Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US has signaled peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There may be more intense conflicts leading to a liquidity shock and a decline in gold prices. However, the impact of geopolitical conflicts on the market is expected to be gradually digested. The halt of outflows from gold ETF funds is beneficial for price stability. The market will enter a technical repair phase. One can try to buy call options below $4400 per ounce to seize the opportunity of a phased rebound [2] - As gold stops falling, silver may gradually bottom out around $60 - $65, with an upper resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver futures [2] - Platinum and palladium are following the trends of gold and silver, entering a volatile phase. Platinum fluctuates in the range of $1850 - $2000, while palladium fluctuates in the range of $1450 - $1600. Since the fundamentals of palladium are relatively weaker, one can try to go long on the platinum - palladium ratio at low prices [2] Group 3: Summary According to the Directory 1. Domestic Futures Closing Prices - AU2606 contract closed at 998.66 yuan per gram on March 27, up 2.68 yuan (0.27%) from March 26 [2] - AG2606 contract closed at 17,489 yuan per kilogram on March 27, up 17 yuan (0.10%) from March 26 [2] - PT2606 contract closed at 493.05 yuan on March 27, up 5.65 yuan (1.16%) from March 26 [2] - PD2606 contract closed at 358.20 yuan per gram on March 27, up 4.85 yuan (1.37%) from March 26 [2] 2. Foreign Futures Closing Prices - COMEX gold main contract closed at 4489.70 on March 27, up 112.80 (2.58%) from March 26 [2] - COMEX silver main contract closed at 69.77 on March 27, up 1.65 (2.41%) from March 26 [2] - NYMEX platinum main contract closed at $1866.40 per ounce on March 27, up $53.10 (2.93%) from March 26 [2] - NYMEX palladium main contract closed at 1384.50 on March 27, up 19.50 (1.43%) from March 26 [2] 3. Spot Prices - London gold was at 4493.36 on March 27, up 113.54 (2.59%) from the previous value [2] - London silver was at 69.73 on March 27, up 1.67 (2.45%) from the previous value [2] - Spot platinum was at $1849.00 per ounce on March 27, down $20.00 (- 1.07%) from the previous value [2] - Spot palladium was at 1387.00 on March 27, up 15.00 (1.09%) from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 992.45 yuan per gram on March 27, up 2.68 yuan (0.27%) from the previous value [2] - Shanghai Gold Exchange's silver T + D was at 17467 yuan per kilogram on March 27, up 175 yuan (1.01%) from the previous value [2] - Shanghai Gold Exchange's platinum 9995 was at 477 yuan per gram on March 27, down 8 yuan (- 1.55%) from the previous value [2] 4. Spreads - The spread between gold TD and Shanghai gold main contract was - 6.21, unchanged from the previous value, with a 1 - year historical quantile of 46.10% [2] - The spread between silver TD and Shanghai silver main contract was - 22, up 158 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The spread between London gold and COMEX gold was 3.66, up 0.74 from the previous value, with a 1 - year historical quantile of 99.20% [2] - The spread between London silver and COMEX silver was - 0.05, up 0.02 from the previous value, with a 1 - year historical quantile of 59.70% [2] 5. Ratios - The ratio of COMEX gold to silver was 64.35, up 0.10 (0.16%) from the previous value [2] - The ratio of Shanghai Futures Exchange's gold to silver was 57.10, up 0.10 (0.17%) from the previous value [2] - The ratio of NYMEX platinum to palladium was 1.35, up 0.02 (1.48%) from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum to palladium was 1.38, unchanged from the previous value, with a change rate of - 0.21% [2] 6. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.44% on March 27, up 0.02 percentage points (0.5%) from the previous value [2] - The 2 - year US Treasury yield was 3.88% on March 27, down 0.08 percentage points (- 2.0%) from the previous value [2] - The 10 - year TIPS Treasury yield was 2.13% on March 27, up 0.05 percentage points (2.4%) from the previous value [2] - The US dollar index was 100.17 on March 27, up 0.26 (0.26%) from the previous value [2] - The offshore RMB exchange rate was 6.9198 on March 27, down 0.0007 (- 0.01%) from the previous value [2] 7. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106,644 kilograms on March 27, down 99 kilograms (- 0.09%) from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 371,799 on March 27, up 1500 (0.41%) from the previous value [2] - COMEX gold inventory was 31,713,528 on March 27, down 192,945 (- 0.60%) from the previous value [2] - COMEX silver inventory was 328,297,364 on March 27, down 250,587 (- 0.08%) from the previous value [2] - COMEX gold registered warehouse receipts were 16,618,235 on March 27, down 123,951 (- 0.74%) from the previous value [2] - COMEX silver registered warehouse receipts were 76,024,857 on March 27, down 1,144,816 (- 1.48%) from the previous value [2] - The SPDR gold ETF position was 1053 on March 27, up 0.28 (0.03%) from the previous value [2] - The SLV silver ETF position was 15,409 on March 27, unchanged from the previous value [2]

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of IF, IH, IC, and IM futures price - spot price spreads and inter - period spreads are presented. For example, the IF futures price - spot price spread is - 81.53, with a change of 5.93 from the previous day, and 1 - year and all - time historical percentiles of 2.40% and 2.20% respectively [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of - 0.0051, and 1 - year and all - time historical percentiles of 81.50% and 77.30% respectively [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and a percentile of 8.809 since listing [3]. - The cross - variety spreads between different treasury bond futures, such as TS - TF, TS - T, etc., along with their changes and percentiles, are presented. For example, the TS - TF spread on March 26, 2026, is - 3.4600, with a change of - 0.0450, and a percentile of 13.10% [3]. Group 3: Precious Metals Spot - Futures Daily Report - The closing prices, price changes, and price change rates of domestic and foreign precious metal futures contracts on March 26 and March 25 are reported. For example, the AU2606 contract closed at 095.98 on March 26, down 17.98 (- 1.77%) from March 25 [4]. - The spot prices, price changes, and price change rates of precious metals such as London gold, London silver, etc., are provided. For example, the price of London gold on March 26 is 4379.82, down 125.49 (- 2.79%) from March 25 [4]. - The basis values, their changes, and historical 1 - year percentiles are presented. For example, the gold TD - Shanghai gold main contract basis is - 6.21, with a change of - 6.69, and a 1 - year historical percentile of 46.10% [4]. - The ratios between different precious metals, along with their changes and price change rates, are given. For example, the COMEX gold/silver ratio is 64.25, up 1.22 (1.93%) [4]. - The values of interest rates, exchange rates, inventories, and positions, along with their changes, are reported. For example, the 10 - year US Treasury yield is 4.42, up 0.09 (2.1%) [4]. - Investment suggestions are provided: in the short - term, although the US is actively promoting peace talks with Iran, reaching a cease - fire agreement may be difficult, and there may be intense conflicts, causing the gold price to fall again. In the medium - to - long - term, allocation should be cautious. In the short - term, one can try to buy call options around $4400 to seize the opportunity of a phased recovery. Silver may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding short positions of out - of - the - money call options on Shanghai silver. Platinum and palladium fluctuate widely following the trends of gold and silver, with platinum fluctuating in the range of $1850 - 2000 and palladium in the range of $1450 - 1600 [4].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short term, although the US is actively promoting peace talks with Iran, the conditions for reaching a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, causing the gold price to fall again. Gold ETF funds may stop flowing out, and there will be a liquidity shock. In the medium - to - long - term, allocation should be cautious. Intraday, one can try to buy call options around $4400 to seize the opportunity of a phased recovery [2] - The silver correction may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum and palladium follow the wide - range fluctuations of gold and silver. Platinum fluctuates in the range of $1850 - 2000, and palladium fluctuates in the range of $1450 - 1600 [2] 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2606 contract closed at 995.98 yuan/gram on March 26, down 1.77% from the previous day [2] - AG2606 contract closed at 17472 yuan/kilogram on March 26, down 3.53% from the previous day [2] - PT2606 contract closed at 487.40 yuan/gram on March 26, down 3.65% from the previous day [2] - PD2606 contract closed at 353.35 yuan/gram on March 26, down 4.12% from the previous day [2] 3.2 Foreign Futures Closing Prices - COMEX gold main contract closed at 4376.90 on March 26, down 2.81% from the previous day [2] - COMEX silver main contract closed at 68.13 dollars/ounce on March 26, down 4.65% from the previous day [2] - NYMEX platinum main contract closed at 1813.30 on March 26, down 5.06% from the previous day [2] - NYMEX palladium main contract closed at 1365.00 on March 26, down 3.77% from the previous day [2] 3.3 Spot Prices - London gold was at 4379.82 on March 26, down 2.79% from the previous day [2] - London silver was at 68.06 dollars/ounce on March 26, down 4.38% from the previous day [2] - Spot platinum was at 1869.00 dollars/ounce on March 26, down 4.15% from the previous day [2] - Spot palladium was at 1372.00 on March 26, down 4.32% from the previous day [2] - Shanghai Gold Exchange gold T + D was at 989.77 yuan/gram on March 26, down 2.43% from the previous day [2] - Shanghai Gold Exchange silver T + D was at 17292 yuan/ten grams on March 26, down 4.57% from the previous day [2] - Shanghai Gold Exchange platinum 9995 was at 485 yuan/gram on March 26, down 4.88% from the previous day [2] 3.4 Basis - The basis of gold TD - Shanghai gold main contract was - 6.21, down 6.69 from the previous day, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was - 180, down 190 from the previous day, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous day, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous day, with a 1 - year historical quantile of 21.70% [2] 3.5 Price Ratios - The ratio of COMEX gold/silver was 64.25, up 1.93% from the previous day [2] - The ratio of SHFE main gold/silver was 57.00, up 1.82% from the previous day [2] - The ratio of NYMEX platinum/palladium was 1.33, down 1.34% from the previous day [2] - The ratio of GZFE platinum/palladium was 1.38, up 0.50% from the previous day [2] 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.42%, up 2.1% from the previous day [2] - The 2 - year US Treasury yield was 3.96%, up 3.1% from the previous day [2] - The 10 - year TIPS Treasury yield was 2.08%, up 3.0% from the previous day [2] - The US dollar index was 99.92, up 0.29% from the previous day [2] - The offshore RMB exchange rate was 6.9206, up 0.23% from the previous day [2] 3.7 Inventories and Positions - The SHFE gold inventory was 106743, unchanged from the previous day [2] - The SHFE silver inventory was 370299 kilograms, down 1.54% from the previous day [2] - The COMEX gold inventory was 31906473, down 0.12% from the previous day [2] - The COMEX silver inventory was 328547950, down 0.09% from the previous day [2] - The COMEX gold registered warehouse receipts were 16742186, down 0.12% from the previous day [2] - The COMEX silver registered warehouse receipts were 77169673, up 0.65% from the previous day [2] - The SPDR gold ETF position was 1053, up 0.03% from the previous day [2] - The SLV silver ETF position was 15409, down 0.67% from the previous day [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In the short term, although the US is actively promoting peace talks with Iran, the conditions for a cease - fire agreement may be harsh. There is a possibility of intense conflicts between the two sides, and the gold price may fall again. Gold ETF funds have stopped flowing out, but long - term allocation requires caution. For short - term intraday trading, one can try to buy call options around $4400 - $4450 to seize the opportunity of a phased recovery [2] - If the US - Iran war eases, the silver price is expected to stop falling and rise. However, if the situation escalates again, it may fall back to around $60 - $65. The upper resistance is at $85. It is recommended to continue holding the short position of out - of - the - money call options on Shanghai silver [2] - Platinum fluctuates in the range of $1850 - $2000, and palladium fluctuates in the range of $1450 - $1600 [2] Group 3: Summary by Related Catalogs Domestic Futures Closing Prices - AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.15% from March 24 [2] - AG2606 contract closed at 18111 yuan/kilogram on March 25, up 1026 yuan or 6.01% from March 24 [2] - PT2606 contract closed at 505.85 yuan on March 25, up 18.45 yuan or 3.79% from March 24 [2] - PD2606 contract closed at 368.55 yuan/gram on March 25, up 9.05 yuan or 2.52% from March 24 [2] Foreign Futures Closing Prices - COMEX gold main contract closed at 4503.30 on March 25, up 28.40 or 0.63% from March 24 [2] - COMEX silver main contract closed at 71.45 on March 25, unchanged from March 24 [2] - NYMEX platinum main contract closed at 1910.00 dollars/ounce on March 25, down 10.50 or - 0.55% from March 24 [2] - NYMEX palladium main contract closed at 1418.50 on March 25, down 26.00 or - 1.80% from March 24 [2] Spot Prices - London gold was at 4505.31 on March 25, up 33.29 or 0.74% from the previous value [2] - London silver was at 71.18 dollars/ounce on March 25, down 0.10 or - 0.14% from the previous value [2] - Spot platinum was at 1950.00 on March 25, up 58.00 or 3.07% from the previous value [2] - Spot palladium was at 1434.00 on March 25, up 41.00 or 2.94% from the previous value [2] - Shanghai Gold Exchange's gold T + D was at 1014.44 yuan/gram on March 25, up 36.45 or 3.73% from March 24 [2] - Shanghai Gold Exchange's silver T + D was at 18121 yuan/kilogram on March 25, up 5.56% from March 24 [2] - Shanghai Gold Exchange's platinum 9995 was at 509 yuan/gram on March 25, up 34 or 7.21% from the previous value [2] Basis - The basis of gold TD - Shanghai gold main contract was 0.48, down 0.23 from the previous value, with a 1 - year historical quantile of 46.10% [2] - The basis of silver TD - Shanghai silver main contract was 10, down 71 from the previous value, with a 1 - year historical quantile of 60.60% [2] - The basis of London gold - COMEX gold was - 9.13, up 4.16 from the previous value, with a 1 - year historical quantile of 75.60% [2] - The basis of London silver - COMEX silver was - 0.37, down 0.15 from the previous value, with a 1 - year historical quantile of 21.70% [2] Price Ratios - The ratio of COMEX gold/silver was 63.03 on March 25, up 0.40 or 0.63% from the previous value [2] - The ratio of Shanghai Futures Exchange's gold/silver was 55.99 on March 25, down 1.22 or - 2.12% from the previous value [2] - The ratio of NYMEX platinum/palladium was 1.35 on March 25, up 0.02 or 1.28% from the previous value [2] - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.37 on March 25, up 0.02 or 1.24% from the previous value [2] Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.33 on March 25, down 0.06 or - 1.4% from the previous value [2] - The 2 - year US Treasury yield was 3.84 on March 25, down 0.06 or - 1.5% from the previous value [2] - The 10 - year TIPS Treasury yield was 2.02 on March 25, down 0.04 or - 1.9% from the previous value [2] - The US dollar index was 99.63 on March 25, up 0.40 or 0.41% from the previous value [2] - The offshore RMB exchange rate was 6.9046 on March 25, up 0.0120 or 0.17% from the previous value [2] Inventory and Positions - The Shanghai Futures Exchange's gold inventory was 106743 on March 25, unchanged from the previous value [2] - The Shanghai Futures Exchange's silver inventory was 376094 kilograms on March 25, up 10171 or 2.78% from the previous value [2] - COMEX gold inventory was 31945633 on March 25, down 70802 or - 0.22% from the previous value [2] - COMEX silver inventory was 328841370 on March 25, down 2610436 or - 0.79% from the previous value [2] - COMEX gold registered warehouse receipts were 16762284 on March 25, up 217355 or 1.31% from the previous value [2] - COMEX silver registered warehouse receipts were 76672090 on March 25, up 123511 or 0.16% from the previous value [2] - SPDR gold ETF position was 1052 on March 25, down 0.57 or - 0.05% from the previous value [2] - SLV silver ETF position was 15514 on March 25, unchanged from the previous value [2]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - No relevant information provided Group 3: Summary by Categories 1. Futures Closing Prices - **Domestic Futures**: On March 24, 2026, the AU2606 contract closed at 977.28 yuan/gram, up 37.28 yuan or 3.97% from March 23; the AG2606 contract closed at 17085 yuan/kilogram, up 1674 yuan or 10.86%; the PT2606 contract closed at 487.40, up 29.65 or 6.48%; the PD2606 contract closed at 359.50 yuan/gram, up 31.65 yuan or 9.65% [1] - **Foreign Futures**: The COMEX gold主力合约 closed at 4474.90 on March 24, up 64.50 or 1.46% from March 23; the COMEX白银主力合约 closed at 71.45, up 2.13 or 3.07%; the NYMEX铂金主力合约 closed at 1920.50 dollars/ounce, up 46.10 or 2.46%; the NYMEX钮金主力合约 closed at 1444.50, up 5.50 or 0.38% [1] 2. Spot Prices - **International Spots**: London gold was at 4472.02 on March 24, up 64.67 or 1.47% from the previous value; London silver was at 71.28, up 2.17 or 3.13%; spot platinum was at 1892.00 dollars/ounce, down 1.00 or -0.05%; spot palladium was at 1393.00, down 55.00 or -3.80% [1] - **Domestic Spots**: The Shanghai Gold Exchange's gold T+D was at 977.99 yuan/gram on March 24, up 57.00 yuan or 6.19% from the previous value; the silver T+D was at 17166 yuan/kilogram, up 1897 yuan or 12.42%; the platinum 9995 was at 475 yuan/gram, up 15 yuan or 3.33% [1] 3. Basis - The gold TD - Shanghai gold主力 was at 0.71, up 19.72 from the previous day, with a 1 - year historical quantile of 46.10%; the silver TD - Shanghai silver主力 was at 81, up 223, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold was at - 9.13, up 4.16, with a 1 - year historical quantile of 75.60%; London silver - COMEX silver was at - 0.37, down 0.15, with a 1 - year historical quantile of 21.70% [1] 4. Ratios - COMEX gold/silver was at 62.63, down 0.99 or -1.56% from the previous value; the Shanghai Futures Exchange's gold/silver was at 57.20, down 3.79 or -6.22% [1] - NYMEX platinum/palladium was at 1.33, up 0.03 or 2.07%; the Guangzhou Futures Exchange's platinum/palladium was at 1.36, down 0.04 or -2.90% [1] 5. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was at 4.39%, up 0.05 percentage points or 1.2% from the previous value; the 2 - year US Treasury yield was at 3.90%, up 0.07 percentage points or 1.8% [1] - The 10 - year TIPS Treasury yield was at 2.06%, up 0.05 percentage points or 2.5%; the US Dollar Index was at 99.23, up 0.07 or 0.07% [1] - The offshore RMB exchange rate was at 6.8926, up 0.0066 or 0.10% [1] 6. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106743 kilograms, down 3 kilograms or 0.00% from the previous value; the silver inventory was 365923, up 1374 or 0.38% [1] - COMEX gold inventory was 32016435, down 16108 or -0.05%; COMEX silver inventory was 331451807 ounces, down 638687 or -0.19% [1] - COMEX gold registered warehouse receipts were 16544929, up 29708 or 0.18%; COMEX silver registered warehouse receipts were 76548579, down 2650968 or -3.35% [1] - The SPDR gold ETF position was 1053, up 0.29 or 0.03% [1]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads, including F, H, IC, and IM, as well as cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2.2 Treasury Bond Futures - It shows the latest values, changes from the previous trading day, and historical percentiles of basis, cross - period spreads, and cross - variety spreads for different treasury bond futures varieties like TS, TF, T, and TL. [2] 2.3 Precious Metals - The precious metals market is in a downward trend. The market's stop - falling depends on the easing of geopolitical conflicts, which is difficult to achieve. It is recommended to take a short - side operation for gold. For silver, if the US - Iran war eases, the price may stop falling and stabilize; otherwise, it may fall below $60. Platinum may seek support in the $1750 - $1800 range, and palladium may fall to around $1300. [3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Futures - Spot Spreads**: F futures - spot spread is - 80.62, H is - 18.06, IC is - 200.64, and IM is - 223.43. Their historical 1 - year quantiles are 1.60%, 9.80%, 0.10%, and 5.00% respectively. [1] - **Cross - Period Spreads**: There are various cross - period spreads for different contracts (e.g., next - month - current - month, far - month - current - month, etc.) with different values and historical quantiles. For example, for F cross - period spreads, next - month - current - month is - 56.80 with a 0.40% historical 1 - year quantile. [1] - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300 is 1.6991, CSI 500/SSE 50 is 2.6908, etc., along with their changes and historical quantiles are provided. [1] 3.2 Treasury Bond Futures - **Basis**: TS basis is 0.0189, TF is 0.0599, T is 0.0951, and TL is 0.5330, with corresponding historical percentiles. [2] - **Cross - Period Spreads**: Different cross - period spreads for each variety (e.g., current - quarter - next - quarter, current - quarter - far - quarter) are presented with their values, changes, and historical percentiles. For example, for TS cross - period spreads, current - quarter - next - quarter is - 0.0060 with a 24.90% historical percentile. [2] - **Cross - Variety Spreads**: Spreads like TS - TF is - 3.4610, TS - T is - 5.7310, etc., along with their changes and historical percentiles are given. [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604 contract closed at 1039.22 yuan/g (down 2.15% from the previous day), AG2606 at 17625 yuan/kg (down 2.00%), PT2606 at 509.75 yuan/g (up 0.55%), and PD2606 at 368.85 yuan/g (down 0.70%). [3] - **Foreign Futures Closing Prices**: COMEX gold closed at $4492.00/oz (down 3.44%), COMEX silver at $67.81/oz (down 6.87%), NYMEX platinum at $1920.10/oz (down 2.48%), and NYMEX palladium at $1414.50/oz (down 3.51%). [3] - **Spot Prices**: London gold is $4491.67/oz (down 3.42%), London silver is $67.90/oz (down 6.71%), etc. [3] - **Basis**: Gold TD - Shanghai gold main contract is 1.38 (up 0.99), silver TD - Shanghai silver main contract is 155 (up 149), etc., with historical 1 - year quantiles. [3] - **Ratios**: COMEX gold/silver is 66.24 (up 3.68%), SHFE gold/silver is 58.96 (down 0.15%), etc. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.39% (up 3.3%), 2 - year US Treasury yield is 3.88% (up 2.4%), 10 - year TIPS Treasury yield is 2.01% (up 6.9%), US dollar index is 99.51 (up 0.33%), and on - shore RMB exchange rate is 6.9062 (up 0.34%). [3] - **Inventory and Positions**: Shanghai gold inventory is 106845 (unchanged), Shanghai silver inventory is 362495 kg (down 0.65%), etc. [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The downward trend of precious metals is hard to end. It is recommended to take a short - position operation for gold unilaterally. The market will stop falling only when the geopolitical conflicts ease, but the conditions for this to happen are still harsh under the game of multiple interests. Capital outflows are causing the decline of precious metals [2]. - If the US - Iran war eases in the short - term, the silver price is expected to stop falling and stabilize. However, if the situation escalates again, the price may fall back below $60. It is recommended to short - sell on rallies around $75 - $80 and sell out - of - the - money call options of Shanghai silver above 18,000 yuan [2]. - Platinum may fall back to the $1750 - $1800 range to seek support, and palladium may fall back to around $1300. A bearish view is recommended [2]. 3. Summary According to the Catalog 3.1 Domestic Futures Closing Prices - **AU2604 contract**: Closed at 1039.22 yuan/gram, down 22.78 yuan or 2.15% from the previous day [2]. - **AG2606 contract**: Closed at 17,625 yuan/ten grams, down 359 yuan or 2.00% [2]. - **PT2606 contract**: Closed at 509.75 yuan/gram, up 2.80 yuan or 0.55% [2]. - **PD2606 contract**: Closed at 368.85 yuan/gram, down 2.60 yuan or 0.70% [2]. 3.2 Overseas Futures Closing Prices - **COMEX gold主力合约**: Closed at $4492.00, down $159.90 or 3.44% [2]. - **COMEX silver主力合约**: Closed at $67.81, down $5.00 or 6.87% [2]. - **NYMEX platinum主力合约**: Closed at $1920.10 per ounce, down $48.80 or 2.48% [2]. - **NYMEX palladium主力合约**: Closed at $1414.50, down $51.50 or 3.51% [2]. 3.3 Spot Prices - **London gold**: The spot price was $4491.67, down $158.83 or 3.42% [2]. - **London silver**: The spot price was $67.90, down $4.88 or 6.71% [2]. - **Spot platinum**: The price was $1978.00 per ounce, up $43.00 or 2.22% [2]. - **Spot palladium**: The price was $1434.00, down $4.00 or 0.28% [2]. - **Shanghai Gold Exchange gold T + D**: Closed at 1040.60 yuan/gram, down 21.79 yuan or 2.05% [2]. - **Shanghai Gold Exchange silver T + D**: Closed at 17,780 yuan/ten grams, down 210 yuan or 1.17% [2]. - **Shanghai Gold Exchange platinum 9995**: Closed at 209 yuan/gram, down 1 yuan or 0.28% [2]. 3.4 Basis - **Gold TD - Shanghai gold主力**: The basis was 1.38, up 0.99, with a 1 - year historical quantile of 46.10% [2]. - **Silver TD - Shanghai silver主力**: The basis was 155, up 149, with a 1 - year historical quantile of 60.60% [2]. - **London gold - COMEX gold**: The basis was - 9.13, up 4.16, with a 1 - year historical quantile of 75.60% [2]. - **London silver - COMEX silver**: The basis was - 0.37, down 0.15, with a 1 - year historical quantile of 21.70% [2]. 3.5 Price Ratios - **COMEX gold/silver**: The price ratio was 66.24, up 2.35 or 3.68% [2]. - **SHFE gold/silver**: The price ratio was 58.96, down 0.09 or 0.15% [2]. - **NYMEX platinum/palladium**: The price ratio was 1.36, up 0.01 or 1.07% [2]. - **GIE platinum/palladium**: The price ratio was 1.38, up 0.02 or 1.26% [2]. 3.6 Interest Rates and Exchange Rates - **10 - year US Treasury yield**: It was 4.39%, up 0.14 percentage points or 3.3% [2]. - **2 - year US Treasury yield**: It was 3.88%, up 0.09 percentage points or 2.4% [2]. - **10 - year TIPS Treasury yield**: It was 2.01%, up 0.13 percentage points or 6.9% [2]. - **US dollar index**: It was 99.51, up 0.33 or 0.33% [2]. - **Offshore RMB exchange rate**: It was 6.9062, up 0.0237 or 0.34% [2]. 3.7 Inventories and Positions - **SHFE gold inventory**: It remained at 106,845 kilograms, with a change of 0% [2]. - **SHFE silver inventory**: It was 362,495, down 2370 or 0.65% [2]. - **COMEX gold inventory**: It remained at 32,054,275, with a change of 0% [2]. - **COMEX silver inventory**: It was 33,269,525, down 1,989,464 or 0.59% [2]. - **COMEX gold registered contracts**: It was 16,518,712 ounces, down 124,179 or 0.75% [2]. - **COMEX silver registered contracts**: It was 79,199,548, down 212,173 or 0.27% [2]. - **SPRD gold ETF position**: It was 1057, down 5.14 or 0.48% [2]. - **SLV silver ETF position**: It was 15,249, up 61.97 or 0.41% [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For gold, due to the Middle - East situation and the impact of US non - farm payroll data on the Fed's interest - rate cut expectations, gold is in a short - term volatile trend. It is recommended to wait and see for now, and consider taking profits on long positions at high levels or selling out - of - the - money call options to protect long positions [1]. - For silver, the logic of medium - to - long - term price increase driven by supply inventory shortage and strong investment demand still holds. However, short - term exchange rule adjustments and cautious capital attitudes limit the upward momentum. It is recommended to sell out - of - the - money call options to earn time value [1]. - For platinum and palladium, supported by macro - financial attributes and a tight supply pattern, with stable industrial demand and slightly increasing investment demand, prices are generally supported. But due to the drag of gold and silver, the short - term trend remains weakly volatile, and it is recommended to sell out - of - the money call options [1]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Closing Prices - AU2604 contract closed at 1152.00 yuan/gram on March 5, down 1.06 yuan or 0.09% from March 4 [1]. - AG2604 contract closed at 21639 yuan/ten grams on March 5, down 215 yuan or 0.98% from March 4 [1]. - PT2606 contract closed at 563.95 yuan/gram on March 5, up 0.45 yuan or 0.08% from March 4 [1]. - PD2606 contract closed at 428.00 yuan/gram on March 5, down 5.80 yuan or 1.34% from March 4 [1]. 3.2 Foreign Futures Closing Prices - COMEX gold主力 contract closed at 5093.30 on March 5, down 58.30 or 1.13% from March 4 [1]. - COMEX silver主力 contract closed at 82.52 on March 5, down 1.25 or 1.49% from March 4 [1]. - NYMEX platinum主力 contract closed at 2128.20 dollars/ounce on March 5, down 37.60 or 1.74% from March 4 [1]. - NYMEX palladium主力 contract closed at 1650.00 on March 5, down 48.50 or 2.86% from March 4 [1]. 3.3 Spot Prices - London gold was at 5084.69 on March 5, down 35.85 or 0.70% from the previous value [1]. - London silver was at 82.26 on March 5, down 1.28 or 1.54% from the previous value [1]. - Spot palladium was at 2120.10 dollars/ounce on March 5, down 46.90 or 2.16% from the previous value [1]. - Spot platinum was at 1629.50 on March 5, down 38.00 or 2.28% from the previous value [1]. - Shanghai Gold Exchange's gold + D was at 1148.56 on March 5, down 4.39 or 0.38% from the previous value [1]. - Shanghai Gold Exchange's silver T + D was at 21068 yuan/ten grams on March 5, down 493 or 2.29% from the previous value [1]. - Shanghai Gold Exchange's platinum 9995 was at 554 yuan/gram on March 5, up 3 or 0.47% from the previous value [1]. 3.4 Basis - The basis of gold TD - Shanghai gold主力 was - 3.44, down 3.33 from the previous day, with a 1 - year historical quantile of 46.10% [1]. - The basis of silver TD - Shanghai silver主力 was - 571, down 278 from the previous day, with a 1 - year historical quantile of 60.60% [1]. - The basis of London gold - COMEX gold was - 8.61, up 22.45 from the previous day, with a 1 - year historical quantile of 76.30% [1]. - The basis of London silver - COMEX silver was - 0.26, down 0.04 from the previous day, with a 1 - year historical quantile of 30.20% [1]. 3.5 Price Ratios - The ratio of COMEX gold/silver was 61.72, up 0.22 or 0.36% from the previous value [1]. - The ratio of Shanghai Futures Exchange's gold/silver was 53.24, up 0.48 or 0.90% from the previous value [1]. - The ratio of NYMEX platinum/palladium was 1.29, up 0.01 or 1.15% from the previous value [1]. - The ratio of Guangzhou Futures Exchange's platinum/palladium was 1.32, up 0.02 or 1.44% from the previous value [1]. 3.6 Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.13, up 0.04 or 1.0% from the previous value [1]. - The 2 - year US Treasury yield was 3.57, up 0.03 or 0.8% from the previous value [1]. - The 10 - year TIPS Treasury yield was 1.82, up 0.02 or 1.1% from the previous value [1]. - The US dollar index was 99.04, up 0.25 or 0.25% from the previous value [1]. - The offshore RMB exchange rate was 6.9184, up 0.0238 or 0.35% from the previous value [1]. 3.7 Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 105033, unchanged from the previous value [1]. - The Shanghai Futures Exchange's silver inventory was 272721 kilograms, down 22102 or 7.50% from the previous value [1]. - The COMEX gold inventory was 33100294, up 59808 or 0.18% from the previous value [1]. - The COMEX silver inventory was 351341925, down 877946 or 0.25% from the previous value [1]. - The COMEX gold registered warehouse receipts were 17003460, up 2000 or 0.01% from the previous value [1]. - The COMEX silver registered warehouse receipts were 81235306, down 5908189 or 6.78% from the previous value [1]. - The SPRD gold ETF position was 1076, down 5.15 or 0.48% from the previous value [1]. - The SLV silver ETF position was 15810, down 138.05 or 0.87% from the previous value [1].

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 - The core viewpoint of the article highlights a significant milestone in the gold market, with spot gold prices surpassing the $5000 per ounce mark, reaching a peak of $5093.190 per ounce, reflecting a daily increase of over 2% [1] - UBS maintains a gold price target of $5000 per ounce, suggesting that if geopolitical tensions escalate, prices could potentially rise to $5400 per ounce [1] - According to China International Capital Corporation (CICC), a continuation of the interest rate cut cycle by major global central banks, particularly the Federal Reserve, will provide liquidity support for gold prices [1] Group 2 - The recent rise in gold prices is attributed to its dual attributes of currency and credit, with increasing focus on its credit aspect due to ongoing U.S. fiscal crises and debt issues [1] - The gold ETF (159834) closely tracks the Shanghai Gold Exchange's spot gold contract prices, offering high transparency and liquidity, supporting T+0 intraday trading [2] - The gold ETF has various classes, including A class (018391), C class (018392), and I class (021004), providing options for investors [3]