1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the given reports. 2. Core Views of the Report - Gold: Long - term holding is recommended. The short - term easing of the Iran situation has changed the asset - price pricing model. Safe - haven demand supports the gold price. Attention should be paid to inflation trends and stagflation trading. The long - term strategic allocation value remains unchanged, and short - term investors should focus on structural entry opportunities [1]. - Silver: Participation is recommended after volatility reduction. Silver is supported by the gold price, but stagflation trading may have a negative impact. The end of the Iran crisis is uncertain, and short - term participation is difficult. Investors should focus on the risk - reward ratio [1]. - Copper: Long - term holding is recommended. Although the short - term copper price is under pressure and tests the 100,000 - yuan support level, the medium - to - long - term outlook remains positive [1][7]. - Zinc: It is expected to trade in a range. The strong US dollar and the geopolitical situation in the Middle East put pressure on the non - ferrous metals sector. High energy prices may lead to supply contraction in Europe. Zinc prices will be under pressure in the short term, testing integer - level support before rebounding [1][11]. - Lead: The short - term price rebound is under pressure as smelters have resumed production, but downstream consumption is weak, and inventories are accumulating [1]. - Tin: The short - term price rebound is under pressure as overseas and domestic smelters have resumed production, and the support from the tin - ore end is weakening [1]. - Aluminum: The short - term price trend is expected to be relatively strong. Although global electrolytic - aluminum supply is expected to tighten, domestic inventory accumulation is obvious in the off - season. However, downstream demand is recovering significantly [1]. - Nickel: The short - term price is expected to have a small - scale rebound. The news of additional quotas in Indonesia weakens the expectation of supply tightening at the ore end. High domestic inventory and weak consumption continue, and stainless - steel inventory is accumulating [1][18]. - Industrial silicon: The short - term price rebound is under pressure. Demand is weak, but cost increases and low valuation on the futures market suggest a strategy of buying on dips [1]. - Polysilicon: It is expected to trade in a low - level range. Although the fundamentals suggest a slight inventory reduction in March, the spot market is sluggish, and the main - contract price remains low. Caution is advised when participating [1]. - Lithium carbonate: It is expected to trade in a wide range. Total inventory has been decreasing for 7 consecutive weeks, but the rate of decline is slowing, and production is increasing. Market sentiment has led to a decline in the futures price, and a strategy of buying on dips is recommended [1]. 3. Summary by Related Catalogs Gold and Silver - **Market Data**: The prices of SHFE gold, COMEX gold, SHFE silver, and COMEX silver have shown different fluctuations. The gold - silver ratio has also changed. The US dollar index has risen slightly, and the net long positions of gold and silver in COMEX have increased [2]. - **Fundamental Logic**: The Iran situation is uncertain, and the Islamic Revolutionary Guard Corps of Iran has reaffirmed its jurisdiction over the Strait of Hormuz. Geopolitical factors may lead to expectations of inflation and interest - rate hikes. The People's Bank of China has been increasing its gold reserves for 16 consecutive months. The long - term bullish logic of precious metals remains unchanged, but the short - term market is waiting for new drivers [2][3][4]. - **Strategy Recommendation**: The long - term upward trend of gold remains unchanged, with short - term support around 1,120. For silver, attention should be paid to the support around 21,000 [4]. Copper - **Market Data**: The prices of Shanghai copper, LME copper, and COMEX copper have all declined slightly. Trading volume and inventory have changed, with some inventory increasing and some decreasing. The basis and spread have also shown different trends [5]. - **Industrial Logic**: Global copper - ore supply remains tight, with the copper - concentrate processing fee at a record low. Although the high copper price and holidays have led to obvious inventory accumulation, the expected effective - circulation inventory is tight. The peak season has started, and downstream buyers are actively purchasing at low prices [6]. - **Strategy Recommendation**: In the short term, the copper price will test the 100,000 - yuan support level again. Industrial buyers should purchase as needed, and sellers should wait for the price to rebound and sell at the upper - resistance level. The medium - to - long - term trend is still positive. The short - term trading range for Shanghai copper is [99,000, 103,000] yuan/ton, and for LME copper, it is [12,900, 13,200] US dollars/ton [7]. Zinc - **Market Data**: The prices of Shanghai zinc and LME zinc have declined slightly. Trading volume has decreased, and inventory has changed, with some inventory increasing and some decreasing. The basis and spread have also shown different trends [9]. - **Industrial Logic**: Global zinc - ore supply may shrink in 2026. Some mines are facing production reduction or non - production due to various reasons. Supply is expected to weaken in February, and demand is weak, with slow order recovery after the holiday and continuous inventory accumulation [10]. - **Strategy Recommendation**: In the short term, zinc will trade in a range, testing integer - level support before rebounding. In the medium - to - long - term, a strategy of buying on dips is recommended. The trading range for Shanghai zinc is [24,000, 24,800] yuan/ton, and for LME zinc, it is [3,280, 3,350] US dollars/ton [11]. Aluminum - **Market Data**: The prices of LME aluminum, Shanghai aluminum, and alumina have all increased. The trading volume and inventory of aluminum have changed, with some inventory increasing and some decreasing [12]. - **Industrial Logic**: The expectation of the Fed's interest - rate cut in 2026 continues. In the industry, short - term supply disruptions in the Middle East continue, and new electrolytic - aluminum projects in Indonesia are still ramping up production. Domestic inventory is an important factor suppressing prices, but downstream demand is recovering rapidly. For alumina, overseas bauxite supply is sufficient, and the price is slightly under pressure. Although domestic inventory has decreased slightly, the oversupply situation is difficult to change fundamentally [14]. - **Strategy Recommendation**: It is recommended to go long on Shanghai aluminum on dips in the short term, paying attention to the inventory accumulation of aluminum ingots. The main trading range is [23,500 - 26,000] yuan/ton [15]. Nickel - **Market Data**: The prices of LME nickel and Shanghai nickel have increased slightly, while the price of stainless - steel has decreased slightly. The trading volume and inventory of nickel and stainless - steel have changed, with some inventory increasing and some decreasing [16]. - **Industrial Logic**: The expectation of the Fed's interest - rate cut in 2026 continues. Although Indonesia plans to reduce nickel - ore production quotas in 2026, the news of additional quotas weakens the expectation of supply tightening. Domestic pure - nickel inventory remains high, and the downstream stainless - steel market is in the off - season, with inventory accumulating. The recovery of downstream demand needs to be verified [18]. - **Strategy Recommendation**: It is recommended to go long on nickel and stainless - steel on dips, paying attention to Indonesian policies and downstream stainless - steel inventory changes. The main trading range for nickel is [130,000 - 150,000] yuan/ton [19]. Lithium Carbonate - **Market Data**: The prices of lithium - carbonate futures contracts have declined. Trading volume and inventory have changed, with production increasing and inventory decreasing slightly [20]. - **Industrial Logic**: The fundamentals remain in a supply - demand tight situation. Total inventory has been decreasing for 7 consecutive weeks, and the upstream inventory is insufficient for one month. With the arrival of the peak season, downstream replenishment may further tighten the supply. The lithium - concentrate ban in Zimbabwe has not been fully priced in, which will increase the production cost of lithium carbonate in the long term. Although the rate of inventory reduction has weakened, there is still a rigid support for the price [21]. - **Strategy Recommendation**: A strategy of buying on dips in the range of [150,000 - 160,000] yuan/ton is recommended [22].