Group 1 - The core viewpoint of the article highlights the upward trend of gold stocks in the Hong Kong market, with notable gains from companies such as Zhaojin Mining and Lingbao Gold [1] - Zhaojin Mining led the sector with a 4.4% increase, while Lingbao Gold and China Silver Group both rose by 4% [1] - The current price of spot gold increased by 0.1%, reaching $3687.84 per ounce, amid a cautious market awaiting further clues on the Federal Reserve's interest rate path [1] Group 2 - Huatai Securities reported that the Federal Reserve's September FOMC meeting resulted in a 25 basis point rate cut, with expectations of an additional 50 basis points cut by year-end [1] - The long-term value of gold remains intact due to ongoing rate cuts by the Fed in the context of economic adjustments and persistent inflation concerns [1] - Global central banks and institutional investors are increasingly allocating more to gold, driven by de-dollarization trends, geopolitical risks, and the need for diversified investment portfolios [1]

近期，美国财政部公开了7月的数据， 中国单月减持美债257亿美元，总持仓跌到7307亿美元，创下16年来的新低！算下来，这一个月就 抛了超1829亿人民币的美债。 与此同时，中国央行却在疯狂买黄金，已经连续10个月增持。一边是抛售美元资产，一边是狂囤黄金，中国外汇储备到底在搞什么？这 背后，不仅是资产配置的"乾坤大挪移"，更是一场静悄悄的全球金融格局变革。 一、从"抱美元大腿"到"主动减仓"，中国为什么突然不买美债了？ 过去几十年，中国外汇储备里一大半都是美元资产，尤其是美国国债。为啥？因为当时美元是全球最硬的"硬通货"，美债被看作"无风险 资产"，买了就能稳稳收利息。但现在不一样了——美国国债规模已经突破34万亿美元，相当于每个美国人欠10万美元，债务利息比军费 还高，根本还不清。更要命的是，美联储一会儿加息、一会儿降息，美债价格坐"过山车"，去年就有不少国家因为美债暴跌亏了钱。 中国减持美债，说白了就是"不想把鸡蛋放一个篮子里"。以前外汇储备管理更像"被动保值"，现在转向"主动管理"：既要安全，又要灵 活，还得抗风险。比如，除了减持美债，中国可能还在增加欧元、日元资产，甚至投资其他国家的优质债券。这种"多 ...

静悄悄的变盘，往往比喧闹更有力量。 今年以来，中国外汇储备配置出现肉眼可见的"换挡"：一边下调美元债权重，一边把黄金推向"压舱 石"位置。 美元与黄金的那杆秤，正从金融逻辑、到安全逻辑，一起发生倾斜。 中国对美债的态度，已经从"躺着拿票息"，转为"看性价比灵活调"。 最新月份数据显示，中国持仓下行到全球金融危机以来低位，这不只是市场波动，而是结构性取舍。 单一资产的波动越来越 ...

Core Viewpoint - The report highlights a significant increase in gold ETF investments driven by the Federal Reserve's interest rate cuts, geopolitical uncertainties, and central bank gold purchases, emphasizing the long-term value of gold as an investment asset [1][10]. Group 1: Gold Price and ETF Performance - Shanghai gold reached a new high of 838.42 yuan per gram, with domestic gold ETF total assets reaching 155.67 billion yuan, a 120% increase from the end of last year [1][2]. - The performance of gold ETFs is closely linked to gold price movements, with COMEX gold prices rising over 10% in the past month, reaching 3,719.4 USD per ounce [2][3]. - Several gold ETFs, including the Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF and Huaxia CSI Hong Kong-Shenzhen Gold Industry Stock ETF, saw net asset value increases exceeding 15% in the last month [2][3]. Group 2: Factors Supporting Gold Prices - Weak U.S. economic data and expectations of interest rate cuts have made gold more attractive, with investors seeking to hedge against currency depreciation [3][4]. - The trend of de-dollarization and increased gold purchases by central banks, particularly in emerging markets, has provided strong support for gold prices [4][7]. - Strong performance in gold mining stocks, driven by rising gold prices and increased production, has attracted more capital into the gold market [4][5]. Group 3: Fund Flows in Gold ETFs - Since September, gold ETFs have seen a reversal from the net outflows experienced in August, with a total inflow of 4.774 billion yuan as of September 19 [5][6]. - The Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF had the largest net subscription, totaling 2.548 billion shares, followed by Huaxia and Huazhong ETFs [5][6]. - The overall fund flow in gold ETFs has been complex, influenced by market conditions, economic data, and policy expectations, with significant inflows observed earlier in the year [5][6]. Group 4: Global Gold ETF Holdings - Since 2025, the holdings of six major global gold ETFs have increased by 203.28 tons, with significant contributions from SPDR and iShares [7][10]. - The increase in gold ETF holdings reflects investor confidence in gold as a safe-haven asset amid ongoing geopolitical risks and economic uncertainties [7][10].

来源：环球市场播报 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 周一早盘：美股股指变动不大 本周将发布通胀指标PCE指数 上周市场回顾 周五油价下跌：供应充沛压倒消费增长预期 金价涨超1% 贵金属市场整体联动走强 欧洲股票市场小幅走低 市场聚焦利率和经济增长 宏观 特朗普与马斯克握手交流 工作签10万、绿卡100万、白金卡500万！特朗普大幅提高"美国移民门槛"，印度人懵了！ 特朗普政府拟对H-1B签证每年征收10万美元费用 科技行业遭打击 微软、摩根大通和亚马逊已作出回应 9月20日收盘：美股三大股指连续第二日齐创新高 9月20日美股成交额前20：库克称iPhone涨价与关税无关 周五热门中概涨跌不一 台积电跌1.40%，小马智行涨18.55% 米莱将与特朗普会晤，阿根廷寻求遏制市场暴跌 印度商务部长将于9月22日访美磋商 小泉进次郎宣布参选自民党总裁 旨在推动日本薪资增长 白宫：10万美元H-1B签证新费用仅适用于新申请人 微软等公司警告H-1B签证持有者避免境外旅行 百万美元兜售美国居留权，特朗普这个脑洞开得有点大 政府停摆截止日期临近，舒默敦促特朗普与民主党谈判 美国国防部要求记者允许政府审 ...

Group 1: Regulatory and Industry Developments - The State Council's Food Safety Office is actively promoting the establishment of national standards for pre-prepared dishes and advocating for clear labeling in the catering sector to better protect consumer rights [1] - The market supervision administration reported that the box office for the film "731" exceeded 1.067 billion yuan, making it the box office champion for September in Chinese film history [1] Group 2: Company News - Sunflower announced plans for a major asset restructuring involving the acquisition of 100% of Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beid Pharmaceutical Co., Ltd., with the stock set to resume trading on September 22 [3] - Guanzhong Ecological announced that its controlling shareholder is planning a change in control, leading to a suspension of trading for its stock and convertible bonds starting September 22 [4] - Taimushi's stock has experienced significant price fluctuations, with a cumulative increase of over 20% in the last two trading days, indicating potential market volatility [4][5] - Zhenlei Technology reported that its chairman is currently under investigation, but the company's control has not changed as of the announcement date [5] Group 3: Market Insights - Dongwu Securities suggests a market rebalancing in Q4, with a shift towards cyclical stocks and a focus on AI-related sectors, recommending investments in AI data center infrastructure and applications [6] - Huatai Securities maintains that gold has long-term investment value due to ongoing economic concerns and geopolitical risks, suggesting a buy on dips strategy [6]

Group 1: Macroeconomic Insights - The U.S. is predicted to enter a phase of simultaneous interest rate cuts and fiscal expansion, with a higher likelihood of a 50 basis point cut in the upcoming Federal Reserve meeting [1][2] - Historical precedents suggest that U.S. presidents often achieve their desired monetary policies, indicating that the current administration may push for lower interest rates [2] - The Federal Reserve's role may be diminished as stablecoins act as "price-insensitive buyers" of U.S. Treasury bonds, potentially altering the dynamics of monetary policy [1][14] Group 2: Bitcoin and Stablecoins - Bitcoin is viewed as a core asset for hedging against fiat currency devaluation, with its performance expected to be strong in the context of increasing money supply [2][17] - The potential influx of approximately $10 trillion into stablecoins could significantly impact the DeFi ecosystem, providing liquidity and driving demand for decentralized finance protocols [12][19] - Stablecoins are anticipated to facilitate a shift in how monetary policy is executed, with their underlying assets possibly mandated to be held in banks or T-bills, thus influencing short-term interest rates [14][15] Group 3: Market Dynamics and Investment Opportunities - The growth of stablecoins and DeFi protocols is expected to create substantial investment opportunities, particularly in projects like Hyperliquid, which could become a leading trading platform [19][20] - The potential for a $34 trillion total addressable market for stablecoins indicates a significant shift in capital flows, with implications for traditional banking and investment strategies [11][12] - The current economic environment may lead to increased speculation in cryptocurrencies, as individuals seek alternative investment avenues amid fiat currency depreciation [21][26]

7月中国巨额抛售美债，金融版图悄然重塑 2025年7月，中国金融市场掀起巨澜：一口气抛售了价值257亿美元的美国国债，平均每日"清仓"超过8亿美元。这一惊人举措，不仅令华尔街坐立不安，更 将中国持有的美债总额骤降至7307亿美元，创下自2009年以来的历史新低，相较于2013年1.3万亿美元的巅峰时期，已然腰斩。 然而，当中国大幅减持美债之际，全球金融版图却上演着令人玩味的"反转剧"。英国在此期间疯狂涌入413亿美元美债，而日本也增持了38亿美元。这截然 相反的操作，映射出一场静默进行中的全球金融势力重构。 告别"美债依赖"，中国步伐稳健 黄金作为一种非主权信用储备资产，不受单边制裁的影响，能够有效对冲单一货币风险，特别是美元的波动。这正是中国优化外汇储备结构战略的重要组成 部分。目前，中国黄金储备占国际储备资产的比例仅为7.3%，远低于15%的全球平均水平。若要将黄金占比提升至10%，中国仍需增持约2000万盎司黄金。 中国减持美债并非一日之寒。早在2022年4月，中国的美债持仓便已跌破万亿美元大关，自此便开启了持续性减持的轨迹：2022年全年累计减持1732亿美 元，2023年减少508亿美元，2024年 ...

Core Insights - The international gold price remains high at $3684.9 per ounce, indicating gold's enduring appeal as a safe-haven asset and store of value [1] - Domestic gold market shows significant brand differentiation in pricing, with major jewelry brands aligning closely on gold pricing strategies [1] Group 1: Jewelry Brand Pricing - Major jewelry brands such as Chow Tai Fook, Luk Fook, King Fook, and Xie Ruilin set their gold price at 1078 CNY per gram, reflecting a synchronized pricing strategy [1][2] - Chow Sang Sang leads slightly with a price of 1088 CNY per gram, suggesting added value in craftsmanship or service [1] - Other brands like Lao Feng Xiang and Lao Miao Gold maintain prices close to the market average, indicating competitive pricing [1][3] Group 2: Real-time Pricing and Fluctuations - Water Bay region's gold price is reported at 841 CNY per gram, showcasing real-time market dynamics [2] - Chow Sang Sang's price increased by 12 CNY from the previous day, while Lao Feng Xiang's price rose by 10 CNY [2][3] - Various brands exhibit price stability or slight increases, influenced by market conditions and promotional activities [4] Group 3: Financial Institutions' Gold Bar Pricing - Financial institutions offer a range of gold bars with varying prices, with China Construction Bank's "Dragon Gold Bar" priced at 848.2 CNY per gram [4][6] - Agricultural Bank's "Heritage Gold Bar" is priced at 864.27 CNY per gram, while other banks like Bank of China and Ping An Bank have prices above 860 CNY per gram [6] - The pricing of bank gold bars generally exceeds wholesale market prices, reflecting brand premiums and service costs [6] Group 4: Shenzhen Water Bay Wholesale Market - Shenzhen Water Bay market offers competitive pricing for gold, with 99.9% pure gold priced at 835 CNY per gram [6] - Prices for various purity levels, including 99.99% and 99.999%, are slightly higher, indicating a premium for higher purity [6] - The market's pricing strategy attracts numerous buyers due to its cost-effectiveness compared to retail [6] Group 5: Gold and Silver Coin Pricing - Gold and silver coins, such as the Panda Gold Set, are priced at 50,475 CNY per set, with individual coins varying in price based on weight [11][12] - The pricing of commemorative coins reflects both investment potential and collectible value, appealing to a diverse range of investors [12][13] Group 6: Future Outlook on Gold Prices - Market anticipates potential interest rate cuts by the Federal Reserve, which could influence gold prices in the short term [16][17] - Long-term factors such as geopolitical tensions, rising debt levels, and central banks' gold purchases are expected to support gold prices [17][19] - The ongoing trend of "de-dollarization" and shifts in the global monetary system are reshaping gold's pricing logic, suggesting a strong upward trajectory for gold prices [19]

回顾2013年，年初还在每盎司1597美元高位盘旋的金价，如同断了线的风筝般"哗啦啦"地坠落，年末时已跌至1197美元的低谷。短短半年光景，跌幅近三 成，让那些怀揣"抄底"梦想的投资者们，深陷套牢的泥沼，多年未能缓过神来，那段时期，"谁买谁心碎"成为黄金市场的真实写照。然而，时移世易，仅仅 十余年后，黄金价格上演了令人瞠目结舌的逆袭。2025年9月，伦敦金价一度攀升至3684美元/盎司的历史性高位，国内市场也同样火爆，上海黄金现货报价 飙升至832.72元/克，周大福、金至尊等品牌门店的实物金价更是高达1078元/克。与2013年的悲惨境遇形成鲜明对比，此刻买入黄金的投资者，恐怕已在梦 中笑醒。 全球央行的黄金热潮：去美元化的战略棋局 黄金市场的过山车：从2013年的寒冬到2025年的暖春，再到未来的迷雾 引言：历史的回响与现实的变奏 驱动这轮黄金飙升浪潮的，并非仅仅是市场情绪的狂欢，更有着全球央行集体增持的强劲支撑。2025年第二季度，全球央行合计增持黄金166吨，这一数据 足以说明问题。波兰央行更是展现了持续的决心，连续11个月增持黄金；中国央行也默默耕耘了10个月；土耳其、卡塔尔等国家也纷纷加入购金大军 ...