黄金：关注美国银行风险，白银：震荡反弹

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Monitor risks in US banks [2] - Silver: Oscillate and rebound [2] - Copper: With increasing disturbing factors, prices will oscillate [2] - Zinc: Range-bound oscillation [2] - Lead: Continuous reduction in domestic and foreign inventories supports prices [2] - Tin: Pay attention to macro - impacts [2] - Aluminum: Fluctuations will converge; Alumina: Slight decline; Cast aluminum alloy: Follow electrolytic aluminum [2] - Nickel: With the game between smelting inventory accumulation and nickel ore concerns, nickel prices will oscillate in a narrow range; Stainless steel: Limited downside potential, lack of upward drivers [2] 3. Summary by Related Catalogs Gold - Fundamental Tracking: Data on prices, trading volume, positions, ETF holdings, inventories, spreads, and exchange rates of gold - related products are presented. For example, the closing price of Comex gold 2512 yesterday was 4038.30, with a daily increase of 2.45% [4]. - Macro and Industry News: There were high - level meetings between China and the US, and central bank policies in Europe, Japan, etc. [4][7] - Trend Intensity: Gold trend intensity is 1 [6] Silver - Fundamental Tracking: Similar to gold, data on prices, trading volume, positions, ETF holdings, inventories, spreads, etc. of silver - related products are provided. For example, the closing price of Comex silver 2512 yesterday was 48.730, with a daily increase of 3.08% [4]. - Trend Intensity: Silver trend intensity is 1 [6] Copper - Fundamental Tracking: Data on prices, trading volume, positions, inventories, spreads, etc. of copper - related products are shown. For example, the closing price of the Shanghai copper main contract yesterday was 87,960, with a daily decline of 0.85% [8]. - Macro and Industry News: High - level meetings between China and the US, European central bank policies, and news in the copper industry such as potential copper concentrate exports in Indonesia, policy changes in the US, and production data from major copper producers [8][10] - Trend Intensity: Copper trend intensity is 0 [10] Zinc - Fundamental Tracking: Information on prices, trading volume, positions, spreads, inventories, etc. of zinc - related products is given. For example, the closing price of the Shanghai zinc main contract was 22365, with a decline of 0.29% [11]. - News: High - level meetings between China and the US and related tariff agreements [11] - Trend Intensity: Zinc trend intensity is 0 [13] Lead - Fundamental Tracking: Data on prices, trading volume, positions, spreads, inventories, etc. of lead - related products are provided. For example, the closing price of the Shanghai lead main contract was 17350, with a decline of 0.03% [14]. - News: High - level meetings between China and the US and European central bank policies [14] - Trend Intensity: Lead trend intensity is 0 [14] Tin - Fundamental Tracking: Data on prices, trading volume, positions, inventories, spreads, etc. of tin - related products are presented. For example, the closing price of the Shanghai tin main contract was 283,600, with a daily decline of 1.09% [16]. - Macro and Industry News: High - level meetings between China and the US, central bank policies in Europe, Japan, etc., as well as corporate news [17] - Trend Intensity: Tin trend intensity is 0 [19] Aluminum, Alumina, and Cast Aluminum Alloy - Fundamental Tracking: Comprehensive data on prices, trading volume, positions, spreads, inventories, etc. of aluminum, alumina, and cast aluminum alloy - related products are provided. For example, the closing price of the Shanghai aluminum main contract was 21245 [20]. - Comprehensive News: Japan's central bank policy and US Senate's resolution on tariffs [21] - Trend Intensity: Aluminum trend intensity is 0; Alumina trend intensity is - 1; Aluminum alloy trend intensity is 0 [21] Nickel and Stainless Steel - Fundamental Tracking: Data on prices, trading volume, positions, spreads, etc. of nickel and stainless - steel - related products are shown. For example, the closing price of the Shanghai nickel main contract was 120,980 [23]. - Macro and Industry News: Incidents in the Indonesian nickel mining industry, China's policy on imports, and potential US tariff policies [23][25] - Trend Intensity: Nickel trend intensity is 0; Stainless steel trend intensity is 0 [25]