Group 1 - Domestic gold jewelry prices have significantly adjusted downwards, with major brands reporting the following prices: Lao Feng Xiang at 1363 CNY/g, Lao Miao Gold at 1359 CNY/g, Chow Sang Sang at 1353 CNY/g, and Chow Tai Fook at 1363 CNY/g, while Liufu Jewelry remains at 1403 CNY/g [1][2] - The price changes reflect a decrease, with Chow Tai Fook dropping by 42 CNY, Chow Sang Sang by 53 CNY, Lao Feng Xiang by 45 CNY, and Lao Miao Gold by 44 CNY [2] Group 2 - The outlook for the gold market in 2026 is supported by expectations of interest rate cuts by the Federal Reserve, with a likelihood of 2 to 3 cuts anticipated for the year [3] - Global central bank gold purchases are expanding beyond geopolitical nations, contributing to a shift in the global foreign exchange reserve composition, where the share of dollar assets has decreased from 72% to 56%, while gold reserves have increased to 25% [3] - Despite high gold prices, investor demand remains strong, with gold investment demand in the first three quarters of 2025 reaching 551.5 tons, 477.5 tons, and 537.2 tons, significantly higher than the same period in 2024 [3] Group 3 - Potential negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically has led to declines in gold prices during periods of high inflation retreat [4] - Historical instances of central banks selling gold during liquidity pressures, such as in 1997 during the Asian financial crisis, could also pose risks to gold prices [4] - A significant easing of international geopolitical tensions may negatively impact gold demand and prices [4]

Core Viewpoint - The article discusses the recent significant decline in domestic gold jewelry prices and analyzes the potential for a continued bull market in gold for 2026, influenced by various economic factors and investor behavior [1][3]. Price Comparison - As of December 30, 2025, several gold jewelry brands reported a notable price drop for domestic 24K gold jewelry, with Lao Feng Xiang and Chow Tai Fook both priced at 1363 CNY per gram, while Lao Miao Gold was at 1359 CNY per gram, and Chow Sang Sang at 1353 CNY per gram. Liufu Jewelry maintained a price of 1403 CNY per gram [1][2]. Market Dynamics - The international gold price has seen fluctuations, dropping from a previous high of 4550 USD to around 4350 USD. The article raises the question of whether the gold bull market can continue into 2026 [2][3]. Support for Gold Market - Key factors supporting the gold market include expectations of interest rate cuts by the Federal Reserve, with three cuts totaling 75 basis points in 2025 and an anticipated 2-3 cuts in 2026. Additionally, global central bank gold purchases are expanding beyond geopolitical nations, with the share of dollar assets in global reserves decreasing from 72% to 56%, while gold reserves have increased to 25% [3]. Investor Behavior - Gold investment returns and capital inflows are positively correlated, with significant demand for gold observed in 2025, totaling 551.5 tons, 477.5 tons, and 537.2 tons in the first three quarters, respectively. Gold ETF and derivatives investments also showed strong performance, with figures of 226.6 tons, 170.5 tons, and 221.7 tons, all higher than the previous year. Despite a decline in gold jewelry consumption compared to the previous year, quarterly consumption remains high at nearly 400 tons [3]. Potential Risks - Possible negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically led to declines in gold prices during periods of high inflation retreat. Additionally, liquidity pressures could prompt central banks to sell gold, as seen during the 1997 Asian financial crisis when global central banks sold gold, leading to significant price drops [4].

Report Industry Investment Rating - The investment rating for the precious metals futures industry is "oscillating with a bullish bias" [2] Core View of the Report - Last week, precious metals rose smoothly driven by the Fed's interest rate cut expectations. The market's pricing for a December rate cut is over 85%. Silver's increase was significantly higher than that of gold. With the temporary easing of Sino - US trade and the start of important Russia - Ukraine conflict negotiations, the world's risk - aversion sentiment decreased, and the Fed's rate - cut cycle increased the risk appetite for stocks and other commodities, suppressing gold. Gold may face high - level oscillations in the medium term, while silver may have a catch - up rally [2] - The Fed's Beige Book shows that economic activity was basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 a slight increase. The overall outlook is unchanged, and some point out an increased risk of economic slowdown in the next few months. After the US government shutdown, more economic tracking data will be available, and the US economic downward pressure is increasing. If Trump chooses a dovish Fed chair, the expectation of a January rate cut will increase, boosting the upward momentum of precious metals, especially silver. Silver may follow gold's fluctuations passively, and its volatility will strengthen [3] Summary by Relevant Catalogs Market Review and Outlook - Precious metals rose last week due to Fed rate - cut expectations. The market's pricing for a December rate cut is over 85%. Silver outperformed gold. Gold may face high - level oscillations in the medium term, and silver may have a catch - up rally [2] - The Fed's Beige Book indicates mixed economic activity in different districts. The US economic downward pressure is increasing. A dovish Fed chair may boost precious metals in January, and silver's volatility will strengthen [3] Attention Factors - Factors to watch include Fed rate - cut expectations, international geopolitics, and US economic data exceeding expectations [4] Charts and Data - The report presents multiple charts related to the futures market (gold and silver futures prices, trading volume, and positions), interest rates and exchange rates (dollar index, US interest rates vs. gold prices), macro - data (US CPI, PCE inflation, employment, PMI, etc.), and fund positions and ratios (ETF positions, asset management institutional positions, gold - silver ratio, etc.) all sourced from Flush and Ningzheng Futures [5][11][15]

Core Viewpoint - The White House Press Secretary Levitt stated that Iran closing the Strait would be a "foolish" action [1] Group 1 - The statement reflects the U.S. government's stance on potential Iranian actions in the Strait [1] - The comment suggests that such a move by Iran could have significant geopolitical implications [1]

Core Viewpoint - The UAE Ministry of Foreign Affairs expressed concern following the US airstrike on Iranian nuclear facilities [1] Group 1 - The UAE's statement indicates a diplomatic stance on regional security issues [1]

Investment Ratings - The steel industry is rated as "Neutral" while the non-ferrous metals industry is rated as "Positive" [3] - Specific companies such as Luoyang Molybdenum (603993), Zhongjin Gold (600489), Shandong Gold (600547), Zijin Mining (601899), and China Aluminum (601600) are rated as "Buy" [3] Core Insights - The steel market is experiencing a seasonal downturn, with expectations of declining demand for construction materials and sheet steel, leading to a potential inventory accumulation cycle [1][18] - Copper prices are supported by tight supply at the mine level, but the overall demand remains weak during the off-season [1][41] - Aluminum prices are expected to fluctuate in the short term due to domestic low inventory supporting prices, despite some downstream sectors showing signs of weakness [1][50] - Gold prices are bolstered by international trade tensions, expectations of U.S. interest rate cuts, and geopolitical factors [2][54] - The lithium market faces oversupply pressures, with significant inventory levels expected to keep prices weak [2][57] Industry Summaries Steel Industry - Demand has weakened, with a notable decrease in terminal procurement volumes, down 14.62% week-on-week and 6.41% year-on-year as of June 6 [19] - Steel production from major varieties was 8.8038 million tons, a slight decrease of 0.05% from the previous week [21] - The total steel inventory increased by 0.26% week-on-week, but decreased by 20.97% year-on-year [27] Copper Industry - The copper market is influenced by U.S.-China trade tensions, with the first meeting of trade negotiations expected to impact copper prices significantly [41] - As of June 6, LME copper prices were $9,800 per ton, reflecting a 1.79% increase from the previous week [48] Aluminum Industry - The aluminum sector is facing pressure from rising costs due to higher alumina prices, while some downstream demand is weakening [50] - As of June 6, LME aluminum prices were $2,400 per ton, down 0.55% from the previous week [51] Gold Industry - Gold prices are supported by various macroeconomic factors, including rising U.S. debt and geopolitical tensions [2][54] - As of June 6, COMEX gold closed at $3,331 per ounce, up 0.54% from the previous week [54] Lithium Industry - The lithium market is characterized by significant inventory pressure, with prices expected to remain weak due to oversupply [57] - As of June 6, battery-grade lithium carbonate prices were 60,700 yuan per ton, down 1.30% from the previous week [58] Rare Earth and Minor Metals - Prices for light rare earths have shown an increase, with praseodymium-neodymium oxide priced at 449,000 yuan per ton as of June 6, up 2.51% [68]

Core Insights - Xiaomi's co-founder and vice chairman, Lin Bin, has been primarily responsible for addressing challenges posed by international geopolitical issues since January 2021, focusing on strategic partnerships, core technology, data privacy, and compliance in strategic investments [1][2] Group 1: Leadership and Responsibilities - Lin Bin describes his role as a combination of a lawyer and an international government relations expert, although he prefers to focus on technology and products [2] - Lin Bin, aged 57, holds a Bachelor's degree in Wireless Electronic Engineering from Sun Yat-sen University and a Master's degree from Drexel University [2] - He co-founded Xiaomi with Lei Jun in 2010 and served as the company's president until 2019, after which he became vice chairman [2] Group 2: Career Background - Prior to joining Xiaomi, Lin Bin worked at Google as an Engineering Director from 2006 to 2010 and held various positions at Microsoft from 1995 to 2006, including Software Design Engineer and Engineering Director [2] - Lin Bin's early responsibilities at Xiaomi included recruitment, administration, legal affairs, finance, and strategic partnerships, as well as expanding international business in markets like India and Indonesia [2]