Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Gold prices reached a record high during Asian trading hours and then entered a consolidation phase, while silver prices slightly corrected due to long - position profit - taking. The short - term strengthening of the US dollar also put pressure on gold prices, but the downside is expected to be limited [3]. - The market's expectation of a Fed rate cut in September is further consolidated, providing underlying support for non - interest - bearing gold. The release of the US manufacturing PMI data in August slightly boosted the probability of a rate cut, but the market is waiting for the non - farm payrolls report on Friday for clearer signals on the Fed's rate - cut path [3]. - Trump's actions and the potential Supreme Court ruling on the tariff policy inject new uncertainties into the market, which may bring additional support to precious metals with safe - haven attributes [3]. - Technically, both gold and silver have entered the overbought zone, and there may be a short - term adjustment need. Investors are advised to wait for a pullback before lightly entering the market [3]. 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract was 814.88 yuan/gram, up 10.56 yuan; the closing price of the Shanghai silver main contract was 9820 yuan/kilogram, down 4 yuan [3]. - **Positions**: The main contract positions of Shanghai gold were 142,330 lots, up 3,706 lots; those of Shanghai silver were 270,592 lots, down 12,126 lots. The net positions of the top 20 in the Shanghai gold main contract were 178,319 lots, up 2,015 lots; those of Shanghai silver were 130,335 lots, up 3,714 lots [3]. - **Warehouse Receipts**: The warehouse receipt quantity of gold was 40,251 kilograms, up 60 kilograms; that of silver was 1,227,039 kilograms, up 11,811 kilograms [3]. 3.2现货市场 - **Spot Prices**: The Shanghai Non - ferrous Metals Network gold spot price was 809.48 yuan/gram, up 7.48 yuan; the silver spot price was 9,816 yuan/kilogram, down 5 yuan [3]. - **Basis**: The basis of the Shanghai gold main contract was - 5.4 yuan/gram, down 3.08 yuan; that of the Shanghai silver main contract was - 4 yuan/kilogram, down 1 yuan [3]. 3.3 Supply and Demand - **ETF Holdings**: Gold ETF holdings were 990.56 tons, up 12.88 tons; silver ETF holdings were 15,366.48 tons, up 56.48 tons [3]. - **CFTC Non - commercial Net Positions**: The gold CFTC non - commercial net positions were 214,311 contracts, up 1,721 contracts; the silver CTFC non - commercial net positions were 46,466 contracts, down 83 contracts [3]. - **Supply and Demand Quantities**: The total quarterly supply of gold was 1,313.01 tons, up 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The total quarterly demand for gold was 1,313.01 tons, up 54.83 tons; the global annual demand for silver was 1,195 million ounces, down 47.4 million ounces [3]. 3.4 Option Market - **Volatility**: The 20 - day historical volatility of gold was 9.45%, up 0.25%; the 40 - day historical volatility was 10.69%, up 0.05%. The implied volatility of at - the - money call options for gold was 22.76%, and that of at - the - money put options was 22.76% [3]. 3.5 Industry News - Trump will appeal the global tariff case ruling to the US Supreme Court and reiterates that the global tariff was launched due to the US economic emergency [3]. - The Deputy Governor of the Bank of Japan said that based on the economic and price improvement, continuing to raise interest rates is a suitable policy choice [3]. - The US August ISM manufacturing index rose slightly but was still below the market expectation and the boom - bust line. The new orders index expanded, but the output index contracted [3]. - The Eurozone's August CPI rose 2.1% year - on - year, and the core CPI slightly declined. The service price increase slowed down [3]. - The probability of the Fed keeping interest rates unchanged in September is 9.5%, and the probability of a 25 - basis - point rate cut is 90.5% [3].

Report Industry Investment Rating - No information provided on the report industry investment rating Core View of the Report - The freight futures prices of the container shipping index (European Line) declined collectively on Wednesday. The main contract EC2510 closed down 3.04%, and the far - month contracts fell between 1 - 3%. The spot indicators continued to decline. The "price war" has put continuous pressure on the fundamentals. With uncertainties in the trade war, weak demand expectations for the container shipping index (European Line), and large fluctuations in futures prices, investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1323.000, down 41.5; EC secondary main contract closing price: 1701.2, down 53.9 - EC2510 - EC2512 spread: +14.60 up; EC2510 - EC2602 spread: -211.00, down 1.60 - EC contract basis: +17.70 up, 450.60 - EC main contract open interest: 51946, down 2211 [1] Spot Market Data - SCFIS (European Line) (weekly): 1773.60, down 216.60; SCFIS (US West Coast Line) (weekly): 1013.90, down 27.48 - SCFI (composite index) (weekly): 1445.06, up 29.70; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1156.32, down 18.55; CCFI (European Line) (weekly): 1685.80, down 71.94 - Baltic Dry Index (daily): 1986.00, up 38.00; Panamax Freight Index (daily): 1764.00, up 49.00 - Average charter price (Panamax ship): 14170.00, up 274.00; average charter price (Capesize ship): 26105.00, down 359.00 [1] Industry News - China's Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. These measures have been in effect since April 1, 2024, and eligible paid taxes can be refunded, which directly boosts the investment return of the social security fund [1] - US President Trump said he would appeal the global tariff case ruling to the US Supreme Court. He believes that uncertainty causes the stock market to fall. Winning or losing the tariff case will have a significant impact on the stock market, and canceling tariffs may make the US a third - world country [1] - Bank of Japan Deputy Governor Hino Ryozo said that based on the improvement of the economy and prices, it is appropriate to continue to raise interest rates. Despite three rate hikes, Japan's real interest rate remains at a significantly low level due to persistent inflation, and there is still room for monetary policy normalization [1] Key Data to Focus On - September 4, 17:00, Eurozone retail sales month - on - month rate for July - September 4, 20:15, US ADP employment change (in ten thousand people) for August - September 4, 20:30, US initial jobless claims (in ten thousand people) for the week ended August 30 - September 4, 20:30, US trade balance (in billion US dollars) for July [1]