从技术分析的角度，今日的走势说明整数关口的突破并不有效，3900点以上仍然存在较大压力，反而市 场的先扬后抑一定程度挫伤了多头的做多热情。从15分钟级别来看，昨日的上涨呈现涨幅逐渐衰减的特 征，体现了多头接力力度的衰竭；而今日的下挫则较为流畅，直至昨日早盘低点支撑区间才略有企稳， 恐高情绪的扩散不言而喻。 上证综指收盘下跌36.94点，跌幅：0.94%，报3897.03点；深证成指收盘下跌370.14点，跌幅：2.7%，报 13355.42点；创业板指收盘下跌148.56点，跌幅：4.55%，报3113.26点。假期结束，节前避险的资金重 新活跃，成交量恢复至节前较高水平。沪深两市成交额约2.5万亿，较昨日缩量超1000亿。 板块方面，今日热点轮动加速。前期表现稍弱的反内卷板块涨幅居前，建材、煤炭等有所表现。红利板 块出现反弹，多支银行个股出现止跌迹象。受券商调整中芯国际折算率等消息影响，市场对科技成长股 过高估值水平的担忧逐渐发酵，前期表现亮眼的科技成长板块集体杀跌。 节后开盘首日沪指气势如虹，受长假期间贵金属及港美科技股大涨刺激，"有色+科技"携手并进， 一举 攻下3900点压力位。今日则风云突变，受券商 ...

相关机构表示，中长期来看，美国经济走弱、全球货币体系"去美元化"持续演进仍对金价构成支撑。投 资者可通过黄金基金ETF（518800）和黄金股票ETF（517400）布局相关机会。若金价在短期出现调 整，可以考虑逢低布局。 （文章来源：每日经济新闻） 黄金基金ETF（518800）持有的基础资产是上海黄金交易所挂牌交易的黄金现货合约（AU99.99），它 直接对应着存放在上金所金库中的实物黄金，并可以通过合约提取。因此，投资黄金基金ETF，本质上 就等同于直接投资了实物黄金。黄金基金ETF其价格涨跌幅紧密跟随AU9999现货合约，也就是国内的 黄金价格。根据基金合同规定，持有黄金现货的比例不低于基金资产的90%。 平安证券指出，近期黄金现货价格持续上涨，9月26日以来升破4000美元/盎司，续创历史新高。金价上 涨的催化因素包括：1）美国政府停摆引发经济数据真空和货币政策不确定性，放大美元信誉担忧；2） 日本拟任新首相高市早苗主张"积极财政"和宽松货币政策，加剧避险需求和流动性扩张预期；3）欧洲 地缘政治风险偏高，法国预算危机发酵。 ...

新京报贝壳财经记者 徐雨婷 编辑 王进雨 校对 杨许丽 金价攀升"猝不及防"。一个多小时后，菜市口百货投资金条报价912.9元/克。"淘金者"依旧为金价而 来，顾客们围在柜台前选购金条，热闹的询问声中，一旁柜台的黄金回购处显得有些冷清。 "追涨杀跌啊。"黄金投资者陈雪告诉新京报贝壳财经记者，尽管金价再创新高，自己仍在节后第一天选 择加仓。不过，陈雪难免担忧：金价冲高后会不会回调？此时买入合不合适？ 10月8日，现货黄金首次突破4000美元/盎司大关，年内涨幅超52%。10月9日，国际金价虽有所回调， 但仍超4000美元/盎司，国内上海黄金交易所Au99.99日盘收盘价911.5元/克。 "淘金者"扎堆进场，爱金条也爱基金 "淘金热"仍在继续，菜市口百货大楼里顾客络绎不绝。 10月9日，贝壳财经记者走访时，不少顾客在一楼柜台前选购金饰。一名菜百工作人员称，"今天人相对 少了一点，国庆假期人更多。"菜百首饰今日（10月9日）足金报1118元/克，足金999‰报1120元/克。 商场四层更为热闹，在投资金条的售卖柜台，金条克重从5克到500克不等，即使购买最小克重的5克金 条，也需要花费4500多元。根据投资金条款 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 没有股票账户的投资者可关注国泰黄金ETF联接A（000218），国泰黄金ETF联接C（004253）。 国海证券指出，黄金长期趋势取决于美元信用和通胀预期，长期来看美元信用弱化、美国通胀长期高于 2%目标水平对金价形成利多。理论上，滞胀为黄金上涨提供有利环境，过热和衰退对黄金价格影响偏 中性。黄金短期受事件驱动影响较大，包括美联储和欧央行货币政策预期的边际变化、地缘政治等。 相关机构表示，中长期来看，美国经济走弱、全球货币体系"去美元化"持续演进仍对金价构成支撑。投 资者可通过黄金基金ETF（518800）和黄金股票ETF（517400）布局相关机会。若金价在短期出现调 整，可以考虑逢低布局。 ...

Market Overview - The market experienced a rebound after a dip, with the ChiNext index rising by 0.21% while the Shanghai Composite Index fell by 0.18% and the Shenzhen Component Index dropped by 0.29% [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.49 trillion, an increase of 372.9 billion compared to the previous trading day [1] AI and Computing Power Sector - The computing hardware sector remains buoyant due to AI, with a commercial closed loop beginning to form [3] - Nvidia and OpenAI announced a partnership involving an investment of up to $100 billion to build a 10GW data center, which is expected to increase demand for Nvidia's chips at a ratio of 1:3.5 [3] - Major cloud service providers like Google Cloud and Amazon AWS reported significant revenue growth, with Google Cloud's revenue at $13.6 billion (up 32% year-on-year) and AWS at $30.9 billion (up 17.5% year-on-year) [3] Domestic Chip Industry - Domestic computing power penetration is expected to rise rapidly due to overseas sanctions and national security considerations, with current penetration estimated at 20-30% and projected to reach over 50% in the coming years [5] - Huawei plans to launch several new chips between Q1 2026 and Q4 2028, indicating ongoing advancements in domestic chip technology [5] Gold Market - Gold prices have continued to rise, supported by factors such as a weakening U.S. economy, global de-dollarization trends, and geopolitical risks [6][11] - The Federal Reserve's recent interest rate cut has led to increased expectations for future cuts, which may influence gold prices [8] - Central banks, including China's, have been increasing gold reserves, with China having added gold for ten consecutive months [11] Economic Indicators - The Leading Economic Index for large enterprises in the U.S. fell by 0.5% in August, indicating a slowdown in economic activity [10] - The geopolitical landscape remains tense, particularly regarding the Russia-Ukraine conflict and escalating tensions in the Gaza region, which could further support gold prices [11]

Core Viewpoint - The Federal Reserve is expected to lower interest rates soon, influenced by weak employment data and a stable core PCE price index, which eases inflation concerns [1][2]. Economic Data - Non-farm employment data fell short of expectations and was revised downwards, indicating a softening job market [1]. - The July core PCE price index met expectations, suggesting a moderation in inflation [1]. Market Reactions - The market has begun to preemptively engage in rate cut trades, with gold and growth assets showing early signs of response [3]. - Gold futures prices surged, breaking previous highs and closing at $3,719.50 per ounce, marking a 35% increase year-to-date [4]. Gold Market Dynamics - The strong performance of gold is attributed to historical trends showing that gold tends to perform well during rate cut cycles [4][6]. - Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive [5]. - A potential 1% shift of private sector U.S. Treasury holdings into gold could push prices to $5,000 per ounce [5]. Global Economic Context - The dollar's depreciation due to rate cuts could increase gold demand from non-dollar currencies [6]. - The current economic pressures and potential for recession or stagflation enhance gold's appeal as a safe-haven asset [6]. - Historical data indicates significant gold price increases during past economic downturns, reinforcing the bullish outlook for gold [6]. Geopolitical Factors - Rising geopolitical tensions and the trend of "de-dollarization" are contributing to increased gold demand [7]. - The U.S. national debt has surpassed $37 trillion, raising concerns about the sustainability of the U.S. credit system [7]. - Ongoing global conflicts and economic uncertainties are driving investors towards gold as a stable asset [8]. Investment Strategy - The demand for gold as a key asset in investment portfolios is expected to rise due to the aforementioned factors [8]. - Caution is advised as gold prices are currently at historical highs, suggesting potential risks in chasing prices [8].

Market Overview - A-shares experienced a significant emotional sell-off yesterday but showed a rebound today, with the Shanghai Composite Index rising by 1.24% and the Shenzhen Component Index increasing by 3.89% [5] - The market is expected to remain within a 4% fluctuation range, with a high likelihood of multiple attempts to break through this range [3][6] Investment Strategy - Short-term investors are advised to pay close attention to emotional changes, suggesting a strategy of buying low and selling high, while sector rotation is recommended [3][6] - For medium to long-term investors, the market's strong support from external funds indicates that any intraday pullbacks should be seen as opportunities to increase positions [3][14] Sector Performance - The biopharmaceutical sector has shown strong performance, with the Guotai Innovation Drug ETF (517110) outperforming the CITIC Pharmaceutical Industry Index by over 40% this year [14] - The application of AI in innovative drug development is expected to provide significant valuation space and momentum for the sector, with a high tolerance for task errors enhancing the positive impact of AI [14][15] Gold Market Insights - London gold prices have reached a historical high of over 3500 points, supported by geopolitical tensions and concerns over the U.S. economic outlook [4][19] - The weakening of the dollar's credit system due to challenges to the Federal Reserve's independence further strengthens the long-term logic supporting gold as a stable asset [18][19] Geopolitical Factors - Ongoing geopolitical tensions in the Middle East, India-Pakistan, and Russia-Ukraine are contributing to heightened market risk aversion, which supports gold prices [18] - The potential for a "stagnation" scenario in the U.S. economy, characterized by inflation and economic stagnation, is increasing investor interest in gold as a hedge against asset depreciation [17][19]

Market Overview - A-shares experienced a significant emotional sell-off yesterday, followed by a rebound today, with the Shanghai Composite Index rising by 1.24% and the Shenzhen Component Index increasing by 3.89% [1] - The ChiNext Index saw a notable increase of 6.55%, driven by a surge in heavyweight stocks, while the trading volume in the Shanghai and Shenzhen markets was approximately 2.3 trillion, still down by over 200 billion compared to yesterday [1] - Key sectors that performed well included batteries, energy metals, photovoltaic equipment, wind power equipment, and power supply equipment, while the previously resilient dividend sector underperformed [1] Market Sentiment and Trends - The market is expected to continue the oscillating trend observed last week, with a notable drop after reaching a high point in the trading range [1] - The recent rebound indicates short-term support around 3730, but whether the market can effectively break through the two-week oscillation range remains to be seen [1] - The current market correction of 4% is viewed as likely having ended, with expectations that any subsequent fluctuations will not lead to significant downward movement [1][7] Historical Context - Historical analysis shows that in previous strong market rallies, the maximum drawdowns have typically exceeded the current level, with notable corrections of over 8% following significant gains [2][3][5] - The current market's ability to halt declines at a 4% level suggests a maturation of the A-share market and a stronger capital inflow, reducing volatility [7] Investment Strategy - Short-term investors are advised to focus on emotional changes in the market, suggesting a strategy of high selling and low buying, while sector rotation is recommended [7] - Long-term investors face less operational difficulty, as the market's recent emotional low has not approached the ten-year high of 3731, indicating a bullish outlook [7] Biopharmaceutical Sector - The biopharmaceutical sector showed strong performance, with the Guotai Innovation Drug ETF rising by 4.35% and the Biopharmaceutical ETF increasing by 4.25% [8] - The Guotai Innovation Drug ETF has outperformed the CITIC Pharmaceutical Industry Index by over 40% this year, driven by positive sentiment and the application of AI in drug development [8][10] - Upcoming industry events, such as the World Lung Cancer Conference and the ESMO Annual Meeting, are expected to catalyze market activity and enhance optimism in the sector [9][10] AI in Drug Development - The integration of AI in drug development is anticipated to enhance efficiency and reduce costs, particularly in drug molecule and protein structure design [11] - AI's ability to predict drug interactions and optimize molecular structures is expected to streamline the drug development process, potentially leading to faster commercialization of innovative drugs [11][12] Gold Market Outlook - The gold market is supported by geopolitical tensions and economic uncertainties, with spot gold prices recently surpassing 3500 points [12][14] - Concerns over the U.S. economy and inflation risks are driving investors towards gold as a safe-haven asset, reinforcing its long-term value proposition [12][14] - The weakening of the dollar's credit system due to challenges to the Federal Reserve's independence further supports gold's appeal as a stable investment [13][14]

Group 1 - The gold sector experienced fluctuations on September 4, with gold ETFs down by 0.16% and gold stock ETFs down by 3.04% [1] - A weakening dollar provides long-term support for gold, with a significant possibility of interest rate cuts by the Federal Reserve in September [3] - Historically, gold has risen in 7 out of 10 interest rate cut cycles since 1980, reinforcing its status as a safe-haven asset and a hedge against inflation [3] Group 2 - President Trump’s unprecedented dismissal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud has raised concerns about the independence of the Fed's monetary policy [3][4] - This event is seen as a challenge to the constitutional order and could lead to market volatility and fears of uncontrolled inflation [3][4] - Trump's team is reportedly drafting a plan to increase White House intervention in the Fed, potentially undermining its policy independence [4] Group 3 - The potential appointment of three Fed governors aligned with Trump's views could create a majority on the board, fundamentally impacting future monetary policy [4] - Global geopolitical tensions and economic uncertainties have enhanced the investment value of gold, with London gold reaching a new high for the year [4] - Continuous monitoring of gold ETFs (518800) and gold stock ETFs (517400) is recommended [4]

Group 1: Computing Power Sector - The computing power sector experienced a downward trend today, with no significant negative news in the fundamentals, but rather positive developments such as Google's negotiations with computing power rental companies regarding TPU collaboration [3][5] - Google's Ironwood TPU (TPU v6) is set to begin mass production in the second half of 2025, with a peak FLOPS performance improvement of approximately 10 times compared to TPU v5p and a 5.6 times improvement in efficiency [6][7] - A recommendation is made to focus on the computing power sector through methods like dollar-cost averaging and diversified investments, particularly in communication ETFs (515880) and the ChiNext AI ETF (159388) [3][7] Group 2: Gold Market - The gold market is supported by a weakening dollar credit and a significant possibility of interest rate cuts by the Federal Reserve in September, with historical data showing gold prices rising in 7 out of 10 past rate cut cycles since 1980 [9][10] - The recent dismissal of Federal Reserve Governor Lisa Cook by President Trump has raised concerns about the independence of the Fed and potential impacts on monetary policy, which could lead to market volatility and inflation fears [9][10] - The recommendation is to continue monitoring gold ETFs (518800) and gold stock ETFs (517400) as the investment value of gold strengthens amid geopolitical uncertainties [9][10] Group 3: Consumer Electronics - The consumer electronics sector is entering a traditional peak season, with Huawei launching the MateXTs foldable phone priced from 17,999 yuan, featuring the Kirin 9020 processor [4][12] - Apple is expected to unveil the iPhone 17 series, including a new Air model, during a press conference, with significant design and hardware upgrades anticipated [12][13] - The foldable phone market is projected to see Huawei capturing a 75% market share by mid-2025, with other brands like Vivo, Xiaomi, Honor, and Samsung competing for the remaining share [12][14]