Report Industry Investment Rating - The report gives a "volatile and bullish" rating for the precious metals futures industry [2] Core View - The U.S. is deploying troops to Iran, imposing sanctions on entities related to Iran, and threatening to impose a 25% tariff on countries trading with Iran. Along with the ongoing Greenland issue, these factors increase market volatility and the bullish factors for gold. The U.S. weather conditions may dampen risk appetite, but silver follows gold's rise due to gold's increase and the U.S. GDP growth in Q3 2025. Overall, the bullish factors for precious metals increase, but risk management is needed [2] Summary by Relevant Catalog 1. Futures Market Review - The report presents figures on the internal and external prices of gold and silver futures, as well as the trading volume and open interest of Shanghai gold and silver futures, with data from Flush and Ningzheng Futures [4][7] 2. Interest Rates and Exchange Rates - Figures on the U.S. dollar index, U.S. interest rates, and their relationship with the gold price are provided, with data from Flush and Ningzheng Futures [9] 3. Macro Data - The report shows various U.S. macro - data figures, including CPI and PCE inflation data, initial jobless claims, unemployment rate, new non - farm employment, PMI, retail sales, personal disposable income, new private housing starts, and new housing sales, with data from Flush and Ningzheng Futures [14][21][22] 4. Fund Holdings and Ratios - Figures on the total holdings of silver and gold ETFs, the holding ratios of gold and silver asset management institutions, and the gold - silver ratio and gold - copper ratio are presented, with data from Flush and Ningzheng Futures [25][31] Attention Factors - The report suggests paying attention to the evolution of geopolitical risks in the Middle East, the change of the Fed's top management, and U.S. economic data [3]

Report Summary 1. Report's Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The short - term steel price may fluctuate strongly, but the upside space is limited due to weak demand in the off - season [1] - The change of the Fed's top management is an important factor determining the future trend of precious metals. Gold may fluctuate more in the short term and oscillate at a high level in the medium term [1] - Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] - The market sentiment of coking coal has gradually turned weak, but there is some resistance to further decline in futures prices [3] - The bond market has re - entered the oscillation range, and attention should be paid to the stock - bond seesaw and the capital market [4] - The short - term hog price will be under pressure, and it is recommended to short at an appropriate time [4] - Palm oil is expected to fluctuate in the short term, and attention should be paid to the callback risk [5] - The short - term price of soybean meal will remain in an oscillating pattern, and attention should be paid to the import news of Brazilian soybeans and the cost support of US soybeans [7] - Silver fluctuates with a bullish bias [7] - Methanol is expected to fluctuate in the short term, and it is recommended to wait and see or do short - term long on dips [8] - Soda ash is expected to fluctuate weakly in the short term, and it is recommended to wait and see or do short - term short on rebounds [9] - Plastic is expected to fluctuate in the short term, and it is recommended to wait and see [10] - Copper prices are expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11] 3. Summary by Commodity Steel - Domestic steel market prices are mainly slightly rising. The average price of 20mm third - grade seismic rebar in 31 major cities is 3283 yuan/ton, up 15 yuan/ton from the previous trading day. The short - term steel price may fluctuate strongly, but the upside space is limited [1] Gold - The Fed's top management may change. If a dovish chairman takes office, it will greatly boost risk appetite. Gold fluctuates more in the short term and may oscillate at a high level in the medium term [1] Iron Ore - From November 24th to November 30th, the total arrival volume of iron ore at 47 ports in China was 2784.0 tons, a decrease of 155.5 tons compared with the previous period. Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] Coking Coal - The capacity utilization rate of 314 independent coal - washing plants is 36.5%, a week - on - week increase of 0.2%. The market sentiment has gradually turned weak, but there is some resistance to further decline in futures prices [3] Long - term Treasury Bonds - China's S&P composite PMI in November was 51.2, and the service industry PMI was 52.1. The bond market has re - entered the oscillation range [4] Hogs - The national average price of pork in the agricultural product wholesale market on December 3rd was 17.74 yuan/kg, up 0.9% from the previous day. The short - term hog price will be under pressure [4] Palm Oil - As of December 3rd, the domestic spot basis of 24 - degree palm oil in some regions has changed. It is expected to fluctuate in the short term and attention should be paid to the callback risk [5] Soybean Meal - On December 3rd, the domestic soybean meal spot market prices were stable with an upward trend. The short - term price will remain in an oscillating pattern, and it is expected to oscillate between 2980 - 3100 yuan/ton [7] Silver - The ADP employment data in the US in November showed a significant decline, and the market's expectation of the Fed's interest - rate cut has increased. Silver fluctuates with a bullish bias [7] Methanol - The market price of methanol in Jiangsu Taicang is 2122 yuan/ton, a decrease of 10 yuan/ton. It is expected to fluctuate in the short term, and the support level is at 2090 yuan/ton [8] Soda Ash - The national mainstream price of heavy - quality soda ash is 1260 yuan/ton, with stable prices recently. It is expected to fluctuate weakly in the short term, and the pressure level is at 1170 yuan/ton [9] Plastic - The mainstream price of LLDPE in North China is 6867 yuan/ton, a decrease of 5 yuan/ton compared with the previous day. It is expected to fluctuate in the short term, and the support level is at 6750 yuan/ton [10] Copper - Vale and Glencore are considering establishing a joint venture to develop a copper mine project. The copper price is expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11]

Report on Investment Analysis of Multiple Commodities 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The overall commodity market shows a mixed trend with different commodities facing various supply - demand situations and market factors. Some commodities are expected to be in a state of shock, while others have short - term upward or downward trends [1][2][4]. 3. Summary by Commodity Crude Oil - US commercial crude, gasoline, and distillate inventories increased in the week ending November 28, 2025. There are peace negotiations and Putin's visit to India for business promotion. The market is oversupplied, suppressing price increases. It should be treated with a weak - shock outlook [1]. Silver - The market is awaiting the ADP November private - sector employment report. With an 89% expectation of a December Fed rate cut, silver has upward momentum but may face short - term callback pressure and is bullish in the medium term [2]. Bean Meal - Domestic spot prices vary. The supply - demand fundamentals are stable, with high oil - mill crushing and slow de - stocking. The weak domestic breeding industry restricts demand. The 01 contract will likely remain in a shock pattern [4]. Palm Oil - Malaysian palm oil exports in November decreased by 39.21% compared to the previous month. Although production decreased, exports were weak, and there is a high probability of inventory accumulation. The domestic market is quiet, and it is advisable to wait and see [4]. Live Pigs - The planned December hog slaughter of key provincial breeding enterprises increased by 3.20% compared to November. The market is oversupplied, and prices are weak. It is recommended to short at the right time and farmers should hedge [5]. Long - term Treasury Bonds - The central bank had a net capital injection in November. The long - term capital is in a net - injection state, and the bond market is in a shock range. Attention should be paid to the stock - bond seesaw and capital market trends [5]. Gold - Trump plans to announce the next Fed chair in early 2026. A potential dovish chair could boost risk appetite. Gold is expected to be in a short - term shock - bullish and medium - term high - level shock state [6]. Methanol - Northwest production signing increased, prices in Jiangsu rose, and capacity utilization increased. Port and enterprise inventories decreased. The 01 contract is expected to be shock - bullish in the short term, and it is advisable to wait and see or go long on callbacks [7]. Soda Ash - The price is stable, production decreased, and inventories decreased. The float - glass industry is weak. The 01 contract is expected to be in a shock state, and it is advisable to wait and see or short on rebounds [8]. PTA - Supply decreased more than expected, polyester start - up decline was postponed, and exports may increase. The short - term price is supported by the relatively good supply - demand structure [9]. Natural Rubber - Raw material prices decreased, global production increased, and consumption decreased. The bonded area continued to accumulate inventory, and the market is expected to be in a shock state [10]. PVC - The price increased slightly, capacity utilization rose, and inventory increased. Supply is high, demand is weak in the domestic off - season, and cost support is strong. The 01 contract is expected to be in a shock state, and it is advisable to wait and see or go long on callbacks [10][11].