram, unchanged - Jin Zun: 1108 yuan/gram, up by 10 yuan - Lao Feng Xiang: 1108 yuan/gram, up by 3 yuan - Chao Hong Ji: 1108 yuan/gram, up by 10 yuan - Zhou Sheng Sheng: 1106 yuan/gram, up by 6 yuan - Cai Bai: 1058 yuan/gram, unchanged - Shanghai China Gold: 1011 yuan/gram, unchanged [2] Gold Recycling Prices - The gold recycling prices have slightly increased by 1.5 yuan/gram, with notable differences among brands: - General gold recycling price: 841.70 yuan/gram - Cai Bai: 847.20 yuan/gram - Zhou Sheng Sheng: 836.50 yuan/gram - Chow Tai Fook: 845.80 yuan/gram - Lao Feng Xiang: 854.70 yuan/gram [3] International Gold Prices - The spot gold price fluctuated, reaching a high of 3761.38 USD/ounce and a low of 3721.65 USD/ounce, closing at 3748.13 USD/ounce, with a daily increase of 0.32% [5] - As of the latest update, the spot gold price is reported at 3751.58 USD/ounce, with a slight increase of 0.09% [5] - The fluctuations in gold prices are influenced by strong U.S. economic data, geopolitical tensions, and market expectations regarding the Federal Reserve's interest rate decisions [5]

Core Viewpoint - The market's expectation of further interest rate cuts by the Federal Reserve, along with geopolitical tensions, trade conflicts, and global economic uncertainties, has strengthened the demand for gold as a safe haven, providing support for gold prices [1][3] Price Movements - Gold prices faced resistance after reaching $3779, subsequently experiencing a decline to $3717 before rebounding to $3736 [1] - On Thursday, gold opened at $3751, faced resistance, and then stabilized around $3729 before rising to $3761, currently trading at $3753 [1][3] Technical Analysis - The overall trend for gold remains upward despite recent fluctuations, with key support levels at $3750 and $3730, and resistance levels at $3779 and $3791 [3] - Short-term technical indicators show that the bullish sentiment continues to dominate, although there are signs of potential adjustments [3] Market Sentiment - Federal Reserve Chairman Jerome Powell's cautious stance regarding inflation and employment risks has heightened market caution, impacting gold's upward momentum [1][3] - Recent geopolitical developments, including peace proposals and tariff agreements, have reduced market risk aversion, contributing to gold's price adjustments [1]

9月24日，国内黄金价格仍有上涨态势，多家品牌金店报价已突破1100元/克。老庙黄金报价1105元/克， 上涨8元，成为今日最高价金店；上海中国黄金报价1011元/克，不涨不跌，为最低价金店。两者价差达 94元/克，差距还在扩大。 1105 元/克 8 涨 六福黄金价格 以下是各大品牌金店详细报价： 今日金价 单位 变动幅度 涨跌 老庙黄金价格 1098 元/克 0 平 周大福黄金价格 1098 元/克 0 平 周六福黄金价格 1066 元/克 11 涨 今日金店黄金价格一览（2025年9月24日） 金店报价 金至尊黄金价格 1098 元/克 0 平 老凤祥黄金价格 0 平 周生生黄金价格 1105 元/克 7 涨 潮宏基黄金价格 1098 元/克 1100 元/克 0 平 菜百黄金价格 1058 元/克 0 平 上海中国黄金价格 1011 元/克 0 平 周大生黄金价格 1098 元/克 0 平 除黄金外，铂金价格也呈上涨趋势，且幅度更大。以周生生为例，铂金饰品价格上涨19元/克，报591 元/克。如需了解其他品牌铂金价格，欢迎留言，我们将及时汇总更新。 今日黄金回收价格同步上扬，上涨4.3元/克。不同品牌 ...