华源证券指出，中期来看，"降息交易"将为黄金价格上涨提供较强动能，预计美国货币政策变化将接力 财政政策为金价提供支撑。长期来看，"降息交易"+"特朗普2.0"双主线将在2025年持续催化，保护主义 和大国博弈背景下，央行增储将对金价形成强有力底部支撑。2024年全球黄金需求创历史新高，2025年 央行将继续引领黄金需求，为金价提供重要支柱。中国央行已连续12个月增持黄金，10月末黄金储备达 7409万盎司。美国就业市场与经济运行仍具韧性，美联储降息周期或被拉长，但政策空间较大，增加了 黄金的做多窗口期。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（51 ...

Group 1 - Industrial Fulian reported a record high revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.6%, with a net profit of 12.11 billion yuan, up 38.6% [2] - In Q2, the revenue exceeded 200 billion yuan for the first time, reaching 200.34 billion yuan, a 35.9% increase year-on-year, with a net profit of 6.88 billion yuan, up 51.1% [2] Group 2 - A-share indices collectively rose last week, with the Shanghai Composite Index hitting a new high for the year, up over 2% for the week [3] - The market is shifting from traditional cyclical sectors to technology sectors, with quality tech assets expected to yield significant excess returns in Q3 [3] Group 3 - Major foreign investment projects are progressing steadily, with new policies to encourage foreign investment being implemented [4] - Cities like Wenzhou, Dalian, and Xuzhou have GDP growth rates exceeding 6%, with potential to join the "trillion-dollar club" by year-end [4] Group 4 - In July, the consumer price index (CPI) in Guangdong turned positive, rising 0.5% month-on-month, while the producer price index (PPI) decreased by 0.2% [5] - Hong Kong saw a record number of registered local companies, exceeding 1.5 million, with significant direct investment and job creation [5] Group 5 - Nearly 50 A-share companies have disclosed interim dividend plans, with major firms like China Mobile announcing substantial dividends [6] - The Hong Kong Investment Management Company is focusing on nurturing local startups and investing in quality enterprises [7] Group 6 - The A-share market is expected to face some resistance in the short term but remains in a bull market, with industry rotation accelerating [8] - Southbound capital has seen a cumulative net inflow of 900.8 billion HKD, indicating a strong preference for Chinese concept stocks [8] Group 7 - The new science and technology bond policy has led to a significant issuance of 880.66 billion yuan in three months, with a low average coupon rate [21] - Gold futures prices reached a historical high, driven by geopolitical factors and central bank policies [22]

Group 1 - The long-term outlook suggests that the combination of "interest rate cuts" and "Trump 2.0" will continue to catalyze gold prices until 2025, supported by central bank reserves amid protectionism and great power competition [1] - The resilience of the U.S. labor market and economic performance may extend the current Federal Reserve's interest rate cut cycle, but there remains significant policy space, increasing the window for bullish gold positions [1] - According to the World Gold Council, global gold demand is projected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and rising investment demand [1] Group 2 - As of the end of May, the domestic central bank's gold reserves stood at 7,383 million ounces, an increase of 6,000 ounces from the end of April, marking seven consecutive months of accumulation [1] - The gold ETF tracks the spot gold contract (Au99.99) launched by the Shanghai Gold Exchange, providing a standardized tool for investors to participate directly in the gold market [2] - Investors without stock accounts can consider specific gold ETFs, such as Guotai Gold ETF Link A (000218) and Guotai Gold ETF Link C (004253) [2]