Group 1 - International gold prices surged due to expectations of interest rate cuts by the Federal Reserve, global central bank gold purchases, increased risk aversion, and a weaker dollar, with funds entering the market [4] - Domestic gold prices experienced a pullback attributed to profit-taking before the holiday, decreased market activity during the break, and a technical correction after previous high gains, indicating no trend reversal [4] - The short-term outlook suggests high volatility, a moderate bullish trend in the medium term, and a long-term bullish market structure, with $5000 potentially becoming a new price center [4] Group 2 - The current gold recovery price is high, with a recommendation for idle assets to be converted into cash through reputable platforms like Shanghai Hengtian Luxury Goods, which offers higher recovery prices than ordinary stores [6] - The Shanghai Hengtian platform provides transparent transactions, immediate fund transfers, and free home service across Shanghai, making it a reliable choice for citizens looking to recycle gold and luxury items [7]

Core Viewpoint - The offshore RMB exchange rate has fallen below 6.9, indicating that the current appreciation of the RMB is influenced not only by a weakening USD but also by internal factors [2][4]. Group 1: Factors Influencing RMB Appreciation - The end of the year is a time when export companies tend to settle their foreign exchange, leading to increased demand for RMB as companies prefer to settle early amid strengthening RMB appreciation expectations [5]. - The attractiveness of RMB assets has increased due to a recovering domestic stock market and improved risk appetite, resulting in enhanced capital inflows [5][6]. Group 2: Impact on Investments - The appreciation of the RMB against the USD reduces the risk premium on RMB assets, improving foreign investors' risk appetite, which is beneficial for the stock market [8]. - Concerns that RMB appreciation will weaken export competitiveness are unfounded, as true competitiveness is determined by the RMB's effective exchange rate against a basket of currencies, not just the USD [10][11]. Group 3: Long-term Outlook - Historically, RMB appreciation has not negatively impacted export growth; for instance, during the pandemic in 2020, the RMB appreciated by 6.7% while exports still grew, supported by supply chain resilience [16]. - The RMB's appreciation against the USD is expected to remain moderate and strong in 2026, driven by supply-demand dynamics influenced by capital flows and trade surpluses [19][20]. Group 4: Capital Flow Dynamics - The capital flow dynamics are influenced by the interest rate differentials between China and the US, with the current trend showing a convergence of rates [20]. - A high trade surplus in China continues to increase foreign exchange assets within the domestic financial system, but the actual appreciation of the RMB depends on whether these assets are converted into RMB through settlement [25]. Group 5: Future Exchange Rate Predictions - The USD to offshore RMB exchange rate is expected to observe key levels around 6.8, with potential for short-term corrections [26].

Core Viewpoint - The article discusses the significant factors driving the long-term bullish trend in the gold market over the past decade, highlighting geopolitical risks, changes in dollar credibility, collective central bank purchases, and shifts in asset allocation logic as the main drivers of gold's price surge. Group 1: Geopolitical and Economic Factors - The demand for gold as a safe-haven asset has surged due to increasing geopolitical and economic uncertainties, with events like Brexit, trade wars, and the Russia-Ukraine conflict contributing to gold price spikes [10][12][13] - The global macroeconomic risks and rising inflation expectations have acted as accelerators for gold prices, with significant price movements observed during key geopolitical events [13] Group 2: Dollar Weakness - The weakening of the US dollar has positively impacted gold prices, as a decline in dollar credibility makes gold more attractive to investors holding other currencies [14] - The total US national debt has ballooned from $18 trillion in 2015 to over $38 trillion, undermining confidence in the dollar and contributing to gold's price increase [14][15] Group 3: Central Bank Purchases - Central banks have significantly increased their gold reserves, with gold accounting for 20% of global central bank reserve assets by 2024, surpassing US Treasury bonds for the first time in 30 years by 2025 [16][17] - The annual gold purchases by central banks have exceeded 1,000 tons since 2022, indicating a strong and accelerating demand for gold as a reserve asset [17][18] Group 4: Changing Asset Allocation Logic - There has been a fundamental shift in global asset allocation, with gold emerging as a strategic investment asset rather than merely a decorative item, particularly in the Chinese market [19][20] - The younger demographic is increasingly investing in gold, with a notable rise in gold jewelry ownership among consumers aged 18 to 24, reflecting a shift towards more frequent and smaller-scale investments [20]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating No investment rating provided in the content. Core View - The poor retail sales data in the US in December 2025 led to an increase in interest - rate cut expectations. The weaker US dollar pushed the non - ferrous sector to rebound. Shanghai zinc fluctuated at a high level, with the main contract closing at 24,585, up 140 or 0.57%. The domestic demand side is in the Spring Festival off - season mode, procurement is almost finished, the market is in a state of having prices but no transactions, and the spot premium is stable. On the 11th, LME zinc inventory decreased by 1,500 tons to 105,250 tons, with 0 - 3C at 19.55. The market will focus on the non - farm payrolls data on Wednesday evening and the CPI inflation data on Friday. Considering the uncertainties during the Spring Festival holiday, investors are advised to hold light positions and pay attention to risk prevention [7] Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2602, the opening price was 24,550 yuan/ton, the closing price was 24,400 yuan/ton, the highest was 24,550 yuan/ton, the lowest was 24,295 yuan/ton, down 230 yuan or 0.93%, with a position of 5,425 and a decrease of 150 in position. For SHFE zinc 2603, the opening price was 24,465 yuan/ton, the closing price was 24,455 yuan/ton, the highest was 24,555 yuan/ton, the lowest was 24,330 yuan/ton, down 130 yuan or 0.53%, with a position of 60,049 and a decrease of 3,452 in position. For SHFE zinc 2604, the opening price was 24,545 yuan/ton, the closing price was 24,505 yuan/ton, the highest was 24,590 yuan/ton, the lowest was 24,370 yuan/ton, down 115 yuan or 0.47%, with a position of 78,739 and an increase of 1,001 in position [7] 2. Industry News - On February 11, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,380 - 24,555 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 24,310 - 24,485 yuan/ton. In the morning, the market offered a premium of 40 - 50 yuan/ton to the SMM average price, and there was almost no offer against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,330 - 24,495 yuan/ton. The regular brands in Ningbo were offered at a discount of 45 yuan/ton to the 2603 contract and 10 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area was to offer against the 2603 contract [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded at 24,330 - 24,530 yuan/ton, Zijin was traded at 24,260 - 24,430 yuan/ton, and 1 zinc ingots were traded at around 24,260 - 24,430 yuan/ton. Zijin had no offer for the 2603 contract, and Huxin was offered at around 25,360 yuan/ton. The 0 zinc ingots were offered at a discount of 10 - 50 yuan/ton to the 2603 contract, and the Tianjin market was at a discount of about 50 yuan/ton compared to the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded at 24,560 - 24,700 yuan/ton. The mainstream brands were offered at a discount of 55 yuan/ton to the 2603 contract, and the price difference between Shanghai and Guangdong narrowed [8] 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - monthly spread, with data sources including Wind and SMM [12][13]

Core Viewpoint - The price of silver has experienced significant volatility, dropping nearly 33% from its all-time high in January 2025, but recent fundamentals suggest a potential for recovery and investment opportunities in silver [1][2][3]. Price Movement - Silver's price surged from approximately $31 per ounce in January 2025 to $115 per ounce in January of the current year, before falling back to $77 between January 20 and February 5 [1]. - Recently, silver's price has rebounded to above $80 per ounce, although it remains significantly lower than its recent highs [3]. Market Analysis - Analysts attribute the recent price drop to a stronger dollar, reduced demand at high price levels, and concerns regarding the AI boom that previously supported prices [2]. - Speculative buying in China has contributed to increased volatility in silver prices, which are generally more unstable than gold due to a smaller market [2]. Future Outlook - A weaker dollar and anticipated lower interest rates are expected to support a potential silver rally [4]. - Futures traders are predicting at least two more interest rate cuts by the Federal Reserve this year, which could further benefit precious metals [5]. - The demand for silver is also linked to the AI sector, particularly due to its necessity in the construction of data centers, with hyperscalers projected to spend at least $625 billion on AI infrastructure this year [6]. Investment Vehicle - For those looking to invest in silver, the iShares Silver Trust (NYSEMKT: SLV) is recommended, as it represents physical silver holdings with net assets of approximately $51 billion [7].

Core Viewpoint - The global gold market has experienced a historic surge, with spot gold prices surpassing $5000 per ounce for the first time, driven by various factors including changes in U.S. monetary policy and geopolitical tensions [1][3][4]. Group 1: Market Dynamics - As of January 26, 2026, spot gold prices reached a peak of $5111 per ounce, marking a significant increase of over 17% within the first month of the year [1]. - The relationship between gold and the U.S. dollar has shifted, with both assets rising simultaneously, contrary to the traditional view that a strong dollar leads to weaker gold prices [3]. - Central banks have become major buyers in this gold bull market, with China's gold reserves reaching 74.15 million ounces by the end of December 2025, marking 14 consecutive months of increases [3]. Group 2: Influencing Factors - The Federal Reserve's shift to a rate-cutting cycle has weakened the dollar, reducing the holding costs of gold and enhancing its appeal as a safe-haven asset [4]. - Geopolitical risks, including tensions in the Middle East and disputes between the U.S. and Europe, have further increased demand for gold [6]. - The performance of gold mining companies has been robust, with Zijin Mining expecting a net profit of 51 to 52 billion yuan for 2025, reflecting a year-on-year increase of 59% to 62% [6]. Group 3: Investment Trends - The enthusiasm for gold investments is evident, with the largest domestic gold ETF surpassing 100 billion yuan in scale for the first time, and total assets under management for seven gold ETFs reaching 267.9 billion yuan [6]. - Regulatory measures have been introduced to cool down the market, including restrictions on trading for certain clients and increased risk assessments for gold investment products [7]. - Analysts express caution regarding potential profit-taking and market volatility, noting that previous surges in gold prices have led to periods of consolidation [9]. Group 4: Future Outlook - Gold mining companies are actively expanding production, with Zijin Mining planning to increase its gold output to 105 tons in 2026, up from approximately 90 tons in 2025 [11]. - The gold market has seen unprecedented growth, with a 70% increase in international gold prices in 2025, the largest annual gain since the 1979 oil crisis [11]. - Optimistic forecasts for gold prices have emerged, with institutions like Goldman Sachs and Bank of America raising their price targets significantly, driven by sustained demand from central banks [9].

Core Viewpoint - Emerging markets are experiencing a significant rally, reaching historical highs driven by optimism in Asian tech stocks related to artificial intelligence and a weakening US dollar [1][3]. Group 1: Market Performance - The MSCI Emerging Markets Index rose by 1% to 1565.05 points, surpassing the previous record set in late January [1]. - The MSCI Asia-Pacific Index also reached a historical peak, with various benchmark indices from countries like South Korea, Mexico, and Brazil hovering near record levels [1]. - Emerging markets have seen a cumulative increase of over 30% in 2023, primarily led by Asian markets such as Taiwan and South Korea [1]. Group 2: Capital Flows and Investor Sentiment - Global funds are shifting from crowded US tech stocks, particularly large-cap tech, to other regions and sectors, benefiting Asian tech stocks and the semiconductor supply chain due to anticipated AI capital expenditures [3]. - Despite a strong market sentiment, actual investor positioning remains light, with foreign capital outflows of $6.6 billion from the South Korean market this year [5]. - Countries like Mexico, Brazil, and Vietnam are expected to benefit from global supply chain adjustments, potentially solidifying the upward momentum of emerging market stocks [5]. Group 3: Currency Trends - Emerging market currencies are also strengthening, with the MSCI currency index rising by 0.2% as the US dollar index declines [3]. - A report from LGT Private Banking expresses a positive outlook on the short-term performance of emerging Asian currencies, particularly the Korean won, New Taiwan dollar, and Chinese yuan [4].

Group 1: Market Performance - Nickel prices surged on February 11, 2026, with the Longjiang spot price for 1 nickel reaching a range of 137,800-147,400 RMB/ton, averaging 142,600 RMB/ton, marking a daily increase of 2,950 RMB, which is a significant rise against the backdrop of a general market downturn [1] - The Shanghai nickel main contract also saw a rise of over 4%, with trading volume exceeding 430,000 lots, contrasting sharply with the overall decline in the metal sector [1] Group 2: Macro Analysis - The increase in nickel prices was driven by a combination of external and internal macroeconomic factors, including a slight decline in the US dollar index to 96.77, which reduced pricing pressure on commodities [1] - Concerns over the reduction of nickel mining quotas in Indonesia for 2026 and a shift in capital towards commodities ahead of the holiday season contributed to the upward momentum in nickel prices [1] Group 3: Supply and Demand Dynamics - As the Spring Festival approaches, there is a clear divergence in nickel supply and demand; supply is constrained due to delays in the approval of new mining quotas in Indonesia and limited mining activity in the Philippines due to the rainy season [2] - Demand is being driven by a surge in exports from precursor companies in the new energy battery sector, while the stainless steel sector is experiencing a decline in production, leading to a mixed demand scenario [2] Group 4: Industry Leaders - Leading companies in the nickel sector are expected to report strong year-end performance, with core enterprises projected to see a more than 40% year-on-year increase in net profit attributable to shareholders in 2025 [2] - Nickel product sales are steadily increasing, and wet-process projects are consistently exceeding production targets, with expectations for a higher self-supply ratio of nickel rights in 2026 [2] Group 5: Market Outlook - The short-term outlook for nickel prices suggests a continuation of a strong but volatile market, driven by supply constraints and capital inflows, although the current price increases may have already priced in some positive news [3] - As the holiday approaches, downstream enterprises are gradually halting operations, leading to a tapering off of inventory demand, which may hinder the sustainability of the price surge [3]

■近日，国家标准委批准发布403项国家标准，涉及新兴领域、安全生产、百姓生活等方面。其中，脑 机接口、数字孪生等5项国家标准将大幅降低企业开发建设成本，为前沿技术应用落地和持续迭代提供 科学路径。 ■国铁太原局：10日上午，雄忻高铁最后一座隧道常青隧道实现顺利贯通，标志着雄忻高铁全线所有隧 道全部贯通，为后续工程有序推进奠定基础。 ■市场监管总局组织全国各地市场监管部门开展春节热销食品安全专项抽检6.7万批次，合格率为 98.38%，总体食品安全状况良好。 ■中国物流与采购联合会：2025年全国社会物流总额超368万亿元，物流业总收入为14.3万亿元，同比增 长4.1%。 ■各省区市近日陆续发布2025年经济数据指标。其中，广东、江苏、山东等GDP排名前十省份地区生产 总值同比增长5.1%，对全国经济增长的贡献率为62.2%，拉动全国经济增长3.1个百分点。 ■2026年亚太经合组织（APEC）第一次高官会10日上午在广州开幕。今年是中国第三次担任APEC东道 主。 ■联合国秘书长古特雷斯9日发表农历新年致辞，向中国人民拜年。 ■10日上午，习近平总书记在北京考察调研，先后来到新街口街道父母食堂、银龄老年公寓 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The dovish remarks of the San Francisco Fed President eased market expectations of the Fed's hawkish policy, leading to a weaker dollar and a rise in the precious metals sector. As of February 9, 2026, the closing price of the GFEX platinum main contract was 545.05 yuan/gram, with a daily increase of 10.58%, and the closing price of the GFEX palladium main contract was 438.15 yuan/gram, with a daily increase of 7.59% [2]. - The price of platinum is expected to be volatile and bullish in the medium - to - long term due to a weaker dollar and positive macro - expectations. The report suggests seizing opportunities to go long on platinum and short on palladium [2]. - The price of palladium is also expected to be volatile and bullish in the medium - to - long term, supported by short - term spot shortages and positive macro - environment [3]. Summary by Related Catalogs Platinum - **Price Performance**: As of February 9, 2026, the closing price of the GFEX platinum main contract was 545.05 yuan/gram, with a daily increase of 10.58% [2]. - **Main Logic**: In the short term, the market is in a wide - range volatile consolidation phase due to factors such as sanctions on Russian platinum - group metals, geopolitical issues, and Fed rate - cut expectations. In the long term, the long - term weakening trend of the US dollar credit is conducive to the release of price elasticity. The platinum - to - palladium ratio has fallen to a relatively low level this week, and it is recommended to consider long - platinum and short - palladium opportunities [2]. - **Outlook**: Volatile and bullish. The supply - demand fundamentals are healthy, and the macro - expectations are positive [2]. Palladium - **Price Performance**: As of February 9, 2026, the closing price of the GFEX palladium main contract was 438.15 yuan/gram, with a daily increase of 7.59% [2]. - **Main Logic**: There is uncertainty on the supply side, with the US import investigation of Russian unforged palladium pending and Europe considering new sanctions on Russian palladium. The palladium lease rate has been rising, and the spot shortage supports the price. On the demand side, there is still structural pressure. Although the long - term supply - demand is expected to be loose, the short - term spot shortage and Fed rate - cut expectations provide clear support for the price [3]. - **Outlook**: Volatile and bullish. Supported by short - term spot shortages and a positive macro - environment [3]. Index Information - **Special Index**: The commodity index was 2374.89, up 0.70%; the commodity 20 index was 2710.51, up 0.96%; the industrial products index was 2278.80, up 0.21%; the PPI commodity index was 1404.35, up 0.58% [49]. - **Sector Index**: The non - ferrous metals index on February 9, 2026, was 2681.11, with a daily increase of 1.12%, a 5 - day increase of 0.10%, a 1 - month decrease of 5.82%, and a year - to - date decrease of 0.18% [50].