Group 1 - Trump's dissatisfaction with the Federal Reserve stems from his belief that high interest rates hinder the U.S. economy and his re-election efforts [1] - The dismissal of Cook is seen as a strategic move to reshape the Federal Reserve to be more compliant with Trump's agenda [1] - The White House spokesperson claims Trump has "ample reason" to dismiss Cook, indicating a political motive behind the decision [1] Group 2 - The market reacted sharply to Cook's dismissal, with significant volatility in the U.S. Treasury market and a widening of yield spreads to a three-year high [1] - Stock markets in Asia and Europe experienced collective declines, while gold prices surged following the news [1] - The situation is characterized as a seismic event for the U.S. financial system, indicating broader implications beyond a simple personnel change [1]

Group 1 - The core viewpoint of the report is that the retail market in Hong Kong may require time to stabilize, leading to a slight downward adjustment in the revenue and distribution forecasts for Prosperity REIT (00778) for 2025 and 2026 [1] - The improvement in stock and real estate performance is expected to create a wealth effect, which may help stabilize the market in the medium to long term, with a projected annual growth of approximately 2% to 3% in distributions for 2026 and 2027 [1] - The potential inclusion in the Stock Connect program is identified as a key catalyst for the next 12 months, with the impact of interest rate cuts expected to outweigh the anticipated changes in rental adjustments [1] Group 2 - The report indicates that Prosperity REIT's retail portfolio, primarily focused on essential consumption, remains resilient and is expected to maintain a high occupancy rate [1] - Recent fluctuations in HIBOR have led to a decline in stock prices, but a forecasted interest rate cut by the Federal Reserve in September or by the end of the year is anticipated to support a recovery in the company's stock price [1] - The target price for Prosperity REIT has been slightly raised to HKD 5.92, while maintaining a "Buy" rating [1]

Core Viewpoint - Financial markets are increasingly anticipating a rate cut by the Federal Reserve during the policy meeting scheduled for September 16-17, with the probability reaching 89.7% according to the CME FedWatch Tool [1][2]. Inflation Analysis - The core PCE price index, a key inflation measure favored by the Federal Reserve, remains above the 2% target, supporting the argument against a rate cut in September and potentially throughout the year [2][3]. - Tariffs complicate inflation calculations, with estimates suggesting that if tariffs are fully passed on to consumers, prices may have recently increased by 0.6%. However, the short-term likelihood of full pass-through is low [3]. Employment Market Status - The unemployment rate in the U.S. has remained stable at 4.2%, with the Congressional Budget Office estimating the natural unemployment rate at 4.3%. This indicates a healthy labor market, insufficient to justify a loosening of monetary policy [4]. - Despite media attention on layoffs, the number of unemployment insurance claims remains unusually low, suggesting a stable employment environment [4]. Economic Forecasts - Most economists predict a rise in the unemployment rate, with a survey indicating it may reach 4.5% by mid-2026. A modest rate cut could be appropriate, especially if it is part of a series of cuts rather than a single adjustment [5]. Federal Reserve's Focus on Inflation - The Federal Reserve's emphasis on inflation is rooted in the belief that low and stable inflation leads to low and stable unemployment rates. This long-term perspective may lead to opposition against rate cuts during the September meeting [6].

Core Viewpoint - Gold prices have surged past the historical high of $3500, driven by strong market demand and central banks increasing their gold reserves as a core asset, reinforcing gold's status as a safe-haven asset [1][2] Group 1: Market Performance - Over the past five days, gold prices have increased by over 3%, reaching a peak of $3508 before a slight pullback to around $3492 [1] - The weekly and monthly performance of gold has shown significant bullish trends, with the monthly close in August marking a strong upward movement that nearly engulfed the previous four months' upper shadows [1] - Silver prices have also reached a 14-year high, surpassing $40, indicating a broader bullish sentiment in precious metals [1] Group 2: Technical Analysis - The recent breakout above the resistance level of $3420-30 has led to a rapid ascent towards the $3500 mark, with the next key resistance levels identified at $3520 and $3550 [2] - The low point of $3440 has become a critical support level; as long as this level holds, the upward trend is expected to continue [2] - Investors are advised to be cautious of potential short-term adjustments, with strategies suggesting to consider short positions at higher levels while looking for buying opportunities at support levels of $3485 and $3475 [2]

Group 1: Economic Indicators - The latest US Consumer Price Index (CPI) rose by 2.7% year-on-year in July, indicating persistent inflationary pressure[4] - The Producer Price Index (PPI) surged by 0.9% month-on-month, reaching a three-year high with a year-on-year increase of 3.3%[4] - Non-farm payrolls added only 73,000 jobs in July, significantly below expectations, with an average of 35,000 jobs added over the past three months, down from 168,000 per month in 2024[4][5] Group 2: Powell's Key Points - Powell acknowledged the significant slowdown in the labor market, emphasizing that the downward pressure on employment could lead to increased layoffs and rising unemployment rates[5] - He highlighted that tariffs have pushed up prices for certain goods, with the core Personal Consumption Expenditures (PCE) price index rising by 2.9% year-on-year as of July 2025[6] - Powell indicated that the balance of risks is shifting, suggesting that the Fed may prioritize supporting the labor market over solely focusing on inflation control[10] Group 3: Market Reactions - The bond market showed limited movement despite Powell's potential rate cut signals, possibly due to government intervention using tariff revenues to stabilize bond prices[11] - In contrast, the stock market reacted positively, with major indices rising significantly, particularly technology and growth stocks, reflecting investor optimism about liquidity support from the Fed[12] - The divergence in market reactions highlights differing expectations regarding future economic scenarios, with bond investors concerned about long-term inflation risks while stock investors focus on short-term liquidity improvements[16] Group 4: Implications for China - China should maintain ample macro policy space to respond to external shocks, given the rising uncertainty in US economic policies and global financial conditions[19] - Emphasis on expanding domestic demand is crucial for reducing reliance on external markets, which includes income distribution reforms and increased investment in new infrastructure and technology[20] - Strengthening Hong Kong's position as an international financial center can attract global capital and support technology financing, enhancing China's economic resilience[21]

Report Industry Investment Rating No relevant content provided Core Viewpoints of the Report - In the short - term, the market is likely to maintain the current stock - bond performance, and the headwind period for the bond market is not over yet [3][25] - The relatively weak PMI data in August and the high expectation of the Fed's interest rate cut may lead to further loosening of the domestic aggregate policy in the fourth quarter [3][25] - After the two major macro - events in September (domestic military parade and whether the Fed cuts interest rates) are settled, the bond market may enter a favorable period at the end of September and in the fourth quarter [3][25] Summary by Related Catalogs 1. Interest Rate Bond Last Week Data Review - **Funds Rate**: DR001 was basically at 1.32% from August 25th to 29th, down about 9BP from last week, and closed at 1.33% on August 29th; R001 first decreased and then increased, closing at a weekly high of 1.42% on August 29th. DR007 hovered around 1.51% from August 25th to 29th and closed at 1.52% on August 29th. FR007 dropped 4BP from 1.58% on August 25th to 1.54% on August 26th and returned to 1.52% on August 29th [8] - **Open - Market Operations**: The central bank's reverse - repurchase投放 volume reached 2.29 trillion yuan, with a total maturity volume of 2122 billion yuan, resulting in a net capital injection of 166.1 billion yuan, the smallest net injection this month [8] - **Sino - US Market Interest Rate Comparison**: The inversion of the Sino - US bond yield spread narrowed. The US 6 - month SOFR rate slightly rose from 4.04% on August 25th to 4.02% on August 29th; the Chinese 6 - month SHIBOR rate remained stable at 1.61%. As of August 29th, the 6 - month interest rate spread was - 241BP, and the inversion narrowed slightly. The 2 - year/10 - year spreads were - 218BP and - 239BP respectively, with the long - and short - end spreads narrowing slightly [18] - **Term Spread**: The term spread of Chinese bonds slightly widened, while that of US bonds gradually narrowed. The 2 - year Chinese bond yield was 1.40%, and the 10 - year was 1.84%, with a 10 - 2 - year spread of 43BP. The US bond yield fell slightly, with the 2 - year yield down 14BP to 3.59% and the 10 - year down 5BP to 4.23%, and the 10 - 2 - year spread widened to 64BP [18] - **Interest Rate Term Structure**: The Chinese bond yield curve shifted upward, and the US bond yield curve shifted slightly downward. Except for the 10 - year Chinese bond yield rising 7BP, the overall change was small. The 3 - month and 2 - 3 - year yields decreased by 1 - 2BP, and the 1 - year and 5 - year yields rose 1BP. The US bond yield decreased by more than 5BP overall, with the 2 - year yield down 14BP (the largest decline) and the 3 - 5 - year yields down 10BP [19] 2. Real Estate High - Frequency Data Tracking - **First - Tier Cities**: The overall transaction volume of commercial housing in first - tier cities remained low and volatile. The average daily transaction area was 61,400 square meters, and the average daily transaction volume was 544 units. August 29th was the weekly high, with a transaction area of 73,200 square meters and 640 units, also the highest in the past two weeks; August 25th was the weekly low, with a transaction area of 56,400 square meters and 500 units [26][27] - **Ten Major Cities**: The transaction data of commercial housing in ten major cities rebounded compared with last week. The average daily transaction area was about 113,900 square meters, an increase of 19,000 square meters per day compared with last week. In 2021, the average daily transaction area was about 254,900 square meters [27] - **30 Large and Medium - Sized Cities**: The transaction volume of commercial housing in 30 large and medium - sized cities remained at a historical low. The average daily transaction area was about 240,000 square meters, and the average daily transaction volume was about 2225 units. August 28th was the weekly peak [27]

Group 1 - The Australian dollar (AUD) is currently trading around 0.65 against the US dollar, showing a decline of 0.17% from the previous close of 0.6553 [1] - The Reserve Bank of Australia's (RBA) Governor Michele Bullock and Deputy Governor Andrew Hauser are scheduled to speak this week, providing an opportunity for the central bank to convey its cautious stance on monetary policy [1] - Governor Bullock is expected to address last week's unexpectedly high inflation data in her speech, emphasizing the need for patience and caution regarding potential interest rate cuts [1] Group 2 - The AUD/USD is fluctuating within the range of 0.6400 to 0.6600, with the first major resistance level at 0.6625, the high from July 24, 2025 [2] - If the price breaks above 0.6625, the next target will be the peak of 0.6687 from November 2024, with a psychological target of 0.7000 further ahead [2] - Support is found at 0.6414, and if this level is breached, the 200-day simple moving average at 0.6384 will come into play, followed by the low of 0.6372 from June 23 [2]

Core Viewpoint - The international gold price has reached a historical high of $3557.1 per ounce, driven by rising expectations of interest rate cuts and increased investor risk aversion, with a notable 2.86% increase last week and over 5% for the month of August, marking the best monthly performance since April [1] Group 1: Market Performance - As of September 1, the COMEX gold futures price peaked at $3557.1 per ounce, setting a new historical record [1] - The gold price has seen a cumulative increase of over 5% in August, the best monthly performance since April [1] - The gold stocks ETF fund has experienced a 12.91% increase over the past week, ranking it in the top 1/6 of comparable funds [2] Group 2: Institutional Insights - Multiple institutions have raised their gold price forecasts, with many believing that reaching $4000 per ounce next year is feasible [1] - Citic Securities' report indicates that the core PCE inflation indicator favored by the Federal Reserve has shown a moderate increase, stabilizing market expectations for a rate cut in September [1] Group 3: ETF Fund Performance - The gold stocks ETF fund has seen a net inflow of 41.73 million yuan over the past five trading days, indicating strong market interest [2] - The fund's one-year net value has increased by 56.28%, with a historical holding period showing a 100% probability of profit [3] - The fund's Sharpe ratio stands at 1.51, ranking it in the top 2/6 of comparable funds, indicating higher returns for the same level of risk [5] Group 4: Index Composition - The China Securities Hong Kong Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in the mainland and Hong Kong markets [5] - The top ten weighted stocks in the index account for 66.52% of the total, with major companies like Zijin Mining and Shandong Gold leading the list [5]

Core Viewpoint - The warning from European Central Bank President Christine Lagarde regarding U.S. President Donald Trump's interference with the Federal Reserve's independence highlights a growing tension between U.S. politics and monetary policy, which could have profound implications for both the U.S. and global economies [1][2]. Group 1: Federal Reserve Independence - The independence of the Federal Reserve is crucial for the effectiveness and credibility of monetary policy, as historical instances of political interference have led to inflation spikes, currency devaluation, and stock market declines [1][2]. - Trump's attempts to exert control over the Federal Reserve, including threats against Chairman Powell and legal actions against Governor Lisa Cook, reflect a desire for direct influence over monetary policy, particularly in terms of interest rate cuts [1][2]. Group 2: Economic Context - The Federal Reserve is currently navigating a delicate balance in its monetary policy decisions, with inflation data remaining above the 2% target and concerns about a weakening labor market following a disappointing July employment report [2]. - Market expectations for a rate cut in September are high, with nearly 90% probability, indicating concerns over economic slowdown and a potential shift towards more accommodative policies [2]. Group 3: Global Financial Implications - Erosion of the Federal Reserve's independence could lead to significant uncertainty in global financial markets, as the dollar's status as the primary reserve currency is partly based on the strength and independence of its monetary policy [3]. - A loss of confidence in U.S. dollar assets could result in capital outflows, dollar depreciation, and potential ripple effects across global financial markets, impacting borrowing costs, financial stability, and the global trade and investment landscape [3].

本文转自【深圳晚报】； 北京时间周一（9月1日）亚盘时段，现货白银突破并站上40美元/盎司整数关口，刷新了2011年9月21日 以来的新高。 截至9月1日14:06，现货白银上涨1.99%，报40.49美元/盎司。 降息前景提升了贵金属的吸引力，而随着美国总统特朗普不断批评美联储决策者，引发外界对央行独立 性的担忧，避险需求也进一步推升了金银价格。 分析人士指出，此次上涨受到市场对美国央行将在9月下旬的会议上降息的预期推动，而本周五公布的 关键美国就业数据可能进一步显示劳动力市场趋弱，从而强化降息理由。 分析师指出："白银突然活跃起来，因为基本面和技术面同时发出利好信号，此外，白银在40美元的关 键阻力位被突破，触发了动能买盘。" 来源 | 央视财经、中国基金报 ...