Core Viewpoint - The World Gold Council (WGC) plans to pilot a digital gold format next year, which could transform the $900 billion London physical gold market by creating new trading, settlement, and collateralization methods [3][4]. Group 1: Digital Gold Initiative - The new digital format aims to enable gold to circulate digitally within the gold ecosystem, allowing it to be used as collateral [3][4]. - WGC's CEO David Tait emphasizes the need for gold digitization to expand market coverage and enable asset management firms to view gold from a new perspective [4]. - The proposed "Gold Ownership Pool" (PGI) will allow banks and investors to trade partial ownership of physical gold held in independent accounts, with a pilot set to launch in London in Q1 next year [4][5]. Group 2: Market Context and Challenges - Despite rising gold prices, which have doubled over the past three years, gold remains a static, non-yielding asset on many banks' balance sheets [4]. - The digital gold initiative comes in response to competition from cryptocurrencies and stablecoins, which pose a risk of replacing gold as a traditional asset [7][8]. - Previous attempts to create gold-backed stablecoins have largely failed, with successful examples like Tether Gold and Pax Gold managing only $1.3 billion and $1 billion respectively, a small fraction of the $400 billion in gold-backed ETFs [8]. Group 3: Existing Market Structures - The London gold market operates on an over-the-counter basis, relying on large banks like HSBC and JPMorgan for substantial gold inventories [8]. - Currently, there are two trading modes in the London market: "allocated gold" and "unallocated gold," with the WGC's proposal introducing a third mode [8]. - The adoption of a blockchain database for gold bars, initiated by the LBMA and WGC, has seen low uptake, although 96% of companies on the LBMA's good delivery list have joined the program [9][10].

| 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | may | 3813.56 | -44.58 | -1.16% | | 000001 | | | | | | 创业板指 | | 2899.37 | | +27.15 +0.95% | | | Mr. M | | | | | 399006 | | | | | | 深证成指 | | 12472.00 | -81.84 | -0.65% | | 399001 | Winning | | | | 盘面上，航天航空、军工板块下挫，北斗导航、卫星互联网板块走势低迷，小金属板块走弱，无人机、机器人、数字货币概念等跌幅居前。光伏 设备板块逆市走高，游戏板块震荡上行，贵金属、重组蛋白及CRO等少数板块录得上涨。 | 行业热力图 ▼ | 领涨板块 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 国有大型银行II | 证券II -3.46% | 白酒Ⅱ -0.99% | 保险II ...

Market Overview - The A-share market showed mixed performance in the afternoon, with the Shanghai Composite Index and Shenzhen Component Index declining, while the ChiNext Index strengthened [1] - As of the market close, the Shanghai Composite Index was at 3813.56 points, down 1.16%, with a trading volume of 1012.296 billion yuan; the Shenzhen Component Index was at 12472.00 points, down 0.65%, with a trading volume of 1351.790 billion yuan; the ChiNext Index was at 2899.37 points, up 0.95%, with a trading volume of 652.656 billion yuan [1] Sector Performance - The photovoltaic equipment, precious metals, and gaming sectors experienced gains, while military equipment, military electronics, small metals, and securities sectors faced significant declines [1] - In the sector rankings, photovoltaic equipment led with a rise of 1.21%, followed by precious metals at 1.15%, and gaming at 0.51% [2] - Conversely, the main industrial sector saw a decline of 7.10%, with electronic components down 5.52%, and securities down 3.65% [2]

Market Overview - The total trading volume in the two markets reached 2.36 trillion yuan, with over 4,500 stocks declining and only 822 stocks rising [1][2] - The Shanghai Composite Index closed at 3,813.56 points, down 1.16%; the Shenzhen Component Index closed at 12,472.00 points, down 0.65%; and the ChiNext Index closed at 2,899.37 points, up 0.95% [1][2] Sector Performance - The photovoltaic equipment, precious metals, and gaming sectors showed the highest gains, while small metals, brokerage, and genetically modified sectors declined [4] - Specific gains included: - Photovoltaic equipment up 1.21%, with stocks like Sunpower Electric hitting a 20% limit up and Airo Energy rising over 19% [5] - Precious metals up 1.15%, with Western Gold hitting the limit up and Zhaojin Gold rising nearly 7% [5] Individual Stock Highlights - Zhongji Xuchuang saw a 10% increase, with a total market value exceeding 470 billion yuan, surpassing Dongfang Caifu to become the second largest in the ChiNext [5] - Industrial Fulian rose 0.67% with a trading volume close to 12 billion yuan, while Ningde Times increased over 2% with a trading volume exceeding 15 billion yuan [5] Capital Flow - Main funds saw a net inflow into sectors such as electric power equipment, electronics, and media, while there was a net outflow from defense, non-bank financials, and non-ferrous metals [6] - Notable net inflows included: - Yanshan Technology with 3.067 billion yuan - Unisplendour with 1.75 billion yuan - Ningde Times with 1.691 billion yuan [6] - Significant net outflows were observed in: - Dongfang Caifu with 3.482 billion yuan - Guiding Compass with 1.367 billion yuan - Shanzigao Technology with 1.317 billion yuan [6]

截至收盘，沪指报3813.56点，跌1.16%；深成指报12472.00点，跌0.65%；创指报2899.37点，涨0.95%。 盘面上，光伏设备、贵金属、芬太尼板块涨幅居前，兵装重组概念、军工装备、军工电子板块跌幅居前。 9月3日消息，创指收涨0.95%，沪指、深成指收跌。板块方面，储能概念强势，上能电气午后20cm涨停；游戏板块持续活 跃，巨人网络领涨；黄金股持续强势，西部黄金涨停；下跌方面，军工产业链全天调整，北方长龙领跌，利君股份、航天科技 等午后跌停；大金融板块走弱，证券方向领跌，国盛金控、太平洋跌幅居前；数字货币概念走弱，恒宝股份（维权）、高伟达 领跌。总体来看，个股呈普跌态势，下跌个股超4500只。 ...

A股今日涨跌不一，截至收盘，上证指数跌1.16%，深证成指跌0.65%，创业板涨0.95%，北证50跌 1.49%。沪深京三市全天成交额23957亿元，较上日缩量5167亿元。全市场超4500只个股下跌。板块题 材上，光伏设备、游戏、贵金属板块涨幅居前；军工装备、证券、商业航天、乳业、稀土永磁板块跌幅 居前。盘面上，贵金属板块早盘活跃，西部黄金涨停。游戏板块有所冲高，巨人网络盘中涨停。光伏设 备板块逆势走强，上能电气20cm涨停，艾罗能源、阳光电源大涨超15%。CPO概念股午后一度拉升，中 际旭创再创新高。军工装备板块今日集体调整，利君股份、中天火箭、长城军工多股跌停。证券板块同 样表现低迷，国盛金控接近跌停，太平洋、湘财股份、中银证券跌幅居前。 ...

基本面分析： 金十数据中心显示，全球最大黄金上市交易基金(ETF)截至09月02日持仓量为990.56吨，较上日增持12.88吨，上月止净增持24.60吨。 债务危机与政治风险交织，英、德、法多国长期国债收益率攀升至多年高位。阿根廷主权债及汇率暴跌，财政部紧急干预汇市。特朗普将请求最高法 院"快速裁决"全球关税案，警告败诉将带来 "前所未见的震荡"，胜诉则股市会大涨。财长贝森特对最高法院支持关税有信心，同时准备备选方案。与此同 时，特朗普持续施压美联储，侵蚀市场对美联储独立性的信心，加剧市场避险情绪，将金银价格推向创纪录高位。美国8月ISM制造业指数48.7，连续六个 月萎缩，新订单略有回暖，价格波动趋缓，产出下滑。市场押注美联储9月降息25基点的概率超92%，迭加黄金消费旺季，金价连涨六日有望再创新高。周 二，长期收益率上行令英镑和日元等非美货币承压，尽管美元指数六个交易日以来首次收涨，但得益于降息预期升温，地缘政治和贸易摩擦下的弹性避险 需求，周二现货黄金大涨收报于3533.25美元/盎司，日内波动于3470.16至3540.02美元间。投资者聚焦非农数据，以寻找9月份降息幅度线索，若就业疲软 或触发50 ...

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 09 月 03 日 [Table_Title] 美联储降息预期升温，整体市场震荡走强 ——有色金属行业双周报 [Table_Summary] 报告要点： 投资建议 美联储主席鲍威尔鸽派发言，9 月美联储政策预期转向，有色金属板 块后续有望走强。重点关注贵金属、工业金属（铜、铝）相关机会。 风险提示 宏观经济风险、有色金属政策变动风险、市场供需变化及竞争加剧风 险。 [Table_Invest] 推荐|维持 行情回顾：近 2 周申万有色金属指数上涨 8.59% 近 2 周（2025.8.18-2025.8.29），有色金属行业指数上涨 8.59%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第 5。从细分领域看， 小金属（23.81%）大幅上涨，涨幅居首，金属新材料（7.69%）、贵 金属（6.76%）、工业金属（5.71%）、能源金属（4.41%）均有不同 程度上涨。 金属价格：市场震荡走强——贵金属震荡上行，小金属涨幅领跑， 轻稀土延续强势 截至 8 月 29 日，COMEX 黄金收盘价为 3,516 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 黄金新一轮上攻，已经开始？ 当前，金价在美联储降息东风的推动下向上突破，伦敦现货黄金突破3500美元/盎司关口，多家机构预测，在横盘4个月之后，贵金属有望开启新一轮上涨趋势。摩 根士丹利已经将黄金年底目标价设定为3800美元/盎司。 黄金白银联手创新高 建信期货研究员何卓乔判断，金价突破3500美元/盎司关口后，将开启新一轮上涨趋势。由于美联储降息同时也会改善美国甚至全球经济增长动能，因此工业属性较 强的白银也会跟随金价上涨，甚至在涨幅方面超越黄金。 值得注意的是，除了黄金白银之外，稀土、铜等金属也出现连续上涨，带动资本市场有色金属板块联动上行。其中，有色金属ETF基金（516650）近10个交易日累 计净申购超1.5亿元，年内涨幅已达51.56%。知名私募机构清和泉投资的持仓重点之一就在黄金、铜、铝等上游资源行业。 清和泉投资认为，美联储在9月降息的概率较大，美元有中长期走弱的趋势，另外供给端增长较为有限，上游资源的价格周期性已经明显减弱，优质公司的盈利稳 定性逐渐增强，充沛的现金流改善了资产负债表 ...

游戏概念股早盘团体拉升，其间，吉视传媒(601929)开盘后直线涨停，8月至今算计收成12个涨停，累计大涨逾186%。 今天早盘，A股继续震动调整，科创50指数再度跌落逾2%，下试1300点支撑，上证50也跌逾1%，上证指数、深证成指等均震动走低。超4300只个股跌 落，成交呈现快速萎缩趋势。 盘面上，黄金概念、游戏、光伏设备、消费电子等板块涨幅居前，国防军工、通信工程、多元金融、饮料乳品等板块跌幅居前。 游戏职业高景气量 游戏概念股早间逆市上扬，板块指数盘初一度放量大涨逾4%，创2年多来新高。吉视传媒开盘仅约6分钟就直线涨停，创2016年1月以来9年半新高，8月至 今算计收成12个涨停，累计大涨逾186%；文投控股、岩山科技也直线涨停，巨人网络、吉比特等涨幅居前。 职业的高景气量，令相关上市公司成绩大幅增加。日前，我国上市公司协会发布我国上市公司2025年半年度运营成绩报告，上半年，文化消费需求开释， 游戏、影视院线等代表性职业营收均完成增加，净利增速均超70%。 苍原资本指出，方针继续加码、职业景气回升与AI落地加快，正构成游戏板块的三重驱动。短期看，版号常态化开释和暑期档新品上线将支撑成绩实 现；中期看 ...