Core Insights - The article emphasizes the importance of choosing a reliable gold trading platform, highlighting Xin Hui Bao as a strategic partner for investors seeking risk management, efficiency, and wealth growth [1][6]. Group 1: Service and Support - Xin Hui Bao provides elite-level services by placing investors at the top of the value chain, with a dedicated service team available around the clock to respond to market changes [3]. - The platform integrates global financial information and collaborates with professional analysts, creating a bridge for investors to access expert insights, transforming trading decisions from instinctual to systematic [3]. Group 2: Technology and User Experience - Xin Hui Bao offers an international standard MT4 desktop platform and mobile applications for iOS and Android, ensuring a seamless investment ecosystem [3]. - The platform's understanding of "liquidity freedom" allows investors to act swiftly when market opportunities arise, with a technology framework that enhances operational transparency [3][5]. Group 3: Trust and Security - Xin Hui Bao's AA-class membership with the Hong Kong Gold Exchange and the provision of verifiable transaction codes establish a bank-level security framework for investors [5]. - The platform ensures efficient fund flow with 24-hour deposit options without fees and quick withdrawals to mainstream bank accounts, enhancing liquidity for traders [5]. Group 4: Risk Management and Value Creation - The article asserts that a truly excellent gold trading platform serves as a stabilizing force for investors navigating market risks, with Xin Hui Bao providing a systematic approach to risk management and value creation [5][6]. - The platform's commitment to transparency and efficiency positions it as a strategic partner for investors looking to expand their knowledge and refine their risk control capabilities [6].

| 设置 画线 | | 除权 窗 区 信息 删自选 ● | | 黄金ETF基金 159937 | | 5日 | | --- | --- | --- | --- | --- | --- | --- | | 0: 6.262 MA60: 6.093 | | | | | | 601 | | | 8.010 | 8.140 | | 7. 364 +0.006 +0.082% | | | | | | | 载 | +0.71% | 189 | | | | | 7.812 | 5 | 7.368 | 1783 | | | | | 7.561 | 4 | 7.367 | 2620 | | | | | | 3 | 7.366 | 2028 | | | | | | 益 2 | 7.365 | 6528 | र्स | | | | 7.274 | | | 中则 | | | | | | | 7.364 | 246 | | | | | | | | 最/ | | | | | 6.982 | | 7.363 | 6156 现 | | | | | | 2 नि | 7.362 | 2366 中师 | | | | | | 3 | 7.361 ...

展望2025下半年，国投证券看好黄金、铜、稀土的投资机会，认为黄金有望受益于美元信用走弱和美国 降息预期增强，看好金价续创新高。铜冶炼原料供给受限，需求具备长期韧性，看好铜价中枢上移。预 计出口逐步放开、需求持续增长、供给刚性下，稀土价格有望迎来上涨。 从估值水平来看，截至6月底，中证有色金属指数市净率为2．24，位于上市以来34.45%分位点的历史 较低位置，低于中证有色金属指数上市以来周频市净率数据的中位数2.52，估值较低，配置性价比较 高。 今日（7月11日）稀土龙头领衔大涨，北方稀土涨超8%，盛和资源涨逾6%，中国稀土涨超4%，揽尽有 色金属行业龙头的有色龙头ETF（159876）场内价格盘中涨超1%。 拉长时间来看，有色龙头ETF（159876）自本轮低点（4月8日）以来，截至7月10日，累计上涨 19.14%，大幅跑赢沪指（13.34%）、沪深300（11．72%）等宽基指数。 数据来源： Wind ，统计区间： 2025.4.8-2025 ． 7 ． 10 。注：中证有色金属指数近 5 个完整年度的涨跌幅 为： 2020 年， 35.84% ； 2021 年， 35.89% ； 2022 年， ...

Group 1 - The core viewpoint of the articles revolves around the impact of U.S. tariff policies under President Trump, which have led to increased market uncertainty and a rise in gold prices as a safe-haven asset [1][2] - Trump signed an executive order extending the delay of "reciprocal tariffs" from July 9 to August 1, affecting goods from at least 14 countries, with tariffs ranging from 25% to 40% [1][2] - The uncertainty surrounding tariff increases is causing concerns about rising supply chain costs in the U.S., potentially leading to "stagflation," where economic growth slows while prices continue to rise [2] Group 2 - As of June 30, China's gold reserves increased to 73.9 million ounces (approximately 2,298.55 tons), marking the eighth consecutive month of gold accumulation [2] - The World Gold Council's survey indicated that 95% of central banks expect to continue increasing their gold reserves in the next 12 months, the highest percentage since the survey began in 2019 [4] - The recent U.S. tax and spending bill, known as the "One Big Beautiful Bill Act," is expected to increase U.S. debt by $4.1 trillion over the next decade, raising concerns about fiscal sustainability [10][11] Group 3 - The Federal Reserve's decision to maintain interest rates has led to market speculation about potential rate cuts later in the year, with expectations for two cuts by the end of 2025 [11][12] - The ongoing uncertainty in the U.S. economic environment, including the impact of tariffs and fiscal expansion, is complicating the Fed's decision-making process regarding interest rates [13][14] - Central banks' continued accumulation of gold is seen as a significant support for gold prices, especially in the context of a weakening U.S. dollar due to fiscal policies [14]

金十数据7月11日讯，总部位于加拿大多伦多的巴里克矿业公司称，马里政府的直升机在周四意外降落 在该公司的金矿，并没收了一吨多黄金。此举标志着这个西非国家政府与巴里克之间旷日持久的争端再 次升级。今年早些时候，在马里当局阻止金条出口并拘留高级员工后，巴里克关闭了旗下的Loulo- Gounkoto大型金矿。按照周四的金价3324美元/盎司计算，一吨黄金的价值约为1.172亿美元。马里政府 还在1月份没收了该公司3吨黄金。这些争端始于2023年，当时资金短缺的马里军政府要求外国投资者支 付所谓的欠税，并遵守一项新的矿业法，该法赋予马里政府更高的特许权使用费和更大的合资企业股 权。 马里政府没收巴里克矿业价值1.17亿美元黄金 ...

Group 1 - The upcoming disclosure of mid-year reports by listed companies is expected to become a mainstream market focus, with Zhongyan Chemical set to report on July 15 [1] - Companies with significantly better-than-expected performance, such as Huayin Power with a projected increase of over 40 times in earnings, have seen substantial stock price increases, with a 76.72% rise in July [1] - Investors are advised to focus on companies with sustained earnings growth during the mid-year report season, particularly in sectors like artificial intelligence, biomedicine, machinery, and Huawei's supply chain [1] Group 2 - Investors should pay attention to companies with large absolute net profit increases, while also considering the sustainability of future earnings growth and valuation levels [2] - The market is expected to maintain a slow bull trend in the second half of the year, with a focus on blue-chip stocks in banking, non-bank financials, and high-dividend sectors [2] - Investment strategies should consider three main lines: sectors with mid-year report highlights like gold and technology hardware, high-growth opportunities less affected by economic cycles such as the AI industry, and industries that have achieved supply-side clearing in a mild recovery environment [2]

Core Viewpoint - Gold prices have surged over 25% since January 1, 2025, reaching a historic high of $3,500 per ounce, currently fluctuating around $3,300, with differing opinions on whether the gold bull market has ended or will continue to rise [1][4] Group 1: Market Trends and Predictions - Citigroup predicts a decline in gold prices due to reduced investment demand from improved global economic growth and geopolitical tensions easing, forecasting prices to drop to $2,500 to $2,700 per ounce by mid-2026 [1] - Conversely, Goldman Sachs maintains a bullish outlook, projecting gold prices to reach $3,700 per ounce by the end of 2025 [1] - The World Gold Council's survey indicates that 81% of central banks expect to increase their gold holdings in the next 12 months, the highest since the survey began in 2018 [4] - By June 2025, this figure rose to 95%, indicating a strong trend of central banks accumulating gold [4] Group 2: Central Bank Activities - Central banks are projected to purchase a record 1,100 tons of gold in 2024, a 5.8% increase year-on-year, with expectations to exceed 1,250 tons in 2025 [4] - In May 2025, central banks net purchased 20 tons of gold, demonstrating their commitment to gold accumulation despite high prices [5] Group 3: Economic and Geopolitical Factors - The ongoing geopolitical tensions, including conflicts in the Middle East and the Russia-Ukraine war, contribute to the perception of gold as a safe-haven asset [6][8] - The relationship between gold and the US dollar is shifting, with gold increasingly seen as a hedge against currency devaluation and economic instability [11] Group 4: Investment Opportunities - The current market conditions suggest that it may be a favorable time for investors to consider buying gold, as it serves as a hedge against inflation and economic uncertainty [1][11] - The "golden circulation framework" proposed by Hong Academy emphasizes the importance of monitoring key indicators to assess gold's long-term trends [3]

步入2025年，黄金市场展现出极为活跃的一面。从数据来看，2025年年初至近期，伦金和沪金两大指数涨势显著，涨幅分别达26.75%和25.82%，彰显出黄 金在年初强劲的上升势头。 KCM Trade首席市场分析师Tim Waterer认为，更高的债券收益率以及亚洲市场对关税进展的韧性，正在抑制黄金的短期上行动力。 嘉盛集团资深分析师Fawad Razaqzada也指出，近几个月来，由于贸易乐观情绪以及最近以色列与伊朗冲突的地缘政治紧张局势有所缓解，黄金的看涨势头 消退，贵金属持续盘整。但未来一周黄金价格是否会出现向上或向下的新突破仍有待观察，7月9日的对等关税截止日期可能会对近期黄金走势产生影响，具 体情况取决于事件的发展态势。 当前金融市场对国际地缘政治风险升级与贸易摩擦开始呈现"反应钝化"现象，即风险事件发生后，短期内避险情绪激增会推动黄金价格上涨，但随后市场发 现这类风险事件已较为常见，难以吸引更多避险资金入场追捧黄金，进而选择逢高减持获利了结，这使得近期金价在失去全球央行强劲买入支撑后，上涨动 力明显不足。 可以说特朗普关税政策带来的影响具有两面性：一方面，短期贸易乐观情绪（如美加墨协议进展）削弱避 ...

编号：2025-006 | | ☑特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | □业绩说明会 | | | | □新闻发布会 | | □路演活动 | | | 类别 | □现场参观 | | | | | | □其他 国海证券 | （请文字说明其他活动内容） 刘熹 | 国海证券 | 刘思敏 | | | 国元证券 | 宇之光 | 银河证券 | 吴砚婧 | | | 银河证券 | 邹文倩 | 银河证券 | 冯雨淇 | | | 银河证券 | 董迎东 | 银河证券 | 辛云明 | | 参与单位名称及 | 华源证券 | 丁一 | 中航证券 | 卢正羽 | | 人员姓名 | 国联民生证券 | 陈安宇 | 国投证券 | 杨楠 | | | 国泰海通 | 宋小寒 | 永赢基金 | 庄子童 | | | 渤海人寿权益 | 赵硕 | 财通基金 | 王逸欣 | | | 九和岛基金 | 王新宇 | 北京风炎投资 | 王鹏 | | | 嘉实基金 | 夏国强 | 博润银泰 | 尚方健 | | 时间 | 2025 年 7 月 | 10 日（星期四） ...

近期黄金市场呈现 "急跌急涨" 的震荡格局，为投资者提供了丰富的交易机会。据中金在线 6 月 28 日报道，现货黄金最低触及 3215.78 美元 / 盎 司，日内跌幅达 3.33%，COMEX 黄金期货同步下探 3219.2 美元 / 盎司。这种波动背后是多重因素的博弈：中美贸易谈判进展削弱避险需求、美 联储鹰派立场强化压制金价，叠加地缘风险阶段性降温，共同构成短期回调压力。但值得注意的是，全球央行一季度净购金 244 吨，中国连续 8 个月增持黄金储备，显示中长期支撑依然稳固。 当前黄金市场正经历 "预期差" 修复过程。美联储 5 月议息会议释放 "通胀仍需观察" 信号，6 月降息概率降至 65%，美元指数企稳 100.3，这直接 导致黄金作为抗通胀工具的吸引力短期弱化。然而从更宏观的视角看，美国债务规模突破 36 万亿美元引发的美元信用弱化趋势未改，黄金的 "货 币对冲" 属性反而在强化。正如每日经济新闻 7 月 2 日分析指出，黄金价格已从传统的 "实际利率锚定" 转向 "美元信用对冲" 逻辑，这为回调后的 布局提供了战略支撑。 对于普通投资者而言，震荡行情犹如驾驶帆船穿越风暴：既要精准捕捉 3250 ...