国内金饰价格突破1100元/克。 国际金价和国内金价再创新高之际，记者发现，日前国内部分黄金珠宝品牌的金饰价格也再攀新高，并突破了1100元/ 克。 对于后市金价的走势，中信期货研究所宏观研究组资深研究员朱善颖在接受证券时报记者采访时认为，黄金的上涨行 情并未结束，四季度上行逻辑依然顺畅。 金价再创新高之际 国内金饰突破1100元/克 金价的上涨也传导至产业链下游。 据知名黄金珠宝品牌周生生官网，其足金饰品价格一度超过1100元/克。9月24日9时56分，周生生官网显示，其足金饰 品价格为1105元/克，当天下午的价格有所下降，但仍达1100元/克。 另一家知名黄金珠宝品牌周大福官网数据显示，9月24日其足金（饰品、工艺品类）价格也已逼近1100元/克，为1098 元/克。 金饰价格再攀新高的背后，是黄金价格的持续上行。 数据显示，9月24日上海黄金交易所Au99.99合约价格一度高达856.80元/克，再创出历史新高。今年9月以来，上海黄金 交易所Au99.99合约价格累计已上涨近10%，今年以来该合约价格累计上涨近四成。 国内黄金期货方面，9月24日上海期货交易所黄金期货主力合约亦进一步上行，盘中价格最高 ...

国内金饰价格突破1100元/克。 国际金价和国内金价再创新高之际，记者发现，日前国内部分黄金珠宝品牌的金饰价格也再攀新高，并突破了1100元/ 克。 对于后市金价的走势，中信期货研究所宏观研究组资深研究员朱善颖在接受证券时报记者采访时认为，黄金的上涨行情并 未结束，四季度上行逻辑依然顺畅。 金价再创新高之际 国内金饰突破1100元/克 金价的上涨也传导至产业链下游。 据知名黄金珠宝品牌周生生官网，其足金饰品价格一度超过1100元/克。9月24日9时56分，周生生官网显示，其足金饰 品价格为1105元/克，当天下午的价格有所下降，但仍达1100元/克。 另一家知名黄金珠宝品牌周大福官网数据显示，9月24日其足金（饰品、工艺品类）价格也已逼近1100元/克，为1098 元/克。 金饰价格再攀新高的背后，是黄金价格的持续上行。 数据显示，9月24日上海黄金交易所Au99.99合约价格一度高达856.80元/克，再创出历史新高。今年9月以来，上海黄 金交易所Au99.99合约价格累计已上涨近10%，今年以来该合约价格累计上涨近四成。 国内黄金期货方面，9月24日上海期货交易所黄金期货主力合约亦进一步上行，盘中价格最高 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2025-9-24 贵⾦属维持⾼斜率上涨 周⼆贵⾦属价格延续上涨，近期加密货币频繁受⿊客攻击、美国政府再度 ⾯临停摆⻛险等因素带来短期利多。在降息周期主导的上⾏趋势中，货币 属性的宏⼤叙事进⼀步放⼤价格弹性，波动率及成交指标显⽰市场还未进 ⼊拥挤阶段，贵⾦属价格短期或延续⾼斜率上⾏。 重点资讯： 1）美国第二季度经常帐赤字2513亿美元，为2023年第三季度以来最 少赤字，预期赤字2563亿美元，前值从赤字4502亿美元修正为赤字 4398亿美元。 2）美联储新任理事米兰首次发表政策演讲便抛出惊人观点，直言基 准利率远高于合理水平，应积极大幅下调。他认为降息空间近2个百 分点，但这一激进观点使其在美联储内部陷入孤立。 3）美国政府停摆风险迫近，美国总统特朗普本周将在白宫会见参议 院少数党领袖查克·舒默和众议院少数党领袖Hakeem Jeffries。" 在会晤中，我们将强调应对成本上升的重要性，其中包括共和党造成 的医疗危机，"议员们在声明中表示。 价格逻辑： 周二贵金属价格延续上涨，近期加密货币频繁受黑客攻击、美国政府 再度面临停 ...

每经记者｜吴永久 每经编辑｜闫峰峰 美联储9月18日如预期降息25个基点，全球瞩目的"靴子"终于落地。降息当日，贵金属板块率先走强，自9月19日来白银主力合约累计上涨近5%，成为当下 市场最亮眼的明星品种。 图文数据来源：博易大师 市场普遍认为，此次降息意味着宽松周期正式开启，流动性改善让避险资产再度受到资金追捧。白银的率先上行或许只是序幕，在降息环境下，工业品价格 波动往往更大、机会也更多。 期货市场的魅力就在于它的 T+0交易、保证金制度、双向操作，能够灵活捕捉上涨和下跌行情。同时市场覆盖金融、贵金属、有色、黑色、农产品等140+期 货、期权品种，机会丰富多元。 如果你想在降息周期优化资产配置、把握市场波动，快来参与每日经济新闻联合中粮期货举办的 "经·粮杯—全国期货模拟争霸赛"吧！ 现在报名，立即解锁交易新技能 报名参赛即可获赠100万模拟本金，"零成本试错、高收获成长"，大赛设置周赛+月赛双评比机制，多重奖励等你来拿！ 市场不会等待任何人。在A股这个高位震荡的关键时刻，学会掌握衍生品工具将成为你交易生涯的重要转折点。 现在报名即可先享受"新客专享礼"，还可获得独家"研报洞察礼"，解读节后市场走势。 打 ...

目前，国内铝价运行至年内高位区间，最高已触及21000元／吨一线，较年内低点上涨约10%，四季度铝价是顺势 走高，还是承压回落呢？ 国内进入传统旺季 8月份，国家统计局公布的制造业PMI指数为49.4%，环比上升0.1个百分点，我国经济景气水平总体继续保持扩 张。9月份数据还没有公布，但前瞻指标9月EPMI（战略性新兴产业采购经理人指数）环比上行4.6个百分点，至 52.4%，环比上行幅度大致持平于季节性均值水平，旺季特征显现。 相关数据显示，截至9月18日当周，国内铝下游加工龙头企业开工率环比增加0.1个百分点，至62.2%，与去年同期 相比下降1.3个百分点。分板块来看，原生合金方面，头部企业开工率平稳，但中小企业受需求影响开工率回调； 铝板带样本企业开工率微降，主要因为高铝价抑制下游备货需求，但消费韧性支撑排产稳定，而废铝涨价或倒逼 企业高价采购，预计短期开工率持稳或小幅波动；铝线缆开工率持稳，国庆假期临近或推动下游补库，需关注假 期停工影响；型材开工率小幅回升，建筑型材需求疲软，但工业型材受汽车、光伏等订单支撑；铝箔开工率高位 持稳，包装箔需求维持刚性，但增长乏力，新能源电池箔成亮点，有望冲击55万吨 ...

Group 1 - The core viewpoint of the articles indicates that Hong Kong Stock Exchange (HKEX) is expected to maintain its position as the global leader in new stock financing, surpassing the New York Stock Exchange and NASDAQ [1][3] - The A-share market in mainland China is projected to show steady growth in new stock listings and financing amounts due to supportive regulatory policies and a focus on technology and innovation sectors [1][2] - Deloitte anticipates that the last quarter of the year will see an influx of funds into the Hong Kong market, driven by the U.S. Federal Reserve's interest rate cuts and the expected listing of over five large-scale IPOs [1][3] Group 2 - As of September 30, 2025, the mainland A-share market is expected to have 78 new stocks listed, raising 771 billion RMB, marking a 13% increase in the number of new stocks and a 61% increase in financing compared to the previous year [2] - The Hong Kong market is projected to have 66 new stocks listed, raising 1,823 billion HKD, which is a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - Deloitte estimates that over 80 new stocks will be listed in Hong Kong this year, raising between 2,500 billion to 2,800 billion HKD, with a focus on A+H listings and sectors such as healthcare, technology, and consumer goods [3]

周二，现货黄金在亚盘站上3750美元/盎司后，接连上破3760、3770、3780关口，截至17:15报3784美元/盎司，日内上涨近1%。交易员未理会美联储官员在 上周降息后对货币政策前景的谨慎评论。 鲍威尔将于当地时间周二（北京时间周三凌晨00:35）就经济前景发表备受关注的演讲。此前，伴随上周利率决议公布的季度利率预测（即点阵图）显示出 官员观点存在显著分歧。与此同时，多位美联储官员周一重申需要对未来的利率决策采取谨慎态度，其中包括圣路易斯联储主席穆萨莱姆，他表示在物价压 力高企的背景下，进一步降息的空间有限。 与此同时，白银价格连续三日上涨，维持在每盎司44美元附近。这种相对便宜的贵金属可能受到了看涨期权交易的支持，上周五iShares白银信托期权的日交 易量飙升至120万份，为2024年4月以来的最高水平，看涨期权数量大幅增加。 在支持性因素广泛汇聚的背景下，黄金和白银已成为年内表现最佳的主要大宗商品之一。这些因素包括：美联储放松货币政策、各国央行增加储备持有量以 及持续的地缘政治紧张局势维持了对避险资产的需求。高盛集团等大型银行已表示预期金价将进一步上涨。 展望后市，交易员将仔细分析本周即将公布的 ...

Report Summary 1. Market Data - As of September 19, 2025, the closing prices of various assets are provided, including commodities (e.g., coking coal at 1232.00, glass at 1216.00), A-shares (e.g., CSI 500 at 7170.35, SSE 50 at 2909.74), overseas stocks (e.g., Nasdaq at 22631.48, S&P 500 at 6664.36), bonds (e.g., 2-year Chinese Treasury bond yield at 1.48), and foreign exchange (e.g., USD-CNY central parity rate at 7.11) [1] - The weekly changes show that commodities rose by 0.32%, A-shares fell by 0.44%, overseas stocks fell by 1.98%, bonds had various yield changes, and foreign exchange also had corresponding fluctuations [1] 2. Commodity Views Macro - Financial Sector - **Stock Index Futures** - Strategy views: Among 8 institutions, 2 are bullish, 0 are bearish, and 6 expect a sideways movement [3] - Bullish logic: Smooth first - round Sino - US negotiations, policies to boost consumption, increased A - share trading volume, increased margin trading balance, and positive Shanghai real estate policies [3] - Bearish logic: Market already priced in rate - cut expectations, large - financial stocks' decline, regulatory intention to cool the market, approaching National Day holiday, and reduced ETF shares tracking the CSI 300 [3] - **Treasury Bond Futures** - Strategy views: Among 7 institutions, 0 are bullish, 0 are bearish, and 7 expect a sideways movement [3] - Bullish logic: Fed's interest - rate cut cycle, central bank's liquidity injection, and long - term fundamental support for the bond market [3] - Bearish logic: Expectations for Q4 growth - stabilizing policies, high risk - appetite, and poor result of 30 - year special Treasury bond issuance [3] Energy Sector - **Crude Oil** - Strategy views: Among 9 institutions, 2 are bullish, 4 are bearish, and 3 expect a sideways movement [4] - Bullish logic: Potential inflation in the far - term, Russian supply disruption, Asian demand, undervalued price, and Fed's expected rate cuts [4] - Bearish logic: Seasonal decline in European and American demand, OPEC's Q4 production increase, increased US distillate inventory, and US refinery maintenance [4] Agricultural Sector - **Soybean Oil** - Strategy views: Among 8 institutions, 1 is bullish, 4 are bearish, and 3 expect a sideways movement [4] - Bullish logic: Lower - than - expected US soybean good - quality rate, biodiesel policy, expected decline in October soybean imports, and Sino - US trade uncertainty [4] - Bearish logic: Argentina's export tax suspension, South American soybean sowing, high domestic inventory, inventory accumulation, and expected high US soybean yield [4] Non - Ferrous Metals Sector - **Aluminum** - Strategy views: Among 7 institutions, 5 are bullish, 0 are bearish, and 2 expect a sideways movement [5] - Bullish logic: Fed's rate - cut cycle, improved downstream consumption after price decline, pre - holiday stocking demand, and entry into the traditional peak demand season [5] - Bearish logic: Neutral Fed stance, continuous inventory accumulation, weak peak - season characteristics, and slow inventory depletion [5] Chemical Sector - **Methanol** - Strategy views: Among 8 institutions, 2 are bullish, 1 is bearish, and 5 expect a sideways movement [5] - Bullish logic: Iranian plant shutdown, improved MTO profit, reduced port pressure, and macro - policy support [5] - Bearish logic: High coastal inventory, strong supply pressure, and weak pre - holiday stocking demand [5] Precious Metals Sector - **Gold** - Strategy views: Among 8 institutions, 6 are bullish, 0 are bearish, and 2 expect a sideways movement [6] - Bullish logic: Strong central bank demand, US stagflation risk, Fed's rate - cut cycle, and increased ETF holdings [6] - Bearish logic: Short - term profit - taking after rate - cut, rebound of the US dollar index and Treasury yields, and potential slowdown of rate - cut [6] Black Metals Sector - **Iron Ore** - Strategy views: Among 8 institutions, 3 are bullish, 1 is bearish, and 4 expect a sideways movement [6] - Bullish logic: Decreased port inventory, pre - holiday restocking by steel mills, reduced arrivals, and increased molten iron production [6] - Bearish logic: Increased shipments from Australia and Brazil, weak steel demand, increased shipments from non - mainstream countries, and declining steel mill profitability [6]

Core Viewpoint - Global investors are significantly increasing their holdings in gold ETFs, driven by rising international gold prices and favorable market conditions despite recent comments from the Federal Reserve Chairman Powell that tempered expectations for rapid monetary easing [1][3]. Group 1: Gold ETF Demand - Last Friday, global gold ETF holdings saw the fastest increase in three years, with a single-day surge of nearly 27 tons, providing new momentum for gold prices [1]. - According to the World Gold Council (WGC), gold ETF demand from January to June increased by 397 tons, marking the largest demand inflow for the same period since 2020 [4]. - As of the end of June, the total gold held in ETFs reached 3,615.9 tons, the highest since August 2022, approaching the historical peak of 3,915 tons set five years ago [4]. Group 2: Market Analysis and Predictions - Analysts from Montreal Bank Capital Markets noted that despite a brief price pullback following the Fed's rate cut, the continued inflow of ETF funds has created new upward momentum for gold prices [3]. - The current low-interest-rate environment is favorable for gold, a non-yielding asset, and the ongoing geopolitical tensions are supporting safe-haven demand [3]. - Major investment banks, including Goldman Sachs, expect further increases in gold prices, indicating a positive outlook for the commodity in the fourth quarter [3]. Group 3: Price Trends and Risks - Spot gold prices reached a new all-time high of $3,759.16 per ounce during Asian trading on Tuesday, reflecting strong demand from investment managers and traders seeking to hedge against risks in U.S. equities [4]. - Analysts from Heraeus Precious Metals noted that gold prices have surged over 10% in the past five weeks, suggesting a potential for price consolidation or slight pullback in the short term due to overbought conditions [5].

Report Industry Investment Rating - Industrial products and precious metals are recommended for long - position allocation on dips [3] Core Viewpoints - Domestic policy expectations are rising, and the government is trying to implement more proactive macro - policies to cope with the increased external pressure [1] - The inflation outlook in the United States is clearer, with the Fed cutting interest rates and the possibility of further cuts in the future. Different commodity sectors have different trends and investment opportunities [2] - Precious metals are expected to continue to strengthen due to the trends of de - dollarization and the interest - rate cut cycle [2][5] Summary by Directory Market Analysis - In August, China's economic data showed signs of weakness, with features like "slow industry, weak investment, and dull consumption". External tariff pressure increased, and the government proposed stable - growth policies. The central bank maintained LPR and conducted 14 - day reverse repurchase operations. There were also positive developments in Sino - US economic and trade relations [1] - The US 8 - month ISM manufacturing index has been shrinking for six consecutive months, with improved new orders and a falling price index. The Fed cut interest rates by 25 basis points, and there are expectations of further cuts. The US Senate rejected short - term spending bills, and there is a risk of a government shutdown. The US promised to support Argentina, causing a sharp rise in Argentine dollar - denominated bonds [2] Commodity Sector Analysis - The black and new - energy metal sectors are sensitive to domestic supply - side factors; precious metals and agricultural products are related to overseas inflation expectations. The black sector is restricted by downstream demand, the non - ferrous sector has long - term supply constraints, the energy supply is expected to be relatively loose in the medium term, the "anti - involution" space in the chemical sector is worthy of attention, and agricultural products are affected by tariffs and inflation expectations [2] - Precious metals, especially gold, are expected to continue to strengthen despite the "sell - the - fact" situation after the Fed's interest - rate cut. On September 22, spot gold reached a new high of $3720 per ounce, up nearly 8% this month [2][5][6] Strategy - Recommend long - position allocation of industrial products and precious metals on dips in the commodity and stock index futures markets [3]