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]