Hansen指出，当前人工智能(AI)领域估值处于高位，若出现估值回调引发相关投资大幅放缓，不仅会削 弱芯片及数据中心基础设施的白银需求，还将压制整体市场风险偏好。 此外，相对估值水平同样值得警惕：当前金银比价回落至68附近，基本与30年历史均值持平，较4月超 过105的高点已大幅下行。从历史维度衡量，白银已脱离显著低估区间。 盛宝银行补充道，这一估值变化在供需约束主导力减弱的常态市场环境下将尤为关键。在此背景下，白 银或进入震荡整理阶段，部分资金可能回流至黄金品种，但不会完全撤出贵金属市场——毕竟黄金与白 银仍具备对冲财政风险、通胀压力及地缘政治波动的属性。 从技术面来看，市场正密切关注白银能否站稳54-55美元区间。盛宝银行强调，若银价能突破该区间并 站稳上方，将强化2026年交易区间上移的预期;尤其是该行预判黄金价格有望冲击5000美元关口，也将 对银价形成支撑。 智通财经APP获悉，盛宝银行周三发布报告指出，受货币政策、市场结构及现货供需等多重罕见利好共 振，2025年白银价格涨幅已超一倍，一举突破60美元关口刷新历史新高，展望2026年，白银牛市格局仍 将延续，但需警惕部分潜在风险扰动。 截至发稿， ...

Core Viewpoint - The financial performance of Gaoke Bridge (09963.HK) for the six months ending June 30, 2025, was disappointing, with significant revenue decline and continued losses [1] Financial Performance - Total revenue recorded was approximately HKD 38.7 million, representing a year-on-year decrease of about 46.9% [1] - Loss attributable to shareholders for the reporting period was approximately HKD 12.6 million, which is an 8.0% reduction compared to the previous period [1] - Basic loss per share was approximately HKD 0.049, compared to HKD 0.053 for the six months ending June 30, 2024 [1] Industry Context - The Chinese telecommunications industry is facing dual pressures of demand contraction and intensified competition due to global geopolitical fluctuations and a slowdown in domestic economic growth [1] - The challenges and uncertainties faced by fiber optic and cable companies in the current market environment remain significant [1] - The company is vigilant regarding these developments and is continuously assessing their impact while taking necessary measures to mitigate effects on its business [1]

Group 1: Export Performance - In the first half of the year, China's exports exceeded expectations, with private enterprises being the main contributors, showing a 7.0% growth compared to state-owned and foreign-invested enterprises at 3.2% and 4.7% respectively [1][4] - The overall trade volume increased by 2.9% year-on-year, with exports growing by 7.2%, indicating a recovery from the previous month's decline [1][3] - High-tech product exports rose by 9.2%, with significant growth in sectors like high-end machinery and marine engineering equipment, which saw over 20% growth [3] Group 2: Economic Resilience - China's economy demonstrated strong resilience amid external pressures, with macro policies and proactive responses from businesses playing a crucial role [2] - The industrial added value growth rate increased from 5.8% in May to 6.8% in June, marking the highest rate in three months [1] - The net export of goods and services contributed 1.7 percentage points to economic growth, highlighting its importance in the recovery [3] Group 3: Challenges and Outlook - Experts noted that the economic outlook remains uncertain, with potential challenges including export decline, policy effects, real estate adjustments, and low price levels [6] - The supply side indicators are outpacing demand indicators, indicating an imbalance in the economy [6] - Recommendations include enhancing domestic demand, particularly in consumption, and implementing structural reforms to balance supply and demand [6][7] Group 4: Policy Recommendations - Emphasis on ensuring that fiscal policy growth outpaces nominal economic growth, with a focus on effective implementation [7] - The need for a balanced approach in policy design, including growth-oriented, reform-oriented, and stability-oriented measures [8] - Suggestions for increasing support for employment and social security to maintain social stability and harmony [8]