Market Overview - The military conflict between the U.S., Israel, and Iran is expected to increase market volatility in the short term[1] - The market experienced a decrease in trading volume, with an average daily transaction amount of 22,574 million, down 1,493 million from the previous period[9] - The Shanghai Composite Index rose by 2.39%, while the Shenzhen Component Index increased by 4.23%[9] Equity Market Insights - The resource sector performed strongly due to rising commodity prices driven by geopolitical factors and robust infrastructure projects[4] - Post-holiday, the transaction volume for new and second-hand homes accelerated, supported by local policies like Shanghai's "Hushiqiao" measures[4] - The correlation between the rising RMB exchange rate and the equity market is weak, with the RMB expected to maintain a volatile trend in the short term[4] Fixed Income Analysis - Bond market yields rose during the period, with the 10-year government bond yield returning to 1.8% and the 30-year yield to 2.25%, facing strong downward resistance[4] - The sentiment in the bond market remains stable, supported by risk aversion and potential government bond issuance increases in Q1[4] International Market Trends - U.S. stock markets saw declines, with the Dow Jones falling by 2.27% and the S&P 500 down by 0.77%[9] - U.S. Treasury yields decreased significantly, with the 10-year yield dropping by 26 basis points to 3.95%[9] - Geopolitical tensions in the Middle East and fluctuations in tariffs have heightened market risk aversion, leading to increases in oil and gold prices[4] Risk Factors - Potential escalation of geopolitical risks beyond expectations and underperformance of the economic fundamentals at the beginning of the year are key risk factors[4]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - After a significant upward trend, the prices of gold and silver have notably corrected. However, considering the three main fundamental drivers of overseas geopolitical risks, the weakening of the US dollar's credit, and the start of the Federal Reserve's interest - rate cut cycle, the current price decline is more of a "correction within an upward trend" rather than a "trend reversal." Therefore, it is recommended to maintain a long - position mindset and allocate long positions in precious metals on dips. The reference operating range for the main contract of Shanghai gold is 880 - 966 yuan/gram, and for the main contract of Shanghai silver is 10937 - 11690 yuan/kilogram [2] 3. Summary by Relevant Content Market Quotes - Shanghai gold dropped 1.18% to 905.06 yuan/gram, and Shanghai silver rose 0.49% to 11180.00 yuan/kilogram. COMEX gold was reported at 3954.10 US dollars/ounce, and COMEX silver at 47.04 US dollars/ounce. The yield of the 10 - year US Treasury bond was 3.99%, and the US dollar index was 98.74. The Federal Reserve will hold an October interest - rate meeting early tomorrow. Amid the current easing of US inflation data and the lack of labor - market data, the market has almost fully priced in a 25 - basis - point interest - rate cut by the Fed in this meeting [1] Central Bank Gold Reserves - The former governor of the Philippine central bank stated that the central bank's gold reserves were excessive, accounting for 13% of its total central - bank reserves. He also mentioned that the central bank was debating whether to increase gold holdings or take profit. After the news was announced, the gold price dropped significantly, and the international silver price was weak. The views of the Philippine central bank do not represent the general trend of central - bank gold purchases. The global central - bank gold - buying is aimed at hedging against the US - dollar credit. The South Korean central - bank officials said they would consider increasing gold holdings from a long - term perspective, and before that, South Korea's central - bank gold reserves had remained unchanged for 12 consecutive years [2] Key Data of Gold and Silver - For gold on October 28, 2025, compared with the previous day: COMEX gold's closing price (active contract) decreased by 0.72% to 3968.10 US dollars/ounce, trading volume increased by 1.94% to 33.06 million lots, and open interest increased by 2.43% to 52.88 million lots; LBMA gold's closing price decreased by 0.56% to 3948.50 US dollars/ounce; SHFE gold's closing price (active contract) decreased by 3.51% to 901.38 yuan/gram, trading volume increased by 24.38% to 64.34 million lots, and open interest decreased by 1.72% to 34.94 million lots; the closing price of AuT + D decreased by 3.61% to 896.69 yuan/gram, trading volume increased by 21.58% to 67.74 tons, and open interest increased by 0.36% to 258.77 tons - For silver on October 28, 2025, compared with the previous day: COMEX silver's closing price (active contract) increased by 0.66% to 47.14 US dollars/ounce, open interest increased by 1.75% to 16.58 million lots; LBMA silver's closing price decreased by 1.95% to 46.44 US dollars/ounce; SHFE silver's closing price (active contract) decreased by 3.03% to 11049.00 yuan/kilogram, trading volume increased by 35.58% to 176.07 million lots, and open interest decreased by 2.69% to 70.24 million lots; the closing price of AgT + D decreased by 3.08% to 10996.00 yuan/kilogram, trading volume increased by 17.10% to 765.42 tons, and open interest increased by 0.19% to 3717.77 tons [5]