在创新药、AI和机器人等市场热点轮番冲击下，上半年火热的黄金板块近期显得相对沉寂。 不过，中国人民银行（简称"央行"）数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司，官方黄金储备连续第9个月增加。 "我们是战略性看好黄金，短期波动是我们布局的好机会。"上海一家券商自营人士王杰（化名）对证券时报·券商中国记者表示，央行也在持续购金，说明长期逻辑 没变，金价后市还将有更多催化事件，看好金价长期上涨。 王杰表示，随着市场对金价长期上涨的共识更加一致， 黄金股 的投资逻辑也将发生改变，市场将从关注公司短期产量增长变成更关注公司储量，拥有更多储量的黄 金公司价值会更加凸显。 央行持续购金 金价或仍有上涨空间 对于后市金价，王杰认为，下半年仍然有较多的催化事件可能发生，会带动金价上涨。 央行最新数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司。 "2025年7月末官方黄金储备连续第9个月增加，但增量连续第5个月处于低位，符合市场预期。"东方金诚首席宏观分析师王青对证券时报·券商中国记者表示。 王青认为，7月央行继续增持黄金，主要原因是美国新政府上台后，全球政治、经济形势出现新变化，国际金价有可能在相 ...

在创新药、AI和机器人等市场热点轮番冲击下，上半年火热的黄金板块近期显得相对沉寂。 不过，央行数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司，官方黄金储备连续第9个月增 加。 "我们是战略性看好黄金，短期波动是我们布局的好机会。"上海一家券商自营人士王杰（化名）对记者 表示，央行也在持续购金，说明长期逻辑没变，金价后市还将有更多催化事件，看好金价长期上涨。 王杰表示，随着市场对金价长期上涨的共识更加一致，黄金股的投资逻辑也将发生改变，市场将从关注 公司短期产量增长变成更关注公司储量，拥有更多储量的黄金公司价值会更加凸显。 央行持续购金 王青认为，央行增持黄金仍是大方向。截至2025年7月末，我国官方国际储备资产中黄金的占比为 7.0%，明显低于15%左右的全球平均水平。从优化国际储备结构角度出发，未来需要持续增持黄金储 备，适度减持美债。此外，黄金是全球广泛接受的最终支付手段，央行增持黄金能够增强主权货币的信 用，为稳慎推进人民币国际化创造有利条件。 金价或仍有上涨空间 央行最新数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司。 "2025年7月末官方黄金储备连续第9个月增加，但增量连续 ...

Group 1: Ethereum Market Dynamics - Ethereum price surged over 8% on August 9, reaching $4218.2, the highest since December 2021, with a cumulative increase of 200% since April 8 [1][3] - The market capitalization of Ethereum surpassed $500 billion, contributing to a total cryptocurrency market cap that briefly exceeded $4 trillion [3] - Over 100,000 traders experienced liquidations in the last 24 hours, with total liquidation amounting to $408 million [3][4] Group 2: ETF Inflows and Institutional Interest - Significant inflows into Ethereum ETFs were reported, with a total net inflow of $461 million on August 8, led by BlackRock's ETF with $255 million and Fidelity's ETF with $132 million [5] - The total net asset value of Ethereum ETFs reached $23.384 billion, with a historical cumulative net inflow of $9.816 billion [5] - Institutional interest in Ethereum is increasing, with market sentiment described as the highest ever, and aggressive price predictions suggesting Ethereum could reach $10,000 or even $16,000 [5] Group 3: Regulatory Developments - A recent executive order by President Trump allows alternative assets, including cryptocurrencies, to be included in 401(K) retirement accounts, potentially opening up $12.5 trillion in retirement funds to these markets [6]

Core Viewpoint - The article discusses the recent trends in the gold market, highlighting the continuous increase in gold reserves by the central bank and the potential for gold prices to rise in the future due to various catalysts and changing investment logic in gold stocks [2][3][4]. Group 1: Central Bank's Gold Reserves - As of the end of July, the central bank's gold reserves reached 73.96 million ounces, an increase of 60,000 ounces month-on-month, marking the ninth consecutive month of growth [2][3]. - The increase in gold reserves is seen as a strategic move, with the central bank aiming to optimize its international reserve structure, as the gold proportion in reserves is currently at 7.0%, significantly below the global average of around 15% [3]. Group 2: Future Gold Price Trends - Analysts predict that there are several catalysts that could drive gold prices higher in the second half of the year, including potential interest rate cuts by the Federal Reserve [4][5]. - The expectation of interest rate cuts, combined with increasing global economic and political uncertainties, may lead to a "stair-step" upward trend in gold prices, reflecting the growing appeal of gold as a safe-haven asset [5]. Group 3: Changing Investment Logic in Gold Stocks - The investment logic for gold stocks is expected to shift from focusing on short-term production growth to emphasizing companies with larger gold reserves, as these companies will become more valuable in a rising gold price environment [2][6]. - Companies with established large gold mines may attract more attention if gold prices remain high, as their fixed asset investments are already completed, leading to increased free cash flow and higher company valuations [6].

本周经济数据相对清淡，但贵金属交易员依然迎来了不少能推动市场的"突发事件"。周四下午，有消息称 部分来自瑞士的金条进口将被征收贸易关税当时，该消息一出，现货金价也迅速突破3,400美元/盎司关 口。至周五下午，白宫将英国《金融时报》的报道定性为"错误信息"，尽管金价一度短线急跌，但随后迅 速收复失地，本周依然录得上涨。 本周黄金操作记录一览！ 周一：3381空单持仓过夜至周二3356一线止盈出局。周二：3355多止盈3365。周三3365多止损3360。周四 3395空止盈3380。第二单3380空止损3388。周五3380多止盈3400，随后继续在3380多止盈3390一线！ 所谓一个靠谱的人，凡事有交代，件件有着落，事事有回音，兴言一直致力于市场，唯有坚持写出对投资 者有用的分析，少错一单，那么我相信日久见方能见人心！ 责任编辑：赵兴言 【以上观点，仅供参考，投资有风险，入市需谨慎】 当前趋势来看，黄金日线沿着上行趋势线安稳上涨，而且每天都会有新的高点，可以明显看出这是冲着破 高去了。而黄金本周连续上升，算是对非农大阳之后的延续了。而中途虽说有小幅度的下跌，但都企稳在 中轨以上，而上升中的阻力也一直在变动 ...

Investment Rating - The report maintains a positive outlook on the gold jewelry sector, particularly highlighting brands such as Laopu Gold, Chao Hong Ji, and others as key investment opportunities [4][10]. Core Insights - The demand for gold jewelry is experiencing a short-term decline due to rising gold prices, but total expenditure remains at a historical high over the past decade, indicating strong underlying demand [4][7]. - Investment demand for gold bars and coins is robust, with a 44% year-on-year increase in Q2 consumption, reaching 115 tons, and a total of 239 tons in the first half of 2025, marking a 26% increase [8][10]. - The younger demographic is increasingly participating in gold jewelry purchases, with 67% of respondents planning to buy gold jewelry in the next 12 months, and over 79% of consumers purchasing for themselves [10][12]. Summary by Sections Market Overview - From August 4 to August 8, 2025, the social service index decreased by 0.11%, while the retail index fell by 0.38%, ranking 29th and 30th respectively among the Shenwan first-level industries [4][19]. Gold Jewelry Demand - Q2 gold jewelry consumption dropped to 69 tons, a 45% quarter-on-quarter decline and a 20% year-on-year decline, with total consumption in the first half of 2025 down 32% to 194 tons [4][7]. - Despite the decline in volume, total expenditure on gold jewelry remained stable at 137 billion yuan, matching last year's figures and exceeding the 10-year average by 34% [4][7]. Consumer Trends - The report highlights a shift in consumer behavior, with a significant increase in self-purchase motivations among younger consumers, particularly those aged 18-24, whose ownership rate of gold jewelry rose to 62% from 37% in 2019 [10][12]. Retail Expansion - Laopu Gold is accelerating its expansion into high-end shopping districts, with the opening of new stores and promotional events driving consumer traffic, such as the recent opening in Shanghai's New World and activities at Beijing SKP [4][14]. Investment Recommendations - The report suggests focusing on brands like Laopu Gold, Chao Hong Ji, and others, as they are expected to maintain high demand and profitability despite market fluctuations [4][10].

你敢信吗？黄金这玩意儿，最近比年轻人追的限量球鞋还疯。看新闻，伦敦那边的现货黄金直接冲破3400美元，美国的COMEX黄金更邪乎，亚洲时段就已 经摸到了3534美元，创了这辈子都没见过的新高。 准备结婚买三金的小年轻们，最近去金店是不是腿肚子转筋？前俩月能买个20克的项链，现在这点儿钱顶多能买15克，差的钱够给对象买个不错的手机了， 你说这婚结得冤不冤？ 手里攥着俩闲钱的也想跟风买黄金理财，是不是觉得"这波不赚白不赚"？上海黄金交易所都发通知了，说市场邪乎得很——说白了就是"风险大，别瞎扑"。 专家更有意思，一边喊"能冲到4000美元"，一边又说"可能跌回来"，这不等于没说吗？真等你一头扎进去了，说不定刚好接了最后一棒，到时候哭都找不到 北。 还有那些迷信"黄金永远保值"的，我就想问一句：当年房价飙到顶的时候，不也一堆人说"永远涨"吗？啥东西价格脱离了实际供需，就像吹大的气球，总有 爆的那一天。现在这金价，到底是真金白银值这个价，还是资本在背后炒出来的泡沫？ 估计有人这会儿正翻箱倒柜的找金镯子呢，心里还盘算着"这下可赚翻了"。但我劝你先别激动，黄金这涨价的路子，说出来能让你惊掉下巴。 你猜为啥涨了？居然跟美国 ...

【导读】金价持续走高，上金所提示风险 中国基金报记者 晨曦 金价涨涨涨，上金所提示风险！ 8 月 8 日，上海黄金交易所在官网发布《关于继续做好近期市场风险控制工作的通知》。 上金所称，近期影响市场不稳定的因素较多，为防范市场波动可能带来的风险，请各会员提 高风险防范意识，继续做好风险应急预案，维护市场平稳运行。同时，提示投资者做好风险 防范工作，合理控制仓位，理性投资。 值得关注的是，近期黄金价格波动较大，上金所连续发布通知提示风险。 7 月 23 日，上金 所曾发布《关于做好近期市场风险控制工作的通知》，距今不到三周。 来看详情 —— 美国开征 " 黄金关税 " ？ 白宫即将澄清 据英国金融时报，美国政府已对进口的一公斤金条加征关税，此举可能扰乱全球金市，并对 全球最大精炼中心瑞士造成新一轮打击。 美国海关与边境保护局（ CBP ）在 7 月 31 日出具的一封 " 裁定函 " 中表示，一公斤及 100 盎司金条应归类于适用征税的海关编码。行业此前预期这类金条应适用另一种免除普遍 关税的分类编码。一公斤金条是全球最大黄金期货市场纽约商品交易所上交易最常见的形 式，也占据了瑞士对美黄金出口的大部分份额。 瑞 ...

Core Viewpoint - The recent surge in gold prices has prompted the Shanghai Gold Exchange to issue multiple risk warnings, highlighting the need for market participants to enhance risk awareness and control positions rationally [1][2]. Group 1: Market Dynamics - Gold prices have been volatile, with international gold prices reaching over $3,400 per ounce and COMEX gold futures hitting historical highs [2][4]. - The U.S. government has imposed tariffs on imported gold bars, which could disrupt the global gold market and increase costs for Swiss exports to the U.S. by approximately $24 billion due to a 39% tariff rate [2]. - The White House plans to clarify the situation regarding the gold tariffs to mitigate market confusion and concerns [2][4]. Group 2: Demand and Supply Trends - The World Gold Council reported that global gold demand reached 1,249 tons in Q2, a 3% year-on-year increase, driven by strong investment inflows amid geopolitical uncertainties [11]. - Despite high gold prices, global gold jewelry demand fell by 14% year-on-year, with significant declines in China and India, where demand dropped by 20% and 17%, respectively [11][12]. - The value of global gold jewelry consumption increased to $36 billion in Q2, indicating a shift in consumer behavior towards lighter-weight products to cope with rising prices [11][12]. Group 3: Price Trends in Jewelry - Domestic gold jewelry prices remain high, with major retailers like Chow Sang Sang and Chow Tai Fook pricing their gold jewelry around 1,015 to 1,017 RMB per gram [7][11].

Core Insights - The article discusses the complexities of gold investment and consumption, emphasizing the importance of making informed choices to avoid pitfalls in the market [1] Gold Price Dynamics - International gold prices directly impact domestic markets, with the international price on August 8 recorded at $3,380.3 per ounce, translating to approximately ¥780.7 per gram in China. However, the actual recovery price was only ¥768 per gram, highlighting a significant price difference due to various factors [3][4] - The price disparity is attributed to international price fluctuations, processing fees, brand premiums, and merchant profits. Notably, well-known brands like Chow Tai Fook and Lao Feng Xiang sell gold jewelry at around ¥1,015 per gram, while other brands like Cai Bai offer prices around ¥982 per gram, resulting in a substantial difference for larger purchases [3] Brand Premiums vs. Investment Value - The high prices of branded gold jewelry reflect not only design and craftsmanship but also brand value. For investment purposes, purchasing gold bars is recommended due to their higher purity, lower premiums, and ease of liquidation compared to jewelry, which is more focused on style and craftsmanship [3] Recovery Price Challenges - The recovery price of gold is often lower than the purchase price due to deductions for brand premiums, processing fees, and merchant operating costs. For instance, on August 8, the recovery price was ¥768 per gram, which is ¥12 lower than the base price, leading to significant losses for short-term investors if not carefully evaluated [4] Investment vs. Consumption Needs - Gold serves two primary purposes: investment and consumption. Investment gold, such as bars and coins, should prioritize purity and low premiums, while consumer gold, like jewelry, focuses on design and craftsmanship. The basic gold price in China is ¥780.8 per gram, with retail prices at ¥796.8 per gram and recovery prices at ¥777.8 per gram, indicating a relatively small gap [5] Influence of International Gold Prices - Domestic gold prices are closely linked to international prices, which are influenced by factors such as the US dollar exchange rate, inflation expectations, and global geopolitical situations. A weaker dollar or heightened global risk aversion can lead to rising gold prices, while a stronger dollar and rising interest rates may cause prices to fall [6] Recommendations for Gold Purchases - Key recommendations for gold purchases include: 1. Clearly define the purpose: choose gold bars or coins for investment and jewelry for consumption 2. Compare prices across different reputable channels 3. Monitor timing by keeping an eye on international developments and dollar trends to avoid impulsive decisions 4. Keep receipts and certificates for future recovery [8]