Report Industry Investment Rating No relevant content provided. Core View of the Report - In Q2 2026, the commodity market will enter a "structural differentiation" stage with intense competition between bullish and bearish factors. The general upward trend is hard to sustain, and the "unevenness" between sectors will be the main theme. Investors should focus on structural opportunities and strictly control risks [3][46]. Summary by Directory 1. 2026 Q1 Nanhua Commodity Index Overview - The Nanhua Composite Index rose continuously in January, dropped rapidly at the end of January and early February, entered a continuous upward phase from mid - February, and entered an oscillatory adjustment period from mid - March [2][14]. - The sub - sectors showed differentiation. The precious metals index rose nearly 50% in January and then declined. The industrial products index was similar to the composite index, but it broke through the previous high at the end of March due to the explosion of the energy - chemical sector and the rapid decline of the precious metals sector. The energy - chemical index was in a narrow - range oscillation in January and February and entered a rapid upward range in March [2][14]. - The Nanhua Composite Index and the industrial products index have broken through or touched the historical range. The precious metals index ended its strong upward trend, while the agricultural products index remained in the long - term oscillatory range [15]. 2. 2026 Q1 Index Rise and Fall Analysis - **Fiscal Aspect**: From January to February, the national general public budget revenue increased by 0.7% year - on - year, tax revenue increased by 15.8%, but government fund revenue decreased by 16% year - on - year. The issuance of local bonds was pre - arranged, but fiscal efforts were still cautious [34]. - **Real Estate and Infrastructure**: The real estate market was still cold. New and second - hand housing prices in first, second, and third - tier cities showed declines. Sales data was sluggish, and developers were cautious. In contrast, infrastructure construction investment increased significantly, driving the recovery of the construction industry [35][39]. 3. 2026 Q2 Nanhua Composite Index Outlook - **Precious Metals Sector**: In Q2, the global precious metals market is expected to enter a wide - range oscillatory bottom - building stage, with gold prices likely to fluctuate between $4300 - $4800 per ounce. Short - term factors such as high interest rates and geopolitical risks will suppress prices, but long - term factors such as "de - dollarization" and supply shortages will provide support [55]. - **Energy Sector**: The global crude oil market has reversed from "extreme pessimism" to "extreme panic". In Q2, the price center will be reshaped by risk premiums, and the market will be affected by geopolitical factors and supply - demand relationships [57]. - **Non - ferrous Metals Sector**: In Q2, the non - ferrous metals market will enter an "observation window period" with a pattern of "first decline then rise and wide - range oscillation". Short - term macro factors will suppress the market, but supply - side constraints and long - term demand will provide support [61]. - **Black Metals Sector**: In Q2, the black metals market will be in a state of oscillatory bottom - building. The market was affected by factors such as weak supply and demand at the beginning of the year, and then the price was supported by cost factors [63]. 4. Summary No relevant content provided other than the title.