Report Industry Investment Rating - The industry investment rating is to maintain a bullish tone on platinum and palladium [4] Core View of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term fluctuations are intensifying due to technical corrections and Fed personnel changes. Short - term disturbances do not change the long - term bullish logic [4] Summary According to Relevant Contents Futures Market - **Platinum Futures**: For pt2606, pt2608, and pt2610, the current prices are 589.50, 583.00, and 578.90 respectively. They rose by 11.55, 12.20, and 15.00 with percentage changes of 2.00%, 2.14%, and 2.66%. The trading volumes are 9917, 364, and 106 respectively [1] - **Palladium Futures**: For pd2606, pd2608, and pd2610, the current prices are 446.55, 446.00, and 443.00 respectively. They fell by 10.35, 8.40, and 11.05 with percentage changes of - 2.27%, - 1.85%, and - 2.43%. The trading volumes are 3300, 210, and 19 respectively [1] Spot Market - **Platinum Spot**: The Shanghai platinum price rose 7.58 to a certain value, with a percentage change of 0.013%. The London platinum price fell 68.00 to 2255.00, with a percentage change of - 0.029%. The prices of Zhou Dafu and Lao Fengxiang platinum also had corresponding changes [1] - **Palladium Spot**: The Chinese palladium price rose 16.00 to 446.00, with a percentage change of 0.037%. The Russian palladium price rose 296.66 to 4542.48, with a percentage change of 0.070% [1] Inventory - **Platinum Inventory**: The NYMEX platinum inventory and registered warehouse receipts remained unchanged. The gold exchange's trading volume decreased by 224.0 kg, and the trading value decreased by 12885.3 ten thousand yuan [1] - **Palladium Inventory**: The NYMEX palladium inventory and registered warehouse receipts remained unchanged [1] Related Derivatives and Indexes - **Indexes**: The US dollar index rose 0.13 to 97.78. The S&P 500 index fell 37.27 to 6908.86. The US Treasury yield fell 0.03 to 4.02. Other indexes also had corresponding changes [1] - **Derivatives**: The prices of Shanghai gold and silver futures contracts decreased to varying degrees [1] Macroeconomic News - **Fed Policy**: The Fed kept the benchmark interest rate at 3.50% - 3.75%, pausing after three consecutive 25 - basis - point cuts, which was in line with market expectations. Fed Chair candidate Waller supported a 25 - basis - point cut [2] - **Fed Chair Nomination**: Trump nominated Kevin Warsh as the next Fed Chair, but this nomination faced opposition in the Senate. Warsh's policy stance was hawkish before but has turned dovish in recent years [2] - **China's Economic Data**: In January 2026, China's manufacturing PMI was 49.3%, down 0.8 percentage points from the previous month. The PMIs of the equipment manufacturing and high - tech manufacturing industries showed positive trends [2] - **PBOC Meeting**: The People's Bank of China held a payment - settlement work meeting, aiming to promote the high - quality development of the modern payment system, including cross - border payment construction and regulatory improvement [3] Comments and Strategies - **Price Movement**: As of February 24, 2026, NYMEX platinum and palladium prices rebounded from the lows in late January but were still lower than the highs in late January. The main short - term disturbance was Trump's nomination of Kevin Warsh [4] - **Macro Factors**: The judicial investigation of Powell undermined the US dollar's credibility, and the global central bank gold - buying trend continued. The geopolitical risk in Greenland provided support, and the expectation of a Fed rate cut in June remained [4] - **Industry Factors**: There was a clear supply - demand gap for platinum, and the supply of palladium was rigid. Both had strong demand support [4]

1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [5][6] - **Stock Index Futures**: The volatility center is expected to gradually move up, and long positions can be held [9][10] - **Precious Metals**: Market volatility will significantly increase, stay on the sidelines for now [11][12] - **Rebar and Hot - Rolled Coils**: There is a lack of bullish drivers for rebar prices, but the valuation is low. Investors can focus on low - level long - buying opportunities [14] - **Iron Ore**: The supply - demand pattern of the iron ore market is weak. Investors can focus on low - level long - buying opportunities [16] - **Coking Coal and Coke**: The futures of coking coal and coke may continue the oscillatory pattern in the medium term. Investors can focus on low - level buying opportunities [19] - **Ferroalloys**: Overall, there is an over - supply pressure. Consider long - position opportunities in the low - level range after a decline [20] - **Crude Oil**: The price of Brent crude has support at $70. Temporarily stay on the sidelines for the main crude oil contract [22][23] - **Fuel Oil**: The increase in Singapore fuel oil inventory is bearish for fuel oil prices. Focus on short - selling opportunities for the main fuel oil contract [24][25] - **Polyolefins**: Temporarily stay on the sidelines [27] - **Synthetic Rubber**: Expected to show a strong - oscillatory trend [28][29] - **Natural Rubber**: Expected to continue the strong - oscillatory trend [30][31] - **PVC**: The market may show a strong - oscillatory trend [32][35] - **Urea**: The price may oscillate upward after the festival, with a focus on policies and demand rhythm [36][37] - **PX**: May enter the de - stocking channel in the short term, and consider participating in the low - level range [38][39] - **PTA**: May oscillate in the short term, and consider range - based operations [40] - **Ethylene Glycol**: May maintain an oscillatory bottom - building pattern, and operate with caution [41] - **Short - Fibre**: Still trades based on the cost - end logic [42] - **Bottle Chips**: Expected to oscillate following the cost - end, pay attention to the restart of maintenance devices [43] - **Soda Ash**: Observe and wait after the festival, and be cautious [44][45] - **Glass**: May oscillate slightly stronger in the short term, but the sustainability is expected to be general [46] - **Caustic Soda**: Be cautious as the mid - and downstream fundamentals have not significantly improved [49][50] - **Pulp**: The future increase depends on the verification of downstream demand. Wait for the increase in the operating load of paper mills after the festival [53] - **Lithium Carbonate**: The support at the bottom is strong, but the short - term volatility may increase [54] - **Copper**: May maintain a high - level wide - range oscillation in the short term [55][56] - **Aluminum**: The price is temporarily under pressure and oscillating [57][58] - **Zinc**: The price will continue to oscillate and adjust after the festival [58][59] - **Lead**: The price will continue to oscillate widely for the time being [60][61] - **Tin**: The price has support at the bottom, but the short - term commodity price volatility may intensify [62][63] - **Nickel**: The primary nickel is still in an oversupply pattern, and pay attention to relevant policies in Indonesia and macro - event disturbances [64] - **Soybean Oil and Soybean Meal**: For soybean meal, consider long - position opportunities in the low - cost support range; for soybean oil, wait and see after the price leaves the low - cost range [66] - **Palm Oil**: Consider a bullish trading idea [67][68] - **Rapeseed Meal and Rapeseed Oil**: Rapeseed oil can consider a bullish trading idea [69][70] - **Cotton**: The cotton price is expected to be strong in the medium and long term [73][74] - **Sugar**: Wait and see [75][76] - **Apples**: The price is expected to be strong in the medium and long term [77] - **Pigs**: Supply may still face great pressure, and wait for high - level short - selling opportunities [78] - **Eggs**: Consider holding short positions in the far - month contracts [79][80] - **Corn and Starch**: Corn starch may follow the corn market. Wait for the release of post - festival supply pressure [83] - **Logs**: Pay attention to foreign - market quotes, shipping dynamics, and downstream consumption [85][86] 3. Summaries According to the Directory Pulp - The main 2605 contract closed at 5312 yuan/ton, down 0.97%. The inventory continued to accumulate, and the base spread strengthened in the past two days. The domestic supply changed little. After the holiday, there was a rigid demand for restocking, and the high cost of foreign markets supported the price bottom. The import pulp market showed a trend of first stabilizing and then rising, and the price sentiment warmed up. However, the demand recovery still needs time, and the actual transactions were still light [51][53] Carbonate Lithium - The main contract rose 3.47% to 173,660 yuan/ton. The global lithium resource supply - demand balance sheet is being reshaped. The supply of lithium carbonate decreased weekly, and the consumption showed the characteristics of not being off - season. The social inventory of lithium carbonate was gradually depleted. There was support at the bottom of the price, but the short - term volatility might increase [54] Copper - The main Shanghai copper contract closed at 102,550 yuan/ton, down 0.15%. The macro - situation led to an increase in risk - aversion sentiment. The supply of copper concentrates was tight, and the production of electrolytic copper was high. The demand recovery after the holiday might be slow, and the social inventory accumulation cycle might continue until mid - March. The copper price may maintain a high - level wide - range oscillation in the short term [55][56] Aluminum - The main Shanghai aluminum contract closed at 23,780 yuan/ton, down 0.34%; the main alumina contract closed at 2,747 yuan/ton, down 3.55%. The cost support of alumina was not strong, and the supply - demand surplus pattern remained unchanged. The social inventory of electrolytic aluminum continued to accumulate in the short term. The aluminum price was temporarily under pressure and oscillating [57][58] Zinc - The main Shanghai zinc contract closed at 24,570 yuan/ton, down 0.04%. The refining zinc production decreased seasonally in February, and the social inventory did not increase significantly before the festival. The demand in the off - season was significant. The zinc price continued to oscillate and adjust after the festival [58][59] Lead - The main Shanghai lead contract closed at 16,800 yuan/ton, up 0.27%. The production of primary lead decreased, and the production enthusiasm of secondary lead enterprises was not high. The resumption of work of lead - acid battery enterprises was earlier than that of secondary lead enterprises, forming a short - term supply - demand mismatch. The lead price continued to oscillate widely for the time being [60][61] Tin - The main Shanghai tin contract rose 2.35% to 428,000 yuan/ton. The risk of overseas geopolitical conflicts increased, and the supply - demand was tight. The refined tin inventory decreased, and the price had support at the bottom. The short - term commodity price volatility might intensify [62][63] Nickel - The main Shanghai nickel futures contract fell 1.25% to 139,100 yuan/ton. The geopolitical risk between the US and Iran increased, and the global supply - chain risk increased again. The nickel ore was in short supply, and the cost increased. The stainless - steel market was in the off - season, and the consumption was not optimistic. The primary nickel was in an oversupply pattern [64] Soybean Oil and Soybean Meal - The main soybean meal contract rose 0.35% to 2,834 yuan/ton, and the main soybean oil contract fell 0.10% to 8,198 yuan/ton. The import of domestic soybeans slowed down, the supply was relatively loose, and the demand for soybean meal increased moderately. The demand for soybean oil improved slightly, and the inventory pressure decreased [65][66] Palm Oil - The Malaysian palm oil fell. The export decreased, and the domestic palm oil inventory was stable. Consider a bullish trading idea [67][68] Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed continued to rise. The import of domestic rapeseed decreased, and the import of rapeseed oil and rapeseed meal increased. The rapeseed meal inventory decreased, and the rapeseed oil inventory increased slightly. Rapeseed oil can consider a bullish trading idea [69][70] Cotton - The domestic Zhengzhou cotton rose first and then fell, and the external - market cotton fell. The new - year global cotton production is expected to decrease, and the inventory will enter the de - stocking cycle. The domestic supply is expected to be tight, and the demand is resilient. The cotton price is expected to be strong in the medium and long term [71][73] Sugar - The domestic Zhengzhou sugar rose significantly, and the external - market raw sugar fluctuated slightly. India lowered its production, while the domestic sugar supply was sufficient, and the import volume was still high. Wait and see [75][76] Apples - The apple futures rebounded with a reduction in positions. The spot market was stable. The inventory of apples in cold storage decreased, and the new - season apple production and quality declined. The price is expected to be strong in the medium and long term [77] Pigs - The main contract fell 0.13% to 11,395 yuan/ton. The supply of pigs exceeded the demand after the festival, and the supply might still face great pressure. Wait for high - level short - selling opportunities [78] Eggs - The main contract fell 0.67% to 3,239 yuan/500kg. The egg supply in February is expected to remain at a relatively high level. Consider holding short positions in the far - month contracts [79][80] Corn and Starch - The main corn contract closed flat at 2,342 yuan/ton, and the main corn starch contract fell 0.52% to 2,658 yuan/ton. The northern port inventory was low, and the spot price was strong. The corn import decreased in 2025, and the domestic production and demand were basically balanced. The corn starch demand improved slightly, and the inventory was high. It may follow the corn market [81][83] Logs - The main 2605 contract closed at 793.5 yuan/ton, down 0.38%. The New Zealand log shipment volume increased during the Spring Festival, and the domestic inventory increased. The downstream demand gradually recovered after the festival, and the foreign - market quotes might rise. Pay attention to foreign - market quotes, shipping dynamics, and downstream consumption [84][86]

可EIA的报告数据，无情地戳破了美国封锁的成效。全球原油供应并未因制裁而枯竭，中国作为全球最大原油进口国，采购节奏丝毫未被打乱，依旧稳步推 进战略储油计划。 与此同时，中国与沙特、阿联酋等产油国的石油本币结算谈判也在持续推进。在低油价周期里，产油国财政压力不小，对"去美元化"支付方式的接受度明显 提高。 美国的慌，不是因为中国买了多少油，而是这套"低价囤货"策略带来的连锁反应。 一方面，美国的单边制裁正逐渐失去效力。美国对委内瑞拉、伊朗等国的石油控制，本意是切断这些国家的外汇来源，通过经济手段逼迫政权更迭。但中国 从不承认单边制裁的域外效力，只要价格合适、渠道可靠，中国买家就会正常采购。美军能追上一艘油轮，却追不上全球最大原油买家的全球化采购网络， 更无法阻断国际原油向中国市场流动的趋势。 另一方面，全球能源秩序的主导权正悄然改变。过去几十年，国际油价的涨跌，一直由欧佩克的产量调控和美国得克萨斯的页岩油产量左右。可现在，中国 战略石油储备的节奏，已成为影响全球油价的关键变量。中国加速吸入石油，油价便多一分支撑；未来中国库存见顶、放缓进口，产油国就得重新考虑报价 单。这种由买方决定市场温度的局面，彻底打破了美国 ...

Group 1 - In February, China's AI model call volume experienced explosive growth, surpassing the US for the first time, with 41.2 trillion tokens compared to the US's 29.4 trillion tokens during the week of February 9-15 [1] - The following week, China's model call volume further increased to 51.6 trillion tokens, marking a 127% increase over three weeks, while the US's call volume dropped to 27 trillion tokens [1] - Four out of the top five global models by call volume are from China, indicating a collective rise of Chinese AI manufacturers rather than reliance on a single blockbuster product [1] Group 2 - The European shipping index (EC) fell by 5.19%, with Maersk's new shipping rates to Rotterdam decreasing to $1,800, a drop of $100, marking the first decline after four weeks of stability [2][30] - The overall shipping volume is expected to remain low in March, traditionally a slow month post-Chinese New Year, leading to a likely downward trend in shipping rates [30] Group 3 - Precious metals continue to show strong performance driven by three main factors: changes in US tariff policies affecting dollar credit, ongoing tensions in Iran boosting gold's safe-haven demand, and inflation risks enhancing gold's anti-inflation properties [3][19] - The recent US Supreme Court ruling against large-scale tariff policies has raised concerns about the sustainability of US fiscal policies, impacting dollar credibility [19] - Geopolitical risks and inflationary pressures are expected to support gold's upward trajectory in the medium to long term, while silver is anticipated to maintain a strong performance due to its industrial and financial attributes [19] Group 4 - The domestic market for methanol saw a slight decrease in operating rates, with the overall operating load at 78.24%, down 0.19 percentage points from the previous period, but up 5.13 percentage points year-on-year [14] - Coastal methanol inventories increased to 1.3987 million tons, reflecting a 0.77% rise from February 12, and a 35.14% increase year-on-year, indicating a stable supply situation despite rising imports [14] Group 5 - The copper market is experiencing a short-term adjustment phase, with prices down by 0.12% amid tight supply conditions and fluctuating demand from various sectors [20] - Zinc prices remained stable, with ongoing tightness in concentrate supply and increasing smelting output, while demand from construction and automotive sectors shows mixed signals [21] - Aluminum prices fell by 0.34%, influenced by macroeconomic factors and high inventory levels, with expectations of a gradual recovery in demand as production resumes [22]

从外部因素看，2026年以来，美元维持偏弱震荡行情，人民币汇率面临的外部环境相对友好。今年以来，美元指数受到的多空因素相对均 衡：基本面方面，1月美国总体通胀低于预期，核心通胀符合预期且表现温和，就业数据则强于预期；货币政策方面，2026年1月30日特朗 普提名凯文·沃什担任下一任美联储主席。沃什主张稳健的货币政策和低通胀来维护美元强势，并反对通过美元贬值获得贸易竞争优势， 使得其提名对美元指数的短期行情构成支撑；地缘政治方面，美国宏观政策反复存在比较大不确定性，对美元指数构成较大冲击。综合来 看，截至2026年2月24日，多空因素交织下美元指数年内下跌0.4%，整体呈现震荡态势。 美国最高法院判定IEEPA关税非法后，特朗普宣布引用122条款加征关税，再次增加了美国关税政策的不确定性，对美元指数偏利空。 2026年2月20日，据新华社报道，美国最高法院裁决认定特朗普政府援引《国际紧急经济权力法》实施的大规模关税政策违法。随后，据 央视新闻报道，美国总统特朗普签署行政令，宣布自2026年2月24日起，对来自所有国家和地区的商品加征10%的进口关税，并于21日在 社交媒体上称将提升该税率至15%（截至2月21日 ...

Core Viewpoint - Foreign central banks are adjusting their allocation logic towards U.S. Treasury bonds, with recent data indicating a shift to net reduction in holdings, reflecting a balance between maintaining liquidity and diversifying risks rather than a fundamental change in asset allocation strategy [1][2][4]. Group 1: Recent Trends in U.S. Treasury Holdings - As of the week ending February 20, foreign central banks reduced their holdings of U.S. Treasury bonds by $10.017 billion, contrasting with a previous increase of $14.12 billion [2]. - In December 2025, global investors collectively reduced their U.S. Treasury holdings by $88.4 billion, bringing total holdings down to $9.27 trillion, breaking a previous trend of net inflows [2]. - The three largest creditor nations—Japan, the UK, and China—simultaneously reduced their holdings, with Japan decreasing by $17.2 billion, the UK by $23 billion, and China by $0.4 billion [2]. Group 2: Factors Influencing the Reduction - The collective reduction in December 2025 is attributed to rising U.S. Treasury yields and falling bond prices, prompting some central banks to manage paper losses or stop-loss needs [3]. - Seasonal factors, such as year-end capital rebalancing, also influenced the decision to liquidate positions, alongside the rising prices of alternative assets like gold [3][4]. - The ongoing increase in U.S. government debt and geopolitical uncertainties are leading to a marginal adjustment in the asset allocation logic of foreign official institutions [4][5]. Group 3: Long-term Implications for U.S. Treasury Demand - The external demand for U.S. Treasuries is expected to face structural challenges, with strategic reductions by official sectors potentially becoming a long-term trend due to "de-dollarization" and geopolitical shifts [5][6]. - Private sector demand, while supported by high yields, is characterized by high volatility and sensitivity to macroeconomic changes, which could lead to sudden outflows [5]. - Major creditor nations are experiencing a structural divergence in their U.S. Treasury holdings, reflecting varying considerations regarding liquidity management and geopolitical risks [5][6].

Core Viewpoint - The domestic gold market has seen a significant price increase, with traditional wedding "five gold" items now starting at 100,000 yuan, driven by rising gold prices both domestically and internationally [1][3][5] Price Trends - The retail price of gold jewelry has surged, with brands like Chow Tai Fook and Lao Feng Xiang quoting prices between 1,550 to 1,600 yuan per gram, reflecting a strong demand during the Spring Festival [1][3] - International gold prices reached a peak of 5,176 USD per ounce during the Spring Festival, with a notable fluctuation where prices dropped from 5,400 USD to 4,700 USD in just 30 hours, marking a 9.25% decline [3][10] Consumer Behavior - Despite high prices, the gold consumption market remains robust, with a 30% increase in customer traffic in major gold jewelry hubs like Shenzhen and Zhengzhou during the Spring Festival [5][7] - The demand for wedding gold remains a strong driver, with many families considering it a necessary expense, leading to increased wedding costs [7][19] Investment Demand - There is a noticeable shift towards more rational investment channels, with increased inquiries at bank investment gold bar counters, highlighting a price difference of over 400 yuan per gram compared to retail gold jewelry [8][10] - The inflow into gold ETFs reached 51 billion yuan in Q4 2025, indicating a strong interest in gold as a financial asset [8][11] Market Dynamics - Financial institutions have begun to implement measures to manage risks associated with price volatility, such as dynamic trading limits and adjustments to minimum purchase amounts for gold products [10][11] - Central banks globally have maintained a net buying trend for gold, with 2025 seeing a net purchase of 863 tons, providing a long-term support for gold prices [11][13] Diverging Market Opinions - Analysts are divided on future gold price trends, with bullish forecasts suggesting prices could reach between 6,200 to 6,300 USD per ounce, while cautious predictions estimate a range of 4,450 to 4,550 USD [13][14] - Concerns have been raised about the sustainability of the current price increases, with some analysts noting that the recent surge lacks solid fundamental support [16][17] Changing Consumer Preferences - Younger consumers are shifting towards smaller, high-design gold products as a form of self-reward, leading to a transformation in product offerings [19][20] - The rise of gold-backed digital assets is expanding the investment landscape, allowing for easier access to gold for a broader range of investors [20][21]

Core Viewpoint - The silver market experienced extreme volatility in early 2026, with prices soaring from over $80 to $120 per ounce before plummeting back below $80, while gold prices increased by over 30% to surpass $5500 before also declining [1][5]. Group 1: Market Dynamics - The initial trigger for the market upheaval was speculation regarding the potential replacement of the Federal Reserve Chairman, leading to heightened investor anxiety about the independence of the central bank and the safety of the dollar [1][5]. - Three major speculative groups contributed to the silver price surge: hedge funds targeting the already tight silver supply, Chinese retail investors hoarding physical silver during the Spring Festival, and new cryptocurrency investors using high leverage to enter the market [3][5]. - The global silver production is significantly higher than gold, but only a small fraction is available for investment, with the majority used in industrial applications, making the silver market more volatile [3][5]. Group 2: Policy and Market Reaction - The announcement of Kevin Warsh as the new Federal Reserve Chairman marked a turning point, as his hawkish stance and proposed tightening measures led to a loss of confidence in precious metals [5][7]. - The CME raised margin requirements for gold and silver futures, causing a spike in leverage costs and triggering a wave of liquidations among high-leverage investors, particularly in the cryptocurrency derivatives market [5][8]. - The recent turmoil serves as a reminder that market success is not solely dependent on boldness, especially in high-leverage scenarios, and emphasizes the importance of understanding the long-term fundamentals of assets [8]. Group 3: Long-term Outlook - Precious metals like silver and gold remain essential tools for hedging against currency risk, with central banks continuing to purchase gold amid a trend of de-dollarization and increasing global debt issues [7][8]. - The underlying value of precious metals has not changed despite recent volatility, indicating that they will continue to play a critical role in the financial system [7][8].

Group 1: Power Supply and Energy Sector - The recent snowstorm in the northeastern United States caused power outages for nearly 400,000 people, highlighting the differences in power supply management between the U.S. and China [1] - U.S. power companies are privately owned and prioritize profit, leading to power cuts during financial losses, while China's state-owned grid prioritizes electricity supply to citizens, even at a loss [3] - China's total power generation exceeds that of the next nine countries combined, with coal accounting for 55% and the remainder from clean energy sources, showcasing a stronger energy infrastructure compared to the U.S. [3] Group 2: Military and Defense Industry - The U.S. recently revealed its sixth-generation fighter jet, the F47, which is still in the conceptual stage and not expected to enter production until 2032, while China's sixth-generation fighter, the J-36, has already completed test flights and is nearing mass production [4][6] - The design and performance of the J-36 are superior, featuring three engines for sufficient thrust, unlike the F47, which relies on design compromises due to inadequate thrust [6] - The U.S. defense budget exceeds $900 billion, yet it struggles to maintain its military capabilities, indicating a decline in its once-dominant position in military aviation [6] Group 3: International Trade and Semiconductor Industry - The Netherlands is attempting to align with the U.S. by promoting a "de-risking" strategy in the semiconductor sector against China, despite the high trade dependency of the Netherlands on China [7][9] - The potential severance of semiconductor ties with China could harm Dutch companies and employment, as many are reliant on the Chinese market [9] - China is advancing its domestic semiconductor capabilities, reducing reliance on foreign suppliers, which could lead to negative consequences for countries like the Netherlands that choose to align with U.S. policies [9] Group 4: Gold Market - The announcement of a trade war by former U.S. President Trump has increased uncertainty in global markets, driving investors towards gold, which has recently surpassed $5,200 per ounce [11] - Experts predict that gold prices could reach $5,500 per ounce due to the depreciation of the dollar and the diminishing global gold reserves, with 80 mines recently declared exhausted [11] - Unlike cryptocurrencies, gold remains a unique and irreplaceable asset, leading to increased purchases by central banks and individuals, which is expected to sustain upward price trends [11]

2月26日，离岸人民币兑美元汇率盘中升穿6.83，再度刷新2023年4月以来新高。在岸人民币兑美元汇率升 破6.84关口，收盘报6.8397，较上一交易日上涨275点，创2023年3月23日以来新高。今日，人民币兑美元 中间价报6.9228，调升93个基点，已经是中间价连续第三日调升。 值得关注的是，春节假期后，人民币汇率迎来"三连涨"，在岸、离岸人民币兑美元汇率接连突破6.87、 6.85、6.83关口，屡创新高，成为全球外汇市场的焦点。 自2025年12月底升破7.0整数关口到2026年2月以来，人民币兑美元中间价累计升值近300个基点，在岸、离 岸汇率升值幅度超1%，人民币汇率走出了一轮趋势性的升值行情。 近3年，在岸、离岸人民币兑美元汇率走势图、来源：Wind 第三，外资对中国资产的看法正变得更加积极，也进一步提升了人民币需求。 广发证券资深宏观分析师陈礼清指出，中间价信号、结汇释放仍是近一个季度人民币升值的重要因素。此 外，2026年开年新增多重共振条件，可以概括为三点近端现实：去美元化叙事重新有所抬头，非美货币集 体走高；前期顺差顺收双高共振，顺差转为顺收的比例也提升至近十年最高的77.6%附近； ...