消息面上，9月1日，现货白银突破并站上40美元/盎司整数关口，刷新了2011年9月21日以来的新高。上 周五公布的美国核心PCE指数年率录得2.9%，符合预期，但已连续3个月回升，数据公布后，交易员继 续押注美联储降息。 五矿期货认为，根据鲍威尔在杰克逊霍尔会议中的鸽派发言以及当前美联储人事所产生的较大变动，美 联储将存在较大概率于未来三次议息会议中进行连续的25个基点降息操作，而这将对于贵金属价格形成 明显的利多因素，而白银在降息周期中价格表现将会强于黄金，令金银比出现明显下跌的走势。 中国白银集团 分时图 日K线 周K线 月K线 0.51 -0.02 -3.77% 5.66% 3.77% 1.89% 0.00% 1.89% 3.77% 5.66% 0.50 0.51 0.52 0.53 0.54 0.55 0.56 09:30 10:30 12:00/13:00 14:00 16:10 0 333万 666万 1000万 中国白银集团(00815)涨超10%，截至发稿，涨10.64%，报0.52港元，成交额5299.7万港元。 ...

根据历史数据分析，摩根士丹利指出，在美联储降息后，贵金属通常会有显著上涨的表现。具体而言，黄金在降息后的60天内平 均涨幅可达到6%，最高时甚至达到14%；而白银在同一时期内的平均涨幅则为4%。这一数据为当前贵金属市场的走势提供了有 价值的参考。 从需求端来看，全球黄金ETF今年的增持量达到了约440吨，这一数字扭转了过去四年中持续净流出的态势，显示出机构资金对 黄金配置需求的回升。与此同时，白银ETF的持仓量也增加了1.27亿盎司。然而，报告也提醒投资者，需要警惕投机性交易可能 导致的白银价格过度上涨。 近期，金融市场迎来了一则来自摩根士丹利的重要研究报告，该报告聚焦于贵金属市场的未来走势，指出黄金与白银正步入一个 由多重积极因素驱动的上升周期。报告中详细分析了美联储降息政策以及宏观环境的变化如何影响贵金属价格，并预测了两者可 能呈现的分化行情。 报告还特别强调了黄金与美元之间的强负相关性，指出这是贵金属定价的关键逻辑。如果美元指数继续贬值，将直接有利于以美 元计价的贵金属。然而，报告也提醒投资者注意潜在的风险。例如，尽管印度的GST改革不直接惠及黄金白银，但其他领域的税 收减免可能间接提升居民消费能力。 ...

Group 1 - The stock price of Hunan Silver (002716) closed at 4.6 yuan on August 4, 2025, with an increase of 2.68% and a turnover rate of 5.28% [1] - The trading volume was 1.1676 million shares, with a total transaction amount of 530 million yuan [1] Group 2 - On August 4, the net inflow of main funds was 41.4059 million yuan, while the net inflow of speculative funds was 16.059 million yuan, and retail investors had a net outflow of 57.4649 million yuan [2][4] Group 3 - Hunan Silver's board of directors approved a share repurchase plan on June 23, 2025, with a total repurchase amount not less than 60 million yuan and not exceeding 105.3 million yuan [3] - The repurchase price is capped at 5 yuan per share, and the repurchase period is within 12 months from the board's approval [3] - As of July 31, 2025, the company had repurchased 4 million shares, accounting for approximately 0.14% of the total share capital, with a total transaction amount of 18.262 million yuan [3][4]

登录新浪财经APP 搜索【信披】查看更多考评等级 1、公司未在下列期间回购股份： （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者在决策过程中，至依法披露 之日内； （2）中国证监会规定的其他情形。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 湖南白银股份有限公司（以下简称"公司"）于2025年6月23日召开第六届董事会第十二次会议，审议通 过了《关于以集中竞价交易方式回购公司股份的议案》，同意公司使用自有资金及回购专项贷款以集中 竞价方式回购公司部分已发行的人民币普通股（A股）股票用于限制性股票激励计划。本次拟用于回购 的资金总额为不低于人民币6,000万元（含），不超过人民币10,530万元（含），回购价格不超过人民币 5元/股，回购股份期限为自公司董事会审议通过本次回购股份方案之日起不超过12个月。具体内容详见 公司2025年6月24日、2025年6月26日刊登于《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《关于以集中竞价交易方式回购公司股份的公告》《关于取得金融机构股票 回购专项贷款承诺函的公告 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002716 证券简称：湖南白银 公告编号：2025-051 湖南白银股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 （2）中国证监会规定的其他情形。 2、公司以集中竞价交易方式回购股份时，符合下列要求： （1）委托价格不得为公司股票当日交易涨幅限制的价格； （2）不得在深圳证券交易所开盘集合竞价、收盘集合竞价及股票价格无涨跌幅限制的交易日内进行股 份回购的委托； 湖南白银股份有限公司（以下简称"公司"）于2025年6月23日召开第六届董事会第十二次会议，审议通 过了《关于以集中竞价交易方式回购公司股份的议案》，同意公司使用自有资金及回购专项贷款以集中 竞价方式回购公司部分已发行的人民币普通股（A股）股票用于限制性股票激励计划。本次拟用于回购 的资金总额为不低于人民币6,000万元（含），不超过人民币10,530万元（含），回购价格不超过人民币 5元/股，回购股份期限为自公司董事会审议通过本次回购股份方案之日起不超过12个月。具体内容详见 公司2025年6月2 ...

证券代码：002716 证券简称：湖南白银 公告编号：2025-050 湖南白银股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 湖南白银股份有限公司（以下简称"公司"）于 2025 年 于以集中竞价交易方式回购公司股份的议案》，同意公司使 用自有资金及回购专项贷款以集中竞价方式回购公司部分 已发行的人民币普通股（A 股）股票用于限制性股票激励计 划。本次拟用于回购的资金总额为不低于人民币 6,000 万元 （含），不超过人民币 10,530 万元（含），回购价格不超过 人民币 5 元/股，回购股份期限为自公司董事会审议通过本 次回购股份方案之日起不超过 12 个月。具体内容详见公司 《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关于 以集中竞价交易方式回购公司股份的公告》《关于取得金融 机构股票回购专项贷款承诺函的公告》。根据《上市公司股 份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等法律法规的相关规定，公司应当在首次 回购股份事实发生的次日予以公告。现将公司首次回购股份 情况公告如下： 一、首次回 ...

Report Investment Rating - There is no information provided about the industry investment rating in the report. Core Viewpoints - In July 2025, the precious metals market showed a divergent pattern under multiple factors. Gold maintained a volatile trend, while silver rose sharply and then fell back, but still had significant monthly gains. Looking ahead, precious metals may continue to trade in a high - level volatile pattern in the short term, with the core drivers being policy expectation differentials and trade risk premiums [3][6]. - The Fed's July FOMC meeting is likely to keep interest rates unchanged. However, if it signals a rate cut in September, it may trigger a weaker US dollar. The implementation of global tariffs on August 1 and the EU's €93 billion counter - measure plan (effective August 7) may cause supply - chain shocks, and the safe - haven demand still has the potential to surge [3][73]. Summary by Directory 1. Futures Market Review - In July 2025, affected by factors such as escalating trade frictions, deepening policy games, and frequent geopolitical risks, the precious metals market showed a divergent pattern. Gold was volatile, and silver rose first and then fell. By July 25, New York gold rose 0.71% monthly, Shanghai gold rose 0.82%, New York silver rose 5.49% monthly, and Shanghai silver rose 4.34% [3][6]. 2. Macroeconomic Analysis (1) Uncertainty of Tariff Implementation and Safe - Haven Logic for Precious Metals - The US postponed the deadline for "reciprocal tariffs" to August 1. Although the direct impact of the new round of tariffs is weaker than before, most trade agreements are still pending, which increases the uncertainty of the global trade system. The precious metals market shows a complex reaction, with local trade risk mitigation weakening gold's safe - haven appeal, while unresolved trade frictions still support safe - haven sentiment [16][18]. (2) Rate - Cut Expectations and Political Risk Premiums as New Drivers for Precious Metals - The Fed is facing internal divisions over the rate - cut path and external challenges to its policy independence from the Trump administration. The market's pricing logic for precious metals is shifting. Rate - cut expectations may limit the upside of precious metals, while political intervention has increased policy uncertainty and risk premiums, providing support for precious metals [19][20]. (3) Inflation: US CPI Rebounded in June - The US CPI data in June showed an overall moderate increase with the impact of tariffs emerging. As enterprises deplete their inventories, the impact of tariffs on inflation may intensify in the coming months. The market's expectation of the Fed's policy shift has weakened significantly, with the probability of the first rate cut postponed to September at 59.9% [21][25]. (4) US June Non - Farm Payrolls Exceeded Expectations - The better - than - expected non - farm payrolls data in June reduced the probability of a rate cut in July and also shook the expectation of a rate cut in September. In the short term, it suppressed precious metals prices, but in the long term, the support factors for precious metals remained, and prices may maintain a volatile and slightly upward pattern [26][30]. (5) US Treasury Real Yields Volatile, Dollar Index Declined - In July 2025, the 10 - year US Treasury real yields fluctuated violently, causing increased volatility in precious metals prices. The Trump administration's tariff policies and the Fed's independence crisis weakened the US dollar's credit foundation, and the falling dollar index provided support for precious metals [40][42]. 3. Supply - Demand Analysis of Precious Metals (1) Gold Market in Q1 2025 - In Q1 2025, the global gold market saw both supply and demand increase, with prices soaring. Investment demand was the core driver, with global gold ETFs rebounding strongly. The market showed structural changes, with gold jewelry demand falling to its lowest level after the pandemic, while the investment focus shifted from the over - the - counter market to gold ETFs [44][47]. (2) Silver Market - In 2025, the silver market remained in a tight supply - demand balance. The growth of photovoltaic and electronic industrial demand was the core driver. The demand for silver in the photovoltaic industry is expected to increase further, but there are policy and technological uncertainties. Silver is expected to experience a supply shortage again in 2024, and the shortage may widen [51][52]. 4. Position, Inventory, and Seasonal Analysis (1) ETF Positions - In June 2025, the demand for global gold ETFs turned positive, driving strong performance in the first half of the year. North America, Europe, Asia, and other regions all saw inflows. By the end of June, the total AUM of global gold ETFs increased by 41% to $383 billion, and the total holdings increased by 397 tons to 3616 tons [56][59]. (2) CFTC Positions - As of the week ending July 15, 2025, the non - commercial net long positions in gold futures on the CFTC increased, indicating a rebound in the market's bullish sentiment towards gold. The non - commercial net long positions in silver futures decreased, showing a decline in the market's bullish sentiment towards silver [62]. (3) Inventory Analysis - As of July 23, 2025, COMEX gold inventory increased by about 1.2% compared to the end of last month, COMEX silver inventory decreased by about 0.3%, SHFE gold inventory increased by about 58.23%, and SHFE silver inventory decreased by about 8.6% [67]. 5. Outlook and Operational Suggestions - Precious metals may continue to trade in a high - level volatile pattern in the short term. The COMEX gold may fluctuate between $3200 - $3450 per ounce, corresponding to Shanghai gold between 760 - 820 yuan per gram. The COMEX silver may trade between $36.5 - $40 per ounce, corresponding to Shanghai silver between 8800 - 9600 yuan per kilogram. In August, attention should be paid to factors such as the Fed's policy minutes, US inflation data, the impact of EU - US trade confrontation, and geopolitical black swan events, and positions should be adjusted flexibly based on key levels [3][73].

Summary of Conference Call on Precious Metals Market Industry Overview - The discussion primarily revolves around the precious metals market, particularly focusing on gold and silver, and their investment dynamics in the current economic environment [1][14]. Key Points and Arguments Gold Market Dynamics - Gold prices have risen over 30% this year, reaching new highs, which aligns with the optimistic outlook from major institutions at the end of last year [1]. - Historical comparisons are made to past gold price movements, highlighting the unpredictability of market reactions after reaching new highs [2][3]. - The average price center of gold has been increasing over time, making it difficult to envision a significant drop to levels like $1,500 or $1,000 [4]. Economic Scenarios Impacting Gold - Three potential scenarios for the U.S. economy are discussed: 1. A hard landing for the U.S. economy, leading to a prolonged bull market for gold due to aggressive monetary easing [5][6]. 2. A soft landing where the economy does not enter a recession, which could still support gold prices [7]. 3. A scenario where the economy performs well but inflation spikes, potentially leading to a significant correction in gold prices [8][9]. - Current macroeconomic data suggests that the first two scenarios are more likely than the third, which would be unfavorable for gold [9]. Geopolitical and Macro Factors - Geopolitical tensions and central bank gold purchases have been significant drivers of gold prices, particularly in the last two years [10][29]. - The relationship between gold and the U.S. dollar, as well as real interest rates, remains crucial for understanding gold price movements [11][12]. Silver Market Insights - Silver's price movements are often influenced by industrial demand and can act as a supplementary asset in the precious metals market [14]. - The recent surge in silver prices is attributed to its industrial properties and the overall bullish sentiment in the precious metals market [14]. Investment Trends - The current investment environment shows a significant tilt towards precious metals, with substantial inflows into gold ETFs and related products [16]. - The volatility in the market is noted, with historical volatility levels being relatively high, complicating trading strategies [17]. Long-term Outlook - The long-term trend for precious metals, particularly gold, is viewed positively, with expectations that prices will not revert to previous lower ranges [19]. - The ongoing trend of de-dollarization and geopolitical uncertainties are seen as supportive factors for gold prices [19]. Risks and Considerations - Short-term risks include potential liquidity issues and the impact of trade tariffs on gold prices, which could lead to temporary corrections [24][25]. - The correlation between gold and cryptocurrencies like Bitcoin is noted, with both assets being viewed as alternatives to traditional fiat currencies [22][23]. Additional Important Content - The discussion emphasizes the need for investors to consider both macroeconomic narratives and real-time market data when making investment decisions in precious metals [13]. - The potential for significant market adjustments due to external shocks, such as geopolitical events or economic downturns, is highlighted as a critical factor for investors to monitor [24][37].

Core Viewpoint - Hunan Silver Co., Ltd. has announced a share repurchase plan approved by its board of directors, indicating a strategic move to enhance shareholder value and confidence in the company [1][4]. Group 1: Share Repurchase Announcement - The board of directors held a meeting on June 23, 2025, where they approved the proposal for share repurchase through centralized bidding [1]. - The details of the share repurchase plan were disclosed in subsequent announcements on June 24, 2025, including the resolutions from the board meeting [1]. Group 2: Shareholder Information - The announcement includes the shareholding status of the top ten shareholders and the top ten unrestricted shareholders as of June 23, 2025, prior to the board's announcement [2]. - The disclosed shareholding figures combine both ordinary accounts and margin trading accounts for accuracy [2].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The report provides daily views and strategies for various futures commodities, including precious metals, base metals, energy, agricultural products, etc., with specific trends and suggestions for each commodity [2][5]. 3. Summary by Commodity Precious Metals - **Gold**: The Federal Reserve continues to hold rates steady, with a trend strength of 0 [6][7][11]. - **Silver**: Expected to continue rising, with a trend strength of 0 [7][11]. Base Metals - **Copper**: Falling inventories support prices, with a trend strength of 0 [13][15]. - **Aluminum**: Expected to oscillate strongly, with a trend strength of 1; Alumina: Monitor production cuts and maintenance, with a trend strength of 0 [16][18]. - **Zinc**: Under medium - term pressure, monitor social inventory changes, with a trend strength of -1 [19][20]. - **Lead**: Expected to trade within a range, with a trend strength of 0 [22][23]. - **Tin**: Tight present but weak future expectations, with a trend strength of 0 [25][29]. - **Nickel**: Concerns at the mine end have cooled, and smelting supply is elastic, with a trend strength of 0; Stainless steel: Negative feedback leads to increased production cuts, with supply and demand both weak and prices oscillating at a low level, with a trend strength of 0 [30][33]. Energy and Chemicals - **Carbonate Lithium**: Warehouse receipt de - stocking is accelerating, monitor potential purchases, with a trend strength of 0 [34][36]. - **Industrial Silicon**: Warehouse receipts are continuously de - stocking, monitor upside potential, with a trend strength of -1; Polysilicon: Upstream restarts production, and the futures price is falling, with a trend strength of -1 [38][40]. - **Iron Ore**: Expectations are fluctuating, and prices will oscillate within a range, with a trend strength of 0 [41]. - **Rebar and Hot - Rolled Coil**: Affected by macro - sentiment, prices will oscillate widely, with a trend strength of 0 for both [45][46][48]. - **Silicon Iron and Manganese Silicon**: Affected by sector sentiment, prices will oscillate widely, with a trend strength of 0 for both [50][53]. - **Coke and Coking Coal**: Prices will oscillate widely, with a trend strength of 0 for both [54][56]. - **Steam Coal**: Demand needs to be released, and prices will oscillate widely, with a trend strength of 0 [58][61]. - **PVC**: Expected to oscillate in the short term, with downward pressure in the long run [54]. - **Fuel Oil**: Night trading oscillated weakly, and short - term strength is expected to pause; Low - sulfur fuel oil: The adjustment trend continues, and the spot high - low sulfur spread in the overseas market rebounded slightly [56]. Agricultural Products - **Palm Oil**: U.S. biofuel policy and Middle - East geopolitics are both favorable [63]. - **Soybean Oil**: Expected to rise oscillatingly [63]. - **Soybean Meal and Soybean No. 1**: Oscillating and adjusting [66]. - **Corn**: Expected to trade within a range [68]. - **Sugar**: Consolidating at a low level [69]. - **Cotton**: Monitor the impact of external markets [70]. - **Eggs**: The culling of laying hens is accelerating, waiting for the peak - season bullish factors to materialize [72]. - **Hogs**: Waiting for spot price confirmation, and the cost center for the far - end contracts is moving down [73]. - **Peanuts**: There is support at the bottom [74]. Others - **Container Freight Index (European Line)**: Currently in a sideways market, consider holding long positions in the August contract and short positions in the October contract [57]. - **Short - fiber and Bottle - grade Chip**: Monitor the increasing cost volatility, and prices will oscillate at a high level [61]. - **Offset Printing Paper**: Expected to trade within a range [62]. - **Log**: The basis is being repaired, and prices will oscillate widely, with a trend strength of 1 [62][64].