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]

Fundamental Analysis - Gold prices experienced a significant pullback on February 24, dropping nearly 2.5% to around $5094 per ounce, closing at $5141.43, marking a decline of approximately 1.65% after four consecutive days of gains. This adjustment was primarily due to profit-taking and a strengthening U.S. dollar, which pressured gold prices lower. However, buying interest at lower levels provided some support [1][3] - The recent high points in gold prices led some holders to lock in profits, resulting in increased selling pressure. This typical profit-taking behavior after rapid price increases weakened gold's short-term upward momentum. Additionally, hawkish statements from Federal Reserve officials bolstered the U.S. dollar, further exacerbating gold's relative weakness. Gold, priced in dollars, typically shows a negative correlation with the dollar index, facing adjustment pressure when the dollar strengthens [3] - Despite a slowdown in global central bank gold purchases in recent months, Société Générale maintains an optimistic outlook, expecting official demand to gradually recover in the spring. Their latest report emphasizes gold's unique position in central bank balance sheets, highlighting its role as a strategic anchor rather than a conventional reserve asset. The report notes that gold's share in global foreign exchange reserves is expected to remain significant, especially as official gold reserves have recently surpassed U.S. Treasury holdings for the first time since 1996. In the context of rising global sovereign debt and ongoing geopolitical risks, gold's appeal as a "trust anchor" is increasingly pronounced [4] Technical Analysis - On the daily chart, gold prices recorded a bearish close, retracing some recent gains but still maintaining a bullish outlook, with potential to challenge levels above 5230. The short-term trend has shown a bullish momentum since the low of 4840, breaking above 5100, and currently, prices are stabilizing around the 5100 mark, approaching 5200 [6] - Traders are advised to monitor support levels above 5150, with a focus on taking long positions. The upper resistance levels are identified around 5220 and 5280 [6]

Fundamental Analysis - Gold prices experienced a narrow fluctuation, trading around $4,619 per ounce, after reaching a historical high of $4,634.33 per ounce before a quick pullback to close at approximately $4,586 [1] - The U.S. inflation data for December came in lower than expected, reinforcing the Federal Reserve's potential path for interest rate cuts, while the dollar index rebounded by 0.28% to 99.15, exerting pressure on gold prices [1][3] Market Sentiment - The market's interpretation of the inflation data was mixed, with experts suggesting that while lower inflation supports rate cuts, it also indicates signs of economic cooling, leading investors to reconsider the Fed's cautious approach [3] - The St. Louis Fed President emphasized that with inflation still above the 2% target, there is no justification for further rate cuts in the near term, cooling short-term rate cut expectations [3] Dollar Index Impact - The rebound of the dollar index was a key factor in gold's pullback, with the index rising 0.3% to 99.18, supported by strong employment data from the previous week [4] - A strong dollar increases the holding cost of gold priced in dollars, leading to a decline in gold prices from record highs, raising concerns about a potential peak in gold prices [4] Geopolitical Factors - Despite short-term signs of a peak in gold prices, ongoing geopolitical tensions continue to provide underlying support for gold, with concerns over U.S. investigations into the Fed's independence and trade tensions with Iran affecting global supply chains [5] - The geopolitical climate and uncertainty regarding the Fed's independence are seen as fundamental supports for gold, with some institutions raising their long-term price forecasts for gold [5] Technical Analysis - Current technical indicators suggest an upward price trend for gold, with support levels around $4,565 and a cautious trading approach recommended due to reduced market activity [8] - The MACD indicators show a bullish trend, but the market's energy is weakening, suggesting a need for careful trading strategies [8]

Core Viewpoint - The article discusses the recent fluctuations in the stock market, highlighting the impact of external factors such as U.S. government funding issues and concerns over the AI sector bubble, which have influenced market performance and investor sentiment [10][11][18]. Market Performance - On November 11, the market experienced a day of volatility, with the Shanghai Composite Index falling by 0.39%, the Shenzhen Component down by 1.03%, and the ChiNext Index decreasing by 1.4% [3]. - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion yuan, a decrease of 180.9 billion yuan compared to the previous trading day [3]. External Influences - The article notes that the Asian markets opened higher due to a significant rise in U.S. stocks but subsequently experienced declines, attributed to concerns over the U.S. government "shutdown" and its potential economic implications [7][10]. - The U.S. Senate passed a temporary funding bill, but uncertainties remain as it awaits approval from the House of Representatives and the President [10]. Economic Data Concerns - Investors are wary of upcoming economic data releases following the government reopening, with concerns that missing data could mask structural slowdowns in hiring [11]. - The article mentions that the U.S. dollar has performed well during the government shutdown, which may attract funds away from other markets [11]. AI Hardware Sector - The AI hardware sector showed a notable decline, mirroring the overall market trend, with concerns about the potential bubble in the U.S. AI sector affecting A-shares [12][13][18]. - Michael Burry's comments on the overvaluation of tech companies due to depreciation accounting practices have raised alarms about the sustainability of profits in the AI sector [18][19]. Investment Style Adjustments - There is a potential shift in institutional investment styles, with funds possibly reallocating from popular sectors, leading to market volatility [19]. - The China Securities Investment Fund Industry Association is drafting guidelines to regulate theme-based investment styles, which may impact fund management practices [20]. Emerging Opportunities - The cultivated diamond sector has emerged as a surprising leader in market gains, with a rise of over 6% [22]. - Recent advancements in the use of cultivated diamonds in semiconductor cooling solutions have sparked renewed interest in their industrial applications [25].

Market Overview - The Japanese and South Korean stock markets opened lower, with the South Korean Composite Index dropping over 6% and the Nikkei 225 Index falling below 50,000 points, down 3.74% [1] - Concerns over global AI valuations have led to declines in South Korean chip stocks, with SK Hynix down 7.85% and Samsung Electronics down 6.67% [1] - Japanese chip-related stocks also experienced significant declines, with SoftBank Group down 13.2% and Advantest down 8.6% [3] Economic Indicators - The yield on 10-year Japanese government bonds fell by 1 basis point to 1.66% [5] - The USD/JPY exchange rate dropped to 153.17, having previously touched 154 [5] Stock Performance - The Nikkei 225 Index has been above 50,000 points for six consecutive trading days, with a cumulative increase of over 15% since early October and a year-to-date rise of 29.8% [8] - The KOSPI index in South Korea has seen a 19% increase since October, with a year-to-date surge of nearly 72% [8] - On November 4, the Nikkei 225 Index recorded a high of 52,434.06 points before closing down 1.74% at 51,497.2 points, while the KOSPI index closed down 2.37% at 4,121.74 points [8] Market Influences - Three main factors are affecting the Asia-Pacific stock markets: the strengthening US dollar, declines in high-flying assets, and ongoing trade dispute uncertainties [8] - The decline in the Japanese and South Korean stock markets is attributed to "crowded trades at high levels" and the strengthening dollar, leading to profit-taking and technical pullbacks [9] - Future performance of Japanese stocks may depend on government fiscal plans and reforms, while the South Korean market's outlook is closely tied to the US AI cycle and domestic capital expenditure [9]

Market Overview - Global stock markets experienced a sudden downturn, with Japan's Nikkei index falling over 1% and South Korea's KOSPI dropping more than 2% [1][3][5] - Australian stock indices also closed down nearly 1%, indicating a bearish trend [5] - A-shares in China saw an increase in their decline, following the negative sentiment in global markets [1][5] Factors Influencing the Market - The strengthening of the US dollar index, which recently approached the 100 mark, has negatively impacted equity valuations [7] - High-profile assets have been experiencing significant sell-offs, particularly in AI-related stocks, leading to increased pressure for profit-taking [7] - Despite some positive signals in global trade disputes, uncertainty remains, contributing to market volatility [7] Specific Market Movements - South Korea's SK Hynix saw a 5.3% drop after a significant rise of nearly 11% the previous day, highlighting the volatility in tech stocks [5] - The Australian central bank's comments on potential interest rate adjustments have added to market concerns, particularly regarding inflation and employment risks [5] - US stock index futures are also showing widespread declines, with small-cap indices down over 0.8% [5] Future Market Outlook - Short-term volatility is expected due to year-end profit-taking, but structural opportunities may still exist in the market [8] - Data from Shenwan Hongyuan indicates that the earnings risk premium (ERP) for A-shares has increased, suggesting potential value compared to global markets [8] - The valuation of the Shanghai Composite Index is currently lower than that of major global indices, indicating a potential investment opportunity [8]

Core Viewpoint - The international precious metals market experienced a significant crash, with gold dropping 6.3%, marking the largest single-day decline since April 2013, catching many investors off guard [1][3]. Market Performance - On October 21, gold prices fell from approximately $4342 to a low of $4086, closing at $4128.27 per ounce, while silver saw an even steeper decline of 8.7%, closing at $48.58 per ounce [3]. - The New York Mercantile Exchange saw December gold futures drop by 4.92% to $4145 per ounce, and COMEX silver futures fell by 7.69%, indicating a systemic sell-off across the precious metals sector [3][9]. Causes of the Crash - Analysts attribute the crash to profit-taking after significant gains earlier in the year, with gold up over 57% and silver up 67% [5]. - A decrease in safe-haven demand due to easing geopolitical tensions and a more favorable trade outlook between the U.S. and China also contributed to the decline [5][7]. - The strengthening U.S. dollar added pressure, with the dollar index rising approximately 0.4% over three consecutive days, making gold more expensive for holders of other currencies [7]. Market Indicators - Technical indicators suggested an overheated market, with gold's relative strength index (RSI) previously exceeding 88, signaling a potential for correction [7]. - The surge in trading volume for gold futures, exceeding daily averages by about 40%, indicated a significant number of traders were selling simultaneously [15]. Institutional Reactions - The largest gold ETF, SPDR Gold Trust, showed a declining trend in holdings prior to the crash, signaling institutional investors' caution [13]. - Divergent views emerged among institutional investors, with some seeing the drop as a normal correction while others expressed concern over the sustainability of current gold prices if retail investors reduce their positions [11][13]. Historical Context - This crash represents the largest single-day decline in gold prices since April 2013, contrasting with a previous drop driven by liquidity issues during the "dollar shortage" in March 2020 [13][17]. - The market is now focused on upcoming U.S. CPI data, which could influence gold prices depending on inflation trends [19].

Core Viewpoint - The recent sharp decline in gold and silver prices marks a rare event, with gold experiencing its largest single-day drop since April 2013 and silver its largest drop since 2021 [1][2]. Price Movements - On October 21, spot gold fell by 6.3%, closing at $4,124.355 per ounce, while COMEX gold futures dropped by 5.07% to $4,138.5 per ounce [1]. - Spot silver saw a decline of 7.11%, with COMEX silver futures down by 6.27% [1]. - Following the initial drop, gold prices rebounded slightly to above $4,070 per ounce [1]. Causes of the Decline - Analysts attribute the price drop primarily to profit-taking and a decrease in safe-haven demand due to easing global trade tensions [2]. - A strengthening U.S. dollar has made precious metals more expensive for most buyers, further contributing to the decline [2]. - Changes in the Russia-Ukraine situation have also introduced volatility in the gold market, with European leaders expressing strong support for U.S. positions on Ukraine [2]. Market Sentiment and Future Outlook - Independent metal trader Tai Wong noted that recent high volatility in gold prices may lead to short-term profit-taking [3]. - Hudson Attar from Bridgewater expressed uncertainty about the future of the gold market, suggesting that the likelihood of a decline is greater than further increases [4]. - Attar highlighted that the sustainability of high-net-worth Western investors' gold purchases is crucial for future price support [4]. Long-term Projections - HSBC's commodity outlook report suggests that gold's upward momentum could continue until 2026, driven by strong central bank purchases and ongoing fiscal concerns in the U.S., with a target price of $5,000 per ounce [5]. - The report emphasizes that the U.S. fiscal deficit is a significant factor driving gold demand, as investors increasingly view gold as a hedge against debt sustainability risks and potential dollar weakness [5].

Core Viewpoint - The article discusses the significant drop in gold and silver prices, highlighting the largest single-day declines since 2013 and 2021 respectively, driven by profit-taking and reduced safe-haven demand due to easing global trade tensions and a stronger US dollar [3][6]. Price Movements - On October 21, gold prices fell by 6.3%, marking the largest single-day drop since April 2013, with current prices at $4,128.27 per ounce, down 5.24% [3][4]. - Silver prices experienced a decline of 8.7%, the largest drop since 2021, with current prices at $48.58 per ounce, down 7.29% [3][4]. Market Analysis - Analysts attribute the price drop to profit-taking by investors, alongside a decrease in safe-haven demand due to improved global trade conditions and a stronger US dollar, making precious metals more expensive for buyers [6]. - The market had previously anticipated further interest rate cuts by the Federal Reserve, which had driven gold prices to new highs, but the current pullback is seen as a buying opportunity if the CPI data does not show unexpected increases [6]. Geopolitical Factors - Changes in the Russia-Ukraine situation have introduced volatility in the gold market, with European leaders expressing strong support for the US stance on Ukraine and planning to increase pressure on Russia while supporting Ukraine [7].

Core Insights - Gold and silver prices experienced significant declines, with gold dropping 6.3%, marking the largest single-day drop since April 2013, and silver falling 8.7%, the largest drop since 2021 [1][3] Price Movements - As of the report, spot gold was down 5.24% at $4128.27 per ounce, while spot silver was down 7.29% at $48.58 per ounce [1][3] - Gold opened at $4359.15, reached a high of $4375.27, and a low of $4082, closing at $4128.27 [2] - Silver opened at $52.48, peaked at $52.68, and hit a low of $47, closing at $48.58 [3] Market Analysis - Analysts indicated that profit-taking was a primary reason for the price drop, alongside a temporary easing of global trade tensions which reduced safe-haven demand [3][4] - The strengthening of the US dollar made precious metals more expensive for most buyers, contributing to the decline [3] Future Outlook - Market analysts believe that as long as the Federal Reserve maintains its current interest rate path, any pullback in gold prices will be viewed as a buying opportunity [4] - Upcoming US Consumer Price Index (CPI) data is expected to influence gold's upward momentum, provided there are no unexpected increases [4] - Changes in the geopolitical landscape, particularly regarding the Russia-Ukraine situation, may also impact the gold market significantly [4]