1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Today, precious metals showed a weak and volatile trend. The market expects the Fed to keep interest rates unchanged this month. With a significant increase in energy prices, inflation expectations have risen, and the expectation of rate cuts this year has dropped to less than once. The market is waiting for Powell's statement at this week's Fed meeting for guidance [1]. - Geopolitically, the conflict between the US and Iran shows no sign of easing. Although Trump signaled that the war was nearing an end, Iran's Supreme Leader said they would not give up revenge, and the Israeli military said military operations against Iran would continue for at least three more weeks [1]. - There is a high degree of uncertainty in the war and the global economic outlook. It is difficult to predict when the Strait of Hormuz will resume normal shipping. Precious metals are suppressed by the weakening expectation of Fed rate cuts. In the short - term, the international gold price may fluctuate around $5000 per ounce [1]. - Currently, the possibility of the US obtaining huge benefits in the Middle East through this war has decreased. The US debt problem and the global de - dollarization logic will continue. In the future, the gold price is expected to remain at a high level, but it will also fluctuate more frequently when the valuation is high. Investors should patiently wait for low - buying opportunities [1]. 3. Summary According to Related Information Geopolitical Situation - Trump said the US military bombed Iran's oil export hub, Kharg Island, and is not ready to reach an agreement with Iran. The US military will soon escort oil tankers through the Strait of Hormuz. Israeli Prime Minister Netanyahu confirmed he is still alive and said Israel will continue its actions against Iran. The Israeli military said military operations against Iran will last at least three more weeks [2]. - Iran's Foreign Minister said Iran has never proposed a cease - fire or negotiation. A senior Iranian commander said ending the war has two conditions: Iran regains all losses and the US leaves the Persian Gulf [2]. - Iran's Foreign Minister said the Strait of Hormuz is only closed to "hostile countries and their allies' oil tankers and ships". Iran has allowed two Indian LPG carriers and a Turkish ship to pass through the Strait of Hormuz. From March 1st to 15th, only 77 ships passed through the Strait of Hormuz [2]. - The US has called on multiple countries to escort ships in the Strait of Hormuz. South Korea, Japan, France and other countries have responded. The UK is discussing relevant options, and the French Foreign Minister will discuss a joint naval mission in the Strait of Hormuz with EU foreign ministers on Monday [2].

Core Viewpoint - The report from CITIC Securities indicates that by the end of 2025, the scale of QDII funds is expected to reach 804.6 billion yuan, representing a year-on-year growth of 59.8%, with significant growth in funds tracking indices like the Hang Seng Tech [1] Group 1: QDII Fund Growth - The scale of QDII funds is projected to reach 804.6 billion yuan by the end of 2025, marking a 59.8% increase year-on-year [1] - New issuances are primarily focused on products related to the Hong Kong market, with a wide range of investment fields and diverse industries [1] - In the past five years, an additional QDII quota of 321 billion yuan has been estimated, which is expected to further promote the development of QDII funds [1] Group 2: Market Performance - The Asia-Pacific market is expected to lead global performance in 2025, with gold prices increasing by 65.7% amid a global trend of de-dollarization, leading to sustained market interest in gold [1] - The latest scale of mutual recognition funds in Hong Kong stands at 265.9 billion yuan, with the first batch of four products approved by the end of February 2026, indicating potential for future expansion [1] Group 3: Regulatory Changes - The usage of public QDII quotas is undergoing optimization and adjustment, with a tilt towards public products [1]

1. Report Industry Investment Rating - Gold: ★☆☆, indicating a bullish bias but with limited trading operability [1] - Silver: ★☆★, with unclear short - term trend and low trading operability [1] - Platinum: Suggest to lay out long positions at low levels with high safety margins [2] - Palladium: Participate by buying at low prices [2] 2. Core View of the Report - Short - term gold market fluctuations are mainly due to emotional swings after the start of the US - Iran war. It is recommended to take profits for long positions after the price rises. The medium - term impact will be determined by the war's development [1] - If the US and Israel achieve an overwhelming victory and regime change in Iran, gold may face a downward risk. If Iran conducts a strong retaliation and the war expands, gold prices will remain high but with more frequent fluctuations [1] - In the long run, factors such as the economic outlook after the oil price increase, Fed policies, Russia - Ukraine cease - fire negotiations, global trade situation, and US mid - term elections need to be concerned [1] - This week, attention should be paid to the war progress and the impact of important data such as US non - farm payrolls on Fed policy expectations [1] - Platinum has rebounded after the festival, and the platinum - palladium price difference has widened, but the further widening space is limited. The financial premium space of platinum and palladium may narrow, and it is recommended to lay out long positions at low levels [2] - Palladium's supply - side narrative is strengthening, its demand expectation is still weak, and the fundamentals are improving. It is advisable to buy at low prices [2] 3. Summary by Related Catalogs Iran Situation - Trump said that the new Iranian leadership hopes to resume negotiations, and he has agreed to dialogue [3] - Trump claimed to have killed 48 Iranian leaders and basically destroyed the Iranian naval headquarters, and the US military said it destroyed the Revolutionary Guard headquarters [3] - An Iranian interim leadership committee has been established, with the Iranian president as one of the main members [3] - The Iranian foreign minister said Iran is open to efforts to ease tensions, and new leader elections may be seen in the next few days [3] - The Israeli prime minister said the strike on Iran will be strengthened in the next few days [3] - Trump said the military action against Iran may last for 4 weeks [3] Middle - East Shipping Throat - There are a large number of oil tankers stranded outside the Strait of Hormuz [3] - Many shipping companies may detour around the Cape of Good Hope, and shipping costs may rise [3]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar has led to significant losses for investors who opted for high-yield US dollar deposits, as the currency exchange rate changes have overshadowed the interest earnings [1][2][3]. Group 1: Currency Market Dynamics - The onshore and offshore RMB exchange rates have strengthened post the Spring Festival, with the US dollar to RMB hitting lows of 6.8310 and 6.82665 respectively [1]. - Investors who previously bought US dollar deposits under the "high interest + exchange rate difference" logic are now reassessing their returns, often finding that interest earned does not cover exchange rate losses, leading to capital depreciation [1][2]. - The RMB deposit rates have fallen to the "1" range, while US dollar deposits were initially attractive with rates above 3% to 4% [1][4]. Group 2: Investor Experiences - Many investors have reported losses, with one individual noting a loss of 7,000 yuan after investing in US dollar deposits, highlighting a common sentiment of unexpected losses due to currency fluctuations [2]. - Another investor, who purchased 50,000 USD at an exchange rate of 7.23, received 2,250 USD in interest but faced a loss when converting back to RMB due to the appreciation of the RMB [2][5]. - The overall trend shows that many investors are seeking alternative sources of yield in a low-interest environment, leading to increased interest in US dollar deposits [2]. Group 3: Bank Strategies and Offerings - Despite the losses faced by some investors, banks continue to promote US dollar deposit products, with rates around 3% for one-year deposits and some promotional rates reaching up to 3.7% [4]. - The interest rate for RMB deposits has been declining, with major banks offering rates of 1.10% for one-year deposits, creating a persistent interest rate differential that attracts investors to US dollar deposits [4]. - Banks are using US dollar deposits as a tool for differentiated asset gathering, especially during key periods, while managing exchange rate risk [4][5]. Group 4: Future Outlook on Currency and Deposits - The ongoing appreciation of the RMB raises questions about the future value of US dollar deposits, with analysts suggesting that returns will increasingly depend on interest rates rather than exchange rate movements [6][7]. - The RMB has maintained a strong appreciation trend, with macroeconomic factors contributing to this shift, including a global move away from the US dollar and improvements in the international balance of payments [6][7]. - Analysts caution that the logic behind investing in US dollar deposits should focus on asset allocation rather than short-term gains, emphasizing the importance of understanding currency risks [7].

Core Viewpoint - The recent surge in the Renminbi (RMB) against the US dollar, breaking the 6.83 mark, is attributed to a combination of factors including shifts in monetary policy, economic recovery in China, and a global trend towards de-dollarization [1][20]. Group 1: RMB Exchange Rate Movement - On February 26, 2026, both onshore and offshore RMB broke the critical 6.83 level against the US dollar, with offshore RMB reaching a high of 6.83875, marking a three-year peak [1]. - In just three trading days, the RMB appreciated nearly 1%, with a cumulative increase of over 2.4% since the beginning of the year [3]. Group 2: Reasons for RMB Strength - The first core reason for the RMB's strength is the historical shift in US monetary policy, with expectations of at least two interest rate cuts by the Federal Reserve in 2026, leading to a weakening dollar [9][10]. - The second reason is the continuous recovery of China's economic fundamentals, with key indicators such as PMI and consumer spending showing significant improvement, boosting confidence in RMB assets [12][13]. - The third reason is the accelerating trend of de-dollarization globally, with an increasing number of countries using RMB for cross-border trade settlements, which enhances the demand for RMB [14][15]. Group 3: Impact of RMB Appreciation - The appreciation of the RMB has tangible benefits for ordinary citizens, including lower costs for foreign travel, imported goods, and potentially reduced fuel costs due to lower import prices for crude oil [17]. - While there may be short-term pressures for exporters, a stable exchange rate is expected to benefit foreign trade in the long run [17]. Group 4: Future Outlook for RMB - In the short term, the RMB is expected to have further appreciation potential, supported by ongoing foreign capital inflows and a recovering domestic economy [18][21]. - However, it is noted that the RMB will not experience a one-sided surge, and fluctuations will remain the norm, with the central bank aiming to maintain stability in the exchange rate [21].

Group 1: Trade Policy and Tariffs - President Trump announced a new 10% tariff on global imports to the U.S., effective for 150 days, following a Supreme Court ruling that deemed previous tariffs illegal [2][3] - The Supreme Court's ruling limits the President's ability to impose tariffs under the International Emergency Economic Powers Act but does not eliminate his overall tariff authority [2] - Trump indicated that the government would investigate "unfair trade practices" under Section 301 of the Trade Act of 1974 to protect U.S. interests [2] Group 2: Economic Indicators - The U.S. PCE price index for December 2025 showed a year-on-year increase of 2.9%, up from 2.8%, while the core PCE index rose to 3.0% from 2.8% [4] - The U.S. GDP growth for 2025 was reported at 2.2%, lower than the previous year's growth of 2.8%, with a disappointing annualized quarterly growth rate of 1.4% for Q4 2025 [4][5] Group 3: Precious Metals Market - Gold and silver prices surged, with silver prices increasing by 8.19% and gold prices rising over 2% [6] - Analysts suggest that the fundamentals supporting a "bull market" for precious metals remain intact, despite recent price fluctuations during the Chinese New Year [7][10] - Geopolitical risks, particularly tensions with Iran, are providing safe-haven support for precious metals [7] Group 4: Federal Reserve and Interest Rates - The Federal Reserve's recent meeting minutes indicated a consensus to maintain interest rates between 3.50% and 3.75%, but there are significant internal disagreements regarding future rate cuts [8] - Market expectations suggest that the Fed may not lower rates until July, influenced by recent economic data and political pressures [5][8] - Analysts believe that if the Fed delays rate cuts or even raises rates, it could lead to a correction in precious metal prices [8][10]

Core Viewpoint - The gold market experienced a significant drop, with international gold prices falling below the psychological threshold of $5000 per ounce, impacting domestic gold prices and raising concerns among investors who bought at higher prices [1][4]. Price Movement - As of February 17, 2026, international gold prices were reported between $4990 and $4992 per ounce, marking a nearly 1% decline from the previous day, which was around $5030 [4]. - Domestic gold prices also reflected this downward trend, with the main gold contract (Au9999) closing at 1108.5 yuan per gram, down 16.55 yuan, a decrease of 1.47% [4]. Price Discrepancy - The gold recycling price in formal channels ranged from 1045 to 1065 yuan per gram, while retail prices at major gold stores like Chow Tai Fook and Lao Feng Xiang were between 1529 and 1560 yuan per gram, indicating a nearly 500 yuan difference per gram due to costs associated with branding, design, and retail operations [3][6]. Market Influences - Geopolitical tensions eased with the commencement of indirect nuclear negotiations between the U.S. and Iran, leading to a withdrawal of safe-haven investments from gold [7]. - Confusion regarding the timing of potential interest rate cuts by the Federal Reserve has also contributed to the decline in gold prices, with expectations for a rate cut being pushed back from June to July or later [9]. - Technical adjustments were necessary after a rapid increase in gold prices, which surged over 13% from late 2025 to early 2026, prompting a market correction [10]. Central Bank Activity - The pace of gold purchases by central banks, particularly the People's Bank of China, has slowed significantly, with only a minor increase in reserves, indicating a more cautious approach to high gold prices [10]. Investment Outlook - Major investment banks have raised their future gold price targets despite the recent drop, with UBS projecting prices to reach $6200 per ounce by mid-2026, while Goldman Sachs has increased its target for December 2026 to $5400 [12][13]. - Analysts emphasize that structural factors such as concerns over the dollar's credibility and global de-dollarization efforts will continue to support gold prices in the long term [13].

Group 1 - The U.S. is facing a massive debt of $38.56 trillion, and traditional economic measures are ineffective in addressing the situation [3][4][6] - The current administration is increasing military spending, with a record budget of $838.5 billion approved for the fiscal year 2026, indicating a shift towards using military power as a means to manage debt [3][4] - There are plans for a drastic 300% devaluation of the dollar, which would effectively erase the real value of the national debt, raising concerns about the implications for global financial stability [4][6][7] Group 2 - The potential devaluation of the dollar could lead to a collapse of its status as the global reserve currency, accelerating the process of de-dollarization as foreign central banks diversify their reserves [7][8] - There is a growing distrust among traditional allies regarding U.S. debt, with countries like the UK and Nordic nations beginning to sell off U.S. bonds [8][9] - Reports indicate that 10% to 15% of U.S. investment-grade bonds are facing significant volatility risks, with predictions of rising default rates in high-yield bonds and loans by 2026 [9][10] Group 3 - China is strategically withdrawing from U.S. assets, indicating a systemic risk aversion as global capital seeks to distance itself from the impending devaluation of the dollar [10] - The U.S. is attempting to maintain its global dominance through aggressive military spending and a gamble on its economic future, risking the loss of trust and moral authority [11]

Group 1 - The value of gold in global central banks is projected to exceed the value of US Treasury bonds for the first time by mid-2025, marking a significant shift in the financial landscape [1] - Central banks are increasingly investing in gold, indicating a move away from the dominance of the US dollar, which has been a longstanding trend in global finance [3][9] - The Chinese economy is expected to reach a GDP of 140.2 trillion yuan in 2025, with a stable growth rate of 5.0%, driven by a transformation in production capabilities known as "new quality productivity" [3][5] Group 2 - The rise of AI, exemplified by the launch of the domestic model DeepSeek, showcases China's advancements in technology and its competitive position in the global tech landscape [3][5] - In 2025, Chinese manufacturers are projected to dominate the global humanoid robot market, reflecting the country's strength in hard technology [5] - The manufacturing sector, particularly high-tech manufacturing, is expected to outpace overall industrial growth, indicating a shift towards innovation-driven economic growth [5] Group 3 - The US CPI rose by 2.4% year-on-year in January 2026, lower than market expectations, providing the Federal Reserve with room to consider interest rate cuts [7] - The US dollar index fell by approximately 10% in 2025, marking one of the largest annual fluctuations since 1973, while the Chinese yuan has shown a strengthening trend [7][9] - The shift in foreign investment attitudes towards Chinese assets is moving from cautious observation to planned allocation, as indicated by the performance of Asian tech stocks compared to US tech stocks [9] Group 4 - The anticipated performance of Chinese indices, with MSCI China expected to rise by 20% and the CSI 300 by 12% in 2026, is supported by a projected acceleration in corporate profit growth from 4% in 2025 to 14% in 2026 [9] - The transition in economic dynamics is characterized by China's focus on quality improvement and technological advancement, contrasting with the US's challenges in normalizing monetary policy amid inflation and employment pressures [11] - The surpassing value of gold over US Treasury bonds may signal a significant shift in the global asset valuation framework, prompting market participants to prepare for a restructured investment landscape [11]

Group 1: Employment Data - In January, the U.S. non-farm payrolls increased by 130,000, marking the largest growth since the second half of 2025, significantly exceeding market expectations of 50,000 to 75,000 [2] - The unemployment rate decreased by 0.1 percentage points to 4.3%, indicating a slight recovery in the job market [2] - The total employment growth for 2025 was revised down from 584,000 to 181,000, highlighting a more significant weakness in the labor market than previously understood [2][3] Group 2: Currency Exchange Rates - The RMB to USD exchange rate surpassed 6.9, reaching a high of 6.8998, the strongest since May 4, 2023 [4] - The RMB has appreciated by 1.18% against the USD year-to-date, driven by increased demand for RMB and a weakening USD [4] - China's trade surplus exceeded $1 trillion for the first time, contributing to the RMB's strength [4] Group 3: Marriage and Divorce Statistics - In 2025, there were 6.763 million marriage registrations, an increase of 10.76% compared to 2024, with significant growth in regions with high inflows of migrants [6] - The increase in marriage registrations is attributed to the lifting of household registration restrictions and a low base effect from the previous year [6][7] Group 4: Hotel Pricing Trends - Hotel prices in smaller cities surged during the Spring Festival, with some prices increasing by over 20 times compared to regular rates [8] - In contrast, hotel prices in major cities decreased, with some experiencing price drops of over 50% during the same period [9] Group 5: Ford Motor Company Financials - Ford reported a net loss of approximately $8.2 billion for the fiscal year 2025, despite achieving record revenues of about $187.3 billion [14] - The electric vehicle segment, Ford Model e, generated revenues of around $6.7 billion but incurred losses of $4.8 billion, leading to significant asset write-downs [14][15] - Ford is adjusting its strategy in the electric vehicle market, focusing on more practical models to improve financial performance [15] Group 6: Market Performance - The stock market saw a slight increase, with the Shanghai Composite Index rising by 0.05% and significant trading volume of 2.14 trillion [16] - The power equipment sector experienced strong performance due to favorable policies, while consumer sectors showed weakness [16][17]