Core Viewpoint - The Swiss Franc (CHF) is experiencing appreciation against the US Dollar (USD) due to diverging monetary policies between the Federal Reserve and the Swiss National Bank, alongside the CHF's safe-haven appeal and the resilience of the Swiss economy [1][2] Group 1: Monetary Policy Impact - The Federal Reserve has cut interest rates for the third time this year by 25 basis points to a range of 3.5%-3.75%, totaling a 75 basis point reduction, which diminishes the attractiveness of the USD [1] - The Swiss National Bank maintains its interest rate at 0%, with a high threshold for returning to negative rates, supporting the CHF [1] - The divergence in monetary policy, characterized by "Fed easing and Swiss stability," favors the CHF [1] Group 2: Economic Indicators - The Swiss economy shows resilience, with third-quarter GDP contraction offset by growth in manufacturing and services, and the central bank projects GDP growth slightly below 1.5% for 2025 [1] - The US third-quarter GDP exceeded expectations but failed to reverse the USD's weakness, with the USD index falling to a three-month low [1] Group 3: Market Sentiment and Technical Analysis - Increased global geopolitical and trade uncertainties are attracting funds into the CHF, although excessive appreciation could lead to deflation and impact exports [2] - Technical indicators show mixed signals, with RSI entering oversold territory suggesting a potential short-term rebound, while MACD remains bearish [2] - Institutions have differing views on future trends, with Standard Chartered suggesting a potential short-term rebound for the USD, while UBS expects continued weakness until mid-2026 [2] Group 4: Future Focus - Key future considerations include the pace of Federal Reserve rate cuts, signals from the Swiss National Bank, and global geopolitical risks [2] - Investors are advised to monitor Swiss inflation, Federal Reserve communications, and non-farm payroll data for risk management [2]

美元方面，尽管美国第三季度GDP年化增长率达4.3%，远超预期的3.3%，但强劲数据未能扭转美元的 广谱弱势。美元指数近期跌至97.75的三个月低位，美元兑十国集团货币普遍走弱，其中对新西兰元跌 幅最大达1.75%，美元兑瑞郎也顺势承接了这一弱势趋势。鲍威尔在讲话中着重提及劳动力市场疲软的 迹象，进一步强化了市场对美联储宽松节奏的预期，本周二将公布的10-11月非农数据，有望进一步明 晰市场对美联储政策路径的判断，进而影响美元走势。 技术面呈现出明显的矛盾信号：一方面，RSI(相对强弱指数)降至22.79，已进入超卖区间，暗示短期或 存在技术性反弹需求；另一方面，MACD快慢线持续位于零轴下方，空头动能仍占据主导，且汇价已形 成"熊旗"形态，这一形态通常被视为下跌延续信号，反弹的持续性需基本面因素配合。当前汇价已跌破 0.79关键支撑位，短期在0.79-0.80区间低位震荡，下方支撑重点关注0.7870(10月以来低点)，若跌破该水 平，可能进一步下探0.7770一线；上方阻力则集中于0.8060及0.8200，需站稳0.7960后，才有望向上述阻 力区域发起冲击。 12月25日早间，美元兑瑞郎汇率报0.78 ...

Group 1 - The core driving factors for the recent appreciation of the offshore RMB against the USD include a shift in economic focus towards domestic demand and consumption, significant gold purchases by the central bank, and a weakening USD due to market conditions [1][4][5] - The offshore RMB has seen a strong upward trend, breaking the 7.0 mark against the USD, reaching 6.9999, the highest since October 2024, with onshore RMB also surpassing 7.02 [1][2] - The appreciation trend began in late November 2025, with onshore and offshore RMB appreciating over 900 and 1000 basis points respectively, with annual appreciation rates of 3.7% and 4.4% [4][5] Group 2 - The international metal market has experienced a surge in prices, with spot gold exceeding $4500 per ounce, silver above $70 per ounce, and copper reaching $12000 per ton, all setting historical peaks [2] - Domestic exporters are increasingly converting their foreign currency receipts into RMB immediately upon arrival, indicating a shift in behavior due to currency fluctuations [2][5] Group 3 - The appreciation of the RMB is expected to benefit several industries, particularly the non-ferrous metals sector, which is closely tied to price movements and performance in the context of global liquidity [9] - Import-dependent industries such as paper manufacturing, aviation, and oil refining will also benefit from the RMB appreciation, as it reduces costs for raw materials priced in USD [11][12][16] - Financial institutions, including banks and brokerages, are likely to see increased opportunities due to foreign capital inflows and the appreciation of RMB-denominated assets [16] Group 4 - The appreciation of the RMB may put pressure on export-oriented industries, which will need to find ways to balance profit margins amid rising costs and competitive pricing challenges [18] - Key sectors to watch include non-ferrous metals and paper manufacturing, which are expected to resonate positively with the appreciation and price increases, while consumer and pharmaceutical sectors may also attract foreign investment [18]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 1,042.06 tons of gold as of November 10, remaining unchanged from the previous trading day. The spot gold price rebounded strongly, surpassing $4,100 per ounce, closing at $4,115.71, a significant increase of $114.44 or 2.86% [5]. Group 1: Market Dynamics - The gold price experienced a strong upward trend, breaking the $4,100 mark due to a weaker US dollar and expectations of Federal Reserve interest rate cuts, which boosted the gold market [5]. - The market sentiment shifted positively as the US Senate passed a temporary funding bill, alleviating concerns over a government shutdown, which reduced demand for the dollar and supported precious metals [5]. - Weak private sector employment data and a low University of Michigan consumer confidence index heightened concerns about the US economy, leading traders to increase bets on Federal Reserve rate cuts, with a 65% probability of a rate cut expected in December [5][6]. Group 2: Technical Analysis - Analysts noted that the gold market remains bullish, especially after breaking the $4,100 resistance level. The daily chart shows the relative strength index trending higher, indicating accumulating bullish momentum [6]. - Gold prices are holding above key moving averages, reinforcing a positive outlook. The 4-hour chart indicates that prices are above the 20, 100, and 200-period moving averages, suggesting increased buying pressure [6]. Group 3: Future Price Targets - If gold prices continue to rise, the next target will be above the October 22 high of $4,160, potentially reaching the psychological level of $4,200, with further targets at the upper Bollinger Band of $4,325 and the historical high of $4,380 acting as major resistance [7]. - On the downside, the $4,000 level remains critical; a drop below this could lead to a retreat to the lower Bollinger Band at $3,835, followed by the 100-day moving average at $3,705 [7].

Core Viewpoint - The significant decline of the US dollar, with a drop of over 10% in the dollar index this year, is a rare occurrence that reflects deeper issues in the global financial system and investor confidence in the dollar as a stable currency [1][13]. Group 1: Market Reactions - The relationship between gold and Bitcoin has changed, with both assets rising together, indicating a shift in investor sentiment away from the dollar [5][7]. - The S&P 500 index has risen significantly, driven by strong performance in the AI sector, while the dollar index has declined, suggesting a divergence in perceptions of US companies versus the dollar itself [9][11]. - Despite rising US Treasury yields, the dollar has weakened, as concerns about the US government's debt and fiscal policies overshadow potential returns from bonds [11][13]. Group 2: Underlying Causes - The instability of the Trump administration's policies has contributed to the dollar's decline, creating uncertainty in global trade and economic expectations [14][16]. - The anticipated interest rate cuts by the Federal Reserve have further pressured the dollar, as market participants adjust their expectations based on fluctuating employment data [20][22]. - The perceived loss of independence of the Federal Reserve due to government interference has eroded trust in the dollar, leading to a shift in foreign investment strategies [24][26]. Group 3: Future Implications - The dollar is expected to continue its downward trend, with predictions of further declines due to contrasting monetary policies among major global central banks [29][31]. - Emerging markets may benefit from a weaker dollar, attracting foreign investment and fostering economic growth, but they must also be cautious of potential risks such as asset bubbles and inflation [33].

Market Overview - The US dollar is expected to remain weak throughout the year due to a combination of factors including a potential slowdown in the US economy and the Federal Reserve's anticipated interest rate cuts[6] - The second quarter GDP growth in the US was revised up to 3.8%, the highest in nearly two years, which has tempered expectations for further interest rate cuts[9] Stock Market Performance - A-shares showed mixed results with the Shanghai Composite Index down 0.01% at 3,853 points, while the ChiNext Index rose 1.58%, reaching a three-year high[16] - US stocks experienced a third consecutive decline, with the Dow Jones down 173 points or 0.38%, and the S&P 500 down 0.5%[9] Commodity and Forex Insights - International oil prices remained volatile, with WTI crude oil closing at $64.98 per barrel, while Brent crude rose 0.16% to $69.42 per barrel[26] - Silver prices have surged, breaking the $45 per ounce mark for the first time in 14 years, while gold prices stabilized at high levels[26] Fixed Income Market - The US bond market faced pressure with short-term Treasury yields rising, reflecting stronger-than-expected economic data, leading to a flattening of the yield curve[27] - Asian bond demand has improved, with spreads narrowing by 1-3 basis points across various sectors[29] Key Economic Indicators - Initial jobless claims in the US fell to 218,000, the lowest since July, indicating a resilient labor market[29] - Durable goods orders unexpectedly increased by 2.9% month-on-month in August, further supporting the economic outlook[6]

Group 1 - The market experienced fluctuations with the ChiNext Index rebounding over 2%, reaching a three-year high [1] - The trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [1] - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while port shipping, precious metals, and oil and gas sectors faced declines [1] Group 2 - Huatai Securities is optimistic about investment opportunities arising from the "14th Five-Year Plan" capacity electricity pricing and peak-valley price differences, predicting that by 2027-2030, the peak-valley price difference will reach around 0.4 yuan per kilowatt-hour [2] - CITIC Jiantou highlights the domestic dairy product deep processing sector entering a high growth phase, with future capacity expected to exceed 700,000 tons and B-end deep processing demand projected to exceed 26 billion yuan [3] - CITIC Securities anticipates that the weakness of the US dollar will persist at least until the end of 2025, influenced by narrowing monetary policy differentials and slowing economic momentum in the US [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The weak US dollar supports copper prices. The copper trend strength is 1, indicating a relatively neutral to slightly positive outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 79,920 with a daily increase of 1.31%, and the night - session closing price remained unchanged. The London copper 3M electronic trading price was 9,879 with a decrease of 0.17%. Trading volume and positions of the Shanghai copper main contract increased, while those of the London copper 3M electronic trading decreased [1]. - **Inventory Data**: Shanghai copper inventory was 25,346, an increase of 1,650 from the previous day, and London copper inventory was 91,275, a decrease of 1,800. The cancellation warrant ratio of London copper was 36.84%, a decrease of 2.32% [1]. - **Spread Data**: The LME copper premium decreased by 79.16, the Shanghai copper spot - to - futures near - month spread increased by 45, and the near - month contract to the consecutive - one contract spread increased by 50. Other spreads also showed different degrees of change [1]. 3.2 Macro and Industry News - **Macro News**: Despite the renewed tension in US - Canada trade relations, the Nasdaq and S&P reached record highs driven by the easing of the Middle East situation and interest - rate cut expectations [1]. - **Industry News**: Japan's JX Metal Company will cut tens of thousands of tons of refined copper production due to tight copper concentrate supply. China's May import volume of copper ore and its concentrates was 239.52 million tons, a 17.55% decrease from the previous month and a 6.61% increase year - on - year. Chile's Antofagast plans to extend the mining of the Los Pelambres mine through expansion and upgrading. Western Mining's Yulong Copper Mine Phase III project was approved, with the production scale increasing to 30 million tons per year. The TC/RC negotiation result between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 dollars per thousand tons and 0.0 cents per pound, far exceeding market expectations [1][3].

Report Overview - The report is the "Guotai Junan Futures Commodity Research Morning Report - Precious Metals and Base Metals" dated June 30, 2025, covering copper, zinc, lead, nickel, and stainless steel [1] Industry Investment Rating - No industry investment rating is provided in the report Core Views - Copper: The weak US dollar supports the price [2] - Zinc: It is at a short - term high, and attention should be paid to volume and price [2] - Lead: There are expectations for the peak season, which supports the price [2] - Nickel: The support from the ore end has loosened, and the smelting end limits the upward elasticity [2] - Stainless steel: The inventory has slightly decreased marginally, and the steel price has recovered but with limited elasticity [2] Summary by Metal Copper - **Fundamental Data**: The closing price of the Shanghai copper main contract was 79,920 yuan, up 1.31% during the day and unchanged at night. The LME copper 3M electronic disk was at 9,879 US dollars, down 0.17%. Trading volume and positions of Shanghai copper increased, while LME copper's trading volume decreased and positions increased. Inventory of Shanghai copper increased by 1,650 tons, and LME copper decreased by 1,800 tons. The LME copper premium decreased by 79.16 US dollars [4] - **Macro and Industry News**: The Nasdaq and S&P reached record highs due to the easing of the Middle - East situation and interest - rate cut expectations. Japan's JX Metal will cut refined copper production. China's May copper concentrate imports decreased by 17.55% month - on - month and increased by 6.61% year - on - year. Antofagasta hopes to extend the mining of Los Pelambres. Western Mining's Yulong Copper Mine Phase III project was approved. The TC/RC negotiation result between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 US dollars/ton and 0.0 US cents/pound [4][6] - **Trend Intensity**: The copper trend intensity is 1, indicating a moderately bullish view [6] Zinc - **Fundamental Data**: The closing price of the Shanghai zinc main contract was 22,410 yuan, up 0.76%, and the LME zinc 3M electronic disk was at 2,778.5 US dollars, up 0.31%. Trading volume of Shanghai zinc increased, and LME zinc decreased. Positions of Shanghai zinc increased, and LME zinc decreased. The premium of Shanghai 0 zinc decreased, and the LME CASH - 3M premium increased. Zinc inventories of both Shanghai and LME decreased [7] - **News**: From January to May in China, the profits of industrial enterprises above designated size decreased by 1.1% year - on - year, and in May alone, it decreased by 9.1% [8] - **Trend Intensity**: The zinc trend intensity is 0, indicating a neutral view [8] Lead - **Fundamental Data**: The closing price of the Shanghai lead main contract was 17,125 yuan, down 0.58%, and the LME lead 3M electronic disk was at 2,041.5 US dollars, up 0.15%. Trading volume of both Shanghai and LME lead decreased, while positions of Shanghai lead increased and LME lead decreased. The premium of Shanghai 1 lead remained unchanged, and the LME CASH - 3M premium decreased slightly. Lead inventories of both Shanghai and LME increased [10] - **News**: Similar to zinc, from January to May in China, the profits of industrial enterprises above designated size decreased by 1.1% year - on - year, and in May alone, it decreased by 9.1% [10] - **Trend Intensity**: The lead trend intensity is 0, indicating a neutral view [10] Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 120,480 yuan, down 350 yuan. The stainless - steel main contract was at 12,620 yuan, down 15 yuan. Trading volumes of both decreased significantly. The price of 1 imported nickel increased by 700 yuan. The price of high - nickel pig iron decreased slightly. The price of 304/2B stainless - steel coils in Wuxi increased slightly [12] - **Macro and Industry News**: Ontario, Canada may stop exporting nickel to the US. The Indonesian CNI nickel - iron RKEF Phase I project entered the trial - production stage. A nickel smelter in Indonesia resumed production. An Indonesian cold - rolling mill will continue maintenance from June to July. The Philippine Nickel Industry Association welcomed the removal of the raw - ore export ban. Environmental violations were found in the Indonesian Morowali Industrial Park [12][13][15] - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral view [15]

Group 1: Currency Market Dynamics - The US dollar index has fallen to approximately 97.00, marking a three-year low, driven by uncertainty surrounding the Federal Reserve's future decisions [1] - The euro has risen to a three-year high against the dollar, reaching 1.173, while the Swiss franc has hit a ten-year high [1] - The Japanese yen has strengthened as the dollar depreciates, with the USD/JPY rate dropping below 144.00 [2] Group 2: Economic Indicators and Predictions - Japan's government plans to lower its GDP growth forecast for 2025 from 1.2% to below 1%, primarily due to global trade risks from US tariff policies [2] - The Australian dollar has appreciated for four consecutive trading days, influenced by slowing inflation data, leading to expectations of a rate cut by the Reserve Bank of Australia [3] - The Bank of England's Governor Bailey indicated that interest rates will gradually decline, but the monetary policy will not follow a preset path, emphasizing the need for a restrictive stance until inflation risks subside [5] Group 3: Market Sentiment and Investment Strategies - Market sentiment is driven by three factors: rumors of a leadership change at the Federal Reserve, easing geopolitical tensions, and ongoing trade negotiations influenced by Trump's tariff comments [1] - There is strong demand for put options on the dollar, indicating that traders view the dollar's decline as a key risk to hedge against [1] - Analysts suggest that if the euro can break through the 1.17 level against the dollar, it may pave the way for further gains towards 1.20, supported by a favorable trade stance from US allies [6]