Core Viewpoint - Hunan Silver Co., Ltd. has announced a share repurchase plan using its own funds and special loans, with a total repurchase amount between RMB 60 million and RMB 105.3 million, at a price not exceeding RMB 5 per share, within a period of 12 months [1][2]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares for an amount not less than RMB 60 million and not more than RMB 105.3 million, with a maximum price of RMB 5 per share [1]. - The repurchase is intended for a restricted stock incentive plan [1]. First Share Repurchase Execution - On July 30, 2025, the company executed its first share repurchase, acquiring 2,000,000 shares, which is approximately 0.071% of the total share capital of 282,308.86 million shares, at a price of RMB 4.65 per share, totaling RMB 9.3 million (excluding transaction fees) [1]. Compliance and Regulations - The share repurchase adheres to the relevant regulations of the Shenzhen Stock Exchange and the company's repurchase plan [2]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by laws and regulations [2].

Report Investment Rating - There is no information provided about the industry investment rating in the report. Core Viewpoints - In July 2025, the precious metals market showed a divergent pattern under multiple factors. Gold maintained a volatile trend, while silver rose sharply and then fell back, but still had significant monthly gains. Looking ahead, precious metals may continue to trade in a high - level volatile pattern in the short term, with the core drivers being policy expectation differentials and trade risk premiums [3][6]. - The Fed's July FOMC meeting is likely to keep interest rates unchanged. However, if it signals a rate cut in September, it may trigger a weaker US dollar. The implementation of global tariffs on August 1 and the EU's €93 billion counter - measure plan (effective August 7) may cause supply - chain shocks, and the safe - haven demand still has the potential to surge [3][73]. Summary by Directory 1. Futures Market Review - In July 2025, affected by factors such as escalating trade frictions, deepening policy games, and frequent geopolitical risks, the precious metals market showed a divergent pattern. Gold was volatile, and silver rose first and then fell. By July 25, New York gold rose 0.71% monthly, Shanghai gold rose 0.82%, New York silver rose 5.49% monthly, and Shanghai silver rose 4.34% [3][6]. 2. Macroeconomic Analysis (1) Uncertainty of Tariff Implementation and Safe - Haven Logic for Precious Metals - The US postponed the deadline for "reciprocal tariffs" to August 1. Although the direct impact of the new round of tariffs is weaker than before, most trade agreements are still pending, which increases the uncertainty of the global trade system. The precious metals market shows a complex reaction, with local trade risk mitigation weakening gold's safe - haven appeal, while unresolved trade frictions still support safe - haven sentiment [16][18]. (2) Rate - Cut Expectations and Political Risk Premiums as New Drivers for Precious Metals - The Fed is facing internal divisions over the rate - cut path and external challenges to its policy independence from the Trump administration. The market's pricing logic for precious metals is shifting. Rate - cut expectations may limit the upside of precious metals, while political intervention has increased policy uncertainty and risk premiums, providing support for precious metals [19][20]. (3) Inflation: US CPI Rebounded in June - The US CPI data in June showed an overall moderate increase with the impact of tariffs emerging. As enterprises deplete their inventories, the impact of tariffs on inflation may intensify in the coming months. The market's expectation of the Fed's policy shift has weakened significantly, with the probability of the first rate cut postponed to September at 59.9% [21][25]. (4) US June Non - Farm Payrolls Exceeded Expectations - The better - than - expected non - farm payrolls data in June reduced the probability of a rate cut in July and also shook the expectation of a rate cut in September. In the short term, it suppressed precious metals prices, but in the long term, the support factors for precious metals remained, and prices may maintain a volatile and slightly upward pattern [26][30]. (5) US Treasury Real Yields Volatile, Dollar Index Declined - In July 2025, the 10 - year US Treasury real yields fluctuated violently, causing increased volatility in precious metals prices. The Trump administration's tariff policies and the Fed's independence crisis weakened the US dollar's credit foundation, and the falling dollar index provided support for precious metals [40][42]. 3. Supply - Demand Analysis of Precious Metals (1) Gold Market in Q1 2025 - In Q1 2025, the global gold market saw both supply and demand increase, with prices soaring. Investment demand was the core driver, with global gold ETFs rebounding strongly. The market showed structural changes, with gold jewelry demand falling to its lowest level after the pandemic, while the investment focus shifted from the over - the - counter market to gold ETFs [44][47]. (2) Silver Market - In 2025, the silver market remained in a tight supply - demand balance. The growth of photovoltaic and electronic industrial demand was the core driver. The demand for silver in the photovoltaic industry is expected to increase further, but there are policy and technological uncertainties. Silver is expected to experience a supply shortage again in 2024, and the shortage may widen [51][52]. 4. Position, Inventory, and Seasonal Analysis (1) ETF Positions - In June 2025, the demand for global gold ETFs turned positive, driving strong performance in the first half of the year. North America, Europe, Asia, and other regions all saw inflows. By the end of June, the total AUM of global gold ETFs increased by 41% to $383 billion, and the total holdings increased by 397 tons to 3616 tons [56][59]. (2) CFTC Positions - As of the week ending July 15, 2025, the non - commercial net long positions in gold futures on the CFTC increased, indicating a rebound in the market's bullish sentiment towards gold. The non - commercial net long positions in silver futures decreased, showing a decline in the market's bullish sentiment towards silver [62]. (3) Inventory Analysis - As of July 23, 2025, COMEX gold inventory increased by about 1.2% compared to the end of last month, COMEX silver inventory decreased by about 0.3%, SHFE gold inventory increased by about 58.23%, and SHFE silver inventory decreased by about 8.6% [67]. 5. Outlook and Operational Suggestions - Precious metals may continue to trade in a high - level volatile pattern in the short term. The COMEX gold may fluctuate between $3200 - $3450 per ounce, corresponding to Shanghai gold between 760 - 820 yuan per gram. The COMEX silver may trade between $36.5 - $40 per ounce, corresponding to Shanghai silver between 8800 - 9600 yuan per kilogram. In August, attention should be paid to factors such as the Fed's policy minutes, US inflation data, the impact of EU - US trade confrontation, and geopolitical black swan events, and positions should be adjusted flexibly based on key levels [3][73].

Summary of Conference Call on Precious Metals Market Industry Overview - The discussion primarily revolves around the precious metals market, particularly focusing on gold and silver, and their investment dynamics in the current economic environment [1][14]. Key Points and Arguments Gold Market Dynamics - Gold prices have risen over 30% this year, reaching new highs, which aligns with the optimistic outlook from major institutions at the end of last year [1]. - Historical comparisons are made to past gold price movements, highlighting the unpredictability of market reactions after reaching new highs [2][3]. - The average price center of gold has been increasing over time, making it difficult to envision a significant drop to levels like $1,500 or $1,000 [4]. Economic Scenarios Impacting Gold - Three potential scenarios for the U.S. economy are discussed: 1. A hard landing for the U.S. economy, leading to a prolonged bull market for gold due to aggressive monetary easing [5][6]. 2. A soft landing where the economy does not enter a recession, which could still support gold prices [7]. 3. A scenario where the economy performs well but inflation spikes, potentially leading to a significant correction in gold prices [8][9]. - Current macroeconomic data suggests that the first two scenarios are more likely than the third, which would be unfavorable for gold [9]. Geopolitical and Macro Factors - Geopolitical tensions and central bank gold purchases have been significant drivers of gold prices, particularly in the last two years [10][29]. - The relationship between gold and the U.S. dollar, as well as real interest rates, remains crucial for understanding gold price movements [11][12]. Silver Market Insights - Silver's price movements are often influenced by industrial demand and can act as a supplementary asset in the precious metals market [14]. - The recent surge in silver prices is attributed to its industrial properties and the overall bullish sentiment in the precious metals market [14]. Investment Trends - The current investment environment shows a significant tilt towards precious metals, with substantial inflows into gold ETFs and related products [16]. - The volatility in the market is noted, with historical volatility levels being relatively high, complicating trading strategies [17]. Long-term Outlook - The long-term trend for precious metals, particularly gold, is viewed positively, with expectations that prices will not revert to previous lower ranges [19]. - The ongoing trend of de-dollarization and geopolitical uncertainties are seen as supportive factors for gold prices [19]. Risks and Considerations - Short-term risks include potential liquidity issues and the impact of trade tariffs on gold prices, which could lead to temporary corrections [24][25]. - The correlation between gold and cryptocurrencies like Bitcoin is noted, with both assets being viewed as alternatives to traditional fiat currencies [22][23]. Additional Important Content - The discussion emphasizes the need for investors to consider both macroeconomic narratives and real-time market data when making investment decisions in precious metals [13]. - The potential for significant market adjustments due to external shocks, such as geopolitical events or economic downturns, is highlighted as a critical factor for investors to monitor [24][37].

Core Viewpoint - Hunan Silver Co., Ltd. has announced a share repurchase plan approved by its board of directors, indicating a strategic move to enhance shareholder value and confidence in the company [1][4]. Group 1: Share Repurchase Announcement - The board of directors held a meeting on June 23, 2025, where they approved the proposal for share repurchase through centralized bidding [1]. - The details of the share repurchase plan were disclosed in subsequent announcements on June 24, 2025, including the resolutions from the board meeting [1]. Group 2: Shareholder Information - The announcement includes the shareholding status of the top ten shareholders and the top ten unrestricted shareholders as of June 23, 2025, prior to the board's announcement [2]. - The disclosed shareholding figures combine both ordinary accounts and margin trading accounts for accuracy [2].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The report provides daily views and strategies for various futures commodities, including precious metals, base metals, energy, agricultural products, etc., with specific trends and suggestions for each commodity [2][5]. 3. Summary by Commodity Precious Metals - **Gold**: The Federal Reserve continues to hold rates steady, with a trend strength of 0 [6][7][11]. - **Silver**: Expected to continue rising, with a trend strength of 0 [7][11]. Base Metals - **Copper**: Falling inventories support prices, with a trend strength of 0 [13][15]. - **Aluminum**: Expected to oscillate strongly, with a trend strength of 1; Alumina: Monitor production cuts and maintenance, with a trend strength of 0 [16][18]. - **Zinc**: Under medium - term pressure, monitor social inventory changes, with a trend strength of -1 [19][20]. - **Lead**: Expected to trade within a range, with a trend strength of 0 [22][23]. - **Tin**: Tight present but weak future expectations, with a trend strength of 0 [25][29]. - **Nickel**: Concerns at the mine end have cooled, and smelting supply is elastic, with a trend strength of 0; Stainless steel: Negative feedback leads to increased production cuts, with supply and demand both weak and prices oscillating at a low level, with a trend strength of 0 [30][33]. Energy and Chemicals - **Carbonate Lithium**: Warehouse receipt de - stocking is accelerating, monitor potential purchases, with a trend strength of 0 [34][36]. - **Industrial Silicon**: Warehouse receipts are continuously de - stocking, monitor upside potential, with a trend strength of -1; Polysilicon: Upstream restarts production, and the futures price is falling, with a trend strength of -1 [38][40]. - **Iron Ore**: Expectations are fluctuating, and prices will oscillate within a range, with a trend strength of 0 [41]. - **Rebar and Hot - Rolled Coil**: Affected by macro - sentiment, prices will oscillate widely, with a trend strength of 0 for both [45][46][48]. - **Silicon Iron and Manganese Silicon**: Affected by sector sentiment, prices will oscillate widely, with a trend strength of 0 for both [50][53]. - **Coke and Coking Coal**: Prices will oscillate widely, with a trend strength of 0 for both [54][56]. - **Steam Coal**: Demand needs to be released, and prices will oscillate widely, with a trend strength of 0 [58][61]. - **PVC**: Expected to oscillate in the short term, with downward pressure in the long run [54]. - **Fuel Oil**: Night trading oscillated weakly, and short - term strength is expected to pause; Low - sulfur fuel oil: The adjustment trend continues, and the spot high - low sulfur spread in the overseas market rebounded slightly [56]. Agricultural Products - **Palm Oil**: U.S. biofuel policy and Middle - East geopolitics are both favorable [63]. - **Soybean Oil**: Expected to rise oscillatingly [63]. - **Soybean Meal and Soybean No. 1**: Oscillating and adjusting [66]. - **Corn**: Expected to trade within a range [68]. - **Sugar**: Consolidating at a low level [69]. - **Cotton**: Monitor the impact of external markets [70]. - **Eggs**: The culling of laying hens is accelerating, waiting for the peak - season bullish factors to materialize [72]. - **Hogs**: Waiting for spot price confirmation, and the cost center for the far - end contracts is moving down [73]. - **Peanuts**: There is support at the bottom [74]. Others - **Container Freight Index (European Line)**: Currently in a sideways market, consider holding long positions in the August contract and short positions in the October contract [57]. - **Short - fiber and Bottle - grade Chip**: Monitor the increasing cost volatility, and prices will oscillate at a high level [61]. - **Offset Printing Paper**: Expected to trade within a range [62]. - **Log**: The basis is being repaired, and prices will oscillate widely, with a trend strength of 1 [62][64].

Group 1 - Recent surge in silver futures and spot prices has broken historical resistance levels, with Shanghai silver futures reaching a record of 8855 yuan/kg and spot silver hitting 36.27 USD/oz, the highest since March 2012 [2] - The current rise in silver prices is attributed to multiple factors, including internal demand for precious metals and strong industrial demand, indicating that silver's financial attributes have been previously underestimated [2] - The gold-silver ratio has decreased from a previous high of 100 to around 94, still significantly above the historical average of 60-80, suggesting ongoing valuation recovery potential for silver [2] Group 2 - The industrial aspect of silver is also contributing to price increases, with a tight supply-demand balance expected to lead to a shortage of 117.6 million ounces by 2025, driven by stable growth in demand, particularly from the photovoltaic sector [3] - The European countries' loose fiscal and monetary policies are expected to boost industrial and investment demand, further enhancing silver's price elasticity after breaking last year's high resistance [3] - While the silver market appears promising, it remains uncertain, with future dynamics needing to consider the Federal Reserve's interest rate decisions and U.S. tariff policies, although the overall upward trend is expected to continue [3]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The long - term upward trend of copper remains intact, with high - level volatility. The 2025 annual average price is expected to be around $9400, higher than in 2024. Trade negotiations and global trade order are key concerns [2][8]. - Aluminum prices are relatively high, with the supply growth rate expected to decline in 2025. The price may be high in the first half and low in the second half, and macro factors may amplify price fluctuations [9][15]. - Zinc consumption has a weak outlook, and the price is expected to range between RMB 21,000 - 25,500 per ton for SHFE zinc and $2500 - 3300 per ton for LME zinc [17][36]. - Tin fundamentals are strong, and prices are expected to remain high - level volatile. The estimated price range is RMB 236,000 - 305,000 per ton for SHFE tin and $29,000 - 38,000 per ton for LME tin [37][48]. - For nickel, supply is in surplus, and costs are rising. The price of SHFE nickel is expected to have difficulty breaking through the RMB 120,000 - 130,000 per ton range [53][69]. - Lithium prices are expected to oscillate widely at the bottom, with a core price range of RMB 60,000 - 90,000 per ton [90]. - Gold prices may continue to hit new highs, with international prices predicted to reach $4000 - 4100 per ounce and domestic prices to reach RMB 920 - 950 per gram [91][103]. - Silver prices are likely to fluctuate at a high level, driven by multiple attributes [103][110]. - The industrial silicon futures market is developing steadily, and the industry is facing supply - demand imbalance, with supply exceeding demand expected to continue in 2025 [111][117]. Summary by Relevant Catalogs Copper Market - **Global Supply and Demand**: In 2024, the growth of global copper concentrate production was lower than that of demand. In 2025, many mining companies lowered production targets. The shortage of copper concentrate supply will take time to ease, and overseas medium - and long - term refined copper demand is expected to grow [2]. - **China's Supply and Demand**: Domestic scrap copper direct utilization is decreasing, and supply is expected to be tight in 2025. Refined copper production growth is constrained by raw material supply, and terminal demand is driven by power grids, home appliances, and automobiles, while the real estate sector is a drag [3][6]. - **Macro - market Analysis**: Capital inflows into copper due to its industrial and financial attributes. Trump's potential 25% tariff on copper would increase short - term price volatility and change the global supply chain [7]. - **Price Forecast**: The long - term upward trend of copper remains, but short - term policy uncertainty has a great impact. The 2025 annual average price is expected to be around $9400, higher than in 2024 [8]. Aluminum Market - **Supply Analysis**: Future new electrolytic aluminum projects are mainly in Asia. China's production growth rate will slow down in 2025, and global production growth may decline. China's imports may also decrease [10][11]. - **Demand Analysis**: Aluminum consumption growth may slow down in 2025, with exports expected to decline and domestic demand growth difficult to improve [12]. - **Price Forecast**: As long as China's production ceiling is not lifted, there is price support, but cost reduction and weak demand limit the upside. Prices may be high in the first half and low in the second half [15]. Zinc Market - **Supply Analysis**: Zinc concentrate production has been declining, but exploration investment is slowly recovering. Import volume has increased, and processing fees have rebounded [18][23]. - **Demand Analysis**: Overseas zinc consumption in various fields is still weak, while domestic consumption shows resilience, but there are potential impacts from tariffs on exports [30][31]. - **Price Forecast**: The price is expected to range between RMB 21,000 - 25,500 per ton for SHFE zinc and $2500 - 3300 per ton for LME zinc [36]. Tin Market - **2024 Market Analysis**: In 2024, tin prices rose, inventories decreased, production increased, and consumption improved [37][38]. - **2025 Trend Outlook**: Global tin ore supply may decline in 2025, and there will be a shortage of over 20,000 tons. The price is expected to remain high - level volatile [41][44]. - **Price Forecast**: The estimated price range is RMB 236,000 - 305,000 per ton for SHFE tin and $29,000 - 38,000 per ton for LME tin [48]. Nickel Market - **Supply and Demand**: Nickel ore supply is mainly from Indonesia. Supply is in surplus, and demand lacks highlights. China's stainless steel production supports nickel consumption [53][56]. - **Cost and Price**: The cost of the nickel industry is rising, and the price of SHFE nickel is expected to have difficulty breaking through the RMB 120,000 - 130,000 per ton range [60][69]. Lithium Market - **Supply and Demand**: In 2025, lithium supply is increasing, and demand is also high. There is a surplus in the market, but the surplus is narrowing [75][84]. - **Price Forecast**: Lithium prices are expected to oscillate widely at the bottom, with a core price range of RMB 60,000 - 90,000 per ton [90]. Gold Market - **Market Review**: From 2018 - 2025, various factors such as trade frictions and geopolitical conflicts have stimulated the rise of gold prices [91]. - **Price Forecast**: International gold prices are predicted to reach $4000 - 4100 per ounce, and domestic prices to reach RMB 920 - 950 per gram [103]. Silver Market - **Fundamentals**: In 2024, global silver supply increased, and demand decreased. In 2025, the supply shortage is expected to further narrow [103]. - **Price Forecast**: Silver prices are likely to fluctuate at a high level, driven by multiple attributes [110]. Silicon Market - **Futures Market**: The industrial silicon and polysilicon futures markets are developing steadily, with increasing trading volume and participation [111][112]. - **Supply - Demand Situation**: In 2025, the silicon industry is facing supply - demand imbalance, with supply exceeding demand expected to continue [114][117].