混沌天成期货：日内非农数据可能带来市场风偏变化从而引起贵金属波动 瑞达期货：降息预期和政策不确定性推动金价攀升至历史高位核心聚焦8月非农 申银万国期货：金银整体或在当前环境下仍将呈现偏强走势 富国银行（Wells Fargo）：金银的表现将在今明两年继续由于股市 申银万国期货表示，黄金收敛突破后，获利回吐价格回落。市场聚焦周五非农就业数据。美国职位空缺 数量减少17.6万个，降至718.1万个，低于预期的737.8万。上周特朗普试图解雇美联储理事，挑战美联 储独立性的行为令市场感到不安。美国地质勘探局提议将白银等六种矿产纳入2025年关键矿产清单，引 发白银未来可能征收进口关税的担忧。此前杰克逊霍尔会议上鲍威尔表示风险的转变确实值得调整政策 立场，被认为是较为鸽派的姿态，增强9月降息预期，叠加7月非农数据不及预期，前值大幅下修，利好 贵金属。当下美联储内部观点呈现分裂，特朗普通过人事任命影响市场对美联储的预期，在关税通胀压 力下，9月或仍为预防式降息姿态。贸易谈判呈现多方进展，但整体贸易环境恶化，大而美法案落地继 续推升美国财政赤字预期，中国央行持续增持黄金，黄金方面长期驱动仍然有支撑。金银整体或在降息 临近 ...

Core Viewpoint - The company, Hanzhong Precision Machinery, reported a decline in revenue and net profit for 2024 and the first quarter of 2025, with expectations of further declines in 2025 due to market conditions and potential trade environment impacts. Financial Performance - In 2024, the company achieved a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit of 863 million yuan, a year-on-year decrease of 0.28% [2] - For the first quarter of 2025, the revenue was 606 million yuan, a year-on-year decrease of 19.09%, and the net profit was 118 million yuan, a year-on-year decrease of 19.58% [3] - The company expects a revenue of 3.301 billion yuan for 2025, a year-on-year decrease of 10.15%, and a net profit of 692 million yuan, a year-on-year decrease of 19.81% [8] Business Segments - The company's main business is divided into two core segments: compressors and vacuum pumps, with compressors further segmented into refrigeration and air compression products [4] - Refrigeration products include commercial central air conditioning compressors, freezing and refrigeration compressors, and heat pump compressors, widely used in commercial buildings and food cold chain [5] - The company's screw and centrifugal compressors are applicable in data centers [6] - Air compression products are essential in various industries, including engineering machinery, pharmaceuticals, chemicals, and electronics, with a focus on expanding the oil-free air compressor market [7] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [8] Market Outlook - The company has a low market share in the U.S., and current U.S.-China tariffs have minimal direct impact, but future trade tensions may adversely affect export business [8]