the first 同制的词 2）逻辑分析：由于美联储9月降息表态并无超预期内容，因此在降息落地后，市场焦点转向美联储官员的密集表态。周五晚间，美联储官员卡什卡利除今年再降息 取łd微气 (敬提合适的，劳动力市场风险可能大于通胀风险，新任理事米兰亦再度发表龄派言论，市场进一步押注美联储年内将连续降息。从而提振贵金属价格反弹，另一 l8《个人方面，特朗普预测美国联邦政府"很可能"在10月陷入停摆，再度引发市场的趣脸情绪，亦对贵金属价格构成提振，展望后市，我们认为短期贵金属价格仍会维持 意见,以 高位偏强运行,本周除了继续关注美联储官员的密集讲话外,还建议关注欧美PM1和美国PCE等数据。 供参考) 3）中长期逻辑：中长期来看，美联储年内仍有降息空间、全球地缘不确定性持续、美国债务不可持续和大国博弈加剧将长期增加美元信用风险、全球共行购金延 续等,黄金中长期重心大概率继续上移。 体拥备中的信息均源于公天可获得的谈外，国资策货力求准确可靠。但不对上述信息的准确性及完整性以任何保证、本者告不构成个人投资建议。也未分对个别数资者接持的货资目标、购多优规或需要，投资 者需自行判随本报告中的任何意见或建议是否符合其标定状况 ...

Group 1: Federal Reserve Actions - The Federal Reserve lowered interest rates by 25bps as expected during the September FOMC meeting, with indications of two more rate cuts within the year and an additional cut next year, which is more hawkish than market expectations[2] - Following the FOMC meeting, the 10-year U.S. Treasury yield rose by 6.31bps to 4.127%, while the 2-year yield increased by 1.59bps to 3.572%[3] - The market initially reacted to a more dovish 2025 dot plot but later adjusted to a more hawkish outlook for 2026, influenced by Powell's statements[3] Group 2: Market Reactions - The S&P 500 and Nasdaq indices rose by 1.22% and 2.21% respectively, driven by the Fed's rate cut and positive developments in U.S.-China TikTok negotiations[3] - The U.S. dollar index increased by 0.10% to 97.64, reflecting a mixed response to the Fed's actions and economic data[3] - Gold prices initially rose by 1.16% to $3685 per ounce but later declined, indicating volatility in response to the Fed's hawkish stance[3] Group 3: Economic Indicators - U.S. retail sales for August increased by 0.6%, surpassing expectations of 0.2%, with core retail sales (excluding autos) rising by 0.7% against a forecast of 0.4%[3] - Initial jobless claims for the week ending September 13 fell to 231,000, below the expected 240,000, indicating a strengthening labor market[3] - The Atlanta Fed's GDPNow model predicts a Q3 2025 GDP growth of 3.3%, while the New York Fed's Nowcast model estimates it at 2.1%[3] Group 4: Political Risks - The failure of temporary spending bills in the Senate raises the risk of a federal government shutdown on October 1, increasing political uncertainty in the market[4] - The potential for Trump to gain more influence over the Federal Reserve could lead to a shift from a data-dependent to a Trump-dependent policy framework, impacting future monetary policy decisions[4]

记者丨吴斌 刘雪莹 编辑丨和佳 陈思颖 北京时间9月17日晚上，美股三大股指涨跌不一，多只芯片股下跌，截至23:20，英伟达股价一度跌近 3%。 | 小牛电动 | 4.415 | 6.90% | | --- | --- | --- | | NIU.O | | | | 小赢科技 | 14.960 | 6.78% | | XYF.N | | | | 百度集团 | 131.980 | 6.62% | | BIDU.O | | | | 嘉银科技 | 11.600 | 6.32% | | JFIN.O | | | | 迅雷 | 7.690 | 5.20% | | XNET.O | | | | 奇富科技 | 30.170 | 4.61% | | OFIN.O | | | | 虎牙 | 3.510 | 4.15% | | HUYA.N | | | | 蔚来 | 7.305 | 4.06% | | NIO.N | | | | 信也科技 | 7.933 | 3.83% | | FINV.N | | | | 第四公 | 16.670 | 3.80% | | KC.O | | | | 万国数据 | 38.700 | 3.70% | ...

Group 1: Key Points on Trump's Interference with the Federal Reserve - Trump's interference in the Federal Reserve's independence is primarily through three methods: nominating a compliant Fed Chair, restructuring the Board of Governors, and intervening in the appointment of regional Fed presidents[1] - The new Fed Chair is expected to be nominated in November 2025 and take office in May 2026, potentially leading to a more dovish monetary policy stance[1] - With the new appointments, 4 out of 7 Fed governors may align with Trump's views, increasing his influence over monetary policy decisions[1] Group 2: Market Implications - The anticipated intervention could result in the Fed lowering interest rates more than the current market pricing of 3 cuts, potentially bringing the policy rate below the neutral level of 3%[1] - This shift may transition the U.S. economy from a soft landing to moderate expansion, impacting macroeconomic conditions positively[1] - The weakening of dollar interest rate expectations and increased credit risk could lead to lower 2-year Treasury yields and a declining dollar index[1] Group 3: Risks and Concerns - Potential risks include Trump's re-encounter with assassination attempts, resistance from existing Fed officials against his directives, and possible Republican losses in the midterm elections[1] - The independence of the Fed could be challenged, leading to increased uncertainty in monetary policy and affecting investor confidence in U.S. dollar assets[1]

Core Viewpoint - The continuous rise in 30-year U.S. Treasury yields is impacting dollar credit and enhancing risks in global dollar liquidity, leading to increased trading in safe-haven assets and pressure on risk assets [1] Group 1: Market Dynamics - Emerging market equity assets are entering a phase of chip digestion, characterized by high selling and low buying [1] - There is a phase shift in funds towards low-growth events and left-side trading elasticity in consumer sectors [1] Group 2: Investment Opportunities - Potential short-term elasticity may be observed in sectors such as solid-state batteries, media, gaming, and travel [1]

Core Viewpoint - Recent strong performance of gold prices driven by factors including concerns over the independence of the Federal Reserve, geopolitical tensions, and expectations of interest rate cuts in the U.S. [1][2] Group 1: Factors Driving Gold Prices - The attempt by Trump to remove Federal Reserve Governor Cook has raised concerns about the Fed's independence, leading to a shift from dollar assets to gold [1] - Renewed geopolitical tensions have increased market risk aversion, contributing to rising gold prices [1] - Recent U.S. economic data, including July PCE and revised Q2 GDP, supports expectations for Federal Reserve rate cuts, further bolstering gold prices [1][2] Group 2: Short-term and Long-term Outlook - In the short term, international gold price volatility is expected to increase, with prices remaining high due to ongoing expectations of a Fed rate cut [2] - Long-term, gold prices are anticipated to remain in an upward trend driven by persistent market uncertainty, strong demand for gold from central banks, and ongoing expectations for rate cuts [2][3] Group 3: Market Predictions - Analysts predict that the "Trump 2.0" policies, including tariffs and tax cuts, will stabilize, while "rate cut trades" will provide strong momentum for gold price increases [3] - The combination of "rate cut trades" and "Trump 2.0" policies is expected to catalyze gold prices until 2025, with central bank gold reserves providing robust support [3]

Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the **gold market** and its pricing dynamics in the context of macroeconomic factors and investor behavior [2][3][4]. Core Insights and Arguments 1. **Impact of Real Interest Rates**: High real interest rates typically negatively affect gold prices. However, post-2008 quantitative easing and rising government debt have raised concerns about the safety of dollar assets, diminishing the suppressive effect of interest rates on gold [2][3]. 2. **Geopolitical Factors**: The Russia-Ukraine conflict has intensified global concerns regarding the safety of dollar assets, thereby increasing the demand for gold as a safe-haven asset, which has led to a rise in gold prices despite high bond yields [3][4]. 3. **Demand Dynamics**: - **Industrial Demand**: Remains stable but is limited due to high costs, thus not a core driver of gold prices [4]. - **Jewelry Demand**: Primarily from Asian countries like India and China, has seen a decline of approximately 10% due to rising gold prices [6]. - **Investment Demand**: Central bank purchases are crucial, with significant buying from countries like China, which holds about 2,300 tons of gold [6][10]. 4. **Cryptocurrency Influence**: Virtual currencies, particularly Bitcoin, have a diversion effect on gold investments. The expansion of Bitcoin ETFs often coincides with a decline in gold ETFs, indicating a shift in some investor preferences [5][10]. 5. **Federal Reserve's Stance**: Recent dovish comments from the Federal Reserve may have a positive but limited impact on gold prices. Despite increased expectations for rate cuts, gold prices have not significantly surged [6][8]. 6. **Trading Structure**: The trading dynamics, particularly the influence of Asian investors, have been pivotal in recent price movements. For instance, significant purchases by domestic investors have been noted, but speculative funds have not fully exited the market, creating short-term resistance for gold prices [9][10]. Other Important Considerations 1. **Long-term Outlook**: The long-term trend of dollar overproduction and credit decline is favorable for gold. Historical cycles indicate that gold prices have the potential to rise significantly compared to current levels [10]. 2. **Investment Timing**: Current conditions may require investors to bear high holding costs for gold. Monitoring the rapid decline in ETF shares could signal a better buying opportunity in the future [11]. This summary encapsulates the essential insights from the conference call regarding the gold market, its pricing mechanisms, and the broader economic context influencing investor behavior.

Group 1 - The global gold market is experiencing mixed signals due to geopolitical developments and expectations of hawkish signals from the Federal Reserve [2] - After the announcement of "reciprocal tariffs" by the US in April, the US dollar index fell to a three-year low, leading to a surge in international gold prices, which exceeded $3400 per ounce [2] - In the second quarter, global gold demand increased to 1248.76 tons, with investment demand being the primary driver, while jewelry demand saw a decline [3] Group 2 - Central banks globally increased their gold reserves, with a net addition of 22 tons in June, indicating heightened risk aversion among investors [4] - In the first half of 2025, central bank gold purchases totaled 123 tons, slightly lower than the previous year, with Poland being the largest net buyer [4] - The potential for further interest rate cuts by the Federal Reserve could positively impact gold prices, with upcoming speeches from Powell expected to provide more clarity on monetary policy [5] Group 3 - The ongoing Russia-Ukraine conflict may lead to a shift in market sentiment, which could negatively affect gold prices if risk aversion decreases [6] - China is implementing favorable policies for the gold industry, including a development plan aimed at enhancing resource security and innovation in the gold sector [7] - The establishment of an international gold trading center in Hong Kong is progressing, which may strengthen its position as a global financial hub [7]

Group 1 - Concerns over the independence of the Federal Reserve have been heightened due to Trump's ongoing criticism of Chairman Powell, leading to a decline in the dollar index and a rise in gold prices [1][4] - The U.S. labor market remains resilient, with non-farm payrolls increasing by 147,000 in June, surpassing expectations, and the unemployment rate dropping from 4.2% to 4.1% [1][2] - Current inflation levels in the U.S. are above the Federal Reserve's target, with June's CPI at 2.7% year-on-year, indicating ongoing inflationary pressures [2][3] Group 2 - The absolute value and proportion of U.S. federal government interest expenditures are at historically high levels, with interest spending reaching $278.58 billion in Q1 2025, accounting for 15.6% of regular expenditures [3] - The implementation of tariff policies has created downward pressure on the U.S. economy, with GDP growth slowing to 2% year-on-year in Q1 2025, the lowest since Q1 2023 [3] - The trade deficit remains significant and unstable, with a trade gap of $60.257 billion in April 2025, which widened again to $71.517 billion in May [3] Group 3 - If Powell were to be removed, it could exacerbate the dollar's credit crisis, as market fears of presidential interference in monetary policy could lead to panic [4] - There are internal divisions among Senate Republicans regarding Powell's potential removal, suggesting that the likelihood of such an action is low and could incur high costs [4] - The divergence between the 5-year forward inflation swap rates and the 2-year overnight index swap rates reflects market fears of a loss of confidence in the dollar rather than just concerns over the Fed's independence [4]

Summary of Conference Call Company/Industry Involved - The discussion primarily revolves around the financial policies in China and the implications for the A-share market, as well as the performance of various ETFs, particularly the Huazhong Fund's ETFs. Core Points and Arguments 1. **Recent Financial Policies**: A series of financial policies were released in China to address economic concerns, particularly in light of the ongoing trade tensions with the U.S. [1][2][3] 2. **Impact of Tariffs**: The escalating tariffs between China and the U.S. have created significant economic uncertainty, prompting the need for a comprehensive financial policy response to mitigate negative effects on exports and the economy [3][4][5] 3. **Monetary Policy Measures**: The recent monetary policy includes a reduction in the reserve requirement ratio by 0.5 percentage points, which is expected to release approximately 1 trillion yuan in long-term liquidity [5][6] 4. **Interest Rate Adjustments**: The central bank has lowered the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to influence longer-term lending rates [5][6] 5. **Economic Stimulus**: The measures aim to stimulate economic activity by enhancing liquidity and supporting corporate profitability, especially in the context of a slowing economy [6][7] 6. **Market Reactions**: The A-share market has shown signs of recovery, with a reported 3.5% year-on-year increase in net profits for the first quarter, alleviating some market concerns [17][19] 7. **Sector Performance**: Sectors such as agriculture and manufacturing have performed well, while others like coal, real estate, and banking have underperformed [18][19] 8. **Investment Opportunities**: The discussion highlights the potential for investment in A-shares and Hong Kong stocks, particularly through ETFs, as they offer a convenient way to access these markets [16][24] 9. **Gold as an Investment**: The conversation also touches on gold investments, emphasizing its role as a hedge against economic uncertainty and currency risks, with recommendations for allocation in investment portfolios [29][32] 10. **Global Economic Context**: The U.S. Federal Reserve's stance remains cautious, with potential implications for global economic conditions and trade policies, which could affect investment strategies [8][10][11] Other Important but Possibly Overlooked Content 1. **Long-term Economic Outlook**: Despite short-term challenges, there is optimism regarding the resilience of the Chinese economy and the effectiveness of government policies in stabilizing the market [13][22] 2. **Strategic Reserve Policies**: The role of state-owned funds in supporting the market is highlighted, indicating a strong backing for A-shares amidst volatility [14][22] 3. **Geopolitical Risks**: The potential for geopolitical tensions to impact market dynamics and investment strategies is acknowledged, particularly in relation to U.S.-China relations [10][11][30] 4. **Investor Sentiment**: The importance of managing market expectations and investor sentiment through proactive policy measures is emphasized [9][34] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current financial landscape and investment opportunities.