Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - On Thursday, precious metal prices remained flat overall, with the market oscillating to gather momentum. The US CPI data announced on Thursday evening met expectations, and the weekly initial jobless claims exceeded expectations, further clearing the obstacles to interest rate cuts. The market did not anticipate a recession. Overnight, the US stock market strengthened again, and the yield of the 10 - year US Treasury bond exceeded 4%. Gold entered an oscillating accumulation period due to previous anticipatory buying, while silver prices trended slightly stronger [1][4]. - In the short term, dovish expectations still dominate the market, and the center of gravity of gold is expected to maintain an upward trend. The market has fully anticipated a 75 - basis - point interest rate cut this year, but there is still a dispute over the scope of interest rate cuts next year. The report is optimistic about long - term interest rate cuts. The combination of inflationary upside risks and interest rate cuts may push real interest rates further down, which is a real positive for gold fundamentals [4]. - The short - term elasticity of silver is limited, and the weakness of the employment market restrains the overall industrial product elasticity. However, there is no obvious recession expectation yet. The report maintains an expectation of a soft landing for the US fundamentals, and silver prices are expected to follow gold and oscillate upward. The weekly London gold spot price is expected to be in the range of [3500, 3800], and the weekly London silver spot price is expected to be in the range of [39, 45] [7]. Group 3: Summary by Related Catalogs Key Information - In August, the US unadjusted CPI increased by 2.9% year - on - year (expected 2.9%, previous 2.7%); the seasonally adjusted CPI increased by 0.4% month - on - month (expected 0.3%, previous 0.2%). The unadjusted core CPI increased by 3.1% year - on - year (expected 3.1%, previous 3.1%); the seasonally adjusted core CPI increased by 0.3% month - on - month (expected 0.3%, previous 0.3%) [2]. - Last week, the number of initial jobless claims in the US was 263,000, soaring to the highest level in nearly four years, far exceeding the expected 235,000. The four - week average was 240,500. As of the week ending August 30, the number of continued jobless claims was 1.939 million [2]. - Russia's central bank gold and foreign exchange reserves as of the week ending September 5 were $698.5 billion, compared with $685.5 billion in the previous period [2]. - The European Central Bank kept the deposit facility rate at 2%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.40%, all in line with expectations. ECB President Lagarde said that the inflation outlook is more uncertain than usual, and a strong euro may cause inflation to decline more than expected. The economic growth headwinds should subside next year, but higher tariffs, a strong euro, and competition will restrain economic growth [3]. Price Logic - The flat precious metal prices on Thursday were due to the US CPI data meeting expectations and the increase in initial jobless claims, which cleared the way for interest rate cuts. Gold entered an oscillating period after anticipatory buying, and silver trended stronger. The short - term dovish expectations and the long - term optimistic view on interest rate cuts, along with inflation risks, are positive for gold. Silver's short - term elasticity is limited, but it may follow gold's upward trend [1][4][7]. Market Data - On September 11, 2025, the comprehensive index of the China CITIC Futures commodity index was 2227.10, up 0.21%; the commodity 20 index was 2492.81, up 0.20%; the industrial product index was 2235.84, up 0.16% [47]. - The precious metal index on September 11, 2025, was 2894.01, with a daily decline of 0.21%, a 5 - day increase of 1.25%, a 1 - month increase of 6.35%, and a year - to - date increase of 30.81% [49].

Group 1 - The core viewpoint of the article indicates that the slight rise in inflation in August strengthens the case for the Federal Reserve to lower interest rates next week, although the pace is expected to be cautious [1][3][5] - The Consumer Price Index (CPI) rose by 2.9% year-on-year in August, marking the highest increase since February, with a month-on-month increase of 0.4%, both slightly above expectations [1][3] - The core CPI, excluding food and energy, increased by 3.1% year-on-year and 0.3% month-on-month, remaining stable and in line with expectations [1][5] Group 2 - The probability of a 25 basis point rate cut by the Federal Reserve in September is 92.7%, while the probability of a 50 basis point cut is 7.3% [3] - Analysts suggest that the August inflation data supports a 25 basis point cut but does not provide justification for a larger cut [3][5] - The core inflation rate remains stable at 3.1% year-on-year and 0.3% month-on-month, despite rising core commodity prices [5][6] Group 3 - The labor market shows signs of weakness, with initial jobless claims rising to 263,000, the highest since June 2023, and non-farm payrolls adding only 22,000 jobs in August, significantly below expectations [6][8] - The unemployment rate increased to 4.3%, the highest level since November 2021, raising concerns for the Federal Reserve [6][8] - Some analysts believe the rise in jobless claims may reflect seasonal fluctuations rather than a significant decline in labor demand [7][8]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 美国8月消费者价格指数（CPI）环比增长0.4%，同比增长2.9%。当月，剔除波动较大的食品和能源价 格后，核心CPI环比增长0.3%，同比增长3.1%。此次 8 月 CPI 数据基本符合预期，通胀相对平稳给了美 联储更大的灵活性，根据CME美联储观察，下周降息25个基点的概率下调至90%下方，而降息50个基点 概率上调至10%上方。此外美元明显走弱，往常来看降息削弱美元吸引力，降低黄金持有机会成本，从 而对黄金价格形成支撑。 9月12日，隔夜市场现货(582, 8.80, 1.54%)跌0.18%，报3634.07美元/盎司。COMEX黄金跌0.24%，报 3675.00美元/盎司。SHFE黄金下跌0.49%。美国8月CPI数据公布，环比数据小幅超预期，同时就业数据 再现疲软，上周初请失业金人数飙升至26.3万人，创下近四年新高。美元走弱，跌0.32%报9 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The stock index has been the standout performer, while commodities are poised for a potential upswing. The domestic liquidity is expected to remain loose in 2025, and more incremental policies may be introduced in Q4 to boost the real economy. With external risks gradually easing and an increased probability of a Fed rate cut in September, the attractiveness of RMB assets is further enhanced. The current market is at the resonance of "policy bottom + capital bottom + valuation bottom", but investors need to adapt to the accelerating sector rotation and structural differentiation [1][2][9]. - Crude oil prices may be affected by the decision of eight countries to increase daily production by 137,000 barrels starting from October, and the potential partial or full restoration of the 1.65 million barrels per day voluntary production cut. Attention should be paid to the OPEC's production increase situation [3][12]. - The glass and soda ash markets are in the process of inventory digestion, with the futures market showing weakness and converging towards the spot market. The focus is on whether autumn consumption can further aid in inventory digestion and the impact of new policy changes on the fundamentals in the long - term [3][16]. 3. Summary by Related Catalogs 3.1. Main News on the Day - **International News**: In August, the US consumer price index increased by 2.9% year - on - year (in line with the forecast) and 0.4% month - on - month (higher than the expected 0.3%). The number of initial jobless claims last week was 263,000, higher than the estimated 235,000 [4][5]. - **Domestic News**: The State Council has approved the implementation of comprehensive reform pilot projects for the market - based allocation of factors in 10 regions, including the Beijing Sub - center and several city clusters, for a period of two years starting immediately [6]. - **Industry News**: From September 1 - 7, the retail sales of the national passenger car market were 304,000 units, a 10% year - on - year decrease and a 4% month - on - month decrease. The wholesale volume was 307,000 units, a 5% year - on - year decrease and a 9% month - on - month increase [7]. 3.2. Daily Returns of External Markets - The S&P 500 index rose by 0.85%, the FTSE China A50 futures increased by 2.08%, ICE Brent crude oil dropped by 1.91%, and other commodities showed various degrees of price changes [8]. 3.3. Morning Comments on Major Varieties - **Financial**: - **Stock Index**: The US three major indexes rose, and the previous trading day's stock index rebounded across the board. The communication sector led the gain, with a market turnover of 2.46 trillion yuan. The margin trading balance increased by 5.774 billion yuan to 2.309269 trillion yuan on September 10. The stock index has been rising since July, with short - term fluctuations but a high probability of a long - term upward trend [2][9][10]. - **Treasury Bonds**: The short - end of treasury bonds strengthened, and the yield of the 10 - year active treasury bond fell to 1.8075%. The central bank's net injection of funds maintained a relatively stable capital market. However, concerns about the reduction of bond fund scale, along with the stock - bond seesaw effect and the impact of fund redemption regulations, are expected to keep the long - end of treasury bonds weak [11]. - **Energy and Chemicals**: - **Crude Oil**: The SC crude oil night session fell by 1.45%. Eight countries decided to increase daily production by 137,000 barrels starting from October, and the 1.65 million barrels per day voluntary production cut may be partially or fully restored [3][12]. - **Methanol**: The methanol night session dropped by 0.54%. The operating rate of coal - to - olefin plants decreased, and the coastal methanol inventory reached a historical high, indicating a short - term bearish trend [13]. - **Rubber**: The rubber price showed a weak and volatile trend. The supply is affected by the rainy season in the main producing areas, while the demand is in the off - season with uncertainties. The short - term trend is expected to be in a volatile adjustment [14]. - **Polyolefins**: Polyolefins showed a weak performance. The supply - demand relationship is the main factor in the spot market. Although the inventory is gradually being digested and the rebound of international crude oil prices is helpful, the market still needs time to stop falling. Attention should be paid to the support from downstream procurement [15]. - **Glass and Soda Ash**: The glass futures were in a volatile consolidation. The supply - demand situation is slowly recovering, and the inventory of glass and soda ash production enterprises decreased this week. The futures market is weak and converging towards the spot market, and the focus is on autumn consumption and policy changes [3][16]. - **Metals**: - **Precious Metals**: Gold entered a consolidation phase. The inflation data in August strengthened the expectation of a Fed rate cut in September. The long - term driving factors for gold, such as the US fiscal deficit and central bank gold purchases, still exist. Gold and silver are expected to show a relatively strong trend in the short - term, but investors should be cautious of profit - taking adjustments [17]. - **Copper**: The copper price rose by 0.45% at night. The supply of concentrates is tight, but the smelting output continues to grow. The power, automotive, and other industries have different performance trends, and the copper price is likely to fluctuate within a range [18]. - **Zinc**: The zinc price rose by 0.13% at night. The processing fee of zinc concentrates has increased, and the smelting output is expected to rise. The short - term supply - demand balance may tilt towards oversupply, and the zinc price may fluctuate weakly within a range [19]. - **Lithium Carbonate**: The lithium price remained stable. The production increased, and the inventory decreased. However, there are still many uncertainties in the market, and investors should be vigilant against capital speculation [21]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures showed a high - level volatile trend. The inventory accumulation is mainly from rebar, and the iron - water output recovery will increase the supply pressure of finished products. Policy expectations and potential production - over - inspection effects can provide some support [22]. - **Iron Ore**: Steel mills have started to resume production, and the demand for iron ore is supported. The global iron ore shipment has decreased recently, and the port inventory is being rapidly depleted. The iron ore price is expected to be volatile and bullish in the future, but attention should be paid to the steel mills' production progress [23]. - **Steel**: The profitability of steel mills remains stable, and the supply pressure is gradually emerging. The steel inventory is accumulating, and the export situation is mixed. The supply - demand contradiction in the steel market is not significant for now, and the short - term trend is a correction [24]. - **Agricultural Products**: - **Protein Meal**: The soybean and rapeseed meal prices rose slightly at night. Although the US soybean export is affected by trade tariffs, the reduction of planting area and potential decline in yield support the price. The domestic market is expected to be in a narrow - range fluctuation, and attention should be paid to the USDA report [25][26]. - **Edible Oils**: The edible oil prices were strong at night. The palm oil price may be under pressure due to the lower - than - expected export in August. The soybean oil price is affected by the US biodiesel policy and the upcoming USDA report. Attention should be paid to China - Canada trade relations and US biodiesel policies [27]. - **Sugar**: The international sugar market is in the inventory accumulation stage with increased Brazilian sugar supply, while the domestic sugar market is supported by high sales - to - production ratio and low inventory. However, the pressure from imported processed sugar and the upcoming new sugar - pressing season may drag down the price. The Zhengzhou sugar futures are expected to follow the weak trend of international sugar [28]. - **Cotton**: The ICE US cotton price rose slightly. The domestic cotton market is shifting the focus to the new cotton purchase, but the downstream demand is weak. The short - term trend of Zhengzhou cotton is expected to be weak [29]. - **Shipping Index**: - **Container Shipping to Europe**: The EC container shipping index to Europe showed a weak performance, falling by 5.28%. With the approaching of the National Day Golden Week, shipping companies are intensifying price competition, and the market is following the downward trend of spot freight rates. Attention should be paid to the shipping companies' price - adjustment rhythm [30].

"降息潮"来势汹汹。 秘鲁央行预计到年底，同比通胀率将接近目标区间的中点。同样，在预测期内，核心通胀率预计将维持 在2%左右。 经济方面，秘鲁央行指出，8月，多数当期经济状况指标有所改善，但与经济活动预期相关的指标呈现 出好坏不一的结果。在经济活动接近潜在产出水平的背景下，几乎所有指标仍处于乐观区间。 在美联储9月议息会议前夕，多国央行出手。北京时间9月12日早间消息，秘鲁央行宣布，降息25个基 点；土耳其央行当地时间11日宣布，降息250个基点，将基准利率从43%下调至40.5%，超出市场预期。 与此同时，美国最新发布的就业与通胀数据也为美联储开启降息周期扫清了障碍。花旗分析认为，美国 8月CPI报告及其细节为美联储启动降息提供了更多依据，预计美联储将开启新一轮降息周期，在未来 五次联邦公开市场委员会(FOMC)会议上累计降息125个基点。 刚刚宣布：降息 北京时间9月12日早间消息，秘鲁央行宣布，降息25个基点，将基准利率从4.50%下调至4.25%。这与彭 博社调查的15位经济学家中8人的预测一致，另7人预计秘鲁央行将连续第四次维持利率不变。 秘鲁央行在发布的声明中称，此次调整后，利率已非常接近预估的中 ...

Core Viewpoint - The article discusses the recent wave of interest rate cuts by various central banks, particularly focusing on the actions of the Federal Reserve, the Central Bank of Peru, and the Central Bank of Turkey, indicating a global trend towards easing monetary policy in response to economic conditions [2][10]. Group 1: Central Bank Actions - The Central Bank of Peru announced a 25 basis point cut, lowering the benchmark rate from 4.50% to 4.25%, aligning with the expectations of some economists [4][5]. - The Central Bank of Turkey cut its benchmark rate by 250 basis points from 43% to 40.5%, exceeding market expectations, citing weak domestic demand despite a higher-than-expected GDP growth in Q2 [8][9]. Group 2: Economic Indicators - Peru's inflation rate decreased from 1.7% in July to 1.1% in August, attributed to a temporary drop in food prices, while core inflation rose slightly from 1.7% to 1.8% [5][6]. - In Turkey, inflation peaked at 85.5% in October 2022 but showed signs of decline, with the annualized rate dropping to 32.95% by August 2025 [9]. Group 3: Future Expectations - Analysts predict that the Federal Reserve will initiate a new round of rate cuts, with expectations of a cumulative reduction of 125 basis points over the next five FOMC meetings, potentially lowering the policy rate below 3% [2][11]. - The Central Bank of Peru is expected to monitor inflation closely and may adjust its monetary policy stance based on economic activity and inflation trends [6].

Core Viewpoints - The article discusses the current economic conditions in China and the U.S., highlighting the implementation of market-oriented reforms in key urban areas in China and the stable inflation rates in the U.S. [1][4][5] Economic News - The Chinese government has approved market-oriented reform pilot programs in ten urban areas, including Beijing's sub-center and the Yangtze River Delta [5] - The U.S. consumer price index (CPI) rose by 2.9% year-on-year in August, aligning with expectations, while the core CPI increased by 3.1% [4] - Initial jobless claims in the U.S. rose to 263,000, the highest in nearly four years, indicating potential labor market weakness [4] Market Performance - U.S. stock indices experienced a rebound, with significant gains in the communication sector and a total market turnover of 2.46 trillion yuan [2][9] - The financing balance in China increased by 5.774 billion yuan, indicating a continuation of liquidity support [2][9] - The market is currently in a phase characterized by a "policy bottom, liquidity bottom, and valuation bottom," suggesting potential for further growth despite short-term volatility [2][9] Commodity Insights - Oil prices fell by 1.45% in the night session, with OPEC+ countries planning to increase production by 137,000 barrels per day starting in October [11][12] - Glass and soda ash markets are experiencing slow recovery in supply and demand, with glass production inventories decreasing by 1.04 million heavy boxes [16] - The methanol market is under pressure due to high inventory levels, with coastal methanol stocks reaching a historical high of 1.508 million tons [13] Industry-Specific Data - The passenger car market in China saw retail sales of 304,000 units in early September, a 10% year-on-year decline, while wholesale figures showed a 5% decrease [6] - The domestic glass and soda ash markets are in a process of inventory digestion, with a focus on supply-side adjustments [16] - The copper market is experiencing price fluctuations due to tight supply and varying demand from different sectors [18] Shipping and Trade - The European shipping index is under pressure, with a decline of 5.28% as shipping companies adjust pricing strategies ahead of the National Day holiday [30]

Market Overview - The Dow Jones Industrial Average (DJIA) has surpassed 46,000 points, with major U.S. stock indices experiencing significant gains on September 11, including a rise of over 500 points for the DJIA, approximately 0.65% for the Nasdaq, and about 0.76% for the S&P 500, all reaching historical highs [3][4]. Economic Indicators - The Consumer Price Index (CPI) for August increased by 0.4% month-over-month, exceeding economists' expectations of 0.3%, while the year-over-year increase was 2.9%, aligning with forecasts. The core CPI, excluding food and energy, rose 0.3% month-over-month and 3.1% year-over-year, both meeting expectations [6]. - The Producer Price Index (PPI) unexpectedly declined by 0.1% month-over-month prior to the CPI report. Additionally, the job market showed signs of cooling, with initial jobless claims rising by 27,000 to a seasonally adjusted 263,000, the highest since October 2021, surpassing market expectations of 235,000 [7]. Federal Reserve Outlook - Following the economic data, U.S. Treasury yields fell, with the 10-year yield dropping to 4%. The market is almost certain that the Federal Reserve will cut the benchmark interest rate by 25 basis points at the upcoming meeting on September 17, with an increased probability of a 50 basis point cut as well [8]. - Analysts suggest that the weak labor market is prompting Wall Street to anticipate a more aggressive rate-cutting path, with expectations of a 25 basis point cut at each of the remaining three meetings this year [9]. Chinese Stocks Performance - On the evening of September 11, Chinese concept stocks surged nearly 3%, with major Hong Kong indices also rising over 1% in after-hours trading, indicating a positive outlook for A-shares and Hong Kong stocks on the following Friday [10]. - Alibaba's stock rose by 7%, while Baidu's stock increased by approximately 4%. Reports indicate that both companies have begun using their self-developed AI chips for training AI models, marking a significant shift in China's technology landscape [13].

2025.09. 12 作者 | 第一财经 胡弋杰 当地时间9月11日，美国劳工统计局公布数据显示，8月消费者价格指数（CPI）环比上涨0.4%，高 于预期的0.3%，录得七个月来最大涨幅；同比增速为2.9%，亦高于7月的2.7%。剔除食品和能源 的核心CPI环比上涨0.3%，同比上涨3.1%，与市场预期一致。 与此同时，美国初请失业金人数升至26.3万人，为2021年10月以来最高水平，四周均值也升至 24.05万人。尽管节假日效应可能带来短期波动，但整体趋势显示裁员活动正在增加。 通胀再度抬头与就业走弱叠加，引发市场对"滞胀"的担忧。但分析人士普遍认为，美联储下周启动 降息的节奏不会因此受阻。 本文字数：1288，阅读时长大约2分钟 关税压力渐显 分析人士认为，此轮通胀反弹与住房租金的粘性以及关税传导有关。随着企业库存逐渐消化，进口成 本上升可能更明显地体现在消费品价格中。桑坦德银行美国资本市场首席经济学家斯蒂芬·斯坦利 （Stephen Stanley）评论称，更多与关税相关的通胀将在未来数月逐步显现，尽管完全传导仍需时 间。 分项来看，8月CPI的走高主要来自住房、食品和能源价格。住房成本指数环比上涨 ...

Group 1 - Major tech stocks showed mixed performance, with Apple rising over 1%, Oracle falling over 6%, and Netflix declining over 3% [1] - Media stocks strengthened, with Warner Bros. Discovery surging 28% and Paramount Global rising over 15%, amid reports of a potential acquisition bid for Warner Bros. Discovery by Paramount Global [1] - Stablecoin issuer Figure saw a 24% increase on its first day of trading following its IPO [1] Group 2 - Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 2.89%. Alibaba rose by 8%, NIO by over 6%, and Baidu and JD.com by over 3% [3] - The FTSE A50 futures index rose by 0.30%, closing at 15,233 points [5] Group 3 - The U.S. Consumer Price Index (CPI) for August rose by 2.9% year-on-year, matching market expectations, while the core CPI increased by 0.3% month-on-month [8] - The largest contributor to the CPI increase was housing costs, which rose by 0.4%, accounting for about one-third of the index's weight [8] - Initial jobless claims unexpectedly increased to 263,000, higher than the Dow Jones forecast of 235,000, indicating a potential shift in Federal Reserve policy [9] Group 4 - Analysts widely expect the Federal Reserve to lower interest rates by 25 basis points at the upcoming meeting, with some suggesting a possibility of a 50 basis point cut due to weak employment data [9][10] - The market has fully priced in a rate cut in September, with expectations for three cuts this year, up from two just weeks ago [9]