Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - For the Middle - East turmoil, if the US successfully destroys the Iranian regime, it may boost the US dollar and put pressure on precious metals after a short - term positive impact. If the US fails to achieve its goal quickly and drags the Middle - East into long - term turmoil, precious metals may have greater upside potential. This week, one should closely monitor the Middle - East situation and the impact of US non - farm data on the Fed's interest - rate cut expectations. Gold is seeking support at the 20 - day moving average, and it is advisable to wait and see in the short term while selling out - of - the - money call options to protect long positions [1]. - For silver, the long - term logic of rising prices driven by supply inventory shortages and strong investment demand still holds. However, short - term exchange rule adjustments reduce physical delivery demand, and cautious capital attitudes limit upward momentum. The price shows a multi - week oscillation, with the moving average converging and volatility falling. It is recommended to sell out - of - the - money call options to earn time value [1]. - For platinum and palladium, supported by their macro - financial attributes and a tight supply outlook, with stable industrial demand and slightly increasing investment demand, prices generally have support, but they are dragged down by gold and silver and maintain a weak oscillation in the short term [1]. Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2604 contract closed at 1182.00 yuan/gram on March 3, down 15.22 yuan or 1.27% from March 2 [1]. - AG2604 contract closed at 21645 yuan/kilogram on March 3, down 2786 yuan or 11.40% from March 2 [1]. - PT2606 contract closed at 570.30 yuan/gram on March 3, down 56.20 yuan or 8.97% from March 2 [1]. - PD2606 contract closed at 433.90 yuan/gram on March 3, down 29.75 yuan or 6.42% from March 2 [1]. Foreign Futures Closing Prices - COMEX gold main contract closed at 5099.50 on March 3, down 236.40 or 4.43% from March 2 [1]. - COMEX silver main contract closed at 82.30 on March 3, down 7.31 or 8.16% from March 2 [1]. - NYMEX platinum main contract closed at 2089.70 dollars/ounce on March 3, down 228.90 or 9.87% from March 2 [1]. - NYMEX palladium main contract closed at 1672.00 on March 3, down 129.50 or 7.19% from March 2 [1]. Spot Prices - London gold was at 5088.33, down 233.10 or 4.38% from the previous value [1]. - London silver was at 82.00, down 7.26 or 8.13% from the previous value [1]. - Spot platinum was at 2114.00 dollars/ounce, down 215.00 or 9.23% from the previous value [1]. - Spot palladium was at 1645.50, down 122.75 or 6.94% from the previous value [1]. - Shanghai Gold Exchange's gold T + D was at 1181.56 yuan/gram, down 17.95 or 1.50% from the previous value [1]. - Shanghai Gold Exchange's silver T + D was at 21427 yuan/kilogram, down 2525 or 10.54% from the previous value [1]. - Shanghai Gold Exchange's platinum 9995 was at 571 yuan/gram, down 35 or 5.85% from the previous value [1]. Basis - Gold TD - Shanghai gold main contract was - 0.44, down 2.73 from the previous value, with a 1 - year historical quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract was - 218, up 261 from the previous value, with a 1 - year historical quantile of 60.60% [1]. - London gold - COMEX gold was - 18.14, up 2.12 from the previous value, with a 1 - year historical quantile of 44.20% [1]. - London silver - COMEX silver was - 0.63, up 0.06 from the previous value, with a 1 - year historical quantile of 6.60% [1]. Bid Prices - COMEX gold/silver was 61.96, up 2.42 or 4.06% from the previous day [1]. - Shanghai Futures Exchange gold/silver was 54.61, up 5.60 or 11.44% from the previous day [1]. - NYMEX gold/silver was 1.25, down 0.04 or - 2.89% from the previous day [1]. - Guangzhou Futures Exchange gold/silver was 1.31, down 0.04 or - 2.73% from the previous day [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.06, up 0.01 or 0.2% from the previous day [1]. - 2 - year US Treasury yield was 3.51, up 0.04 or 1.2% from the previous day [1]. - 10 - year TIPS Treasury yield was 1.77, up 0.01 or 0.6% from the previous day [1]. - US dollar index was 99.06, up 0.51 or 0.52% from the previous day [1]. - Offshore RMB exchange rate was 6.9175, up 0.0164 or 0.24% from the previous day [1]. Inventory and Positions - Shanghai Futures Exchange's gold inventory was 105060, unchanged from the previous value [1]. - Shanghai Futures Exchange's silver inventory was 307484 kilograms, down 1952 or - 0.63% from the previous value [1]. - COMEX gold inventory was 33071598, down 99538 or - 0.30% from the previous value [1]. - COMEX silver inventory was 355173837, down 2391537 or - 0.67% from the previous value [1]. - COMEX gold registered warehouse receipts were 17021190, down 13903 or - 0.08% from the previous value [1]. - COMEX silver registered warehouse receipts were 87985493, down 790368 or - 0.89% from the previous value [1]. - SPDR gold ETF position was 1089, down 2.29 or - 0.21% from the previous value [1]. - SLV silver ETF position was 15981, up 79.15 or 0.50% from the previous value [1].

Core Viewpoint - The recent trading halt of the Guotou Silver LOF fund, a highly regarded public fund, was triggered by an unprecedented net asset value (NAV) drop, raising concerns about high premium investment risks [1][2]. Fund Valuation Adjustment - The catalyst for the market turmoil was the Guotou Silver LOF's staggering single-day NAV decline of 31.5%, from 3.2838 yuan to 2.2494 yuan, which exceeded the Shenzhen Stock Exchange's 10% daily limit and set a record for public funds [2][3]. - The fund management company, Guotou Ruibin, announced the NAV adjustment late on February 2, citing significant fluctuations in international silver prices as the reason for the revaluation, which was met with widespread criticism from investors due to the timing of the announcement [2][3][5]. - The fund's NAV estimation typically relies on the settlement price of the contracts on the valuation day, but due to extreme market conditions, the company opted to adjust the valuation based on international market price changes to reflect the true value of the underlying assets [3][5]. Investor Concerns - Investors expressed outrage over the late-night announcement of the NAV adjustment, arguing that timely communication could have allowed them to make informed decisions regarding redemption [6][7]. - Guotou Ruibin defended its actions, stating that the decision to adjust the valuation was made to prevent potential panic among investors and to ensure fair treatment for all holders [7]. Premium Risk Awareness - The extreme volatility of the Guotou Silver LOF was not unexpected, as the fund had issued 22 premium risk alerts and multiple trading suspension notices since the beginning of 2026, indicating ongoing high premium risks [8][9]. - Analysts noted that high premium rates often correlate with increased risk, and a premium above 10% could lead to significant losses if the market corrects [8][9]. - The fund's performance is closely monitored as it serves as a key vehicle for individual investors to engage in silver investments, with expectations of price volatility in the precious metals market [9].

Group 1 - The core viewpoint of the article is that Guotou Ruijin Fund has announced a change in the valuation method for silver futures contracts held by its Guotou Silver LOF Fund, effective from February 2, 2026 [2][3] - The new valuation method will reference the international market prices at 3 PM Beijing time on the valuation day, adjusting based on the volatility compared to the previous day's prices to better reflect market changes [3] - Following the update of the net asset value, the latest unit net value of the Guotou Silver LOF Fund was reported at 2.2494 yuan, with a significant single-day decline of 31.5%, marking a historical record for the largest single-day drop in public fund history [3]

Group 1 - The core point of the news is the significant drop in the net asset value of the Guotou UBS Silver LOF, which fell by 31.5% in a single day, marking a historical record for public funds in terms of daily decline [1][4]. - The latest net value of Guotou UBS Silver LOF is reported at 2.2494 yuan, down from 3.2838 yuan on January 30 [1][2]. - The fund primarily invests in silver futures contracts traded on the Shanghai Futures Exchange, and the recent volatility in international silver prices has led to a revaluation of the fund's assets to reflect market conditions [2]. Group 2 - Following the resumption of trading, Guotou UBS Silver LOF faced a trading halt with a drop limit, with sell orders exceeding 8 billion yuan, indicating a mass exit from the fund [4]. - The decline is attributed to a combination of high premium collapse and a sharp drop in silver prices, leading to a "stampede-like exit" from the fund [4]. - The situation has been exacerbated by social media-driven speculation and a surge of inexperienced investors, who initially engaged in arbitrage but are now seeking ways to exit the investment [4].

Group 1 - The core point of the news is that Guotou Ruijin Fund announced an adjustment to the valuation method of the Guotou Silver LOF fund's silver futures contracts, effective February 2, 2026, to better reflect international market price fluctuations [1] - The new valuation method will reference the international market prices at 3 PM Beijing time on the valuation day, adjusting based on the volatility compared to the previous day's prices [1] - The fund's previous valuation was primarily based on the settlement price of the silver futures contracts traded on exchanges, with a notable difference observed between the closing price and the settlement price as of February 2 [1] Group 2 - On February 2, the Guotou Silver LOF resumed trading with a limit down at 4.722 yuan per share, indicating a significant premium in the secondary market compared to the fund's net asset value [2] - The fund issued a warning to investors regarding the risks associated with investing in shares that are trading at a high premium, which could lead to substantial losses if not approached cautiously [2] - To protect investor interests, the fund will suspend trading from February 3, 2026, until 10:30 AM, resuming trading thereafter [2]

Group 1 - The core point of the news is the significant drop in the net asset value of the Guotou UBS Silver LOF, which fell by 31.5% from 3.2838 yuan to 2.2494 yuan, marking the largest single-day decline in public fund history [1][3] - Guotou UBS Silver LOF primarily invests in silver futures contracts traded on the Shanghai Futures Exchange, and the recent volatility in international silver prices has led to a reassessment of the fund's net value to reflect the underlying asset conditions accurately [3] - The fund has implemented a valuation adjustment based on the price fluctuations of international silver futures, effective from February 2, 2026, to protect the interests of fund holders [3] Group 2 - Following the resumption of trading, Guotou UBS Silver LOF faced a trading halt with a drop limit, with sell orders exceeding 8 billion yuan, indicating a mass exit triggered by high premiums collapsing alongside falling silver prices [5] - The situation has been exacerbated by a wave of new investors, driven by social media tutorials on LOF arbitrage, leading to a rapid influx of inexperienced participants into the market [5] - The phenomenon of quick investment trends driven by social media, which can rapidly rise and fall, is becoming a new challenge for the market [5]

Group 1 - The core viewpoint of the article is that Guotou Ruijin Fund has announced a change in the valuation method for its silver futures investment fund due to significant fluctuations in international silver prices, effective from February 2, 2026 [1][3]. Group 2 - The fund primarily invests in silver futures contracts traded on the Shanghai Futures Exchange, and under normal market conditions, the net asset value (NAV) is estimated using the settlement price of the contract on the valuation day [2]. - The Shanghai Futures Exchange has a price limit system, with a maximum daily fluctuation of ±17% for silver futures contracts, which can lead to discrepancies between domestic and international price movements during extreme market conditions [2][3]. - The adjustment in valuation is necessary to ensure that the fund's NAV accurately reflects the true fair value of the underlying assets, especially when international market prices experience significant daily fluctuations that exceed the domestic price limits [3]. - The basis for this valuation adjustment is in accordance with the guidelines from the China Securities Regulatory Commission and the fund's contract, which allows for alternative valuation methods if the standard method does not reflect fair value [3]. - The fund management emphasizes that this adjustment does not change the investment objectives, scope, or risk-return characteristics of the fund, and is aimed at protecting investor interests during extreme market conditions [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The market is affected by macro - geopolitical events, repeatedly supporting the gold price to maintain a relatively strong oscillation. Gold can be bought on dips after a callback when it is above the 20 - day moving average. At the same time, sell out - of - the - money call options to lock in the retracement risk [1] - For silver, the short - term suspension of the 232 investigation tariff by the US and the position - limit measures of the exchange have eased the capital sentiment. The price may enter a high - level oscillation. Be cautious about unilateral participation. Sell out - of - the - money call options to earn volatility - reduction returns [1] - The spot supply of crude gold in London is tightening. It can be bought on dips when it retraces to the 20 - day moving average. The price generally fluctuates in the range of 587 - 640 yuan, and an option straddle strategy can be used. Palladium performs relatively weaker than platinum, and out - of - the - money call options above 510 yuan can be sold [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Price - AU2604 contract closed at 1092.30 yuan/gram on January 21, up 32.14 yuan or 3.03% from January 20 [1] - AG2604 contract closed at 23131 (unit not clear) on January 21, up 0.30% from January 20; another silver - related data closed at 628.50 yuan/kg, up 9.15 yuan or 1.48% [1] - PT2606 contract data not provided; PD2606 contract closed at 485.80, down 4.20 or - 0.86% [1] Foreign Futures Closing Price - COMEX gold main contract closed at 4836.20 on January 21, up 67.10 or 1.41% from January 20 [1] - COMEX silver main contract closed at 92.96, down 1.51 or - 1.59% [1] - NYMEX platinum main contract closed at 2478.80 dollars/ounce, down 1.20 or - 0.05% [1] - NYMEX lithium - gold main contract (assumed to be misspelled, might be palladium - gold) closed at 1874.50, down 34.00 or - 1.78% [1] Spot Price - London gold was at 4832.97, up 1.47% from the previous value [1] - London silver was at 93.10, down 1.43 or - 1.51% [1] - Spot platinum was at 2481.58 dollars/ounce, up 15.48 or 0.63% [1] - Another "spot aluminum - gold" (might be misspelled) was at 1845.16, down 29.18 or - 1.56% [1] - Shanghai Gold Exchange's gold T + D was at 1085.93 yuan/gram, up 29.94 yuan or 2.84% [1] - Shanghai Gold Exchange's silver T + D was at 23228 yuan/ten - gram, up 79 or 0.34% [1] - Shanghai Gold Exchange's platinum 9995 was at 628 yuan/5 - gram, up 15 or 2.45% [1] Basis - Gold TD - Shanghai gold main contract basis was - 6.37, down 2.20 from the previous value, at the 46.10% quantile of the past year [1] - Silver TD - Shanghai silver main contract basis was 97, up 10 from the previous value, at the 60.60% quantile [1] - London gold - COMEX gold basis was - 2.06, up 2.92 from the previous value, at the 92.90% quantile [1] - London silver - COMEX silver basis was 0.19, unchanged from the previous value, at the 90.00% quantile [1] Price Ratio - COMEX gold/silver ratio was 52.03, up 1.54 or 3.05% from the previous value [1] - Shanghai Futures Exchange's gold/silver ratio was 47.22, up 1.25 or 2.72% [1] - NYMEX platinum/palladium ratio was 1.32, up 0.02 or 1.76% [1] - Guangzhou Futures Exchange's platinum/palladium ratio was 1.29, up 0.03 or 2.35% [1] Interest Rate and Exchange Rate - 10 - year US Treasury yield was 4.26%, down 0.04% or - 0.9% from the previous value [1] - 2 - year US Treasury yield was 3.60%, unchanged from the previous value [1] - 10 - year TIPS Treasury yield was 1.92%, down 0.05% or - 2.5% [1] - US dollar index was 98.77, up 0.23 or 0.23% [1] - Offshore RMB exchange rate was 6.9601, up 0.0043 or 0.06% [1] Inventory and Position - Shanghai Futures Exchange's gold inventory was unchanged at 066666 (format might be wrong), with a 0.00% change [1] - Shanghai Futures Exchange's silver inventory was 600779 kg, down 17803 kg or - 2.88% [1] - COMEX gold inventory was 36142880, up 6979 or 0.02% [1] - COMEX silver inventory was 422313658, down 4162840 or - 0.98% [1] - COMEX gold registered warehouse receipts were 18864397, down 418419 or - 2.17% [1] - COMEX silver registered warehouse receipts were 119542538, down 3448830 or - 2.80% [1] - SPRD gold ETF position was 1078, down 4.00 or - 0.37% [1] - SLV silver ETF position was 18166, down 56.38 or - 0.35% [1]

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoints of the Report - The market may be more affected by the impact of US economic data on the Fed's policy expectations and geopolitical situation disturbances. In the short - term, the influence of news is weakening, the market maintains a relatively strong shock but the volatility declines. For gold, those holding long positions above the 20 - day moving average can continue to hold, and selling out - of - the - money put options can earn time value [1]. - For silver, the cancellation of photovoltaic export tax rebates by the country after April 1 may bring the "rush to export" effect again, advancing the demand for silver powder and intensifying the supply - structural shortage. Short - term fluctuations are still volatile, and it is recommended to maintain the idea of buying on dips with light positions, while long positions should lock in profits in time when the price is high [1]. - For platinum and palladium, due to their strong macro and supply - demand fundamentals and the fact that their prices are still undervalued compared to gold, capital promotes value reshaping. It is expected to continue to rise in the medium - and long - term. In the short - term, market speculative sentiment weakens, the volatility narrows, but it still follows the relatively strong shock of gold. It is recommended to buy platinum on dips with light positions around the 20 - day moving average [1]. 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 1035.20 yuan/gram on January 15, down 0.52% from the previous day [1]. - AG2604 contract closed at 22665 yuan/kilogram on January 15, down 0.43% from the previous day [1]. - PT2606 contract closed at 609.05 yuan/gram on January 15, down 2.21% from the previous day [1]. - PD2606 contract closed at 478.60 yuan/gram on January 15, down 5.25% from the previous day [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at 4620.50 dollars/ounce on January 15, down 0.29% from the previous day [1]. - COMEX silver主力 contract closed at 92.21 dollars/ounce on January 15, down 1.05% from the previous day [1]. - NYMEX platinum主力 contract closed at 2415.80 dollars/ounce on January 15, up 0.55% from the previous day [1]. - NYMEX palladium主力 contract closed at 1865.50 dollars/ounce on January 15, down 0.90% from the previous day [1]. Spot Prices - London gold was at 4615.52 dollars/ounce on January 15, down 0.23% from the previous day [1]. - London silver was at 92.40 dollars/ounce on January 15, down 0.65% from the previous day [1]. - Spot platinum was at 2408.00 dollars/ounce on January 15, up 0.46% from the previous day [1]. - Spot palladium was at 1812.00 dollars/ounce on January 15, down 1.79% from the previous day [1]. - Shanghai Gold Exchange gold T + D was at 1033.92 yuan/gram on January 15, down 0.36% from the previous day [1]. - Shanghai Gold Exchange silver T + D was at 22684 yuan/kilogram on January 15, down 0.36% from the previous day [1]. - Shanghai Gold Exchange platinum 9995 was at 597 yuan/gram on January 15, down 0.34% from the previous day [1]. Basis - The basis of gold TD - Shanghai gold主力 was - 1.28, up 1.73 from the previous day, with a 1 - year historical quantile of 46.10% [1]. - The basis of silver TD - Shanghai silver主力 was 19, up 17 from the previous day, with a 1 - year historical quantile of 60.60% [1]. - The basis of London gold - COMEX gold was - 4.98, up 2.82 from the previous day, with a 1 - year historical quantile of 87.80% [1]. - The basis of London silver - COMEX silver was 0.19, up 0.37 from the previous day, with a 1 - year historical quantile of 90.00% [1]. Price Ratios - The ratio of COMEX gold/silver was 50.11 on January 15, up 0.77% from the previous day [1]. - The ratio of Shanghai Futures Exchange gold/silver was 45.67 on January 15, down 0.09% from the previous day [1]. - The ratio of NYMEX platinum/palladium was 1.29 on January 15, up 1.46% from the previous day [1]. - The ratio of Guangzhou Futures Exchange platinum/palladium was 1.27 on January 15, up 3.21% from the previous day [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.17% on January 15, up 0.5% from the previous day [1]. - The 2 - year US Treasury yield was 3.56% on January 15, up 1.4% from the previous day [1]. - The 10 - year TIPS Treasury yield was 1.88% on January 15, up 1.1% from the previous day [1]. - The US dollar index was 99.34 on January 15, up 0.27% from the previous day [1]. - The offshore RMB exchange rate was 6.9631 on January 15, down 0.12% from the previous day [1]. Inventory and Positions - The Shanghai Futures Exchange gold inventory was 100152 kilograms on January 15, unchanged from the previous day [1]. - The Shanghai Futures Exchange silver inventory was 638399 kilograms on January 15, up 1.54% from the previous day [1]. - The COMEX gold inventory was 36132901 ounces on January 15, down 0.23% from the previous day [1]. - The COMEX silver inventory was 433382110 ounces on January 15, down 0.23% from the previous day [1]. - The COMEX gold registered warehouse receipts were 18838070 ounces on January 15, down 2.31% from the previous day [1]. - The COMEX silver registered warehouse receipts were 122741960 ounces on January 15, down 0.20% from the previous day [1]. - The SPDR gold ETF position was 1075 tons on January 15, up 0.05% from the previous day [1]. - The SLV silver ETF position was 16062 tons on January 15, down 1.11% from the previous day [1].