9月1日周一，贵金属市场表现亮眼，白银触及2011年以来最高水平，金价连续第五日上涨至每盎司3478美元附近。投资者预期美联储即将降息， 推动资金流向避险资产。 MSCI亚太指数下滑0.1%，日经225指数受芯片股拖累下跌2%，三星电子和SK海力士等芯片制造商大幅下跌。美国股指期货小幅走低，欧洲股指 期货则微涨。因劳工节假期，美国市场周一休市。上周五，一家美国联邦上诉法院裁定，总统特朗普征收的大范围贸易关税为非法，为市场增添 了新的变数。 贵金属价格创多年新高 白银价格周一升破每盎司40美元，创2011年以来最高水平，年内涨幅超过40%。白银受益于其工业属性，根据白银协会（Silver Institute）的判 断，在太阳能电池板等清洁能源技术的推动下，白银市场正迈向连续第五年的供应短缺。 日经225指数跌幅扩大至2%。 欧洲斯托克50指数期货涨0.1% 美元现货指数变化不大，欧元上涨 0.2% 至 1.1709 美元。 台湾证交所加权股价指数收跌0.7%，报24,071.73点。 日本10年期国债收益率上涨两个基点至1.620%。 印度10年期国债收益率上升5个基点至6.62%。 西德克萨斯中质原油下跌 0 ...

Group 1 - International gold prices have reached a new historical high, with COMEX gold hitting $3552.4 per ounce, surpassing the previous high of $3534.1 per ounce set in early August [1][7] - Over the past week, gold prices have increased significantly, with spot gold rising over $80 per ounce, marking a more than 2% increase and reaching a nearly four-month high [1][7] - Domestic gold jewelry prices have also reached recent highs, with brands like Chow Tai Fook and Lao Miao seeing price increases of 18 yuan and 16 yuan per gram respectively [3] Group 2 - Analysts from Bank of America attribute the rise in international gold prices to two main factors: the Federal Reserve's open stance on potential interest rate cuts and recent concerns regarding the independence of the Federal Reserve following the dismissal of a board member [7] - The expectation of continued price increases is strong, with forecasts suggesting gold could reach $4000 per ounce by mid-2026 due to inflation and potential interest rate cuts [7]

2025/9/1 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 长江期货贵金属周报 目录 01 行情回顾 02 周度观点 03 海外宏观经济指标 04 当周重要经济数据 05 当周重要宏观事件和政策 06 库存 07 基金持仓 08 本周关注重点 01 行情回顾：上周 1610 2110 2610 3110 3610 4110 2024/01/02 2024/02/02 2024/03/02 2024/04/02 2024/05/02 2024/06/02 2024/07/02 2024/08/02 2024/09/02 2024/10/02 2024/11/02 2024/12/02 2025/01/02 2025/02/02 2025/03/02 2025/04/02 2025/05/02 2025/06/02 2025/07/02 2025/08/02 特朗普对美联储独立性影响正在体现，鲍威尔措辞转鸽， 市场对9月降息的预期升温，美黄金价格反弹 ...

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a high of 3879.05 points, closing at 3862.65 points, up 0.12% [2] - The Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.55% respectively [2] Gold Market - The precious metals sector saw significant gains, with international gold prices reaching new highs; COMEX gold peaked at $3552 per ounce, marking a year-to-date increase of approximately 35% [6][8] - London spot gold prices also rose, reaching $3486.16 per ounce, just shy of the historical high of $3500 from April [8] - A-share gold stocks surged, with Western Gold hitting the daily limit, and several other stocks like Xiaocheng Technology and Hunan Gold also showing strong gains [8][9] AI Computing Sector - The AI computing sector exhibited mixed performance; stocks like Xuanji Information and Liyang Chip hit the daily limit, while Cambrian experienced a decline of nearly 3% [10][11] - Cambrian's stock fluctuated significantly, dropping over 8% before stabilizing to a decrease of 2.98% by midday [11][12] - Reports indicated that rumors about Alibaba purchasing 150,000 Cambrian GPUs were unfounded [12] Alibaba's Market Activity - Alibaba's stock surged over 16% in Hong Kong, with a market capitalization increase of approximately HKD 400 billion, reaching a total market value of HKD 2.59 trillion [15][16] - The company reported a revenue of RMB 247.65 billion for Q1 of the 2026 fiscal year, with a net profit of RMB 43.12 billion, reflecting a 76% year-on-year increase [15][17] - Alibaba plans to invest RMB 380 billion over three years in AI infrastructure, which is expected to drive demand for computing power [17] Innovative Drug Sector - The innovative drug sector saw significant activity, with MicroPort Medical rising over 14% and achieving a year-to-date increase of over 109% [18] - MicroPort's new stent technology demonstrated clinical advantages, reducing treatment duration and complications [18] - The approval of 43 innovative drugs in the first half of the year indicates a growing focus on drug development in China, with the biotech index showing a year-to-date increase of over 101% [18]

投资咨询业务资格：证监许可【2012】31号 【有色金属周报】 美元指数回落，有色板块走强 国贸期货 有色金属研究中心 2025-9-1 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：陈宇森 从业资格证号：F03123927 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 有色金属价格监测 02 铜（CU） 03 锌（ZN） 04 镍（NI） 不锈钢（SS) 02 PART TWO 铜（CU） 逻辑及策略 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | ...

Market Overview - On September 1, the A-share market experienced fluctuations, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.11%, and the ChiNext Index by 0.55% [1][2] - The total trading volume for the market reached 1.85 trillion yuan, slightly lower than the previous day, with over 3,100 stocks rising [2] Precious Metals Sector - The precious metals sector saw significant gains, with gold, jewelry, cobalt, and small metal stocks becoming active [5][6] - Notable stocks that hit the daily limit included Haixing Co., Jintong Co., Shengda Resources, and Western Gold, among others [6] - The rise in precious metals was attributed to increased attractiveness due to expectations of a Federal Reserve rate cut, alongside geopolitical risks and trade tensions [7][8] Innovative Pharmaceuticals Sector - The innovative pharmaceutical sector was notably active, with stocks like Maiwei Biotech hitting the daily limit, alongside others such as Baihua Pharmaceutical and First Pharmaceutical [8][9] - Maiwei Biotech announced the approval of its two monoclonal antibody injection products in Pakistan, marking its first overseas registration [13] - The company also entered into a licensing agreement with CALICO LIFESCIENCES LLC, receiving an upfront payment of $25 million and potential milestone payments totaling up to $571 million [13] Stock Performance Highlights - Maiwei Biotech's stock price increased by 20% to 57.60 yuan, with a trading volume of 24.39 million shares [10][11] - Other notable performers in the pharmaceutical sector included Baijia Shenzhou and WuXi AppTec, both seeing significant gains [14]

2025 年 9 月 1 日 关注消费兑现 铝价偏好震荡 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com.cn 从业资格号：F031122984 投资咨询号：Z00210404 敬请参阅最后一页免责声明 1 / 7 铝周报 ⚫ 上周市场对美联储9月降息预期较高，但是特朗普宣 布解雇库克消息引发美联储独立性担忧，市场风险 情绪有所受抑。国内上海出台房地产新政，同时7月 工业企业利润同比降幅收窄，支持需求预期转好。基 本面，电解铝供应端保持稳定，消费端上周下游铝加 工开工率回升，但幅度不大，下游补库热情相对克 制。 ...

Group 1 - International gold prices have significantly increased, with spot gold surpassing $3470 per ounce, reaching a new high since April 22, and COMEX gold futures also rising [1] - Domestic gold jewelry prices have followed suit, with major brands like Chow Tai Fook and Lao Feng Xiang seeing price increases, with Chow Tai Fook priced at 1015 yuan per gram, up 0.59% [1] - The A-share market has shown a strong response, with the gold jewelry index rising by 4.56%, and companies like Western Gold and Yuguang Gold seeing stock price increases of over 9% [1] Group 2 - Analysts attribute the rise in gold prices to expectations of potential interest rate cuts by the Federal Reserve, declining U.S. economic data, and pressure from the Trump administration on the Fed [2] - The analyst predicts that gold prices could reach between $3600 and $3800 per ounce after breaking the $3500 mark, with an expected increase of $150 to $200 [2]

Core Viewpoint - International gold prices have significantly increased, with spot gold surpassing $3,470 per ounce, marking the highest level since April 22 [1]. Group 1: Gold Price Movement - As of September 1, spot gold reached $3,474.1 per ounce, while the COMEX gold futures contract was at $3,542.9 per ounce [1]. - The price of gold jewelry in China has also risen, with major brands reporting prices above 1,000 yuan per gram, reflecting daily increases of 0.59% to 0.91% [5][6]. Group 2: Market Reactions - The Wind Gold Jewelry Index surged by 4.56%, with stocks like Western Gold and Yuguang Gold hitting the daily limit up [6]. - Specific stock performances included Yuguang Gold and Western Gold both increasing by 9.99%, while other companies like Chaohongji and Hunan Gold also saw significant gains [7]. Group 3: Expert Analysis - Experts predict that gold prices could break the $3,500 per ounce mark soon, with potential for further increases to between $3,600 and $3,800 per ounce [11]. - Factors contributing to this bullish outlook include expectations of a Federal Reserve rate cut, declining U.S. economic data, and political pressures on the Fed [11]. Group 4: Broader Economic Context - The recent U.S. inflation data has strengthened market expectations for a rate cut by the Federal Reserve in September, which may further support gold prices [13]. - The overall performance of gold mining companies has improved, with many reporting year-on-year revenue and profit growth in the first half of 2025 [11].

Core Viewpoint - The significant rise in international gold prices, with spot gold surpassing $3,470 per ounce, is attributed to expectations of potential interest rate cuts by the Federal Reserve, declining U.S. economic data, and pressure from the Trump administration on the Fed [1][2]. Group 1: Gold Price Movement - As of September 1, spot gold reached $3,475.25 per ounce, while COMEX gold futures rose to $3,543.7 per ounce [1]. - Domestic gold jewelry prices also increased, with brands like Chow Tai Fook and Lao Feng Xiang seeing price rises of 0.59% and 0.89% respectively [1]. - The gold jewelry index in the A-share market surged by 4.77%, with companies like Western Gold and Yuguang Gold rising over 9% [1]. Group 2: Market Analysis - Analyst Song Jiangzhen predicts that gold prices could reach between $3,600 and $3,800 per ounce, with a potential increase of $150 to $200 after surpassing $3,500 [2]. - Factors supporting the upward trend in gold prices include a declining U.S. dollar index, concerns over U.S. political stability, and preferences for gold reserves in certain U.S. states [2]. - Recent U.S. inflation data indicated a 2.9% year-over-year increase in the core personal consumption expenditures price index, reinforcing market expectations for a Fed rate cut in September [3].