Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - In the short - term, with the weakening US job market, falling consumer confidence index, and relatively controllable inflation pressure, the market trades on the Fed's rate - cut expectations and anticipates an accelerated pace of rate cuts. The market generally expects the Fed to cut rates three times this year. Geopolitical tensions and concerns about US economic stagflation support precious metal prices at high levels, with silver showing more resilience. Before the September rate cut, precious metal prices are likely to remain strong, but volatility may increase. Attention should be paid to the Fed's September meeting and Sino - US economic and trade talks this week [5] - In the long - term, due to the Fed's rate - cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the de - dollarization trend, along with continuous gold purchases by global central banks, the long - term center of gold prices is likely to move up [5] Group 3: Summary by Relevant Catalogs 1. Price Tracking of Gold and Silver - On September 15, 2025, compared with September 12, 2025, London gold spot price was at $3636.27/ounce (-0.4%), London silver spot price was at $42.12/ounce (0.2%), COMEX gold was at $3674.10/ounce (-0.4%), COMEX silver was at $42.61/ounce (0.0%), AU2510 was at 831.60 yuan/gram (-0.3%), AG2510 was at 10017.00 yuan/kilogram (-0.2%), AU (T + D) was at 828.56 yuan/gram (-0.3%), and AG (T + D) was at 9997.00 yuan/kilogram (-0.1%) [3] 2. Spread/Ratio of Gold and Silver - From September 12 to September 15, 2025, the spread of gold TD - SHFE active price changed from -3.54 yuan/gram to -3.04 yuan/gram (-14.1%), the spread of silver TD - SHFE active price changed from -25 yuan/kilogram to -20 yuan/kilogram (-20.0%), the spread of gold's internal - external market (TD - London) changed from -2.80 yuan/gram to -2.15 yuan/gram (-23.3%), the spread of silver's internal - external market (TD - London) changed from -741 yuan/kilogram to -776 yuan/kilogram (4.8%), the SHFE gold - silver ratio changed from 83.13 to 83.02 (-0.1%), the COMEX gold - silver ratio changed from 86.58 to 86.23 (-0.4%), AU2512 - 2510 changed from 2.48 yuan/gram to 2.50 yuan/gram (0.8%), and AG2512 - 2510 changed from 26 yuan/kilogram to 28 yuan/kilogram (7.7%) [3] 3. Position Data - As of September 12, 2025, compared with September 11, 2025, the gold ETF - SPDR was at 974.8 tons (-0.32%), the silver ETF - SLV was at 15069.6026 tons (0.00%), the non - commercial long position of COMEX gold was 324875 contracts (2.87%), the non - commercial short position was 63135 contracts (-4.72%), the non - commercial net long position was 261740 contracts (4.89%), the non - commercial long position of COMEX silver was 72450 contracts (-2.71%), the non - commercial short position was 18513 contracts (-0.16%), and the non - commercial net long position was 53937 contracts (-3.55%) [3] 4. Inventory Data - On September 15, 2025, compared with September 12, 2025, SHFE gold inventory was 53226.00 kilograms (0.52%), SHFE silver inventory was 1243481.00 kilograms (-0.25%), COMEX gold inventory was 38914491 troy ounces (0.01% compared with September 12), and COMEX silver inventory was 527423230 troy ounces (0.55% compared with September 12) [3] 5. Interest Rate/Foreign Exchange/Equity Market - On September 15, 2025, compared with September 12, 2025, the 10 - year US Treasury yield was 3.56% (0.09%), the 2 - year US Treasury yield was 4.06% (1.25%), the US dollar index was 97.62 (0.05%), the VIX was 14.76 (0.34%), the S&P 500 was 6584.29 (-0.05%), NYMEX crude oil was 62.60 (0.58%), and the US dollar/Chinese yuan central parity rate was 7.11 (1.14%) [4]

Core Insights - Gold prices are near a record high, trading around $3,640 an ounce, driven by expectations of a quarter-point interest rate cut by the US Federal Reserve this week and potential further reductions later in the year [1][3] - The anticipated easing of monetary policy has led to lower Treasury yields and a weaker dollar, making gold more attractive as a non-interest-bearing asset [2][3] - Gold has increased nearly 40% this year, supported by geopolitical uncertainties and central bank buying, with Goldman Sachs projecting prices could reach near $5,000 an ounce due to external pressures on the Fed [3][4] Market Dynamics - The expectation of a rate cut has influenced Treasury yields, which are at their lowest in months, and has weakened the dollar, enhancing gold's appeal [2] - Investors are closely monitoring macroeconomic indicators, which may overshadow tariff-related news [2] - The Thai government is considering a tax on gold transactions to curb the currency rally affecting exports and tourism, indicating regulatory changes that could impact gold ownership and trade [5]

Core Viewpoint - The company has reported a positive performance in the second half of the 2025 financial year despite facing challenging market conditions, including consumer caution, geopolitical uncertainty, tariffs, and persistent inflation in the U.S. and U.K. markets, particularly in food [2]. Group Performance - Primark's overall sales are expected to increase by 1% in the second half of the financial year, showing strong improvement in trading within the U.K. and Ireland [3]. - Total sales for Primark are anticipated to rise in the second half following a difficult first half, especially in the months after the budget announcement [3]. - The product offering has been strong, particularly in womenswear, contributing to the positive sales outlook [3].

Group 1 - The US Uncertainty Index is currently at 2.950, indicating a high level of uncertainty in the market [1][2] - Global ETF holdings have shown fluctuations, with recent values recorded at 2.200, 2.250, and 2.700 [1][2] - There is mention of Chinese tariffs, with a recent pause noted at 2.150 [1][2] Group 2 - The data suggests a potential impact on investment strategies due to the current uncertainty and tariff situations [1][2]

Market Trends & Geopolitical Uncertainty - Chip stocks are moving lower due to potential US government equity stakes, raising governance concerns similar to those seen with Chinese companies [1][2] - Geopolitical uncertainty, including tariffs and the Russia-Ukraine war, contributes to market nervousness [6][11] - Investors are nervous about the geopolitical landscape and equities [11] Central Bank Policy & Inflation - Central bank policy, particularly in the US, is a key factor influencing market sentiment, with expectations of a potential 25 basis point cut being closely watched [4][7] - Inflation remains a concern on both sides of the Atlantic, with the US Federal Reserve expected to maintain a "higher for longer" stance despite White House pressures [7] - The base case for the Fed is a rate cut in September, but no further moves are expected for the next 3 to 6 months, which could negatively impact high-growth names [8] Profit Taking & Market Rotation - Profit-taking is occurring due to market concentration and geopolitical uncertainty, intertwined with concerns about central bank policy [5][9][10] - There's a rotation away from high-valuation tech names, including the Mag 7 and the Ark Innovation ETF, with companies like Palantir entering correction territory [4] Investment Strategy & Global Allocation - The US market looks "toppy" and uncertain, leading to a potential "best of the rest" trade, favoring markets like the UK and Europe [12] - Despite concerns about the UK economy, the FTSE 100 offers compelling businesses with low debt levels and attractive yields [15] - While UK inflation is rising (38% yesterday, expected to rise to 4% in September), the equity market is decoupled from the economy due to international revenues [14][16]

Core Insights - Kering, the owner of Gucci, reported disappointing second-quarter results, with sales dropping 15% year-on-year to 3.7 billion euros ($4.27 billion), below the forecast of 3.96 billion euros by LSEG analysts [1] - Gucci sales, which account for nearly half of Kering's total revenues, fell 25% to 1.46 billion euros during the quarter [2] - CEO François-Henri Pinault acknowledged the disappointing results but emphasized ongoing efforts to correct the company's trajectory [2][3] Market Performance - Sales declines were observed across all markets, particularly in Japan and the wider Asia Pacific region [4] - The luxury markets in China and the United States are currently facing significant challenges, impacting Kering's performance [4] Strategic Outlook - Kering is committed to its long-term growth strategy despite the current economic and geopolitical uncertainties [3] - The company believes that the efforts made over the past two years have laid a solid foundation for future development [3]

Monetary Policy - ECB 决定维持利率不变，为一年多以来首次 [1] - 维持三个关键 ECB 利率不变的决策背后存在原因 [1] - 市场利率受到关注 [1] Economic Outlook - 欧元区第一季度经济增长情况受到关注 [1] - 制造业和服务业发展情况是重点 [1] - 关税不确定性对经济有影响 [1] - 经济区域的失业率情况被评估 [1] - 经济增长前景展望 [1] - 呼吁加强欧元区财政和结构性政策，以增强经济韧性 [1] - 风险偏向下行，关税、贸易紧张和地缘政治不确定性是主要因素 [1] Inflation - 6 月份的年度通货膨胀情况 [1]

Tourism Industry Outlook - Tourism in Spain, Europe's second largest holiday destination, is expected to grow less than previously anticipated [1] - Economic and geopolitical uncertainties are impacting the desire for travel [1]

Ad Market Concerns & Uncertainty - WPP shares declined 16% due to concerns about the state of the ad market [1] - The business environment is uncertain, leading advertisers to platforms delivering lower-funnel results [2] - Geopolitical uncertainty and potential economic pullback due to tariffs are significant concerns [4][5] Snap's Positioning & Strategy - Snap's Q1 advertiser growth was 60% year-over-year, with 75% of the business now direct response [3] - Snap aims to help small and medium-sized customers grow, positioning itself well regardless of the business outlook [3] - Snapchat differentiates itself as a communication service, unlike other platforms that are primarily video feeds [6] - Brands play an important role in relationships and therefore on Snapchat [6][7] - Snapchat's sponsored Snaps product is now available to 100% of the United States, offering brands efficient reach [8] - Creator and influencer marketing on Snapchat drives significant impact for brands [9]

Core Insights - United Parcel Service (UPS) is facing significant challenges due to high labor costs and a decline in parcel volumes, impacting its bottom line [1][2] - The company is implementing cost-cutting measures, including offering buyouts to full-time delivery drivers for the first time in its history [2][11] Cost-Cutting Measures - UPS plans to reduce its workforce by 20,000, which is about 4% of its global workforce, and close 73 facilities to streamline operations [3][11] - Compensation and benefits expenses increased by 2.1% year-over-year in 2024, but are expected to decrease by 2.6% in 2025 [3] Impact of Customer Relationships - UPS has decided to reduce business with its largest customer, Amazon, by more than 50% by June 2026, as Amazon was not considered a profitable customer [4][11] Industry Context - FedEx, a competitor, is also cutting costs, including laying off over 480 employees and implementing initiatives like DRIVE, which is expected to yield significant savings [5][6] - UPS shares have declined over 24% in the past year, underperforming its industry [9] Valuation and Earnings Estimates - UPS trades at a 12-month forward price-to-earnings ratio of 13.91X, which is considered expensive compared to industrial levels [10] - The Zacks Consensus Estimate for UPS' earnings for 2025 and 2026 has been revised downward over the past 30 days [13]