1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's concern about inflation rebound has increased due to the impact of the Middle - East conflict on oil prices, and the US dollar index has strengthened continuously. The probability that the Fed will keep the interest rate unchanged in this week's meeting is as high as 99.2%, and the expectation of interest rate cuts this year has been significantly revised down, further consolidating the strong position of the US dollar, which has put pressure on base metals. On the 17th, there was a large - scale inventory delivery overseas, and the LME inventory returned to over 110,000 tons. The LME zinc price dropped by more than 1 percentage point, dragging down the Shanghai zinc price. The main contract closed at 23,700 yuan/ton, down 315 yuan, a decline of 1.31%. The average price of SMM Zn50 domestic TC this week remained flat at 1,550 yuan/metal ton. Although the offers of imported ore increased, affected by overseas supply disruptions, the imported zinc concentrate index continued to decline to $11.25/ton. With the resumption of work in smelters and the increase in natural days, the refined zinc output in March will increase month - on - month. The SMM zinc ingot inventory continued to accumulate on Monday, increasing by 0.7 tons to 275,800 tons compared with last Friday. As the price dropped, downstream buyers increased their spot purchases at low prices. The Shanghai market offered a discount of 80 yuan/ton to the 04 contract, the Tianjin market offered a premium of 10 yuan/ton to the Shanghai market, and the Guangdong market offered a discount of 95 yuan/ton to the 05 contract. The social inventory may decline slightly this week, but the inflection point of inventory decline has not been confirmed. In the short term, the zinc price is expected to maintain a weak and volatile trend [7] 3. Summary by Directory 3.1 Market Review - **Futures Market Quotes**: For the Shanghai zinc futures contracts, the 2604 contract opened at 23,930 yuan/ton, closed at 23,700 yuan/ton, with a high of 24,025 yuan/ton, a low of 23,695 yuan/ton, a decline of 315 yuan, a decline rate of 1.31%, and the position volume was 73,741 with a change of 67,561. The 2605 contract opened at 24,030 yuan/ton, closed at 23,730 yuan/ton, with a high of 24,060 yuan/ton, a low of 23,720 yuan/ton, a decline of 300 yuan, a decline rate of 1.25%, and the position volume was 80,471 with a change of 3,154. The 2606 contract opened at 24,055 yuan/ton, closed at 23,785 yuan/ton, with a high of 24,100 yuan/ton, a low of 23,775 yuan/ton, a decline of 295 yuan, a decline rate of 1.23%, and the position volume was 27,745 with a change of - 45,777 [7] - **Market Influencing Factors**: Affected by the Middle - East conflict and the Fed's interest rate policy, the US dollar strengthened, and base metals were under pressure. Overseas inventory delivery led to a decline in the LME zinc price, which in turn affected the Shanghai zinc price. The domestic refined zinc output is expected to increase in March, and the inventory has accumulated. The downstream has increased spot purchases at low prices, and the short - term zinc price is expected to be weak and volatile [7] 3.2 Industry News - **0 Zinc Transaction Prices**: On March 17, 2026, the mainstream transaction prices of 0 zinc were concentrated between 23,805 - 23,945 yuan/ton, and the mainstream transaction prices of Shuangyan brand were between 23,915 - 24,055 yuan/ton. The 1 zinc was mainly traded between 23,735 - 23,875 yuan/ton. In the morning, the market offered a premium of 20 yuan/ton to the SMM average price [8] - **Regional Market Quotes**: In the Ningbo market, the mainstream brand 0 zinc was traded at around 23,815 - 23,935 yuan/ton, with a discount of - 85 yuan/ton to the 2604 contract and a premium of 30 yuan/ton to the Shanghai spot. In the Tianjin market, the 0 zinc ingot was mainly traded between 23,760 - 23,970 yuan/ton, and the Zijin brand was traded between 23,830 - 24,000 yuan/ton. The 1 zinc ingot was traded around 23,740 - 23,910 yuan/ton. In the Guangdong market, the 0 zinc was mainly traded between 23,800 - 23,980 yuan/ton, with a discount of 95 - 75 yuan/ton to the 2605 contract and a premium of 40 yuan/ton to the Shanghai spot [8] 3.3 Data Overview - **Data Charts**: The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][11]

Core Viewpoint - The Shanghai Gold Exchange has adjusted margin levels and price fluctuation limits for gold and silver futures amid ongoing volatility in precious metal prices, indicating a responsive regulatory environment to market conditions [1][2]. Group 1: Margin and Price Limits Adjustments - The margin level for silver futures (Ag(T+D) contract) will decrease from 26% to 23% starting February 3, 2026, with the price fluctuation limit changing from 25% to 22% [2]. - For gold futures, the margin ratio for various contracts including Au(T+D) and mAu(T+D) will increase from 16% to 17% starting February 4, 2026, with the price fluctuation limit rising from 15% to 16% [2]. - The margin for CAu99.99 contract will increase from 120,000 yuan to 150,000 yuan per contract [2]. Group 2: Market Activity and Consumer Behavior - There has been a significant increase in consumer activity in the gold market, with reports of long queues at gold sales outlets as investors rush to sell their holdings amid price fluctuations [3][4]. - Some investors are taking advantage of the current high prices to liquidate portions of their gold investments, while others continue to purchase gold, indicating a mixed sentiment in the market [3]. - The demand for certain investment gold bars has surged, leading to some models being sold out, prompting suppliers to expedite restocking efforts [4]. Group 3: Market Analysis and Future Outlook - Industry experts suggest that while there may be short-term price corrections, the long-term fundamentals supporting gold prices remain intact, including central bank purchases and geopolitical risks [5]. - Analysts believe that the recent volatility in gold prices reflects a market that is highly sensitive to news and events, suggesting that such fluctuations may become a regular occurrence [5].

Core Viewpoint - The international gold and silver prices experienced a significant drop, marking the largest decline in over 40 years, primarily due to signals from the Federal Reserve regarding delayed interest rate cuts and personnel changes, leading to panic selling and profit-taking [3][4]. Price Movements - On January 31, the spot gold price closed at $4,894.49 per ounce, with a decline exceeding 9%, and briefly fell below $4,700. Silver closed at $84.63 per ounce, dropping nearly 27%, with a low of $77.7 [3]. - Domestic gold prices also saw a substantial decrease, with the price at 1,070 yuan per gram, reflecting a nearly 10% drop. Many gold jewelry brands saw prices revert to the 1,500-1,600 yuan range, down from previous highs above 1,700 yuan per gram [3]. Market Analysis - According to Song Xiangqing, Vice President of the China Commercial Economic Association, the historical drop in gold and silver prices is attributed to the Federal Reserve's signals and personnel changes that have strengthened the dollar and high-interest rate expectations, undermining the safe-haven value of precious metals [4]. - The previous speculative surge in gold and silver prices, coupled with increased margin requirements from exchanges, triggered a cycle of panic selling as leveraged positions were liquidated [4]. - UBS has raised its gold price targets for March, June, and September 2026 to $6,200 per ounce, citing stronger-than-expected demand driven by increased investment. The extreme scenario forecasts for gold are set at $7,200 per ounce for bullish and $4,600 per ounce for bearish scenarios [4]. Investment Recommendations - The overall outlook for gold prices in 2026 suggests a high-level fluctuation with upward movement, although short-term pullback pressures exist. Long-term support is anticipated from continued central bank purchases, expectations of Federal Reserve rate cuts, and geopolitical risk demand [4]. - Investors are advised to prefer gold ETFs or physical gold bars, avoiding high prices and considering gradual accumulation during pullbacks [4].

Core Viewpoint - The international gold price has surpassed $5000 per ounce, leading to a surge in domestic gold prices, indicating a potential new super cycle in the gold market [1] Group 1: Current Market Conditions - Domestic gold prices are experiencing high volatility, with the Shanghai Gold Exchange's Au9999 spot price reported between 1135.20 - 1140.00 yuan per gram, while COMEX gold futures have reached a high of $5100 [1] - Retail prices for gold in major cities are generally above 1570 yuan per gram, with some brands nearing 1590 yuan, reflecting a strong market response [1][2] Group 2: Price Trends and Comparisons - The price gap between brand gold stores and wholesale prices has significantly widened, currently around 280-290 yuan per gram, similar to the situation in 2019 when it exceeded 250 yuan [4] - The demand for gold is increasing due to traditional purchasing needs and small investments, with notable sales growth in bank gold bars and physical gold [4] Group 3: Broader Market Dynamics - The overall precious metals market is showing a synchronized upward trend, with silver prices surpassing $108 per ounce and significant increases in platinum and palladium [4] - The current market dynamics suggest that consumers and investors should remain rational and informed, as the price fluctuations present both risks and opportunities [4]

Core Viewpoint - International gold prices continue to rebound, indicating increased bullish momentum and a strengthened outlook for future price increases, potentially reaching $4,380 or higher [1][11]. Price Movement - On December 11, gold opened at $4,224.45 per ounce, peaked at $4,285.66, and closed at $4,279.56, marking a daily increase of $55.11 or 1.3% with a trading range of $81.35 [1][12]. Market Influences - The rise in gold prices is supported by buying pressure and a significant increase in initial jobless claims in the U.S., which is the largest weekly rise since the pandemic [3][14]. The declining U.S. dollar index also contributes to the upward movement in gold prices [3][14]. Short-term Outlook - On December 12, gold opened weakly due to profit-taking but still shows bullish demand. The expectation for a continued decline in the dollar index supports gold prices, with no significant bearish outlook anticipated [3][14]. Upcoming Economic Data - Key economic data releases next week include November non-farm payrolls, U.S. November CPI, and core PCE price index, which could influence gold prices positively or maintain high volatility [6][17]. Technical Analysis - Monthly charts indicate a strong rebound in November, eliminating bearish patterns and enhancing the outlook for new highs. December's performance shows a temporary weakness followed by renewed strength, with a need to break the $4,400 resistance for further upward movement [8][21]. - Weekly charts show a strong bullish momentum, with prices above the 5-10 week moving averages, suggesting potential for new highs [8][18]. Trading Strategy - Suggested trading levels include support at $4,260 or $4,245 and resistance at $4,310 or $4,340 for gold, while silver support is at $62.50 or $61.65 and resistance at $64.30 or $64.90 [10][20].

Group 1 - Gold prices are expected to continue rebounding due to the recent decline in the US dollar index and positive market expectations for upcoming economic data [1][3] - The Federal Reserve announced its third consecutive interest rate cut, with market analysts predicting further easing, which is likely to support gold prices [3] - The market anticipates a more dovish Federal Reserve chair in the near future, which could lead to an increased easing environment and further bolster gold prices [3] Group 2 - The outlook for gold remains positive, supported by ongoing central bank gold purchases, a weak dollar outlook, and geopolitical risk demand [3] - Gold prices are currently positioned above short-term moving averages and the middle band of the Bollinger Bands, indicating a bullish trend [3] - The target for gold prices in the coming year is projected to reach around $5000, with potential resistance levels at $4265 and $4350 [3]

Core Viewpoint - The recent performance of gold ETFs reflects a significant increase in gold prices driven by geopolitical risks and changes in global liquidity expectations, with a notable rise in trading volume and net inflows into gold ETFs [4][5]. Group 1: Gold ETF Performance - As of October 20, 2025, the gold ETF (159937) has decreased by 2.36%, with a latest price of 9.33 yuan, while showing an 11.33% increase over the past week as of October 17 [3]. - The trading volume for the gold ETF reached 12.23 billion yuan, with a turnover rate of 3.14%, and an average daily trading volume of 31.28 billion yuan over the past week, ranking it among the top three comparable funds [4]. Group 2: Market Drivers - The recent surge in international gold prices is attributed to a combination of geopolitical risk, a weakening global credit system, and changing liquidity expectations, with multiple factors contributing to the current market dynamics [4][5]. - Key pressures on the gold market include a high concentration of long positions and the potential for speculative funds to take profits, which could lead to increased volatility and a possible price correction [4]. Group 3: Institutional Trends - There has been a consistent net inflow into the largest gold ETF, SPDR, and the People's Bank of China has increased its gold holdings for 11 consecutive months, although its reserves remain lower than the global average of 15%-20% [5]. - The trend of reducing U.S. Treasury holdings while increasing gold investments is observed across both institutional and individual investors [5]. Group 4: Future Outlook - The long-term outlook for gold remains positive due to factors such as a weakening U.S. dollar and ongoing geopolitical instability, which are expected to support continued central bank purchases of gold [5]. - The latest share count for the gold ETF reached 4.166 billion, marking a one-year high [5].

Core Viewpoint - The recent surge in international gold prices is driven by geopolitical risks, global credit system instability, and liquidity factors, leading to increased investment in gold-related ETFs [1][4]. Group 1: Gold Price Performance - On October 17, the London spot gold price reached a record high of $4,380.79 per ounce before slightly retreating to $4,251.45 per ounce [2]. - The gold price has shown strong performance, with significant increases in gold-related ETF management scales, indicating heightened investor interest [3]. Group 2: ETF Growth - Several gold ETFs have seen substantial growth in management scale over the past week, including: - Huaan Gold ETF: increased to 85.235 billion yuan, up 14.418 billion yuan - Bosera Gold ETF: expanded to 39.667 billion yuan, up 7.061 billion yuan - E Fund Gold ETF: rose to 33.906 billion yuan, up 6.588 billion yuan - Guotai Gold ETF: increased to 26.849 billion yuan, up 5.723 billion yuan - The performance of gold ETFs has been impressive, with some achieving over 60% year-to-date returns [3]. Group 3: Investment Drivers - The current gold price rally is attributed to multiple factors, including geopolitical risk, a weakening global credit system, and changing liquidity expectations [4]. - Recent global events, such as U.S. government shutdown concerns and European fiscal worries, have further fueled gold price increases [4]. Group 4: Long-term Outlook - Over the past three years, gold has demonstrated strong performance relative to other asset classes, highlighting its increasing allocation value [5]. - Despite potential short-term fluctuations, the long-term investment value of gold remains solid, driven by its safe-haven attributes amid geopolitical tensions [6][7]. Group 5: Gold Stocks - Gold stocks are expected to see significant revenue and profit growth due to high gold prices, although they have not fully reflected the gains seen in gold prices recently [8].

Group 1 - The rapid contraction of the gold-silver ratio may not be sustainable, with market volatility driven by tariff negotiations and bond market changes [1] - The gold-silver ratio has significantly adjusted, potentially influenced by the recent US-China leaders' call, but the ultimate trend may be more related to liquidity conditions [2] - Short-term drivers for gold and silver are unclear, with geopolitical risks and US tariff policies affecting market sentiment [3] Group 2 - The recent rise in precious metals is supported by both technical momentum and fundamental improvements in the overall metals market, with strong physical silver demand from India and recovering platinum demand from China [4] - Market expectations for at least two rate cuts by the Federal Reserve this year have been bolstered by an unexpected rise in initial jobless claims [4] - The uncertainty surrounding tariff negotiations remains, with potential for increased safe-haven demand for gold if substantial progress is not made [3]