National Developments - The first large-capacity sodium-ion energy storage power station expansion project in China has been put into operation [1] - The all-vanadium flow energy storage system by China Green Development in Qinghai has been successfully shipped [1] Local Developments - A 100,000-ton green methanol project in Shanghai has received dual certification for its entire process [1] - Significant progress has been made in the construction of the wind power project in Qusong, Tibet [1] International Developments - The Guayepo III photovoltaic project in Colombia has achieved full-capacity grid-connected power generation [1] - U.S. sanctions against the Serbian company NIS, controlled by Russia, have impacted the regional energy landscape [1] Gold Market Insights - Gold prices have surged, with New York COMEX futures and London spot prices both surpassing $4,000 per ounce, marking over a 52% increase since the beginning of the year [2][3] - The U.S. government shutdown has heightened domestic political and economic uncertainty, contributing to the rise in gold prices [2][3] - Concerns over fiscal difficulties in developed countries, such as Japan and France, have increased market anxiety regarding global debt and deficit risks [3][4] - Geopolitical tensions, including the Russia-Ukraine conflict, have driven funds into safe-haven assets like gold and silver [4] - The global central bank easing cycle and rising debt levels are expected to sustain upward momentum for gold prices [5][6] - Central banks have continued to purchase gold, although the quantity has decreased, with emerging economies leading the increase in gold reserves [5][6] - As of October 1, the gold reserves as a percentage of total reserves for the Federal Reserve, Bank of Japan, and China are 16.04%, 7.76%, and approximately 7.68% respectively [6]

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The precious metal prices have risen strongly driven by factors such as the US government shutdown, increased political uncertainties in France and Japan, strengthened interest - rate cut expectations, and continuous central bank gold purchases. In the long - term, precious metal prices still have upward space, and long - term long positions can be held. However, in the short - term, due to large and rapid price increases, strong market sentiment, and the impact of the Gaza cease - fire agreement, gold prices may experience sharp fluctuations, so short - term investors are advised to wait and see. For silver, short - term interest rates support a strong price, but the transfer of value between London and COMEX may limit the upside space. In the medium - to - long - term, factors like potential Fed rate cuts, global geopolitical uncertainties, and continuous central bank gold purchases will likely drive up the price of gold [5]. 3. Summary by Related Catalogs 3.1 Price Tracking - **Gold and Silver Prices**: On October 9, 2025, the prices of London gold spot, London silver spot, COMEX gold, COMEX silver, AU2512, AG2512, AU (T + D), and AG (T + D) were 4028.99 dollars/ounce, 48.97 dollars/ounce, 4048.10 dollars/ounce, 48.30 dollars/ounce, 914.32 yuan/gram, 11169.00 yuan/kilogram, 910.93 yuan/gram, and 11129.00 yuan/kilogram respectively. Compared with September 30, 2025, the price increases were 4.5%, 4.6%, 4.2%, 2.8%, 4.6%, 2.3%, 4.6%, and 2.9% respectively [5]. - **Price Spreads and Ratios**: The price spreads and ratios also showed certain changes. For example, the gold TD - SHFE active price spread was - 3.39 yuan/gram on October 9, 2025, with a - 0.3% change compared to September 30, 2025. The SHFE gold - silver ratio was 81.86 on October 9, 2025, with a 2.2% increase compared to September 30, 2025 [5]. 3.2 Position Data - As of October 8, 2025, the gold ETF - SPDR was 1014.58 tons, with a 0.14% increase compared to October 7, 2025. The COMEX gold non - commercial long position was 332808 contracts, with a 1.85% increase compared to October 7, 2025 [5]. 3.3 Inventory Data - On October 9, 2025, the SHFE gold inventory was 70728.00 kilograms, with no change compared to September 30, 2025. The SHFE silver inventory was 1186846.00 kilograms, with a - 0.46% decrease compared to September 30, 2025 [5]. 3.4 Interest Rates, Exchange Rates, and Stock Market Data - On October 9, 2025, the US dollar/Chinese yuan central parity rate was 7.11, with a 0.07% increase compared to September 30, 2025. On October 8, 2025, the US dollar index was 98.85, with a 0.27% increase compared to October 7, 2025 [5]. 3.5 Market Analysis and Operational Suggestions - **Market Review**: On October 9, the main contract of Shanghai gold futures rose 4.82% to 914.32 yuan/gram, and the main contract of Shanghai silver futures rose 2.22% to 11169 yuan/kilogram [5]. - **Logical Analysis and Strategy Outlook**: Precious metal prices are driven by multiple factors and are expected to rise in the long - term. Long - term long positions can be held, but short - term investors are advised to wait and see. Silver prices are supported in the short - term but may face limitations in the upside space [5].

现货金价年初至今累计上涨约51%。 机构预测 高盛预测明年年底金价可能攀升至每盎司4900美元。 近期国际金价持续走高，纽约期金价格已历史性地突破每盎司4000美元大关。这对关注黄金交易的你来 说，无疑是一个重要的市场信号。 下面这个表格汇总了当前黄金市场的主要动态，可以帮你快速了解核心情况： 市场动态 具体表现 价格突破 纽约期金价格突破4000美元/盎司（收盘报4004.4美元）。 年内涨幅 利率下降会降低持有黄金这种非生息资产的机会成本，从而提升其吸引力。 · 避险情绪升温：全球政治经济环境的不确定性，例如美国政府的政策僵局，催生了避险需求。黄金作 为传统的避风港资产，自然受到资金追捧。 · 官方力量支撑：包括中国在内的多国央行已连续多月增持黄金储备，这为金价提供了坚实的基本面支 撑。 · 投资大佬站台：像达里奥（Ray Dalio）这样的顶级投资人也公开看好黄金，认为其相较于美元能提供 更安全的保障，这进一步影响了市场情绪。 核心驱动 美联储降息预期、政治经济环境不确定性、央行购金及黄金ETF资金流入。 当前市场的主要推动力 金价能站上4000美元的高位，是多种因素合力的结果： · 宏观政策预期：市场 ...

Core Viewpoint - The gold and silver markets are experiencing significant upward momentum driven by geopolitical and economic risks, alongside expectations of interest rate cuts by the U.S. Federal Reserve [1][2]. Group 1: Market Performance - On October 9, the Shanghai gold futures closed at 914.32 yuan per gram, marking a daily increase of 4.82% with a trading volume of 196,141 contracts and an open interest of 251,137 contracts [1]. - The spot gold price in Shanghai was quoted at 910.89 yuan per gram, reflecting a discount of 3.43 yuan per gram compared to the futures price [1]. Group 2: Fundamental Factors - COMEX gold prices have reached new highs, with spot gold surpassing $4,000 per ounce for the first time, driven by rising geopolitical and economic risks [1]. - The market anticipates a 98% probability of a 25 basis point rate cut by the Federal Reserve in October, with a 90% chance of another cut in December [2]. - Central banks globally have been major buyers of gold, with China's central bank increasing its reserves for 11 consecutive months, reaching 74.06 million ounces by September 2025 [2]. Group 3: Institutional Insights - According to Galaxy Futures, while the upward trend in precious metals is expected to continue, there is increasing pressure from profit-taking, and a potential correction may occur once the U.S. government shutdown ends [3]. - The demand for gold jewelry is currently facing significant challenges, and the pace of central bank purchases may slow down, which together account for approximately 70% of global gold demand [3].

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 Viewpoint - Recent significant increases in gold and silver prices, with spot gold briefly surpassing $4050 per ounce [1] Group 1: Market Analysis - Guosen Securities indicates that the support system for the gold market remains solid, driven by long-term factors such as global monetary credit system restructuring, de-dollarization trends, continuous central bank gold purchases, and structural supply-demand imbalances [1] - The long-term bullish trend for gold is expected to continue over the next 2-3 years due to the stability of the support system [1] Group 2: Investment Recommendations - Minsheng Securities highlights the central bank's gold purchases and weakening dollar credit as key themes, maintaining a positive outlook on gold prices and suggesting opportunities for right-side positioning in the gold sector [1] - Recommended stocks include Western Gold, Shandong Gold, Zhaojin Mining, Zhongjin Gold, Chifeng Gold, Tongguan Gold, Wanguo Gold Group, Shanjin International, and Hunan Gold, with additional attention to China National Gold International and Lingbao Gold [1] - Silver stocks recommended include Xingye Silver Tin and Shengda Resources [1]

节后第一个交易日（10月9日），有色金属板块断层领涨两市，有色龙头ETF（159876）跳空大涨，场 内价格飙涨5.7%，刷新上市以来的高点。截至发稿，有色龙头ETF（159876）获资金实时净申购3420万 份。成份股方面，江西铜业、白银有色、四川黄金涨停，西部超导涨超16%，铜陵有色、云南铜业、山 东黄金、赤峰黄金、中金黄金等个股大幅跟涨。 天风证券认为，以下三点将支撑贵金属走势：一是避险需求。经济不确定性包括美股估值偏高、美联储 独立性危机、美国和欧洲的财政债务压力、欧美经济增速回升困难等多重因素。政策环境不确定性包括 贸易壁垒、中东局势等地缘风险；二是央行购金仍将发挥正面支撑作用。虽然央行购金速度最快的时期 已过，但各经济体央行出于储备多元化和降低对美元依赖的考虑，仍将保持稳定的购金需求，为黄金价 格提供底部支撑；三是通胀预期因素值得关注。目前看，通胀预期不是本轮行情的主因。但如果小概率 情形下美国发生持久性高通胀，那么黄金对冲通胀的价值将进一步凸显，或推动金价进入新的上行通 道。 不同的有色金属，景气度、节奏与驱动点并不一致，分化在所难免，如果看好有色金属板块，一个比较 轻松的思路是通过全覆盖来更好 ...

值得一提的是，10月8日，伦敦现货黄金价格首次站上4000美元整数关口，再创历史新高，延续破纪录 涨势。高盛将2026年12月黄金价格预测上调至每盎司4900美元（此前预测为4300美元）。 国庆假期期间，有色金属板块无疑成为了焦点中的焦点，万众期待之下，节后第一个交易日（10月9 日）有色金属板块断层领涨两市，揽尽有色金属行业龙头的有色龙头ETF（159876）跳空大涨，场内价 格飙涨5.39%，刷新上市以来的高点！截至发稿，该ETF获资金实时净申购2460万份！ 成份股方面，江西铜业、白银有色、四川黄金涨停！西部超导涨超16%，铜陵有色、云南铜业、山东黄 金、赤峰黄金、中金黄金等个股大幅跟涨！ 上交所数据显示，上一交易日（9月30日），有色龙头ETF（159876）单日吸金3463万元，反映资金看 好板块后市，积极进场抢筹！值得一提的是，截至9月30日，有色龙头ETF（159876）最新规模3.47亿 元，再创历史新高！ 消息面上，据当地时间10月8日，美联储最新发布的9月议息会议纪要，在参加会议的19位官员中，略多 于一半的人预计今年还将至少再降息两次。 业内人士表示，美联储降息周期是一个关键的"慢变量 ...

国庆假日期间，黄金"杀疯了"。 10月8日，伦敦现货黄金"并不太意外地"在美国政府的关门声中，突破了每盎司4000美元大关。截至10 月8日， 现货黄金价格一度触及4050美元/盎司的历史新高。 智通财经记者 | 韩理 有意思的是，突破关键心理价位的黄金，转而激发了其余贵金属资产的做多情绪，令黄金反而成为了日 内表现"最差"的贵金属相关品种。 行情显示，截至10月8日22：00时，现货铂金价格上涨超3.36%；现货白银，现货钯金分别上涨2.32%和 7.59%。黄金关联资产中，黄金股赤峰黄金（06693.HK）港股日内收涨超13.26%，老铺黄金 （06181.HK）收涨超5.91%。 "因美国国会未能通过临时拨款法案，导致联邦政府部分机构暂停运转，对美国经济形成拖累。"华安基 金分析称。 华安基金还从中期和长期阐释了黄金上涨的原因。 从中期的交易节奏看，华安基金认为，美联储在9月开启降息，根据历史经验，黄金在降息周期中，能 够有效应对美元走弱和美债利率走低。而在长期逻辑中，去美元化和央行购金节奏的持续是推动黄金上 涨的原因。近三年涌现出包括——发展中国家央行、国内保险资金、亚洲地区ETF资金的配置需求，导 ...

来源：市场资讯 看黄金 （来源：华安基金许之彦） 金秋十月 现货黄金突破 4000美元/盎司！ 华 安 E T F 智 诚 相 伴 第一，要关注美国政府停摆的变化。若重新恢复秩序，则可能短期的避险情绪有所消退。 国庆期间，伦敦现货黄金价格突破4000美元/盎司关口，再创历史新高。本轮黄金价格上涨受到全球投资人关注，背 后是多重因素的共同影响的结果，也符合华安黄金研究团队对于"黄金新周期"的判断。 1、 黄金上涨分析： 首先从短期来看，本轮金价的直接刺激因素来源于美国政府意外"停摆"。因美国国会未能通过临时拨款法案，导致 联邦政府部分机构暂停运转，对美国经济形成拖累。除了美国政坛以外，也包括法国、日本等政局变化。综合来 看，黄金的分散风险属性得到体现。 第二从中期的交易节奏看，我们在此前8月下旬Jackson hole会议中就提示，美联储9月有望开启降息，最新的降息预 期也支持我们对于降息的判断。根据历史经验，黄金在降息周期中，能够有效应对美元走弱和美债利率走低。 第三是黄金的长期逻辑，去美元化和央行购金节奏持续。华安黄金研究团队在2023年提出"黄金开启新周期"，其背 后反应的是黄金作为供需紧平衡资产，近三年 ...