Core Viewpoint - Dongxing Fund announced the resignation of fund manager Kang Kai for personal reasons, with Sun Jiqing taking over the Dongxing Reform Selected Mixed Fund [2][3] Fund Manager Transition - Kang Kai resigned on June 6, 2025, and Sun Jiqing, the current head of the research department, has taken over the fund [3] - Sun Jiqing previously managed the Dongxing Reform Selected Mixed Fund from September 8, 2015, to June 1, 2024, and has not managed any equity products in the past year [3] Fund Performance - The Dongxing Reform Selected Mixed Fund was established on September 8, 2015, and has seen a net value decline of 21% since inception, a 29.08% decline over the past three years, a 0.88% decline over the past year, and a 2.07% increase over the past six months [3][4] - As of March 31, 2025, the fund's net asset value had decreased significantly from an initial subscription amount of approximately 466 million to about 1.7348 million, with C-class shares valued at only 52,300 [4] Investment Strategy - The fund focuses on industries with supply-side clearing or significant capacity constraints, selecting companies with low capital expenditure or those experiencing capacity clearing, which are expected to have high upside potential during industry reversals [5] - The current investment environment suggests that gold is a relatively stable asset, while the long-term supply constraints for copper and aluminum are unlikely to change, indicating potential investment opportunities following Federal Reserve interest rate cuts [5]

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoint The gold price maintains a high - level volatile pattern supported by risk - aversion sentiment dominated by tariffs. Although the US dollar strengthens slightly in the short - term and exerts pressure on the gold price, the gold's safe - haven property is continuously boosted by geopolitical risks. Silver also maintains a strong trend due to the rise in the gold price and the expectation of the Fed's interest rate cut, and the gold - silver ratio is expected to decline periodically. In the long - term, the US debt problem may lead to a long - lasting global de - dollarization trend, which is structurally beneficial to the gold price, and the long - term bullish logic for gold remains unchanged, with a short - term tendency to be volatile and bullish [2]. 3) Summary by Relevant Catalogs a) Market Data - **Futures Market**: The closing price of the Shanghai gold main contract is 782.42 yuan/gram, down 0.68; the closing price of the Shanghai silver main contract is 8463 yuan/kilogram, up 7. The main contract positions of Shanghai gold decreased by 523 to 180310 hands, while those of Shanghai silver increased by 9481 to 379627 hands. The net positions of the top 20 in the Shanghai gold main contract increased by 4044 to 129913 hands, and those of Shanghai silver decreased by 2228 to 142476 hands. The gold warehouse receipt quantity remained unchanged at 17247 kilograms, and the silver warehouse receipt quantity increased by 18364 to 1087210 kilograms [2]. - **Spot Market**: The Shanghai Non - ferrous Metals Network gold spot price is 781.4 yuan/gram, up 0.1; the silver spot price is 8454 yuan/kilogram, up 29. The basis of the Shanghai gold main contract is - 1.02 yuan/gram, up 0.78; the basis of the Shanghai silver main contract is - 9 yuan/kilogram, up 22 [2]. - **Supply and Demand**: Gold ETF holdings increased by 2.57 tons to 935.64 tons, and silver ETF holdings increased by 64.83 tons to 14416.65 tons. The non - commercial net positions of gold in CFTC increased by 10203 to 174184 contracts, and those of silver increased by 2970 to 53012 contracts. The total quarterly supply and demand of gold are both 1313.01 tons, up 54.84 and 54.83 respectively. The total annual supply of silver is 987.8 million ounces, down 21.4; the total annual global demand is 1195 million ounces, down 47.4 [2]. - **Option Market**: The 20 - day historical volatility of gold is 22.57%, up 0.36; the 40 - day historical volatility is 27.14%, down 0.12. The implied volatility of at - the - money call and put options for gold is 23.69%, up 0.56 and 0.55 respectively [2]. b) Industry News - Trump announced to raise the tariffs on imported steel, aluminum and their derivatives from 25% to 50% starting from 00:01 on June 4, 2025, except for those from the UK which remain at 25% [2] - With five weeks left until the tariff restoration on July 8, the Trump administration urged countries to submit the best trade negotiation plans before June 4, bringing new uncertainties to the global market [2] - The OECD lowered the economic growth forecasts of the US and the world. The US growth rate in 2025 is reduced from 2.2% to 1.6%, and is expected to be 1.5% in 2026 [2] c) Macroeconomic Data - US April durable goods orders decreased by 6.3% month - on - month, in line with expectations; factory orders in April decreased by 3.7% month - on - month, slightly below expectations [2] - US April JOLTS job openings were 7.391 million, higher than the expected 7.1 million [2] - The US May ISM manufacturing PMI hit a new low since November 2024, remaining in the contraction range for months [2]

Report Industry Investment Rating - Not provided Core View of the Report - Due to the continuous improvement in tariff situation expectations, the market's risk aversion sentiment has marginally declined, the US dollar index has strengthened in the short - term, and precious metals in the Shanghai market have continued to correct. The US consumer confidence index in May was significantly higher than expected. The positive progress in tariff negotiations has boosted the short - term strength of the US dollar, putting pressure on the gold price. In the short term, the safe - haven demand for gold may be relatively weakened, and there is a possibility of continued correction. In the medium to long term, the US debt problem may lead to a long - term global trend of de - dollarization, which is structurally beneficial to the gold price. The repeated geopolitical situations in the Middle East and Russia - Ukraine will still boost the safe - haven property of gold. The gold purchase demand of central banks in emerging countries and the continuous net inflow of gold ETFs indicate a stable investment demand for gold. For silver, the improvement in economic expectations provides some support, but it is strongly correlated with the gold price, and it may maintain a volatile pattern recently [2]. Summary According to the Directory Futures Market - The closing price of the Shanghai gold main contract was 772.28 yuan/gram, up 0.68 yuan; the closing price of the Shanghai silver main contract was 8225 yuan/kilogram, up 8 yuan. The main contract positions of Shanghai gold were 199,056 hands, down 5,739 hands; those of Shanghai silver were 350,276 hands, down 14,143 hands. The net positions of the top 20 in the Shanghai gold main contract were 121,281 hands, up 466 hands; those of Shanghai silver were 162,070 hands, up 4,748 hands. The warehouse receipt quantity of gold was 17,247 kilograms, unchanged; that of silver was 1,006,250 kilograms, up 17,930 kilograms [2]. Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network was 766.06 yuan/gram, down 10.94 yuan; the spot price of silver was 8211 yuan/kilogram, down 22 yuan. The basis of the Shanghai gold main contract was - 6.22 yuan/gram, down 11.62 yuan; the basis of the Shanghai silver main contract was - 14 yuan/kilogram, down 30 yuan [2]. Supply and Demand Situation - The gold ETF holdings were 922.46 tons, unchanged; the silver ETF holdings were 14,217.5 tons, unchanged. The non - commercial net positions of gold in CFTC were 163,981 contracts, up 2,772 contracts; those of silver in CTFC were 50,042 contracts, up 2,288 contracts. The total supply of gold in the quarter was 1,313.01 tons, up 54.84 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter was 1,313.01 tons, up 54.83 tons; the global total demand for silver in the year was 1,195 million ounces, down 47.4 million ounces [2]. Option Market - The 20 - day historical volatility of gold was 21.76%, down 0.06%; the 40 - day historical volatility was 27.11%, unchanged. The implied volatility of the at - the - money call option for gold was 27.52%, up 0.03%; the implied volatility of the at - the - money put option was 27.51%, up 0.02% [2]. Industry News - Trump said on social media that he was encouraged by the EU to speed up trade negotiations. The EU is seeking to speed up trade negotiations with the US, focusing on key industries, tariffs, and non - tariff barriers. Hassett said that the tariffs of some countries may be reduced to 10% or lower, and the trade agreement with India is close to completion. Ron DeSantis, the governor of Florida, signed a law recognizing gold and silver as legal tender in the state to protect Floridians from the impact of the US dollar depreciation. The US consumer confidence index in May rose significantly from 85.7 in April to 98, higher than all economists' expectations [2].