| | 恒生新经济ETF | | | 513320 | | | --- | --- | --- | --- | --- | --- | | | 跟踪恒生港股通新经济指数 | | | | | | | 该指数由港股通范围内、属于 "新经济"行业中市值最大的 | 交目 该指数涨跌 | 该指数 滚动市盈率 | 该指数自2018年 以来估值分位 | | | | 50只股票组成,主要包括信息 | | | | | | | 技术、可选消费、医疗保健行 | -1.6% | 26. 8倍 | 65. 4% | 415 | | | 恒生科技ETF易方达 | | | 513010 | | | | 跟踪恒生科技指数 | | | | | | | 该指数由港股上市公司中与科 | 令日 | 该指数 | 该指数自2020年 | | | | 技主题高度相关的、市值最大 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | | | 的30只股票组成,信息技术及 | | | | | | | 可选消费行业合计占比超90% | -0. 7% | 24.6倍 | 36. 7% | | | | 港股通矢药ETF ( | | | 513200 | | ...

国信证券研报称，短期来看，9月以来的上涨动能虽有所释放，但美联储宽松周期的延续、地缘政治风 险的常态化以及市场投资需求的持续流入，仍将推动金价维持高位震荡偏强的格局。长期而言，全球货 币信用体系重构、去美元化趋势、各国央行持续购金以及供需结构性失衡等因素构成了黄金上涨的核心 支撑，这一支撑体系在未来2-3年内难以发生根本性改变，因此黄金的长期上涨趋势仍将延续。 徽商期货研报认为，短期内美国政府"停摆"危机持续发酵，使得市场在判断经济走向以及美联储政策路 径时面临的难度显著增大，进而导致市场风险加剧，投资避险情绪高涨。除此之外，美国经济的不确定 性不断增加，这使得市场对美联储降息的预期有所升温，实际利率也趋于下行。鉴于宏观经济增长放 缓、货币政策宽松以及地缘局势等诸多因素的支撑，贵金属价格长期内维持偏多的思路。 上证报中国证券网讯（记者 严晓菲）10月9日日间盘，国内商品期货主力合约涨跌互现，其中沪金主力 合约强势领涨。 截至15:00收盘，沪金、国际铜、沪铜等涨超4%，豆油、沪镍、沪银等涨超2%，沪锌、沪铝、红枣等涨 超1%，铁矿石、棉纱、白糖等微涨。跌幅方面，生猪、液化石油气跌超5%，鸡蛋跌超4%，尿素跌超 ...

在凤凰湾区财经论坛2025前夕，上海交通大学上海高级金融学院实践教授胡捷表示，美联储进入宽松周 期对全球金融资产总体利好，更多资金涌入市场将提供价格支撑，美股长期流动性增强。他指出，A 股、港股等其它市场也会受到积极带动。更宽松的流动性环境鼓舞各国投资者，促使更多资金进入投资 市场。 ...

Group 1 - The most actively traded gold futures for December 2025 rose by $23.3 to close at $2586.9 per ounce, marking an increase of 0.91% [1] - The trade tensions between China and the United States may ease, contributing to the rise in gold and silver prices [1] - The new Canada-Mexico Action Plan aims to expand bilateral trade in infrastructure, energy, and agriculture, as announced by Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum [1] Group 2 - Swiss customs data revealed that gold exports to the United States nearly halted in August, with a decline of over 99% compared to July, amounting to only 0.3 tons [1] - The cautious restart of the Federal Reserve's easing cycle has led to a partial weakening of gold price momentum, although analysts believe gold prices remain strongly supported [1] - The December silver futures price decreased by $0.139, closing at $29.083 per ounce, reflecting a decline of 0.48% [1]

黄金前景依旧看好 尽管短期内金价受到压制，长期看仍有上涨潜力。一方面，黄金作为无息资产，在美联储宽松周期中通 常表现较好；另一方面，瑞士对中国的黄金出口量激增254%，显示出对黄金需求的强劲支持。 此外，中东地区的地缘政治紧张局势可能推动黄金价格上涨。以色列军方准备对加沙城进行大规模进 攻，局势紧张可能进一步提升黄金作为避险资产的需求。 汇通财经APP讯——现货黄金周五（9月19日）亚市时段小幅回升，目前交投于3654.18美元/盎司附近， 涨幅约0.30%，打破连续两个交易日的走低。本周三金价一度升至3707.35美元/盎司，创下历史新高， 但随后的鲍威尔发言、乐观劳动力市场数据与强劲费城联储调查共同提振美元信心，与美元挂钩的贵金 属价格持续承压，但地缘政治风险持续为避险黄金提供价格支撑。 金价短期回调，长期看涨 近期，随着乐观的劳动力市场数据公布，市场出现了获利了结现象，美元一度走强，导致贵金属承压。 这与美联储主席鲍威尔的部分言论形成对比。 美联储降息，市场反应不一 9月17日（北京时间9月18日），美联储决定将利率下调25个基点，但这并非全票通过。部分委员支持降 息50个基点，为今年剩余的会议保持宽松 ...

【要闻速递】 黄金的前景看起来仍然很有希望，因为在美联储的宽松周期中，这种非收益金属往往表现良好。此外， 据路透社报道，数据显示8月份瑞士对中国的黄金出口增长254%。 周三，美联储降息25个基点，但这一决定并非一致通过，斯蒂芬·米兰与普遍预期一样，投票支持降息 50个基点。这巩固了随后在今年最后两次会议上放松货币政策的理由。 美联储主席主席鲍威尔描述这次降息是针对劳动力市场减弱的"风险控管"，但也强调，美联储不急着开 始宽松。鲍威尔对降息是风险管理措施的言论，引起了一些混乱，这种不确定性使黄金市场出现获利回 吐。 摘要今日周五（9月19日）亚盘时段，国际黄金目前交投于3632美元附近，截至发稿，国际黄金最新报 3646.26美元/盎司，涨幅0.05%，最高上探3650.98美元/盎司，最低触及3632.02美元/盎司。目前来看， 国际黄金短线偏向看涨走势。 今日周五（9月19日）亚盘时段，国际黄金目前交投于3632美元附近，截至发稿，国际黄金最新报 3646.26美元/盎司，涨幅0.05%，最高上探3650.98美元/盎司，最低触及3632.02美元/盎司。目前来看， 国际黄金短线偏向看涨走势。 【最新国际 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Global inflation showed initial signs of rising in August. China's economic data in July still had resilience, but domestic monthly economic data faced pressure. The government emphasized measures to stabilize the real - estate market, expand consumption, and increase investment. China's August exports and imports had different trends, and September exports might improve due to a low base. The A - share market on September 9 was in an adjustment state. In the US, the manufacturing index contracted, and employment data was worse than expected. The Fed is expected to restart the easing cycle, and there are concerns about its credibility crisis. In Japan, policy uncertainty increased, leading to a sell - off of long - term government bonds. For commodities, different sectors have different outlooks, and it is recommended to go long on industrial products and precious metals at low prices [2][3][4][5]. Summary by Related Catalogs Market Analysis - In August, global inflation began to rise. China's July exports increased year - on - year, supported by a low base and the "rush - to - export" effect. Financial data showed excessive money supply but weak financing and loan data. Investment data faced pressure. In August, China's exports grew by 4.4% year - on - year, a 2.8 - percentage - point decrease from July, mainly affected by a high base and tariffs. Exports to the US weakened, while those to emerging economies remained strong. Imports grew by 1.3% year - on - year, a 2.8 - percentage - point slowdown, dragged down by commodity imports. On September 9, the A - share market adjusted, with the ChiNext Index falling more than 3% in the afternoon. In the US, the August ISM manufacturing index contracted for the sixth consecutive month, and employment data was worse than expected [2]. Fed Policy - Powell's speech at the global central bank meeting on August 22 turned dovish, indicating a possible policy adjustment. The Fed is expected to restart the easing cycle as August's employment data was disappointing. There is a growing credibility crisis at the Fed, with criticism from Trump and the US Treasury Secretary. Trump has announced potential candidates for the next Fed chair, and the nomination of Milan is to be voted on [3]. Commodity Analysis - Domestically, the black and new - energy metal sectors are most sensitive to the supply side. Overseas inflation expectations can focus on precious metals and agricultural products. The black sector is still affected by downstream demand expectations, and the supply constraint in the non - ferrous sector persists. The energy supply is expected to be relatively loose in the medium term. In the chemical sector, there is "anti - involution" space for some products. Agricultural products are driven by tariffs and inflation expectations but need fundamental support. Precious metals are a good long - term investment opportunity as the Fed is about to restart the interest - rate cut cycle [4]. Strategy - For commodities and stock index futures, it is recommended to go long on industrial products and precious metals at low prices [5]. Key News - On September 9, the A - share market adjusted, with the ChiNext Index falling. Gold, real - estate, and bank stocks performed well, while semiconductor and innovation - drug stocks declined. An explosion in Doha, Qatar, led to a short - term rise in international oil prices. The US 2025 non - farm employment benchmark change was worse than expected. The Senate will vote on Milan's nomination as a Fed governor, and the FOMC is expected to cut interest rates in September [7].

Group 1 - The latest employment data from the US indicates a weakening labor market, leading to a strong increase in gold prices as investors increase dovish bets ahead of the Federal Reserve's expected easing cycle in September [1] - The US Department of Labor reported that the number of continuing unemployment claims rose by 38,000 to 1.97 million, indicating increased difficulty for unemployed individuals to find new jobs. Initial jobless claims also rose to 226,000, exceeding economists' expectations [1] - According to Prime Market Terminal data, traders anticipate a 95% probability of a 25 basis point rate cut at the Federal Reserve's September meeting [1] Group 2 - On August 1, gold prices surged by 2%, rising from approximately $3,281 per ounce to $3,363 per ounce, and have since fluctuated between $3,350 and $3,397 per ounce, with buyers struggling to break through the $3,400 per ounce level [2] - To maintain a bullish outlook, buyers need to rise above $3,400 per ounce, which would clear the path for gold to challenge the June 16 high of $3,452 per ounce, followed by the historical high of $3,500 per ounce. Conversely, if gold prices fall below the convergence area of the 50-day and 20-day simple moving averages (around $3,350 to $3,346 per ounce), a decline towards the 100-day moving average of $3,275 per ounce is expected [3] Group 3 - Current resistance levels for gold are at $3,392, $3,407, and $3,447, while support levels are at $3,373, $3,352, and $3,334. The momentum is strong, with a reference value greater than 67.1% [4]

高盛资产管理公司的Ashish Shah：未来两个月的数据将至关重要。如果关税引发的通胀比预期温和， 或者劳动力市场出现走弱迹象，我们认为美联储将在秋季恢复宽松周期。 ...

Core Viewpoint - The upcoming data over the next two months will be crucial for economic outlook and Federal Reserve policy decisions [1] Group 1 - If inflation caused by tariffs is milder than expected, or if there are signs of a weakening labor market, the Federal Reserve is likely to resume easing measures in the fall [1]