Core Insights - Most commodities experienced an increase in prices, with gold nearing $4,000 per ounce on COMEX [1] - Oil prices saw a significant rise following the decision by OPEC and its allies to implement only a modest increase in oil output for November [1] - Silver prices also rose in alignment with gold's increase, while copper prices declined [1]

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling 0.67% to close below 27,000 points, the Hang Seng Tech Index down 1.1%, and the National Enterprises Index decreasing by 0.88% [1][3]. Gold and Silver Market - Spot gold surged over $50, reaching a historic high of $3,940 per ounce, leading to a strong performance in gold stocks, with Shandong Gold up over 5%, Chifeng Jilong Gold up over 4%, and Zijin Mining up over 2%. Zijin Gold International saw an increase of over 8%, with its stock price doubling since its IPO [1]. - Silver prices also hit a record high, with NY silver reaching $48 per ounce. China Silver Group experienced a significant intraday increase of 20%, ultimately closing up 14.29% [1]. Semiconductor Sector - The demand for AI data centers has driven semiconductor stocks higher, with SMIC rising over 2% and Hua Hong Semiconductor increasing nearly 7%, both reaching historical highs. Goldman Sachs raised the target prices for SMIC and Hua Hong Semiconductor, citing the expanding AI ecosystem in China as a growth opportunity for the semiconductor sector [1]. Cryptocurrency Market - Bitcoin reached a new all-time high, while cryptocurrency-related stocks saw mixed performance, with OK Group Chain closing up 1.3% after an intraday surge of over 18% [1]. Company Performance - In the Hong Kong Stock Connect, Jihong Co. saw an increase of 8.77%, with a reported profit growth of up to 65% in the first three quarters. MicroPort Medical gained 6.62% following the announcement of a restructuring of its cardiac management business, and Four Seasons Pharmaceutical rose 6.7% after its "Frozen Preservation" product received approval for listing [1]. - In Macau, the gaming sector showed a year-on-year revenue growth of 6%, falling short of Morgan Stanley's expected 16% growth, leading to declines in major gaming stocks such as Melco International Development down over 6% and Galaxy Entertainment down nearly 3% [2]. Consumer Sector - The consumer sector showed overall weakness, with Mengniu Dairy down 2.77%. Concerns over slowing automotive demand negatively impacted the performance of new energy vehicle stocks, with Li Auto down over 3%, XPeng down 1.84%, and NIO down 0.17% [2].

Group 1 - The Hang Seng Index fell by 0.61%, down 164 points, closing at 26,976 points, while the Hang Seng Tech Index dropped by 1.2% [1] - International gold prices reached a new historical high, leading to significant gains in the precious metals sector, with China Silver Group rising over 20% and Zijin Mining International increasing by over 5% [1] - Xinjiang Xinxin Mining surged over 12%, with a year-to-date increase exceeding 300%, and plans to issue A-shares [1] - Bitcoin surpassed $125,000, setting a new historical high, which positively impacted cryptocurrency-related stocks, with OK Blockchain rising over 14% and Boya Interactive increasing by over 10% [1] - Hesai Technology (Hesai-W) rose over 4%, marking the production of its one-millionth LiDAR unit by the end of September [1] - Beijing Bluebird Universe soared over 58% as its subsidiary JBD partnered with AMAT and Thunderbird Innovation to enhance AR glasses display quality [1] - Yunfeng Financial increased by over 7%, collaborating with Anthea to explore blockchain-based insurance products [1] - Dingdang Health surged by 26%, continuing to expand its innovative drug portfolio with multiple new products recently launched [1] - Shuangdeng Co. rose over 9%, driven by increased energy demand for storage solutions, being a key supplier for Alibaba's data center storage [1] Group 2 - Hua Hong Semiconductor rose over 5%, reaching a new high with an eight-day consecutive increase, as institutions noted advanced manufacturing capacity as a scarce resource [2] - Gaming stocks experienced a significant decline, with Macau's September gambling revenue growing by only 6%, falling short of expectations, and further impacted by a typhoon during the Golden Week [2] - New World Development dropped by 5.4%, while MGM China fell by 4.45% [2]

国庆假期，国际黄金和白银不休假，继续狂飙！ 值得注意的是，去年现货黄金飙升27%，今年现货黄金累计涨幅更是达到48%，有望创下1979年以来最 大年度涨幅。 国内金饰价格也大幅上涨，周大福、周生生、六福珠宝等品牌足金首饰价格涨至1129元/克，较两日前 每克上涨21元。深圳水贝大盘价格攀升至888元/克。 盛宝银行大宗商品策略主管Ole Hansen表示："总体而言，美元走软、昨日ADP数据凸显的经济疲软， 以及政府停摆持续吸引投资者加入这波涨势。" 据了解，美国政府已暂停大部分运作，可能导致数千个联邦职位面临风险，并可能推迟包括周五（10月 3日）即将发布的关键非农就业报告在内的经济指标。根据芝商所FedWatch工具显示，交易商已将本10 月近乎确定的25个基点降息纳入定价。 10月2日，现货白银一度突破48美元/盎司，创下自2011年以来新高，距离历史最高点仅一步之遥；现货 黄金飙升至3896美元/盎司，再度刷新历史新高，逼近3900美元大关；港股贵金属概念大涨，多只黄金 股涨超10%，中国白银集团更是大涨30%。 当天晚间，在创下新高后，黄金白银自高位纷纷跳水，白银一度跌破46美元。不少机构认为，目前 ...

黄金白银资产，又涨疯了！ 10月2日，港股国庆假期开市首日，贵金属概念全线大涨，板块中多只黄金股涨幅超10%，其中中国白银集团更是大涨30%，创出近4年新高。 | 序号 | 代码 | 名称 | 涨跌幅 > | 市盈率TTM | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 00815 | 中国日银集团 | 30.19% | 34.500 | 17.1亿 | 192.37% | | 2 | 00340 | 滝关黄金 | 15.13% | 29.714 | 137.21亿 | 552.72% | | 3 | 02259 | 紫金黄金国际 | 14.01% | 58.386 | 3607.99亿 | 92.07% | | 4 | 03330 | 員宝黄金 | 10.68% | 19.825 | 262.8亿 | 672.57% | | ટે | 01712 | 龙' 加 | 9.68% | 12.237 | 14.84 Z | 407.79% | | 6 | 06693 | 赤峰黄金 | 6.90% | 26.078 | 618.0 ...

作者 | 哥吉拉 黄金白银资产，又涨疯了！ 10月2日，港股国庆假期开市首日，贵金属概念全线大涨，板块中多只黄金股涨幅超10%，其中中国白银集团更是大涨30%，创出近4年新 高。 | 嫁信 | 代码 | 名称 | 涨跌幅 ▽ | 市盈率TTM | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 00815 | 中国日银集团 | 30.19% | 34.500 | 17.1亿 | 192.37% | | 2 | 00340 | 漳关黄金 | 15.13% | 29.714 | 137.21亿 | 552.72% | | 3 | 02259 | 紫金黄金国际 | 14.01% | 58.386 | 3607.99亿 | 92.07% | | 4 | 03330 | 灵宝黄金 | 10.68% | 19.825 | 262.8亿 | 672.57% | | ਟ | 01712 | 龙'ø源 | 9.68% | 12.237 | 14.84亿 | 407.79% | | 6 | 06693 | 赤峰黄金 | 6.90% | 26.078 ...

中国白银集团(00815)公布，于2025年9月30日，公司向11名合资格参与者授出合计234,212,000股奖励股 份(惟须待承授人接纳)，约占本公告日期已发行股份总数的9.45%及占计划采纳日期已发行股份总数的 10.00%。 ...

每经记者｜吴永久 每经编辑｜闫峰峰 9月的股市今日收官，整个9月上证指数处于盘整之中，而创业板指和科创50领涨，分别上涨12.04%、11.48%，成为行情的领先指标。在国庆节前两天行 情表现出色，投资者做多情绪上升。回顾9月的行情，存储芯片（包括HBM产业链、内存接口芯片）领涨，板块中诞生了德明利、香农芯创、江波龙、聚 辰股份、协创数据等多只牛股。此外，受益于美元降息周期，白银、有色金属也表现亮丽。 在每日经济新闻App举办的掘金大赛中，第74期比赛于今日结束，虽然大盘反复震荡，但多位选手抓住了机会。其中冠军收益率67.85%，亚军收益率 60.25%，季军收益率59.13%。本期比赛共799名选手取得正收益，他们都将获得现金奖励。 从9月的月度积分王来看，选手"胡楠楠"以16.8分位居第一，选手"没考虑呢"以13分位居第二，选手"你看看你"以13分位居第三。根据比赛规则，当月度 总积分相同时，以当月最后一期比赛的收益率进行排名，前100名选手都将获得现金奖励。 如果您的税前获奖金额超出100元，则需要报税，需获奖用户提供真实姓名、身份证号和手机号等信息以便报税。本期比赛奖励将于10月9日发放，恭喜 大家获 ...

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The current core contradiction in the silver market is between the trend of decreasing inventory and the increasing speculative demand for silver amid a bull market for precious metals. The LBMA silver inventory has decreased by approximately 10,000 tons from its peak, reaching 22,000 tons as of August 2025, indicating a tight spot in the silver market. The supply of silver is rigid in the short term, making it difficult to replenish inventory [4] - Speculative demand has accelerated as the precious metals market rises, with COMEX silver speculative long positions increasing from 30,000 contracts in May to approximately 38,000 contracts by September 23. Limited inventory may struggle to meet the growing speculative demand, suggesting potential opportunities for bullish positions if the market heat continues [4]

| 1. 行情回顾 . | | --- | | 2. 避险属性演变逻辑 . | | 3. 货币属性演变逻辑 . | | 4. 商品属性演变逻辑 . | | 5. 技术分析 . | | 6.从多空博弈的角度看未来行情发展的方向 23 | | 7. 国内贵金属产业链概况 | | 8. 全球贵金属产业链概况 | | き表声明 . | 1.行情回顾 图 1：沪金主连本轮牛市关键节点 2025 年以来，贵金属继续上攻但金银出现分化。黄金多次连创历史新高，伦敦金最高涨至 3057.14 美元/盎司，Comex 金主力最高涨至 3065.2 美元/盎司，国内沪金主力最高涨至 711.24 元/克。白银在 黄金新高后，跟涨缓慢，多次承压回落。伦敦银最高涨至 34.224 美元/盎司，距离 2024 年 10 月创出 的 34.863 美元/盎司仍有空间，距离 2011 年 4 月的历史最高 49.840 美元/盎司仍然云泥之别，国内 沪银主力最高涨至 8444 元/千克，距离 2024 年 5 月的 8733 元/千克仍有距离。 开年以来贵金属主要逻辑在于：一是避险情绪升温。全球经济政治体系重构推动货币体系重构。 春节期间， ...