1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On September 3, the spot gold price reached $3,560 per ounce, hitting a new historical high, and the spot silver price rose to $41 per ounce, a 14 - year high [2][4]. - Fed officials' speeches and economic data on Wednesday evening strengthened the market's expectation of interest rate cuts. The U.S. July JOLTs job openings dropped to 7.181 million, far lower than expected, and factory orders were - 1.3%, still in the contraction range, indicating weak economic momentum [4]. - Looking ahead, the Fed's interest - rate cut cycle and political intervention risks will remain the core contradictions in the market. Technically, gold's next target is $3,900 - $4,000, and silver may challenge the historical high of $49 - $50 [4]. - The weekly range for London gold spot is [3350, 3600], and for London silver spot is [38, 42] [4]. 3. Summary According to Related Content Key Information - Trump called for "substantial" interest rate cuts from the Fed [3]. - The federal appellate court ruled that most of Trump's comprehensive tariff measures were illegal, and the tariff case may go to the Supreme Court [3]. - Russia expects to continue negotiations with Ukraine but requires recognition of "new territorial realities" and the establishment of a new security system [3]. Price Logic - The speeches of Fed officials and economic data on Wednesday evening strengthened the market's expectation of interest rate cuts. The decline in JOLTs job openings and the contraction of factory orders indicated a weakening economy, supporting the interest - rate cut expectation [4]. - The Fed's interest - rate cut cycle and political intervention risks are the core contradictions in the market. Technically, gold has an upward target, and silver may reach a historical high. Attention should be paid to potential fluctuations [4]. Market Outlook - The weekly range for London gold spot is [3350, 3600], and for London silver spot is [38, 42] [4]. Index Information - On September 3, 2025, the comprehensive index, commodity 20 index, and industrial products index of the CITIC Futures Commodity Index increased by 0.17%, 0.29%, and 0.05% respectively [42]. - The precious metals index rose 0.90% on September 3, 2025, 4.26% in the past 5 days, 4.89% in the past month, and 29.14% since the beginning of the year [44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 3, equity indices fell while CGB futures rose; most commodity futures fell, with lithium carbonate and SCFIS(Europe) dropping by over 3% [2][9][10][11] - Gold increased by 1.3% to 814.88 yuan/gram due to the U.S. Manufacturing PMI falling short of expectations; the next target price level for gold is seen at $3,900 - $4,000 [14][15][16] - Iron ore increased by 0.7% to 777 yuan/ton, with high demand, stable supply and inventory, and expected price fluctuations in the later market [19][21][22] - Crude oil increased by 0.7% to 493.2 yuan/barrel, with prices expected to fluctuate with a weak bias, and attention should be paid to short - term disturbances from Russia - Ukraine issue negotiations [26][27][28] Summary by Related Catalogs 1. China Futures 1.1 Overview - On September 3, equity indices fell while CGB futures rose; most commodity futures fell, with lithium carbonate and SCFIS(Europe) dropping by over 3% [9][10][11] - The top three gainers in China's commodity futures are egg (up 2.6% with open interest down 14.1% month - on - month), gold (up 1.3% with open interest up 2.7% month - on - month), and ethenylbenzene (up 1.0% with open interest down 6.1% month - on - month) [9][11] - The top three decliners in China's commodity futures are lithium carbonate (down 3.1% with open interest down 0.6% month - on - month), SCFIS(Europe) (down 3.0% with open interest down 4.1% month - on - month), and sodium hydroxide (down 2.7% with open interest up 4.8% month - on - month) [10][11] - In financial futures, IH and IC recorded relatively large declines of 1.3%, while TL saw a relatively large increase of 0.46% [10][11] 1.2 Daily Raise 1.2.1 Gold - On September 3, gold increased by 1.3% to 814.88 yuan/gram; the U.S. Manufacturing PMI falling short of expectations supported gold prices [14][16] - The next target price level for gold is seen at $3,900 - $4,000, and the Federal Reserve's interest rate cut cycle and political intervention risk are core market contradictions [15][16] 1.2.2 Iron Ore - On September 3, iron ore increased by 0.7% to 777 yuan/ton; demand is high, supply and inventory are stable, and prices are expected to fluctuate later [19][21][22] - Overseas mine shipments and 45 - port arrivals increased month - on - month; Hebei steel plant maintenance may lead to a limited decline in pig iron production; post - parade demand may return to a high level [20][21][22] - This week, port inventory decreased, port congestion increased, plant inventory decreased, and total inventory declined slightly [21][22] 1.2.3 Crude Oil - On September 3, crude oil increased by 0.7% to 493.2 yuan/barrel; prices are expected to fluctuate with a weak bias, and short - term disturbances from Russia - Ukraine issue negotiations should be noted [26][28] - Concerns over U.S. - Venezuela conflicts and Trump's attitude towards Russia add to geopolitical premiums; OPEC+ production hikes bring supply pressure, and U.S. production resilience is evident [27][28] - Crude oil inventories face dual pressures from refinery operating rate decline and OPEC+ production increases, and the sustainability of the rebound is expected to be limited [27][28] 2. China News 2.1 Macro News - On the morning of September 3, the gathering marking the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti - Fascist War was held at Tian'anmen Square in Beijing [30] 2.2 Industry News - On September 2, Southbound capital recorded a net purchase of HKD 9.281 billion, pushing its annual net purchases beyond HKD 1 trillion, a new record; this year, the cumulative net investment in the Hong Kong stock market has approached HKD 4.7 trillion [31] - In August 2025, the number of newly opened A - share trading accounts was 2.65 million, a 165% year - on - year increase [31]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report's Core View - On September 2, spot gold broke through the $3500 mark, reaching $3508 per ounce, a record high, and silver prices soared to a 14 - year high of $40.76 per ounce. The below - expected US ISM manufacturing PMI on Tuesday night supported the gold price [2]. - In August, the US manufacturing remained in the contraction zone, with a slightly slower contraction. New orders rebounded, indicating marginal improvement in demand, but output and employment declined, and order backlogs decreased, showing weak production motivation. Supply - side delivery slowed slightly, inventories were low, and future restocking might be triggered. Prices continued to rise, mainly driven by steel, aluminum, and tariffs. The overall situation was "initial demand recovery, weak production and employment, and rising cost pressure", and the manufacturing recovery was still restricted by high costs and uncertainties [2]. - The core market contradictions in the future will be the Fed's interest - rate cut cycle and political intervention risks. Technically, the next target for gold is $3900 - $4000, and silver may challenge the historical high of $49 - $50. The weekly range for London gold is [3350, 3600], and for London silver is [38, 42] [2]. 3. Summary by Related Catalogs Key Information - China and Russia's leaders held talks, and China is willing to strengthen high - level exchanges with Russia, support each other's development, and coordinate positions on core issues to promote greater development of bilateral relations [1]. - Turkish President Erdogan discussed ways to end the Ukraine war with Russian President Putin and had a phone call with Ukrainian President Zelensky, but both sides are "not ready" for a leaders' meeting [1]. - US Treasury Secretary Scott Bessent believes the Supreme Court will support Trump's use of the 1977 emergency powers act to impose comprehensive tariffs on most trading partners, and the US government has a backup plan if the Supreme Court does not support it [1]. Price Logic - The below - expected US ISM manufacturing PMI supported the gold price. The US manufacturing in August was in contraction with a slightly slower pace. Demand showed marginal improvement, but production and employment were weak, and cost pressure was rising. The manufacturing recovery was restricted by high costs and uncertainties [2]. - The core market contradictions are the Fed's interest - rate cut cycle and political intervention risks. Technically, gold's next target is $3900 - $4000, and silver may challenge $49 - $50. The weekly ranges for London gold and silver are [3350, 3600] and [38, 42] respectively [2]. Market Indexes - On September 2, 2025, the commodity index was 2214.36 (+0.10%), the commodity 20 index was 2472.40 (+0.25%), and the industrial products index was 2227.52 (+0.01%) [42]. - The precious metals index on September 2, 2025, was 2831.72, with a daily increase of 0.48%, a 5 - day increase of 3.76%, a 1 - month increase of 4.44%, and a year - to - date increase of 27.99% [44].