Investment Rating - The industry is rated as "Recommended" [5] Core Views - The macroeconomic sentiment has weakened, leading to a resurgence in gold prices, with COMEX gold rising 4.75% to $3,357.70 per ounce and SHFE gold increasing 3.76% to ¥780.10 per gram [1][27] - The U.S. economic uncertainty and global trade dynamics are prompting investors to shift towards safe-haven assets like gold and silver, with expectations of continued price appreciation [3][48] - The ongoing U.S.-EU tariff tensions and the recent U.S. debt auction results have contributed to the volatility in the market, reinforcing the attractiveness of precious metals [3][47] Summary by Sections Precious Metals - Gold and silver prices have increased significantly, with COMEX gold up 4.75% and SHFE gold up 3.76% [1][27] - The gold-silver ratio has risen by 0.99% to 99.81, indicating a stronger performance of gold relative to silver [27] - SPDR Gold ETF holdings increased by 119,821.97 troy ounces, while SLV Silver ETF holdings rose by 9,728,859.30 ounces [27] Base Metals - In the LME market, copper prices rose by 1.76% to $9,614.00 per ton, while aluminum fell by 0.62% to $2,466.00 per ton [52] - SHFE copper prices decreased by 0.45% to ¥77,790.00 per ton, while aluminum prices increased by 0.12% to ¥20,155.00 per ton [52] - The overall sentiment in the base metals market remains mixed, with supply concerns and fluctuating demand impacting prices [7][52] Small Metals - The price of magnesium has increased by 0.11% to ¥18,780 per ton, reflecting strong pricing power among manufacturers [14] - Molybdenum and vanadium prices have shown slight increases, with molybdenum iron at ¥227,500 per ton [15] - The market for small metals is currently stable, with limited price fluctuations observed [15][80]

Group 1: Apple and AI Development - Apple plans to launch smart glasses by the end of 2026 to capture the augmented reality device market, while halting the development of camera-equipped smartwatches [8] - The smart glasses will feature a camera, microphone, and speaker, capable of analyzing the environment and executing tasks via Siri, including phone calls, music playback, real-time translation, and navigation [8] - The shift towards smart glasses represents a transition from a "screen-centric" to a "perception-centric" platform, aiming to redefine the next generation of human-computer interaction [8][9] Group 2: U.S. Debt and Economic Concerns - The U.S. House approved Trump's tax reform bill, which aims to reduce taxes by over $4 trillion over the next decade and increase the debt ceiling by $4 trillion [2] - Concerns about the sustainability of U.S. debt financing are rising, with the debt-to-GDP ratio nearing 100% and annual interest payments exceeding $1 trillion [3] - The combination of monetary stagnation and fiscal stimulus is reducing the long-term attractiveness of dollar assets, leading to potential depreciation of the dollar and increased demand for gold [3] Group 3: Hong Kong IPO Market - Hong Kong's IPO market raised a total of HKD 145 billion in the past year, a 2.7-fold increase year-on-year, with mainland companies contributing 75% of the financing [6][7] - The A+H dual listing model is becoming a key strategy for companies to optimize financing sources and hedge against external uncertainties [7] - The influx of capital into Hong Kong is driven by stricter regulations in the U.S. and a declining dollar, positioning Hong Kong as a "value discovery platform" for Chinese assets [7] Group 4: Autodesk's Financial Performance - Autodesk reported a 15% year-on-year revenue growth to $1.63 billion for Q1 of FY2026, primarily driven by strong subscription service performance [10] - The company raised its full-year revenue forecast to between $6.93 billion and $7.00 billion, indicating confidence in its cloud strategy and market position [10] - Concerns remain regarding the quality of growth, particularly in the construction sector, and the effectiveness of AI tools in driving user migration and revenue [11] Group 5: Analog Devices' Strong Results - Analog Devices reported Q2 revenue of $2.64 billion, a 22% increase year-on-year, with adjusted earnings per share of $1.85, exceeding expectations [12][13] - The growth is attributed to strong demand for analog chips in the automotive and industrial sectors, as well as the integration of generative AI and electric vehicles [12] - The company maintains a positive outlook for Q3, projecting revenue between $2.65 billion and $2.85 billion, reflecting confidence in its market position [12][13]

Group 1 - The market is experiencing heightened demand for safe-haven assets like gold due to concerns over U.S. debt issues and economic pressures, with COMEX gold futures rising by 0.97% to $3316.60 per ounce, marking a three-day increase [1] - The U.S. Treasury issued $16 billion in 20-year bonds with a yield of 5.047%, the second instance of yields exceeding 5%, indicating a decline in demand as the bid-to-cover ratio fell to 2.46 from a previous 2.63 [1] - The extension of Trump's tax cuts is projected to increase the federal deficit by $1.8 trillion from 2026 to 2035, raising concerns about further expansion of federal debt [1] Group 2 - Current debt risks are overshadowing trade tariff concerns, with a downgrade in U.S. debt credit ratings coinciding with weak long-term demand for U.S. bonds, leading to potential sell-off risks for dollar assets [2] - Although panic in the market is temporarily subdued, volatility remains high, supporting the upward trend in precious metals [2]

Group 1 - The core viewpoint suggests that the risks associated with U.S. debt may be underestimated, prompting institutions to invest in safe-haven assets [1] - There is a focus on whether gold bulls can break through their current trading range, indicating potential volatility in the gold market [1] Group 2 - Institutions are increasingly buying safe-haven assets as a response to perceived risks in the U.S. debt situation [1] - The analysis highlights the importance of monitoring the performance of gold as a hedge against economic uncertainty [1]