0 一五年 2025 年 8 月 11 日 投资咨询从业资格号: Z0011222 maolei@gtht.com 报告导读: 1、市场回顾与展望:上周市场再度上行,上证指数五连阳,周五一度触及阶段性新高。板块方面, 国防军工、有色金属、机械设备涨幅居前;医药生物、计算机与商贸零售跌幅居前。期指方面 IC、IM 也 再度创下反弹新高。从驱动来看,国内消息面表现平静,市场结构性行情依旧。而我们此前周报提到的相 关利空,即国内政策转向,或海外譬如在关税领域再度出现风险事件,均未发生,因此行情依旧在震荡中 上行。海外方面,美国纳斯达克指数在周五创历史新高。 后期来看,虽然行情持续上涨,微观交易结构有所恶化,譬如热门板块成交占比远高于正常状态,杠 杆资金交易热度过高,显示多头行情较为拥挤,但行情趋势的扭转,如我们此前所述,主要还是需要依靠 基本面转向驱动。目前看,在９月阔兵前的关键时期,中美元首有望会面前的重要筹划期,因此利空就此 落她概率或不大。从利多方面看,美联储降息预期也逐步升温。故我们依旧维持近期观点,在没有扰动出 现的情况下,行情震荡上行格局或依旧。但一旦消息面利空增大,对于处于阶段性高位的指数而言,也会 ...

期货收评：多头行情爆发！减产消息刺激，多晶硅大涨6%，焦煤大涨近5%，工业硅大涨4%，碳酸锂大 涨3%。焦炭、欧线集运、纯碱、20号胶涨幅超2%。原油表现弱势，跌幅超1%。 ...

Core Insights - Gold has entered a bearish trend, briefly dropping below 3300 before recovering, raising questions about the potential for a bullish market to return [1] Group 1 - The current trend for gold is bearish, indicating a downward movement in prices [1] - Gold prices briefly fell below the 3300 mark, suggesting volatility in the market [1] - There is speculation regarding the possibility of a bullish trend returning in the future [1]

Group 1 - The core viewpoint indicates that gold prices are stabilizing and beginning to rebound, suggesting a potential bullish trend in the market [1] Group 2 - The current market conditions present trading opportunities for investors looking to capitalize on the anticipated upward movement in gold prices [1]

Group 1 - The core viewpoint indicates that gold has stabilized and rebounded, suggesting a potential bullish trend following the breakout of resistance levels [1] - There is an emphasis on monitoring order flow for entry signals, which could provide insights into market movements and trading opportunities [1]

Group 1 - The overall market direction remains bullish, but caution is advised due to potential high-level fluctuations and consolidation [1][3] - Recent gold prices showed a slight decline, with a daily high of $3356.6 and a low of $3323.5, closing at $3341, indicating a stable overall range [3] - The previous Friday's significant increase was followed by a correction, with resistance levels near $3380-$3400, suggesting limited upward movement of $20-$30 [3] Group 2 - The weekly outlook continues to favor bullish positions, with expectations to break above last week's high of $3365 towards the $3380-$3430 resistance area [3] - Short-term trading strategies emphasize caution in high-level positions, with support levels identified at $3320 and potential further declines to $3300-$3280 for bottom-fishing [3] - The 4-hour chart indicates a pressure zone between $3355-$3360, with a need to maintain above $3360 for further upward movement [3]