降息预期升温给予金价支撑，9月1日，国际金价高开高走，盘中冲上3557.1美元/盎司，再次刷新历史 高位。 国内期货市场上，沪金主力合约跟随大涨，盘中突破802元/克，一日涨超16元/克。消费端，周大福、 老凤祥今日零售金饰报价分别为1027元/克、1025元/克，较上周五分别上调12元~14元/克。社交平台 上，"看中的60克金镯一夜之间贵了近1000元"社交网络上一位消费者发布动态称。 同样刷新历史高点的还有白银期货价格，9月1日上午，COMEX白银盘中最高触及41.64美元/盎司，年 内累计涨幅41%，跑赢黄金34%的同期涨幅。 黄金、白银的9月"开门红"究竟是一场短暂的情绪狂欢，还是新一轮牛市的序幕？ 谁在点火？ 对于这轮黄金价格大涨，美国银行分析师指出，除了美联储降息预期强化推高了国际金价，近期美联储 理事被免职风波削弱市场对美元资产信心，避险资金涌入对金价形成支撑。 "具体看来，近日在杰克逊霍尔全球央行年会上，鲍威尔发言明显转鸽，讲话市场对于9月降息预期迅速 升高。" 永赢黄金股ETF基金经理刘庭宇对第一财经分析称，本次鲍威尔的发言被视为为9月重启降息打 开大门，黄金价格在消化了前期美国经济数据反 ...

作者 | 一财阿驴 2025.09. 02 本文字数：610，阅读时长大约1分钟 09:38 白酒股盘初异动拉升 金徽酒涨超5%，泸州老窖、老白干酒涨超2%，贵州茅台、古井贡酒、五粮液涨超1%。 09:29 工业母机概念股开盘走高 华东数控竞价涨停，华中数控、海天精工、科德数控、宁波精达、恒进感应等纷纷高开。 | 代理 | 7 7 7 | | 11 | | --- | --- | --- | --- | | 838670 | THERM | +21.55% | 23.1 B | | HT Lat | JI PEC | +16.73% | 15.55 | | 002248 | 1995 375 | +10.02% | 11.31 | | 00247.5 | ■绿设分 | +10.00% | -11-01-1 | | 002122 | 汇洲智能 | +7.94% | 4.35 | | 300161 | TO RE | +7. HT % | 31.80 | | 300970 | ENT | +6.5% | 26.86 | | GOROSS | 宁波墙达 | +6.40% | 10.64 | | GR802B | 沃 ...

A股贵金属板块盘初走强，西部黄金涨停，湖南白银涨超9%，中金黄金、赤峰黄金、四川黄金跟涨。 （文章来源：新华财经） ...

贵金属板块延续涨势，工业母机、港口航运板块涨幅居前。 （持续更新中……） 09:46 现货黄金再创历史新高 现货黄金冲上3500美元关口，刷新历史高位，最高触及3504.5美元/盎司，日内涨0.8%。 09:38 白酒股盘初异动拉升 三大股指开盘涨跌不一，沪指开盘报3877.09点，涨0.04%，深成指开盘报12817.03点，跌0.09%，创业 板指开盘报2951.03点，跌0.18%。贵金属板块延续涨势，工业母机、港口航运板块涨幅居前；AI PC、 消费电子、旅游及酒店、影视院线等板块走低。 | 板块名称 | 涨幅 | 板块名称 | 涨幅备 | | --- | --- | --- | --- | | BC申池 | +1.76% | 华为欧拉 | -2.41% | | 电池 | +1.64% | 财税数字化 | -2.33% | | 光伏设备 | +1.63% | 移动支付 | -2.33% | | 贵金属 | +1.43% | 电子身份证 | -2.32% | | 硅能源 | +1.13% | WIFI 6 | -2.25% | | 白酒 | +1.12% | 华为异腾 | -2.23% | | 港口航运 ...

人民财讯9月2日电，恒指低开0.11%，恒生科技指数跌0.11%。阿里巴巴涨超2%。白银价格突破逾13年 高点，贵金属行业普涨，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%。 ...

黄金方面： 随着特朗普解雇鲍威尔无果，又转向解雇美联储理事之后，调查显示有四分之一的经济学家担忧到2029年特朗普任期结束之前，美联储将无法 独立决定利率，另外有约一半的经济学家认为现在作出判断还为时过早。 据芝商所"美联储观察"工具显示，美联储9月降息的概率为89.6%；10月降息25个基点的概率为47.3%，累计降息50个基点的概率为47.9%。 百利好特约智昇研究黄金高级分析师欧文认为，如果因为特朗普的政策导致美联储独立性被削弱，那么美国的经济将处于高度不确定性。 技术面：黄金上周周线收大阳线，近两周持续上涨，当前价格接近3500美元的历史最高点，暂时未出现顶部信号。短线来看，进一步上涨的概 率大，日内下方关注3466美元的支撑。 技术面：原油自8月中以来维持62-65美元区间震荡，对比此前的下跌来看表现弱势，后续进一步下跌的概率大。小时图，65美元一线若不能上 破，则可能形成新一轮的下跌，短线下方关注63美元的支撑，若跌破则有下破61.80美元的风险。 黄金小时图 原油小时图 原油方面： 本周末将召开OPEC+大会，需重点留意，在上一次的大会上宣布9月增产54.7万桶/日，2023年11月以来的220 ...

Market Overview - The A-share market opened with mixed performance among the three major indices, with the Shanghai Composite Index up by 0.04%, while the Shenzhen Component Index and the ChiNext Index were down by 0.09% and 0.18% respectively [1] Sector Performance - The precious metals sector remained active, with silver and non-ferrous metals stocks experiencing a two-day consecutive rise, including Hunan Silver and Western Gold, which both increased by over 5%. International gold prices reached a new high, and the spot silver price hit a nearly 14-year peak [1] - The industrial mother machine concept stocks opened high, with Huadong CNC and Bojie Co. hitting the daily limit up [1] - The cross-border payment concept stocks saw a decline at the start, with AsiaInfo Technology and Runhe Software dropping by over 4% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a weak and volatile state, a seller's neutral volatility strategy is recommended [2]. - For the black - series metals, with large - amplitude price fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they are rising and breaking upward, a spot hedging strategy is proposed [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2510): The latest price is 79,660, down 50 (-0.06%), with a trading volume of 7.85 million lots (an increase of 0.74 million lots) and an open interest of 18.06 million lots (an increase of 0.68 million lots) [3]. - Aluminum (AL2510): The latest price is 20,690, up 20 (0.10%), with a trading volume of 15.86 million lots (an increase of 3.73 million lots) and an open interest of 22.12 million lots (a decrease of 1.54 million lots) [3]. - Other metals also have their respective price, trading volume, and open - interest data detailed in the report [3]. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.34 (a decrease of 0.08), and the open - interest PCR is 0.74 (a decrease of 0.06) [4]. - For aluminum, the volume PCR is 0.45 (a decrease of 0.13), and the open - interest PCR is 0.81 (a decrease of 0.02) [4]. - Different metals have different PCR values, which are used to describe the strength of the option underlying market and the turning points of the market [4]. 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure point is 82,000, and the support point is 78,000 [5]. - Aluminum: The pressure point is 21,000, and the support point is 20,200 [5]. - These levels are determined by the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 11.50%, the weighted implied volatility is 16.24% (an increase of 2.46%), and the difference between implied and historical volatility is - 1.90% [6]. - Aluminum: The at - the - money implied volatility is 9.50%, the weighted implied volatility is 10.75% (an increase of 0.15%), and the difference between implied and historical volatility is - 1.49% [6]. - Implied volatility reflects the market's expectation of future price fluctuations [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: - Fundamental analysis: The total inventory of the three major exchanges increased by 0.7 million tons, with different changes in each exchange's inventory [8]. - Market analysis: The Shanghai copper market showed a high - level consolidation pattern [8]. - Option factor analysis: Implied volatility fluctuates around the historical average, and the open - interest PCR indicates some pressure above [8]. - Strategy: A short - volatility seller's option combination strategy and a spot long - hedging strategy are recommended [8]. - **Other Non - Ferrous Metals (Aluminum, Zinc, etc.)**: Similar analysis and strategy recommendations are provided for each metal, considering their fundamentals, market trends, option factors, and proposing corresponding directional, volatility, and spot - hedging strategies [9][10][11]. 3.5.2 Precious Metals - **Gold/Silver Options**: - Fundamental analysis: The US economic data in the second quarter showed better - than - expected growth and lower - than - expected inflation [12]. - Market analysis: Shanghai gold is in a short - term consolidation and upward - breaking trend [12]. - Option factor analysis: Implied volatility is around the historical average, and the open - interest PCR indicates strong support below [12]. - Strategy: A neutral short - volatility option seller's combination strategy and a spot - hedging strategy are recommended [12]. 3.5.3 Black - Series Metals - **Rebar, Iron Ore, etc.**: - Fundamental analysis: Inventory data of rebar and iron ore are provided, showing different inventory changes [13]. - Market analysis: Rebar is in a weak consolidation pattern, and iron ore is in an interval - fluctuating and rebounding pattern [13]. - Option factor analysis: Implied volatility and open - interest PCR are analyzed for each metal [13][14][15]. - Strategy: Short - volatility combination strategies and spot - hedging or spot - covered strategies are recommended according to different situations [13][14][15].

首席点评 ： 金银涨势持续 为期 62天的全国暑运结束。7月1日至8月31日，全社会跨区域人员流动量累计116.97亿人次，同比增长7%。其中，公 路自驾出行量达到87亿人次，占全社会跨区域人员流动量的七成。周一A股强势震荡，上证指数收盘涨0.46%报 3875.53点，深证成指涨1.05%，创业板指涨2.29%，市场成交额2.78万亿元。有色行业全线走强，黄金股大爆发；CPO 三巨头领衔AI硬件端再度走强，多只核心股迭创历史新高；脑机接口、存储芯片、AI应用端出现补涨；卫星互联网概 念集体走弱，大金融普跌。 重点品种：贵金属，股指，碳酸锂 贵金属 ： 金银强势走强。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 （ USGS）提议将白银等六种矿产纳入2025年关键矿产清单，引发白银进口关税风险担忧。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，但 在关税通胀压力下，9月或仍为谨慎降息姿态。而美国 ...

Group 1 - The core viewpoint of the report indicates that Powell's dovish speech at the Federal Reserve annual meeting signals a potential interest rate cut in September, leading the market to bet on this outcome [1] - Huatai Securities reiterates that a rate cut by the Federal Reserve is expected to drive down real interest rates in the U.S., which may lead to increased capital inflow into ETFs and is favorable for gold [1] - In the medium to long term, unless the U.S. economy returns to a scenario of high growth and low inflation while effectively reducing the deficit, central bank buyers are likely to continue their current gold purchasing strategy, suggesting a sustained upward trend in gold prices [1] Group 2 - Current valuations and chip structures of typical gold companies are favorable, and they are expected to benefit significantly from rising gold prices and increased production in the future [1] - The convergence of the gold-silver ratio typically occurs after a period of monetary easing when the economy begins to recover, triggering the industrial properties of silver; if subsequent rate cuts stabilize the economy, the gold-silver ratio is expected to converge, indicating potential investment opportunities in silver [1]