每经编辑｜陈鹏程 王晓波 现货黄金涨1.41%，报4040.42美元/盎司，再创新高，盘中最高涨至4059.31美元的历史高位；COMEX黄金期货涨1.40%，报4060.60美元/盎司；COMEX白银 期货涨1.95%，报48.44美元/盎司。 国际油价走高，美油主力合约收涨0.92%，报62.3美元/桶；布伦特原油主力合约涨0.9%，报66.04美元/桶。 欧洲三大股指收盘全线上涨，德国DAX指数涨0.87%报24597.13点，法国CAC40指数涨1.07%报8060.13点，英国富时100指数涨0.69%报9548.87点。 2 国庆中秋假期超24亿人次跨区域流动 10月8日，记者从交通运输部了解到，2025年10月1日—8日，累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次，同比（2024年国庆假期7天日 均）增长6.2%。（央视新闻） 3 2025年国庆档电影总票房破18亿元 据网络平台数据，截至10月8日15时44分，2025年国庆档电影总票房（含预售）破18亿元。（央视新闻） 1 隔夜市场 美股三大指数收盘涨跌不一，纳指涨1.12%，标普500指数涨0.58%，均创收盘新高， ...

Core Insights - Global gold demand increased by 3% year-on-year to 1249 tons in Q2 2025, with a value surge of 45% to $132 billion, marking a historical high [1] - The growth was primarily driven by investment demand, central bank purchases, regional market differentiation, and structural changes in consumption trends [2] Investment Demand: Core Growth Engine - Gold ETFs and similar products were the main drivers of demand growth, with a net inflow of 170 tons in Q2 2025, contrasting with slight outflows in the same period of 2024 [3] - Cumulative inflows for the first half of the year reached 397 tons, the highest since 2020, reflecting institutional investors' hedging against geopolitical risks and economic uncertainties [3] - In China, gold ETF inflows amounted to 464 billion RMB (approximately $65 billion), with holdings increasing to 200 tons and assets under management (AUM) surging 116% year-on-year to 152.5 billion RMB [3] - Demand for gold bars and coins grew by 11% year-on-year to 307 tons, with Chinese investors leading globally with a demand of 115 tons, a 44% increase year-on-year [3] Central Bank Purchases: Long-term Support - Global central banks net purchased 166 tons of gold in Q2 2025, remaining at historically high levels, 41% above the average from 2010-2021 [6] - A survey indicated that 95% of central banks expect to continue increasing gold holdings in the next 12 months, highlighting a trend towards de-dollarization [6] - The People's Bank of China added 6 tons in Q2, totaling 19 tons for the first half of the year, with official reserves reaching 2299 tons, accounting for 6.7% of foreign reserves [6] Consumption Demand: Structural Changes - Global gold jewelry demand fell by 14% year-on-year to 341 tons, nearing 2020 pandemic lows, with China's demand dropping 20% year-on-year to 69 tons, the weakest Q2 since 2007 [7] - Despite the decline, high-end jewelry demand remained resilient, while the mass market shifted towards lighter, more innovative designs, leading to a 21% increase in consumption value to $36 billion [7] - India's demand decreased by 17% year-on-year, although pre-wedding season purchases and trade-in policies mitigated some of the decline [8] Price and Supply: Market Balance Amid High Prices - The average gold price in Q2 reached $3280.35 per ounce, a 40% increase year-on-year, marking a historical high [12] - In China, the average physical gold price surpassed 1000 RMB per gram, with retail prices fluctuating between 984-1018 RMB per gram [13] - Gold mine production increased by 3% year-on-year to 909 tons, a record high for the quarter, while recycled gold supply grew by only 4%, indicating a reluctance among holders to sell [14] - Overall, gold prices rose by 26% in the first half of the year, outperforming most mainstream assets [15] Regional Market: Differentiation and Resilience - The Chinese market exhibited strong investment but weak consumption, with total retail gold demand reaching 245 tons, a 28% increase year-on-year, despite weak jewelry demand [16] - In India, demand for gold bars and coins rose to 46 tons, but jewelry consumption fell by 17% due to price-sensitive consumers reducing purchases [17] - European demand doubled due to post-energy crisis risk aversion, while U.S. demand for bars and coins fell to 9 tons due to a high-interest rate environment [17] - The growth in gold demand underscores its dual value as a safe-haven asset and a long-term allocation tool [17] Future Outlook - Geopolitical developments, monetary policy trajectories, and changes in consumer behavior will be key variables influencing the gold market [19]

Group 1 - The core viewpoint of the article highlights a significant increase in foreign tourist shopping in China, driven by policy benefits, cultural confidence, and consumption upgrades, leading to a global shopping revolution [1][9][10] - In the first half of 2025, inbound foreign tourists reached 26.94 million, a year-on-year increase of 96%, with Chengdu's airport seeing over 790,000 foreign arrivals, up 58.5% from the previous year [1][4] - The expansion of China's visa-free policy to 47 countries and the implementation of a 240-hour transit visa have significantly lowered entry barriers for foreign tourists [4][8] Group 2 - The upgrade of the departure tax refund policy has reduced shopping costs by 11%, with a notable increase in the number of tax refund applications and sales of tax refund goods [5][11] - In the first quarter of 2025, tax refund store applications in Beijing increased by 128%, while Shanghai's tax refund goods sales reached 760 million yuan, up 85% [5][11] - The cultural revival of traditional products, such as Shu embroidery and bamboo weaving, has become a key attraction for foreign tourists, who are now willing to pay for cultural value [5][6] Group 3 - Chinese technology products, including drones and smart home devices, have become popular among foreign tourists, showcasing China's manufacturing capabilities [6][7] - Traditional markets like Chengdu's Hehua Pond and Guangzhou's Shisan Hang have emerged as new shopping hotspots, offering unique cultural experiences and competitive pricing [6][7] - China's supply chain advantages allow for flexible production, making it a global shopping hub, with significant cost savings compared to local production in other countries [7][8] Group 4 - The increase in U.S. tariffs on Chinese goods has inadvertently led to a surge in American tourists shopping in China, with a reported 300% increase in tax refunds for U.S. tourists in the first quarter of 2025 [8][9] - The shopping wave among foreign tourists not only boosts China's consumer market but also serves as a channel for cultural export, enhancing global awareness of Chinese culture [9][10] - The overall shopping experience in China is characterized by a more open, confident, and inclusive approach, fostering shared development opportunities with the world [10]

Core Viewpoint - The Shanghai Stock Exchange issued a regulatory letter to Beilong Technology, addressing compliance issues related to the company and its key stakeholders, emphasizing the importance of governance and transparency [1][2]. Group 1: Regulatory Actions - On July 4, the Shanghai Stock Exchange sent a regulatory letter to Beilong Technology, involving the company, its board members, senior management, controlling shareholders, and related intermediaries [1][2]. - The regulatory letter aims to ensure compliance with relevant laws and regulations, promoting corporate governance and transparency [2]. Group 2: Financial Reporting Corrections - Beilong Technology announced a correction to its 2024 annual report on July 4, revealing inaccuracies in the disclosures regarding its top five customers and suppliers, as well as issues related to the actual controller's fund occupation [2]. - The company stated that the corrections would not impact its operating performance for the 2024 fiscal year [2]. Group 3: Internal Control Issues - Beilong Technology disclosed additional information regarding fund occupation and related party borrowing, indicating that there were instances of non-operational fund occupation and violations related to guarantees [3][4]. - The internal control audit report for 2024 identified two significant deficiencies: non-operational fund occupation and improper guarantees [4].

Summary of Key Points Core Viewpoint - The company has announced a share repurchase plan aimed at maintaining its value and protecting shareholder interests, with a total expected repurchase amount between 40 million and 80 million RMB [1][2]. Group 1: Repurchase Plan Details - The repurchase plan was first disclosed on April 10, 2025, and will be implemented from April 11, 2025, to July 10, 2025 [1]. - The maximum repurchase price is set at 49.8077 RMB per share [1]. - The actual number of shares repurchased is 1,230,510, which accounts for 1.43% of the total share capital [2][3]. Group 2: Financial Aspects - The total amount spent on the repurchase is approximately 40.21 million RMB, with a price range of 26.38 RMB to 41.5 RMB per share [2][3]. - The funds for the repurchase are sourced from the company's own funds and a special loan from Shanghai Pudong Development Bank [3]. Group 3: Share Distribution and Future Plans - Before the repurchase, the total number of shares was 85,945,419, and this number remains unchanged post-repurchase [4]. - The repurchased shares will be used to maintain company value and shareholder rights, with plans to sell them within 12 months after the announcement of the repurchase results [4].

Core Viewpoint - The company, Shenzhen Ugreen Technology Co., Ltd., is utilizing its own funds to pay personnel costs for fundraising projects and will subsequently replace these costs with equivalent amounts from raised funds, in compliance with regulatory requirements [2][5][8]. Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering (IPO), issuing 41.5 million shares at a price of 21.21 RMB per share, raising a total of 880.215 million RMB, with a net amount of 770.218 million RMB after deducting issuance costs [2][3]. Fundraising Investment Project - The total investment amount for the fundraising projects is 1,503.7129 million RMB, with 772.2361 million RMB allocated from the raised funds [5]. Reasons for Using Own Funds - The company faces challenges in directly using raised funds for personnel costs due to regulatory requirements regarding payment accounts, necessitating the use of its own funds initially, followed by a replacement with raised funds within six months [5][6]. Management of Fund Usage - The company plans to document and manage the replacement of its own funds with raised funds through a detailed accounting process, ensuring compliance with regulations and proper record-keeping [7]. Impact on Company Operations - The decision to use own funds for personnel costs will not affect the normal implementation of fundraising projects and will not change the direction of raised funds or harm the interests of shareholders, particularly minority shareholders [6][8]. Review Procedures and Opinions - Both the board of directors and the supervisory board have approved the use of own funds for personnel costs, confirming that this action adheres to necessary decision-making processes and does not negatively impact the company or its shareholders [8][9].

Core Insights - The 2025 ITB CHINA International Travel Business "Hangzhou Tour" event commenced in Hangzhou, attracting over 60 international travel representatives from 25 countries and regions to explore global tourism markets [1] Group 1: Technology and Tourism - Hangzhou showcased its technological innovations, including smart tracking flying cameras, brain-machine interface sleep devices, and real-time translation glasses, which became focal points of the event [1] - The presence of technology products impressed international attendees, with a French travel merchant expressing that the technological advancements in Hangzhou surpassed his previous impressions of the city [2] Group 2: Changing Travel Trends - Young travelers are reshaping tourism consumption patterns through short video strategies and influencer recommendations, leading to exponential growth in visitor numbers for popular attractions [2] - Korean travel agencies are adapting by promoting diversified itineraries that encourage young tourists to travel from Shanghai to Hangzhou via high-speed rail, influenced by direct flight availability and ticket prices [2] Group 3: International Exposure and Promotion - Suggestions were made to enhance Hangzhou's international visibility through events like the Liangzhu Forum, which could attract global scholars and industry leaders, thereby increasing the city's global profile [2] - The Hangzhou Cultural, Radio, Television, and Tourism Bureau plans to optimize inbound services and develop themed travel routes, aiming to showcase both the cultural heritage and the digital economy of the city [4]

Core Viewpoint - President Trump's recent threat to impose a 50% tariff on EU goods has raised concerns about escalating trade tensions, particularly affecting major companies like Apple, which faces a potential 25% tariff [1][6][20] Group 1: Market Reactions - Trump's tariff announcement led to immediate declines in stock prices, including a drop in Apple's shares and a negative impact on U.S. stock index futures [6][10] - The euro also weakened in response to the tariff threat, indicating market apprehension about the potential for a trade war [6][10] Group 2: EU's Response - The EU initially adopted a cautious stance, aiming for dialogue to resolve trade differences, but acknowledged the seriousness of Trump's threats [10][14] - EU Trade Commissioner Valdis Dombrovskis emphasized the need for mutual respect in trade relations, countering Trump's aggressive rhetoric [14][20] - The EU is preparing a range of countermeasures, indicating a readiness to defend its interests if necessary [18][22] Group 3: Strategic Implications - The ongoing trade tensions highlight the complex interdependencies in global trade, with both the U.S. and EU being significant economic players [20][24] - The EU is actively working on diversifying its trade partnerships to reduce reliance on the U.S. market and mitigate risks associated with unilateral U.S. trade policies [22][24] - The EU's proactive approach includes initiatives like digital taxes and carbon border adjustment mechanisms to enhance its influence in future trade rule-making [24][25]

Group 1 - The trade war between the US and China has escalated, with the US imposing tariffs as high as 245% on Chinese goods and China retaliating with 125% tariffs, posing a significant challenge to global economic stability and prosperity [3][4] - China, with its large domestic market of over a billion people, is better positioned to absorb the pressures from tariffs compared to the US [3] - The essence of trade is based on comparative advantages and mutual exchange, while tariffs distort market signals and hinder resource allocation efficiency [3][5] Group 2 - The trade war has had a substantial negative impact on the US economy, increasing import costs for American businesses and leading to higher consumer prices, which in turn diminishes purchasing power [4] - US exporters reliant on the Chinese market, particularly in agriculture, automotive, and technology sectors, have faced severe repercussions from retaliatory tariffs, resulting in reduced exports and potential layoffs [4][5] - The uncertainty stemming from the trade war has led to a reduction in investment plans among global companies, threatening long-term economic growth in the US [5] Group 3 - The trade conflict has caused widespread negative spillover effects on the global economy, disrupting supply chains and prompting multinational companies to reassess their production strategies, which increases costs and reduces efficiency [5][6] - The trade war has not resolved underlying structural issues such as intellectual property protection and forced technology transfers, but rather intensified distrust between nations, complicating dialogue and cooperation [6][7] - The politicization of trade issues may extend tensions into technology, investment, and cultural exchanges, posing new challenges to global peace and development [6][7]