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Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The current tariff upgrade is likely to follow the pattern of April 2025, with smaller market fluctuations. Trump's subsequent remarks have shown signs of moderation, and the market may have a strong learning effect from the previous negotiation model. As a result, market volatility may be lower and the recovery may be faster in this round of trade frictions. In the short term, it strengthens the long - end bullish momentum of US Treasuries [3][17]. Summary by Relevant Catalogs 1. Review of Market Feedback Patterns in Previous Trade Frictions - **2018.03 - 2018.06: Gradual Recognition Stage at the Beginning of Trade Frictions** - In March 2018, the US announced steel and aluminum tariffs and planned to impose tariffs on $60 billion worth of Chinese goods. Initially, the scope was relatively narrow, and the impact on the global market was not significant. - Over the next three months, as the market recognized the threat of trade frictions, the Chinese equity market was under pressure, with the Shanghai Composite Index falling about 11.45% cumulatively. The bond market strengthened due to risk - aversion sentiment, and the yield of 10 - year Treasury bonds declined by about 19bp, showing a "strong bonds, weak stocks" pattern [1][9]. - **2019.05 - 2019.12: Global Resonance Stage with Re - emergence of Conflicts** - In May 2019, Sino - US negotiations broke down, and trade conflicts escalated again after a brief cease - fire. - Against the backdrop of high trade environment uncertainty and the global manufacturing PMI entering the bottom cycle, most global markets were in a "strong bonds, weak stocks" seesaw pattern in the second half of 2019. The yield of 10 - year US Treasuries dropped from 2.45% to around 1.74% within three months [1][12]. - **2025.04: Amplification and Rapid Recovery of Impact from "Reciprocal Tariffs"** - On April 2, 2025, Trump announced the "reciprocal tariff" policy, imposing a "reciprocal tariff" starting at 10% on all countries. This tariff had an unexpected magnitude and also targeted non - Chinese countries, causing a global impact. - The market reacted quickly. Within five days, major global stock indices fell between 5 - 15%. Funds flocked to "safe - haven" bonds. The yield of 10 - year Japanese Treasury bonds declined by about 32bp within five days, and safe - haven currencies such as the yen and Swiss franc strengthened. - After several rounds of negotiations, the stock market rebounded significantly, and the market gradually alleviated concerns about tariffs. The trading sentiment became relatively insensitive to marginal changes in tariff policies, reaching a consensus of "high - opening and low - running tariffs." The main stock indices basically recovered to pre - tariff levels, while the bond market showed differentiated performance due to factors such as fundamentals, inflation expectations, and political situations [2][14]. 2. This Week's Overseas Macroeconomic Interest Rate Review 2.1 Macroeconomic Indicator Comments - As of the week ending October 3, driven by rising production and increased imports, US EIA crude oil inventories continued to rise after the previous week's rebound. The change in US EIA crude oil inventories for the week was 3.715 million barrels, higher than the forecast of 2.25 million barrels and the previous value of 1.792 million barrels. Despite the larger - than - expected increase in inventories, concerns about Russian crude oil supply disruptions and the recovery of US demand boosted market sentiment to some extent, causing oil prices to rise slightly one hour after the data release [18]. 2.2 Review of Main Overseas Market Interest Rates - **US**: Trade frictions may intensify, and US Treasury yields are falling rapidly. This week (October 3 - October 10, 2025), US Treasury yields declined. Trump's tariff threat on Friday led to pressure on the US stock market, with the Nasdaq Index dropping 3.56% in a single day, the largest decline since April. The yield of 10 - year US Treasuries dropped 9bp in a single day, and COMEX gold rose 1.58% to $4035.5 per ounce. As the government shutdown may continue and trade frictions may re - emerge, funds are expected to further flow into the bond market. The recent unexpected increase in short - term debt issuance may imply a reduction in long - term debt issuance in November, which is beneficial for lowering long - end market interest rates [19]. - **Auction Results**: The 3 - year US note auction was neutral to robust, the 10 - year US note auction was weak, and the 30 - year US Treasury auction was relatively robust [22]. - **Europe and Japan**: - **Japan**: Under the expectation of "pro - stimulus" policies, the yield of long - term Japanese bonds is approaching a 17 - year high. The yield of 10 - year Japanese bonds is stable at around 1.70%, close to the highest level since 2008. However, the breakdown of the Japanese ruling coalition on Friday makes the future policy direction uncertain [30]. - **Germany**: German bond yields declined overall this week [30]. 3. Comments on Other Major Asset Classes - **Equity**: Vietnam and Japan reached new highs, while European and American markets generally weakened. Vietnam's VN30 had the strongest performance (+6.51%), followed by Japan's Nikkei 225 (+5.07%). European, American, and Hong Kong markets generally declined. The political turmoil in Paris led to a significant decline in the French stock market, and Trump's threat against China pressured the US stock market [31]. - **Commodities**: Safe - haven precious metals and base metals were strong, while energy, agricultural products were weak, and crypto - assets tumbled. Gold and silver prices rose significantly, driven by risk - aversion demand and a weaker US dollar. Base metals and energy raw materials also generally strengthened. In contrast, Brent crude oil, agricultural products, and Bitcoin declined [32]. - **Foreign Exchange**: The Russian ruble led the gains, and the Japanese yen led the losses. The ruble rose 1.73%, while the yen fell 3.63% due to easing expectations [33]. 4. Market Tracking The report provides data on the changes in bond yields, stock index returns, commodity price changes, and foreign exchange rate fluctuations of major global economies this week, as well as the latest economic data panels of the US, Japan, and the Eurozone [39][48][55][59].

Report Industry Investment Rating - Not provided in the content Core View of the Report - On October 13, 2025, Treasury bond futures opened higher and closed slightly up. The sudden tariff threat from Trump last Friday led to a rapid decline in the risk appetite of the capital market and an increase in risk - aversion sentiment, which was beneficial to Treasury bond futures. From a macro - fundamental perspective, the problem of insufficient effective domestic demand still exists, and there is an expectation of a loose monetary policy, which strongly supports Treasury bond futures. However, the domestic economic data shows strong resilience in the short term, and the necessity of a comprehensive interest - rate cut is insufficient. The implied interest - rate cut expectation between the market interest rate and the policy interest rate is weak, and the upward momentum of Treasury bond futures is also insufficient. In general, in the short term, both the upward momentum and the downward space of Treasury bond futures are limited, and they will mainly fluctuate and consolidate at the bottom [3] Summary by Relevant Catalog Industry News and Related Charts - On October 13, the People's Bank of China conducted 137.8 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.4%. There were no reverse repurchase maturities in the open market that day, resulting in a net investment of 137.8 billion yuan [5] - On October 13, the State Council Information Office held a press conference to introduce the import and export situation in the first three quarters of 2025. According to customs statistics, in the first three quarters of this year, China's total goods trade imports and exports reached 33.61 trillion yuan, a year - on - year increase of 4%. Among them, exports were 19.95 trillion yuan, an increase of 7.1%; imports were 13.66 trillion yuan, a decrease of 0.2%. In September, the total imports and exports were 4.04 trillion yuan, an increase of 8% [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - After gold reached a new high above 4000 points, the market believes that the short - term adjustment pressure has increased, but the overall view of the gold market remains bullish. The disagreement within the Fed over interest rate cuts adds more uncertainty to the future upward trend of precious metals. Before the Fed's interest rate cut expectation at the end of the month, precious metals may still have the momentum to rebound, and the operation rhythm needs attention. The precious metals face callback pressure [2][29]. Summary by Directory Chapter 1: Market Review - After the interest rate cut was implemented, the US dollar index rose significantly, and precious metals had a certain degree of correction. The market is currently trading on the expectation of two interest rate cuts by the Fed this year, a total of 50 basis points. The US government shutdown further strengthened the safe - haven property of precious metals. Gold and silver may rise synchronously driven by the expectation of consecutive Fed interest rate cuts. The upward trend of silver also needs to pay attention to the short - term fluctuations of gold [9]. Chapter 2: Overview of Important News - Trump is negotiating a Gaza cease - fire agreement, which is close to being reached, and the negotiation with Hamas "seems to be going smoothly", and he may go to the Middle East this weekend. - The bill proposed by the US Republicans to end the government shutdown failed to pass in the Senate. Trump plans to cut some federal programs popular with Democrats. - The preliminary value of the US consumer confidence index in October decreased slightly by 0.1 to 55, hitting a 5 - month low but still higher than market expectations. Consumers expect the inflation rate in the next year to be 4.6%, slightly lower than the previous month's estimate of 4.7%. - US Vice - President Vance released some easing signals regarding Trump's latest tariff threat. - China's rare - earth export control is not a ban on exports. China will impose a special port fee on US - related ships starting from October 14 in response to the US 301 investigation restrictions on China's shipbuilding industry [12][14][15]. Chapter 3: Analysis of Important Influencing Factors 3.1 US Economy and Policy - Due to the US government shutdown, it is difficult to track US economic data. The preliminary value of the US consumer confidence index in October decreased slightly, and consumers' inflation expectations decreased slightly. The US ISM manufacturing index in August was lower than expected and below the boom - bust line for six consecutive months. The new order index expanded for the first time this year, but the output index fell back into the contraction range. There are various expectations for the release of US economic data in the third quarter, but no detailed prediction is made due to the lack of reliable data [16]. 3.2 International Economy and Geopolitics - Trump is close to reaching a Gaza cease - fire agreement. China will impose a special port fee on US - related ships and opposes the US plan to impose a 100% tariff on China. International trade turmoil intensifies, and there is a possibility of further intensification of US tariff policies, increasing the safe - haven sentiment [20]. 3.3 Other Financial Markets - US non - farm employment in August was far lower than expected, the unemployment rate rose to a new high since 2021, and the initial jobless claims moving average increased. The US economic downward pressure increased, indicating the necessity of interest rate cuts. The US service industry PMI reached a new high. Crude oil is still greatly affected by production cuts, and there are differences in the trends of domestic and foreign copper prices. After the interest rate cut in September and the increasing expectation of an interest rate cut in October, high - risk - preference varieties such as US stocks, copper, and crude oil may strengthen further, but the upward momentum of crude oil is limited due to production increase pressure [21]. 3.4 RMB Exchange Rate - The offshore RMB exchange rate mainly follows the US dollar index passively. After the holiday, the RMB exchange rate appreciated significantly due to the improvement of domestic economic data such as consumption. However, whether the RMB can have an independent trend needs further observation. Currently, the exchange rate issue has not affected the trend of gold, and the Shanghai gold still basically follows the trend of US gold [25]. Chapter 4: Market Outlook and Investment Strategy - The US government shutdown and international political turmoil have pushed up the safe - haven sentiment, driving gold to reach new highs. After gold reached a new high above 4000 points, the short - term adjustment pressure increased. Whether gold can continue to strengthen and drive silver up needs further observation [29].

1. Report Industry Investment Rating - Short - term: Oscillation - Medium - short - term: Bullish [1] 2. Core Viewpoints of the Report - Last week, the stock index market rose first and then fell. After the holiday, the capital enthusiasm recovered, but the high - level divergence continued. The growth styles such as the ChiNext and the Science and Technology Innovation Board declined, and the four major broad - based indexes closed slightly down. - The US announced a 100% new tariff on Chinese imported goods last Friday, which will transmit bearish sentiment to the domestic A - share market this week. High - position stocks and the ChiNext and Science and Technology Innovation Board with front - running characteristics are expected to continue the downward trend, and small - cap styles such as the CSI 1000 need key defense. However, the direct impact of overseas sentiment transmission on the market is limited, and the indirect impact is more short - term and phased. In the long - term, market adjustments can be regarded as a new layout opportunity. [1][2] 3. Summary According to the Directory 3.1 Last Week's Stock Index Operation Situation 3.1.1 Trade Tensions Resurfaced, and Most Global Stock Indexes Fell - The four major broad - based indexes in the domestic stock index market closed slightly down last week. The weekly gains and losses of the four major stock indexes were: CSI 500 (- 0.19%) > SSE 50 (- 0.47%) > CSI 300 (- 0.51%) > CSI 1000 (- 0.54%). - Overseas, affected by the US government shutdown and the new 100% tariff on Chinese imports, the international risk - aversion sentiment generally increased last week. The VIX fear index rose 25% on Friday, and the three major US stock indexes generally fell. The Nasdaq Index dropped 3.56% on Friday and 2.53% for the week. [1][8] 3.1.2 Non - ferrous Metals and Coal Led the Gains, and the Trading Volume Rebounded Compared with Before the National Day - From the performance of the Shenwan primary industry classification, sectors were significantly differentiated last week. Non - ferrous metals (+ 4.44%) and coal (+ 4.41%) led the gains, while media (- 3.83%) and electronics (- 2.63%) lagged behind. The growth style adjusted, and the cycle and stable styles were relatively strong. - In terms of capital, the A - share trading volume rebounded last week, fluctuating between 2.5 - 2.6 trillion yuan during the week, and the capital entry willingness remained at a relatively strong historical level. [2][9] 3.1.3 The Basis of Stock Index Futures Changed Little, and the Option Volatility Fell Rapidly - In the futures market, the basis (spot - futures) of each stock index futures changed little last week. The far - month discounts of IC and IM slightly expanded compared with before the holiday, while IF and IH basically remained unchanged. The sentiment in the derivatives market was more cautious than that in the spot market. - In the options market, the implied volatility of stock index options fell last week. After the long - holiday effect ended, the average IV of the CSI 300 current - month contract reached the 15 - 16% level, which was at a relatively low historical level. [10] 3.2 Fundamental Elements and Outlook for the Future 3.2.1 The Central Bank Conducted a Net Withdrawal of 152.63 Billion Yuan in the Open Market Last Week - In terms of inter - bank liquidity, the central bank achieved a net withdrawal of 152.63 billion yuan in the open market last week, with open - market reverse repurchase operations of 113.7 billion yuan and a cumulative reverse repurchase maturity amount of 266.33 billion yuan. - In terms of inter - bank interest rates, interest rates at various tenors generally declined last week. The overnight Shibor decreased by 6.50bp, the one - week Shibor decreased by 0.20bp, the two - week Shibor decreased by 22.00bp, R001 decreased by 21.57bp, R007 decreased by 19.98bp, and R014 decreased by 18.49bp. [70] 3.2.2 The Tariff Shock Resurfaced, but the Impact is Expected to be Weaker than in April - The US announced a 100% new tariff on Chinese imported goods last Friday, which led to a spread of panic in the international market. For the A - share market, bearish sentiment is expected to spread this week. High - position stocks and the ChiNext and Science and Technology Innovation Board are expected to continue to decline, and small - cap styles need key defense. However, the direct impact of overseas sentiment on the A - share market is limited. - Futures operation: If there are unclosed long - term trend orders, short positions can be opened on Monday for hedging or temporarily exit the market for observation. For speculators, if the market falls this week, there may be rebound opportunities near the 20 - day moving average and the position on September 4th, and intraday long positions can be used for short - term trading based on these two points. - Options operation: It is very likely that the volatility will increase this week, but the increase is expected to be smaller than that in early April. Short - term participation in buying far - month CSI 1000 put options is recommended, and exit the market in time if there is a profit during the week. For SSE 50 and CSI 300 options, it is recommended to wait for the volatility to rise before entering the double - selling strategy. [2][71] 3.3 Economic Data and Financial Event Forecast 3.3.1 Macroeconomic Data Release No specific data release information was provided in the report. 3.3.2 Key Financial Events - October 13 (to be determined): China's import and export volume in September. - October 13 (20:30): The number of new non - farm payrolls and the unemployment rate in the US in September. - October 15 (to be determined): Financial data such as new social financing and M2 in China in September. - October 15 (20:30): CPI and core CPI in the US in September. - October 16 (20:30): PPI and core PPI in the US in September. - October 18 (10:00): Real estate data (new construction, completion, and construction area of houses) in China in September. [102]

Group 1: Market Overview - The main contracts show a bearish sentiment with 21 contracts rising and 59 contracts falling today [2] - Significant inflow of funds into contracts like Shanghai Silver 2512 (2.585 billion), CSI 1000 2512 (2.334 billion), and Shanghai Gold 2512 (2.119 billion) [5] - Major outflows observed in contracts such as Shanghai Copper 2511 (-1.387 billion), Shanghai Aluminum 2511 (-507 million), and SSE 50 2512 (-437 million) [5] Group 2: Price Movements - Leading gainers include rapeseed 2511 (+3.09%), Shanghai Silver 2512 (+2.84%), and methanol 2601 (+2.05%) driven by supply-demand factors [5] - Major losers include glass 2601 (-3.68%), low-sulfur fuel oil 2512 (-3.00%), and butadiene rubber 2511 (-2.89%) likely due to increased bearish pressure or negative fundamentals [7] Group 3: Position Changes - Notable increases in open interest for cotton yarn 2601 (+37.52%), stainless steel 2512 (+24.66%), and rapeseed 2511 (+24.14%), indicating new capital inflow and high trading activity [8] - Significant decreases in open interest for Shanghai Aluminum 2511 (-12.04%), soybeans 2511 (-12.15%), and silicon iron 2511 (-18.17%), suggesting capital withdrawal and warranting attention for future performance [8] Group 4: Key Events and Insights - Malaysian palm oil production increased by 6.59% month-on-month, with expectations of continued downward pressure on oil prices due to falling crude oil prices [10] - Indonesia's refined tin exports decreased by 3.94% year-on-year but increased nearly 50% month-on-month, reaching a recent high [12] - As of October 9, cotton inventory at major ports increased by 12.09% week-on-week, totaling 310,700 tons, with regional variations noted [13] Group 5: Company-Specific Actions - Muyuan Foods announced a reduction in the breeding sow inventory to 3.305 million heads by the end of September, in response to market supply-demand dynamics [14]

Group 1 - The international gold price has officially surpassed $4060 per ounce, marking a historical high and a year-to-date increase of 52% from $3200 at the beginning of the year [1][3] - Domestic gold prices have also surged, with Shanghai gold T+D reaching 911.5 yuan per gram, reflecting a daily increase of 4.79%, indicating a stronger performance compared to the international market [3][5] - The market is divided, with some investors profiting significantly, while others are taking risks by buying at high prices, leading to potential losses [7] Group 2 - The surge in gold prices is attributed to three main factors: the Federal Reserve's interest rate cuts, central banks accumulating gold, and heightened risk aversion due to geopolitical tensions [5][11] - Following the Federal Reserve's interest rate cut in September, the probability of another 25 basis point cut in October is estimated at 87.7%, leading to a decline in the dollar and an increase in gold demand as a hedge [5][11] - Central banks globally, including China's, have been increasing their gold reserves, with China's holdings reaching 74.06 million ounces and a total of 166 tons purchased by central banks in Q2 [5][11] Group 3 - Future projections for gold prices are optimistic, with Goldman Sachs setting a target of $4900 by the end of next year, supported by ongoing purchases from central banks and institutions [9] - Citic Securities has a more conservative estimate, predicting a potential rise to $4500 in Q1 next year, but warns of possible short-term corrections [9] - Long-term outlook remains positive as long as central banks continue to buy and the dollar remains weak, while short-term monitoring of the $4000 support level is advised [9][11]

Core Viewpoint - The precious metals market is experiencing increased support due to rising risk aversion driven by geopolitical tensions, economic uncertainties, and challenges to the traditional financial system [1][2][3]. Group 1: Market Dynamics - The U.S. government shutdown and economic uncertainties are contributing to a heightened demand for safe-haven assets like gold and silver [2]. - Geopolitical risks, including tensions in Gaza and border conflicts in Pakistan and Afghanistan, are further supporting the demand for precious metals [2]. - Central banks are continuously increasing their gold reserves, reflecting a growing recognition of gold as a safe-haven and store of value [1]. Group 2: Price Predictions - Analysts from Canadian Imperial Bank of Commerce predict gold prices will rise to $4,500 per ounce in 2026 and 2027, before declining to $4,250 in 2028 and $4,000 in 2029 [3]. - The recent surge in gold prices is attributed to concerns over long-term inflation and currency devaluation, with the Federal Reserve's policies being scrutinized [3]. - The overall outlook for precious metals remains strong, with expectations of continued price support amid ongoing geopolitical and economic challenges [2][3].

新华财经北京10月13日电上周（10月6日至10日当周），国际金价高开高走，强势突破4000美元整数关 口。当周现货黄金开盘每盎司3885.66美元，最高4059.31美元，最低3883.25美元，收盘报4017.85美元。 全周波幅176.06美元，周度上涨132.19美元，涨幅3.40%。 分析来看，美国政府停摆、美联储降息预期、地区冲突局势仍然是近期推动黄金强势的主要驱动因素， 哈马斯停火协议虽对金价形成打压，但整体涨势并未改变。在此背景下，金价技术走势呈现八周连阳形 态，整体依然保持强势格局，上涨速度明显加快。 避险需求支撑黄金买盘年底前美联储两次降息预期不变 白银方面，10月以来，银价大幅上涨，一举突破49.8-50美元的历史高点，白银价格从此运行于真正的 价格"真空区"，在自身强劲的工业需求下，未来一段时间内，银价将继续保持强势上行态势。在历史新 高的市场情绪推动下，白银价格市场波动幅度或将加大、速度也将加快。从银价长期走势格局来看，前 综合来看，在降息周期重启、美国关税战预期升级的情况下，黄金价格在避险情绪作用下有望继续保持 强势；另外，中东地区停战协定生效，短期市场存在调整风险，关注该停战协定 ...

Report Overview - **Date**: October 13, 2025 - **Source**: Dayue Futures Investment Consulting Department 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For gold, due to tariff concerns, the price rebounded. Although the sentiment eased on Monday, the upward trend remains. The premium of Shanghai gold slightly expanded to -9.6 yuan/gram [4]. - For silver, affected by tariff threats, the price rebounded on Monday after a decline. The premium of Shanghai silver significantly converged to -581 yuan/gram, and there is still support for the silver price [6]. 3. Summary by Directory 3.1 Previous Day's Review - **Gold**: Affected by Trump's tariff threats, U.S. stocks tumbled, and the gold price rebounded. On Monday, the sentiment eased, and the gold price continued to rise. COMEX gold futures rose 1.58% to $4035.50 per ounce. The U.S. three major stock indexes closed down across the board, European three major stock indexes also closed down, U.S. Treasury yields fell collectively, the 10 - year U.S. Treasury yield dropped 1.95 basis points to 4.117%, the U.S. dollar index fell 0.57% to 98.84, and the offshore RMB depreciated slightly against the U.S. dollar to 7.1478 [4]. - **Silver**: Affected by Trump's tariff threats, U.S. stocks tumbled, and the silver price rebounded on Monday after a decline. COMEX silver futures rose 0.76% to $47.52 per ounce [6]. 3.2 Daily Tips - **Gold**: The basis is -3.25, with the spot at a discount to the futures; the inventory of gold futures warrants is 70,728 kilograms, unchanged; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, but the main long position decreased [5]. - **Silver**: The basis is -62, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants is 1,169,061 kilograms, a daily decrease of 17,785 kilograms; the 20 - day moving average is upward, and the K - line is above the 20 - day moving average; the main net position is long, and the main long position increased [6]. 3.3 Today's Focus - Japan and Canada's stock markets are closed for holidays throughout the day. - China's September trade balance is to be released at an unspecified time during the day. - A new round of domestic refined oil price adjustment window opens at an unspecified time during the day. - The winner of the Nobel Economics Prize will be announced at 17:45. - Bank of England Monetary Policy Committee member Greene will give a speech at 19:05. - The World Bank and the IMF will hold the 2025 Autumn Annual Meeting throughout the day until October 18. - 2026 FOMC voter and Philadelphia Fed President Paulson will give a speech at 00:10 the next day [15]. 3.4 Fundamental Data - **Gold**: The inflation expectation has shifted to an economic recession expectation since Trump took office, making it difficult for the gold price to fall. The verification between the expectations and the reality of the new U.S. government's policies will continue, and the gold price sentiment is high and still prone to rise [10]. - **Silver**: The silver price still mainly follows the gold price. The tariff concerns have a stronger impact on the silver price, and there is a risk of an enlarged increase. Factors such as global turmoil, the shadow Fed's significant influence, rising expectations of interest rate cuts, tense situations in Russia - Ukraine and the Middle East, and tariff concerns are positive for the silver price. On the other hand, factors like the end of interest rate cuts, improved economic expectations, insufficient European fiscal expansion, and the end of the Russia - Ukraine conflict are negative for the silver price [13][14]. 3.5 Position Data - **Gold**: The main net position is long, but the main long position decreased. The long - position volume of the top 20 in Shanghai gold on October 10, 2025, was 216,933, a decrease of 12,288 or 5.36% compared to the previous day; the short - position volume was 77,992, a decrease of 1,688 or 2.12%; the net position was 138,941, a decrease of 10,600 or 7.09% [5][31]. - **Silver**: The main net position is long, and the main long position increased. The long - position volume of the top 20 in Shanghai silver on October 10, 2025, was 343,384, a decrease of 564 or 0.16% compared to the previous day; the short - position volume was 249,445, a decrease of 9,664 or 3.73%; the net position was 93,939, an increase of 9,100 or 10.73% [6][34].