1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Precious metals are oscillating and consolidating. Powell's dovish signals have alleviated concerns about interest rate hikes this year. The core drivers of the recent precious metals adjustment are the downward revision of interest rate cut expectations and liquidity shocks. In the long - term, the price center of precious metals will continue to rise due to elevated geopolitical risks, concerns about the US fiscal sustainability, and the ongoing de - dollarization process. Gold has a long - term upward trend, while silver, platinum, and palladium follow the overall sector with greater volatility [5]. 3. Summary by Related Catalogs Futures Market - **Gold Futures**: For沪金 2606, the previous day's closing price was 998.66, yesterday's closing price was 1014.88 with a rise of 16.22 (1.62%); for沪金 2604, the previous day's closing price was 995.180, yesterday's closing price was 1011.020 with a rise of 15.840 (1.59%). The持仓量 of沪金 2606 was 180953 and the trading volume was 393515. The现货 - futures spread was - 5.92 for沪金 2606 and - 2.06 for沪金 2604 [2]. - **Silver Futures**: For沪银 2606, the previous day's closing price was 17489, yesterday's closing price was 17707 with a rise of 218 (1.25%); for沪银 2604, the previous day's closing price was 17558, yesterday's closing price was 17756 with a rise of 198 (1.13%). The持仓量 of沪银 2606 was 233885 and the trading volume was 1060304. The现货 - futures spread was - 147 for沪银 2606 and - 196 for沪银 2604 [2]. Spot Market - **Gold Spot**: Shanghai gold T + D's previous day's closing price was 992.45, yesterday's closing price was 1008.96 with a rise of 16.51 (1.66%); London gold's previous day's closing price was 4493.36, yesterday's closing price was 4513.52 with a rise of 20.16 (0.45%) [2]. - **Silver Spot**: Shanghai silver T + D's previous day's closing price was 17467, yesterday's closing price was 17560 with a rise of 93 (0.53%); London silver's previous day's closing price was 69.73, yesterday's closing price was 70.04 with a rise of 0.32 (0.45%) [2]. Inventory - **Gold Inventory**: The current inventory of Shanghai Futures Exchange gold was 106,644 kg, unchanged from the previous value; the current COMEX gold inventory was 31,536,505 troy ounces, a decrease of 177023 troy ounces from the previous value [2]. - **Silver Inventory**: The current inventory of Shanghai Futures Exchange silver was 374,427 kg, an increase of 2628 kg from the previous value; the current COMEX silver inventory was 327,589,421 troy ounces, a decrease of 707943 troy ounces from the previous value [2]. Related Markets - The current value of the US dollar index was 100.51, an increase of 0.32 from the previous value; the S&P 500 index was 6,343.72, a decrease of 25.13 from the previous value; the 10 - year US Treasury yield was 4.35%, a decrease of 0.09% from the previous value; Brent crude oil was 108.89, an increase of 2.60 from the previous value; the US dollar - RMB exchange rate was 6.9130, an increase of 0.0025 from the previous value [2]. Derivatives - The current SPDR gold ETF holdings were 1,046.1 tons, a decrease of 3.4 tons from the previous value; the SLV silver ETF holdings were 15,288.4 tons, a decrease of 121.1 tons from the previous value; the CFTC speculators' net long position in gold was 168,327, an increase of 8458 from the previous value; the CFTC speculators' net long position in silver was 24,673, an increase of 2792 from the previous value [2]. Macro News - **Geopolitical Tensions**: European officials said Iran is pressuring the Houthi rebels to prepare for a new round of shipping attacks in the Red Sea. The Houthi rebels' leadership has internal differences on the level of radical strategies. The longer the war between the US/Israel and Iran lasts, the higher the possibility of Houthi attacks in the Red Sea [3]. - **Iran's Policy**: Iran's parliament approved a bill to levy tolls on ships passing through the Strait of Hormuz, up to $2 million per tanker, payable in Iranian rials. The new plan also bans ships related to the US, Israel, or countries that imposed sanctions on Iran. The US does not support this move [4]. - **Oil Price**: WTI crude oil closed above $100 per barrel for the first time since 2022 on Monday, up more than 3% to $102.88 per barrel. Brent crude futures are expected to achieve a record - breaking increase in March. The war between the US/Israel and Iran has disrupted global markets and caused oil prices to soar [5]. - **US Policy**: The US President Trump may call on Arab countries to bear the cost of the Iran war. The White House also said that negotiations with Iran are still ongoing and progressing smoothly, but there is a difference between Iran's public statements and private communications [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The precious metals market is in a state of shock and consolidation. The ongoing stalemate in the US - Iran conflict, high - level oscillation of crude oil prices, and a decline in market risk appetite are putting pressure on precious metals. The core drivers of this adjustment are the downward revision of interest - rate cut expectations and liquidity shocks. In the long run, the price center of precious metals will continue to rise due to geopolitical risks, concerns about US fiscal sustainability, and the de - dollarization process[6]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Prices and Changes**: For gold futures, the closing price of沪金 2606 was 998.66 with a daily increase of 2.68 (0.27%), and沪金 2604 was 995.180 with an increase of 2.220 (0.22%). For silver futures,沪银 2606 was 17489 with an increase of 17 (0.10%), and沪银 2604 was 17558 with an increase of 39 (0.22%)[2]. - **Position and Volume**: The position volume of沪金 2606 was 169083, and the trading volume was 316403; for沪金 2604, the position was 19915 and the trading volume was 62042. For沪银 2606, the position was 225682 and the trading volume was 873570; for沪银 2604, the position was 32692 and the trading volume was 40213[2]. - **Spot Premium and Discount**: The spot premium and discount of沪金 2606 was - 6.21, and that of沪金 2604 was - 2.73. For沪银 2606, it was - 22, and for沪银 2604, it was - 91[2]. 3.2 Spot Market - **Prices and Changes**: The closing price of Shanghai Gold T + D was 992.45 with an increase of 2.68 (0.27%), and the London gold price was 4493.36 with an increase of 111.45 (2.54%). The closing price of Shanghai Silver T + D was 17467 with an increase of 175 (1.01%), and the London silver price was 69.73 with an increase of 1.64 (2.40%)[2]. - **Price Ratios**: The difference between沪金 2606 and沪金 2604 was 3.48 (pre - value: 3.02), and the difference between沪银 2606 and沪银 2604 was - 69.00 (pre - value: - 47.00). The gold - to - silver ratio (spot) was 56.82 (pre - value: 57.24), the ratio of Shanghai gold to London gold was 0.99 (pre - value: 1.00), and the ratio of Shanghai silver to London silver was 1.13 (pre - value: 1.13)[2]. 3.3 Inventory - **Domestic and Overseas Inventories**: The inventory of gold in the Shanghai Futures Exchange was 106,644 kg (a decrease of 99 kg compared to the previous day), and the silver inventory was 371,799 kg (an increase of 1500 kg). The COMEX gold inventory was 31,713,528 troy ounces (a decrease of 192945 troy ounces), and the COMEX silver inventory was 328,297,364 troy ounces (a decrease of 250587 troy ounces)[2]. 3.4 Related Market Indicators - **Indices and Ratios**: The US dollar index was 100.18 (an increase of 0.28), the S&P 500 index was 6,368.85 (a decrease of 108.31), the 10 - year US Treasury yield was 4.44% (an increase of 0.02%), the Brent crude oil price was 106.29 (an increase of 6.19), and the US dollar - to - RMB exchange rate was 6.9105 (an increase of 0.0064)[2]. 3.5 Derivatives - **ETF and Net Positions**: The SLV silver ETF position was 15,409.5 tons (unchanged). The CFTC speculator net position for gold was 168,327 (an increase of 8458), and for silver was 24,673 (an increase of 2792). The SPDR gold ETF position information is not provided for the current day[2]. 3.6 Macro News - **Military Deployment**: Hundreds of US special operations forces have arrived in the Middle East, along with thousands of Marines and Army paratroopers, to expand the military conflict with Iran[3]. - **Trump's Statements**: Trump wants to "seize Iran's oil resources" and may occupy Kharg Island. He is also considering a military operation to obtain about 1000 pounds of uranium from Iran, but has not issued a final order[4]. - **Iranian Reactions**: The Iranian Parliament Speaker warns that pre - market "news" may be a trap for profit - taking. The Iranian military says it will strike the residences of US and Israeli military and political personnel in response to recent attacks[5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Precious metals fluctuated and declined. The overall CPI in the US in February met expectations, and the impact of oil prices was not yet reflected. The conflict between the US and Iran remained stalemate, oil prices soared again, inflation expectations rose, and the market's expectations for Fed rate cuts were revised downwards, suppressing the performance of precious metals. In the long - term, the price center of precious metals will continue to move up. Market concerns about the US fiscal sustainability are still intensifying, and with the reconstruction of the global political and economic order, the diversification of global central bank reserve assets, and the continuous progress of the de - dollarization process, the long - term upward trend of gold remains unchanged. Silver, platinum, and palladium resonate with both industrial and financial attributes, following the overall sector trend but with relatively larger fluctuations [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Gold Futures**: For沪金2606, the previous day's closing price was 1155.52, yesterday's closing price was 1151.52, with a decrease of 4.00 and a decline rate of - 0.35%. The trading volume was 65754, and the open interest was 137300. For沪金2604, the previous day's closing price was 1151.980, yesterday's closing price was 1148.100, with a decrease of 3.880 and a decline rate of - 0.34%. The trading volume was 163830, and the open interest was 105803 [2] - **Silver Futures**: For沪银2606, the previous day's closing price was 22256, yesterday's closing price was 22062, with a decrease of 194 and a decline rate of - 0.87%. The trading volume was 414009, and the open interest was 206073. For沪银2604, the previous day's closing price was 22409, yesterday's closing price was 22225, with a decrease of 184 and a decline rate of - 0.82%. The trading volume was 89591, and the open interest was 90728 [2] 3.2 Spot Market - **Gold Spot**: The previous day's closing price of Shanghai Gold T + D was 1150.30, yesterday's closing price was 1146.26, with a decrease of 4.04 and a decline rate of - 0.35%. The price of London gold (USD/ounce) was 5182.88 the previous day and 5077.94 yesterday, with a decrease of 104.94 and a decline rate of - 2.02% [2] - **Silver Spot**: The previous day's closing price of Shanghai Silver T + D was 21999, yesterday's closing price was 21851, with a decrease of 148 and a decline rate of - 0.67%. The price of London silver (USD/ounce) was 85.73 the previous day and 83.78 yesterday, with a decrease of 1.95 and a decline rate of - 2.27% [2] 3.3 Inventory - **Gold Inventory**: The current inventory of Shanghai Futures Exchange gold is 105,420 kg, an increase of 510 kg from the previous value. The current inventory of COMEX gold is 32,656,407 ounces, a decrease of 64302 ounces from the previous value [2] - **Silver Inventory**: The current inventory of Shanghai Futures Exchange silver is 309,974 kg, an increase of 58115 kg from the previous value. The current inventory of COMEX silver is 344,324,824 ounces, a decrease of 216978 ounces from the previous value [2] 3.4 Related Market Indicators - The current value of the US dollar index is 99.74, an increase of 0.53 from the previous value. The current value of the S&P 500 index is 6,672.62, a decrease of 103.18 from the previous value. The yield of the 10 - year US Treasury bond is 4.27%, an increase of 0.06% from the previous value. The price of Brent crude oil is 101.75, an increase of 8.12 from the previous value. The US dollar to RMB exchange rate is 6.8752, an increase of 0.0052 from the previous value [2] 3.5 Derivatives - The current position of the SPDR Gold ETF is 1,076 tons, a decrease of 1 ton from the previous value. The current position of the SLV Silver ETF is 15,539 tons, unchanged from the previous value. The net position of CFTC speculators in gold is 160,145, an increase of 968 from the previous value. The net position of CFTC speculators in silver is 23,338, an increase of 1078 from the previous value [2] 3.6 Macro News - The US Treasury is providing a temporary authorization to allow countries to purchase Russian oil stranded at sea to expand the global coverage of existing supplies [3] - Iran reported that a US military tanker was shot down by a resistance organization in western Iraq, and all crew members died. The US military said a KC - 135 tanker crashed in western Iraq during the "Epic Rage" operation, and the cause was not due to enemy fire or friendly fire. Another KC - 135 was hit but landed in Israel [3] - CME warned that if the US government intervenes in the oil futures market, it will cause an epic disaster [3] - Iran's armed forces stated that any attack on its energy facilities and ports will be met with a devastating counter - attack [3] - Chile signed a joint statement on critical minerals and rare earths with the US [3]

Group 1: Copper Market - The main copper futures in Shanghai fluctuated around 101,730 yuan, with a continuous decrease in open interest, while London copper retreated to the lower end of 13,100 USD [4][17] - The macroeconomic outlook is neutral, with the upcoming US non-farm payroll report causing cautious market sentiment, compounded by the approaching Chinese New Year leading to reduced capital enthusiasm [5][17] - On the fundamental side, copper warehouse receipts increased by 8,811 tons to 165,900 tons, and LME copper inventories rose by 4,800 tons to 189,100 tons, indicating a lack of upward momentum for copper prices in the short term [6][17] - The expected trading range for Shanghai copper futures is between 99,800 and 102,500 yuan per ton, with strategies suggesting to manage positions carefully before the holiday and consider long positions at lower prices [6][17] Group 2: Nickel and Stainless Steel - The spot transactions for pure nickel are sluggish, with a decline in intermediate product ratios weakening the cost support for nickel sulfate, and downstream transactions are also quiet as the holiday approaches [18] - Demand for Indonesian nickel ore remains strong, but domestic procurement is hindered by negative feedback within the industry chain [18] - The trading range for nickel futures is suggested to be between 130,000 and 145,000 yuan per ton, while stainless steel is expected to trade between 13,000 and 14,500 yuan per ton [18] Group 3: Aluminum Market - Overnight aluminum futures prices slightly retreated, while domestic alumina spot prices showed a small increase [20] - A northern alumina production enterprise has temporarily suspended part of its roasting and leaching capacity, potentially affecting 2 million tons of capacity, but this reduction is not expected to significantly alter the current oversupply situation [20] - The expected trading range for alumina futures is between 2,600 and 2,950 yuan per ton, with a recommendation to sell on rebounds [20] Group 4: Zinc Market - Shanghai zinc showed a strong fluctuation overnight, with macroeconomic indicators such as poor US retail data raising expectations for interest rate cuts, although market sentiment remains cautious [22] - The processing fees for zinc are expected to see a slight increase in February, while smelters are reducing production ahead of the holiday [22] - The expected trading range for Shanghai zinc futures is between 24,000 and 25,000 yuan per ton, with a recommendation to remain observant [22] Group 5: Lead Market - Shanghai lead showed strong fluctuations overnight, with tight supply of lead concentrate and reduced production from smelters ahead of the holiday [23] - The overall supply and demand situation remains weak, with increasing inventory levels as downstream purchasing slows down [23] - The expected trading range for Shanghai lead futures is between 16,500 and 17,500 yuan per ton, with a recommendation for range trading [23] Group 6: Precious Metals - Precious metals experienced slight declines due to hawkish statements from Federal Reserve officials, which suppressed rate cut expectations [25] - Despite the pressure from the Fed's stance, signals of a weakening US economy and geopolitical tensions provide some support for precious metal prices [25] - The expected trading ranges for precious metals are: gold between 1,080 and 1,160 yuan per gram, silver between 19,000 and 22,000 yuan per kilogram, platinum between 520 and 570 yuan per gram, and palladium between 410 and 460 yuan per gram [25]

Report Industry Investment Rating No information provided Core View - Precious metals rebounded after a significant shock, mainly influenced by the nomination of the Fed chair and fund stampede. The nomination of Kevin Warsh, a traditional hawk, cooled the expectation of interest rate cuts and led to a rebound in the US dollar index. A large number of funds took profits. In the long run, the supporting factors for the upward movement of gold have not reversed. After the market is fully adjusted and new positive factors accumulate, gold is expected to return to a steady upward channel. Due to the higher volatility of silver and the relatively low gold - silver ratio, investors are advised to wait and see [3] Summary by Related Catalogs Futures Market - **Prices and Changes**: The closing prices of Shanghai Gold 2606 and 2604 decreased by 1.48% and 1.41% respectively, and those of Shanghai Silver 2606 and 2604 decreased by 7.93% and 7.19% respectively compared with the previous day [2] - **Positions and Volumes**: The positions of Shanghai Gold 2606 and 2604 are 84,618 and 163,840 respectively, and the trading volumes are 126,031 and 494,742 respectively. The positions of Shanghai Silver 2606 and 2604 are 128,060 and 227,163 respectively, and the trading volumes are 597,736 and 1,291,544 respectively [2] - **Spot Premium and Discount**: The spot premium and discount of Shanghai Gold 2606 is - 1.23, and that of Shanghai Gold 2604 is 1.37. The spot premium and discount of Shanghai Silver 2606 is 253, and that of Shanghai Silver 2604 is - 602 [2] Spot Market - **Prices and Changes**: The closing price of Shanghai Gold T + D decreased by 1.30%, and the closing price of London Gold increased by 3.98%. The closing price of Shanghai Silver T + D decreased by 8.49%, and the closing price of London Silver increased by 9.70% [2] - **Price Ratios**: The current value of Shanghai Gold 2606 - Shanghai Gold 2604 is 2.60, and the current value of Shanghai Silver 2606 - Shanghai Silver 2604 is - 855.00. The current value of the gold - silver ratio (spot) is 59.98, the ratio of Shanghai Gold to London Gold is 0.98, and the ratio of Shanghai Silver to London Silver is 1.05 [2] Inventory - **Changes**: The inventory of Shanghai Futures Exchange gold remained unchanged at 104,052 kilograms, and the inventory of silver decreased by 62,559 kilograms to 349,900 kilograms. The COMEX gold inventory decreased by 121,403 ounces to 35,370,105 ounces, and the COMEX silver inventory decreased by 3,498,075 ounces to 394,511,408 ounces [2] Related Derivatives - **Positions and Changes**: The position of SPDR Gold ETF decreased by 2 tons to 1,076 tons, and the position of SLV Silver ETF decreased by 56 tons to 16,191 tons. The net position of CFTC speculators in gold decreased by 39,792 to 165,604, and the net position in silver increased by 2,174 to 25,877 [2] Macro Information - **Political News**: The scandal of Peter Mandelson's appointment as the British Ambassador to Washington has put pressure on Prime Minister Starmer. His chief of staff Morgan McSweeney resigned, and there are speculations about Starmer's possible resignation. In the Japanese House of Representatives election, the ruling coalition of the Liberal Democratic Party and the Japan Innovation Party won a majority of seats [3] - **Market Trends**: The yen continued its recent decline in the Asian trading session on Monday. The market is concerned about the design and communication of fiscal policies. The US Treasury Secretary believes that gold is in a typical speculative selling market and does not expect the Fed to take rapid action on the balance - sheet issue [3]

Core Viewpoint - The international gold and silver prices have rebounded significantly, with gold prices surpassing $5000 per ounce, driven by factors such as a decline in risk appetite and a weakening US dollar [3][6][10]. Group 1: Price Movements - Spot gold prices broke the $5000 mark again on February 4, rising over 2% [1][7]. - The price of gold on the New York Mercantile Exchange reached $4900 per ounce before surpassing $5000 [3][8]. - Domestic futures for silver and gold saw significant increases, with silver rising over 8% and gold over 6% on February 4 [3][4]. Group 2: Market Drivers - The rebound in gold and silver prices is attributed to unchanged demand fundamentals, with global central banks purchasing gold and private investors increasing their gold holdings for asset diversification [6][10]. - The industrial demand for silver continues to support its price, indicating a positive outlook for both gold and silver prices [6][10].

Group 1 - The core viewpoint of the article highlights a significant increase in domestic commodity futures, particularly in precious metals, with silver leading the gains at over 8% [1] - As of the report, silver futures (沪银2604) reached a price of 22,854.00, reflecting an increase of 8.11%, while gold futures (沪金2604) rose to 1,130.00, up by 6.19% [2] - Other notable increases include tin (沪锡2603) at 398,660.00, up 6.79%, and platinum (铂) at a rise of 5.06% [2] Group 2 - Spot gold prices have surpassed 5,040 USD/ounce, marking a daily increase of 2%, while spot silver has risen by 1.68% to 86.852 USD/ounce [3] - The highest price for gold reached 5,048.893 USD/ounce, with a daily increase of 2.07% compared to the previous day [4]

Market Overview - The domestic precious metals market experienced significant declines today, with most contracts hitting the limit down, indicating a worsening situation in the afternoon compared to the morning [2][11] - Key contracts and their price changes include: - Silver (沪银2604) at 24,832, down 17.00% - Palladium (把2606) at 413.70, down 16.00% - Platinum (辑2606) at 552.15, down 16.00% - Gold (沪金2604) at 1,020.40, down 14.75% - Lithium Carbonate (碳酸锂2605) at 134,140, down 12.88% [2][11] Trading Volume and Pressure - The trading volume for the main silver contract (Ag2604) has significantly shrunk, indicating heavy selling pressure with nearly 42,000 sell orders piled up at the limit down price [3][5][11] - The overall market sentiment is marked by fear, as related sectors failed to stabilize, further exacerbating the situation [7][14] Technical Analysis - The gold contract (Au2604) is approaching a critical support level around 1,000. A breakdown below this level could signal further weakness in the market [7][14] - Current market conditions do not show any clear signs of recovery, and if the weak trend continues, there is a possibility of further declines in the night session [9][17] Geopolitical Factors - Recent developments regarding the Epstein case have heightened concerns about political uncertainty in the U.S., which may lead to increased market volatility [9][17] - Investors are advised to monitor the U.S.-Iran situation closely, as any escalation could trigger risk-off sentiment that might provide some relief for precious metals [9][17] Investment Strategy - The company recommends that investors remain cautious, prioritize position protection, and avoid blind trading in a volatile environment [9][17]

Group 1 - The spot gold price fell below $4500 per ounce for the first time since January 9, experiencing a daily drop of 7.9%, and was reported at $4533.66 per ounce, down 7.38% [1] - Spot silver saw a decline of over 14%, with a current price of $75.46 per ounce, reflecting an 11.49% drop [1] - In the domestic futures market, the main gold futures contract (沪金2604) dropped over 15%, reaching 1016 yuan per gram, while the main silver futures contract hit the limit down [2] Group 2 - According to a report from China International Capital Corporation (CICC), gold prices have surpassed traditional fundamental influences, with conventional models like real interest rates becoming ineffective [4] - New Lake Futures' report indicates that despite the recent surge in gold prices exceeding last October's highs, the non-commercial long positions in COMEX gold have not reached previous peaks, suggesting limited institutional buying interest [4] - Tao Dong, President and Chief Economist of Waterous Capital (Hong Kong), believes that while short-term gold trends remain uncertain, the long-term outlook for gold is positive due to a shift towards de-dollarization, attracting sovereign, institutional, and retail funds to this alternative investment [4]

Market Overview - The A-share market opened with mixed results on February 2, with the Shanghai Composite Index down 0.93%, Shenzhen Component Index down 0.54%, and the ChiNext Index up 0.65 [1] - The market showed slight fluctuations in the morning, with the declines in the Shanghai and Shenzhen indices narrowing while the ChiNext Index continued to rise [1] Nonferrous Metals Sector - The nonferrous metals sector experienced a significant drop, with the index falling nearly 7% and over 30 stocks hitting the daily limit down during the opening [2][3] - Major stocks such as Xiaocheng Technology (300139) and Jiangxi Copper (600362) also faced limit down situations [3] Precious Metals Futures - Domestic precious metals and nonferrous metal futures saw a sharp decline, with silver futures down 17% and gold futures down over 14% [5][6] - Spot gold and silver initially rebounded but then continued to decline, with gold dropping over 6% and silver nearly 8% [7] Oil and Petrochemical Sector - The oil and petrochemical sector also faced declines, with major stocks like Zhongman Petroleum (603619) and PetroChina (600759) hitting limit down [8][9] - The drop in international oil prices was influenced by geopolitical tensions in Iran, with recent statements from U.S. President Trump indicating a desire for negotiations [8] Telecommunications Sector - The three major telecom operators, China Mobile (600941), China Telecom (601728), and China Unicom, all saw declines of over 4% [10] - A recent announcement from the Ministry of Finance and the State Taxation Administration indicated an increase in VAT rates for telecom services starting January 1, 2026, which may impact revenue and profits [11] Liquor Sector - The liquor sector saw a rebound, with stocks like Shui Jing Fang (600779) and Huangtai Liquor (000995) hitting the daily limit up [12][13] - The liquor industry has been in a correction phase for about five years, with current valuations and institutional positions at historical lows, suggesting potential for recovery [14]