1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, precious metal prices are expected to enter a range - bound oscillation until there are new changes in tariffs or geopolitical situations. In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still recommend buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - On February 26, the main contract of Shanghai gold futures closed down 0.0% to 1,146.48 yuan/gram, and the main contract of Shanghai silver futures closed up 0.47% to 22,572 yuan/kilogram [5]. 3.2 Factor Analysis - The US Trade Representative said that the "global import tariff" rate imposed by the US on some countries may reach 15%. The short - term uncertainty of US tariff policy still exists, which may continue to support precious metal prices. On the other hand, the number of new infections is lower than expected, and the market's expectation of a rate cut in June is only half, which restricts the short - term upward rhythm of precious metal prices. For silver, the inventory of the Shanghai Futures Exchange remains at a low level, and the inventory in New York continues to decline. The market still worries that the situation may continue in March [6]. 3.3 Market Data 3.3.1 Price Data - **2026/2/26**: London gold spot price was $5,191.47/ounce, London silver spot price was $89.23/ounce, COMEX gold price was $5,207.90/ounce, COMEX silver price was $89.80/ounce, AU2604 was 1,146.48 yuan/gram, AG2604 was 22,572 yuan/kilogram, AU (T + D) was 1,143.78 yuan/gram, and AG (T + D) was 21,730 yuan/kilogram. Compared with February 25, the price changes were 0.0%, - 1.5%, - 0.1%, - 0.7%, - 0.4%, - 2.0%, - 0.3%, - 1.7% respectively [5]. - **Spread/Ratio**: On February 26, the gold ID - SHFE active price difference was - 2.7 yuan/gram, the silver TD - SHFE active price difference was - 842 yuan/kilogram, the gold internal - external price difference (TD - London) was - 11.70 yuan/gram, the silver internal - external price difference (TD - London) was - 631 yuan/kilogram, the SHFE gold - silver ratio was 50.79, the COMEX gold - silver ratio was 58.00, AU2604 - 2602 was 3.62 yuan/gram, and AG2604 - 2602 was - 286 yuan/kilogram. Compared with February 25, the changes were - 26.2%, - 8.9%, 16.9%, 0.8%, 1.6%, 0.7%, 10.4%, 17.7% respectively [5]. 3.3.2 Position Data - **2026/2/25**: The gold ETF - SPDR position was 1,097.62 tons, the silver ETF - SLV position was 16,079.74282 tons, the non - commercial long position of COMEX gold was 213,432 contracts, the non - commercial short position was 53,517 contracts, the non - commercial net long position was 159,915 contracts, the non - commercial long position of COMEX silver was 36,626 contracts, the non - commercial short position was 12,623 contracts, and the non - commercial net long position was 24,003 contracts. Compared with February 24, the changes were 0.31%, - 0.17%, 0.29%, 1.37%, - 0.06%, - 0.09%, - 7.89%, 4.57% respectively [5]. 3.3.3 Inventory Data - **2026/2/26**: SHFE gold inventory was 105,072 kilograms (unchanged from February 25), SHFE silver inventory was 346,369 kilograms (down 2.66% from February 25). COMEX gold inventory on February 25 was 33,627,539 troy ounces (down 0.22% from February 24), and COMEX silver inventory on February 25 was 361,844,401 troy ounces (down 0.59% from February 24) [5]. 3.3.4 Interest Rate/Exchange Rate/Stock Market Data - **2026/2/26**: The US dollar/Chinese yuan central parity rate was 6.92 (down 0.13% from February 25), the US dollar index was 97.66 (down 0.24% from February 25), the 2 - year US Treasury yield was 3.45% (up 0.58% from February 25), the 10 - year US Treasury yield was 4.05% (up 0.25% from February 25), the VIX was 17.93 (down 8.29% from February 25), the S&P 500 was 6,946.13 (up 0.81% from February 25), and NYMEX crude oil was $65.57 (down 0.77% from February 25) [5].

Group 1: Abbott Laboratories - Abbott Laboratories has launched a significant $20 billion debt offering through an eight-tranche deal, which includes a $3.75 billion 10-year fixed-rate tranche priced at 65 basis points over Treasuries and a $3.75 billion 30-year tranche at an 80-basis-point spread [2][3][9] - The capital raise is part of Abbott's strategy to optimize its capital structure following the acquisition of Exact Sciences, with market participants noting strong investor appetite for high-grade corporate paper [3][9] Group 2: Defense Spending - The Department of Defense has submitted a reconciliation spending plan to Congress, detailing an allocation of $151.3 billion to $153.3 billion for additional defense funding, focusing on high-end military hardware [6][7][9] - Major defense contractors such as Lockheed Martin, Northrop Grumman, and General Dynamics are expected to benefit from this surge in spending, particularly in areas like missiles, drones, and naval modernization [7][9] Group 3: Global Credit Conditions - S&P Global has issued a cautious update on global credit conditions, highlighting tariff policy uncertainty as a key risk that could destabilize markets, although it does not foresee a substantial impact on immediate U.S. credit ratings [4][5][9] - The agency describes a "K-shaped" credit environment where sectors reliant on cross-border supply chains are most vulnerable to margin compression amid escalating trade tensions [5][9] Group 4: Energy Production - North Dakota's oil production reached 1.12 million barrels per day in December, with natural gas production exceeding 3.3 million MCF, indicating resilience in energy production [11] - In the coal markets, Illinois Basin coal prices rose to $54.50 per ton, while prices in other major hubs remained unchanged [12]

Group 1 - Bank of America is expected to report earnings on July 16, 2025, with revenues projected at approximately $26.77 billion, reflecting a 5.5% year-over-year increase, and earnings per share anticipated to be around $0.87, up from $0.83 in the same period last year [2] - The bank may see an increase in net interest income due to reduced deposit costs and higher yielding assets, but the investment banking sector is likely to negatively impact overall performance, with a potential revenue decline of up to 25% in Q2 due to slowed deal activity from policy uncertainties [2] - Bank of America currently has a market capitalization of $374 billion and reported a net income of $28 billion over the past twelve months, despite an operational loss [3] Group 2 - Historical data indicates that Bank of America has recorded 20 earnings data points over the last five years, with positive one-day returns occurring approximately 60% of the time, increasing to 75% when considering the last three years [5] - The median of the 12 positive one-day returns is 2.9%, while the median of the 8 negative returns is -2.6% [5] - Correlation data shows the relationship between one-day post-earnings returns and subsequent five-day returns, which can inform trading strategies [6]