Group 1: Investment Ratings - No investment rating for the industry is provided in the report. Group 2: Core Views - The expectation of a Fed rate cut in December is rising, which may support precious metal prices. Global central banks are continuously buying gold, and geopolitical risks remain unresolved, all of which are factors that could support precious metal prices [1]. - The supply - demand outlook for platinum from 2025 - 2026 is expected to be tight, and with the rising expectation of a Fed rate cut in December, platinum prices may fluctuate upwards [1]. - The global palladium supply - demand outlook from 2025 - 2026 may shift from tight to loose, but due to the rising expectation of a Fed rate cut in December, palladium prices may be cautiously strong [1]. Group 3: Summary by Category Gold and Silver - **Price and Volume Data**: For Shanghai gold futures, the closing price on 2025 - 11 - 26 was 946.72, with a change of 14.16 compared to the previous week. The trading volume was 341,225. For spot Shanghai gold T + D, the closing price was 941.17, and the trading volume was 57,208. For international gold, the closing price of COMEX futures active contract was 4126.30, and the closing price of London gold spot was 4072.50. Similar data is provided for silver [1]. - **Important Information**: The Fed's Beige Book shows little economic change during the government - shutdown period, with tariff pressure squeezing corporate profits and AI suppressing some recruitment demand. The UK Chancellor of the Exchequer announced a £26 billion tax - increase plan, and the official budget watchdog leaked the budget [1]. - **Multi - and Short - Logic**: The negative ADP private - sector weekly new employment in the US and some Fed officials' support for a December rate cut have increased the expectation of a December rate cut. Japan's economic stimulus plan may increase its debt burden, and the UK's fiscal situation has changed, all of which may support precious metal prices [1]. - **Trading Strategy**: Investors should mainly lay out long positions when prices fall. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, pay attention to the support level around 870 - 890 and the resistance level around 960 - 1000. Similar levels are provided for silver [1]. Platinum - **Multi - and Short - Logic**: High mining costs, unstable power supply, and aging production equipment affect platinum production, while demand from industries such as hydrogen production and glass fiber is expected to be positive. The supply - demand outlook for 2025 - 2026 is expected to be tight, and combined with the rising expectation of a Fed rate cut in December, platinum prices may fluctuate upwards [1]. - **Trading Strategy**: Try to go long on the main contract with a light position in the short term, or pay attention to the arbitrage opportunity of "going long on platinum and short on palladium". For London platinum prices, pay attention to the support level around 1260 - 1460 and the resistance level around 1800 - 2000. For domestic platinum prices, pay attention to the support level around 325 - 377 and the resistance level around 465 - 516 [1]. Palladium - **Multi - and Short - Logic**: Supply is affected by mining and other issues, but the supply of recycled palladium is expected to increase. Demand from the automotive sector is expected to decline, while demand from industrial and medical fields has low elasticity. The global palladium supply - demand outlook from 2025 - 2026 may shift from tight to loose, but due to the rising expectation of a Fed rate cut in December, palladium prices may be cautiously strong [1]. - **Trading Strategy**: Try to go long on the main contract with a light position in the short term. For London palladium prices, pay attention to the support level around 1080 - 1280 and the resistance level around 1600 - 1800. For domestic palladium prices, pay attention to the support level around 320 - 350 and the resistance level around 415 - 465 [1].