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Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - Gold reached a new all - time high of $4070 per ounce, and silver broke through the $50 mark and remained strong. The escalation of Sino - US trade friction and the strengthened expectation of the Fed's interest rate cut this year created a resonance, and the continuation of the US government shutdown and data vacuum intensified the demand for hedging and allocation. Although the short - term sentiment is bullish, the risk of high - level fluctuations has increased [1]. - If risk events continue to ferment, the prices of gold and silver are expected to maintain a volatile and slightly stronger pattern. London gold is expected to trade in the range of [3900 - 4200] dollars per ounce, and London silver in the range of [48 - 55] dollars per ounce [3]. 3. Summary by Related Catalogs 3.1 Key Information - Trump threatened to impose a 100% tariff on Chinese imports from November 1st and restrict the export of key software. China warned of counter - measures. The market is still worried about the uncertainty of the negotiations around the APEC meeting [2]. - The US government shutdown has entered its third week, and the congressional budget negotiation has reached a deadlock. The Senate plans to resume voting on Tuesday, and the unpaid leave of some federal employees has caused fiscal implementation risks [2]. - The expectation of the Fed's interest rate cut has been strengthened. The CME FedWatch shows that the probabilities of a 25 - basis - point interest rate cut in October and December are 96% and 87% respectively. New York Fed President Williams reiterated support for further interest rate cuts this year to address labor market weakness [2]. - Trump said that if Russia does not "compromise" soon, he will consider providing "tactical cruise missiles" to Ukraine. Russia warned that this would lead to an "uncontrollable escalation" of the situation, and geopolitical risk aversion sentiment has increased [2]. 3.2 Price Logic - **Gold**: The resonance of trade friction and loose expectations has pushed up the gold price. The expectation of the Fed's interest rate cut, the decline of the US dollar, and the US fiscal deadlock jointly support the price. The government shutdown has weakened the availability of economic data, and the market continues to chase the rise in the sentiment of "no data is bullish". If there is a correction due to short - term technical overbought, $4000 is the primary support level, and the increase in price volatility may lead to phased profit - taking [3]. - **Silver**: Supported by the structural tightness of the London spot market, the lease rate remains high, and the physical premium is obvious. The abundant overall liquidity of precious metals and the short - squeeze effect make the increase of silver relatively ahead of gold. If the volatility significantly increases, one should be vigilant about the correction risk after the short - term increase in volatility. In the long - term, it is still supported by global de - dollarization and the recovery of industrial demand [3]. 3.3 Market Performance of Indexes - On October 10, 2025, the comprehensive index of CITIC Futures commodities: the commodity index was 2232.76, down 0.75%; the commodity 20 index was 2520.82, down 0.80%; the industrial products index was 2225.76, down 0.58% [43]. - The precious metals index on October 10, 2025: the daily decline was 1.21%, the increase in the past 5 days was 4.99%, the increase in the past month was 11.25%, and the increase since the beginning of the year was 43.23% [45].

Core Viewpoint - The announcement of a 100% tariff on Chinese goods by Trump marks a significant escalation in the US-China trade war, potentially leading to severe impacts on high-end manufacturing in China, particularly in the semiconductor sector [1] Group 1: Trade Tariffs and Responses - The US's proposed tariffs could increase the total tariffs on Chinese goods to 130%, which may severely affect China's high-end manufacturing capabilities [1] - China is prepared to respond with equivalent tariffs on US goods, particularly targeting the service trade where the US has a significant surplus [3] - The US has delayed previous negotiations due to concerns over inflation, unemployment, and supply chain issues, indicating a reluctance to engage in a full-scale trade confrontation [3] Group 2: Rare Earth Elements - China controls 70% of global rare earth mining and 90% of processing, making it a critical player in high-tech manufacturing [5] - Recent upgrades to China's rare earth export controls include restrictions on any foreign production using Chinese technology and a comprehensive control over the entire supply chain [5] - The US military heavily relies on Chinese rare earths, with a report indicating that 87% of its supply chain has critical vulnerabilities [5][6] Group 3: Agricultural Impact - China, as the largest consumer of soybeans, has ceased purchasing US soybeans since May 2025, leading to significant financial distress for US farmers [9] - The halt in soybean purchases has resulted in 7 million tons of unsold soybeans and the bankruptcy of 12,000 farmers in the Midwest [9] - The urgency for Trump to persuade China to resume soybean purchases is heightened by the upcoming midterm elections, as farmers threaten to withdraw support for the Republican Party [9] Group 4: Pharmaceutical Industry - China dominates the production of active pharmaceutical ingredients (APIs), supplying 23% of the US's API imports [11] - A 100% tariff on Chinese APIs could lead to increased drug costs and exacerbate shortages in the US market, prompting pharmaceutical companies to consider relocating production [11][12] - The potential rise in drug prices could significantly impact low-income families' access to healthcare, raising concerns among US lawmakers [12] Group 5: US Debt and Financial Stability - The US national debt has surpassed $37 trillion, with China reducing its holdings of US Treasury bonds to $730.7 billion, the lowest since 2008 [14] - This reduction in US debt holdings by China signals a potential financial risk for the US and has contributed to market instability [14] - The shift towards de-dollarization is evident as China seeks to establish alternative currency arrangements with countries like Brazil, Saudi Arabia, and Russia [14] Group 6: Global Financial Dynamics - The ongoing trends indicate a significant shift in global financial power, with the renminbi gaining acceptance as an international currency [14] - The erosion of the US's financial dominance is highlighted by the increasing use of the renminbi in global transactions, particularly in energy markets [14][15] - The combination of these factors suggests a profound transformation in the global monetary system, moving towards a multi-currency framework [14][15]

Core Viewpoint - The recent increase in gold prices is driven by macroeconomic uncertainties, including the U.S. government shutdown and rising geopolitical tensions, with potential for further upward movement in the short term [1][6]. Group 1: Gold Market Dynamics - As of October 10, London spot gold closed at $4017.85 per ounce, marking a cumulative increase of $259.07 per ounce since September 26, representing a 6.89% rise [1]. - The highest gold price reached was $4059.31 per ounce, while the lowest was $3819.10 per ounce during the same period [1]. - The ongoing U.S. government shutdown and macroeconomic uncertainties are eroding the dollar's status as a global reserve currency, enhancing market demand for gold as a safe-haven asset [1][6]. Group 2: Economic Indicators - The University of Michigan's consumer confidence index for October slightly decreased to 55, marking a five-month low, attributed to a slowing job market and persistent inflation [2]. - The ISM manufacturing PMI for September was reported at 49.1, indicating a slight contraction, with new orders declining [2]. - The ADP reported a decrease of 32,000 jobs in September, significantly below market expectations, reflecting ongoing challenges in the U.S. labor market [3]. Group 3: Federal Reserve and Monetary Policy - The FOMC meeting minutes revealed significant divisions among Federal Reserve officials regarding the interest rate cut path, with a majority supporting further cuts while some officials expressed caution [4]. - The Fed's decision to lower the benchmark interest rate by 25 basis points to a range of 4%-4.25% reflects concerns over slowing job growth [4]. Group 4: Geopolitical and Political Uncertainties - The U.S. government shutdown has led to significant operational impacts, affecting approximately 2 million government employees and delaying key economic data releases [5]. - In Japan, the ruling coalition's unexpected breakup raises uncertainties regarding political stability and leadership transitions [5]. Group 5: Long-term Outlook for Gold - The long-term outlook for gold remains supported by factors such as the Fed's potential interest rate cuts, increasing macroeconomic uncertainties, and a global trend towards de-dollarization [6][8]. - China's central bank continues to increase its gold reserves, with a reported 7.406 million ounces as of the end of September, indicating ongoing demand for gold as a reserve asset [8].

Core Insights - The recent surge in gold prices has transformed it from a traditional safe-haven asset to a high-return investment, with a year-to-date increase of over 50% and a cumulative rise of 115% since 2021 [5][12] - The driving force behind this change is the acceleration of "de-dollarization," as evidenced by a significant increase in gold purchases by global central banks [7][10] Group 1: Market Dynamics - Gold has outperformed most global stock and bond markets, with only the Nasdaq showing comparable performance [5] - The shift in gold's pricing logic indicates a transition from a defensive asset to an offensive investment, largely influenced by geopolitical events [5][12] Group 2: Central Bank Actions - Central banks globally have significantly increased their gold reserves, with purchases of 1,136 tons in 2022 and projected purchases of 1,045 tons in 2024 [7][10] - As of September 2023, gold's share in global central bank reserves has surpassed that of U.S. Treasury bonds, marking the highest level since 1996 [8] Group 3: U.S. Dollar Dynamics - The share of the U.S. dollar in global foreign exchange reserves has dropped to 57.4%, the lowest in 30 years, indicating a restructuring of the global monetary reserve system [10] - The U.S. national debt has surged from $5.67 trillion to $37 trillion since 2000, raising concerns about the long-term sustainability of the dollar's credit [10] Group 4: Future Outlook - Predictions from top investment banks suggest that gold prices could reach between $4,000 and $6,000 per ounce in the coming years, driven by ongoing central bank purchases and geopolitical uncertainties [12][18] - The key to capitalizing on this trend lies in understanding the broader market dynamics rather than attempting to predict specific price points [18] Group 5: Investment Strategies - Investors are advised to adopt a long-term perspective on gold investments, avoiding short-term trading and leverage [14][16] - Various investment vehicles, such as gold ETFs and funds, offer more flexibility and lower risks compared to physical gold [16]

Core Viewpoint - The significant rise in gold and mining ETFs is attributed to the historical surge in gold prices, driven by various factors including geopolitical tensions and the U.S. government shutdown [9][11][12]. Market Performance - On October 9, the first trading day after the holiday, major stock indices in China saw strong gains, with the Shanghai Composite Index rising 1.32% to 3933.97 points, marking a 10-year high [1]. - The gold stock ETF closed up 9.47%, the mining ETF up 8.58%, the non-ferrous 60 ETF up 8.44%, and the gold fund ETF up 4.57% [2][4][6][7]. Gold Price Surge - The spot gold price has historically surpassed $4000 per ounce, closing at $4040.42 on October 8, with a cumulative increase of $207.49 per ounce since September 30, reflecting a 5.41% rise [9]. - The U.S. government shutdown has delayed the release of key economic data, contributing to uncertainty in the labor market, with the ADP reporting a decrease of 32,000 jobs in September, significantly below expectations [9]. Geopolitical Factors - Ongoing geopolitical tensions, including the Israel-Palestine conflict, continue to create uncertainty in the market, which may further drive demand for gold as a safe-haven asset [10][12]. Central Bank Actions - The People's Bank of China has increased its gold reserves for the eleventh consecutive month, reaching 74.06 million ounces by the end of September, indicating a trend towards diversifying international reserves [10]. Future Outlook - The expectation of a Federal Reserve rate cut, combined with geopolitical uncertainties and a trend towards de-dollarization, is likely to support gold prices in the medium to long term [12][14]. - The copper market is also expected to show resilience due to supply constraints and increasing demand from sectors such as electric vehicles and data centers [13][14]. Investment Opportunities - Investors are encouraged to monitor gold and mining ETFs, as their performance is closely tied to gold prices, which are expected to rise [11][14]. - The mining ETF has a significant exposure to copper and gold, with copper accounting for 28% and gold 15% of its composition, while the non-ferrous 60 ETF has 29% copper and 17% gold [11].

Core Viewpoint - The international gold price is showing strong bullish momentum, with expectations of reaching and potentially exceeding the $4000 mark, driven by various favorable factors that have not shown signs of weakening [1][5]. Market Performance - On October 7, gold opened at $3960.15 per ounce, fluctuated, and eventually closed at $3984.30, marking a daily increase of $24.15 or 0.61% [1]. - The price reached a daily low of $3940.72 and a high of $3990.62, with a total daily fluctuation of $49.9 [1]. Economic Indicators - The U.S. dollar index showed strength, but gold prices rebounded due to support buying, despite initial pressure from economic data and Federal Reserve officials' comments [3]. - The World Trade Organization significantly downgraded its global goods trade growth forecast for 2026, contributing to market uncertainty and increasing demand for gold as a safe haven [3]. Inflation and Interest Rates - Recent data indicated a rise in inflation expectations, which initially pressured gold prices but subsequently led to a rebound, reinforcing gold's status as a safe haven amid economic uncertainty [5]. - The ongoing U.S. government shutdown is exacerbating market fears, potentially impacting employment data and GDP, which may lead to increased expectations for interest rate cuts by the Federal Reserve [5]. Historical Context - The current market conditions are reminiscent of the 1970s, where high inflation and economic instability led to a significant rise in gold prices, which increased from $35 to $850 per ounce, a 2329% increase [3]. Technical Analysis - The gold price has consistently bounced back from key support levels, indicating a strong bullish trend, with the potential to reach higher targets [7][9]. - The price remains above the 5-day moving average and other support levels, suggesting that any pullbacks could present buying opportunities [9]. Trading Strategy - Suggested trading levels include support at $3977 or $3955 and resistance at $4015 or $4050 for gold [10].

美国政府"停摆"再度爆发，国会僵局未解，市场押注美联储降息概率攀升 2025年10月1日凌晨，美国特朗普政府正式停摆，上次还得追溯到7年前的旧账，现在这事儿又卷土重来了。谁家凌晨还不睡觉，那几个国会议员真是争得面 红耳赤，连夜辩论拨款法案，结果愣是没讲出个头绪来——好家伙，参议院领袖像吵架的大爷，麦克风都快被砸了，镜头一拉特写，大厅坐着几个愁眉苦脸 的公务员，手里攥着下个月账单。老师我看着电视，一边嚼着瓜子一边琢磨，美国居然还能停摆，学期末才有这种紧张气氛，办公室的阿姨小声念叨："这 回估计又得降息了。"据说从10月3日临时拨款被否以后，政府停摆还是老样子，连签证办理都关门了，国家公园门口钉了告示，来旅游的小伙子说一 句："没想到来玩也碰着停摆。"经济学家比谁都急，美国人心里头啊，十有八九都在等美联储怎么表态。 细抠细讲，停摆耽误的不止是那几个窗口，像军队、执法机构这些硬件部门还得死扛，大兵在办公室里嚼着三明治，盯着新闻屏幕发呆。他们说，"咱们还 在岗，政府关门也得守着"，老师我可真佩服——但公园导游、小商户、旅行社都愁得眼圈发黑，这点事儿直接搅乱一锅粥。白宫里头气氛紧绷，有人大半 夜还打电话问"工资还能发不 ...

Group 1: Market Overview - In September, global asset prices experienced significant fluctuations, with notable volatility in A-shares, Hong Kong stocks, and U.S. markets, particularly in sectors like precious metals, semiconductors, and innovative pharmaceuticals [1][3] - The market showed a dual driving force of "technology growth" and "cyclical recovery," with structural growth highlights attracting capital despite a generally slowing macroeconomic environment [3][12] Group 2: Top Performing Sectors - Precious metals, particularly gold and silver, saw a substantial rise, with A-shares and Hong Kong stocks related to these commodities performing exceptionally well, driven by historical highs in international gold prices [3][4] - The battery supply chain, especially solid-state batteries and energy metals like lithium, cobalt, and nickel, gained attention due to increased demand and valuation recovery, reflecting optimism about long-term trends in energy storage [5][8] - The wind power sector experienced a turnaround, with significant growth in new installations and improved profitability expectations, marking a shift from revenue growth to profit recovery [9] - The semiconductor industry, particularly in AI-related technologies, saw a surge in demand, leading to substantial stock price increases for leading companies in this space [10][12] Group 3: Underperforming Sectors - The military industry, which had previously seen significant gains, faced a sharp decline in September, with many stocks experiencing over 40% pullbacks following the conclusion of major events [13][14] - Banking stocks, traditionally seen as stable investments, faced a collective downturn as funds shifted towards more popular sectors, with several banks experiencing declines of over 20% [15][17] - The food and beverage sector continued to struggle, with a notable drop in demand and performance, particularly in the liquor and snack segments, leading to significant underperformance compared to the broader market [19][25] Group 4: Technology Giants Performance - In the Hong Kong market, Alibaba and Tencent were standout performers, with Alibaba's stock rising by 53% and Tencent by 11.15%, reflecting strong market sentiment towards technology stocks [28][29] - In the U.S. market, September defied historical trends, with the S&P 500 and Nasdaq indices posting gains of 3.11% and 5.29%, respectively, driven by strong performances from tech giants like Nvidia, Apple, and Tesla [30][32] Group 5: Future Outlook - The overall market performance in September was influenced by global liquidity conditions and capital flows into emerging markets, suggesting a continuation of a "slow bull" market trend into October [33]

Core Viewpoint - The recent surge in gold prices, reaching a historical high of $3867.093 per ounce, reflects global capital's response to the political and economic instability in the United States, driven by a budget standoff between the two major political parties [2][3]. Group 1: Political and Economic Factors - The immediate catalyst for the gold price increase is the intense standoff between the U.S. political parties regarding the expiration of the Affordable Care Act and the new budget proposal, leading to concerns over a potential government shutdown [2]. - Trump's abrupt cancellation of budget negotiation meetings has heightened market fears regarding the stability of political negotiations, contributing to a deeper anxiety about U.S. policy continuity [3]. - The expectation of interest rate cuts by the Federal Reserve, driven by increasing risks in the job market, has weakened the dollar and reduced the opportunity cost of holding gold [3]. Group 2: Central Bank Actions - Global central banks have been consistently increasing their gold reserves, with China's reserves reaching 74.02 million ounces by the end of August, providing a solid support for gold prices [4]. - The trend of central banks diversifying away from the dollar, with the share of dollar assets in global central bank reserves dropping from 72% in 2000 to 58% by 2025, has made gold a core choice for foreign exchange reserve diversification [4]. Group 3: Investment Demand and Market Trends - The demand for gold as an investment is becoming increasingly diversified, with significant inflows into gold ETFs from North America and Europe, as institutions view gold as an effective tool for portfolio diversification and risk hedging [5]. - Despite potential risks from the U.S. promoting stablecoin development, the overarching trends of political division and expectations of loose monetary policy in the U.S. suggest that gold's status as a "ultimate safe-haven asset" will continue to be highlighted [5]. - The current surge in gold prices is fundamentally a response from global capital to the "American chaos," indicating that the bull market for gold is far from over [5].