盛今进一步分析称，对于非美资产来说，全球流动性改善和美元下行是一个正向逻辑，这将有利于制造 业国家的出口。过去两年，在强势美元背景下的流动性紧缩加剧了新兴市场的资本外流与本币贬值压 力。随着美联储缩表结束，全球"美元荒"预期缓解，新兴市场主权债利差有望收窄，资本回流动能增 强，可能有利于新兴市场股票的估值提升。 在美股方面，盛今认为，这一变化有望助推企业盈利的向上修正，对股票短期表现提供支撑。对于债券 市场，短端利率可能随政策下行，但长端受财政与期限溢价约束而保持韧性，收益率曲线或趋陡峭。此 外，黄金在实际利率下行与制度风险溢价（特别是美联储独立性削弱）的背景下，可能获得进一步支 撑。 北京时间10月30日周四，美联储在货币政策委员会（FOMC）会后宣布，将联邦基金利率的目标区间从 4.00%-4.25%下调至3.75%-4.00%，降幅25个基点。同时，美联储决定放弃量化紧缩（QT），并计划在 一个月后结束缩减资产负债表（缩表）的行动。 惠理集团投资组合总监及中国业务副总经理盛今对凤凰网财经表示，美联储停止缩表将意味着对金融体 系的被动流动性抽离结束，这有助于缓解美元融资市场的紧张局面。他指出，停止缩表后， ...

Core Viewpoint - The Hong Kong gold stocks have strengthened, with Lingbao Gold rising nearly 7% following disappointing U.S. non-farm payroll data, which is expected to support gold prices through changes in U.S. monetary policy [1] Company Performance - Lingbao Gold (03330.HK) increased by 6.76% [1] - Chifeng Jilong Gold Mining (06639.HK) rose by 5.77% [1] - Tongguan Gold (00340.HK) saw a rise of 5.46% [1] Market Context - The U.S. non-farm payrolls added only 73,000 jobs in July, with significant downward revisions to the previous two months' data [1] - Institutions anticipate that changes in U.S. monetary policy will complement fiscal policy, providing support for gold prices [1] - There is a recommendation to pay attention to phase-based allocation opportunities in the gold sector [1]

Group 1 - The core viewpoint of the articles indicates that the gold stock sector is experiencing an upward trend, with the gold stock ETF (517400) rising over 2% [1] - The U.S. non-farm payrolls for July added only 73,000 jobs, significantly below the market expectation of 110,000, while the previous two months' data was revised downwards by a total of 258,000 jobs [1] - The unemployment rate slightly increased, and it is anticipated that changes in U.S. monetary policy will support gold prices in the second half of the year, suggesting a focus on phase-specific allocation opportunities [1] Group 2 - The gold stock ETF (code: 517400) tracks the SSH Gold Stock Index (code: 931238), which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap stocks involved in gold mining, refining, and sales from the mainland and Hong Kong markets [1] - The index components include gold mining companies and jewelry firms, reflecting a significant industry concentration characteristic [1] - Investors without stock accounts can consider the Cathay CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Linkage C (021674) and A (021673) [1]