贵金属板块早盘涨幅排名 国信期货首席分析师顾冯达向记者表示，美联储降息预期持续发酵，成为支撑贵金属走强的重要基础。 目前9月美联储降息概率仍维持在87%的高位，降息预期打压美元指数，显著提振了贵金属的金融属 性。与此同时，俄乌与中东地缘风险同步升级，为贵金属提供额外避险支撑。 展望后市，顾冯达认为，贵金属短期将维持偏强格局，基本面支撑主要来自三方面：一是美联储降息预 期持续升温；二是多地地缘风险推升避险情绪；三是技术突破后投机情绪高涨。投资者需要重点关注即 将公布的8月美国非农就业数据，以及本月中旬美联储议息会议政策信号。此外，由于白银兼具工业属 性与金融投机特征，其波动弹性更大，在投机资金推动下表现预计将优于黄金。 北京时间今日上午，COMEX黄金主力合约价格快速拉升，最高触及3552.4美元/盎司，日内涨幅超1%， 越过8月高点再创历史新高，今年以来累计涨幅扩大至约35%。 伦敦现货黄金价格同样短期攀升，最高触及3486.16美元/盎司，距离今年4月22日3500美元的历史高点 仅相差不到1%。 | < W | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- ...

Market Overview - The precious metals sector increased by 8.41% compared to the previous trading day, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Notable gainers in the precious metals sector included: - Yanzai Technology (300139) with a closing price of 22.38, up 13.43% and a trading volume of 970,300 shares, totaling 2.105 billion yuan [1] - Zhongjin Gold (600489) closed at 17.57, up 10.02%, with a trading volume of 2,290,200 shares, totaling 3.9 billion yuan [1] - Hunan Gold (002155) closed at 22.74, up 10.01%, with a trading volume of 1,202,200 shares, totaling 2.6447 billion yuan [1] Capital Flow Analysis - The precious metals sector saw a net inflow of 1.103 billion yuan from institutional investors, while retail investors experienced a net outflow of 843 million yuan [1] - The capital flow for individual stocks showed: - Hunan Gold (002155) had a net inflow of 253 million yuan from institutional investors, but a net outflow of 707.615 million yuan from retail investors [2] - Hunan Silver (002716) recorded a net inflow of 208 million yuan from institutional investors, with a net outflow of 881.895 million yuan from retail investors [2] - Western Gold (601069) had a net inflow of 26.66 million yuan from institutional investors, but a significant net outflow of 1.06 billion yuan from retail investors [2]

证券研究报告：有色金属|行业周报 发布时间：2025-09-01 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6413.26 | | --- | --- | --- | | 52 | 周最高 | 6413.26 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 -7% 0% 7% 14% 21% 28% 35% 42% 49% 56% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 近期研究报告 《鲍威尔转鸽，金属价格上涨》 - 2025.08.25 有色金属行业报告 （2025.08.25-2025.08.29） ...

Group 1 - Technology stocks continue to rise, with significant gains in the non-ferrous metals sector, and increases in pharmaceuticals and consumer sectors [2] - In the technology sector, optical module stocks such as Tengjing Technology and Zhongji Xuchuang saw substantial increases, while the semiconductor industry chain, particularly storage chips, led the gains with companies like Huahong and Zhaoyi Innovation performing well [2] - The precious metals sector within non-ferrous metals led the gains, with stocks like Hunan Gold and Western Gold hitting the daily limit, while industrial and minor metals also saw increases with leading stocks like Zijin Mining and Luoyang Molybdenum rising [2] Group 2 - Analysts attribute the continued rise in spot gold prices to three main factors: increased expectations for a Federal Reserve rate cut in September, doubts about the Fed's independence, and structural support from global central bank gold purchases [2] - The pharmaceutical sector showed notable gains, with CRO, innovative drugs, and medical services experiencing increases, highlighted by leading stocks such as Baillie Tianheng, BeiGene, and WuXi AppTec [2] - Huafu Securities suggests focusing on three directions in the innovative drug and its industry chain: BioPharma and Pharma companies with revenue and commercialization capabilities, potential large business development targets based on technology and industry trends, and exploring cutting-edge technologies like gene therapy and small nucleic acids [3]

每经AI快讯：北京时间9月1日15:00，上证指数收盘上涨17.6点，涨幅为0.46%，报收3875.53点，成交额12083.48亿元；深证成指 收盘上涨132.8点，涨幅为1.05%，报收12828.95点，成交额15416.13亿元；创业板指收盘上涨66.24点，涨幅为2.29%，报收 2956.37点，成交额7327.25亿元；沪深300收盘上涨26.95点，涨幅为0.6%，报收4523.71点，成交额7703.78亿元。黄金、CPO概 念股集体大涨。 涨幅前五的行业分别是贵金属8.82%、珠宝首饰3.37%、能源金属3.05%、生物制品3.01%、医疗服务2.67%。 跌幅前五的行业分别是保险-2.58%、航天航空-1.09%、证券-0.85%、航空机场-0.83%、银行-0.75%。 （记者 谭玉涵） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 | 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3875.53 | 0.46% | | 深证成指 | 12828.95 | 1.05% | | 创业板指 ...

Group 1: Overall Industry Performance - The non-ferrous metal sector experienced a 5.50% increase in Q2 2025, outperforming the CSI 300 index, driven by rising prices of industrial and precious metals, which boosted company performance [2] - The precious metals segment reported revenues of 126.58 billion yuan in Q2 2025, a quarter-on-quarter increase of 25.15%, with net profit reaching 6.86 billion yuan, up 41.93% [3] Group 2: Precious Metals - The increase in gold and silver prices is attributed to heightened risk aversion following the downgrade of the US sovereign credit rating and ongoing global central bank gold purchases, with expectations for continued price strength [3] - The market anticipates sustained gold price increases due to strong expectations for interest rate cuts following signals from Powell in August [3] Group 3: Copper Sector - The copper sector saw revenues of 427.52 billion yuan in Q2 2025, a quarter-on-quarter increase of 20.41%, with net profit at 22.97 billion yuan, up 18.19% [2] - The rebound in copper prices is driven by supply shortages and increased demand from the electrical sector, particularly in China's new energy field [2] Group 4: Aluminum Sector - The aluminum sector reported revenues of 113.71 billion yuan in Q2 2025, a quarter-on-quarter increase of 6.29%, with net profit at 9.60 billion yuan, up 11.40% [2] - The resilience of aluminum prices is supported by strong fundamentals and a decrease in coal prices, leading to increased profit margins [2] Group 5: Rare Earth and Magnetic Materials - The rare earth sector experienced a revenue increase of 3.94% in Q2 2025, with net profit rising by 14.57% [3] - The average price of praseodymium and neodymium oxide was 432,000 yuan per ton, reflecting a 0.56% increase, driven by price hikes and supply chain improvements [3] Group 6: Small Metals - The small metals sector saw a revenue increase of 20.46% in Q2 2025, with net profit rising by 13.99% [4] - Prices for molybdenum, tungsten, antimony, and tin increased by 2.32%, 10.46%, 32.07%, and 1.12% respectively, indicating a positive price trend [4] Group 7: Lithium and Nickel-Cobalt Sectors - The lithium sector faced pressure with revenues of 25 billion yuan in Q2 2025, down 6.2% year-on-year, while net profit increased by 21% [4] - The nickel-cobalt sector reported revenues of 31.2 billion yuan, a year-on-year increase of 28%, with net profit at 2.65 billion yuan, up 16% [4] Group 8: New Materials - The new materials sector showed revenue growth of 12.53% in Q2 2025, with net profit increasing by 25.86% [5] - The growth is primarily driven by technological innovation and domestic substitution trends [5]

gtaxinstitute@essence.com.cn 综合晨报 2025年09月01日 (原油) 上周国际油价震荡，布伦特11合约涨0.3%。俄乌、伊核谈判仍处僵局，但在近期地缘风险溢价小 幅向上修复后暂无迹象表明供应受到明显阻碍。旺季过后石油市场供应过剩压力将进一步凸显,关 注9月7日0PEC+议产会议对剩余165万桶/天自愿减产恢复的讨论，若无进一步地缘犹动原油市场下 行压力增加。 【贵金属】 周五美国公布核心PCE温和上涨符合预期，进一步稳定了9月美联储降息预期，叠加特朗普解雇库克 事件成肠美联储独立性,责金属偏强运行。国际金价通近历史高点,一旦突破则上涨可能具备一定 持续性,本周关键的美国非农数据或将决定多空走向。此外美联邦巡回上诉法院裁定特朗普关税措 施非法，关注最高法院裁决。 (铜) 上周五伦铜走出9900美元8月最高收盘价，主要受金银涨势提振，市场等待9月中旬联储兑现降息， 且部分机构关注美国失业数据的调整。国内铜市关注废铜因整顿补贴、落实反向开票成本上调后, 市场报价的调整。铜市基本面编中性,但联储降息引起的资金共振可能带动铜价短线突破上冲，少 量多单短线参与。 (铝) 周五夜盘沪铝窄幅波 ...

9月1日亚洲市场盘中，COMEX黄金期货一度涨超1%，最高触及3552美元/盎司，再创历史新高；现货 黄金盘中突破3480美元/盎司，已逼近4月份创下的历史新高；现货白银盘中一度涨超2%，自2011年10 月以来首次突破每盎司40美元。今年以来，现货黄金涨幅超过32%，现货白银涨幅更是接近40%。 近期，在美联储降息预期的推动下，黄金、白银价格持续上涨。今日，A股黄金概念股受到资金追捧， 西部黄金、盛达资源等多股涨停，中金黄金、山东黄金、紫金矿业等纷纷大涨。 今日，COMEX黄金期货一度涨超1%，最高触及3552美元/盎司，再创历史新高；现货黄金涨幅也一度 超过1%，最高触及3486美元/盎司，距离今年4月份创下的历史新高（3500美元/盎司）仅相差14美元/盎 司；现货白银盘中一度涨超2%，并突破40美元/盎司，创出近14年新高。 美国总统特朗普对美联储的频频攻击，引发了人们对该央行独立性的担忧。在地缘政治局势紧张和金融 环境不确定的背景下，投资者对避险资产的强烈需求推动金银价格走高。 美联储主席鲍威尔在8月22日的讲话中释放信号，或将在9月16—17日会议上启动降息，以缓解劳动力市 场疲软压力。市场普遍预 ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of metal options, including market conditions, option factors, and corresponding strategies for different metal sectors such as non-ferrous metals, precious metals, and black metals. It suggests specific option strategies based on the characteristics of each metal's market trends and option factors [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts. For example, the latest price of copper futures (CU2510) is 79,680, with a price increase of 460 and a trading volume of 7.11 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the open interest PCR of copper options is 0.80, indicating certain pressure above the Shanghai copper price [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are determined from the perspective of the maximum open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 75,000 [5]. 3.2.3 Implied Volatility - The implied volatility of each metal option is analyzed, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at-the-money implied volatility of copper options is 9.38% [6]. 3.3 Option Strategies and Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Build a bull spread strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: Adopt a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Implement a short - bearish call + put option combination strategy and a spot covered call strategy [10]. - **Tin Options**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Employ a short - neutral call + put option combination strategy and a spot long + put option + call option strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Adopt a short - bearish call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore Options**: Implement a short - neutral call + put option combination strategy and a spot long collar strategy [13]. - **Ferroalloy Options**: Use a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Employ a short - volatility call + put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Adopt a short - volatility call + put option combination strategy and a spot long collar strategy [15].

Market Performance - A-shares major indices opened higher, with the Shanghai Composite Index rising by 0.46% to 3875 points, the Shenzhen Component Index increasing by 1.05%, and the ChiNext Index up by 2.29% [1][2] - The total trading volume for the day was 2.78 trillion yuan, a decrease of 52.5 billion yuan compared to the previous trading day, with over 3200 stocks rising across the market [1] Index Details - Shanghai Composite Index: 3875.53 (+17.60, +0.46%) [2] - Shenzhen Component Index: 12828.95 (+132.80, +1.05%) [2] - ChiNext Index: 2956.37 (+66.25, +2.29%) [2] - Other indices such as the CSI 300 and CSI 500 also showed positive movements [2] Sector Performance - The precious metals sector surged, with COMEX gold futures reaching a historical high, leading to significant gains in stocks like Zhongjin Gold (600489), Hunan Gold (002155), and Western Gold (601069) [3] - The CPO concept stocks, including the "CPO three giants" such as Zhongji Xuchuang (300308), Xinyi Sheng (300502), and Tianfu Communication, also hit new highs [3] - The CRO and innovative drug sectors saw a rise, with companies like Huahai Pharmaceutical (600521) and Baihua Medicine experiencing stock price surges [3] - The storage chip sector strengthened, with Zhaoyi Innovation (603986) hitting the daily limit [3] - Conversely, the insurance sector declined, led by Xinhua Insurance (601336), and the aerospace sector weakened, with China Satellite (600118) dropping over 7% [3]