Core Viewpoint - Recent statements from U.S. President Trump regarding trade agreements and a strengthening dollar have led to a significant decline in gold and silver prices, which had been trading at high levels [1][3]. Group 1: Gold Price Movements - On October 17, gold futures and spot prices reached intraday historical highs of $4,392 and $4,380 per ounce, respectively [1]. - By the end of the trading day, gold futures for December delivery on the New York Commodity Exchange closed at $4,213.30 per ounce, marking a decline of 2.12% from the previous day [3]. - London spot gold prices fell below $4,200 per ounce during the day [3]. Group 2: Silver Price Movements - Silver prices also experienced a decline, with December silver futures closing at $50.62 per ounce, reflecting a drop of 5.01% [3]. - London spot silver prices saw a daily decline of 5.26%, closing at $54.14 per ounce [3]. Group 3: Market Analysis and Future Projections - Year-to-date, international gold prices have increased by over 60%, primarily driven by the U.S. government shutdown since October [5]. - Long-term support for gold prices is expected from factors such as Federal Reserve interest rate cuts and central bank purchases [5]. - Goldman Sachs has raised its gold price forecast for December 2026 to $4,900 per ounce, while Bank of America has set a target of $5,000 per ounce for the same period [5]. - Despite the bullish outlook, some investment institutions caution that the rapid increase in gold prices may lead to volatility and potential sell-offs if price momentum stalls [5].

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Views - The report highlights that macroeconomic sentiment fluctuations have led to relatively strong performance in precious metals, with gold and silver prices rising due to heightened risk aversion amid geopolitical tensions and expectations of continued interest rate cuts by the Federal Reserve [1][20][21] - The report emphasizes the impact of new export control policies on rare earths, which are expected to strengthen China's competitive edge in the industry and have long-term implications for the entire supply chain [1][3] Summary by Sections Base Metals & Precious Metals - Copper prices have risen, reaching 85,910 CNY/ton, driven by supply shocks and increased export expectations, despite weak domestic demand [1][12] - Aluminum prices increased to 20,980 CNY/ton, with slight reductions in theoretical production capacity due to regional capacity transfers and maintenance [1][15] - Gold prices reached an average of 871.03 CNY/gram, up 3.99% from the previous week, while silver prices rose to 10,856 CNY/kg, up 6.72% [1][20] Minor Metals - Antimony prices have decreased, with 2 high bismuth antimony ingot at 166,500 CNY/ton, reflecting a weak market due to ongoing supply issues and cautious demand [2] - The report notes that the antimony market remains weak, with limited replenishment observed post-holiday [2] Rare Earths - The report discusses the impact of new export control policies on the rare earth industry, with prices for light rare earths slightly decreasing while medium and heavy rare earths saw minor increases [3] - The integration of separation plants is ongoing, and processing fees have risen, indicating a potential upward trend in valuations for the sector [3] Outlook - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, and China Aluminum for potential investment opportunities based on the current market dynamics [1][19]

Core Viewpoint - The company, Meichang Co., Ltd. (300861), reported a significant increase in tungsten powder prices, which has exceeded expectations, and the rising prices of final recovered diamond wire and waste materials are largely offsetting costs [1] Group 1 - The company indicated that the price increase of tungsten powder is unusual and has surpassed initial forecasts [1] - The rising prices of recovered diamond wire and waste materials are effectively mitigating most of the cost increases [1] - The company's procurement strategy remains focused on demand-based purchasing, maintaining a cautious approach while managing inventory to mitigate price volatility risks [1]

Group 1: Market Trends - The "golden alternative" market is gaining traction, with silver and platinum becoming popular in the precious metals market [1] - Silver prices have surged, reaching over $37 per ounce in June, marking a nearly decade-high [1] - Platinum futures have also risen, hitting $1,447.9 per ounce, the highest since September 2014, with a year-to-date increase of over 50% [1] Group 2: Consumer Behavior - Consumers are shifting from gold to platinum jewelry, with some retailers reducing gold display space in favor of platinum [1] - Sales of silver investment products, such as silver bars and ingots, have seen a year-on-year increase of over 40% [1] Group 3: Investment Insights - Analysts suggest that the recent rise in platinum prices may stabilize, advising investors to focus on long-term asset allocation rather than short-term trading [3] - The demand for silver is driven by industrial needs in sectors like electric vehicles, AI, semiconductors, and 5G, alongside its appeal as a hedge against economic uncertainty [3][2] - A significant increase in new silver investment accounts and trading volume has been observed since May, indicating growing investor interest [3] Group 4: Investment Accessibility - The barriers to investing in silver are relatively low, with various channels available for domestic investors, including bank silver accounts and silver ETFs [4]