ar no h the it Las & & R & R = 2 = 2 = 7 = 1 = 7 = 129 0 0 454 21 12:0 【明 第 F K E R BE FE F F F F IT ANT TOE ARE MILIALITATE ! AMEROBINE OD n A / / / 120 MICHARDAN THE LEHIH I a minimal Particle of the states of the 11 6800 013 1100 air r II one of chauser II 09 @ Than EMIB e 49 A 3 IID 845500 08: 8 9 记者 老盈盈 6月5日16时26分，一块由新疆维吾尔自治区额敏县人民法院进行拍卖的200克金条在阿里司法拍卖平台上结束了一天的竞拍，比预定时间超时了26分钟。出 价竞买这块金条的次数多达297次，最后成交价为155563.2元，每克金条的价格为777.81元。 这块金条的起拍价为119723.2元，每克起拍价为598.6元，远低于市场价。6月4日，上海黄金交易所AU9999黄金价格收盘价为779.46元/克，最高报 ...

北京时间6月4日晚间，美国5月ADP就业数据（俗称"小非农"）以3.7万的新增就业人数震惊市场，仅为预期值11万的三分之一，创2023年3月以来最低增 幅。数据公布后，美元指数短线跳水20个基点，一度跌破99关口至98.9783，现货黄金则飙升6美元至3354.52美元/盎司，凸显市场对经济前景的担忧与避险 需求的激增。叠加当日公布的美国5月ISM服务业PMI降至49.9（近一年首次萎缩），以及特朗普政府上调钢铝关税至50%的政策冲击，黄金多头迎来多重利 好共振。 当日公布的美国5月ISM服务业PMI进一步加剧了市场恐慌。该指数从4月的51.6骤降至49.9，为2024年6月以来首次跌破荣枯线，新订单指数更暴跌5.9个点至 46.4，创近两年最大跌幅。分项数据中，支付价格指数跳升至68.7（2022年11月以来最高），显示企业成本压力仍在累积，而就业指数从50.2降至49.2，印证 劳动力市场恶化。 一、小非农数据"暴击"美元，降息预期白热化 此次ADP数据的疲软程度远超市场预期。此前，市场普遍预测5月私营部门就业将新增11万人，但实际仅为3.7万，且4月数据从8万下修至6万，显示劳动力 市场加速降温。数据公 ...

Group 1 - Spot gold traded around $3,370 per ounce, rising nearly 1% on June 4 due to weak U.S. data and a softening dollar, reaching a high of $3,384.71 [1] - Domestic gold prices reported at ¥781.76 per gram, with a basic gold price of ¥778.1 per gram and retail price for investment gold bars at ¥794.1 per gram [1] Group 2 - Weak U.S. economic data has strengthened the demand for safe-haven assets, with the ISM non-manufacturing PMI falling to 49.9 in May, marking the first drop below the neutral line since June 2024, and the ADP employment increase at only 37,000, the lowest in over two years [3] - The uncertainty surrounding tariff policies, with the Trump administration doubling steel and aluminum tariffs to 50%, is expected to increase inflation concerns and enhance gold's appeal as an anti-inflation asset [5][6] - Goldman Sachs has raised its year-end gold price target to $3,700, emphasizing the combined impact of tariff uncertainty and recession risks [6] Group 3 - Technical analysis indicates that gold prices closed at $3,372.60, maintaining above the 50-day moving average, with significant resistance at the $3,400 level [7] - Silver prices closed at $34.489, forming a doji pattern, with strong resistance at $34.80 and support from the 20-day moving average [11]

1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Affected by tariffs and geopolitical tensions, the Shanghai precious metals market closed higher across the board. Trump's decision to raise steel and aluminum import tariffs from 25% to 50% led to a sharp increase in market risk - aversion, causing a significant short - term rise in gold prices. [2] - In the short term, gold may face insufficient upward momentum. The US May ISM Manufacturing PMI hit a new low since November 2024, indicating potential upward pressure on the economy. [2] - Fed officials' dovish signals on interest - rate cuts have boosted expectations of Fed rate cuts. Global gold ETFs showed a net outflow in May, but central bank gold purchases have offset some of the outflows. [2] - Geopolitical risks are continuously rising, which has continuously boosted the safe - haven property of gold. Silver has maintained a strong trend due to the strength of gold prices, and the gold - silver ratio is expected to decline in the short term. [2] - In the long term, the US debt problem may lead to a long - term global de - dollarization trend, which is structurally beneficial to gold prices. The long - term bullish logic for gold remains unchanged, and it may maintain a volatile and slightly upward trend in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract was 783.1 yuan/gram, up 11.3 yuan; the closing price of the Shanghai Silver main contract was 8456 yuan/kg, up 238 yuan. [2] - The positions of the Shanghai Gold main contract were 180,833 lots, down 413 lots; the positions of the Shanghai Silver main contract were 370,146 lots, up 36,120 lots. [2] - The net positions of the top 20 in the Shanghai Gold main contract were 125,869 lots, up 888 lots; the net positions of the top 20 in the Shanghai Silver main contract were 144,704 lots, down 8,409 lots. [2] - The warehouse receipt quantity of gold was 17,247 kg, unchanged; the warehouse receipt quantity of silver was 1,068,846 kg, up 1,961 kg. [2] 3.2 Spot Market - The Shanghai Non - ferrous Metals Network gold spot price was 781.3 yuan/gram, up 14.8 yuan; the silver spot price was 8425 yuan/kg, up 245 yuan. [2] - The basis of the Shanghai Gold main contract was - 1.8 yuan/gram, up 3.5 yuan; the basis of the Shanghai Silver main contract was - 31 yuan/kg, up 7 yuan. [2] 3.3 Supply and Demand - Gold ETF holdings were 933.07 tons, up 2.87 tons; silver ETF holdings were 14,351.82 tons, up 48.07 tons. [2] - The non - commercial net positions of gold in CFTC were 174,184 contracts, up 10,203 contracts; the non - commercial net positions of silver in CTFC were 53,012 contracts, up 2,970 contracts. [2] - The total supply of gold in the quarter was 1313.01 tons, up 54.84 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces. [2] - The total demand for gold in the quarter was 1313.01 tons, up 54.83 tons; the global total demand for silver in the year was 1195 million ounces, down 47.4 million ounces. [2] 3.4 Option Market - The 20 - day historical volatility of gold was 22.57%, up 0.36 percentage points; the 40 - day historical volatility was 27.14%, down 0.12 percentage points. [2] - The implied volatility of at - the - money call options for gold was 23.13%, down 0.28 percentage points; the implied volatility of at - the - money put options was 23.14%, down 0.27 percentage points. [2] 3.5 Industry News - The EU is deeply regretful about Trump's decision to raise steel and aluminum tariffs from 25% to 50% on June 4, which has increased economic uncertainty across the Atlantic. [2] - The Trump administration has requested the federal appellate court to block the order of the former District of Columbia Federal District Court ruling its tariff policy as "illegal". [2] - The Institute of International Finance has warned that the soaring US debt may trigger a global bond - market crisis. [2] - Fed official Goolsbee said that the direct impact of tariffs on the economy is unexpectedly limited, and interest rates are expected to decline in the next 12 - 18 months. [2] - The US May ISM Manufacturing PMI was 48.5, a new low since November 2024. [2]

Investment Rating - The industry investment rating is "Outperform the Market" [74] Core Views - Precious Metals - Gold: The U.S. International Trade Court has blocked Trump's "Day of Liberation" tariffs, leading to a slight decline in gold prices. As of May 30, the COMEX gold futures contract fell by 1.33% to $3,313.10 per ounce. The SPDR Gold ETF increased by 0.8% to 930.2 tons. Short-term uncertainties in U.S. policy, trade negotiations, and geopolitical factors continue to support safe-haven demand for gold. In the medium to long term, ongoing macro uncertainties abroad and the weakening of the dollar's credit are expected to enhance gold's monetary attributes, leading to a positive outlook for gold prices [4][7]. - Industrial Metals: Domestic metal inventories remain relatively low, with a focus on downstream demand in June [5]. As of May 30, LME copper futures fell by 1.2% to $9,497 per ton, while domestic copper social inventory reached 138,700 tons, with a slight decrease of 1,200 tons. LME copper inventory stood at 149,900 tons, indicating a positive trend in inventory reduction. The copper market shows resilience, and if downstream demand exceeds expectations, copper prices may enter an upward channel [6][7]. - Aluminum: As of May 30, LME aluminum futures fell by 0.7% to $2,448.5 per ton. Domestic aluminum social inventory reached 511,000 tons, with a reduction of 46,000 tons. The global electrolytic aluminum inventory continues to decline. Despite some seasonal weakness in downstream sectors, demand remains resilient, and the aluminum price is expected to rise in the medium to long term due to policy support and improved demand expectations [6][7]. Summary by Sections Precious Metals - Gold prices have slightly declined due to tariff uncertainties, but medium to long-term outlook remains positive due to macro uncertainties and dollar weakening [4][7]. Industrial Metals - Copper: Domestic demand is gradually recovering, with a long-term demand space opening up due to industrialization in emerging markets. The tight supply of copper concentrate is expected to support prices [6][7]. - Aluminum: The supply-demand dynamics are favorable, with expectations of rising aluminum prices due to strong demand and reduced inventory levels [6][7]. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. Specific companies to watch include Chifeng Jilong Gold Mining for gold, Zijin Mining for copper, and Tianshan Aluminum for aluminum [7].

Group 1 - The core viewpoint is that the recent surge in gold prices is driven by geopolitical tensions, trade disputes, and a weakening US dollar, making gold an attractive safe-haven asset [3][4][5] - Trump's decision to double tariffs on imported steel and aluminum from 25% to 50% has raised concerns about potential job losses and supply chain disruptions, particularly affecting Canada and the EU, which are major suppliers [3] - The ongoing conflict between Russia and Ukraine has escalated, with significant military actions from both sides, contributing to market uncertainty and further driving investors towards gold [3][4] Group 2 - The US dollar index has recently fallen below 99, which typically boosts gold prices as they have an inverse relationship [3] - Central banks globally are increasing their gold purchases, with last month's net buying reaching a new high, providing strong support for gold prices [3] - The long-term outlook for gold remains positive due to increasing global economic uncertainty, trade tensions, and geopolitical risks, reinforcing its role as a hedge against inflation and market volatility [4][5]

市场情绪随之剧烈波动。金价当日上演V型反转，亚欧时段曾下探3245美元/盎司逾一周低位，但随着司法变局消息发酵，多头资金蜂拥入场推动金价一 度突破3330美元/盎司关键心理关口，最终收报3317.59美元/盎司，单日涨幅达0.9%。 技术面呈现多空拉锯从日线图观察，黄金价格形成带长下影线的锤头阳线，但5日均线与10日均线维持死叉形态，显示短期趋势仍存分歧。技术分析师 指出，当前需重点关注3335美元/盎司趋势线压力位争夺，若有效突破可能打开上行空间；下方支撑则上移至3300美元/盎司整数关口，若失守则需警惕 回调至3286美元/盎司区域。 5月30日亚洲时段早盘，国际金价呈现技术性回调走势，截至发稿时报3305.09美元/盎司，跌幅0.39%。日内波幅收窄至20美元区间，开盘价3319.06美元/ 盎司，盘中触及3322.52美元/盎司高位后回落，最低下探至3302.27美元/盎司。 美国政坛司法角力持续发酵，成为驱动金价波动的核心变量。周四（5月29日）联邦巡回上诉法院突发紧急裁决，暂停执行国际贸易法院前日作出的"特 朗普关税违宪"判决，令这项涉及数千亿美元贸易流的政策瞬间起死回生。司法文书显示，上诉法院要 ...

Group 1 - Recent fluctuations in global financial markets have led to a short-term correction in gold prices, currently around $3,278 per ounce, but this is viewed as a technical adjustment within a longer-term bullish trend [1] - The geopolitical and economic uncertainties are enhancing gold's appeal as a safe-haven asset, suggesting strong potential for future price increases [1][5] - The Federal Reserve's ambiguous policy signals, with persistent core inflation and a strong job market, are contributing to a complex environment for gold, as the potential for a shift to a more accommodative stance could provide upward momentum for gold prices [3][4] Group 2 - The recent ruling by the U.S. International Trade Court regarding tariffs from the Trump era has sparked discussions on trade policy, which could lead to renewed tensions and support for gold as a hedge against inflation and market volatility [4] - Escalating geopolitical conflicts, particularly the intensifying Russia-Ukraine war and ongoing Middle Eastern tensions, are driving demand for gold as a secure asset amidst rising global uncertainties [5] - Highland Group recommends a cautious investment strategy in gold, suggesting a phased approach to building positions while monitoring key geopolitical developments and Federal Reserve announcements [7][9]

Group 1 - Sichuan Gold Co., Ltd. announced a share reduction plan by two major shareholders, Beijing Jinyang Mining Investment Co., Ltd. and Zijin Mining Group Southern Investment Co., Ltd., which will collectively reduce up to 5.5% of the company's shares [3][4] - The company's stock price has been underperforming, with a recent decline following the announcement of the share reduction, closing at 24.25 yuan per share, down 4.53% [4] - Sichuan Gold's stock price had previously seen a recovery this year, with an increase of over 18% as of May 23, but it still lags behind other gold companies that achieved over 30% gains [5] Group 2 - The company's financial performance shows modest growth, with a revenue of approximately 639.83 million yuan in 2024, a year-on-year increase of 1.72%, and a net profit of about 248.19 million yuan, up 17.67% [6] - In the first quarter of this year, Sichuan Gold reported a revenue of 208 million yuan, a 9.71% increase year-on-year, and a net profit of approximately 95.87 million yuan, reflecting a 24.87% growth [6] - The company is currently transitioning from open-pit to underground mining, which is impacting its performance, and it is actively seeking new mineral resources and potential acquisition targets [6][7] Group 3 - Sichuan Gold's primary mining resource, the Suoluo Gold Mine, has limited reserves compared to competitors, with a total resource of 876 million tons and 28,130 kilograms of gold, which is significantly lower than other major players in the industry [7] - The company faces risks related to its reliance on a single mining resource, which could severely impact its operations if any adverse events occur [7] - Analysts suggest that geopolitical tensions could influence gold prices, potentially benefiting companies like Sichuan Gold if prices rise due to increased demand for safe-haven assets [8]

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector [3]. Core Views - The report highlights the impact of U.S. tariff policies and a weak dollar on gold's safe-haven appeal, suggesting that uncertainty in tariff policies may elevate gold's attractiveness [1][34]. - The copper market is experiencing a period of volatility, with prices remaining in a consolidation phase due to macroeconomic uncertainties and inventory dynamics [2]. - The aluminum market is supported by favorable domestic macro policies and declining social inventories, which are expected to bolster aluminum prices [2]. - The lithium sector is facing challenges with low prices leading to production cuts, indicating that the industry still needs to find a bottom [2]. - The silicon metal market is characterized by weak demand and oversupply, leading to a bearish price outlook in the short term [2]. Summary by Sections Non-Ferrous Metals - Gold: The weak dollar and U.S. tariff uncertainties are expected to support gold prices, with recent declines attributed to market corrections [1][34]. - Copper: The market is observing a mixed macroeconomic environment, with a recent PMI reading of 52.3 indicating resilience, but concerns about future economic prospects persist [2]. - Aluminum: Domestic policies are favorable, and social inventories are decreasing, which is expected to support aluminum prices [2]. Industrial Metals - Copper: Current inventory levels are at 552,000 tons, with a slight decrease of 20,000 tons week-on-week, providing some support for prices [2]. - Aluminum: The theoretical operating capacity of the aluminum industry has increased to 43.865 million tons, with production recovery in certain regions [2]. Energy Metals - Lithium: Prices for lithium carbonate have decreased, with industrial-grade lithium carbonate at 61,000 yuan/ton, reflecting a 2.2% drop [2]. - Silicon Metal: The market is facing a supply-demand imbalance, with social inventory at 582,000 tons, indicating a bearish price outlook [2]. Key Stocks - Recommended stocks include Zijin Mining, Shandong Gold, and Chifeng Jilong Gold for gold; Luoyang Molybdenum and China Hongqiao for aluminum; and Ganfeng Lithium and Tianqi Lithium for lithium [1][2][6].