[Precious Metals] Gold, silver, and copper prices have rarely reached historical highs simultaneously. Pay attention to the long positions: S Gold purchase 16188 / Jiang Copper purchase 23853

Gold, silver, and copper prices have rarely reached historical highs simultaneously, marking the first occurrence in 45 years. The market believes that the main reasons for this price increase include geopolitical concerns, a weakening dollar, continued gold purchases by central banks, and strong industrial demand driving up silver and copper prices. Additionally, the softening of cryptocurrencies and meme stocks has prompted investment funds to flow back into commodities. Experts predict that due to inflation concerns, potential interest rate cuts in the U.S., and supply shortages, metal prices are expected to continue rising in the coming months, with demand for industrial metals further solidifying their upward trend. If you are optimistic about gold prices, you may consider the S Gold call warrant (16188), with an exercise price of HKD 3688, expiring in April 2026, and an actual leverage of 12.5 times. In terms of gold mining stocks, Zijin also saw a rise in its call warrant (21895) this morning, with an exercise price of HKD 48.62, expiring in April 2026, and an actual leverage of 6.3 times. For other resource stocks, Jiang Copper's call warrant (23853) can be considered, with an exercise price of HKD 50, expiring in April 2026, and an actual leverage of 5.3 times. The call warrant for Luomolybdenum can be referenced (21962), with an exercise price of HKD 23, expiring in May 2026, and an actual leverage of 3.5 times.

This structured product has no collateral; if the issuer is unable to repay or defaults, investors may not recover part or all of the receivables.

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Structured products are complex products, and investors must exercise caution; unless investors fully understand and are willing to bear the risks involved, they should not invest in this product. The prices of structured products can rise or fall sharply, and investors may lose all or most of their investment. Past performance does not reflect future performance. Before investing, one should understand the nature and risks of structured products and carefully read the W market documents to independently determine whether it is suitable for them; if needed, consult a professional advisor. The Bank and its appointed liquidity providers may be the only market participants for structured products, and the secondary market for structured products may be limited. Please note that bull and bear certificates have a mandatory redemption mechanism, which may lead to early termination; in this case, (i) investors in N-type bull and bear certificates will lose their entire investment in the bull and bear certificates; and (ii) the remaining value of R-type bull and bear certificates may be zero.

Trading structured products linked to U.S. indices may carry additional risks, including: (a) risks related to differences in trading days and trading hours; (b) less public information available regarding the index, or no Chinese version provided; (c) political and economic risks related to the index (e.g., the U.S.); (d) exchange rate risks; (e) potential settlement delays; (f) announcement of index levels when there is no trading in the constituent stocks; and (g) mandatory redemption events for U.S. index bull and bear certificates occurring during non-trading hours.

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