Market Overview - The Hang Seng Index opened up 0.64% and the Hang Seng Tech Index rose by 0.99%, with major tech stocks collectively increasing, including JD.com up nearly 3%, Baidu up 2.3%, Xiaomi up nearly 2%, Alibaba up over 1%, and Kuaishou up 0.77% [1] - Spot gold reached a new high of $3,547 per ounce, leading to strong performance in gold stocks, with Tongguan Gold and Chifeng Gold rising over 5% [1] - Automotive stocks generally rose, with NIO and Li Auto both increasing over 3% [1] Market Sentiment and Trends - The Hong Kong stock market experienced a fourth consecutive month of gains in August, driven by southbound capital inflows, improved market sentiment, and expectations of a Federal Reserve rate cut [2][3] - There is a strong net inflow of southbound capital, and external funding conditions are improving, although concerns about the fundamentals remain [3] - The potential for foreign capital to return to Hong Kong stocks is heightened under the Fed's anticipated rate cut, particularly favoring technology and financial sectors [3] Investment Opportunities - The overall profitability of Hong Kong stocks is relatively strong, with sectors like internet, new consumption, and innovative pharmaceuticals being relatively scarce [3] - Despite recent gains, the overall valuation of Hong Kong stocks remains low, suggesting a favorable long-term investment outlook [3] - The deepening of the Hong Kong listing system reform is expected to enhance asset quality and liquidity in the market [4] Company News - WuXi AppTec (02268) plans to place 23 million shares to raise HKD 1.31 billion, with a placement price of HKD 58.85 per share [6] - NIO (09866) reported Q2 automotive sales of RMB 16.1361 billion, a year-on-year increase of 2.9%, with revenue of approximately RMB 19.009 billion, up 9% year-on-year [6] - NIO's Q3 revenue guidance is set between RMB 21.81 billion and RMB 22.88 billion, marking a historical high [6]

智通财经APP注意到，黄金延续连续六天的涨势，刷新历史最高纪录。由于美国降息前景增强了黄金的吸引力，加之股市和债市抛售促使交易员寻求避险， 贵金属需求持续攀升。 周三亚洲市场开盘时，现货黄金价格上涨0.4%，至每盎司3546.96美元，略高于周二创下的历史高点。在过去六个交易日中，金价累计上涨5%，支撑因素包 括市场对美联储未来政策的重新担忧、发达国家预算问题引发的避险需求升温。 今年以来黄金涨幅超过三分之一，成为表现最佳的主要大宗商品之一。近期上涨动力源于市场预期美联储本月将降息——此前美联储主席鲍威尔已谨慎地为 降息打开大门。本周五将公布的美国关键就业报告很可能进一步显示劳动力市场日益疲软，这为降息提供了更多依据。低利率环境通常有利于无息资产黄金 的表现。 过去三年间，黄金和白银价格均上涨逾一倍。地缘政治、经济和全球贸易领域日益增长的风险，推动了对这些传统避险资产的需求。 今年特朗普总统对美联储的抨击升级，加剧了市场对央行独立性受威胁的担忧。 市场正在等待一项具有里程碑意义的裁决，以确定特朗普是否有合法理由将美联储理事丽莎·库克免职。若该举动被认定合法，总统将可任命一位偏鸽派的 官员接替其职位。 投资者还 ...

Group 1 - The core viewpoint is that the US stock market has experienced four consecutive months of growth, driven by the Federal Reserve's interest rate cuts and strong corporate earnings, with Morgan Stanley strategist Wilson believing this upward trend will continue [1][3] - Wilson predicts that the current economic phase in the US is in the "early cycle stage," where lower borrowing costs alleviate corporate financing pressures, creating favorable conditions for profit growth through expansion, R&D investment, and debt optimization [3] - Small-cap stocks, which are more sensitive to interest rate changes, are expected to see improved financing conditions and profit expectations as the Fed's rate-cutting cycle begins, contributing to overall market growth [3] Group 2 - Wilson asserts that the stock market has not fully priced in the benefits of future interest rate cuts, indicating further upside potential for the market as these policies are implemented [3] - Since April, the S&P 500 index has surged to a record high, aided by reduced concerns over US tariff policies and a growing optimism surrounding artificial intelligence, which has positively impacted tech giants' stock prices [3] - Evercore ISI strategists forecast a potential 20% increase in the S&P 500 index by the end of 2026 due to the influence of artificial intelligence [4] Group 3 - The focus of the market is currently on labor market data, which is closely tied to inflation; a hot job market could lead to increased inflationary pressures, while a moderate job market may allow for a smoother path for interest rate cuts [4] - Wilson warns of a seasonal weakness trend in September, suggesting that short-term consolidation could help the market digest previous gains and reduce valuation bubble risks, setting the stage for a healthier market environment [4] - Goldman Sachs notes that institutional investors are currently cautious after two months of selling, but believes that as long as there are no significant negative impacts on economic fundamentals, corporate earnings, or policy direction, any market declines will be limited [4]

贵金属日报 2025-09-03 贵金属 沪金涨 1.08 %，报 813.00 元/克，沪银涨 0.01 %，报 9836.00 元/千克；COMEX 金涨 0.22 %， 报 3600.20 美元/盎司，COMEX 银涨 0.27 %，报 41.71 美元/盎司； 美国 10 年期国债收益率 报 4.28%，美元指数报 98.32 ； 市场展望： 昨夜公布的美国经济数据弱势，同时针对美联储理事库克的不利证据进一步显现，市场加大对 于后续联储宽松的货币政策预期，令金银价格得到支撑。 美国 8 月 ISM 制造业 PMI 为 48.7，仍处于荣枯线之下，低于预期的 49。美国供应链协会表示 制造业经济活动已经连续六个月萎缩，且生产收缩的速度等于新订单的扩张速度。美国制造业 表现仍总体疲软。美联储人事方面，特朗普团队成员、美国联邦住房局局长普尔特表示已掌握 美联储理事库克将申报为私人住所的房屋出租给租客的证据。这增加了库克留任联储理事的难 度，特朗普将有机会继续任命鸽派票委进入联储，对进一步的降息操作形成支持。 基于当前美联储人事变动以及关键人物的表态，结合美国劳动力市场整体而言的边际弱化，联 储后续将步入超市 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various non - ferrous metals. With a high probability of Fed rate cuts and a positive atmosphere in the non - ferrous metals sector, different metals show different trends. Some metals are affected by supply - demand fundamentals, while others face a divergence between macro - background and industrial status [2][4][6]. Summary by Metal Copper - US manufacturing PMI was slightly weaker than expected, and copper prices rose. LME copper closed up 1.4% to $10,013/ton, and SHFE copper main contract reached 80,410 yuan/ton. - LME copper inventory decreased by 100 to 158,775 tons, and the cancellation warrant ratio dropped to 8.2%. - In China, SHFE copper warehouse receipts decreased, and the basis quote was lowered. The downstream buying sentiment was poor. - The refined - scrap copper price difference was 1,850 yuan/ton, and the scrap copper substitution advantage continued to increase. - Short - term copper prices are expected to be oscillatory and bullish, with the SHFE copper main contract operating in the range of 79,600 - 81,000 yuan/ton and LME copper 3M in the range of $9,880 - 10,100/ton [2]. Aluminum - With rising crude oil prices, aluminum prices rose. LME aluminum closed up 0.08% to $2,621/ton, and SHFE aluminum main contract reached 20,845 yuan/ton. - SHFE aluminum weighted contract positions decreased, and futures warehouse receipts slightly increased. - Domestic aluminum ingot inventories increased, and aluminum rod inventories decreased. Aluminum rod processing fees declined, and downstream demand was weak. - The Fed's dovish signal increased the expectation of a September rate cut. Aluminum prices are expected to be supported, and attention should be paid to inventory changes. The SHFE aluminum main contract is expected to operate in the range of 20,700 - 20,950 yuan/ton, and LME aluminum 3M in the range of $2,600 - 2,640/ton [4]. Lead - SHFE lead index closed down 0.03% to 16,852 yuan/ton, and LME lead 3S rose to $1,996/ton. - Lead concentrate inventory decreased marginally, and processing fees were in a downward trend. - The supply of lead ingots decreased marginally. With a high Fed rate - cut expectation and a positive non - ferrous metals sector, lead prices are expected to be bullish [6]. Zinc - SHFE zinc index closed up 0.68% to 22,319 yuan/ton, and LME zinc 3S rose to $2,850.5/ton. - Zinc concentrate inventory increased seasonally, and smelting output continued to expand. Zinc ingot social inventory increased rapidly. - Downstream enterprise operating rates did not improve significantly, and the industry remained in an oversupply situation. - Due to a high Fed rate - cut expectation and a positive non - ferrous metals sector, there is a divergence between the macro - background and industrial status. Zinc prices are expected to be in a low - level oscillation pattern with limited short - term downside [7]. Tin - Tin prices oscillated. The resumption of tin mines in Myanmar was slow, and tin ore shortages in Yunnan were severe. - Downstream demand was in the off - season, and traditional consumption areas were weak. - It is expected that refined tin production in September will decrease by 29.89% month - on - month. Tin prices are expected to oscillate in the short term [8]. Nickel - Nickel prices were weakly oscillatory. Nickel - iron prices are expected to be stable and slightly bullish in the short term. - The supply of intermediate products was in short supply, and demand provided some support. - Although the refined nickel supply surplus pattern remains unchanged, there are long - term supports for nickel prices. It is recommended to go long on dips. The SHFE nickel main contract is expected to operate in the range of 115,000 - 128,000 yuan/ton, and LME nickel 3M in the range of $14,500 - 16,500/ton [10]. Lithium Carbonate - The MMLC lithium carbonate spot index closed down, and the LC2511 contract price also decreased. - The impact of mine - end disturbances subsided, and there was a lack of bullish drivers. Lithium carbonate continued its weak adjustment. - It is necessary to pay attention to overseas supply and industrial news. The LC2511 contract is expected to operate in the range of 70,000 - 74,500 yuan/ton [12]. Alumina - The alumina index rose 0.5% to 3,020 yuan/ton. - Ore supply disturbances continued, and the macro - sentiment improvement was expected to drive the non - ferrous metals sector. - Short - term alumina futures prices have limited downside, and it is recommended to wait and see. The domestic main contract AO2601 is expected to operate in the range of 2,900 - 3,300 yuan/ton [14]. Stainless Steel - The stainless - steel main contract closed up 0.08% to 12,960 yuan/ton. - The Indonesian riot raised concerns about nickel raw material supply. With the approaching of the traditional consumption season, stainless - steel consumption is expected to increase [16]. Cast Aluminum Alloy - The AD2511 contract closed up 0.12% to 20,300 yuan/ton. - Cast aluminum alloy is transitioning from the off - season to the peak season, and inventory is increasing. - Short - term cast aluminum alloy prices are expected to be high, with cost support and increased market activity [18].

黄金周二（9月2日）早盘强势上涨，在突破3500后，上涨至3508/3509附近，随后快速跌回3500下方，午后延续下跌，到欧盘跌至3470附近后企稳开始震荡 上涨，美盘延续强势上涨走势，到尾盘最高上涨至3540附近，日线收出一根阳线。 一、基本面 1、美国制造业持续萎缩，经济衰退风险加剧 数据表现：8月美国制造业PMI为48.7（仍低于50荣枯线），连续6个月萎缩，制造业占美国经济比重约10.2%，其疲软拖累就业、投资及消费链条。 核心原因：特朗普政府高关税政策导致进口零部件成本飙升，美国平均关税税率达百年最高，部分行业反馈营商环境"比2007-2009年大衰退更糟"，7月工厂 建设支出同比下降6.7%，企业投资热情冷却。 市场影响：制造业低迷放大经济衰退担忧，推动投资者转向黄金等避险资产。 2、关税政策存疑引发市场动荡，股债双承压 政策风险：美国上诉法院裁定特朗普政府大部分关税措施不合法，虽允许实施至10月14日，但加剧市场对贸易关系恶化、关税收入锐减的担忧。 市场反应：9月2日美股三大指数齐跌（道指跌0.55%、标普500跌0.69%、纳指跌0.82%），Cboe波动率指数（VIX）上升；美国30年期公 ...

本报记者 毛艺融 今年以来，南向资金净流入额超万亿港元。资讯数据显示，截至9月2日收盘，当日南向资金净流入92.81亿港元。至此，年内南向资金净流入规模约 10002.21亿港元，超过万亿港元。 | 南北向资金流动情况。 | | | More | | --- | --- | --- | --- | | 南向 (截止: 2025-09-02) | | | HKD CNY | | | 合计 | 沪市港股通 | 深市港股通 | | 最新 | 92.81 | 56.36 | 36.45 | | 本周合计 | 212.23 | 112.94 | 99.29 | | 本月合计 | 212.23 | 112.94 | 99.29 | | 本年合计 | 10,002.21 | 6,369.57 | 3,632.64 | | 近3月 | 3,492.79 | 1,681.05 | 1,811.74 | | 近6月 | 7,218.51 | 4,324.57 | 2,893.94 | | 开通以来 | 46,980.12 | 26,561.65 | 20,418.47 | 南向资金在港股行业轮动中展现出较强的配置价值与策略有效性 ...

Equity Market 9月2日，市场全天震荡调整，创业板指领跌。沪深两市全天成交额达2.87万亿元，较上个交易日放量1250亿元。盘面上，市场热点较为杂 乱，个股跌多涨少，全市场超4000家个股下跌。银行、贵金属、机器人、石油等板块涨幅居前，CPO、跨境支付、PCB、半导体等板块跌幅 居前。截至收盘，沪指跌0.45%，深成指跌2.14%，创业板指跌2.85%。 国内 江苏 Jiang Su 9月2日，在南通市海门区海太长江隧道地下30多米深处，国产16米级超大直径盾构机"江海号"已顺利下穿江北大堤、通海大桥、新通海沙围堤， 由陆域段进入长江水域段掘进施工，标志着由中铁十四局承建的世界最长公路水下盾构隧道右线隧道施工正式开启"穿江"之旅。 许丛军 摄 视觉江苏网供图 股市 企业 Enterprise 格言 Motto Domestic 环球 Global 近日，省政府印发《关于做好我省第四次全国农业普查工作的通知》，贯彻落实《国务院关于开展第四次全国农业普查的通知》要求，对我 省第四次全国农业普查工作进行部署。 日前，南京市浦口生态环境局与南京银行江北新区分行签署"生态贷"战略合作协议，这是南京市首个聚焦 ...

每日经济新闻 每经AI快讯，9月3日，据CME"美联储观察"：美联储9月维持利率不变的概率为9.5%，降息25个基点的 概率为90.5%。美联储10月维持利率不变的概率为4.3%，累计降息25个基点的概率为46.3%，累计降息 50个基点的概率为49.3%。 ...

Group 1 - The Japanese political turmoil has led to a significant drop in the yen's exchange rate, with the USD/JPY rate rising over 1% [2] - The U.S. government is facing a potential shutdown due to partisan disagreements, with the deadline for funding approaching [2] - Gold prices have surged past $3,500, driven by increased demand for safe-haven assets amid geopolitical risks and expectations of a Federal Reserve rate cut [2] Group 2 - The Chinese yuan experienced a sharp rise followed by a slight correction, with future stability expected as the core goal [3] - The A-share market saw a pullback, particularly in the technology sector, but the overall trend remains upward [3] - Yushutech plans to submit its IPO application between October and December, attracting market attention due to its previous successful funding rounds [3] Group 3 - The UK bond market experienced a significant sell-off, with the 30-year bond yield reaching its highest level since 1998 at 5.68% [4] - Southbound capital has seen a net inflow exceeding HKD 100 billion this year, enhancing the pricing power of the Hong Kong stock market [5] - The "national team" funds have revealed their second-quarter holdings, with notable adjustments in positions, including increased stakes in companies like SF Express [5] - The robotics sector saw a strong rebound in the afternoon, driven by rumors of a leading company meeting with Tesla, although the information remains unverified [5]