1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Gold: Focus on the switch between liquidity contraction and safe - haven trading. Gold is in a state of shock. The price range is 970 - 1050 yuan/gram. The first wave of liquidity contraction has been relatively sufficient. If the U.S. stocks accelerate their decline and there is a joint sell - off of all - market assets in the future, there may be a second - round sell - off of gold. However, the rebound of gold on Friday night when the U.S. stocks broke down may indicate the return of safe - haven sentiment. Gold has the value of the first - wave bottom - fishing, and it is mainly in a range - bound state in the medium - term, with the decline risk not fully cleared, but it already has buying cost - effectiveness [3]. - Silver: The gold - silver ratio continues to be repaired. Silver is in a state of shock. The price range is 16000 - 18500 yuan/kilogram. Silver bears greater elasticity and volatility, and the gold - silver ratio is in an upward - repair channel [3]. 3. Summary According to Relevant Catalogs 3.1 Trading Aspect (Price, Spread, Inventory, Capital, and Position) 3.1.1 Overseas Spot - Futures Spread - Gold: This week, the spread between London spot and COMEX gold main contract rebounded to 3.648 dollars/ounce, and the spread between COMEX gold continuous and COMEX gold main contract was 2.3 dollars/ounce [8][9]. - Silver: This week, the spread between London spot and COMEX silver main contract rebounded to - 0.045 dollars/ounce, and the spread between COMEX silver continuous and COMEX silver main contract was - 2.22 dollars/ounce [8][15]. 3.1.2 Domestic Spot - Futures Spread - Gold: This week, the gold spot - futures spread was - 6.21 yuan/gram, at the lower edge of the historical range [19]. - Silver: This week, the silver spot - futures spread was - 22 yuan/gram, at the upper edge of the historical range [22]. 3.1.3 Inter - month Spread - Gold: This week, the gold inter - month spread was 8.22 yuan/gram, at the upper edge of the historical range [26]. - Silver: This week, the silver inter - month spread was 51 yuan/gram, at the lower edge of the historical range [29]. 3.1.4 Cross - month Positive Arbitrage Delivery Cost - Buying TD and shorting Shanghai gold: The total cost is 20.20 yuan/gram [31]. - Buying Shanghai gold December contract and shorting June contract: The total cost is 5.93 yuan/gram [32]. - Buying TD and shorting Shanghai silver: The total cost is 354.11 yuan/kilogram [33]. - Buying Shanghai silver December contract and shorting June contract: The total cost is 341.50 yuan/kilogram [34]. 3.1.5 Delivery Direction of Deferred Fees for Gold and Silver Spot in Shanghai Gold Exchange This week, for gold, the long pays the short, indicating strong delivery power; for silver, the short pays the long, indicating strong receiving power [35]. 3.1.6 Inventory and Position - to - Inventory Ratio - Gold: This week, COMEX gold inventory decreased by 10 tons, and the registered warrant ratio rebounded to 52.4%. The domestic gold futures inventory decreased by 0.2 tons [37][43]. - Silver: This week, COMEX silver inventory decreased by 136 tons to 10211 tons, and the registered warrant ratio fell to 23.2%. The domestic silver futures inventory increased by 9.3 tons to 371 tons [39][43]. 3.1.7 CFTC Non - commercial Positions This week, the non - commercial net long position of COMEX CFTC gold rebounded slightly, and the non - commercial net long position of silver rebounded slightly [45]. 3.1.8 ETF Positions - Gold: This week, the SPDR gold ETF position decreased by 4.29 tons, and the domestic gold ETF position decreased by 12.4 tons [49]. - Silver: This week, the SLV silver ETF position increased by 150 tons [53]. 3.1.9 Gold - Silver Ratio This week, the gold - silver ratio rebounded from 62 in the previous week to 66 [55]. 3.1.10 COMEX Gold Delivery Volume and Gold - Silver Lease Rate This week, the 3 - month gold lease rate was - 0.188%, and the 3 - month silver lease rate was 2.03% [57]. 3.2 Core Drivers of Gold 3.2.1 Gold and Real Interest Rates This week, the correlation between gold and real interest rates has returned, and the 10Y TIPS continued to decline [62]. 3.2.2 Inflation and Retail Sales Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [66]. 3.2.3 Non - farm Employment Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [68]. 3.2.4 Industrial Manufacturing Cycle and Financial Conditions No specific analysis content is provided in the content. 3.2.5 Economic Surprise Index and Inflation Surprise Index No specific analysis content is provided in the content. 3.2.6 Fed Rate - cut Probability No specific content is provided in the text, only a title is given.

Macro News - The main gold futures in Shanghai reported at 1150.50 CNY per gram, with an increase of 3.52%, opening at 1160.00 CNY per gram, reaching a high of 1162.2 CNY per gram and a low of 1142.00 CNY per gram [1] - COMEX gold futures closed at 5130 USD per ounce with a weekly increase of 1.66%, while COMEX silver futures closed at 84.57 USD per ounce with a weekly increase of 8.47% [1] - The rise in precious metals is attributed to increased geopolitical and trade tariff risks, along with the CPI data released on February 12 supporting expectations for a Federal Reserve rate cut [1] Institutional Views - The precious metals market experienced a three-phase increase driven by data, rising geopolitical risks, and policy uncertainties during the Spring Festival [1] - The current market is at a convergence of marginal easing in Federal Reserve monetary policy and fragmentation in the global trade system, highlighting gold's value as a non-credit currency and safe-haven asset [1] - Attention is needed on the potential implementation of a 15% temporary tariff and possible retaliatory measures from trade partners, which could further elevate safe-haven demand [1] - The upcoming FOMC meeting on March 19 will be crucial for validating the path for rate cuts, with key data points to watch including the U.S. non-farm payroll report in early March and CPI data in mid-March [1] - The strategy remains bullish on precious metals, with a focus on opportunities for silver in terms of gold-silver ratio recovery [1]

Core Viewpoint - The recent dramatic decline in COMEX silver futures, which saw a historic single-day drop of 35%, has abruptly ended a bullish market trend, with low probabilities of new highs in the short to medium term. However, many institutions remain optimistic about the long-term prospects of silver, advising caution in the short term [1][5]. Market Dynamics - The silver market experienced a significant surge, with prices rising by 300% in 2025, followed by a sharp decline shortly after the start of 2026. This volatility has led to substantial profits for some investors while others faced significant losses [2]. - The surge was driven by a combination of increased industrial demand and a correction in the gold-silver ratio, with large institutional players fueling the market and attracting retail investors [2][5]. - As prices rose, short positions were forced to cover, leading to a reversal in market dynamics where long positions began to liquidate, resulting in a sharp price drop exacerbated by regulatory measures that increased margin requirements [2][3]. Historical Context - Historical patterns indicate that major peaks in silver prices are often accompanied by increased margin requirements from exchanges. The recent adjustments by the CME to a percentage-based margin system have accelerated the deleveraging process in the silver market [3]. - The volatility in silver prices has been unprecedented, with significant fluctuations observed in a short time frame, making short-term predictions nearly impossible [3][6]. Long-term Outlook - Analysts maintain a bullish long-term outlook for silver, citing persistent supply-demand imbalances and geopolitical risks that support higher prices. Despite short-term volatility, the fundamental drivers for silver's long-term growth remain intact [5][7]. - UBS forecasts a significant shortfall in the silver market by 2026, with investment demand expected to exceed 400 million ounces, although high prices may dampen industrial demand [5][6]. - The recent price drop is attributed more to risk aversion than a collapse in fundamentals, suggesting that without sustained investment demand, silver prices may struggle to stay above $85 per ounce [6]. Investment Strategy - Financial institutions suggest that while the long-term trend for precious metals remains upward, the current market conditions warrant a cautious approach in the short term. Investors are advised to monitor volatility levels for potential re-entry points [7].

Core Viewpoint - The silver market is experiencing a historic surge driven by multiple factors, reshaping the global precious metals landscape, with domestic silver futures rising by 57.93% and international spot silver prices exceeding $109 per ounce, marking a 13-year high [1] Group 1: Economic Factors - The expectation of interest rate cuts and a declining dollar are key drivers of the current silver rally, with the U.S. inflation rate dropping to 2.8% and unemployment rising to 4.3%, leading to a 70% probability of a Fed rate cut in June [2] - The dollar index has fallen below 96, a four-year low, enhancing the appeal of silver priced in dollars due to lower holding costs [2] Group 2: Market Dynamics - The gold-silver ratio has reached a historical low of 45.5, prompting speculative investments in silver as it acts as a "shadow asset" to gold, with significant inflows into silver funds [3] - The COMEX silver futures market has seen record high long positions, with a single-day surge of 8.51%, indicating strong speculative interest [6] Group 3: Supply and Demand - Global silver inventories have dropped to 233 tons, sufficient for only 1.2 months of consumption, while China's new export policy has reduced global supply by 4,500-5,000 tons [4] - Industrial demand for silver is surging, particularly in the photovoltaic sector, with an expected installation of 600GW in 2026, leading to a significant increase in silver usage [4][8] Group 4: Geopolitical Influences - Ongoing geopolitical tensions, particularly in the Middle East, and risks of U.S. government shutdown are driving safe-haven investments into precious metals [5] Group 5: Investment Trends - The largest silver ETF, SLV, increased its holdings by 210 tons, surpassing $20 billion in assets, while domestic silver futures funds have had to suspend subscriptions due to high demand [7] - The shift from copper to silver in electronic applications is expected to create an additional demand of 30-50 million tons, altering traditional supply-demand dynamics [8] Group 6: Risks and Signals - The current gold-silver ratio of 45.5 is significantly below the historical average of 60, indicating potential selling pressure on silver if gold prices adjust [9] - Concerns over inventory levels and potential tariff changes could impact silver prices, with COMEX inventories down 70% year-on-year [10] - Technical indicators suggest that silver is in an overbought condition, with RSI levels above 80 and volatility at a historical high [11][12]

Core Viewpoint - Silver prices have experienced a significant surge, reaching a historical high of nearly $110 per ounce as of January 26, with a year-to-date increase of over 52% since the beginning of 2026 [1] Group 1: Market Performance - The largest silver ETF, iShares Silver Trust, reported a decrease in holdings by 115.58 tons, bringing the total to 15,974.4 tons [1] - The recent price increase in silver has been driven by momentum and speculative buying, but analysts warn that this rally has become fragile [1] Group 2: Analyst Perspectives - Jin Yuan Futures suggests that the current rally in silver prices is vulnerable, predicting significant volatility in precious metals, particularly an increased risk of a pullback in silver [1] - Zhengxin Futures advises a cautious bullish stance, recommending observation or light buying during sharp declines, while maintaining a long position in the medium to long term [1] - Hua Wen Futures highlights the geopolitical turmoil and the accelerating abandonment of dollar assets by multiple countries, which is expected to drive continued purchases of precious metals, supporting the ongoing rise in both gold and silver prices [1]

Group 1: Gold Market Insights - The global gold price has reached a historic high of over $4600 per ounce, supported by central bank purchases and expectations of interest rate cuts [1][2] - Central banks have net purchased over 50 tons of gold in the first two weeks of January 2026, with China's central bank increasing its gold holdings for 14 consecutive months, providing strong support for gold prices [1] - Major financial institutions predict bullish targets for gold, with estimates ranging from $4200 to $5300 per ounce by the end of 2026, indicating a likely upward trend in the near term [2] Group 2: Silver Market Dynamics - Silver prices have surged above $90 per ounce, driven by increased industrial demand, particularly in solar energy and electric vehicles, with a projected 30% growth in global solar installations in 2026 [3] - The current gold-silver ratio is around 59, suggesting potential for silver price recovery compared to historical averages, with predictions of silver prices reaching between $95 and $100 per ounce in the near term [3] - Financial institutions forecast silver prices could rise significantly, with targets of $50 per ounce in the short term and up to $309 per ounce in the long term [3]

Core Viewpoint - The article discusses the historic surge in silver prices, which have surpassed $90 per ounce, driven by a re-evaluation of its monetary properties, macroeconomic policy shifts, and industrial supply-demand dynamics [2]. Group 1: Drivers of Silver Price Surge - The first fundamental driver is the re-evaluation of commodity currencies under pressure from credit currencies, with silver being recognized as a natural currency alongside gold, attracting long-term capital for asset preservation and hedging [3]. - The second key driver stems from significant changes in macroeconomic conditions and monetary policy, with expectations of interest rate cuts leading to lower opportunity costs for holding non-yielding assets like silver [3]. - The third irreversible driver is rooted in silver's unique commodity properties and a sharp supply-demand imbalance, with over 70% of silver production coming from base metals, leading to a persistent supply shortage against rising industrial demand [4]. Group 2: Future Performance of Silver - Looking ahead, the potential for silver price increases remains significant, particularly due to the historical re-evaluation of the gold-silver ratio, which indicates that silver has been undervalued relative to gold [5]. - The industrial fundamentals of silver provide a rigid price floor, with ongoing demand from green energy and AI sectors expected to grow, while supply constraints are unlikely to ease in the foreseeable future [6]. - Investors are advised to approach the silver market rationally, considering both direct investments in physical silver and financial products like ETFs and futures, while being cautious of market premiums [7]. Group 3: Conclusion - The breakthrough of silver above $90 marks a significant transition, as its monetary, financial, and commodity attributes resonate more than ever, indicating a strong upward trajectory driven by the re-evaluation of the gold-silver ratio and supply-demand imbalances [7].

Core Viewpoint - The London silver spot price has surpassed $90 per ounce, with the gold-silver ratio dropping to 50.57, marking a 13-year low as of October 14. This deviation from historical trends indicates a shift in the relationship between silver prices and economic indicators like the PMI [1]. Group 1: Price Movements - The London silver spot price has exceeded $90 per ounce [1] - The gold-silver ratio has fallen to 50.57, the lowest in 13 years [1] Group 2: Historical Context - Historically, each round of gold-silver ratio correction has coincided with a recovery in the US PMI, which has been a consistent pattern since 1980 [1] - The traditional path of gold-silver ratio recovery involves economic recovery leading to increased industrial demand for silver, resulting in silver price increases outpacing gold [1] Group 3: Current Market Dynamics - In 2025, the established correlation between gold-silver ratio and US PMI has been disrupted, with the PMI remaining at 47.9% in December, indicating a contraction for 10 consecutive months [1] - Analysts suggest that current silver price increases are significantly influenced by supply shortages and investment demand, rather than solely by its financial attributes [1] - The declining global share and influence of the US manufacturing sector is altering the historical relationship between gold-silver ratio and US PMI [1]

Core Viewpoint - The silver market experienced a historic moment on December 29, with both spot silver and COMEX silver futures breaking the $80 per ounce mark for the first time, reaching new all-time highs before undergoing significant volatility [1]. Price Movements - Spot silver saw an intraday increase of nearly 6%, peaking at approximately $84 per ounce, while COMEX silver futures reached a high of $82.67 per ounce before a sharp pullback, with a low of $73.71 per ounce during the day [1]. - In the domestic market, the main contract for silver futures on the Shanghai Futures Exchange surged by 10% before quickly retreating, closing with a slight gain of 0.51% [2]. Market Dynamics - The price fluctuations are closely linked to adjustments in risk control measures by exchanges. The Chicago Mercantile Exchange (CME) raised silver futures margin requirements by approximately 13.6% on December 29, following a previous increase of 10% on December 12 [3]. - The Shanghai Futures Exchange also announced margin adjustments and increased price limits, indicating a proactive approach to managing market risks [3]. Supply and Demand Factors - Silver has significantly outperformed gold this year, with year-to-date increases exceeding 155% for both spot silver and COMEX silver futures, compared to around 70% for gold [4]. - The surge in silver prices is driven by a severe supply-demand imbalance, with a notable increase in physical silver purchases, where buyers are willing to pay a 7% premium for immediate delivery [4]. - The global silver market is facing a structural supply deficit, projected to reach approximately 9.5 million ounces by 2025, exacerbated by concerns over potential U.S. tariffs on silver [6]. Investment Trends - The silver market, being one-tenth the size of the gold market, is more volatile, and its dual role as a financial hedge and industrial metal is driving demand, particularly in sectors like renewable energy and electric vehicles [5]. - The International Energy Agency (IEA) forecasts that new solar installations will increase silver demand by nearly 150 million ounces annually from 2024 to 2030 [5]. Market Sentiment - The recent rapid price increases have raised concerns about potential over-speculation, with historical precedents indicating that margin hikes can lead to significant price corrections [7]. - Analysts suggest that the current market dynamics, including the recent margin adjustments by exchanges, could serve as a turning point for silver prices, warranting close monitoring [7].

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The mid - term logic of the overall rise of precious metals remains unchanged. However, due to the recent continuous and rapid price increase and significant market fluctuations, silver prices may deviate significantly from fundamental factors. There is a need to be vigilant against the risk of technical corrections. This week, opportunities for the repair of the gold - silver ratio can be focused on. The London gold is expected to face resistance at $4500 per ounce and support at $4300 per ounce. The London silver is expected to have resistance at $80 per ounce and support at $70 per ounce [1] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai gold main contract is 1007.180 yuan per gram, a decrease of 9.1 yuan. The closing price of the Shanghai silver main contract is 18201 yuan per kilogram, a decrease of 107 yuan. The main contract positions of Shanghai gold are 166022 hands, a decrease of 14690 hands. The main contract positions of Shanghai silver are 5670 hands, a decrease of 3274 hands. The main contract trading volume of Shanghai gold is 345222 hands, an increase of 120634 hands. The main contract trading volume of Shanghai silver is 1442771 hands, an increase of 457513 hands. The warehouse receipt quantity of Shanghai gold is 97704 kilograms, an increase of 12 kilograms. The warehouse receipt quantity of Shanghai silver is 796739 kilograms, a decrease of 22692 kilograms [1] 3.2 Spot Market - The spot price of gold on the Shanghai Gold Exchange is 1004.00 yuan, a decrease of 3.00 yuan. The spot price of Huatong No.1 silver is 19100.00 yuan, an increase of 623.00 yuan. The basis of the Shanghai gold main contract is 899.00 yuan per gram, a decrease of 3.18 yuan. The basis of the Shanghai silver main contract is 730.00 yuan per gram, an increase of 6.12 yuan [1] 3.3 Supply - Demand Situation - The holding of SPDR gold ETF is 1071.13 tons, an increase of 2.86 tons. The holding of SLV silver ETF is 16390.56 tons, a decrease of 56.41 tons. The non - commercial net position of gold in CFTC is 233978.00 contracts, an increase of 10092.00 contracts. The non - commercial net position of silver in CFTC is 36352.00 contracts, a decrease of 8357.00 contracts. The total supply of gold in the quarter is 1313.07 tons, an increase of 86.24 tons. The total supply of silver in the year is 32056.00 tons, an increase of 482.00 tons. The total demand for gold in the quarter is 1257.90 tons, an increase of 174.15 tons. The total demand for silver in the year is 35716.00 tons, a decrease of 491.00 tons [1] 3.4 Macro Data - The US dollar index is 98.03, an increase of 0.12. The real yield of the 10 - year US Treasury bond is 1.91, unchanged. The VIX volatility index is 13.60, an increase of 0.13. The CBOE gold volatility index is 25.78, an increase of 1.97. The ratio of the S&P 500 to the gold price is 0.00, unchanged. The gold - silver ratio is 0.00, unchanged [1] 3.5 Industry News - US President Trump and Ukrainian President Zelensky held a meeting on the proposed Russia - Ukraine "peace plan". Trump said that both Zelensky and Russian President Putin hope to reach a peace agreement, and Putin is "serious" about promoting peace. A "very strong" security agreement will be reached between the US and Ukraine, and there is no deadline for relevant negotiations. According to the CME "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January next year is 18.8%, and the probability of keeping interest rates unchanged is 81.2%. By March next year, the probability of a cumulative 25 - basis - point interest rate cut is 46.9%, the probability of keeping interest rates unchanged is 44.7%, and the probability of a cumulative 50 - basis - point interest rate cut is 8.5% [1] 3.6 Market Performance and Reasons - The intraday fluctuations in the precious metals market significantly increased today. In the early trading session, the Shanghai silver main contract once hit the daily limit, but then due to the pressure of long - position profit - taking, the prices of gold and silver quickly fell in the afternoon, and the intraday gains were completely erased. Previously, due to the continuous tightness of physical inventories, the short - squeeze sentiment in the silver market continued, the long - position atmosphere was strong, and some short - positions were forced to exit, further pushing up the silver price. However, the accumulated profit - taking positions also increased the risk of correction, and today's intraday adjustment can be regarded as the concentrated release of this risk [1] 3.7 Macro - Level Situation - The GDP growth rate in the third quarter of the US reached a two - year high, and the core PCE price index met expectations, indicating that inflation pressure has eased. Weak employment data, stable inflation, and the market's expectation that the Fed will maintain loose liquidity and may even expand its balance sheet jointly strengthen the macro - logic of a looser monetary policy. In this environment, the US dollar index is expected to remain under pressure in the short term [1] 3.8 Key Focus Points - On December 30, 2025, at 22:00, pay attention to the year - on - year change of the US FHFA housing price index. On January 1, 2026, at 21:45, pay attention to the US Markit manufacturing PMI [1]