"创新牛"方兴未艾，在资本市场新气象的驱动下，一场关于中国资产的价值重塑正悄然展开，居民财富 悄然"迁徙"。截至9月25日收盘，上证指数年内涨14.96%，深证成指涨29.11%，创业板指涨51.09%，恒 生指数涨32.03%，恒生科技指数涨42.77%。 "中国居民储蓄将更多流向金融投资，尤其是未来能够创造稳定现金流的优质项目将成为最具吸引力的 资产。这些新项目的底层资产主要涵盖与科技创新和高质量发展相适配的新基建、消费基建、新型城镇 化等领域，与国家重大战略方向高度契合。"在近日举办的全球资管中心评价指数发布暨CLF50秋季会 议上，盛松成接受了21世纪经济报道记者专访。 内外部环境也给中国资产价格提供了支撑。在盛松成看来，中国降息的外部环境改善，预计未来美联储 降息还会持续，中国降息仍有空间。不过，短期内中国尚不具备"大幅"降息的基础，预计未来一段时 期，中国依然会以积极的财政政策为主，适度宽松的货币政策予以配合。 9月22日，中国人民银行行长潘功胜回应美联储降息时表示，中国货币政策坚持以我为主、兼顾内外平 衡，往后看，我们将根据宏观经济运行情况和形势变化，综合应用多种货币政策工具保证流动性充裕。 美 ...

要知道香港治安优等生的形象和银幕上枪林弹雨的警匪片本就反差萌，如今现实版黄金劫案直接打破次元壁！更戏剧性的是，现阶段金价正因美联储降息 预期狂飙，全球央行都在疯狂囤金，连地缘政治都在给黄金"加Buff"，难怪连犯罪分子都开始研读《黄金投资指南》了~（注：用游戏术语替代金融术 语） 港片照进现实？黄金大劫案惊现红磡！，， 反转来得比电影还刺激！香港九龙红磡17日上演真实版《惊天劫金案》，10名蒙面悍匪凌晨突袭打金工场，65公斤金条，5800万港币战利品到手后，竟用 铁链把报案人锁在门外潇洒离场——这剧情连《怒火·重案》编剧都不敢这么写！（注：本段采用倒叙手法，电影IP联动） 非常新战报：重案组已介入调查，但截至发稿这群"黄金圣斗士"仍在逃。友情提示：本文素材源自网络，若涉及版权问题请联系秒删。看官们要是觉得这 波操作比港片还带感，记得点赞转发三联哦！（注：添加互动话术）， 彩蛋时间，， ?现实比电影更野系列：劫匪逃跑时不忘锁门的"职业素养"， ?冷知识：我国央行已连续10个月增持黄金， ?神吐槽：建议香港警队下次拍宣传片直接纪录片取材（注：补充趣味信息点） ...

Market Overview - On September 25, A-shares experienced a volatile upward trend, with the ChiNext Index rising over 2% at one point, reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30 points, down 0.01%; the Shenzhen Component Index closed at 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was 239.18 billion yuan, an increase of 44.6 billion yuan compared to the previous trading day [1] International Indices - The Nikkei 225 Index closed up 0.27% at 45754.93 points, while the Korean Composite Index fell 0.03% to 3471.11 points on the same day [2] - Domestic commodity futures saw most main contracts rise, particularly in copper [2] Bond Market - On September 25, the performance of government bond futures was mixed, with the 30-year bond futures (TL2512) closing at 114.110 yuan, up 0.120 yuan (0.11% increase) [2] - The 10-year bond futures (T2512) closed at 107.610 yuan, down 0.010 yuan (0.01% decrease) [2] - The 5-year bond futures (TF2512) closed at 105.525 yuan, down 0.015 yuan (0.01% decrease) [2] - The 2-year bond futures (TS2512) closed at 102.314 yuan, down 0.010 yuan (0.01% decrease) [2] ETF Performance - On September 25, various ETFs showed mixed results, with the Cloud 50 ETF (560660) rising 4.02%, and the Big Data Industry ETF (516700) increasing by 3.60% [3] - Conversely, the Hong Kong Dividend ETF (513690) fell by 1.77%, and the Hong Kong Dividend Low Volatility ETF (520890) decreased by 1.64% [3] Institutional Insights - Guohai Securities' strategy team released a report indicating that A-shares are expected to advance further in Q4 2025, driven by policy and liquidity, with a more balanced style [4] - Barclays' research team noted that the Federal Reserve's loose monetary policy, global economic slowdown, and reduced market volatility create favorable conditions for emerging market assets [4] - UBS Wealth Management's CIO office suggested that gold prices may have further upside potential due to expected declines in U.S. real interest rates amid continued high inflation [4] - Luo Zhiheng, Chief Economist at Yuekai Securities, stated that the current A-share rally is based on a more solid foundation, with sustainability likely to exceed most historical trends [4]

Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including increased market liquidity, expectations of interest rate cuts by the Federal Reserve, geopolitical tensions, and ongoing central bank purchases of gold [2][3][4]. Group 1: Factors Driving Gold Price Increase - The gold market has seen a significant influx of new funds, which has been a direct driver of the recent price surge [2]. - Expectations of 1-2 interest rate cuts by the Federal Reserve this year have increased gold's investment appeal, as lower rates reduce the opportunity cost of holding gold [2]. - Geopolitical tensions, particularly in the Middle East, have heightened market risk aversion, leading investors to seek safety in gold [3]. - Central banks, including the People's Bank of China, have been increasing their gold reserves, which supports long-term gold price stability [3]. Group 2: Market Sentiment and Diverging Opinions - There is a split in market sentiment regarding the future of gold prices, with some analysts optimistic about continued upward movement, while others caution against potential pullbacks [4]. - Optimistic views suggest that gold could reach $4,000 per ounce, supported by a favorable interest rate environment [4]. - Conversely, some experts warn that gold is currently at a high level and may face risks of a pullback, as historical trends indicate limitations on price increases [4]. Group 3: Investment Recommendations - Investors are advised to adopt a cautious approach, focusing on stable investment options such as gold ETFs or gold-related stocks, while being wary of high-risk leveraged products [5]. - Close monitoring of policy expectations and market sentiment is crucial, as recent price increases may be driven by technical factors and speculative trading [5]. - The upcoming change in the Federal Reserve chairmanship could lead to a more accommodative monetary policy, potentially supporting long-term gold price increases [7].

摘要今日周四（9月25日）亚盘时段，现货黄金温和上扬，现报3748.06美元/盎司；近四日涨超3.2%， 受降息预期与买盘支撑，后续或延续强势。 今日周四（9月25日）亚盘时段，现货黄金温和上扬，现报3748.06美元/盎司；近四日涨超3.2%，受降 息预期与买盘支撑，后续或延续强势。 【最新现货黄金行情解析】 在当前的市场态势下，看涨动能依旧占据主导地位。自8月下旬起，黄金便踏上了强劲的上涨征程，其 价格一路高歌猛进，屡屡刷新历史新高，如今已逼近每盎司3800美元这一关键关口。从技术层面来看， 目前尚未显现出明显的趋势反转信号，多头格局依然是市场的主要参照依据。倘若买盘动能得以持续， 那么黄金的上行趋势有望继续保持强劲势头。 RSI指标长时间处于70上方的超买区间，清晰地反映出短期买盘压力极为强劲，致使市场供需关系出现 一定程度的失衡。一般而言，这种情况往往预示着价格可能需要进行阶段性休整，从而为短期技术性回 调创造空间。不过，只要RSI指标没有出现明确的向下破位迹象，预计看涨力量仍将在市场中占据主导 地位，当然，在此期间也存在着临时调整的潜在风险。 MACD柱状线呈现出显著的走高态势，这表明市场的上涨动能 ...

Core Viewpoint - The recent surge in international gold prices, surpassing $3,790 per ounce, is driven by three key factors: expectations of Federal Reserve interest rate cuts, escalating geopolitical conflicts, and weakening dollar credibility [1][3][4]. Group 1: Factors Driving Gold Prices - **Federal Reserve Rate Cut Expectations**: Since August 2025, U.S. inflation data has eased, leading to a market expectation of over 90% for a rate cut in September. Historically, gold performs strongly during rate cut cycles. Concerns over potential manipulation of Fed policies have also led to a loss of confidence in the dollar, driving funds towards gold as a safe haven [4]. - **Geopolitical Conflicts**: The ongoing Russia-Ukraine conflict and heightened tensions in the Middle East, along with uncertainties surrounding U.S. election policies, have directly contributed to the rise in gold prices [5]. - **Weakening Dollar Credibility**: The U.S. national debt has exceeded $37 trillion, significantly surpassing market expectations. Central banks globally are increasing their gold reserves, with China's central bank having added gold for ten consecutive months, marking a shift where gold's share in reserves has surpassed that of the euro [7]. Group 2: Investment Options for Individuals - **Gold ETFs**: These have low entry barriers and high liquidity, such as the Huaan Gold ETF (code 518880), which is directly linked to the Shanghai Gold Exchange's AU99.99 spot contracts. The advantages include a minimum investment of 1 gram and low transaction fees of 0.04%, with T+0 trading support. However, short-term price fluctuations can be influenced by market sentiment [10]. - **Physical Gold**: Suitable for long-term holding, options include bank gold bars, gold accumulation plans, and branded gold jewelry. It's important to note that jewelry often carries a high premium (approximately 15% processing fee), and recovery may involve discounts. Accumulation gold is recommended for dollar-cost averaging [12]. - **Gold Stocks**: These offer high volatility and potential for significant returns, represented by companies like Western Gold and Huayu Mining. However, they are subject to broader market performance and company-specific factors, leading to greater price fluctuations compared to gold itself [14]. Group 3: Investment Strategy Recommendations - **Avoiding High Prices**: Current gold prices are at historical highs, and short-term corrections may occur due to Federal Reserve policy changes or easing geopolitical tensions. For instance, gold prices fell from $3,500 to $3,120 in April 2024, a decline of 11% [17]. - **Gradual Investment**: Implementing a dollar-cost averaging strategy through regular investments in gold ETFs or accumulation gold can help smooth out purchase costs, such as investing $500 monthly [18]. - **Dynamic Adjustments**: If gold prices exceed $4,000, partial profit-taking may be advisable while maintaining a core position. It is recommended to limit gold allocation to 5%-10% of total household assets rather than making concentrated bets [19].

Core Insights - The strategic position of gold as a safe-haven asset is rising amid increasing global economic uncertainty, with the gold trading market entering a new era driven by AI algorithms in 2025 [1] - Six platforms, including Huimin Finance, Wealth Alliance, Jinchao Investment, Puhui Gold, Today Finance, and Puluohui, are redefining the efficiency and precision of gold investment through differentiated technological advantages [1] Group 1: Huimin Finance - Huimin Finance integrates inclusive finance with AI strategies, offering a unique "zero-threshold + high-precision" competitive edge [1] - The platform's AI dynamic strategy model provides real-time asset rebalancing suggestions, achieving a short-term trading success rate of 68% during the 2025 Federal Reserve rate hike cycle [1] Group 2: Wealth Alliance - Wealth Alliance combines social networking with AI algorithms, creating the world's first gold strategy alliance ecosystem [2] - The "Star Strategy Copying System" allows users to replicate top traders' operations, reducing the entry barrier for novices by 60% and increasing average user returns by 22% in 2025 [2] Group 3: Jinchao Investment - Jinchao Investment utilizes FPGA hardware acceleration technology to reduce order execution delays to under 0.1 milliseconds, achieving a 99.97% order success rate during extreme market conditions in 2025 [3] - The AI market analysis system integrates over 200 global data sources, reducing manual interpretation errors by 43% through patented pattern recognition algorithms [3] Group 4: Puhui Gold - Puhui Gold focuses on "passive investment + intelligent value addition," addressing traditional gold investment pain points [4] - The platform's "gold supply-demand model" generates medium to long-term price forecasts, with users extending their holding periods to an average of 18 months and achieving a 40% higher annual return compared to traditional gold buying methods [4] Group 5: Today Finance - Today Finance positions itself as the "Bloomberg terminal for gold investors," providing data-driven decision support across macro and micro dimensions [7] - The AI analyzes over 200 variables, including Federal Reserve policies and social media sentiment, generating dynamic trading signals and helping users accurately grasp market trends [7] Group 6: Puluohui - Puluohui employs adaptive network optimization algorithms to maintain over 95% order success rates in weak network environments [8] - The platform supports seamless switching across multiple terminals, achieving a 99.97% order success rate in a desert region test conducted by a Middle Eastern sovereign fund in 2025 [8] Group 7: Innovative Features - The platforms offer various innovative features, such as real-time monitoring of gold rental yields, blockchain traceability systems, and intelligent hedging tools, enhancing user experience and investment efficiency [9][10] - Advanced technologies like military-grade encryption and a global trading network ensure transaction security and efficiency, supporting up to 100,000 concurrent transactions per second [11]

白银走势分析： 现货白银周二上涨至44.4后出现了调整，目前低点在44附近，白银看涨不追涨，等待回落做多，那么，经过这波的调 整，近期可能有做多的机会。白银下方的支撑在43.5附近，今天关注此点位做多的机会，上方阻力则在44.8/45区间， 如果做了高位多单的朋友也不要过分看上方空间，尽量在本周做高位的短线交易。沪银支撑在10200附近，同样是等待 回落修正后多。当然，还是要注意一点，在国庆节前沪银也有可能会走出较大调整空间，跌破10200后再看9900之下 对于今日行情而言，黄金继续保持看涨不追涨，回落做多，不猜顶原则即可。金价在周二出现极限上涨至3791后，午 夜走出了较大力度的调整，最低在3752，这40美金的下跌并没有改变暂时黄金的多头趋势，目前顶多说明黄金可能会 是一个高位震荡，所以，周三保持低多原则不变，看3800关口是否破位。技术面来看，目前k线收在布林上轨之下，有 可能会在周三，周四出现连续调整后收口，所以，目前看涨明显，但不要过分看涨，可能会在调整中出现中期的调整 力度，大家注意这有点即可。下方的强势支撑在3715，只要不破这一点，黄金难以出现强弱转换。 4小时图K线出现了高位三连阴的表现， ...

最近黄金价格一路走高，不少人盯着黄金想"赚一笔"，可奇怪的是，金价越涨，麻烦事反而越多。 有人抢金店，有人存的黄金取不出来，甚至连开金店的都在"跑路"。 要么想赶紧把黄金取出来卖掉"落袋为安"，要么就动了歪心思。 资料参考：智通财经2025-09-24——黄金一路上涨 投资者"恐高症"进退两难 机构仍看涨但提示风险声增多｜调研 先说说那些离谱的事： 武汉有个男子，试戴70克的金项链时，没付钱就带着项链走了；杭州万象城更夸张，有人直接用铁锤砸开六福珠宝的橱窗抢黄金。 更颠覆认知的是，别以为金价涨了金店就赚翻，其实很多金店不仅不赚钱，还可能亏得底朝天。 一、"抢金""跑路" 这两年黄金价格像坐了火箭，一路往上冲，原本安安静静买黄金、存黄金的人，也开始慌了。 这些还只是"小打小闹"，更让人心慌的是"金店跑路"。 北京朝阳区的中国黄金双井富力广场店、海淀区的山东黄金贵友大厦店，都先后"关门失联"了。 据不完全统计，光是海淀那家山东黄金店，涉案金额就高达4个亿。 资料参考：2024-03-26每日经济新闻——"寄存的金条取不出来了"！门店"失踪"，原加盟商"爆雷"，涉案金额或达4亿元，千亿国企巨头回应 更讽刺的是，这家 ...

Core Viewpoint - The recent fluctuations in gold prices are primarily driven by expectations of interest rate cuts by the Federal Reserve, alongside geopolitical tensions and central bank purchases of gold, which provide a safety net for prices [1][2][4]. Group 1: Gold Price Movements - As of September 24, 2023, COMEX gold futures peaked at $3,803.6 per ounce, slightly retreating from a record high of $3,815.7 per ounce the previous day [1]. - The SPDR GOLD TRUST, the world's largest gold ETF, saw its holdings increase to 1,000.57 tons as of September 23, indicating strong institutional interest [1]. - Analysts predict that the Federal Reserve will likely implement two more rate cuts within the year, which is expected to support gold prices [1]. Group 2: Federal Reserve's Influence - The chief investment strategist at Standard Chartered highlighted that the Federal Reserve's rate cuts are a key factor behind the recent rise in gold prices, despite ongoing inflation risks [2]. - The CME "FedWatch" tool indicates a 93% probability of a 25 basis point rate cut in October, with a 76.2% chance of cumulative cuts of 50 basis points by December [3]. - Federal Reserve Chairman Jerome Powell's recent comments suggest a cautious approach to further rate adjustments, emphasizing the risks in the job market [2][3]. Group 3: Central Bank and Institutional Buying - Central banks, particularly in emerging markets, continue to increase their gold reserves, providing long-term support for gold prices [4][5]. - China's central bank has increased its gold holdings for ten consecutive months, contributing to the upward pressure on gold prices [4]. - The increase in gold ETF holdings and COMEX gold futures inventory reflects a growing preference for gold among investors [4]. Group 4: Factors Influencing Future Gold Prices - Key factors driving gold price increases include the expected decline of the US dollar, heightened geopolitical risks, and the low interest rate environment [5]. - The future trajectory of gold prices will largely depend on geopolitical developments and the status of US debt issues, with potential for price stability or downward pressure if tensions ease [5].