Report Information - Report Title: Precious Metals Daily Review - Date: March 10, 2026 - Research Team: Macro Finance Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the medium to long - term, the unprecedented changes in a century and Sino - US competition will continue to drive the gold price up. In the short - term, the Iran war boosts safe - haven demand but also weakens the Fed's rate - cut expectations and pushes up the US dollar exchange rate. The precious metals sector has high volatility, and the gold price is expected to show a wide - range shock pattern. Investors are advised to take a bullish position while strictly controlling positions. This week, attention should be paid to the development of the Iran situation, Sino - US price data, and China's trade data [4] - After the sharp decline at the end of January due to the Fed's suspension of the rate - cut process and Trump's nomination of a hawkish Fed chairman candidate, the precious metals sector showed a strong sign of stabilizing and rebounding in February. Affected by factors such as the chaotic international trade situation, the gloomy global economic growth outlook, the Fed's loose monetary policy, and rising geopolitical risks, the precious metals sector is expected to continue to rise strongly along the upward trend line since September 2025. However, historical experience shows that the precious metals rally driven by geopolitical conflicts is often short - lived, and investors are advised to control positions, maintain a bullish view, long - hedgers can seize the opportunity to establish hedging positions, and short - hedgers should appropriately reduce hedging positions [6] Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - The weak US job market boosts the Fed's rate - cut expectations. However, Iran's blockade of the Strait of Hormuz hinders international crude oil trade, and Iran's selection of a hard - line successor as the supreme leader raises concerns about the long - termization of the Iran war. Rising oil prices and inflation may hinder the Fed from cutting rates. On Monday's Asian session, the London gold price once fell to $5014 per ounce [4] Medium - term Market - After the sharp decline in late January, the precious metals sector rebounded in February. On February 20, the US Federal Supreme Court's ruling that the Trump administration had no right to levy tariffs under the IEEPA re - destabilized international trade, pushing the international gold price up to around $5200 per ounce, and Middle - East geopolitical risks increased the safe - haven demand for precious metals [6] Domestic Precious Metals Market Conditions | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold Index | 1,143.78 | 1,155.57 | 1,123.86 | 1,143.19 | - 0.05% | 289,469 | 4731 | | SHFE Silver Index | 21,571 | 21,857 | 20,433 | 21,576 | 0.03% | 492,049 | - 5469 | | GZFE Platinum Index | 559.04 | 558.89 | 521.83 | 548.31 | - 1.92% | 26,741 | - 639 | | GZFE Palladium Index | 420.61 | 416.08 | 399.48 | 412.47 | - 1.94% | 9,253 | 26 | [5] 2. Precious Metals Market - Related Charts - The report includes charts such as Shanghai gold and silver futures indexes, London gold and silver spot prices, the basis of Shanghai futures indexes against Shanghai Gold Exchange T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sources from Wind and the Research and Development Department of CCB Futures [8][10][16] 3. Major Macroeconomic Events/Data - Iran announced that Mojtaba Khamenei would succeed his father Ali Khamenei as the supreme leader, indicating that the hard - line faction still firmly controls the Tehran regime. Israeli Prime Minister Netanyahu said the government would continue military operations [17] - US employment decreased by 92,000 in February unexpectedly, and the unemployment rate rose to 4.4%, which may indicate a deterioration in the labor market. The decline in employment was partially due to strikes in the healthcare industry and winter storms affecting the construction and leisure and hospitality industries [17] - Due to the Iran war, Iraq's oil production in southern major oil fields has dropped by 70%. Qatar's energy minister said that if the Iran conflict continues and pushes the oil price to $150 per barrel, all Gulf energy - producing countries are expected to stop exports within weeks. Kuwait National Petroleum Company also started to cut crude oil production and declared force majeure [17]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the short - term, the geopolitical risks in the Middle East are beneficial to the price of precious metals, but they are more phased. The precious metals sector has high volatility. It is recommended that investors participate in trading with a bullish mindset while strictly controlling their positions. In the long - term, the once - in - a - century changes and the Sino - US competition will continue to drive up the gold price [4]. - Affected by factors such as the chaotic international trade situation, the gloomy global economic growth prospects, the Fed's loose monetary policy, and rising geopolitical risks, the precious metals sector is expected to continue to move up strongly along the upward trend line since September 2025. However, historical experience shows that the rise in precious metals driven by geopolitical conflicts is often short - lived, and the volatility of the precious metals sector remains high. Investors are advised to continue to participate in trading with a bullish mindset while controlling their positions. Long - hedgers can seize the opportunity to establish hedging positions, and short - hedgers should appropriately reduce their hedging positions [6]. 3. Summary by Relevant Catalogs Precious Metals Market Conditions and Outlook Intraday Market - The US and Israel launched a fierce attack on Iran, killing many Iranian executives. Iran retaliated by air - raiding US and Israeli military bases and blocking the Strait of Hormuz. The geopolitical risks in the Middle East have sharply increased, causing international oil prices to soar by nearly 10%. Driven by safe - haven and anti - inflation demands, the price of London gold has broken through the $5400 per ounce mark [4]. - This week, attention should be paid to the development of the Iranian situation, the Two Sessions in China, and the US non - farm payrolls in February [4]. Medium - term Market - After a sharp decline at the end of January due to the Fed's suspension of interest rate cuts and Trump's nomination of a hawkish Fed chairman candidate, the precious metals sector showed a strong sign of stabilizing and rebounding in February. On February 20th, the US Federal Supreme Court ruled that the Trump administration had no right to impose tariffs under the IEEPA, and the international trade situation became turbulent again, pushing the international gold price to around $5200 per ounce. The geopolitical risks in the Middle East have further increased the safe - haven demand for precious metals [6]. Domestic Precious Metals Market Conditions | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold Index | 1,150.38 | 1,199.70 | 1,151.37 | 1,199.64 | 4.28% | 309,821 | 7555 | | SHFE Silver Index | 22,852 | 24,194 | 22,822 | 24,170 | 5.77% | 530,068 | 5322 | | GZFE Platinum Index | 621.98 | 639.86 | 603.30 | 624.59 | 0.42% | 29,411 | 505 | | GZFE Palladium Index | 463.50 | 472.15 | 454.57 | 462.48 | - 0.22% | 9,198 | 208 | [5] Main Macro - Events/Data - The US International Trade Commission (USITC) will conduct an investigation to evaluate the economic impact of revoking China's Permanent Normal Trade Relations (PNTR) over a six - year period. The results will be announced before August 21st. It will also examine another scenario where if Congress revokes PNTR, partial tariffs will be gradually imposed on important products related to national security over five years [18]. - Oman, as a mediator, said that the US and Iran have made significant progress in negotiations aimed at resolving a long - standing nuclear dispute and avoiding new US military strikes. The two sides plan to return to their capitals for consultations and then resume negotiations as soon as possible, with technical - level discussions scheduled in Vienna next week [18]. - The number of initial jobless claims in the US increased slightly by 4000 to 212,000 last week. With a stable labor market, the unemployment rate in February is expected to remain unchanged, indicating a "low - hiring, low - firing" state in the labor market. This confirms economists' expectations that the Fed will not cut interest rates before Chairman Powell's term ends in May [18].

Group 1 - The Hong Kong business community is reassessing China's innovation and technology capabilities, particularly in light of significant advancements by mainland enterprises in various fields this year [1][3]. - Hong Kong is viewed as a strategic entry point for businesses looking to expand into mainland China and the broader Asian market, with a focus on new collaboration opportunities [1][3]. - The IMF has revised its global economic growth forecast for this year to 3.2%, a decrease of 0.1 percentage points from last year, with expectations of further slowdown to 3.1% next year due to geopolitical risks and rising debt pressures [2][3]. Group 2 - The IMF indicates that Asian economies are adjusting their economic structures and expanding domestic demand to mitigate external shocks, which is expected to contribute an additional 1.4% to the region's GDP growth in the long term [3]. - Hong Kong's financial market has seen increased activity, with significant inflows of capital and a favorable investment environment, despite global economic uncertainties [4][5]. - The Hong Kong Investment Management Company has invested in over 130 projects, leveraging each HKD invested to attract approximately 6 HKD in market co-investment [5]. Group 3 - Hong Kong maintains its status as a free port with a commitment to open and predictable trade policies, despite recent escalations in trade tensions [6].

Report Summary 1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided content. 2. Core Viewpoints of the Report - In the short - term, the weak US non - farm payroll data but unexpected growth in employment wages have cooled the Fed's interest rate cut expectations, which has pressured precious metals. However, the LA riots caused by ICE's arrest of illegal immigrants and the short - term improvement in international trade situation have provided support for precious metals. The inflow of investment funds into the silver market has driven up silver prices, but the mid - term growth of the global economy and silver's industrial demand are still weak, so the purely capital - driven rise may not be sustainable. Gold's safe - haven demand has been greatly boosted, with increased volatility but a good mid - line upward trend. Investors are advised to maintain a long - position mindset and participate in trading with medium - low positions [4]. - In the mid - term, Trump's equal - tariff measures in April triggered a global financial market tsunami and accelerated the restructuring of the global economic and trade system. Multiple safe - haven demands drove the gold price to soar. Although the gold price has corrected from its high, the medium - term upward trend remains good. The factors driving the gold price up in the long and medium terms will continue to exist, but the short - term surge in the gold price and its high price - to - earnings ratio also mean significantly increased volatility. Investors are advised to maintain a long - position mindset and participate in trading with medium - low positions. Traders with a short - position mindset can consider the "long gold, short silver" arbitrage trade [6]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: The weak US non - farm payroll data and unexpected wage growth cooled the Fed's interest rate cut expectations, pressuring precious metals. The LA riots and short - term improvement in international trade situation supported precious metals. Investment funds flowed into the silver market, driving up silver prices, but the mid - term growth of the global economy and silver's industrial demand are weak. Gold's safe - haven demand was boosted, with increased volatility but a good mid - line upward trend [4]. - **Mid - term Market**: Trump's equal - tariff measures in April drove the gold price to soar. After a high - level correction, the medium - term upward trend remains good. The long - and medium - term factors driving the gold price up will continue to exist, but the short - term surge and high price - to - earnings ratio lead to increased volatility. Investment suggestions are provided for different types of traders [6]. 3.2 Precious Metals Market - Related Charts The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai gold TD, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the research and development department of Jianxin Futures [8][10][12]. 3.3 Main Macroeconomic Events/Data - The US California National Guard was deployed to LA to quell protests over the arrest of illegal immigrants, leading to conflicts with protesters. There are disputes between Trump and the California governor over this deployment [18]. - China's Ministry of Commerce stated that it is reviewing rare - earth related export license applications, and has approved a certain number of compliant applications and will continue to strengthen the approval work. Some temporary export licenses have been issued to rare - earth suppliers of certain US companies [18]. - US non - farm payrolls increased by 139,000 in May, with slow employment growth but steady wage increases. The uncertainty of Trump's tariff policy has affected corporate planning, and the financial market has adjusted its bets on the Fed's interest rate cuts [19]. - The US has suspended the licenses of nuclear equipment suppliers to sell products to Chinese nuclear power plants [19]. - The US Treasury has imposed sanctions on more than 30 individuals and entities related to Iran for money - laundering through the global financial system [19].

Group 1: Financial Performance - In 2024, the company's operating revenue reached 3.754 billion yuan, representing a year-on-year increase of 38.43% [2] - The net profit attributable to shareholders was 27.7063 million yuan, with a year-on-year growth of 15.57% [3] Group 2: Business Growth Drivers - The primary revenue growth in 2024 was driven by copper tube and copper rod products [2][3] - The company is currently in the trial production stage for copper ultra-fine wire and copper connection materials [3] Group 3: Investor Relations Activity - The investor relations activity was held online on May 15, 2025, from 15:00 to 16:30 [2] - Key personnel present included the General Manager, Financial Director, Independent Director, and Deputy General Manager [2] Group 4: Market and Strategic Insights - The company’s business is not directly involved in overseas markets, thus not significantly affected by international trade tensions and tariff adjustments [2] - There are currently no plans for share repurchase or increase in holdings [3]

Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: This week, the futures prices of edible oils showed a divergent trend. As the palm oil main - producing areas enter the peak production period, the inventory will significantly increase in the coming months, and the palm oil price at the origin is expected to continue to be under pressure. The increasing supply pressure is pushing the palm oil price center of gravity to decline continuously. The pattern of strong supply and weak demand for palm oil at the origin is intensifying. The re - allocation of arbitrage funds temporarily eases the weakness of soybean oil and rapeseed oil and promotes the return of the price difference between edible oils to a normal level. With the arrival of the off - season for domestic edible oil demand and the successive arrival of imported soybeans, the factory operating rate will further increase, and the soybean oil inventory will enter the accumulation stage. In addition, factors such as the promotion of biodiesel policies and changes in the international trade situation will also affect the edible oil market. It is highly likely that the prices of the three major domestic edible oils will fluctuate widely [9][31]. Market Data Summary Spot Analysis - As of May 8, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,210 yuan/ton, unchanged from the previous trading day, and it was at an average level compared with the past 5 years [10]. - As of May 9, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,550 yuan/ton, up 30 yuan/ton from the previous trading day, and it was at a relatively high level compared with the past 5 years [11]. - As of May 8, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,550 yuan/ton, up 50 yuan/ton from the previous trading day, and the futures main - contract price was 9,372 yuan/ton, up 37 yuan/ton month - on - month. It was at a relatively low level compared with the past 5 years [13]. Other Data - As of May 2, 2025, the national soybean oil inventory increased by 20,000 tons to 711,000 tons. On May 7, 2025, the national commercial palm oil inventory decreased by 19,000 tons to 332,000 tons [17]. - As of May 8, 2025, the port's imported soybean inventory was 5,207,280 tons [20]. - As of May 9, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 460 yuan/ton, up 10 yuan/ton from the previous trading day, and it was at an average level compared with the past 5 years [21]. - As of May 9, 2025, the basis of 24 - degree palm oil in Guangdong was 664 yuan/ton, up 52 yuan/ton from the previous trading day, and it was at a relatively high level compared with the past 5 years [22]. - As of May 9, 2025, the basis of rapeseed oil in Jiangsu was 145 yuan/ton, down 33 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [24]. Comprehensive Analysis - This week, the futures prices of edible oils fluctuated. The Y2509 soybean oil contract fell 0.66% to close at 7,780 yuan/ton, the P2509 palm oil contract fell 3.22% to close at 7,886 yuan/ton, and the OI2509 rapeseed oil contract rose 0.62% to close at 9,355 yuan/ton [5][30]. - In terms of palm oil, data from the Malaysian Palm Oil Association (MPOA) showed that from April 1 - 30, 2025, Malaysia's palm oil production increased by 24.62% month - on - month. The Southern Peninsula Palm Oil Millers' Association (SPPOMA) reported a 17.03% month - on - month increase for the same period, and its data showed a 60.17% month - on - month increase in palm oil production from May 1 - 5. The palm oil production at the origin showed a strong upward trend, and the Malaysian palm oil price fell 1.68% [7][30]. - In terms of soybean oil, as of the week of May 4, 2025, the U.S. soybean planting rate was 30%, lower than the market expectation of 31%, compared with 24% in the same period last year and a five - year average of 23%. The U.S. soybean emergence rate was 7%, compared with 8% in the same period last year and a five - year average of 5%. Overall, the start of the U.S. soybean season was normal, and the U.S. soybean price fell 0.57% this week [7][30].

Group 1: Investor Relations Activities - The company conducted an investor relations activity on April 29, 2025, via an online meeting in the company conference room [3] - Attendees included various securities firms and investment funds, such as Huayuan Securities, Dongwu Securities, and Galaxy Fund [3] Group 2: Impact of International Trade - The company reported minimal impact on its operating performance due to the complex international trade situation, focusing on high-potential markets outside of developed countries [4] - Plans to expand overseas production capacity are in place to mitigate the effects of changing international trade environments [4] Group 3: Performance Growth - The company achieved significant growth in revenue and profit in Q1 2025, attributed to strategic resource allocation in high-growth markets like Russia [5] - Continuous efforts to explore and cultivate emerging markets are expected to sustain growth momentum [5] Group 4: Dividend Policy - Since listing on the Beijing Stock Exchange in August 2023, the company has executed four cash dividend distributions totaling approximately CNY 160 million [6] - The management emphasizes shareholder returns and will consider strategic development and annual performance when planning future dividends [6]