来源：第一财经 恒指跌0.11%，恒生科技指数跌0.11%。贵金属板块普涨，中国白银集团、中国黄金国际涨超3%；医药 股普遍回调，先声药业跌超6%。 ...

Group 1: Market Overview - The global precious metals market has seen a significant surge, with spot silver prices surpassing $40 per ounce, marking a 14-year high and a year-to-date increase of over 40% [2] - Gold prices have also reached new heights, with COMEX gold futures hitting $3,557 per ounce, a historical peak [2] - The primary catalysts for this price surge include strong expectations for interest rate cuts by the Federal Reserve and heightened geopolitical risks [2] Group 2: Factors Influencing Silver Prices - Silver serves as both a precious metal and a critical industrial material, with industrial demand significantly supporting silver prices [3] - The explosive growth of the photovoltaic industry is a key driver, with global new solar installations expected to exceed 600 GW in 2024, leading to a surge in silver usage for solar paste [3] - The World Silver Association predicts a silver supply shortage of 117 million ounces by 2025 due to demand outpacing supply [3] Group 3: U.S. Policy and Silver Market - The U.S. Geological Survey has classified silver as a strategic resource, with the U.S. currently relying on imports for 64% of its silver supply [3] - There are potential plans for the U.S. government to impose tariffs of up to 50% on silver to protect domestic supply chains, with a report expected in October 2025 to outline specifics [3] Group 4: Historical Context and Trends - The current gold bull market has seen prices rise 170% since 2019, with historical bull markets driven by factors such as the collapse of the Bretton Woods system and the 2008 financial crisis [5][6] - The gold-silver ratio currently stands at 88, indicating that gold is relatively expensive compared to silver, which historically signals a potential for silver price increases [4] Group 5: Investment Strategies - Investors are encouraged to consider various methods for participating in precious metals, including purchasing gold and silver ETFs for better liquidity and ease of trading [7] - Diversification is advised, with a recommendation to allocate investments in both gold and silver while avoiding concentrated bets [8]

9月2日午间，A股半日下来共有43只涨停股、10只跌停股。贵金属板块走强，西部黄金、白银有色2连 板；黄金概念上涨，莱绅通灵涨停。 连板股方面，ST尔雅14天10板，天普股份8连板，万通发展9天6板，*ST威尔6天5板，兆新股份4连板， 山子高科4天3板，德新科技、*ST春天等3连板，上海电力、长春高新等2连板，供销大集、太平洋等涨 停。 *ST高鸿连续17日跌停，*ST南置连续2日跌停，*ST国华、*ST波导等跌停。 ...

Market Overview - The A-share market showed mixed performance on September 2, with the ChiNext index experiencing a notable rise [1] - The Shanghai Composite Index closed at 3878.22, up by 0.07%, while the Shenzhen Component Index fell by 0.05% to 12822.45 [2] - The Hong Kong market saw all three major indices decline, with the Hang Seng Index down by 0.35% to 25528.40 [4] Sector Performance - Precious metals stocks led the gains, with significant increases in industrial mother machine stocks, while sectors like internet and diversified finance faced adjustments [2][10] - The industrial mother machine sector saw notable gains, with companies like Huadong CNC and Ningbo Jingda hitting the daily limit [10] - Precious metals stocks also surged, with West Mining hitting the daily limit and other companies like Hunan Silver and Shengda Resources following suit [13] Company Specifics - Dechong Environmental experienced extreme volatility, opening at a limit-up price of 17.55 CNY, then plummeting to a limit-down price of 14.36 CNY, showcasing a "heaven and earth board" phenomenon [6][8] - The company reported a market capitalization of 2.973 billion CNY, with a P/E ratio of 149.25 and a P/B ratio of 7.70 [7] - The stock's trading volume reached 138,300 hands, indicating significant market activity [7] Regulatory and Economic Context - The National Standardization Administration and the Ministry of Industry and Information Technology released a plan for the high-quality standard system for industrial mother machines, aiming for a comprehensive standard system by 2030 [11] - The current gold price has reached a historical high, exceeding 3500 USD per ounce, driven by expectations of interest rate cuts by the Federal Reserve [12][15]

Group 1 - The report from Zhongyou Securities indicates a potential breakout for gold, driven by inflation pressures following the release of PCE data, with COMEX gold rising by 2.89% and silver by 4.81% this week [1][2] - The copper market is experiencing high volatility, with prices up by 0.99% this week, influenced by China's waste copper policy leading to a supply disruption, with an estimated 30% reduction in recycled copper rod production [2][3] - Aluminum prices continue to rise, with a 0.53% increase this week, as the focus remains on inventory depletion during the peak consumption season, with limited impact from U.S. aluminum tariffs [3] Group 2 - The rare earth sector is seeing a significant increase in processing fees for heavy rare earths, with fees rising from 1,000-2,000 yuan/ton to 18,000-20,000 yuan/ton due to regulatory changes affecting small enterprises [3][4] - Cobalt prices are stabilizing and rebounding, with supply constraints and a potential policy shift in the Democratic Republic of Congo in September that could impact future pricing dynamics [4][5] - Investment recommendations include companies such as Zhaojin Mining, Xinyi Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [5]

Group 1: Industrial Machinery and Gold Market - The industrial machinery concept saw a significant rise, with companies like Huadong CNC and Bojie shares hitting the daily limit up [5] - The price of gold reached a historic high of over $3500 per ounce, marking a year-to-date increase of over 33% [10] - Gold mining companies reported strong performance in the first half of the year, with Zhaojin Mining achieving a revenue growth of 98.27% and a net profit increase of 181.36% [14] Group 2: Market Performance and Indices - The A-share margin balance reached a record high of 2.3 trillion yuan, surpassing the previous peak in June 2015 [1] - The Hong Kong Hang Seng Index opened down 0.11% but later turned to a slight increase [4] - The three major indices in China showed mixed performance, with the Shanghai Composite Index up 0.04% and the Shenzhen Component and ChiNext Index down slightly [1] Group 3: Company-Specific Developments - Dechuang Environmental experienced a rapid decline, hitting the daily limit down after a five-day limit up streak [2] - Solid-state battery concepts gained traction, with companies like Saiwu Technology and Shanghai Xiba achieving significant price increases [8] - Tianpu Co. and Dexin Technology issued warnings about stock price volatility, yet both stocks hit the limit up again [9]

沪深三大指数持续上行后， 9 月行情或需要二手准备 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 9 月 2 日 【A 股大势研判】 周一沪深三大指数继续延续上行趋势。创业板指涨幅超 2%，深成指涨幅超 1%，且均刷新年内新高。盘面上看，贵金属、创新药、半导体等板块领涨。进入 9 月，市场可能需要两手准备：一方面要留意指数可能的继续拉升，另一方面要 提防指数阶段回落，适当的防御也是必不可少的。 首先，在市场流动性充裕、成交热情高涨以及板块轮动之际，一旦金融股补 涨，指数或迎来新的拉升。尤其是券商板块。券商板块受益于市场流动性宽松及 成交额高位。如果金融股一旦补涨，指数可能会出现短期快速拉升。 其次，在此前市场急跌以及修复过程中，目前沪指上行动能略有衰减。如果 指数阶段回落，短期防御也是必要的。近期市场连续上行，三大指数持续刷新年 内新高，需要资金面的持续净流入来支撑，否则市场波动可能会加大，所以也要 谨防短期可能的回落。 操作上 ...

9月1日（截至北京时间17:00），现货黄金最高触及3489.86美元/盎司，距离历史新高仅有一步之遥。与此同时， COMEX黄金期货价格盘中最高冲至3557.1美元/盎司，站上历史最高点。截至9月1日15时，COMEX黄金期货今年 以来累计上涨近35%。 9月2日，国际金价震荡走高。其中，现货黄金突破3500美元，最高达3508.49元/盎司；COMEX黄金期货盘中最高 涨超1%，最高报价3578.4美元/盎司。双双再创历史新高。 | 现货黄金(XAU) 加自选 | | ☆ 收藏 ○ 刷新 | | | --- | --- | --- | --- | | 3496.99 | 美元/盎司 | 转换 | | | +21.64 0.62% | | 交易中: 2025-09-02 10:00:03 | | | 开盘:3473.44 收盘:3475.35 | 最高:3508.49 | 最低:3473.29 | | | 分时图 日K 園K | 月K | 5分 直零 | | | 3505.06 | | | 0.85% | | 3490.21 | | | 0.43% | | 3475.35 | | | -0.00% | | ...

Group 1: Stock Market Movements - Baijiu stocks experienced significant upward movement, with Jinhuijiu rising over 5%, and Luzhou Laojiao, Laobai Ganjiu increasing over 2%, while Kweichow Moutai, Gujing Gongjiu, and Wuliangye rose over 1% [2] - Industrial mother machine concept stocks opened higher, with Huadong CNC hitting the daily limit, and other stocks like Huazhong CNC, Haitan Precision, and Kede CNC also showing strong gains [3] - The A-share market opened with mixed results, with the Shanghai Composite Index up 0.04% at 3877.09 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.09% and 0.18% respectively [5] Group 2: Sector Performance - The precious metals sector continued its upward trend, with notable gains in industrial mother machine and port shipping sectors, while AI PCs, consumer electronics, tourism and hotels, and film and television sectors saw declines [5] - In the Hong Kong market, the Hang Seng Index fell by 0.11%, while the precious metals sector saw widespread gains, with China Silver Group and China Gold International rising over 3% [7] - The central bank conducted a 7-day reverse repurchase operation of 255.7 billion yuan at an interest rate of 1.40%, maintaining previous levels [8] Group 3: Currency and Futures - The RMB depreciated against the USD by 17 basis points, with the central parity rate reported at 7.1089 [9] - FTSE China A50 index futures opened lower, down 0.15% [10]

●FPG最新市场脱水消息： 1. 金价在上周大涨2.3%。就特朗普解雇美联储理事库克一事举行的紧急听证会于上周五结束，但未作出决定，预计至少要到周二才能就她是否能继续履行 职责做出裁决。 ●今日关键指标（事件）： 金价突破3450美元/盎司，并可能挑战3500美元/盎司的纪录高位。对美联储独立性的担忧以及贸易战的持续不确定性使美元保持低迷，并增加流向贵金属行 业的资金。展望本周，黄金交易员正密切关注美国非农就业数据的发布，以及美国总统特朗普解雇美联储理事库克的进一步发展。尽管相对强弱指数(RSI) 接近70的门槛，但目前的趋势强度表明，最显著的超买状况预计将接近80的水平。 FPG特约分析师（chad）观点： 鉴于目前的情况，如果买盘势头持续，金价可能升至3500美元/盎司上方。一旦突破这一水平，下一个阻力位是3550美元/盎司和3600美元/盎司。相反，如果 金价跌破6月16日高点3452美元/盎司(目前作为支撑)，金价可能会跌向7月23日高点3438美元/盎司。若黄金进一步下跌，可能使金价跌至3400美元/盎司。 | | 黄金 (XAUUSD) | | | | --- | --- | --- | --- ...