Macro News - The U.S. December CPI met expectations, with a core CPI year-on-year increase of 2.6%, the lowest level since March 2021, and lower than the expected 2.7% [1] - Month-on-month CPI increased by 0.2%, below the expected 0.3%, confirming a continued slowdown in inflation [1] - U.S. President Trump announced the cancellation of all talks with Iranian officials, and the State Department has requested U.S. citizens to leave Iran immediately [1] - U.S. Defense Department officials revealed that President Trump has been briefed on a wide range of military and covert options to address the situation in Iran, which exceed traditional airstrikes, although the White House stated that diplomacy is the preferred approach [1] Institutional Perspectives - The main contract performance showed that Shanghai gold rose by 0.14% to 1031, while Shanghai silver increased by 4.14% to 21943; platinum fell by 3.32% to 605.05, and palladium dropped by 5.22% to 483.25 [1] - The U.S. CPI for December 2025 remained unchanged year-on-year at 2.7%, with the core CPI also stable at 2.6% [1] - Trump stated that any country engaging in business with Iran will face a 25% tariff on any commercial activities with the U.S. [1] - Concerns over geopolitical tensions and the independence of the Federal Reserve have heightened risk aversion, leading to a potentially strong performance in precious metals prices [1]

Group 1 - The core viewpoint indicates that silver prices are experiencing upward momentum due to geopolitical concerns and market sentiment, with the Shanghai silver premium expanding to 2600 yuan per kilogram [3] - On January 14, the closing price of Shanghai silver futures was 22,763 yuan per kilogram, reflecting an increase of 8.03% in daily trading volume [1] - The spot price of silver in Shanghai was reported at 22,920 yuan per kilogram, showing a premium of 157 yuan per kilogram over the futures price [1] Group 2 - The U.S. core CPI inflation has slowed down, but expectations for a rate cut in January have diminished significantly, indicating a cautious outlook from the Federal Reserve [2][3] - The Chicago Mercantile Exchange plans to launch a 100-ounce silver futures contract on February 9, which may impact trading dynamics in the silver market [2] - The ADP weekly employment report indicates that private sector employers added an average of 11,750 jobs per week over the four weeks ending December 20, 2025, reflecting ongoing labor market strength [1]

Core Viewpoint - The silver market is experiencing significant price movements, with current trading around $90.11 per ounce, and a focus on upcoming U.S. economic data releases that may impact market dynamics [1][4]. Group 1: Silver Price and Market Dynamics - Current spot silver price is $90.11 per ounce, with a trading range today between $86.90 and $91.53 [1][2]. - The international spot silver price has surpassed the $90 mark, leading to a market capitalization exceeding $5 trillion, making it the second-largest asset globally, following gold [3]. Group 2: Global Silver Production - The global silver production for 2024 is projected to be approximately 25,000 metric tons, with Mexico leading at an estimated 6,300 metric tons, followed by China at 3,300 metric tons and Peru at 3,100 metric tons [3]. - The combined production of these three countries accounts for over half of the global silver supply, highlighting their critical role in the market [3]. Group 3: Trading Strategies and Technical Analysis - The silver price has shown a bullish trend, breaking through the $90 resistance level, supported by positive signals from the relative strength index (RSI) [4]. - Key price levels to watch include the psychological resistance at $90 and support in the $86-$87 range, which, if breached, could lead to further price adjustments [4].

一、同意中华联合财产保险股份有限公司滦平支公司将营业场所变更为：河北省承德市滦平县滦平城关 新建路社区05鑫港小区A13号楼S5#。 二、中华联合财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月6日，承德金融监管分局发布批复称，《关于中华联合财产保险股份有限公司滦平支公司变更 营业场所的请示》(中华财险冀发〔2025〕474号)收悉。经审核，现批复如下： ...

数据显示，1月14日上海电解镍现货价格报价146450.00元/吨，相较于期货主力价格(140940.00元/吨)升 水5510.0元/吨。 (1月14日)全国镍价格一览表 | 规格 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | | | | 型 | | | | 品名:1#镍;牌号:Ni9990; | 146500元/ | 市场价 | 上海 | 上海华通有色金属现货市 | | | 吨 | | | 场 | | 品名:1#镍;牌号:Ni9990; | 150900元/ | 市场价 | 广东省/广州 | 广东南储有色现货市场 | | | 吨 | | 市 | | | 镍钴总量≥(%):99.96;品名:金川电解镍 | 150300元/ | 出厂价 | 甘肃省/金昌 | 金川集团有限公司 | | 板; | 吨 | | 市 | | | 品名:1#镍;牌号:Ni9990; | 152500元/ | 市场价 | 上海 | 上海金藏物资公司 | | | 吨 | | | | | 品名:1#镍;牌号:Ni9990; | 146650元/ | 市场价 | 上海 | 上 ...

Group 1 - The core point of the news is that Hunan Gold has suspended trading as of January 12, 2026, due to plans to issue shares to acquire 100% equity of Hunan Gold Tianyue Mining Co., Ltd. and Hunan Zhongnan Gold Smelting Co., Ltd., constituting a major asset restructuring [1] - The suspension is expected to last no more than 10 trading days to prevent information leakage from disturbing the market [1] - For the first three quarters of 2025, the company's revenue reached 41.194 billion yuan, representing a year-on-year increase of 96.26%, indicating strong performance [1] Group 2 - On January 13, Hunan Gold's financing data shows a net repayment of 81.6363 million yuan, with a financing balance of 1.476 billion yuan [2] - The precious metals sector increased by 2.03%, while the Hunan sector rose by 0.38% [2] Group 3 - The technical analysis indicates that Hunan Gold has a resistance level at 23.05 yuan and a support level at 22.05 yuan, suggesting a bullish trend with an accelerating upward movement [3]

1月13日，郑商所烧碱期货仓单录得120张，较上一交易日下降10张；最近一周，烧碱期货仓单累计下降 387张，下降幅度为76.33%；最近一个月，烧碱期货仓单累计增长22张，增长幅度为22.45%。 后市来看，烧碱期货行情将如何运行，相关机构观点汇总如下： 银河期货分析称，需求端，氧化铝供应过剩格局短期仍未改变，减产预期压制对烧碱的囤货，非铝下游 面临季节性刚需下滑，出口承压，整体需求难有支撑。供应端看，冬季本身是氯碱企业检修淡季，高开 工情况下，烧碱供应压力较大，企业春节前仍面临降价去库的压力。烧碱现货方面面临低价仓单的冲 击，未来02合约和03合约交割压力仍较大，厂家不减产，烧碱难以出现明显反弹。估计未来一段时间烧 碱以低位震荡为主。 1月14日，国内期市能化板块涨跌互现。其中，烧碱期货主力合约开盘报2126.0元/吨，今日盘中低位震 荡运行；截至收盘，烧碱主力最高触及2131.0元，下方探低2076.0元，跌幅达2.33%。 数据显示，1月13日烧碱现货价格报722元/吨，较上一日下跌4元/吨，当日跌幅为0.55%。最近一周，烧 碱价格累计下跌10元/吨，下跌幅度为1.37%；最近一个月，烧碱价格累计下 ...

News Summary Core Viewpoint - The startup of Hengam's 1.1 million tons/year urea plant has been delayed due to nationwide protests and their political implications, impacting the urea supply chain [1]. Industry Insights - As of January 14, the price of small granular urea in Shandong is quoted at 1710-1740 RMB/ton, while medium granular urea from Shandong Hualu Hengsheng is priced at 1730 RMB/ton [1]. - The daily production of urea in the industry is reported at 199,400 tons, showing a decrease of 2,600 tons day-on-day, but there are expectations for supply improvement as gas companies are anticipated to resume production [1]. Institutional Perspectives - Minmetals Futures suggests that the current price gap between domestic and international markets has opened an import window, and with expectations of a recovery in operations by the end of January, bearish expectations for urea fundamentals are imminent, recommending profit-taking on high prices [2]. - Guantong Futures indicates that in the absence of significant changes in fundamentals, the market is stabilizing after previous emotional fluctuations, with prices supported by continuous inventory depletion; urea is expected to consolidate in the short term while maintaining a strong outlook in the medium to long term [2].

Core Viewpoint - Geopolitical risks have led to significant increases in gold and silver prices, with gold reaching a record high of $4639.39 per ounce and silver surpassing $90 per ounce for the first time, indicating strong market demand and investment interest [1][2]. Group 1: Price Movements - Gold prices have increased by over 7% since 2026, while silver has surged by more than 25% during the same period [1]. - Domestic gold jewelry prices have generally risen, with brands like Chow Tai Fook and Chow Sang Sang increasing prices by 10 CNY per gram to 1436 CNY per gram [2]. - Analysts predict that gold will average $4538 per ounce in 2026, with potential to challenge the $5000 mark [2]. Group 2: Market Predictions - Analysts expect silver's upward momentum to continue into 2026, with predictions of prices reaching unprecedented levels due to macroeconomic factors [1]. - The gold-silver ratio of approximately 59 suggests that silver has more room for price increases, with potential prices of $135 per ounce if the ratio returns to historical lows [2]. - Citigroup analysts forecast that gold prices will exceed $5000 per ounce in Q1, while silver could reach $100 per ounce [3]. Group 3: Supply and Demand Dynamics - Supply constraints in the silver market are exacerbating price volatility, with strong industrial demand providing additional support [3]. - The recent changes in margin requirements by the CME Group may impact trading costs and speculative interest in platinum and palladium, potentially leading to a divergence in their performance compared to gold and silver [4]. - Geopolitical tensions and concerns over U.S. fiscal discipline are expected to continue driving investment into gold, while silver remains supported by strong industrial demand [3][4].

Group 1 - The main contract for live pig futures experienced a rapid increase, reaching a peak of 12,085.00 yuan, and closed at 12,010.00 yuan with a rise of 1.82% [1] - Overall, the market sentiment remains bearish despite the recent rebound, as demand for large pigs has weakened post-New Year, leading to a contraction in price differentials [2] - The market is expected to show a steady yet strong trend, with supply-side participants maintaining a cautious approach and demand from slaughterhouses not meeting expectations [3] Group 2 - The price of live pigs is anticipated to fluctuate within the range of 11,700 to 11,900 yuan, with regional price variations observed across different areas [3] - The overall market dynamics indicate a continued struggle between supply and demand, with the potential for price adjustments based on the outflow of large pigs and the reduction of breeding sows [3]