华泰证券:美联储9月降息概率较大 重视金银板块机会

金融界
Sep 02, 2025
华泰证券研报表示,鲍威尔在美联储年会上鸽派讲话明确9月降息信号,市场开始押注美联储9月降息。华泰证券重申美联储降息有望驱动美实际利率下行,或将驱动ETF等配置资金流入,对黄金是利好。中长期除非美国恢复高增长低通胀并行的经济预期,并能有效降低赤字率,否则以央行为代表的买家或延续当前购金策略,黄金的上涨趋势或持续。典型黄金公司当前估值及筹码结构均较优,且未来有望显著受益于金价上涨和产量增加。建议关注相关标的。此外,金银比收敛多数发生在货币宽松一段时间后经济开始恢复、触发白银工业属性的时期,如果后续降息落地经济开始企稳,金银比有望收敛,建议关注白银投资机会。

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