其中，紫金矿业预计上半年净利润同比增长约54%，创上市以来最佳上半年度业绩。中金黄金预计2025 年上半年归属于母公司所有者的净利润为26.14亿元至28.75亿元，同比增长50%至65%。西部黄金预计 2025年上半年归属于母公司所有者的净利润为1.3亿元到1.6亿元，同比增长96.35%至141.66%。 此外，美国称对墨西哥、欧盟征收30%关税。截至目前，美国已向25个贸易伙伴发出关税函，市场避险 情绪升温。东吴期货预计，贸易政策及地缘政治等因素将支撑黄金长期维持震荡上行趋势。 【深圳商报讯】（首席记者谢惠茜）7月14日，黄金股普遍上扬，集体迎来上涨。其中，截至收盘，宝 鼎科技、湖南白银涨停，宝鼎科技5天内2连板，湖南白银2连板，中金黄金涨幅9.73%；白银有色涨幅 6.99%；盛达资源涨幅6.73%；莱绅通灵涨幅5.22%，其他相关个股也纷纷跟涨。 中国银河认为，在当前宏观与地缘政治风险下，全球黄金ETF基金及央行有望持续净购入黄金，推升金 价。历史数据显示，全球黄金ETF基金与央行仍有较大增持空间。建议逢低关注A股黄金板块。 相关ETF方面，也普遍上涨。其中黄金股ETF涨幅最大，达1.50%；华安黄 ...

Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index closing at 3519.65 points, up 0.27%, and the Shenzhen Component Index at 10684.52 points, down 0.11% [1] - The total trading volume for the two markets was 623.1 billion yuan for Shanghai and 835.6 billion yuan for Shenzhen [1] Robotics Sector - The robotics sector led the market gains, driven by a significant procurement project from China Mobile for humanoid biped robots, with a total budget of 124 million yuan, marking the largest single procurement in the domestic humanoid robot field [2] - In May, China's industrial robot production increased by 35.5% year-on-year, reaching 69,100 units, while service robot production grew by 13.8% to 1.2164 million units [2] - The export market share for China's industrial robots rose to second globally last year, with a 61.5% increase in exports in the first half of this year [2] Policy and Industry Outlook - The Ministry of Industry and Information Technology emphasized the need to develop humanoid robots and improve common technology research and data infrastructure [3] - The Chinese robotics industry is positioned for growth due to recovering domestic and international demand, supportive policies, and enhanced product performance, suggesting a favorable long-term trend for domestic brands [3] Bond Market - Different maturities of bonds experienced adjustments, with the 10-year government bond yield reaching 1.6710% and the 30-year yield at 1.8825%, both hitting a one-month high [4] - The issuance of long-term bonds by the Ministry of Finance exceeded expectations, leading to a rise in secondary market yields [4] Economic Outlook - The ongoing anti-involution measures may constrain production and impact employment and income, potentially affecting demand [6] - The central bank is expected to maintain a loose monetary policy to support economic activity amid weakening fundamentals and low inflation [6] Copper Market - The announcement of a 50% tariff on imported copper by Trump is expected to pressure copper prices, with a significant influx of arbitrage funds impacting both London and Shanghai copper prices [7] - Short-term demand for copper is recovering, with a 3.3 percentage point increase in copper rod operating rates to 67.0% [7] - Long-term, strong investment and consumption, along with supportive monetary policy, are expected to elevate copper prices [7] Gold Market - Trump's new tariffs on EU and Canadian goods may bolster gold prices as a safe-haven asset [8] - China's gold reserves increased to approximately 2,298.55 tons, reflecting a trend of "de-dollarization" in the global monetary system [8] - The outlook for gold remains strong due to ongoing macroeconomic uncertainties and concerns over the U.S. fiscal deficit [9]

ETF Industry News - The three major indices showed mixed results, with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component Index and the ChiNext Index fell by 0.11% and 0.45% respectively. Several gold stock ETFs saw increases of nearly 2% [1][3] - The A-share non-ferrous metal industry is entering a concentrated period of mid-year report forecasts, with companies in the gold sector expected to show significant performance growth due to rising gold prices [1] Market Performance Overview - The first batch of Sci-Tech Innovation Bond ETFs was issued on July 7, raising nearly 29 billion yuan in a single day. These ETFs are set to be listed on July 17, with institutional investors, including pension products, being significant buyers [2] - The overall performance of ETFs varied, with commodity ETFs showing the best average increase of 0.84%, while bond ETFs had the worst performance with an average decrease of 0.09% [7] Sector Performance - In terms of sector performance, machinery, comprehensive, and public utilities sectors ranked highest with daily increases of 1.23%, 1.04%, and 1.04% respectively. Conversely, real estate, media, and non-bank financial sectors ranked lowest with declines of 1.29%, 1.24%, and 1.03% [5] Top Performing ETFs - The top three performing stock ETFs today were the Guozheng 2000 ETF (159543.SZ) with a gain of 6.27%, followed by the Robot 50 ETF (159559.SZ) and the E Fund Robot ETF (159530.SZ) with increases of 2.89% and 2.68% respectively [10][11] - The top performing commodity ETFs included the Gold Fund ETF (159812.SZ) with a rise of 0.93% and the Bank of China Shanghai Gold ETF (518890.SH) with a gain of 0.96% [11][12] Trading Volume of ETFs - The top three ETFs by trading volume were the A500 ETF (512050.SH) with a trading volume of 3.765 billion yuan, followed by the A500 ETF from E Fund (159351.SZ) at 3.405 billion yuan, and the CSI 300 ETF (510300.SH) at 3.351 billion yuan [13][14]

【黄金技术分析】 现货黄金可能测试每盎司 3342 美元的支撑位，跌破该水平后可能跌至 3311 美元至 3328 美元的区间。 市场密切关注自 3283 美元开启的 C 浪的一系列投射位。在未能突破 3374 美元的阻力位后，一度跌破 了 3357 美元的支撑位。下一个支撑位将在 3342 美元。如果向上突破 3374 美元，可能确认上涨趋势将 延续至 3386 美元至 3402 美元区间。 周一（7月14日）欧洲时段，美元指数位于97.86附近；国际黄金位于3374.63美元/盎司左右。投资者目 前正在等待周二公布的美国6月份通胀数据，以获得更多有关美联储利率路径的线索。 【要闻速递】 欧盟贸易执委谢夫乔维奇表示，30%关税将重创欧盟对美贸易，基本消除双方贸易往来。意大利副总理 塔亚尼称，欧盟已准备对美商品征收210亿欧元报复性关税清单。 市场正密切关注本周英国国家统计局将公布的就业和通胀数据。全球贸易紧张局势因特朗普宣布自8月1 日起对欧盟和墨西哥商品征收30%关税而显著升级。不过分析认为，受益于现有英美贸易协定，英国有 望豁免此轮关税。这可能使英国成为欧洲出口商更具吸引力的枢纽，企业或通过英国获取免关 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [14][15]. Core Views - The report indicates that the gold market will continue to rise due to the Federal Reserve's ongoing interest rate cuts [14]. - Short-term demand for copper and aluminum may weaken, but the long-term supply-demand balance is expected to tighten [15]. - Tin prices are expected to fluctuate due to a tight supply situation, while antimony prices are projected to remain weak in the short term but supported by long-term supply constraints [15]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 3.75%, outperforming other sectors [23]. - The top-performing sub-sectors included rare earths (+18.65%), magnetic materials (+11.28%), and silver (+8.35%) [23]. 2. Precious Metals - London gold price was $3352.10 per ounce, up $20.20 from July 4, with a 0.61% increase [34]. - London silver price reached $37.5 per ounce, increasing by 0.62% from July 4 [34]. - The report notes that the Federal Reserve's differing views on inflation may impact precious metals, but a bullish trend is anticipated [6][34]. 3. Copper and Aluminum - LME copper closed at $9640 per ton, down $240 from July 4, a decrease of 2.43% [41]. - Domestic aluminum price was 20760 RMB per ton, with a slight increase of 0.05% [42]. - The report highlights that short-term copper and aluminum prices may face downward pressure due to weak demand [15][41]. 4. Tin and Antimony - Domestic refined tin price was 266820 RMB per ton, down 0.37% from July 4 [43]. - Antimony price was 185500 RMB per ton, reflecting a decrease of 1.80% [15][43]. - The report suggests that while demand is weak, supply constraints may support tin prices in the future [15]. 5. Recommended Stocks - The report recommends specific stocks in the gold sector, including Zhongjin Gold and Shandong Gold, and in the copper sector, including Zijin Mining and Western Mining [15][17].

注：表格数据由7月11日的20:00至次日2:30和7月14日的9:00至15:30的交易时段汇总形成。点击查看>> 相关链接 上海黄金交易所7月14日（周一）交易行情 延期补偿费支付方向：Au(T+D)—多付空，Ag(T+D)—空付多； ...

Group 1 - The core viewpoint of the news highlights the performance and potential of the CSI A500 ETF, which closely tracks the CSI A500 Index, reflecting the overall performance of 500 representative listed companies across various industries in the A-share market [2][3] - As of July 11, 2025, the CSI A500 ETF has achieved a net value increase of 9.27% over the past six months, with a total scale reaching 17.168 billion [1] - The CSI A500 Index is balanced between traditional and emerging industries, with increased weight on sectors like pharmaceuticals, new energy, and computing, making it a quality tool for A-share market investment [2] Group 2 - The liquidity in the A-share market is robust, with the CSI A500 ETF experiencing a turnover rate of 5.42% and a transaction volume of 932 million on a recent trading day [1] - A total of 510 A-share companies have released their half-year performance forecasts, with 301 companies indicating positive expectations, resulting in a forecasted positive ratio of approximately 59.02% [2] - Market analysts suggest that the combination of ample liquidity and positive market sentiment could lead to significant inflows into the A-share market, potentially reaching trillions of yuan [2][3]

Core Insights - The rapid development of artificial intelligence (AI) technology is providing new perspectives and tools for gold trading, particularly through the THPX signal source, which enhances the precision of XAUBTC trading [1][12] - THPX signal source utilizes advanced AI algorithms and machine learning to analyze financial market data, offering accurate trading signals and improving decision-making for investors [5][10] - The integration of big data analysis within THPX significantly enhances the efficiency and accuracy of XAUBTC gold trading by providing real-time and precise trading signals [5][12] AI and Machine Learning in Trading - AI technology plays a crucial role in improving the accuracy and efficiency of trading decisions by analyzing vast amounts of historical data and market trends [7][12] - Machine learning algorithms demonstrate significant advantages in data analysis and prediction, enabling quick identification of market trends and trading signals [6][12] - The adaptive nature of these algorithms allows for continuous optimization of trading strategies, ultimately leading to higher returns for investors [7][12] Risk Management and Market Insights - THPX signal source employs multi-layered data analysis and predictive models to effectively mitigate potential losses from market volatility [6][12] - The system's real-time market dynamic capture enhances trading strategies and provides a solid foundation for risk management [6][12] - By integrating various data sources, THPX offers deep insights into market trends and potential trading opportunities, thereby improving overall investment returns [5][12] Future Trends in Gold Trading - The future of gold trading will be profoundly influenced by big data and blockchain technology, promoting greater transparency and efficiency in transactions [7] - The combination of AI and machine learning will further enhance market prediction capabilities, aiding investors in analyzing market dynamics more effectively [7][12]

金十数据7月14日讯，美银证券发表研究报告指，老铺黄金(06181.HK)近日的股价自高峰滑落，相信是 由于过去一个月的强劲表现后的获利回吐，以及近期对新消费品牌的情绪较弱。该行预计，老铺黄金上 半年的净利润为21亿元人民币，当中收入预测按年增212%至110亿元人民币，毛利率料为40.1%，又预 期2025财年的净利润为45亿元人民币。该行重申公司买入评级，目标价999港元。美银证券预期老铺黄 金的盈利可持续性将受到其持续的品牌渗透力和成熟的研发记录所支持。考虑到其成熟的盈利能力，相 信公司仍有较长的增长空间，又相信行业价格竞争压力可控。 美银证券料老铺黄金2025财年净利润45亿人民币 行业价格竞争压力可控 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to achieve a record high net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [1]. - The second quarter of 2025 is projected to yield a net profit of around 130 billion yuan, a quarter-on-quarter increase of approximately 27% from 102 billion yuan in the first quarter [1]. - The company plans to spin off its overseas gold assets for a listing on the Hong Kong Stock Exchange, which includes eight world-class gold mines located in South America, Central Asia, Africa, and Oceania [2]. - The company is also set to acquire the RG gold mine in Kazakhstan for a consideration of 1.2 billion USD, which is expected to enhance its gold production capacity significantly [3]. Performance Summary - The average spot price of London gold in the first half of 2025 is expected to be 3,090 USD/ounce, a year-on-year increase of 39.5%, while the average LME copper price is projected at 9,445.5 USD/ton, a year-on-year increase of 2.5% [2]. - The company’s copper production for the first half of 2025 is estimated at 570,000 tons, a year-on-year increase of 10%, and gold production is expected to reach 41 tons, a year-on-year increase of 17% [2]. - The lithium carbonate equivalent production is forecasted to increase by 2,961% year-on-year to 7,315 tons [2]. Financial Forecasts and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 470.6 billion yuan, 546.5 billion yuan, and 622.1 billion yuan respectively, reflecting year-on-year growth rates of 47%, 16%, and 14% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 11, 9, and 8 for the years 2025, 2026, and 2027 respectively [4]. - The report anticipates a continued upward trend in gold and copper prices due to factors such as central bank purchases and supply-demand dynamics in the copper industry [3].