Group 1: Investment Ratings - No investment rating for the industry is provided in the report [1] Group 2: Core Views - The future market may be more affected by US economic data's impact on Fed policy expectations and geopolitical disruptions. In the short - term, the precious metals market will maintain a strong oscillation, with gold's upward momentum increasing above the 20 - day moving average, and long positions should continue to be held [1] - Driven by factors such as capital sentiment, the short - term silver price trend is strong and hard to predict the peak, but the market fluctuates greatly. It is recommended to pay attention to risk control measures of exchanges, maintain the idea of buying on dips with light positions and lock in profits in a timely manner [1] - Platinum and palladium, supported by macro - financial attributes and a tight supply pattern, form a linkage with the rising trend of gold, and their price centers continue to rise. Given the current RMB appreciation, the overseas market prices perform stronger than the domestic ones, and it is recommended to buy on dips [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - The AU2604 contract rose 27.68 yuan/g to 1143.32 yuan/g, a 2.48% increase from January 23rd to January 26th - The AG2604 contract rose 2242 yuan/ten grams to 27207 yuan/ten grams, an 8.98% increase - The PT2606 contract rose 58.80 yuan/g to 744.70 yuan/g, an 8.57% increase - The PD2606 contract rose 36.85 yuan/g to 534.80 yuan/g, a 7.40% increase [1] Foreign Futures Closing Prices - The COMEX gold主力 contract rose 21.70 to 5004.80, a 0.44% increase - The COMEX silver主力 contract rose 0.63 to 103.89, a 0.61% increase - The NYMEX platinum主力 contract fell 197.60 to 2575.60 dollars/ounce, a 7.13% decrease - The NYMEX palladium主力 contract fell 54.50 to 1992.50, a 2.66% decrease [1] Spot Prices - London gold rose 28.57 to 5009.88, a 0.57% increase - London silver rose 0.53 to 103.87, a 0.52% increase - Platinum rose 106.00 to 2811.00 dollars/ounce, a 3.92% increase - Palladium rose 116.00 to 2092.00, a 5.87% increase - Shanghai Gold Exchange's gold T + D rose 33.91 yuan/g to 1144.26 yuan/g, a 3.05% increase - Shanghai Gold Exchange's silver T + D rose 2525 yuan/ten grams to 27513 yuan/ten grams, a 10.10% increase - Shanghai Gold Exchange's platinum 9995 rose 52 yuan/g to 733 yuan/g, a 7.59% increase [1] Basis - The basis of gold TD - Shanghai gold主力 increased 6.23 to 0.94, at the 46.10% quantile of the past year - The basis of silver TD - Shanghai silver主力 increased 283 to 306, at the 60.60% quantile of the past year - The basis of London gold - COMEX gold increased 6.87 to 5.08, at the 99.60% quantile of the past year - The basis of London silver - COMEX silver decreased 0.10 to - 0.02, at the 69.00% quantile of the past year [1] Price Ratios - The COMEX gold/silver ratio fell 0.08 to 48.17, a 0.17% decrease - The Shanghai Futures Exchange gold/silver ratio fell 2.67 to 42.02, a 5.96% decrease - The NYMEX platinum/palladium ratio fell 0.06 to 1.29, a 4.58% decrease - The Guangzhou Futures Exchange platinum/palladium ratio rose 0.02 to 1.39, a 1.09% increase [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield fell 0.02 to 4.22, a 0.5% decrease - The 2 - year US Treasury yield fell 0.04 to 3.56, a 1.1% decrease - The 10 - year TIPS Treasury yield fell 0.02 to 1.90, a 1.0% decrease - The US dollar index fell 0.45 to 97.05, a 0.47% decrease - The on - shore RMB exchange rate rose 0.0006 to 6.9492, a 0.01% increase [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory rose 1020 to 103050 ten grams, a 1.00% increase - The Shanghai Futures Exchange's silver inventory fell 7280 to 573810, a 1.25% decrease - The COMEX gold inventory fell 202778 to 35941502, a 0.56% decrease - The COMEX silver inventory fell 1183026 to 415241837, a 0.28% decrease - The COMEX gold registered warehouse receipts fell 386 to 18845680, a 0.00% decrease - The COMEX silver registered warehouse receipts remained unchanged at 114262775 - The SPDR gold ETF position remained unchanged at 1087 - The SLV silver ETF position fell 115.58 to 15974, a 0.72% decrease [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - The market will be more affected by U.S. economic data's impact on Fed policy expectations and geopolitical situations. In the short term, the influence of news will weaken, and the market will maintain a strong and volatile trend with reduced fluctuations. Gold long - positions above the 20 - day moving average can be held, and selling out - of - the - money put options can earn time value [1] - For silver, the short - term suspension of the 232 investigation tariff in the U.S. and the exchange's position - limit measures have eased capital sentiment. The price may enter a high - level consolidation phase. It is recommended to wait for the market volatility to decline and then buy on dips, or sell out - of - the money options to earn volatility - reduction returns [1] - Under the influence of strong macro and supply - demand fundamentals, platinum will fluctuate strongly in the short term but with a narrowing range. Platinum futures are recommended to be traded with high - selling and low - buying around the 20 - day moving average, with a fluctuation range of 587 - 640 yuan. Palladium performs weaker than platinum, and out - of - the money call options above 510 yuan can be sold [1] Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 1032.32 yuan/gram on January 16, down 2.88 yuan (-0.28%) from January 15 [1] - AG2604 contract closed at 22483 yuan/kilogram on January 16, down 182 yuan (-0.80%) from January 15 [1] - PT2606 contract closed at 610.05 yuan/gram on January 16, up 1 yuan (0.16%) from January 15 [1] - PD2606 contract closed at 469.35 yuan on January 16, down 9.25 yuan (-1.93%) from January 15 [1] Foreign Futures Closing Prices - COMEX gold主力 contract closed at 4601.10 dollars/ounce on January 16, down 19.40 dollars (-0.42%) from January 15 [1] - COMEX silver主力 contract closed at 89.05 dollars/ounce on January 16, down 2.27 dollars (-2.46%) from January 15 [1] - NYMEX platinum主力 contract closed at 2342.90 dollars/ounce on January 16, down 72.90 dollars (-3.02%) from January 15 [1] - NYMEX palladium主力 contract closed at 1846.50 dollars/ounce on January 16, down 19 dollars (-1.02%) from January 15 [1] Spot Prices - London gold was at 4599.04 dollars/ounce, down 16.48 dollars (-0.36%) from the previous value [1] - London silver was at 90.13 dollars/ounce, down 2.26 dollars (-2.45%) from the previous value [1] - Spot platinum was at 2301 dollars/ounce, down 85 dollars (-3.56%) from the previous value [1] - Spot palladium was at 1755 dollars/ounce, down 51 dollars (-2.82%) from the previous value [1] - Shanghai Gold Exchange's gold T + D was at 1031.09 yuan/gram, down 2.83 yuan (-0.27%) from the previous value [1] - Shanghai Gold Exchange's silver T + D was at 22641 yuan/kilogram, down 43 yuan (-0.19%) from the previous value [1] - Shanghai Gold Exchange's platinum 9995 was at 602 yuan/gram, up 5 yuan (0.85%) from the previous value [1] Basis - Gold TD - Shanghai gold主力 was - 1.23, up 0.05 from the previous value, with a 1 - year historical quantile of 46.10% [1] - Silver TD - Shanghai silver主力 was 158, up 139 from the previous value, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold was - 2.06, up 2.92 from the previous value, with a 1 - year historical quantile of 92.90% [1] - London silver - COMEX silver was 0.19, unchanged from the previous value, with a 1 - year historical quantile of 90.00% [1] Price Ratios - COMEX gold/silver was 51.15, up 1.05 (2.09%) from the previous value [1] - SHFE gold/silver was 45.92, up 0.24 (0.53%) from the previous value [1] - NYMEX platinum/palladium was 1.27, down 0.03 (-2.02%) from the previous value [1] - SHFE platinum/palladium was 1.30, up 0.03 (2.14%) from the previous value [1] Interest Rates and Exchange Rates - 10 - year U.S. Treasury yield was 4.24%, up 0.07% (1.7%) from the previous value [1] - 2 - year U.S. Treasury yield was 3.59%, up 0.03% (0.8%) from the previous value [1] - 10 - year TIPS Treasury yield was 1.91%, up 0.03% (1.6%) from the previous value [1] - U.S. dollar index was 99.37, up 0.03 (0.03%) from the previous value [1] - Offshore RMB exchange rate was 6.9674, up 0.0043 (0.06%) from the previous value [1] Inventories and Positions - SHFE gold inventory was 100053, down 99 (-0.10%) from the previous value [1] - SHFE silver inventory was 626843, down 11556 (-1.81%) from the previous value [1] - COMEX gold inventory was 36135901, up 3000 (0.01%) from the previous value [1] - COMEX silver inventory was 429156441, down 4225669 (-0.98%) from the previous value [1] - COMEX gold registered warehouse receipts were 18823797, down 14274 (-0.08%) from the previous value [1] - COMEX silver registered warehouse receipts were 120632557, down 2571966 (-2.09%) from the previous value [1] - SPDR gold ETF position was 1086, up 10.87 (1.01%) from the previous value [1] - SLV silver ETF position was 16073, up 11.28 (0.07%) from the previous value [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Future market may focus on the impact of US economic data on Fed policy expectations and geopolitical disturbances. If the market overheats, the exchange will take further risk - control measures. If the impact of news weakens, the market will maintain a moderately strong oscillation. Gold can be lightly held long - position above $4300, or sell out - of - the - money put options to earn time value [1]. - For silver, due to the intensifying global inventory shortage and the large - scale increase of spot by institutional long - position funds through ETF and physical delivery, the price is running strongly. The price center is expected to rise continuously, but the rising raw material cost may suppress industrial demand. After the adjustment of the global commodity index is basically digested, it is recommended to hold long - positions above $75 and operate cautiously on a single side in the short - term under high - volatility risk [1]. - Platinum and palladium are strong in terms of macro and supply - demand fundamentals, and their prices are still undervalued compared with gold. The value is reshaped by capital, and they are expected to continue to oscillate upward in the medium - to - long - term. In the short - term, market speculative sentiment weakens and fluctuations narrow. Given the strong external market trend, it is recommended to buy lightly near the 20 - day moving average [1]. 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract: Closed at 1026.28 yuan/gram on January 12, up 1.97% from January 9 [1]. - AG2604 contract: Closed at 20945 yuan/kilogram on January 12, up 11.82% from January 9 [1]. - PT2606 contract: Closed at 622.80 yuan/gram on January 12, up 3.83% from January 9 [1]. - PD2606 contract: Closed at 499.05 yuan, up 1.21% from January 9 [1]. Foreign Futures Closing Prices - COMEX gold主力合约: Closed at 4518.40 dollars/ounce on January 12, up 2.00% from January 9 [1]. - COMEX silver主力合约: Up 6.72% from January 9 [1]. - NYMEX platinum主力合约: Closed at 2361.30 dollars/ounce on January 12, up 3.67% from January 9 [1]. - NYMEX palladium主力合约: Closed at 1911.50 dollars/ounce on January 12, up 2.00% from January 9 [1]. Spot Prices - London gold: The current price is 4509.02 dollars/ounce, up 1.99% [1]. - London silver: Up 6.54% [1]. - Spot platinum: The current price is 2374.00 dollars/ounce, up 4.03% [1]. - Spot palladium: The current price is 1851.00 dollars/ounce, up 0.98% [1]. - Shanghai Gold Exchange gold T + D: Closed at 1022.12 yuan/gram on January 12, up 1.91% from January 9 [1]. - Shanghai Gold Exchange silver T + D: Closed at 20902 yuan/kilogram on January 12, up 11.42% from January 9 [1]. - Shanghai Gold Exchange platinum 9995: Closed at 613 yuan/gram on January 12, up 3.39% from January 9 [1]. Basis - Gold TD - Shanghai gold main contract: The current value is - 4.16, with a historical 1 - year quantile of 46.10% [1]. - Silver TD - Shanghai silver main contract: The current value is - 43, with a historical 1 - year quantile of 60.60% [1]. - London gold - COMEX gold: The current value is - 10.24, with a historical 1 - year quantile of 73.80% [1]. - London silver - COMEX silver: The current value is - 0.14, with a historical 1 - year quantile of 71.20% [1]. Ratio of Different Metals - COMEX gold/silver: The current value is 54.12, down 4.43% [1]. - SHFE gold/silver: The current value is 53.73, down 8.81% [1]. - NYMEX platinum/palladium: The current value is 1.24, up 1.63% [1]. - GZFE platinum/palladium: The current value is 1.23, up 2.59% [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield: The current value is 4.19%, up 0.2% [1]. - 2 - year US Treasury yield: The current value is 3.54%, unchanged [1]. - 10 - year TIPS Treasury yield: The current value is 1.90%, unchanged [1]. - US dollar index: The current value is 98.89, down 0.24% [1]. - Offshore RMB exchange rate: The current value is 6.9687, down 0.10% [1]. Inventory and Positions - SHFE gold inventory: The current value is 97653 kilograms, unchanged [1]. - SHFE silver inventory: The current value is 649643 kilograms, up 4.74% [1]. - COMEX gold inventory: The current value is 36311918 ounces, unchanged [1]. - COMEX silver inventory: The current value is 439740503 ounces, down 0.51% [1]. - COMEX gold registered warehouse receipts: The current value is 19180167 ounces, down 0.52% [1]. - COMEX silver registered warehouse receipts: The current value is 123897999 ounces, down 1.23% [1]. - SPDR gold ETF position: The current value is 1071 tons, up 0.59% [1]. - SLV silver ETF position: The current value is 16348 tons, up 0.24% [1].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - For gold, as funds quickly exit the market before the Spring Festival and the price correction is in place, the market may focus on the impact of US economic data such as non - farm payrolls on the Fed's policy and geopolitical disturbances. Gold long positions above $4300 should be held, and attention should be paid to the recovery of the gold - silver ratio [1]. - For silver, long - position funds have significantly increased holdings through ETFs and physical delivery, driving the price to run strongly. The global inventory shortage may not be truly alleviated, but high prices may suppress industrial demand. After exchanges like CME raise margins, the irrational upward movement driven by short - term capital sentiment is expected to end, leading to volatility reduction. Attention should be paid to the potential回调 risk caused by the rebalancing of the global commodity index, and in high - volatility markets, a light - position, low - buying strategy above $70 is recommended [1]. - For platinum and palladium, due to strong macro and supply - demand fundamentals and relatively undervalued prices compared to gold, funds are driving value re - evaluation. They are expected to continue to rise in the medium - to - long - term. In the short - term, as market speculative sentiment weakens and volatility narrows, and with a strong external market, platinum and palladium can be bought lightly at around the 20 - day moving average. Palladium is relatively stronger, and shorting the platinum - palladium ratio can be attempted [1]. Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 997.94 yuan/g on January 8, down 0.96 yuan or 0.10% from January 7 [1]. - AG2604 contract closed at 18,450 yuan/kg on January 8, down 840 yuan or 4.35% from January 7 [1]. - PT2606 contract closed at 575.00 yuan/g on January 8, down 23.50 yuan or 3.93% from January 7 [1]. - PD2606 contract closed at 460.70 yuan/g on January 8, down 15.25 yuan or 3.20% from January 7 [1]. Foreign Futures Closing Prices - COMEX gold主力 contract closed at $4487.90 on January 8, up $20.80 or 0.47% from January 7 [1]. - COMEX silver主力 contract closed at $76.69 on January 8, down $1.29 or - 1.65% from January 7 [1]. - NYMEX platinum主力 contract closed at $2282.60 on January 8, down $7.80 or - 0.34% from January 7 [1]. - NYMEX palladium主力 contract closed at $1833.50 on January 8, up $16.50 or 0.91% from January 7 [1]. Spot Prices - London gold was at $4477.56 on January 8, up $21.49 or 0.48% from January 7 [1]. - London silver was at $76.97 on January 8, down $1.30 or - 1.66% from January 7 [1]. - Platinum spot was at $2267.45 on January 8, down $30.55 or - 1.33% from January 7 [1]. - Palladium spot was at $1780.26 on January 8, up $24.53 or 1.40% from January 7 [1]. - Shanghai Gold Exchange's gold T + D was at 995.86 yuan/g on January 8, down 3.34 yuan or - 0.33% from January 7 [1]. - Shanghai Gold Exchange's silver T + D was at 18,338 yuan/10g on January 8, down 1027 yuan or - 5.30% from January 7 [1]. - Shanghai Gold Exchange's gold 9995 was at 580 yuan/g on January 8, down 26 yuan or - 4.26% from January 7 [1]. Basis - The basis of gold TD - Shanghai gold主力 was - 2.08, down 2.38 from the previous value, with a 1 - year historical quantile of 69.00% [1]. - The basis of silver TD - Shanghai silver主力 was - 112, down 187 from the previous value, with a 1 - year historical quantile of 0.00% [1]. - The basis of London gold - COMEX gold was - 10.34, up 0.69 from the previous value, with a 1 - year historical quantile of 73.40% [1]. - The basis of London silver - COMEX silver was 0.28, down 0.01 from the previous value, with a 1 - year historical quantile of 90.70% [1]. Price Ratios - The COMEX gold/silver ratio was 58.52, up 1.23 or 2.16% from the previous value [1]. - The SHFE gold/silver ratio was 54.09, up 2.31 or 4.45% from the previous value [1]. - The NYMEX platinum/palladium ratio was 1.24, down 0.02 or - 1.24% from the previous value [1]. - The GZFE platinum/palladium ratio was 1.25, down 0.01 or - 0.75% from the previous value [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.19%, up 0.04 percentage points or 1.0% from the previous value [1]. - The 2 - year US Treasury yield was 3.49%, up 0.02 percentage points or 0.6% from the previous value [1]. - The 10 - year TIPS Treasury yield was 1.92%, up 0.04 percentage points or 2.1% from the previous value [1]. - The US dollar index was 98.86, up 0.12 or 0.12% from the previous value [1]. - The on - shore RMB exchange rate was 6.9823, down 0.0112 or - 0.16% from the previous value [1]. Inventory and Positions - The SHFE gold inventory was 97,653, unchanged from the previous value [1]. - The SHFE silver inventory was 637,647 kg on January 8, up 84,218 kg or 15.22% from the previous value [1]. - The COMEX gold inventory was 36,387,376, down 16,076 or - 0.04% from the previous value [1]. - The COMEX silver inventory was 442,479,414, down 3,257,982 or - 0.73% from the previous value [1]. - The COMEX gold registered warehouse receipts were 19,345,676, up 16,280 or 0.08% from the previous value [1]. - The COMEX silver registered warehouse receipts were 127,180,871, down 5,093 or 0.00% from the previous value [1]. - The SPDR gold ETF position was 1,067, unchanged from the previous value [1]. - The SLV silver ETF position was 16,215, up 115.60 or 0.72% from the previous value [1].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The expected central price of gold in 2026 will gradually rise, targeting above $4,800. Some investors are pre - positioning in precious metals, leading to continuous increases in ETF holdings and rising derivative positions. Without clear negative factors, the short - term market will maintain a strong trend. However, investors should guard against short - term sharp fluctuations, maintain a long - only mindset but lock in profits in a timely manner [1]. - Silver, supported by favorable financial and industrial attributes, has strong physical demand and persistent inventory shortages. The "irrational" upward trend driven by market sentiment may not end soon. Future attention should be paid to risk - control measures by exchanges like CME and potential price corrections due to global commodity index rebalancing, which could provide a long - term buying opportunity. Also, monitor the repair of the domestic premium. Before the New Year's Day holiday, it is recommended to reduce positions or lock in positions on rallies [1]. - In the domestic market, the platinum and palladium futures on the Guangzhou Futures Exchange are in the early stage of listing, with overall low liquidity in positions and a domestic premium compared to the overseas market. As regulatory risk - control measures strengthen, long - position holders with large profits may take profits on rallies, leading to significant short - term price fluctuations. It is advised to wait and see before the holiday and lock in long positions in a timely manner, then make new allocations after the market stabilizes in the new year [1]. 3. Summary by Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 1,016.30 yuan/tael on December 26, up 7.54 yuan or 0.75% from December 25 [1]. - AG2602 contract closed at 18,319 yuan/kg on December 26, up 922 yuan or 5.30% from December 25 [1]. - PT2606 contract closed at 686 (unit unclear), up 29.30 (unit unclear) or 4.46% from December 25 [1]. - PD2606 contract closed at 529.05 yuan/g on December 26, down 49.40 yuan or 8.54% from December 25 [1]. Foreign Futures Closing Prices - COMEX gold main contract closed at $4,562 on December 26, up $56.60 or 1.26% from December 24 [1]. - COMEX silver main contract closed at $79.68 on December 26, up $7.80 or 10.85% from December 24 [1]. - NYMEX platinum main contract closed at $2,513.90/ounce on December 26, up $241.00 or 10.60% from December 24 [1]. - NYMEX lithium gold main contract closed at $2,060.50 on December 26, up $239.50 or 13.15% from December 24 [1]. Spot Prices - London gold was at $4,532.51 on December 26, up $53.11 or 1.19% from December 25 [1]. - London silver was at $79.33 on December 26, up $7.52 or 10.47% from December 25 [1]. - Spot platinum was at $2,459.50/ounce on December 26, up $251.50 or 11.39% from December 25 [1]. - Spot palladium was at $1,925 on December 26, up $88 or 4.79% from December 25 [1]. - Shanghai Gold Exchange's gold T + D was at 1,008.80 yuan/tael on December 26, up 5.79 yuan or 0.58% from December 25 [1]. - Shanghai Gold Exchange's silver T + D was at 18,469 yuan/kg on December 26, up 1,055 yuan or 6.06% from December 25 [1]. - Shanghai Gold Exchange's platinum 9995 was at 662 yuan/gram on December 26, up 71 yuan or 11.99% from December 25 [1]. Basis - Gold TD - Shanghai gold main contract basis was - 7.50, down 1.75 from the previous value, at the 6.80% historical one - year quantile [1]. - Silver TD - Shanghai silver main contract basis was 150, up 133 from the previous value, at the 95.90% historical one - year quantile [1]. - London gold - COMEX gold basis was - 29.49, down 3.49 from the previous value, at the 26.90% historical one - year quantile [1]. - London silver - COMEX silver basis was - 0.35, down 0.28 from the previous value, at the 38.70% historical one - year quantile [1]. Price Ratios - COMEX gold/silver ratio was 57.26, down 5.43 or 8.66% from the previous value [1]. - Another price ratio was 55.48, down 2.51 or - 4.32% from the previous value [1]. - NYMEX platinum/aluminum ratio was 1.22, down 0.03 or - 2.25% from the previous value [1]. - Guangzhou Futures Exchange platinum/palladium ratio was 1.30, up 0.16 or 14.21% from the previous value [1]. Interest Rates and Exchange Rates - 10 - year US Treasury yield was 4.14%, down 0.01 percentage points or - 0.2% from the previous value [1]. - 2 - year US Treasury yield was 3.46%, down 0.01 percentage points or - 0.3% from the previous value [1]. - 10 - year TIPS Treasury yield was 1.91%, unchanged from the previous value [1]. - US dollar index was 98.03, up 0.13 or 0.13% from the previous value [1]. - Offshore RMB exchange rate was 7.0042, up 0.0032 or 0.05% from the previous value [1]. Inventory and Positions - Shanghai Futures Exchange gold inventory was 97,692, up 3,981 or 4.25% from the previous value [1]. - Shanghai Futures Exchange silver inventory was 819,431 kg, down 32,986 kg or - 3.87% from the previous value [1]. - COMEX gold inventory was 36,191,255, up 31,894 or 0.09% from the previous value [1]. - COMEX silver inventory was 449,727,730, down 1,624,956 or - 0.36% from the previous value [1]. - COMEX gold registered warehouse receipts remained unchanged at 19,361,515 [1]. - COMEX silver registered warehouse receipts were 127,624,307, up 1,268,758 or 1.00% from the previous value [1]. - SPDR gold ETF holdings were 1,071, up 2.86 or 0.27% from the previous value [1]. - SLV silver ETF holdings were 16,391, down 56.40 or - 0.34% from the previous value [1].

1. Report Industry Investment Rating - No relevant content found in the provided reports. 2. Core Views - No clear core views are explicitly stated in the provided reports. The reports mainly present various data on different futures and industries including股指期货, bond futures, precious metals, and container shipping. 3. Summaries by Related Catalogs 3.1 Stock Index Futures Spreads - **IF Spreads**: The IF spot - futures spread was 3.52, up from the previous day. The historical 1 - year and full - history percentiles were 58.90% and 82.70% respectively. For IF inter - delivery spreads, different combinations showed various values and percentile positions [1]. - **IH Spreads**: Similar to IF, IH spreads had specific values and percentile changes compared to the previous day [1]. - **IC Spreads**: The IC spot - futures spread was 897, with high historical percentiles. Inter - delivery spreads also had their own values and changes [1]. - **IM Spreads**: The IM spot - futures spread was 6.26. Inter - delivery spreads showed different magnitudes and percentile positions [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/Shanghai Composite 300, CSI 500/Shanghai Composite 50, and others had their current values, changes, and historical percentiles [1]. 3.2 Bond Futures Spreads - **IRR and Basis**: For different bond futures like TS, TF, T, and TL, their implied repo rates (IRR) and basis had specific values, changes, and percentiles on December 17, 2025 [2]. - **Inter - Delivery Spreads**: Inter - delivery spreads for different bond futures contracts (e.g., current quarter - next quarter, current quarter - far quarter) had their values, changes, and percentiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, etc. also had corresponding data on December 17, 2025 [2]. 3.3 Precious Metals Spot - Futures - **Domestic Futures**: On December 17, 2025, domestic futures contracts like AU2602, AG2602, PT2606, and PD2606 had their closing prices, price changes, and percentage changes compared to the previous day [3]. - **Foreign Futures**: Foreign futures contracts such as COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium also had their closing prices, price changes, and percentage changes [3]. - **Spot Prices**: Spot prices of precious metals including London gold, London silver, and others had their values, changes, and percentage changes [3]. - **Basis**: The basis between different spot and futures prices (e.g., gold TD - Shanghai gold, London gold - COMEX gold) had specific values, changes, and historical percentiles [3]. - **Ratios**: Ratios like COMEX gold/silver, Shanghai Futures Exchange gold/silver, and others had their current values, changes, and percentage changes [3]. - **Interest Rates and Exchange Rates**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate had their values, changes, and percentage changes [3]. - **Inventory and Holdings**: Inventories of precious metals in different exchanges and ETF holdings had their values, changes, and percentage changes [3]. 3.4 Container Shipping Industry - **Shipping Indexes**: The SCFIS (European and US West routes) and SCFI (composite, European, US West, and US East routes) had their settlement or freight rates, changes, and percentage changes [5]. - **Futures Prices and Basis**: Futures contracts like EC2602 (main contract) and others had their prices, changes, and percentage changes. The basis of the main contract also had its value and change [5]. - **Fundamental Data**: Global container shipping capacity supply had a slight change. Shanghai port - related indicators such as port on - time rate, port berthing situation, and monthly export volume had their values and percentage changes. Overseas economic indicators including Eurozone PMI, EU consumer confidence index, and US manufacturing PMI also had their changes [5].

Group 1 - Foreign capital is increasingly optimistic about Chinese technology assets, with UBS and Goldman Sachs projecting a 37% profit increase for Chinese tech companies in 2025 and setting a target of 7100 points for the Hang Seng Tech Index [2] - The significant asset restructuring by Dongfang Precision involves the cash sale of 100% equity in Fosber Group and two other companies for a base price of €774 million, focusing on core business development [2] - The Chicago Mercantile Exchange experienced a major outage due to cooling issues, leading to a surge in silver prices, with the COMEX silver futures contract rising over 6% to reach a historical high [2] Group 2 - A senior executive from a leading brokerage was fined 135 million yuan for insider trading, having made a profit of 18.75 million yuan from undisclosed information [3] - Analyst Li Bei expressed optimism for A-shares and Hong Kong stocks, suggesting a potential bull market due to favorable valuations and improving earnings for leading companies [3] - The China Securities Regulatory Commission is soliciting opinions on several new regulations aimed at promoting market development, including a pilot program for commercial real estate investment trusts [3] Group 3 - Gold prices surged past $4200 per ounce, driven by expectations of a potential interest rate cut by the Federal Reserve, with multiple officials signaling a dovish stance [4] - Major adjustments to A-share indices were announced, with increased representation of the information technology sector, leading to a more balanced industry allocation [5] - Japan plans to issue approximately 11.7 trillion yen in government bonds to finance economic stimulus, raising concerns about fiscal sustainability and potential impacts on the yen and Japanese bonds [5] Group 4 - Silver prices reached historical highs, supported by expectations of a supply deficit by 2025 and increasing demand from the photovoltaic sector [5]

Investment Rating - No investment rating for the industry is provided in the reports. Core Views - The reports present daily data on various financial products including stock index futures spreads, bond futures spreads, precious metals spot - futures, and container shipping industry spot - futures, covering price changes, basis, and related market indicators. Summary by Categories Stock Index Futures Spreads - **Price Changes**: Multiple futures contracts show different price changes compared to the previous day. For example, the L futures spread is - 24.63, down 722 from the previous day, with a 1 - year historical percentile of 38.50% and a full - history percentile of 18.50% [1]. - **Cross - Period Spreads**: Different cross - period spreads such as next - month to current - month, season - month to current - month, etc., also have their own price changes and historical percentiles. For instance, the next - month to current - month spread of a certain contract is - 13.40, up 2.40 from the previous day, with a 1 - year historical percentile of 37.70% and a full - history percentile of 31.90% [1]. - **Cross - Variety Ratios**: Ratios like CSI 200/SSE 50, CSI 500/SSE 50, etc., have their own changes and historical percentiles. For example, the CSI 200/SSE 50 ratio is 1.5417, down 0.0070 from the previous day, with a 1 - year historical percentile of 71.70% and a full - history percentile of 59.10% [1]. Bond Futures Spreads - **Basis**: On November 26, 2025, the TS basis is 1.6213, down 0.0566 from the previous day, with a full - history percentile of 28.20%. Similar data is provided for TF, T, and TL basis [2]. - **Cross - Period Spreads**: Different cross - period spreads for TS, TF, T, and TL futures contracts show price changes and historical percentiles. For example, the current - season to next - season spread of TS futures is 0.0560, up 0.0380 from the previous day, with a full - history percentile of 36.40% [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, etc., also have their price changes and historical percentiles. For example, the TS - TF spread is - 3.3650, up 0.1930 from the previous day, with a full - history percentile of 12.70% [2]. Precious Metals Spot - Futures - **Prices**: Domestic and foreign futures and spot prices of gold and silver show different degrees of change. For example, the AU2602 contract of domestic gold futures closed at 946.72 on November 26, up 0.22 from the previous day, with a gain of 0.02% [3]. - **Basis**: The basis of different gold and silver combinations, such as gold TD - Shanghai gold futures, London gold - COMEX gold, etc., has its own values, changes, and historical percentiles. For example, the basis of gold TD - Shanghai gold futures is - 5.55, up 0.26 from the previous day, with a 1 - year historical percentile of 3.20% [3]. - **Ratios and Other Indicators**: Ratios like COMEX gold/silver, and indicators such as interest rates, exchange rates, inventory, and positions also show changes. For example, the 10 - year US Treasury yield is 4.00, down 0.01 from the previous day, with a decline of - 0.2% [3]. Container Shipping Industry Spot - Futures - **Indices**: The SCFIS index for European and US - West routes shows different trends. The European route index on November 24 is 1639.37, up 281.7 from November 17, with a gain of 20.75%. The US - West route index is 1107.85, down 130.6 from November 17, with a decline of - 10.54% [4]. - **Futures Prices and Basis**: Futures prices of multiple contracts such as EC2602 (main contract) show declines. The main contract price on November 26 is 1387.4, down 66.1 from the previous day, with a decline of - 4.55%. The basis of the main contract is 252.0, up 66.1 from the previous day, with a gain of 35.56% [4]. - **Fundamentals**: Market fundamentals include global container shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators. For example, the global container shipping capacity supply on November 26 is 3349.04, up 2.97 from the previous day, with a gain of 0.09% [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the reports. The reports mainly provide various data on different financial products such as stock index futures spreads, bond futures spreads, precious metals, and container shipping. Summary by Relevant Catalogs Stock Index Futures Spreads - **IF期现价差**: The latest value is -29.70, down -11.10 from the previous day, with a 1 - year historical quantile of 27.80% and an all - time historical quantile of 13.60% [1]. - **IH期现价差**: The latest value is -4.77, down -5.02 from the previous day, with a 1 - year historical quantile of 31.10% and an all - time historical quantile of 34.70% [1]. - **IC期现价差**: The latest value is -116.23, down -22.22 from the previous day, with a 1 - year historical quantile of 13.50% and an all - time historical quantile of 2.00% [1]. - **IM期现价差**: The latest value is -151.33, down -11.21 from the previous day, with a 1 - year historical quantile of 50.00% and an all - time historical quantile of 9.80% [1]. - **跨品种比值**: For example, the ratio of CSI 500 to SSE 300 is 1.5612, down -0.0147 from the previous day, with a 1 - year historical quantile of 84.00% and an all - time historical quantile of 64.90% [1]. Bond Futures Spreads - **IRR and Basis**: For example, the IRR of a certain bond is 1.7186, down -0.0401 from the previous day, with a historical percentile since listing of 33.40% [4]. - **跨期价差**: For TS, the spread between the current quarter and the next quarter is 0.0400, up 0.0020 from the previous day, with a historical percentile of 31.40% [4]. - **跨品种价差**: For example, the spread between TS and TF is -3.5320, up 0.0020 from the previous day, with a historical percentile of 8.30% [4]. Precious Metals - **Domestic Futures Closing Prices**: The AU2512 contract closed at 915.58 yuan/gram on November 4, down -7.00 yuan or -0.76% from November 3. The AG2512 contract closed at 11238 yuan/kilogram, down -217 yuan or -1.89% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 3941.30 dollars/ounce on November 4, down -72.40 dollars or -1.80% from November 3. The COMEX silver主力 contract closed at 46.90 dollars, down -1.01 dollars or -2.12% [5]. - **Spot Prices**: London gold was at 3931.95 dollars/ounce on November 4, down -69.12 dollars or -1.73% from November 3. London silver was at 47.12 dollars/ounce, down -0.95 dollars or -1.97% [5]. - **Basis**: The basis of gold TD - Shanghai gold主力 is 0.10, up 2.48 from the previous value, with a 1 - year historical quantile of 93.90% [5]. - **Ratios**: The ratio of COMEX gold to silver is 84.05, up 0.27 or 0.32% from the previous day [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.10%, down -0.03% from the previous day. The US dollar index is 100.21, up 0.33 or 0.33% [5]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 87816, unchanged from the previous day. The Shanghai Futures Exchange silver inventory is 665610 kilograms, up 6759 kilograms or 1.03% [5]. Container Shipping - **Spot Quotes**: MAERSK's Shanghai - Europe 6 - week future freight rate reference is 2457 dollars/FEU on November 4, up 199 dollars or 8.81% from November 3 [7]. - **Shipping Indexes**: The SCFIS (European route) settlement price index is 1208.71 on November 3, down -104.0 or -7.92% from October 27. The SCFIS (US West route) is 1267.15, up 159.8 or 14.43% [7]. - **Futures Prices and Basis**: The EC2602 contract is 1593.7 on November 4, up 1.5 or 0.09% from November 3. The basis of the main contract is -276.3, down -1.5 or 0.55% [7]. - **Fundamentals**: The global container shipping capacity supply is 3335.89 million TEU on November 4, unchanged from November 3. The Shanghai port on - time rate in September is 42.77%, up 24.46 percentage points or 133.59% from August [7].

Report Summary of Futures Market Data 1. Report Industry Investment Rating No investment rating is provided in the reports. 2. Core View The reports present a comprehensive set of data on various futures markets including stock index futures, bond futures, precious metal futures, and container shipping futures. These data cover price differences, ratios, yields, exchange rates, inventories, and other relevant indicators, providing investors with a basis for analyzing market trends and potential investment opportunities. 3. Summary by Relevant Catalogs Stock Index Futures - **Price Differences**: The reports detail the price differences between futures and spot prices, as well as across different contract months for IF, IH, IC, and IM stock index futures. For example, the IF period - spot price difference is -9.27, and the H period - spot price difference is 3.65 [1]. - **Historical Percentiles**: Each price difference is accompanied by its historical percentile over the past year and the entire futures - listing period, helping investors understand the relative position of the current price difference [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/Shanghai Composite 300, IC/IF, and others are provided, with their changes and historical percentiles [1]. Bond Futures - **IRR and Basis**: Information on the implied repo rate (IRR) and basis for different bond futures contracts (TS, TF, T, TL) is given, along with their changes and historical percentiles [2]. - **Cross - Period and Cross - Variety Spreads**: Cross - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) are presented, including their values, changes, and historical percentiles [2]. Precious Metal Futures - **Price and Spread**: The reports include domestic and foreign futures closing prices, spot prices, basis, and ratios of gold and silver. For instance, the AU2512 contract closed at 921.92 yuan/gram, and the COMEX gold主力 contract closed at 4077.20 dollars [3]. - **Interest Rates, Exchange Rates, and Inventories**: Data on 10 - year and 2 - year US Treasury yields, the US dollar index, offshore RMB exchange rate, and inventories of precious metals in different exchanges are provided [3]. Container Shipping Futures - **Spot Quotes**: Spot quotes for shipping from Shanghai to Europe by different shipping companies (MAERSK, CMA, MSC, etc.) are presented, along with their changes and percentage changes [4]. - **Shipping Indexes**: Settlement price indexes such as SCFIS (European and US West routes) and Shanghai export container freight indexes (SCFI) are given, showing their growth rates [4]. - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2512, etc.) and the basis of the main contract are reported, along with their changes [4]. - **Fundamental Data**: Information on global container shipping capacity supply, port - related indicators (quasi - punctuality rate, berthing situation), monthly export balance, and overseas economic indicators (eurozone PMI, EU consumer confidence index, etc.) is provided [4].