Group 1: Investment Ratings - Gold and silver are both given a ★★★ rating, indicating a clearer long/short trend and relatively appropriate investment opportunities at present [1] Group 2: Core Views - Today, precious metals are oscillating with a slight upward trend. Recently, global geopolitical risks have cooled down, risk sentiment is positive, the US economy is resilient, and a work plan for stabilizing growth in key industries such as non-ferrous metals in China is about to be introduced. Industrial products are rising excitedly in rotation, there is insufficient upward driving force for gold, and there is still room for the gold-silver ratio to decline. The uncertainty before the deadline of US tariff policy remains high, risk sentiment is prone to fluctuations, and precious metals are mainly in an oscillating and wait-and-see state [1] Group 3: Summary of Related Content Tariff - The US Commerce Secretary is confident of reaching an agreement with the EU, and small countries need to pay a 10% benchmark tariff starting from August 1st. The EU is preparing a retaliatory plan under the tough US trade stance. Trump has increased pressure on the EU, with the minimum tariff possibly rising to 15%-20%. The US-Japan trade agreement is still within the "realm of possibility", and the Pakistani Finance Minister is in the US to promote the signing of a trade agreement [2] Fed - Trump believes that high interest rates are "killing the real estate market" and has reiterated that interest rates should be lowered to 1%. An insider said that Treasury Secretary Bessent advised Trump not to remove Powell. Waller refused to comment on whether he would hold a different opinion at the July meeting and said he would accept if the president asked him to be the Fed Chairman. Goolsbee is "slightly worried" that tariffs are pushing up commodity inflation and expects interest rates to drop significantly in the next year [2] Iran Nuclear Negotiations - Iran has agreed to hold a new round of negotiations with three European countries at the deputy foreign minister level in Istanbul on the 25th. Putin met with a senior advisor to the Iranian Supreme Leader to discuss the Iran nuclear issue. Trump reiterated that all three Iranian nuclear facilities have been completely destroyed [2]

Report Summary 1. Report Industry Investment Ratings - Gold: ★★★, indicating a clearer upward trend and relatively appropriate investment opportunities currently [1] - Silver: ★★★, indicating a clearer upward trend and relatively appropriate investment opportunities currently [1] 2. Core View of the Report - The US economy shows resilience as the retail sales in June 2025 had a month - on - month increase of 0.6%, the highest since March this year, and the weekly initial jobless claims were lower than the previous value and expectations. This suppresses the performance of gold prices, but gold still shows resistance. Due to strong uncertainties before the US tariff policy deadline and repeated risk sentiment, precious metals are mainly in a volatile state [1] 3. Summary by Related Catalogs Tariff Information - The vice - chairman of the Thai Chamber of Commerce stated that Thailand will propose to exempt 90% of US goods from tariffs [1] - The EU plans to add service tariffs and export controls on the US as a retaliatory measure after the breakdown of trade negotiations [1] - White House trade advisor Navarro said that the EU's value - added tax is also a form of subsidy, and the US hopes to see VAT reduction and tariff cuts [1] - The nominee for South Korea's foreign minister said he is confident of reaching an agreement before the US tariff takes effect [1] Fed Information - Kugler believes it is appropriate to keep interest rate policy stable "for some time" [2] - Daly thinks whether to cut interest rates in July or September is not the most critical [2] - Bostic said it may be difficult to cut interest rates in the short term [2] - Waller believes the Fed should cut interest rates by 25 basis points at the July meeting [2]

1. Report Industry Investment Rating - Gold: ★☆☆ (indicating a bullish bias, with a driving force for price increase, but limited operability in the market) [1] - Silver: ★☆☆ (indicating a bullish bias, with a driving force for price increase, but limited operability in the market) [1] 2. Core View of the Report - Overnight, the US PPI was lower than expected, and news that Trump intended to fire Fed Chairman Powell caused the US dollar assets to decline and international gold prices to rise. However, after Trump's denial, the market returned to stability. Driven by events, precious metals are sensitive. There is still room for negotiations before the deadline of the US tariff policy, and risk sentiment may fluctuate. Precious metals will mainly fluctuate. Attention should be paid to the US retail sales data tonight [1]. 3. Summary Based on Related Catalogs 3.1 US Economic Data - The US White House National Economic Council Director Hasset said that the Fed's actions are "very very slow" and inflation data has been performing well [2]. - The US June PPI annual rate was 2.3%, lower than the expected 2.5%, the lowest since September 2024, and the previous value was revised up from 2.6% to 2.7% [2]. - The Fed's Beige Book shows that the economic outlook is neutral to slightly pessimistic. Manufacturing activity decreased slightly, and corporate recruitment remained cautious [2]. 3.2 Tariff Policies - Canada will tighten steel quotas for some foreign countries [2]. - Trump will send general tariff rate notices to more than 150 small countries and may impose a 10% or 15% tariff on smaller countries [2].

Group 1: Price Performance - London Gold latest price is 3323.80, down 21.30 [1] - London Silver latest price is 37.88, down 0.38 [1] - London Platinum latest price is 1389.00, up 8.00 [1] - London Palladium latest price is 1219.00, up 30.00 [1] - WTI Crude latest price is 66.38, down 0.14 [1] - LME Copper latest price is 9640.50, down 4.00 [1] Group 2: Trading Data - COMEX Silver inventory data not provided [2] - SHFE Silver latest inventory is 1212.79, down 10.17 [2] - Gold ETF latest holding is 950.79, up 3.15 [2] - Silver ETF latest holding is 14819.29, down 36.73 [2] - SGE Silver latest inventory is 1319.90, unchanged [2] - SGE Gold deferred fee payment direction change is -1.00 [2] - SGE Silver deferred fee payment direction change is 1.00 [2] Group 3: Other Data - US Dollar Index latest is 98.29, down 0.34 [8] - Euro to US Dollar latest is 1.16, unchanged [8] - British Pound to US Dollar latest is 1.34, unchanged [8] - US Dollar to Japanese Yen latest is 147.88, down 0.97 [8] - US 10 - year TIPS data not provided [8]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3345.10, 38.26, 1381.00, 1189.00, 66.52, and 9644.50 respectively, with changes of -6.05, -0.74, 12.00, 13.00, -0.46, and -31.00 [3] Group 2: Trading Data - The latest data for COMEX Silver (inventory), SHFE Silver (inventory), Gold ETF holdings, Silver ETF holdings, SGE Silver (inventory), SGE Gold (deferred fee payment direction), and SGE Silver (deferred fee payment direction) are - , 1222.96, 947.64, 14856.02, 1319.90, 2, and 1 respectively, with changes of - , -1.02, 0.00, -110.22, 0.00, 1.00, and -1.00 [4]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the **robotics industry**, particularly focusing on humanoid robots and their market dynamics. Additionally, there are mentions of **financial markets** and **various sectors** such as **materials**, **banking**, **public utilities**, and **precious metals**. Core Points and Arguments 1. **Market Dynamics**: The current market shows a slight bias towards bullish trends, with notable strength in cyclical sectors like materials and construction machinery, while sectors like media, fintech, and real estate are experiencing declines [1][2][3]. 2. **Market Participation**: The trading volume remains stagnant at around 1.4 to 1.5 trillion, indicating a slow recovery in market sentiment. The number of stocks hitting the daily limit up has increased slightly but remains below 100, suggesting limited market enthusiasm [2][3]. 3. **Earnings Season Caution**: As earnings reports approach, there is a heightened caution regarding companies that may report weaker performance. High dividend or high-growth stocks could attract attention during this period [3][4]. 4. **Dividend Index Performance**: The dividend index has shown a 4% increase since late June, indicating a shift in market focus towards dividend-paying stocks [4][5]. 5. **Robotics Material Advancements**: The emergence of new materials for humanoid robots, particularly following advancements in Tesla's Optimus robot, is driving interest in the sector. These materials are crucial for enhancing robot performance while reducing weight [6][7]. 6. **Market Potential for Humanoid Robots**: The humanoid robot sector is poised for growth, especially with significant orders from major companies like China Mobile, indicating a potential shift towards mass production [9][11]. 7. **Gold and Precious Metals**: The precious metals sector is influenced by external factors, particularly the performance of the US dollar. Recent trends show a recovery in gold prices, which could be impacted by fluctuations in the dollar index [12][14]. 8. **Sector Rotation**: There is a noted rotation in asset performance, with cyclical sectors like steel and precious metals becoming more prominent in July, suggesting a potential shift in market leadership [15][16]. 9. **Brokerage Performance**: Several brokerages have released optimistic earnings forecasts for the first half of 2025, with some companies projecting growth rates of up to 45% [17][18]. 10. **IPO Activity**: The market is observing a significant number of IPOs, particularly from the Beijing Stock Exchange, which could impact the investment banking sector and overall market liquidity [21][22]. Other Important but Possibly Overlooked Content 1. **Technological Developments**: The advancements in humanoid robot technology and materials are critical for the industry's future, with companies like Zhiyuan and Yushu leading in production capabilities [32][33]. 2. **Market Sentiment and Technical Analysis**: The market is currently in a phase of technical analysis, with key levels being monitored for potential breakout or breakdown scenarios [27][29]. 3. **Investment Strategy**: Investors are advised to focus on sector-level analysis and the performance of leading companies within those sectors to identify potential investment opportunities [22][24]. 4. **Caution in High Valuation Sectors**: There is a warning against chasing high-performing sectors without considering the associated risks, particularly in the context of recent price increases [30][31]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current market landscape and future outlooks in the robotics and financial sectors.

Group 1: Humanoid Robot Industry - The humanoid robot industry is experiencing rapid growth, driven by significant orders and technological advancements [6] - Major contracts have been awarded, such as a 124 million yuan procurement order from China Mobile to Zhiyuan Robotics and Yushu Technology [6] - Key areas of focus include sensors, dexterous hands, and exoskeleton robots, with recommendations from CITIC Securities [6] Group 2: AI and Computing Infrastructure - Meta has announced a multi-billion dollar investment in AI data center clusters, including the "Prometheus" project [2] - Amazon has launched the AI programming agent Kiro to optimize development processes [3] - The demand for AI data centers is boosting nuclear power stocks, with NuScale Power seeing a 12.38% increase in a single day [3] Group 3: Precious Metals - Silver prices have surged, with spot silver exceeding $39 per ounce, marking a 35% increase year-to-date, outperforming gold [7] - The expectation of interest rate cuts by the Federal Reserve and improved monetary policy cycles between China and the U.S. are driving demand for precious metals [7] - Chinese silver stocks, such as China Silver Group, have seen significant gains, with a 14.29% increase [8] Group 4: Innovative Pharmaceuticals and Biotechnology - The National Medical Insurance Administration in China is adjusting the innovative drug catalog, supporting the entire development chain [8] - Hong Kong's innovative drug stocks have surged, with companies like Boan Biotechnology rising by 22.31% [13] - A-share companies in the pharmaceutical sector, such as Lianhuan Pharmaceutical and Laimei Pharmaceutical, are also experiencing upward momentum [13] Group 5: Stablecoins and Cryptocurrencies - The Hong Kong Stablecoin Regulation took effect on August 1, with discussions on cryptocurrency trends by the Shanghai State-owned Assets Supervision and Administration Commission [13] - The U.S. Congress is advancing stablecoin legislation, contributing to Bitcoin reaching a historical high [13] - Stocks related to oil and gas equipment are supported by geopolitical factors and summer oil demand, with Baijin Oil Services rising by 18.75% [13] Group 6: Energy and Power Transition - Extreme weather conditions are increasing demand for air conditioning, leading to a surge in the power sector, with companies like Jiantou Energy and Yunnan Energy hitting their daily limits [9] - The cement industry is undergoing transformation with production control and efficiency improvements, as seen in companies like Ta Pai Group and Ningxia Building Materials [10] Group 7: Consumer Electronics and Globalization - Companies like Lens Technology and Luxshare Precision are listing in Hong Kong to enhance overseas capacity and local service [11] - The current market environment suggests prioritizing investments in the commercialization of robots, AI infrastructure, precious metals, and the realization of innovative drug policies [12]

贵金属早报 研究中心宏观团队 2025/07/10 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 3300.15 36.59 1373.00 1115.00 68.38 9660.50 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | - | 1320.91 | 947.37 | 14966.24 | 1323.23 | 1 | 2 | | 变化 | - | -13.82 | 0.86 | 31.09 | 0.00 | 0.00 | 1.00 | 贵 金 属 比 价 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和 ...

贵金属早报 研究中心宏观团队 2025/07/09 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 3315.35 | 36.25 | 1384.00 | 1103.00 | 67.93 | 9852.00 | | 变化 | 0.00 | 0.00 | 0.00 | -27.00 | 0.00 | 54.00 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | 97.55 | 1.17 | 1.36 | 146.07 | 2.05 | | | 变化 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- ...

Group 1 - The Shanghai Composite Index rose 0.08% at the beginning of the trading session, surpassing 3500 points, marking an 8-month high [1] - Sectors such as childcare services, PCB, humanoid robots, Kirin batteries, and non-ferrous metals showed significant gains [1] - Conversely, sectors like precious metals, insurance, rare earth permanent magnets, and storage chips performed poorly [1]