Group 1 - The market is increasingly expecting a rate cut from the Federal Reserve in September, which has driven international gold prices to new highs, with New York gold futures reaching around $3600 per ounce and spot gold at $3530 per ounce, marking a year-to-date increase of over 30% [2] - Silver prices have also surpassed $40 per ounce, with a year-to-date increase of 40% [2] - Federal Reserve Chairman Jerome Powell signaled a dovish stance at the Jackson Hole global central bank meeting, indicating that a rate cut of 25 basis points is almost certain in September, with another potential cut in December, which could lower the benchmark interest rate from the current "4s" to "3s" by year-end [3] Group 2 - A rate cut by the Federal Reserve could trigger a global wave of rate cuts, with the People's Bank of China likely to follow suit to boost the economy and stabilize the real estate and stock markets [3] - Recent reductions in deposit rates by major banks, with one-year deposit rates falling below 1%, may facilitate a significant shift in household savings, supporting the ongoing market rally [3] Group 3 - The anticipated rate cut is expected to further drive up gold prices, with a long-term bullish outlook on gold assets due to the continuous overproduction of the dollar, which is expected to push gold prices higher [4] - A recommendation has been made to allocate around 20% of investment portfolios to gold-related assets, including physical gold, gold ETFs, and gold-themed funds, as effective tools for hedging against other asset volatility [4] Group 4 - The U.S. government's high debt level, currently at $37 trillion, raises concerns about the credibility of the dollar, which is a primary reason for the recent surge in gold prices [5] - The rise in geopolitical tensions and increased risk aversion among investors are also contributing factors to the upward trend in gold prices [5] Group 5 - The humanoid robot sector is emerging as a significant investment opportunity, with increasing attention and capital flowing into this industry, which is seen as the fourth major industrial track in China [6] - The sector is expected to grow as humanoid robots begin to replace human labor in various settings, including factories and public spaces, with potential for household applications in the next three to five years [6] Group 6 - China holds a competitive advantage in the humanoid robot field, with a complete industrial chain and strong manufacturing capabilities, positioning it to become a leading supplier of robots globally [6] - The upcoming IPOs of several humanoid robot companies in the second half of the year may further attract investor interest in this sector [6] Group 7 - Despite recent market adjustments, the long-term upward trend for A-shares and Hong Kong stocks is expected to continue, supported by various funding sources, including institutional investments and capital flows from the real estate and bond markets [7] - The showcasing of advanced military equipment during a recent parade may enhance global investor confidence in Chinese assets, potentially leading to a revaluation of these assets [7]

Summary of Key Points Core Viewpoint - Shenzhen Haoshanghao Information Technology Co., Ltd. has approved a guarantee limit for 2025, allowing for a total guarantee amount of up to RMB 588.6 million for its subsidiaries and inter-subsidiary guarantees, which includes both new guarantees and extensions of existing ones [1]. Group 1: Guarantee Overview - The company approved a total guarantee limit of RMB 588,600,000 for 2025, which includes guarantees for subsidiaries with an asset-liability ratio above 70% amounting to RMB 365,000,000 and those below 70% amounting to RMB 72,000,000 [1]. - The inter-subsidiary guarantee limit is set at RMB 151,600,000, which encompasses both new guarantees and extensions of existing ones [1]. Group 2: Guarantee Progress - Hong Kong Beigaozhi Technology Co., Ltd., a wholly-owned subsidiary, has reapplied for a comprehensive credit facility with Bank of Communications Shenzhen Branch and has signed a new guarantee agreement with the bank [1][2]. Group 3: Basic Information of the Guaranteed Entity - Hong Kong Beigaozhi Technology Co., Ltd. was established on July 5, 2017, with a registered capital of USD 12,020,000 and operates in electronic trade and technology outsourcing [3]. Group 4: Financial Data - As of June 30, 2025, Hong Kong Beigaozhi reported total assets of RMB 161,747,550, total liabilities of RMB 130,193,270, and net assets of RMB 31,554,280 [4]. - For the first half of 2025, the company reported operating income of RMB 201,969,300, total profit of RMB 1,537,510, and net profit of RMB 1,051,700 [5]. Group 5: Guarantee Agreement Details - The maximum principal balance guaranteed under the agreement is RMB 110,000,000, which includes interest, penalties, and costs associated with debt recovery [5]. Group 6: Cumulative Guarantee Amount - As of the announcement date, the cumulative guarantee amount for the company and its subsidiaries is RMB 149,860,690, which represents 95.09% of the company's most recent audited net assets [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price of rebar oscillated upwards with a daily increase of 1.06%, and both trading volume and open interest expanded. Currently, both supply and demand of rebar have weakened, the fundamentals have not improved, inventory has been increasing, and steel prices are under pressure. With the relatively favorable peak - season expectation and rising costs, steel prices will continue to oscillate to find the bottom, and attention should be paid to demand performance [4]. - **Hot - rolled coil**: The main contract price of hot - rolled coil oscillated higher with a daily increase of 1.03%, and trading volume and open interest expanded. At present, production has decreased due to production restrictions but can recover quickly. In contrast, demand resilience is weakening, the supply - demand imbalance in the hot - rolled coil industry continues to accumulate, inventory growth has widened, and steel prices continue to be under pressure. The relatively favorable factors are peak - season expectation and cost situation, and the short - term trend will continue to oscillate. Attention should be paid to demand performance [4]. - **Iron ore**: The main contract price of iron ore oscillated at a high level with a daily increase of 0.77%, and trading volume and open interest shrank. Currently, iron ore demand is declining while supply is rising, the fundamentals of iron ore are likely to weaken, and high - valued ore prices continue to be under pressure. The relatively favorable factors are peak - season expectation and the intervention of arbitrage funds. The short - term ore price will maintain a high - level oscillation, and beware of the intensification of industrial contradictions [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - The central bank will conduct a 100 - billion - yuan outright reverse repurchase operation on September 5 with a term of 3 months to maintain sufficient liquidity in the banking system [6]. - The expected tariff increase in the US led to a significant expansion of the US trade deficit in July. The trade deficit in July expanded to $78.3 billion, significantly higher than that in June. The import in July was $358.8 billion, a month - on - month increase of 5.9%; the export was $280.5 billion, a month - on - month increase of 0.3%. The total trade deficit of goods and services increased by 32.5% month - on - month [7]. - In late August 2025, the average daily output of crude steel of key steel enterprises was 1.947 million tons, a decrease of 8.0% compared to the previous period; the average daily output of pig iron was 1.827 million tons, a decrease of 5.1%; the average daily output of steel products was 2.138 million tons, an increase of 4.4% [8]. 3.2 Spot Market - **Rebar**: The spot prices in Shanghai and Tianjin were 3,210 yuan, and the national average price was 3,283 yuan [9]. - **Hot - rolled coil**: The spot prices in Shanghai and Tianjin were 3,380 yuan and 3,320 yuan respectively, and the national average price was 3,431 yuan [9]. - **Iron ore**: The price of 61.5% PB powder at Shandong ports was 782 yuan, and the price of Tangshan iron concentrate was 792 yuan [9]. 3.3 Futures Market | Variety | Closing Price | Increase/Decrease (%) | Trading Volume | Open Interest | | ---- | ---- | ---- | ---- | ---- | | Rebar | 3,143 | 1.06 | 1,385,167 | 1,737,894 | | Hot - rolled coil | 3,340 | 1.03 | 534,944 | 1,300,035 | | Iron ore | 789.5 | 0.77 | 289,453 | 501,397 | [11] 3.4 Relevant Charts - **Steel inventory**: The report provides charts of weekly changes in rebar inventory, hot - rolled coil inventory, and total inventory (steel mill + social inventory) [14][16][22]. - **Iron ore inventory**: Charts of national 45 - port iron ore inventory, 247 - steel - mill iron ore inventory, and domestic mine iron concentrate inventory are included [20][24][30]. - **Steel mill production situation**: Charts of 247 - steel - mill blast furnace开工率 and capacity utilization rate, 87 - independent electric furnace开工率, and 75 - building - material independent electric - arc furnace steel mill profit and loss situation are provided [25][29][31]. 3.5 Market Outlook - **Rebar**: The supply - demand pattern has not changed much. Production of construction steel mills has weakened, and rebar weekly output decreased by 18,800 tons. Demand is weak, and both weekly apparent demand and high - frequency transactions are at low levels. Steel prices will continue to oscillate to find the bottom [32]. - **Hot - rolled coil**: Both supply and demand have weakened. During the parade, production was restricted, and weekly output decreased by 105,000 tons. Demand continues to be weak, and the demand resilience is weakening. Steel prices will continue to be under pressure and oscillate in the short term [33]. - **Iron ore**: The supply - demand pattern has changed. Due to production restrictions, terminal consumption of iron ore has decreased significantly, and supply has increased. Ore prices will maintain a high - level oscillation, and beware of the intensification of industrial contradictions [34].

中国基金报记者 张舟 美联储 9 月 18 日议息会议进入倒计时，从最新预测结果看， 9 月降息几乎已成共识。今晚 8 点半 ，美国劳工统计局将公布 8 月非农就业报告，这或是 " 敲定 " 降息的关键数据，全 球市场正屏息等待结果。 【导读】美联储 9 月降息概率逼近 100%，8 月非农将于今晚 8 点半 公布 降息预期 " 拉满 " 美联储 9 月降息概率达 99.4% 9 月 5 日， CME 美联储观察最新数据显示，美联储 9 月维持利率不变的概率仅余 0.6% ， 而降息 25 个基点的概率高达 99.4% ，逼近 100% ，市场对 9 月的降息预期已基本 " 拉满 " 。 80% 70% 60% Probability 50% 40% 30% 20% 10% 0.6% 0% 400-425 425-450 Target Rate (in bps) | TARGET RATE (BPS) | PROBABILITY(%) | | | | | --- | --- | --- | --- | --- | | | NOW | 1 DAY | 1 WEEK | 1 MONTH | | | | 3 9月 ...

Group 1 - The U.S. labor market is showing signs of weakness, with predictions of modest job growth and an increase in the unemployment rate to 4.3% for August, which may lead to a definitive decision on interest rate cuts by the Federal Reserve [1] - The upcoming employment report is significant as it follows news that the number of unemployed in July exceeded job vacancies for the first time since the pandemic [1] - Economic growth in employment is being hindered by high tariffs and immigration policies under the Trump administration, which have led to a reduced labor supply [1][2] Group 2 - Economists expect non-farm payrolls to increase by 75,000 in August, a slight rise from 73,000 in July, but this growth is seen as realistic given the reduced labor supply [1] - The average monthly job creation in the second quarter was only 35,000, significantly lower than the 123,000 in the same period of 2024 [2] - A potential downward revision of employment levels by up to 800,000 is anticipated, based on quarterly employment and wage census data [3] Group 3 - The labor market is experiencing a low turnover rate, with job growth primarily driven by the net creation of new companies, which is the most sensitive area for data adjustments [2] - The manufacturing sector may face job losses due to a strike involving 3,200 Boeing workers, compounded by existing pressures from tariffs [5] - There are indications that labor demand weakened further in August, with economists warning that the risks of layoffs may have been underestimated by the market and Federal Reserve officials [5]

中新社北京9月5日电 (记者 夏宾)为保持银行体系流动性充裕，中国央行5日以固定数量、利率招 标、多重价位中标方式开展1万亿元(人民币，下同)买断式逆回购操作，期限为3个月(91天)。 东方金诚首席宏观分析师王青对记者表示，9月政府债券会继续处于发行高峰期，当月商业银行同 业存单到期量达3.5万亿元，为年内次高水平，且当前股市走强，居民存款"搬家"现象较为明显，也会 在一定程度上带来资金面收紧效应。由此，着眼于应对流动性收紧态势，预计9月央行会延续此前3个月 的买断式逆回购加量续作模式。 同时，9月还有3000亿元MLF(中期借贷便利)到期，央行也可能加量续作。 "这意味着当月央行将综合运用MLF和买断式逆回购政策工具，持续向市场注入中期流动性。"王青 认为，这一方面有助于稳定市场预期，保持市场流动性充裕，助力政府债券发行，同时也将释放数量型 政策工具持续加力信号，显示货币政策延续支持性立场。 根据金融数据服务商万得资讯(Wind)的数据，当天有1万亿元3个月期买断式逆回购到期，即3个月 期买断式逆回购在本月实现等额续作。9月份还将有3000亿元6个月期买断式逆回购到期。 ...

新的工资标准适用于大约300万名劳动者，将从10月开始逐步生效。随着雇主将上涨的成本转嫁给消费 者，此次加薪可能推动物价进一步上涨。但与此同时，这也将让劳动者拥有更多可支配收入，从而强化 日本央行长期追求的需求拉动型通胀循环。 （文章来源：新华财经） 新华财经北京9月5日电日本厚生劳动省周五表示，在本财政年度，全国各都道府县将把最低工资平均提 高66日元每小时。这是自1978年有记录以来的最大增幅。 据计算，日本最低时薪将达到创纪录的1121日元（约合7.56美元），这一举措强化了该国的工资-物价 循环，并为日本央行继续加息提供支持。 ...

香港证监会发文截图 每日经济新闻消息，近日，香港证监会披露，瑞银集团（UBS AG）前副总监孙健荣因以"协助跨境汇 款"为名私吞内地客户逾1.3亿港元资金并大肆挥霍，已被裁定洗钱罪及藐视法庭罪成立，合计判处十年六 个月监禁；香港证监会同时宣布，终身禁止孙健荣重投金融业界。 瑞银前高管私吞客户上亿元 在伦敦买楼，还登记了6辆豪车 受害人系南京卖淫团伙头目 值得注意的是，判决书显示，本案受害人、原告于全利与妻子楼小洁并非普通人。香港法院在判决书中明 确指出，于全利用于转账的1.3亿元"极可能来自有组织的非法卖淫活动"，而孙健荣作为专业金融顾问，对 资金非法性"应当知情"。 判决书提到，孙健荣在陈述中表示，于氏夫妇利用他洗钱并逃避内地外汇管制。孙健荣曾读到过一篇报 道，报道称于全利在南京经营一个卖淫团伙。于全利于2019年被捕，因此未能出席香港的庭审，只能通过 书面证词参与孙健荣案的庭审。 判决书显示，本案的原告为于全利及楼小洁，二人为夫妻关系（下称于氏夫妇），也就是孙健荣的客户。 2016年11月至2018年2月间，按照孙健荣通过微信发来的账户信息，于全利指示会计人员分37次、跨越14 个不同日期，将1.3亿元人 ...

Market Overview - The A-share market experienced a collective surge, with the Shanghai Composite Index closing up 1.24%, ending a three-day decline [1] - The Shenzhen Component Index rose by 3.89%, while the ChiNext Index increased by 6.55%, reaching a new high since January 2022 [2] - Total trading volume across Shanghai and Shenzhen markets was 23,484 billion yuan, a decrease of 2,335 billion yuan from the previous day [1] Sector Performance - Over 4,800 stocks in the market saw an increase, with significant gains in the industrial chain and AI hardware sectors, which rebounded strongly [1] - The energy metals and photolithography concept stocks led the gains, while the food and beverage sector lagged behind [1] - The new energy sector has seen a continuous rise for three days, with several ETFs related to new energy and AI hardware experiencing substantial increases [4] ETF Highlights - New energy ETFs, including those from Guotai, Huaxia, and Penghua, all rose over 10% [4] - AI hardware ETFs, such as Guotai's AI ETF and Huaxia's 5G communication ETF, increased by 6.62% and 6.58%, respectively [4] - Long-term government bond ETFs faced declines, with 30-year bond ETFs dropping by 1% [4]

Market Performance - The A-share market experienced a collective surge, with the Shanghai Composite Index rising by 1.24%, ending a three-day decline [1] - The ChiNext Index saw a significant increase of 6.55%, reaching its highest closing price since January 2022 [1] - Total trading volume across Shanghai, Shenzhen, and Beijing was 23,484 billion yuan, a decrease of 2,335 billion yuan from the previous day [1] Sector Performance - Over 4,800 stocks in the market recorded gains, with the new energy industry chain experiencing a wave of limit-up stocks, including companies like Xian Dao Intelligent and Jin Lang Technology [1] - The AI hardware sector rebounded strongly, with Shenghong Technology hitting a 20% limit-up and achieving a new high [1] - Energy metals and photolithography concept stocks also saw significant gains, while the banking and food & beverage sectors lagged behind [1] ETF Performance - The new energy sector ETFs have shown strong performance, with the ChiNext New Energy ETFs from Guotai, Huaxia, and Penghua all rising over 10% [1] - Battery ETFs from various fund companies, including China Merchants Fund and ICBC Credit Suisse Fund, reached their limit-up [1] - The AI hardware sector ETFs also rebounded, with Guotai's ChiNext AI ETF and Huaxia's 5G Communication ETF rising by 6.62% and 6.58% respectively [1] - Long-term government bond ETFs faced declines, with 30-year government bond ETFs from Bosera dropping by 1% [1] - Bank stocks experienced a pullback, with bank ETFs and bank ETF funds declining by 1.03% and 0.96% respectively [1]