Core Insights - Despite record high gold and silver prices, India's gold and silver imports nearly doubled in September compared to August, driven by banks and jewelers stockpiling ahead of the festive season and potential import tax hikes [2][3] Group 1: Import Trends - India, as the world's second-largest consumer of precious metals, is experiencing a surge in imports, which is expected to support the record gold prices this week [3] - In August, India imported 64.17 tons of gold at a cost of $5.4 billion and 410.8 tons of silver at a cost of $45.16 million [3] Group 2: Market Dynamics - The Indian government is set to release September trade data in mid-October, with gold futures reaching a historic high of ₹116,900 per 10 grams and silver futures climbing to ₹144,330 per kilogram [4] - Jewelers have been waiting for a price correction but are now compelled to pay premiums for stockpiling due to rising prices and the approaching festive season [4][5] Group 3: Pricing and Demand - Current trading shows gold prices in India are quoted at a premium of up to $8 per ounce over the official domestic price, including 6% import tax and 3% sales tax [6] - Strong physical buying in India is surprising the market, especially as demand in other Asian countries remains subdued [6]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - Holiday - eve saw a divergence in the Shanghai precious metals market, with the Shanghai gold futures main - contract price hitting a new record high and the upward momentum of silver slowing [2]. - Geopolitical factors: If the peace agreement between the US and Israel makes substantial progress, the safe - haven premium of precious metals may decline, and a short - term correction is possible. The potential US government shutdown due to the lack of short - term funding has heightened market risk aversion [2]. - Fed officials emphasized the risk of inflation rebound, with a cautious approach to interest rate cuts and a data - dependent path. The recent strong US economic data has slightly reduced the expectation of interest rate cuts, which may hinder the upward movement of gold prices [2]. - The US 8 - month core PCE data met market expectations. Although the interest rate cut expectation declined marginally due to Powell's hawkish remarks, the PCE data's mildness secured a 25bps interest rate cut in the next FOMC meeting [2]. - The gold and silver ETFs in the external market had significant net inflows, and market bullish sentiment remained high. The market focus is on US economic data and Fed policies. Weak non - farm payrolls this week would increase the probability of further interest rate cuts and boost precious metals, while high inflation and economic resilience could lead to a rebound in the US dollar and bond yields and put downward pressure on precious metals [2]. - In the long - term, the US fiscal deficit, debt issues, tariff uncertainties, and geopolitical risks support gold prices. Silver generally follows gold, and the structural demand in the photovoltaic and new - energy sectors may bring additional elasticity when the global manufacturing industry stabilizes. It is recommended to conduct range - bound trading and beware of short - term correction risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold futures main contract was 874.4 yuan/gram, up 7.88 yuan; the closing price of the Shanghai silver futures main contract was 10918 yuan/kg, down 21 yuan [2]. - **Positions**: The main - contract positions of Shanghai gold were 256,876 lots, down 6,344 lots; those of Shanghai silver were 476,244 lots, down 32,723 lots. The net positions of the top 20 traders in the Shanghai gold main contract were 166,413 lots, down 1,306 lots; those of Shanghai silver were 105,881 lots, up 6,986 lots [2]. - **Warehouse Receipts**: The gold warehouse receipts were 70,728 kg, up 2,100 kg; the silver warehouse receipts were 1,192,282 kg, up 2,634 kg [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous Metals Network's gold spot price was 872.95 yuan/gram, up 15.92 yuan; the silver spot price was 10,913 yuan/kg, up 143 yuan [2]. - **Basis**: The basis of the Shanghai gold futures main contract was - 1.45 yuan/gram, up 8.04 yuan; the basis of the Shanghai silver futures main contract was - 5 yuan/kg, up 164 yuan [2]. 3.3 Supply and Demand - **ETF Holdings**: Gold ETF holdings were 1,011.73 tons, up 6.01 tons; silver ETF holdings were 15,521.35 tons, up 159.51 tons [2]. - **CFTC Non - commercial Net Positions**: The weekly non - commercial net positions of gold in CFTC were 266,749 contracts, up 339 contracts; those of silver were 52,276 contracts, up 738 contracts [2]. - **Supply and Demand Quantities**: The quarterly total supply of gold was 1,313.01 tons, up 54.84 tons; the annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The quarterly total demand for gold was 1,313.01 tons, up 54.83 tons; the annual global total demand for silver was 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 13.38%, down 0.71 percentage points; the 40 - day historical volatility was 11.45%, down 0.1 percentage points [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold was 21.12%, up 1.53 percentage points; the implied volatility of at - the - money put options was 21.11%, up 1.53 percentage points [2]. 3.5 Industry News - Trump and Netanyahu held a bilateral meeting, and a peace plan was proposed. If implemented, the war would end immediately, and Israeli troops would withdraw to the agreed - upon border [2]. - Trump threatened to impose a 100% tariff on overseas - made movies and large tariffs on countries where furniture is not made in the US [2]. - The value of the US Treasury's 261.5 million ounces of gold reserves exceeded $1 trillion. A market - value revaluation would release about $990 billion in funds for the US Treasury [2]. - Fed officials had different views on interest rate cuts. Hamack opposed rate cuts due to inflation concerns, Musalem was open to future rate cuts but cautious, and Williams said monetary policy remained tight [2].

Group 1: Gold Market Performance - On September 30, the Shanghai gold futures contract reported a price of 879.06 CNY per gram, with an increase of 2.01% [1] - The opening price for the day was 866.88 CNY per gram, reaching a high of 880.00 CNY and a low of 865.08 CNY [1] Group 2: Macroeconomic News - President Trump announced new import tariffs, including a 100% tariff on patented drugs and a 25% tariff on heavy trucks, creating new uncertainties in trade [2] - Consumer spending in the U.S. increased by 0.6% in August, surpassing the forecast of 0.5%, while personal income rose by 0.4% and wages by only 0.3% [2] - The savings rate fell to a low of 4.6%, the lowest in eight months [2] - The Personal Consumption Expenditures (PCE) price index rose by 0.3% month-on-month, with a year-on-year increase of 2.7%, the largest in two months [2] - Core PCE price index increased by 0.2% month-on-month and 2.9% year-on-year [2] Group 3: Federal Reserve Insights - Richmond Fed President Barkin indicated limited risks of rising unemployment or inflation, allowing the Fed to balance its dual objectives when discussing further rate cuts [3] - He noted that consumer spending is likely to remain robust unless there is a significant rise in unemployment [3] Group 4: Institutional Perspectives - The global economic environment is turbulent, with a weak U.S. economy and threats to the independence of the Federal Reserve, which supports positive sentiment for precious metals [4] - Market sentiment remains bullish, with a low likelihood of significant pullbacks in the short term [4] - Upcoming important data releases, such as non-farm payrolls and PMI, may cause volatility in the market [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On September 29, the main contract of Shanghai gold futures closed up 1.35% to 866.52 yuan/gram, and the main contract of Shanghai silver futures closed up 3.92% to 10,939 yuan/kilogram [5]. - Recently, geopolitical tensions in Russia and the Middle East, and the possible shutdown of the US government have boosted risk - aversion sentiment, pushing up precious metal prices. The continuous expectation of interest rate cuts also supports precious metal prices. For silver, the good performance of US economic data strengthens the expectation of a soft landing of the US economy after preventive interest rate cuts, which is beneficial to the industrial attribute of silver, leading to an accelerated rise in silver prices [5]. - In the long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties continue, the US debt is unsustainable, and great - power games intensify, which will increase the credit risk of the US dollar in the long - term. The continuation of global central bank gold purchases will likely push the long - term center of gold prices higher [5]. - In the short - term, with the approaching of China's National Day holiday, investors are advised to be cautious about chasing up and hold light positions during the holiday, while enterprises are advised to do a good job in hedging to avoid possible sharp fluctuations during the holiday [5]. Group 3: Summary by Relevant Catalogs Price Tracking - **Precious Metal Prices**: On September 29, compared with September 26, London gold spot rose 2.0% to 3816.09 dollars/ounce, London silver spot rose 3.9% to 46.93 dollars/ounce, COMEX gold rose 1.9% to 3845.50 dollars/ounce, COMEX silver rose 3.7% to 47.12 dollars/ounce, AU2510 rose 1.3% to 863.60 yuan/gram, AG2510 rose 3.0% to 10912.00 yuan/kilogram, AU (T + D) rose 1.2% to 861.90 yuan/gram, and AG (T + D) rose 2.9% to 10880.00 yuan/kilogram [3]. - **Price Spreads and Ratios**: On September 29, compared with September 26, the gold TD - SHFE active spread was - 1.7 yuan/gram (up 193.1%), the silver TD - SHFE active spread was - 32 yuan/kilogram (up 68.4%), the gold (TD - London) spread was - 10.29 yuan/gram (up 148.4%), the silver (TD - London) spread was - 1098 yuan/kilogram (up 13.1%), the SHFE gold - silver main ratio was 79.14 (down 1.7%), the COMEX main ratio was 81.61 (down 1.7%), AU2512 - 2510 was 2.92 yuan/gram (down 16.1%), and AG2512 - 2510 was 27 yuan/kilogram (down 28.9%) [3]. Position Data - **ETF and Non - commercial Positions**: From September 25 to September 26, the gold ETF - SPDR rose 0.89% to 1005.72 tons, the silver ETF - SLV fell 0.18% to 15361.84024 tons. For COMEX gold non - commercial positions, the long positions rose 1.85% to 332808 contracts, the short positions rose 9.43% to 66059 contracts, and the net long positions rose 0.13% to 266749 contracts. For COMEX silver non - commercial positions, the long positions rose 0.97% to 72318 contracts, the short positions fell 0.21% to 20042 contracts, and the net long positions rose 1.43% to 52276 contracts [3]. Inventory Data - **SHFE and COMEX Inventories**: From September 26 to September 29, SHFE gold inventory rose 4.26% to 68628.00 kilograms, and SHFE silver inventory rose 2.71% to 1189648.00 kilograms. From September 25 to September 26, COMEX gold inventory rose 0.06% to 39946410 troy ounces, and COMEX silver inventory rose 0.08% to 530344533 troy ounces [3]. Other Related Data - **Dollar Index, Bond Yields, etc.**: From September 26 to September 29, the dollar index fell 0.09% to 98.19, the 2 - year US Treasury yield fell 0.27% to 3.63%, the 10 - year US Treasury yield fell 0.27% to 4.20%, NYMEX crude oil rose 0.48% to 6643.70, the dollar/yuan central parity rate fell 8.66% to 7.11, VIX fell 0.05% to 15.29, and the S&P 500 rose 0.59% to 65.19 [4].

Report Information - Report Title: Precious Metals Daily Review - Date: September 30, 2025 - Research Team: Macro Finance Team - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Shipping), Nie Jiayi (Stock Index) [2] 1. Industry Investment Rating - No industry investment rating information provided in the report 2. Core View - Gold prices have started a new upward trend, which may last until the spring and summer of 2026. Investors are advised to maintain a long - position mindset in precious metals trading, and short - hedgers can appropriately reduce their hedging ratios. Due to the Fed's potential interest rate cuts and geopolitical risks, both gold and silver are expected to rise, with silver potentially outperforming gold due to its high volatility. With the approaching of the National Day and Mid - Autumn Festival holidays and numerous key data events, the volatility of precious metals may increase, and investors are advised to reduce their positions [4][5] 3. Summary by Directory 3.1 Precious Metals Market Trends and Outlook 3.1.1 Intraday Market - The risk of the US government shutdown caused the US dollar index to decline for two consecutive days, falling below the 98 mark. News of potential US drone strikes in Venezuela increased risk - aversion demand. London gold broke through the $3,800 per ounce mark, and London silver reached $47.2 per ounce. Gold prices had a sideways consolidation from late April to August to digest high - valuation pressure. The Fed's interest - rate cut expectations have boosted gold prices since early September, starting a new upward trend. This week, attention should be paid to global September PMI, US September non - farm payrolls, and the progress of the US congressional game. With the approaching holidays, investors should reduce positions to avoid risks [4] 3.1.2 Medium - term Market - From late April to early August, London gold fluctuated widely between $3,100 - $3,500 per ounce to digest over - valuation. Since August, the US employment and inflation situation has supported the Fed's restart of the interest - rate cut process. Geopolitical risks also provided safe - haven demand for gold. From late August to early September, various factors drove the gold price to break through $3,500 per ounce. The new upward trend is expected to last until the spring and summer of 2026. Silver, with strong industrial attributes, will also rise with gold and may outperform gold in terms of gains [5] 3.2 Main Macroeconomic Events/Data - Trump announced new import tariffs on October 1, including a 100% tariff on patented drugs and a 25% tariff on heavy trucks, breaking the relatively calm trade situation and causing new uncertainties [17] - US consumer spending in August increased slightly more than expected, with a 0.6% increase. Personal income rose 0.4%, and the savings rate dropped to 4.6%. The PCE price index rose 0.3% month - on - month and 2.7% year - on - year, and the core PCE price index rose 0.2% month - on - month and 2.9% year - on - year [17] - Fed's regulatory vice - chair Bowman reiterated the need for decisive interest - rate cuts and supported balance - sheet reduction and adjustment of the standing repurchase mechanism. Richmond Fed President Barkin believes the risks of a significant increase in unemployment or inflation are limited [18] - OPEC+ may approve an increase in oil production of at least 137,000 barrels per day at its October 5 meeting, but the final decision is yet to be made [18]

Core Viewpoint - The article discusses the recent surge in gold prices, driven by factors such as expectations of interest rate cuts by the Federal Reserve and a weakening dollar, leading to historical highs in both international and domestic gold prices [3][4]. Gold Market Analysis - As of September 29, 2025, the price of gold reached approximately 1100 yuan per gram in China, an increase of about 400 yuan per gram since the beginning of the year, with a total price increase of 12,000 yuan for a 33-gram gold bracelet [3]. - The COMEX gold futures hit a peak of 3853.5 dollars per ounce, marking a year-to-date increase of nearly 40% [3][4]. - The upcoming "Golden Week" holiday is expected to drive demand for gold jewelry, particularly among newlyweds, despite the high prices [3]. Investment Sentiment - Analysts suggest that the current market sentiment is influenced by both safe-haven demand and speculative investments, with investors facing a dilemma between chasing high prices or securing profits [4]. - The market anticipates that gold prices will continue to rise, supported by factors such as the Federal Reserve's dovish stance and increased central bank purchases [5]. Alternative Precious Metals - The high gold prices are leading to a shift in consumer preferences towards platinum and silver, with platinum prices significantly lower than gold, prompting some consumers to opt for platinum jewelry [5][6]. - Platinum prices have surged, with futures reaching 1650 dollars per ounce, reflecting an 84% increase year-to-date, while silver prices have also risen, surpassing 47 dollars per ounce, a 61.8% increase [5][6]. Market Dynamics - The demand for platinum and silver is increasing, with platinum jewelry sales accounting for 18% of total sales in some stores, up from less than 5% the previous year [6][7]. - The World Platinum Investment Council reported a 10% year-on-year increase in global platinum demand in Q1 2025, indicating a structural undervaluation of platinum in strategic sectors like hydrogen energy and automotive catalysts [7]. Consumer Behavior - Consumers are increasingly inquiring about platinum and silver options, with some opting for combinations of gold, silver, and platinum to manage costs [7][8]. - Industry experts caution that there is a fundamental difference between purchasing precious metal jewelry and investing in precious metals, highlighting the high costs associated with jewelry production and the potential for significant depreciation upon resale [8].

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices, driven by factors such as expectations of interest rate cuts by the Federal Reserve and a weakening dollar, leading to historical highs in both international and domestic gold prices [1][2][3] - The price of gold has increased by approximately 40% year-to-date, with domestic gold prices reaching around 1100 yuan per gram, which is about 400 yuan higher than at the beginning of the year [1][2] - The demand for gold jewelry remains strong, particularly during the wedding season, with some consumers opting to purchase at high prices while others took advantage of price dips earlier in the year [1][2] Group 2 - The rising gold prices have led to a noticeable shift in consumer behavior, with increased interest in platinum and silver as alternative options due to their lower prices compared to gold [3][4] - Platinum prices have surged, with year-to-date increases of 84%, while silver has also seen significant gains, with a 61.8% rise, indicating a growing trend of consumers considering these metals for jewelry purchases [3][5] - The market for platinum and silver is expected to continue growing, with projections indicating a 10% increase in global platinum demand by Q1 2025 [5][6] Group 3 - Analysts suggest that the current market conditions present a dilemma for investors between "chasing high prices" and "locking in profits," especially with the upcoming long holiday and uncertainties surrounding Federal Reserve policies [2][5] - Investment strategies are recommended to include gradual increases in gold allocations during market corrections, as the long-term outlook for gold remains positive [2][5] - The distinction between purchasing precious metal jewelry and investing in precious metals is emphasized, as jewelry often incurs high labor costs and significant depreciation upon resale [6]

Group 1: Report Information - Report Title: Precious Metals Derivatives Daily Report [2] - Date: September 29, 2025 [2] - Institute: Commodity Research Institute [1] - Researcher: Wang Luchen CFA [2] - Contact Information: Shanghai: 021 - 65789219; Beijing: 010 - 68569781; Email: wangluchen_qh@chinastock.com.cn [2] Group 2: Market Review Precious Metals Market - London Gold: Reached a new high of $3,819.81, currently trading around $3,808 [3] - London Silver: Reached a new high of $47.174 since 2011, currently trading around $46.88 [3] - Shanghai Gold: Reached a new high of 867 yuan, closing up 1.35% at 866.52 yuan/gram [3] - Shanghai Silver: Reached a new high of 11,008 yuan, closing up 3.92% at 10,939 yuan/kilogram [3] Other Markets - Dollar Index: Slightly lower, currently trading around 98 [4] - 10 - year US Treasury Yield: Declined, currently trading around 4.145% [5] - RMB Exchange Rate: Opened and closed higher against the US dollar, currently trading around 7.12 [6] Group 3: Important Information US Macroeconomic Data - August Core PCE Price Index: Annual rate was 2.9%, in line with expectations; monthly rate was 0.2%, in line with expectations [7] - August Personal Spending: Monthly rate was 0.6%, higher than the expected 0.5% [7] - September University of Michigan Consumer Confidence Index: Final value was 55.1, lower than the expected 55.4 [7] - September One - year Inflation Rate Expectation: Final value was 4.7%, lower than the expected 4.8% [7] Trump Administration Movements - Federal Government Funding: Congress has not reached a consensus on fiscal appropriation. If no agreement is reached by September 30, some government agencies may shut down [7] - Trump's Statements: On the 27th, Trump said if the government has to shut down, then let it shut down. He will meet with four congressional leaders on Monday and attend a meeting with senior military generals on Tuesday [7] Federal Reserve Views - Richmond Fed President Barkin: Upcoming data will determine whether the Fed should further cut interest rates [8] - Fed Governor Bowman: Strongly supports the Fed only holding Treasury bonds and believes it is appropriate to ignore the one - time impact of tariffs [10] FedWatch - October: The probability of maintaining interest rates is 10.7%, and the probability of a 25 - basis - point rate cut is 89.3% [10] - December: The probability of maintaining interest rates is 2.9%, the probability of a cumulative 25 - basis - point rate cut is 32.2%, and the probability of a cumulative 50 - basis - point rate cut is 64.9% [10] Geopolitical Conflicts - Trump on Ukraine: On the 27th, according to the Wall Street Journal, Trump is open to relaxing restrictions on Ukraine's use of US - made long - range weapons to strike targets in Russia, but no specific actions were promised [10] Group 4: Logical Analysis - The US PCE data on Friday night was in line with market expectations, reducing the obstacles for another rate cut in October, leading to a decline in the dollar index and the 10 - year US Treasury yield [11] - The US government faces a shutdown crisis, which may affect the release of subsequent non - farm and CPI reports and increase market uncertainty [11] - Geopolitical conflicts, such as the potential escalation of the Russia - Ukraine situation, have pushed up market risk - aversion sentiment [11] - Multiple factors suggest that precious metals are expected to continue their strong performance. However, with the approaching National Day holiday in China, it is advisable to reduce positions at high prices to lock in profits [11] Group 5: Trading Strategies Unilateral Trading - Before the holiday, take profits at high prices and hold light positions during the holiday [12] Arbitrage - Wait and see [13] Options - Buy deep out - of - the - money call options or collar call options to retain the possibility of profit during the holiday [13] Group 6: Data Reference Dollar Index and Precious Metals Trends - Charts show the historical trends of the dollar index against London Gold and London Silver [15][17] Real Yield and Precious Metals Trends - Charts show the historical trends of real yields against London Gold and London Silver [19][22] Domestic and Foreign Futures Trends - Charts show the historical trends of domestic and foreign gold and silver futures [26] Futures and Spot Trends - Charts show the historical trends of gold and silver futures and spot prices [28][29] Domestic - Foreign Price Differences - Charts show the historical trends of domestic gold and silver futures premiums [32][34] Gold - Silver Ratio - Charts show the historical trends of the Shanghai Futures Exchange and Comex gold - silver ratios [41][43] ETF Holdings - Charts show the historical trends of SPDR Gold ETF and SLV Silver ETF holdings [45][46] Futures Open Interest - Charts show the historical trends of gold and silver futures open interest [48][49] Futures Inventories - Charts show the historical trends of Shanghai gold and silver futures inventories [50][51] Trading Volume - Charts show the historical trends of Shanghai gold and silver futures trading volume [52][53] TD Data - Charts show the historical trends of gold and silver TD deferred fees and delivery volumes [55][58][61] Treasury Yield and Breakeven Inflation Rate - Charts show the historical trends of nominal interest rates, inflation expectations, real interest rates, and US Treasury yields [59]

| 2023-00 | ZUZ4-UB | 00-6707 | 22 ETF-SPOR ETF-SLVIRET - 200 | 2025-09 | 2024-09 2024-12 2025-03 2025-06 | 一黄金基差(AuT+D-期货连续) | -- COMEX金银比价 | ●SHFE金银比价 | -- | -- 伦敦金现(右) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | -- 白银价差(AgT+D-期货连续) | | | | | | | | | | | 2017 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/9/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 人业资格号:F3023916 | | | | | 内外盘金 | 日期 | 伦 ...

Group 1 - Spot gold has surpassed $3,800 per ounce, reaching a new historical high, driven by the onset of a second round of interest rate cuts and increasing inflation expectations [1] - Silver is expected to show greater elasticity in the current macro environment characterized by enhanced global monetary easing, weakened dollar credibility, and escalating regional conflicts [1] - The current silver-to-gold ratio is at a historically low level, indicating potential for silver prices to catch up, similar to the market behavior observed in May 2020 [1] Group 2 - As of September 29, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) has risen by 3.46%, with notable increases in constituent stocks such as Zhaojin Mining (up 7.36%) and Tongling Nonferrous Metals (up 7.14%) [4] - The Gold Stock ETF (159322) has increased by 3.00%, with a recent price of 1.58 yuan, and has shown a cumulative increase of 4.50% over the past week [4] - The trading volume for the Gold Stock ETF has been active, with a turnover of 13.13% and a total transaction value of 12.72 million yuan [4] Group 3 - The Gold Stock ETF has seen a net asset value increase of 44.34% over the past six months, ranking 406 out of 3,678 index stock funds, placing it in the top 11.04% [5] - The fund has achieved a maximum monthly return of 16.59% since inception, with a historical one-year profit probability of 100% [5] - The fund's Sharpe ratio over the past year is 2.06, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] Group 4 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.52% of the index, with Zijin Mining and Shandong Gold being the largest constituents [6] - The top ten stocks include Zijin Mining (10.84% weight), Shandong Gold (10.02% weight), and Zhongjin Gold (7.37% weight), among others [8]