Market Overview - The A-share market experienced a collective adjustment in the morning session, with a total market turnover of 1.47 trillion yuan [1] - The major indices showed declines: the CSI 500 index fell by 0.8%, the CSI 300 index decreased by 0.9%, and the STAR Market 50 index dropped by 2.0% [1][2] - The Hang Seng Index opened high but closed lower, with the innovative drug sector showing strength against the trend [1] Sector Performance - The gaming, photolithography, film and television, semiconductor, and precious metals sectors saw the largest gains [1] - Conversely, the military equipment, securities, insurance, dairy, and pork sectors experienced the most significant declines [1] Index Details - The CSI 300 index consists of 300 stocks from the Shanghai and Shenzhen markets, covering 11 primary industries, with a rolling P/E ratio of 14.1 times and a valuation percentile of 64.4% since its inception in 2005 [2] - The CSI 500 index includes 500 stocks from various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.6 times and a valuation percentile of 71.1% since 2004 [2] - The ChiNext index, tracking the top 100 stocks in the ChiNext market, remained nearly flat with a rolling P/E ratio of 40.7 times and a valuation percentile of 34.9% since 2010 [2] - The STAR Market 50 index, consisting of 50 large-cap stocks, has a rolling P/E ratio of 10.4 times and a valuation percentile of 63.2% since its inception in 2002 [3]

Market Overview - The market experienced a decline, with the Shanghai Composite Index dropping nearly 1%, and both the Shenzhen Component and ChiNext also facing losses, indicating a bearish sentiment across over 4,000 stocks [1] - Trading volume decreased compared to the previous day, contributing to a sense of stagnation in the market [1] Sector Performance - The gaming sector showed resilience, with stocks like Giant Network and G-bits rising, suggesting that investors are looking for rebound opportunities after recent adjustments [3] - The semiconductor and photolithography sectors also performed well, with Chengdu Huami hitting a 20% limit up and Kaimeteqi also closing at the limit, indicating ongoing investment interest in technology [3] - The precious metals sector gained attention as international gold prices reached new highs, leading to a limit-up for Western Gold, which is typical during market instability as investors seek safe havens [4] Declining Sectors - The military equipment sector faced significant declines, with stocks like Beifang Changlong dropping over 10%, while the securities sector also struggled, led by Guosheng Jinkong [4] - Other consumer and financial-related sectors, including insurance, dairy, and pork, also experienced downturns, reflecting the overall market sentiment and industry cycles [4] Investment Strategy - In a volatile market, it is common to see sector divergence, and for long-term investors, the focus should be on identifying sectors that are showing strength despite the overall market decline [4] - Sectors like gaming and semiconductors may present future investment opportunities if they can maintain their upward momentum, supported by solid performance metrics [4]

2025.09. 03 本文字数：875，阅读时长大约1分钟 作者 | 一财阿驴 11:31 A股午盘｜上证指数跌0.96% 游戏板块走高 上证指数报3820.98点，跌0.96%；深成指报12474.44点，跌0.63%；创业板指平盘，报2872.11 点。游戏、影视院线板块走高，光刻机、非金属材料板块表现活跃，小金属、券商股表现低迷。沪深 两市半日成交额1.45万亿，全市场超4300只个股下跌，近1000只个股上涨。 | 110 98 | | --- | | 85 | | 跌 | | 434 | | VI 全A 1 11 | | | A股重要指数 | | | | --- | --- | --- | --- | | 名称 | 最新 = | 涨跌 | 涨幅 | | 上证指数 | 3820.98 | -37.15 | -0.96% | | 深证成指 | 12474.44 -79.40 | | -0.63% | | 北证50 | 1562.49 -12.40 | | -0.79% | | 创业板指 | 2872.11 - - | -0.11 | -0.00% | 11:02 创新药概念持续走高 成都先导涨超10% ...

英国国债收益率飙升及英镑大幅下跌，叠加日本政治不确定性，推升全球市场避险需求。 俄美将举行外交磋商，但前期紧张关系余波仍在。 【机构观点】 【黄金期货行情表现】 9月3日，沪金主力暂报813.74元/克，涨幅达1.17%，今日沪金主力开盘价804.42元/克，截至目前最高 816.78元/克，最低802.50元/克。 【宏观消息】 全球股市即将迎来关键的三周，期间将公布关键的美国通胀数据，而美联储也将作出利率决议。 欧元区8月制造业PMI终值从7月份的49.8升至50.7的三年多高点，高于初值50.5，自2022年中期以来首 次扩张。工厂产量、新订单增速达到近三年半以来的最快。 特朗普宣布将于周三就关税裁决召开紧急会议并提出上诉，强调若上诉被驳回可能撤回关税并退还税 款，此类政策不确定性加剧市场波动，提振避险情绪。 美国住房金融署署长对美联储理事库克住所信息的质疑，以及金融监管政策松绑，可能引发对美联储独 立性和金融稳定性的担忧，进一步强化黄金的避险属性。 【黄金】 逻辑：欧美政治局势动荡引发担忧，避险需求增加，美联储降息预期及美元走弱支撑金价。 数据：国际金价涨 1.65%，收 3532.69 美元 / 盎 ...

汇通财经APP讯——周三亚洲交易时段，黄金价格再度刷新纪录。现货金一度上涨0.4%，触及每盎司 3546.96美元，较前一日再创新高。过去六个交易日，金价累计上涨5%，表现凸显避险资产的吸引力。 从日线图上看，黄金价格连续六个交易日收阳，技术面显示出强势上涨格局。短期均线系统（5日与10 日均线）呈现明显上行趋势，并且K线运行在布林带上轨附近，显示多头动能仍然充足。 支撑黄金上涨的核心因素在于美联储降息预期与全球经济不确定性。美联储主席鲍威尔此前暗示可能在 本月降息，而本周五即将公布的美国非农就业数据则被视为关键指标，市场预计疲软的劳动力市场将为 宽松政策提供进一步理由。 某国际贵金属研究机构指出："降息环境通常利好无息资产，尤其是黄金，其避险价值在股债市场动荡 时被放大。" 除黄金外，白银在2025年的表现更加亮眼。银价今年已上涨约40%，并突破每盎司40美元大关，为2011 年以来首次。白银需求除了避险属性外，还来自新能源产业的支撑。 作为光伏产业的重要原料，白银的工业用途推高了消费需求。根据国际银业协会的数据，全球白银市场 已连续第五年出现供给缺口。 市场分析人士表示："白银兼具投资和工业属性，在新能源 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - The report analyzes various commodities and financial instruments, including energy, metals, agricultural products, and financial derivatives. It provides insights into market trends, supply - demand dynamics, and price outlooks for each category, suggesting trading strategies based on the analysis. Summary by Commodity Categories Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. The oil market is sensitive to geopolitical events. After Q3, due to OPEC+ production increase and weaker demand, there is a risk of inventory build - up. Consider shorting SC11 contract above 495 yuan/barrel with protective options [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and China's ship - fuel sales declined, but domestic refinery production was also low. With crude oil's geopolitical premium and delayed LU supply pressure, both LU and FU strengthened [22]. - **Asphalt**: In the traditional peak season, demand is increasing seasonally, and inventories are decreasing. The 10 - contract is supported at 3500 yuan/ton and is expected to be oscillating strongly in the short - term. Consider a spread strategy on BU and SC10 [23]. - **Liquefied Petroleum Gas**: After the off - season, it shows resilience. With rising import costs and rebounding demand, the spot price is up. The high - basis situation persists, and the short - term market is strong in the near - term and weak in the far - term [24]. Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the Fed's rate - cut expectation and boosting precious metals. Hold long positions and focus on US employment data [3]. - **Copper**: Overnight, copper prices broke through key levels. Short - term prices are affected by the Fed's rate cut, consumption substitution, and capital resonance. Hold short - term long positions and pay attention to call - option premiums [4]. - **Aluminum**: Overnight, Shanghai aluminum was strongly oscillating. Downstream开工率 has been rising seasonally, and inventory is likely to remain low. It will test the resistance at 21000 yuan in the short - term [5]. - **Alumina**: Production capacity is at a historical high, and supply surplus is emerging. The price is weak but may not fall deeply below the high - cost capacity. Watch the support at 2830 - 3000 yuan [6]. - **Zinc**: In September, refinery maintenance will reduce output, and low inventory will drive a short - term rebound. However, the mid - term outlook is bearish, and consider shorting at 2.3 - 2.35 yuan/ton [8]. - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, nickel prices rebounded. With inventory declines, the short - term market is oscillating instead of bearish [10]. - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, but watch inventory and capital changes. Hold short - term long positions above 27.1 million [11]. - **Carbonate Lithium**: The futures price declined, and the market was quiet. Inventory changes were mixed. The market is oscillating [12]. - **Polysilicon**: It oscillated below 52,000 yuan/ton. The spot price rose, but actual trading needs attention. The PS2511 price is expected to face pressure at 53,000 yuan/ton [13]. - **Industrial Silicon**: The futures price rose slightly. Supply surplus will intensify in September, and the price may fall after the short - term rally. Watch the support at 8300 yuan/ton [14]. Building Materials - **Rebar & Hot - rolled Coil**: Night - session steel prices rebounded. Rebar demand and production increased, while hot - rolled coil's decreased. Inventory is rising. The market is under pressure, and the decline may slow down. Watch the demand improvement and production restrictions [15]. - **Iron Ore**: The overnight iron ore price rebounded. Global shipments increased, and domestic arrivals also rose. Demand may decline due to the parade. It is expected to oscillate at a high level [16]. - **Coke**: The price oscillated widely. The first round of price cuts was partially implemented, and inventory decreased slightly. The price is under short - term pressure and is highly volatile [17]. - **Coking Coal**: Similar to coke, the price oscillated widely. Production increased slightly, and inventory decreased. It is under short - term pressure and volatile [18]. - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. Manganese ore prices may have limited downside. Observe the support at the previous low [19]. - **Silicon Iron**: Supply is rising, and demand is fair. Inventory is slightly decreasing [20]. Shipping - **Container Shipping Index (European Line)**: MSC announced empty - sailing plans for the Golden Week. The spot price is under pressure, but the downward space is limited. The market is expected to oscillate and be affected by other alliances' plans [21]. Chemicals - **Urea**: The futures price oscillated. Daily production decreased slightly, and inventory increased. The market is expected to oscillate [25]. - **Methanol**: Coastal available supply is abundant, and inventory is rising. However, with downstream demand expected to increase, the market outlook is optimistic [26]. - **Pure Benzene**: The price rebounded. Supply increased, and demand was weak. The market may improve in Q3. Watch downstream demand and oil prices [27]. - **Styrene**: Crude oil and pure benzene cannot support styrene effectively. Supply is high, demand is weak, and inventory is rising [28]. - **Polypropylene, Plastic & Propylene**: Propylene production inventory is controllable, but downstream acceptance is limited. Polyethylene demand is mixed, and polypropylene supply pressure is increasing [29]. - **PVC & Caustic Soda**: PVC supply pressure is high, demand is weak, and inventory is rising. It may oscillate weakly. Caustic soda is supported by demand but may face supply pressure later, with a wide - range oscillation expected [30]. - **PX & PTA**: Prices oscillated at a low level. Demand is improving, but the actual supply - demand situation has limited improvement. Watch device operations, oil prices, and polyester load [31]. - **Ethylene Glycol**: The price oscillated around 4350 yuan/ton. Supply increased, and demand was stable but weakening. Watch new capacity and policy changes [32]. - **Short - fiber & Bottle - chip**: Short - fiber supply - demand is stable, and it may be bullish in the medium - term if demand improves. Bottle - chip has over - capacity issues [33]. Agricultural Products - **Soybean & Soybean Meal**: Due to Sino - US trade uncertainties, the soybean meal market may oscillate in the short - term. It may be bullish in the medium - to long - term, but pay attention to supply in Q1 next year [37]. - **Soybean Oil & Palm Oil**: Prices rebounded after a short - term decline. Consider buying at low prices in the long - term, but manage risks [38]. - **Soybean (Domestic)**: The price rebounded as short - positions were reduced. Policy auctions increased supply, and new beans will be on the market soon. Watch the new - bean price [39]. - **Corn**: Dalian corn futures were weak. Feed companies may build inventory at 2150 yuan/ton. After the new - grain purchase enthusiasm fades, the price may be weak at the bottom [40]. - **Pig**: Spot prices were mixed, and futures prices were weak. Supply may increase in September, but demand may also rise during holidays. Prices may face downward pressure [41]. - **Egg**: Spot prices were stable, and futures prices rebounded. The industry is in capacity reduction, and consider long - positions in far - term contracts [42]. - **Cotton**: US cotton prices fell due to better weather. Chinese cotton may oscillate, with support below and limited upside in the short - term. Consider buying on dips [43]. - **Sugar**: US sugar may face pressure, and the domestic market has limited upside. The price is expected to oscillate [44]. - **Apple**: The price oscillated at a high level. Early - maturing apples had high prices, but supply may be stable. Short - term price may rise, but be cautious in the long - term [45]. - **Wood**: The price oscillated. Supply may remain low, and inventory pressure is small. Wait and see for now [46]. - **Pulp**: The futures price rose slightly. Supply is relatively loose, and demand is average. Adopt a wait - and - see or range - trading strategy [47]. Financial Instruments - **Stock Index**: The stock market oscillated, and futures contracts showed different trends. There are short - term macro uncertainties. Increase allocation in technology - growth sectors and also consider consumption and cyclical sectors [48]. - **Treasury Bond**: Treasury bond futures oscillated flat. US employment data and Fed's stance affect the market. Consider curve - steepening strategies in short - term hedging [49].

Group 1 - The market opened strongly, with active sectors including precious metals, gaming, batteries, and film exhibition [1] - As of 9:45, the CSI A500 index rose by 0.5%, with stocks like Yiwei Lithium Energy increasing over 14%, and other companies such as Pylon Technologies and Giant Network rising over 8% [1] - The A500 ETF from E Fund saw a net subscription of 30 million units during the session [1] Group 2 - In August, the number of new A-share accounts reached 2.6503 million, a month-on-month increase of 34.97% and a year-on-year increase of 165.21% [1] - The total number of new A-share accounts for the first eight months of the year reached 17.2117 million [1] Group 3 - China Galaxy Securities noted that the current market remains active, supported by continuous capital flow and rising policy expectations [1] - The external environment is relatively stable, with high expectations for a Federal Reserve rate cut in September, positively impacting the equity market [1] - The upward trend of A-shares is expected to continue, with market hotspots likely to rotate, highlighting structural allocation opportunities [1] Group 4 - The CSI A500 index consists of 500 stocks with large market capitalization and good liquidity across various industries, achieving a dual drive of "core assets" and "new productive forces" [1] - The A500 ETF from E Fund offers the lowest management fee rate of 0.15% per year, facilitating low-cost investment in core A-share assets [1]

Group 1 - The top 20 stocks with significant capital inflow as of September 3 include: Yanshan Technology (2.424 billion), Unisplendour (1.400 billion), Sungrow Power (0.539 billion), and others [1] - Yanshan Technology experienced a price increase of 10.04%, with a capital inflow of 2.424 billion [2] - Unisplendour saw a price rise of 6.64% and attracted 1.400 billion in capital [2] Group 2 - Sungrow Power had a price increase of 6.98% with a capital inflow of 0.539 billion [2] - Jishi Media reported a price rise of 9.94% and received 0.466 billion in capital [2] - Heng Rui Medicine experienced a 4.14% increase in price with a capital inflow of 0.417 billion [2] Group 3 - The stock with the highest capital inflow, Yanshan Technology, is categorized under Internet Services [2] - Other notable sectors include Photovoltaic Equipment (Sungrow Power), Cultural Media (Jishi Media), and Chemical Manufacturing (Heng Rui Medicine) [2][3] - The banking sector, represented by Agricultural Bank, saw a slight decline of 0.28% with a capital inflow of 0.170 billion [3]

国际金价再创历史新高，贵金属板块走强，白银有色（601212）3连板。盘初机器人概念股拉升。 9月3日，三大指数集体高开，沪指涨0.19%，深证成指涨0.37%，创业板指涨0.37%。盘初黄金概念、人形机器人概念、国防军工、工程机械、证券等板块 涨幅居前。 港股方面，香港恒生指数开盘涨0.64%，恒生科技指数涨0.99%。热门科技股普遍上涨，蔚来、理想汽车涨超3%。京东集团、泡泡玛特涨超2%。截至发 稿，恒生科技指数涨近1%。 机器人概念继续走强 早盘机器人概念延续强势，浙江荣泰、春兴精工、秦川机床2连板，金固股份、景兴纸业、金发科技、兰剑智能等跟涨。 港股机器人概念股也走强，截至发稿，微创机器人-B涨近12%。 消息面上，9月2日，宇树科技宣布，预计将在2025年10月至12月期间向证券交易所提交上市申请文件，届时公司的相关运营数据将正式披露。宇树科技表 示，以2024年为例，四足机器人、人形机器人和组件产品的销售额分别占约65%、30%和5%。 固态电池概念持续走高，截至发稿，亿纬锂能涨超14%，鹿山新材、德新科技等涨停，派能科技、赢合科技、联得装备等跟涨。 白酒概念走强，截至发稿，会稽山涨停，古越龙山、 ...

9月3日，A股市场回暖，上证指数微涨，创业板指涨超1%，科创板承压。有色板块强劲冲高，截至9:40，有色50ETF（159652）一度涨超2%。 资金已连续4日流入受"全球通胀预期升温+去美元加速+降息预期升温+宏观需求提振"等多重利好的有色金属板块，有色50ETF（159652）近4日 累计吸金超2亿元，有色金属细分下的金、铜、稀土等金属全面爆发！ 有色50ETF（159652）标的指数成分股涨跌不一，贵金属板块强势冲高，白银有色、西部黄金等涨停，中金黄金、赤峰黄金等涨超3%，山东黄 金涨2.9%，紫金矿业涨近2%，北方稀土、华友钴业等跟涨，洛阳钼业、中国稀土等回调。 【有色50ETF（159652）标的指数成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 现价 | 涨跌幅 | 成交额 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 601899 | 影会矿业 | 有色金属 | 24.89 | 1.97% | 34.29 Z | 15.01% | | 2 | 600111 | 北方稀土 | 有色会居 | 53. ...