Market Overview - US stock indices experienced a decline, while the China concept index rose by 0.52% [1] - Hong Kong stock indices opened higher, with the Hang Seng Index up 0.64%, the National Index up 0.72%, and the Hang Seng Tech Index up 0.99% [1] Sector Performance - Major technology stocks saw collective gains, with JD.com rising nearly 3%, Baidu up 2.3%, Xiaomi increasing by nearly 2%, and Alibaba and Tencent both rising over 1% [1] - Spot gold prices reached a new high of $3,547 per ounce, leading to strong performance in gold stocks, with Tongguan Gold and Chifeng Gold rising over 5% [1] - Other gold-related companies such as Zhaojin Mining, China National Gold, and Shandong Gold also reached historical highs, contributing to a rally in copper and other non-ferrous metal stocks [1] - Automotive stocks generally increased, with NIO and Li Auto both rising over 3% [1] - Sectors such as biomedicine, home appliances, sports goods, new consumption concepts, and semiconductors also saw upward movement [1] Declining Sectors - Shipping stocks, food and beverage stocks, and oil stocks experienced some declines, with COSCO Shipping and Zhenjiu Lidu both dropping approximately 1% [1]

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00340 | 潼关黄金 | 5.24% | 2.410 | 105.98亿 | | 06693 | 赤峰黄金 | 5.08% | 29.400 | 558.72 Z | | 01818 | 招金矿业 | 4.40% | 28.000 | 991.87亿 | | 02099 | 中国黄金国际 | 4.19% | 129.300 | 512.56亿 | | 00815 | 中国白银集团 | 3.92% | 0.530 | 12.41亿 | | 01787 | 山东黄金 | 3.63% | 32.000 | 1431.5亿 | | 01815 | 珠峰黄金 | 3.53% | 1.760 | 21.79亿 | | 03330 | 灵宝黄金 | 3.53% | 16.150 | 207.85亿 | | 02899 | 紫金矿业 | 2.58% | 27.800 | 7388.57亿 | 金价新高不断，港股黄金股集体高开。其中，潼关黄金、赤峰黄金涨超5%，招金矿业、中国黄金国际 涨超4% ...

Market Overview - The A-share market opened with all three major indices rising, with the Shanghai Composite Index up 0.19% at 3865.29 points [1] - The Shenzhen Component Index and the ChiNext Index both opened up 0.37% [1] Sector Performance - Gold concept stocks continued their upward trend, with silver and non-ferrous metals stocks seeing a three-day rise; Western Gold surged over 5% [1] - The international gold price has risen for six consecutive days, reaching a new high [1] - Humanoid robot concepts remained active, with Zhejiang Rongtai and Bojie Co. hitting the daily limit, and Yushutech announcing its listing plan yesterday [1] - The tourism and hotel sector opened higher, with Chongqing Lou rising over 5% and Three Gorges Tourism up over 3% [1] - The beverage manufacturing sector saw an initial surge, with Kuaijishan hitting the daily limit and Guyue Longshan rising over 5% [1]

消息面上，受益于避险情绪及市场对美联储降息押注升温，国际金价刷新历史新高，纽约期金站上3600 美元/盎司；现货黄金则连涨六日，一度突破3540美元关口。据悉，昨晚公布的美国经济数据弱势，同 时针对美联储理事库克的不利证据进一步显现，市场加大对于后续联储宽松的货币政策预期，令贵金属 价格得到支撑。 当前，市场等待周五即将公布的非农数据，这是9月份美联储议息会议前最后一次非农数据，预计将对9 月份降息产生关键影响。此外，摩根士丹利最新报告已将黄金年底目标价设定为3800美元/盎司。报告 特别强调，黄金与美元的强负相关性仍是关键定价逻辑。当前美元指数若延续贬值趋势，将直接利好以 美元计价的贵金属。 智通财经APP获悉，黄金股集体高开，截至发稿，潼关黄金(00340)涨5.24%，报2.41港元；赤峰黄金 (06693)涨5.08%，报29.4港元；招金矿业(01818)涨4.4%，报28港元；中国黄金国际(02099)涨4.19%，报 129.3港元；山东黄金(01787)涨3.63%，报32港元；灵宝黄金(03330)涨3.53%，报16.15港元。 ...

Asia Pacific LM Strategy 2-Sep-25 Gold market outlook From excess to scarcity Emerging Markets Strategy Michael Loh AC michael.loh@jpmorgan.com JP Morgan Chase Bank, N.A., Singapore Branch See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

Group 1 - Northbound trading volume has increased, indicating a low-buying action from institutions, suggesting a stable market despite retail fluctuations [2][4] - The CPO thematic communication ETF has seen a significant drop but has attracted substantial low-buying interest, while sectors like internet, chemicals, and robotics have received long-term capital inflows [4][11] - A-shares saw 2.65 million new accounts opened in August, a year-on-year increase of 165% and a month-on-month increase of 35%, indicating a growing interest from retail investors [4][6] Group 2 - Morgan Stanley views the current market as a "water buffalo" phase, where liquidity is gradually increasing, but the pace remains moderate [4][6] - The overall market sentiment is leaning towards a "buy on dips" strategy, with more inflows than outflows, suggesting a positive outlook for September [4][6] - The performance of Chinese concept stocks has been strong, particularly with NIO's delivery numbers showing a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [11] Group 3 - The robotics sector is gaining momentum, with several companies announcing significant developments, including IPO plans and strategic orders for AI robots [12] - Apple is focusing on automation technology as a prerequisite for supplier contracts, indicating a trend towards advanced manufacturing in the tech industry [12][14] - The market is expected to maintain a structural slow bull trend in September, with a cautious approach towards speculative investments in technology [16]

现货黄金连续第六个交易日上涨，主要受美联储降息预期升温、节点渐进影响。据央视财经报道，当地时间周一，即9月的第一个交易日，美 国股市因节假日休市一天。回顾刚刚过去的8月，美国多项通胀及就业数据公布，强化了投资者对美联储在9月降息的信心，提振市场风险偏 好。 展望后市，多家国际机构表示看好黄金新一轮上涨空间。高盛预计到2025年年底，金价将升至每盎司3700美元；到2026年中期，金价将进一步 攀升至每盎司4000美元。摩根大通则预测金价将达到4000美元/盎司，而且这一目标可能"比预期来得更快"。 此外，中长期来看，财通证券表示，全球经济增长面临压力，关税和地缘冲突的风险并未完全消除，黄金避险保值能力长存，继续推荐黄金机 会。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 同日国内金饰克价大涨，其中周生生为1041元/克，较前日上涨16元。 A股市场上，黄金珠宝板块持续活跃，莱绅通灵、西部黄金等多只个股涨停。 高金价之下，处于黄金产业链上游的金矿上市公司上半年业绩普遍呈现高增长。根据同花顺统计，目前A股11家金矿上市公司，今年上半年的 归母净利润增速全部实现正增长，其中有4家更是实现 ...

证券之星消息，截至2025年9月2日收盘，中金黄金(600489)报收于17.76元，上涨1.08%，换手率4.72%，成交量228.72万手，成交额40.78亿元。 9月2日的资金流向数据方面，主力资金净流出2.31亿元，占总成交额5.66%，游资资金净流入1.5亿元，占总成交额3.67%，散户资金净流入8083.8 万元，占总成交额1.98%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-02 | 17.76 | 1.08% | -2.31亿 | -5.66% | 1.50亿 | 3.67% | 8083.80万 | - 1.98% | | 2025-09-01 | | 17.57 10.02% | 8542.06万 | 2.19% | -3739.89万 | -0.96% | -4802.17万 | -1.23% | | 2025-08-29 | | 15.97 4.5 ...

Market Performance - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.45% to 3858.13 points, the Shenzhen Component Index dropping by 2.14% to 12553.84 points, and the ChiNext Index decreasing by 2.85% to 2872.22 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion yuan [1] Sector Performance - Strong performing sectors included banking, precious metals, robotics, and oil, while sectors such as CPO, cross-border payments, PCB, and semiconductors faced significant declines [1] - Gold stocks continued their strong performance, with companies like Western Gold (601069) hitting the daily limit [1] - The solid-state battery concept showed resilience, with companies like Dexin Technology (603032) also reaching the daily limit [1] - The robotics sector saw a late afternoon rally, with Zhejiang Rongtai (603119) and Top Group (601689) hitting the daily limit [1] - Conversely, computing hardware stocks experienced a collective pullback, with Cambridge Technology (603083) hitting the daily limit down, and the digital currency sector weakened, with China National Petroleum Capital (000617) also hitting the daily limit down [1] Market Outlook - Guotai Junan believes that with the diversification of market participants and investment logic, the market will not be limited to small-cap stocks, and mid-cap or low-position blue-chip stocks with better profit quality may become important drivers for the next phase of market growth [1] - Galaxy Securities anticipates that the market will operate at a relatively high level in the short term, and after the previous upward trend, the market may exhibit characteristics of consolidation and fluctuation [1]

黄金价格飙升：历史新高背后的多重推手与投资迷思 近期，国际金价势如破竹，一举突破3500美元/盎司大关，刷新历史纪录。与此同时，国内有品牌黄金首饰的价格也已逼近每克 1040元人民币，单周涨幅甚至高达18元。这意味着，一条约40克的金手镯，其一周内的价值涨幅便可能达到720元，这金额已然超 越了许多人的周薪。 今年以来，黄金价格如同坐上了火箭，累计涨幅已超过33%。如此惊人的涨势，让那些早期未能购入足量黄金的投资者扼腕叹 息，也让已持有黄金者喜上眉梢。然而，对于那些有意此刻入市的投资者而言，是追高还是观望，成为了一个甜蜜而又纠结的难 题，毕竟，"高位接盘"的风险不容忽视。 多重力量交织，助推金价飞驰 支撑金价疯狂上涨的背后，是多股力量博弈的结果。 国内金市同步繁荣，投资机遇引分歧 美联储降息预期： 当前，市场对美联储降息的强烈预期，是驱动金价上行的最主要动力。普遍预测显示，美联储在9月份降息的 可能性已近90%。美联储理事沃勒亦公开表态，支持9月进行25个基点的降息。一旦降息落地，持有黄金的机会成本将显著降低。 由于黄金本身不产生利息，降息会削弱其他生息资产的吸引力，从而促使更多资金流入黄金市场。 美元疲软走 ...