9月3日晚间， 美联储再次确认降息信号。美联储理事沃勒称："我已经明确表示，我认为下次会议应该降息， 预计未来几个 月将有多次降息 。"他表示，希望在美国劳动力市场下行前行动。 沃勒是美联储新主席热门人选。 他认为， 可以随时调整降息的步伐， 降息不必拘泥于固定的连续节奏，"是年内每次会议都 降息，还是隔次会议降息，将取决于经济数据的表现"。他强调，美国通胀率将在6-7个月的时间里开始回归2%， 关税不会 导致长期通胀。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指数 | 45183.69 | -112.12 | -0.25% | | 纳斯达克指数 | 21541.23 | 261.60 | 1.23% | | 标普500 | 6450.57 | 35.03 | 0.55% | | 纳斯达克100 | 23465.41 | 234.30 | 1.01% | | 万得美国科技七巨头指数 | 60503.93 | 1310.37 | 2.21% | 美国科技七巨头全线上涨。截至发稿，谷歌涨超8%，苹果、特斯拉涨超3%。 | 代码 | 名称 | ...

"行情来了，却没赚到钱。"这是近期很多投资者内心无奈的独白。 对大多数投资者来说，在市场上涨时踏空带来的痛苦比在市场下跌时出现亏损更为强烈。这是"损失厌 恶"的典型表现——投资者更痛苦于"本可赚到却未赚到"的心理损失。不仅如此，踏空者需要面对困难 的抉择：指数相对阶段低位有了不小的涨幅，不买，怕市场继续上涨；买，又怕追高被套。 如何应对踏空这一课题，是专业投资者的一门必修课。成熟的投资者，往往不是那些永远精准预测市场 的人，而是懂得如何在不确定性中调整心态、在情绪漩涡中保持清醒的人。 "在早期投资生涯中，我也曾经被这个问题深深困扰过。"中欧瑞博董事长兼首席投资官吴伟志坦 言，"所幸我们已彻底解决了这道难题，不会再陷入类似的困境之中。" 当行情来了，为何会踏空？踏空后又该如何应对？吴伟志接受了中国证券报记者的专访，围绕投资者关 心的诸多问题进行了深入解读。 投资者为何会踏空 中国证券报：近期，中国资本市场表现亮眼，但仍有部分投资者甚至是专业投资者没有获得与市场同步 的收益。对于专业投资者来说，踏空是一种什么感觉？ 吴伟志：对于持续专注于股市的专业与准专业投资者来说，踏空是一件非常痛苦的事。眼见别人纷纷赚 了钱， ...

● 赵中昊 谭丁豪 9月3日，A股市场呈现震荡调整态势，波动有所加剧。创业板指表现强势，逆势上涨0.95%。市场成交 额缩量，但场内资金活跃度未减，截至目前，A股市场成交额已连续16个交易日突破2万亿元。 分析人士表示，当前市场震荡调整，短期波动加剧，但中长期上行趋势不改。配置层面上积极把握结构 性机会，当前仍可采用杠铃策略，进攻方向关注算力芯片、创新药及光刻胶等，防守方向关注银行、贵 金属等。 市场震荡调整 9月3日，A股市场震荡调整，上证指数、深证成指高开低走，尾盘跌幅收窄；创业板指震荡上行，全天 表现强于主板市场。截至收盘，上证指数、深证成指、科创50指数、北证50指数分别下跌1.16%、 0.65%、1.64%、1.49%，创业板指上涨0.95%，报收2899.37点。 当日A股市场成交额为2.40万亿元，较前一个交易日减少5167亿元。尽管市场成交额有所缩量，但场内 资金成交仍然活跃，市场成交额已连续16个交易日突破2万亿元。 光伏板块中，上能电气20%涨停，鹿山新材涨停；艾罗能源涨逾19%，阳光电源涨逾15%；锦浪科技、 首航新能、晶瑞电材、固德威均涨逾6%。 贵金属板块中，西部黄金涨停，招金黄金 ...

"行情来了，却没赚到钱。"这是近期很多投资者内心无奈的独白。 对大多数投资者来说，在市场上涨时踏空带来的痛苦比在市场下跌时出现亏损更为强烈。这是"损失厌 恶"的典型表现——投资者更痛苦于"本可赚到却未赚到"的心理损失。不仅如此，踏空者需要面对困难 的抉择：指数相对阶段低位有了不小的涨幅，不买，怕市场继续上涨；买，又怕追高被套。 如何应对踏空这一课题，是专业投资者的一门必修课。成熟的投资者，往往不是那些永远精准预测市场 的人，而是懂得如何在不确定性中调整心态、在情绪漩涡中保持清醒的人。 "在早期投资生涯中，我也曾经被这个问题深深困扰过。"中欧瑞博董事长兼首席投资官吴伟志坦 言，"所幸我们已彻底解决了这道难题，不会再陷入类似的困境之中。" 原因一，对市场走强缺乏信心。股市最重要的规律就是其周期性，强势和弱势行情会交替出现、周而复 始，这也是中欧瑞博提出"四季理论"的根基。在经历漫长调整的过程中，每一次买入后若未能及时获利 了结或是止损，往往亏损幅度会比较大。市场持续调整会强化一种共识，即只要经济没有显著改善，每 一次上涨就只是反弹，是减仓离场的机会，而非强势行情的开端。当一致共识形成，并且多数投资者的 行为也与这 ...

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]

Core Viewpoint - A global sell-off of government bonds is occurring, leading to a unique bull market for gold, driven by a collective distrust in sovereign currencies like the US dollar [1][12]. Group 1: Gold and Silver Market - On September 2, spot gold surpassed $3,500 per ounce, reaching a historical high, while silver rose to $40.85 per ounce, marking a 14-year high [1]. - The surge in gold prices is not merely a traditional safe-haven response but reflects a broader skepticism towards government-issued currencies [1][14]. Group 2: Government Bond Market - The global bond market is experiencing a significant downturn, with the UK 30-year bond yield rising to 5.69%, the highest in over 20 years, and the US 30-year bond yield nearing 5%, a level not seen since 2006 [1][2]. - Other countries are also witnessing similar trends, with Japan's 30-year bond yield reaching its highest since 2006, and France's at 4.49%, the highest since 2009 [2][4]. - The rise in bond yields indicates a loss of confidence in government bonds, as investors sell off long-term bonds, reflecting concerns over rising government fiscal deficits [1][4]. Group 3: Fiscal Concerns - Many countries are seeing their fiscal spending as a percentage of GDP increase, with the UK projected to spend 60% of its GDP, while the US is expected to have a fiscal spending ratio of 40.5% in FY 2024 [8][9]. - The debt burden is escalating, with the US government leverage ratio at 114% and Japan exceeding 212%, both significantly above the internationally recognized warning threshold of 60% [9][11]. - Interest payments on government debt are consuming a growing portion of national budgets, with the US spending over $1 trillion annually on interest alone, surpassing defense and Medicare expenditures combined [12]. Group 4: Inflation and Economic Implications - Inflation is re-emerging as a significant concern, with the US core PCE exceeding 3% and the UK CPI rising to 3.8%, expected to breach 4% [12][13]. - The situation presents a dilemma for central banks: either allow inflation to rise, impacting living costs, or increase interest rates, which could stifle fragile economic recovery [12][13]. - The current environment has led to a paradox where central banks are cutting rates while bond yields are rising, indicating a deeper trust crisis in government bonds [13]. Group 5: Shift in Investment Sentiment - The ongoing crisis in government bonds and persistent inflation pressures are driving investors to seek alternative safe-haven assets, with gold and other precious metals experiencing significant price increases [12][14]. - The traditional role of bonds as a safe asset appears to be diminishing, prompting a systemic reassessment of the value of precious metals as a hedge against economic instability [13][14].

每经AI快讯，9月3日，纽约期金日内涨超1%，现报3628.20美元/盎司。现货黄金日内上涨0.9%，刷新史 高至3565.36美元/盎司。 ...

今日A股震荡整理，全市场成交额约2.4万亿元，盘面上，光伏设备、游戏、贵金属板块涨幅居前；港股高开低走，医药板块逆势走强。截至收盘，中证 A500指数下跌0.7%，沪深300指数下跌0.7%，创业板指数上涨1%，上证科创板50成份指数下跌1.6%，恒生中国企业指数下跌0.6%。 港股大盘宽基:H股ETF 跟踪恒生中国企业指数 该指数由在港上市中国内地企 业中50只市值大、成交活跃的 股票组成,指数行业覆盖较为 广泛,可选消费、金融、信息 技术、能源行业合计占比超 85% ▽日 该指数涨跌 -0. 6% 跟踪上让科创板50成价指数 该指数由科创板中市值大、流 动性好的50只股票组成,"硬 科技"龙头特征显著,半导体 占比超60%,与医疗器械、软 件开发、光伏设备行业合计占 比超75% ▽日 该指数涨跌 该指数 滚动市盈率 -1. 6% 183.7倍 (文章来源：每日经济新闻) 该指数 滚动市盈率 10. 4倍 注 1: "该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2025年9月3日收盘,滚动市盈率、估值分位截至2025年9月2日。 该估值指标和企业盈利紧密相关，适用于盈利相对稳定且 ...

受此影响，9月2日上午，现货黄金价格直线拉升，一度突破3500美元/盎司，创下历史新高，年内累计 涨幅超33%。白银现货价格亦持续拉升，突破40美元/盎司大关，创2011年以来新高。美元指数则持续 走弱并再度跌破98。 另外，关于下一任美联储主席的遴选，美国财长贝森特在最新的讲话中透露，美联储主席的"几位"候选 人还是填补央行理事会两个空缺席位的人选。他和美国总统特朗普已经"详细讨论了候选人应是什么样 的人以及他们的资格"。 关注我，更多股市资讯告诉你！ 9月3日，欢迎来到股市早观点，我们来看看今天有哪些消息热点？ 美联储降息预期飙升。华尔街交易员正大举押注美联储将在9月议息会议上降息25个基点。截至北京时 间9月2日上午，芝加哥商品交易所的美联储观察(FedWatch)工具显示，美联储9月降息25个基点的概率 已升至89.6%。 ...

2025.09. 03 277家上涨 A股三大指数涨跌不一,呈明显分化格局,上证指数呈现"高开低走"特征,创业板指 逆势走强,成为三大股指中唯一收涨的指数。 涨跌停比 个股呈现普跌格局,盘面上,光伏设备、贵金 属、游戏板块涨幅居前,小金属、券商、转基因 板块走低。 两市成交额 17.77% 两市成交额明显缩量,较前一个交易日缩量约 5109.05亿元,市场交投活跃度下降,资金观望 情绪浓厚,入场意愿不强。 资金值 主力资金净流出 91 33 散户资金净流入 机构资金呈现清晰的避险特征,调仓动作明显,主力资金从高估值科技板块撤离,流入低估值防御性板块,北 向资金重点减持半导体、AI芯片等科技板块,转而小幅流入黄金、银行等防御性板块;散户杠杆维持高位,防 御特征显现,一方面杠杆资金仍维持高位,另一方面操作上趋于防御,散户利用杠杆参与市场的热情仍未明显 降温。 ٌ قََّ ْ َ َ َ َ َ َ َ َ َ َ َ 今天你冲了还是撤了? 加仓 26.19% 减仓 20.65% 09/03 6 26.19% ↑ 百分点 按兵不动 色 加 足 你觉得下个交易目是涨是跌? 09/03 . 0 4 54.32% 个百 ...