Group 1 - The core viewpoint of the articles indicates that silver prices are experiencing a significant upward trend, driven by economic data and potential changes in the Federal Reserve leadership [1][2][3] Group 2 - The main silver futures contract in Shanghai has seen an increase of 2.11%, reaching 13,777.00 yuan per kilogram, with a daily high of 13,809.00 yuan and a low of 13,430.00 yuan [1] - The U.S. manufacturing sector is showing weakness, with the November ISM manufacturing PMI at 48.2, below expectations and previous values, indicating a potential recession [2] - The ISM new orders index fell to 47.4 from 49.4, further highlighting the challenges faced by the manufacturing sector [2] - Market expectations for a more accommodative monetary policy from the Federal Reserve are rising due to disappointing economic data [2] - The potential nomination of Hassett as the new Federal Reserve Chairman could impact the independence and credibility of the Fed, which is contributing to the strength of silver prices [2] - Current silver prices are expected to continue rising, with a focus on the resistance level of 14,500 yuan per kilogram, and a reference trading range of 12,366 to 14,500 yuan per kilogram [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The weaker-than-expected key economic data in the US has further increased the market's pricing for the Fed's loose monetary policy. The ISM manufacturing PMI in November was 48.2, lower than the expected 49 and the previous value of 48.7, indicating a weak performance in the US manufacturing industry and increasing the market's pricing for overseas recession expectations [1]. - If Hassett is nominated as the new Fed Chairman, the market will further trade on the impact of the weakened independence and influence of the Fed on the US dollar's credit, which is why the price of silver, a monetary metal, is showing strength [2]. - The current silver price has entered an accelerated upward phase. It is expected that the price may still rise significantly during the week. Pay attention to the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, timely profit-taking is required. Opening new long positions or shorting at high levels at this stage carry significant risks. Shanghai Gold is still in a breakthrough pattern at the end of the triangular convergence, and it is recommended to lay out long positions on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and that for the main contract of Shanghai Gold is 927 - 982 yuan/g [2]. Summary by Relevant Catalogs Market Quotes - Shanghai Gold fell 0.85% to 953.82 yuan/g, and Shanghai Silver rose 1.10% to 13,640.00 yuan/kg. COMEX Gold was reported at 4,238.70 US dollars/ounce, and COMEX Silver was reported at 59.15 US dollars/ounce. The 10-year US Treasury yield was 4.09%, and the US dollar index was 99.33 [1]. Key Data of Gold and Silver - **Gold**: COMEX gold's closing price (active contract) was 4,238.70 US dollars/ounce, down 0.62%; trading volume was 21.21 million lots, down 5.10%; open interest was 48.58 million lots, up 0.05%; inventory remained unchanged at 1,128 tons. Shanghai Futures Exchange (SHFE) gold's closing price (active contract) was 958.42 yuan/g, down 0.50%; trading volume was 38.63 million lots, down 8.54%; open interest was 34.22 million lots, down 0.59%; inventory remained unchanged at 90.87 tons; the settled funds outflow was 1.09% to 52.473 billion yuan. The closing price of Au(T+D) was 954.69 yuan/g, down 0.37%; trading volume was 45.46 tons, down 25.02%; open interest was 224.46 tons, down 2.69% [4]. - **Silver**: COMEX silver's closing price (active contract) was 59.15 US dollars/ounce, up 1.20%; open interest was 17.24 million lots, up 3.57%; inventory was 14,181 tons, down 0.01%. SHFE silver's closing price (active contract) was 13,423.00 yuan/kg, up 1.09%; trading volume was 342.78 million lots, down 5.29%; open interest was 79.11 million lots, down 1.03%; inventory was 594.63 tons, up 3.65%; the settled funds inflow was 0.05% to 28.671 billion yuan. The closing price of Ag(T+D) was 13,398.00 yuan/kg, up 1.03%; trading volume was 894.35 tons, down 44.07%; open interest was 3,969.488 tons, up 0.05% [4]. Fed Chairman Nomination - Hassett has expressed his willingness to serve if nominated as the Fed Chairman. Trump has hinted that Hassett will be the new Fed Chairman and will announce the nomination early next year [2].

Group 1 - Gold, silver, and copper prices continued to fluctuate, with the gold ETF Huaxia (518850) dropping by 0.65% and the gold stock ETF (159562) declining by 1.33% as of 14:30 [1] - The non-ferrous metal ETF fund (516650) fell by 1.39%, with its holding stocks such as Huaxi Nonferrous Metals down by 5.51%, while Yahua Group, Shengxin Lithium Energy, and China Rare Earth saw their declines narrow [1] - The non-ferrous metal ETF fund (516650) experienced sustained premiums during the day, indicating capital inflow, accumulating over 1.824 billion since the anti-involution policy was announced in July [1] Group 2 - The US ISM Manufacturing PMI for November showed the largest contraction in four months, reflecting weak performance in the manufacturing sector amid prolonged government shutdowns and trade policy uncertainties [1] - The Bank of Japan's unexpected hawkish signals increased market expectations for a rate hike in December, contributing to a marginal tightening of market liquidity and rising recession expectations overseas [1] - US stock markets showed weak performance, with the three major indices ending their consecutive gains, indicating a decline in market risk appetite [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The current strong performance of silver prices is more influenced by the macro - level than the spot - level. The silver price is expected to continue to rise significantly next week, with attention focused on the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, timely profit - taking is recommended. New long positions or short - selling at high prices in this stage carry significant risks. For Shanghai Gold, it is in a breakthrough pattern at the end of the triangle convergence, and the strategy suggests buying on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and for the main contract of Shanghai Gold is 927 - 982 yuan/g [3]. - The release of US key economic data worse than expected has further boosted the market's pricing of the Fed's loose monetary policy, driving the strong performance of silver prices. The weakness of the US manufacturing industry has increased the market's pricing of overseas recession expectations, and the possible nomination of Hassett as the new Fed Chairman may also impact the US dollar's credit, which is why silver, as a monetary metal, shows a strong price [2]. 3. Summary by Related Content Market Quotes - Shanghai Gold rose 0.66% to 964.72 yuan/g, and Shanghai Silver rose 5.08% to 13,766.00 yuan/kg. COMEX Gold was reported at 4265.60 dollars/ounce, and COMEX Silver was reported at 58.33 dollars/ounce [2][5]. - On December 1, 2025, compared with November 28, 2025, in the gold market, COMEX Gold's closing price (active contract) rose 0.20% to 4265.00 dollars/ounce, trading volume rose 49.08% to 22.35 million lots, and open interest rose 0.05% to 48.58 million lots. In the silver market, COMEX Silver's closing price (active contract) rose 2.39% to 58.45 dollars/ounce, trading volume rose 77.90% to 361.93 million lots, and open interest rose 3.57% to 17.24 million lots [7]. Market Analysis - As of yesterday afternoon, the open interest of the COMEX silver near - month December contract was only 2907 lots, equivalent to 452 tons of physical silver, and the total inventory of COMEX silver was 14,183 tons as of December 1, much higher than the open interest of the near - month contract, so there is no short - term "delivery difficulty" in the overseas silver market. The one - month spot lease rate of London Silver is 6.64% as of today, far lower than the 40% high in early October, indicating limited tightness in the overseas silver spot market [3]. Strategy Suggestions - For silver, the price has entered an accelerated upward phase. Pay attention to the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, stop profit in time. Avoid opening new long positions or short - selling at high prices. For gold, since Shanghai Gold is in a breakthrough pattern at the end of the triangle convergence, buy on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and for the main contract of Shanghai Gold is 927 - 982 yuan/g [3].

Group 1: Report Industry Investment Ratings - PVC is rated as bearish with a volatile and weak outlook [2] - Caustic soda is rated as cautiously bearish [3] - Rubber is rated as bearish [4][5] - Urea is rated with a focus on price correction risk due to a supply - demand situation and macro factors [6] - Methanol is rated with a focus on price correction risk due to supply - demand and macro factors [7][8] Group 2: Report's Core Views - The energy and chemical market is generally affected by factors such as trade conflicts, overseas recession expectations, and domestic policies. Different products have their own supply - demand characteristics, and most are under downward pressure, but there are also some potential positive factors [2][3][4] Group 3: Summary by Product PVC - On April 7, the PVC 05 contract closed at 4,929 yuan/ton (-140). In the long - term, demand is weak due to the real estate drag and export restrictions, supply has new investment plans and high inventory, so it's in a bearish position. In the short - term, it follows the macro - market and is volatile and weak. Attention should be paid to tariffs, US recession expectations, and domestic stimulus policies [2] Caustic Soda - On April 7, the SH05 contract closed at 2,477 yuan/ton (-24). The overall chlor - alkali chain is weak. Currently, profit is neutral, inventory is high, and the market sentiment is poor, but export orders may improve. Pay attention to delivery volume, inventory, alumina production, and future maintenance [3] Rubber - On April 7, the three major rubbers hit the daily limit down, with a decline of over 12% from last Thursday to April 7. Due to macro - deterioration and weak fundamentals, it's bearish. As of April 6, 2025, the inventory in Qingdao increased slightly. The domestic spot price decreased [4][5] Urea - On April 7, the urea contract fell 1.69% to 1,862 yuan/ton. Supply is abundant, demand from compound fertilizer enterprises decreased slightly, and it's in a seasonal de - stocking phase. Pay attention to the price correction risk affected by US tariffs [6] Methanol - On April 7, the methanol contract fell 3.77% to 2,376 yuan/ton. Supply is at a high level, cost has increased slightly, demand from methanol - to - olefins is stable but with profit losses and potential maintenance. Inventory is decreasing. Pay attention to the price correction risk affected by tariffs [7][8]