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]

截至2026年1月26日 11:10，金ETF南方(159834)上涨2.46%，冲击六连阳，盘中换手6.51%，成交1.11亿 元。 MACD金叉信号形成，这些股涨势不错！ 中金公司认为，若全球主要央行，尤其是美联储，延续降息周期，将为金价提供流动性层面的支持。同 时，若地缘风险或金融市场波动加剧，黄金的避险需求可能再次被点燃。 中信证券指出，近期金价持续上涨，反映出其货币和信用的双重属性。过去常常关注黄金的货币属性， 但现在随着美国财政危机和美国债务问题频发，黄金的信用属性也在加强。因此，在双重属性的推动 下，总体看黄金的价值仍然没有改变，黄金在2026年仍具备配置价值。 金ETF(159834)密切跟踪上海黄金交易所黄金现货实盘合约价格，透明度高而且流动性好，支持T+0日 内交易。 金ETF(159834)，场外联接(A类：018391；C类：018392；I类：021004)。 1月26日早盘，国际金价迎来里程碑式突破。现货黄金一举站上5000美元/盎司关键整数大关，盘中最高 触及5093.190美元/盎司，日内涨幅逾2%；COMEX黄金主力合约同步攀升，突破5080美元/盎司。两大 基准金价联袂刷新 ...

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月8日，沪银期货盘面表现偏弱，截至发稿主力合约大幅下跌3.01%，报19016.00元/千克。 【消息面汇总】 据上期所公告，自2026年1月9日(星期五)收盘结算时起，白银期货AG2601、AG2602、AG2603、AG2604合约的涨跌停板幅度调整为16%，套保持 仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%。白银期货AG2604合约日内平今仓交易手续费调整为成交金额的万分之二点 五。 汇丰银行：预计2026年白银供应缺口将收窄至1.4亿盎司，2027年进一步收窄至5900万盎司。 1月6日芝加哥商业交易所(CME)：白银期货成交量为157766手，较上个交易日增加5692手。未平仓合约为153408手，较上个交易日增加931手。 机构观点 铜冠金源期货：贵金属在持续飙升屡创新高之后正在遭受国内外交易所监管持续加码，以及彭博商品指数权重调整而带来的流动性的考验。虽然 我们长期看好贵金属的逻辑保持不变，短期面临的调整压力加大，投资者以获利了结为宜。 国信期货：展望后市，预计短期市场将从前期的单边上涨转为高位震荡，以消化近期涨幅并等待新的宏观指引。技术面上，COMEX黄金主力合 约下方 ...

Report Industry Investment Rating - Not provided in the given documents Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Presents detailed data on the latest values, changes from the previous day, historical 1 - year and all - time quantiles of various stock index futures spreads and cross - variety ratios, including IF, IH, IC, and IM [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - Provides data on the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL interest rate futures, along with their changes and percentiles since listing [2] 3. **Precious Metals Spot - Futures Daily Report** - Future market may focus on the impact of US economic data on Fed policy and geopolitical situation in South America. Precious metals are expected to maintain high volatility in January. Suggestions include long - position gold allocation on dips, light long - position silver trading with option hedging, and long - position platinum trading due to its strong external market performance [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - Shows the increase in settlement price indices and Shanghai export container freight rates. Futures prices of container shipping indices have also risen, and there are changes in fundamental data such as supply, port indicators, and overseas economic indicators [7][8] Summary of Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Spread Data**: Includes IF, IH, IC, and IM futures' spot - futures spreads, cross - period spreads, and cross - variety ratios, with specific values, changes, and quantiles [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - **Basis Data**: TS, TF, T, and TL futures' basis values, changes, and percentiles since listing [2] - **Cross - Period Spread Data**: Cross - period spreads of different contracts and their changes and percentiles [2] - **Cross - Variety Spread Data**: Cross - variety spreads among different interest rate futures and their changes and percentiles [2] 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Price**: Domestic and foreign precious metals futures closing prices, price changes, and percentage changes [3] - **Spot Price**: Spot prices of various precious metals, price changes, and percentage changes [3] - **Basis**: Basis values of different precious metals, price changes, and 1 - year quantiles [3] - **Ratio**: Ratios of different precious metals, price changes, and percentage changes [3] - **Interest Rate and Exchange Rate**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate, along with their changes and percentage changes [3] - **Inventory and Position**: Inventory and position data of precious metals, changes, and percentage changes [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - **Settlement Price Index**: SCFIS for European and US West routes, with price changes and percentage changes [7] - **Shanghai Export Container Freight Rate**: SCFI comprehensive index, European, US West, and US East routes, with price changes and percentage changes [7] - **Futures Price and Basis**: Futures prices of different container shipping index contracts, price changes, percentage changes, and basis value changes of the main contract [7] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port indicators (quasi - arrival rate, berthing situation), monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI, OECD leading indicators), with their changes and percentage changes [7] - **Spot Quotation**: Spot freight rates of Shanghai - Europe routes for different shipping companies, price changes, and percentage changes [8]

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].

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].