Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The central bank's interest - rate cut and quota increase in re - loans are expected to support key sectors and small - medium - sized enterprises, and the reduction of the minimum down - payment ratio for commercial housing loans aims to destock the commercial real estate market [2][3][4]. - In the short term, the stock index futures market may continue to oscillate and adjust, and investors should focus on the structure rather than the index, while also paying attention to the impact of the annual report performance forecast [6]. - The precious metals market shows a divergence, with gold and silver remaining strong and platinum and palladium lagging behind. Investors can pay attention to the entry opportunities after the callback stabilizes [7]. - The container shipping index is in a wide - range shock due to the interweaving of short - term long and short factors, and the short - term EC2604 is expected to be in a volatile state [9]. 3. Summary by Related Catalogs 3.1.当日要闻 (Today's Key News) - The central bank will cut the re - loan and rediscount rates by 0.25 percentage points from January 19, 2026, and adjust other related policy rates [2]. - The central bank will increase the re - loan quota for supporting agriculture and small businesses by 500 billion yuan, set up a 1 - trillion - yuan re - loan for private enterprises, and increase the re - loan quota for scientific and technological innovation and technological transformation by 400 billion yuan [3]. - In December 2025, China's new social financing was 2.21 trillion yuan, and new RMB loans were 910 billion yuan. The annual social financing scale increment in 2025 was 35.6 trillion yuan, 3.34 trillion yuan more than the previous year. At the end of December, M2 balance was 340.29 trillion yuan, a year - on - year increase of 8.5%, and M1 balance was 115.51 trillion yuan, a year - on - year increase of 3.8% [3]. - The central bank will reduce the minimum down - payment ratio for commercial housing loans to 30% to support the destocking of the commercial real estate market [4]. - Trump plans to negotiate with foreign countries to ensure the supply of key minerals in the US, using a "price floor" mechanism instead of traditional percentage tariffs [5]. - Trump hopes that any military action against Iran will be a "quick and decisive strike" [5]. 3.2.品种观点 (Variety Views) - **Stock Index Futures**: On Thursday, the market fluctuated. Although the central bank released a loose signal after the market, in the short term, the index may continue to oscillate and adjust. Investors are advised to focus on the structure rather than the index and pay attention to the impact of the annual report performance forecast near the end of January [6]. - **Precious Metals**: In the Asia - Pacific market today, silver remained strong, but there was a significant divergence in the sector. Gold and silver continued to reach new highs, while platinum and palladium declined. After a continuous rise, the current technical adjustment is relatively benign. Investors can pay attention to the entry opportunities after the callback stabilizes [7]. - **Container Shipping Index**: Short - term long and short factors are intertwined, and the container shipping index shows a wide - range shock. The short - term EC2604 is expected to be in a volatile state. Spot enterprises are advised to hold hedging positions, and investors can pay attention to the positive arbitrage opportunities between the EC2604 and EC2608 contracts [9]. 3.3.未来24小时重点数据 (Key Data in the Next 24 Hours) - Tonight, pay attention to the US January New York Fed Manufacturing Index (previous value: - 3.9, forecast: 1), the US initial jobless claims for the week ended January 10 (previous value: 208,000, forecast: 215,000), and the US January SPGI Manufacturing PMI preliminary value (previous value: 51.8) [12]. - Tomorrow, pay attention to the speech by 2028 FOMC voter and Kansas City Fed President Schmid on monetary policy and economic prospects, and the US December industrial production monthly rate (previous value: 0.2%, forecast: 0.1%) [13].

Core Viewpoint - The A-share market showed strong performance in 2025, with significant increases in trading volume and stock indices, leading to a favorable environment for equity wealth management products [5][6]. Market Performance - The A-share market experienced a robust increase, with the Shanghai Composite Index rising by 18.41%, the Shenzhen Component Index by 29.87%, and the ChiNext Index by nearly 50% in 2025 [5]. - The total market capitalization surpassed 100 trillion yuan, marking a historic milestone [5]. - The trading volume reached 42.021 trillion yuan for the year, a year-on-year increase of 62.64% [5]. Product Performance - The average net value growth rate for equity wealth management products was 23.20% in 2025, with 21 out of 36 sample products exceeding a 20% growth rate [6][7]. - The top 10 equity wealth management products had an average net value growth rate of 42.23% [7]. - Notable products included: - "阳光红新能源主题A" by 光大理财, which achieved a growth rate of 70.72% [7][8]. - "天工日开理财产品8号(贵金属指数)" by 华夏理财, with a growth rate of 61.88% [7][8]. Sector Analysis - The new energy sector showed strong performance, with the 中证新能指数 rising by 42.44% in 2025 [8]. - The precious metals sector also performed well, with the precious metals index increasing by 80% [8]. - The top holdings in the leading products included major companies in the lithium battery and wind power sectors, such as 宁德时代 and 明阳智能, which all saw significant stock price increases [8].

Group 1 - Precious metals have shown active performance, with spot silver rising over 7% and reaching a historical high of $93 per ounce, while spot gold has also set a new record at $4,643 per ounce [1] - Huafu Securities noted that escalating regional conflicts have led to fluctuations in gold prices, with deteriorating U.S. manufacturing activity and unexpectedly weak employment data providing key support for gold prices, reinforcing market expectations for further easing policies from the Federal Reserve [1] - As of January 15, 2026, the National Securities Nonferrous Metals Industry Index (399395) surged by 3.59%, with constituent stocks such as Huaxi Nonferrous Metals up 8.54%, Huayou Cobalt up 8.23%, and Chihong Zn & Ge up 7.82% [1] Group 2 - The top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) as of December 31, 2025, include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, China Aluminum, Ganfeng Lithium, Yun Aluminum, Shandong Gold, Zhongjin Gold, and Tianqi Lithium, collectively accounting for 51.65% of the index [2] - The Nonferrous ETF Penghua (159880) closely tracks the National Securities Nonferrous Metals Industry Index, which selects 50 securities with significant scale and liquidity in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [1][2]

Report Summary Price Performance - London Gold: The latest price is $4,606.50, with a change of -$16.55 [1] - London Silver: The latest price is $91.10, with a change of +$5.28 [1] - London Platinum: The latest price is $2,388.00, with a change of +$14.00 [1] - London Palladium: The latest price is $1,883.00, with a change of +$18.00 [1] - LME Copper: The latest price is $13,247.50, with a change of +$180.00 [1] - Dollar Index: The latest value is 99.08, with a change of -0.11 [1] - Euro to Dollar: The latest exchange rate is 1.16, with no change [1] - Pound to Dollar: The latest exchange rate is 1.34, with no change [1] - Dollar to Yen: The latest exchange rate is 158.47, with a change of -0.69 [1] Trading Data - COMEX Silver Inventory: The latest inventory is 13,510.12, with a change of -40.78 [1] - SHFE Silver Inventory: The latest inventory is 628.70, with a change of -1.37 [1] - Gold ETF Holdings: The latest holding is 1,074.23, with no change [1] - Silver ETF Holdings: The latest holding is 16,242.22, with a change of -78.94 [1] - SGE Silver Inventory: Data not provided [1] - SGE Gold Deferred Fee Payment Direction: The latest direction is 1, with a change of -1.00 [1] - SGE Silver Deferred Fee Payment Direction: The latest direction is 2, with no change [1]

格隆汇1月14日｜A股主要指数走强，创业板指涨逾1%，沪指涨0.34%，深成指涨0.91%。 AI应用、阿 里MCP、贵金属等方向涨幅居前，沪深京三市上涨个股近3600只。 ...

Market Overview - The Shanghai Composite Index opened slightly lower, while the Shenzhen Component Index, ChiNext Index, and STAR Market Index opened higher by 0.17%, 0.34%, and 0.35% respectively [1] - The Shanghai Composite Index is currently at 4138.65, down by 0.11% [2] - The Shenzhen Component Index is at 14194.11, up by 24.71 points or 0.17% [2] - The ChiNext Index is at 3333.17, up by 11.28 points or 0.34% [2] - The STAR Market Index is at 1812.33, up by 6.31 points or 0.35% [2] Sector Performance - AI applications and commercial aerospace themes experienced a pullback, while sectors such as memory storage, ultra-high voltage, medical services, precious metals, and AI wearable concepts were active [2] - Debon Securities resumed trading with a limit-up, as the company plans to voluntarily terminate its stock listing through a shareholder resolution [2] Company Highlights - Baiwei Storage opened over 9% higher, with a forecasted net profit increase of 427.19% to 520.22% year-on-year for 2025 [3][4] - Debon Securities saw a limit-up price of 15.44, reflecting a significant market interest following its announcement [3] Hong Kong Market - The Hang Seng Index opened 0.46% higher, with the Hang Seng Tech Index rising by 0.42% [4][5] - Notable gainers among constituent stocks include Haidilao, which rose over 5%, and Nongfu Spring, Hansoh Pharmaceutical, and China Biologic Products, which increased by over 3% [4][5]

Market Overview - The A-share market opened with a slight decline in the Shanghai Composite Index, while the Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation Board Index opened higher by 0.17%, 0.34%, and 0.35% respectively [3][4] - The market showed active trading in sectors such as memory storage, ultra-high voltage, medical services, precious metals, and AI wearable technology, while AI applications and commercial aerospace themes experienced a pullback [4] Individual Stocks - Debon Securities resumed trading with a limit-up increase, as the company plans to voluntarily terminate its stock listing through a shareholder resolution [5] - Baiwei Storage opened over 9% higher, with the company announcing a projected net profit increase of 427.19% to 520.22% year-on-year for 2025 [6][7] Hong Kong Market - The Hong Kong stock market opened with the Hang Seng Index rising by 0.46% and the Hang Seng Tech Index increasing by 0.42%. Notable gainers included Haidilao, which rose over 5%, and other companies like Nongfu Spring, Hansoh Pharmaceutical, and China Biologic Products, which saw increases of over 3% [8][9]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In the context of the Fed's independence being undermined and the weakening of inflation data, the prices of gold and silver are strong. It is recommended to hold existing long positions, and there are significant risks in opening new long or short positions. The reference operating range for the main contract of Shanghai gold is 980 - 1100 yuan/gram, and for the main contract of Shanghai silver is 19050 - 23000 yuan/kilogram [3] 3. Summary According to Related Catalogs 3.1 Market Information - Shanghai gold rose 0.14% to 1031.00 yuan/gram, and Shanghai silver rose 4.14% to 21943.00 yuan/kilogram. COMEX gold was reported at 4594.40 US dollars/ounce, and COMEX silver was reported at 86.86 US dollars/ounce. The yield of the 10 - year US Treasury bond was reported at 4.18%, and the US dollar index was reported at 99.18 [2] - The US CPI data released last night was lower than expected. The year - on - year value of the US CPI in December was 2.7%, in line with expectations and the previous value, and the month - on - month value was 0.3%, also in line with expectations. The year - on - year value of the US core CPI in December was 2.6%, lower than the expected 2.7% and the same as the previous value, and the month - on - month value was 0.2%, lower than the expected 0.3% [2] - The decline in the overall CPI mainly came from the energy - related commodity sub - item, with a year - on - year value of - 3.0% and a month - on - month value of - 0.4%. In the core CPI data, the year - on - year item of rent generally changed little from the previous value. Affected by the Christmas holiday, the decline in the prices of accommodation and air tickets slowed down. The price of medical insurance showed a marginal decline, with the month - on - month value of the health insurance sub - item recording - 1.1% [2] 3.2 Gold and Silver Data Summary - **Gold**: - COMEX gold: The closing price of the active contract was 4594.40 US dollars/ounce, down 0.31% from the previous day; the trading volume was 24.91 million lots, down 11.63%; the position (CFTC latest reporting period: weekly) was 48.81 million lots, up 1.30%; the inventory was 1129 tons, down 0.04% [6] - LBMA gold: The closing price was 4623.05 US dollars/ounce, up 0.22% [6] - SHFE gold: The closing price of the active contract was 1027.18 yuan/gram, up 0.09%; the trading volume was 37.08 million lots, down 12.15%; the position was 33.65 million lots, up 0.93%; the inventory was 98.28 tons, up 0.65%; the precipitation funds were 55.305 billion yuan, an inflow of 1.02% [6] - AuT + D: The closing price was 1025.52 yuan/gram, up 0.33%; the trading volume was 58.00 tons, up 1.00%; the position was 187.16 tons, down 0.27% [6] - **Silver**: - COMEX silver: The closing price of the active contract was 86.86 US dollars/ounce, up 2.00%; the position (CFTC latest reporting period: weekly) was 15.32 million lots, down 2.64%; the inventory was 13551 tons, down 0.41% [6] - LBMA silver: The closing price was 85.82 US dollars/ounce, up 2.08% [6] - SHFE silver: The closing price of the active contract was 21004.00 yuan/kilogram, up 0.28%; the trading volume was 238.26 million lots, down 3.72%; the position was 71.83 million lots, up 0.50%; the inventory was 630.07 tons, down 3.01%; the precipitation funds were 40.737 billion yuan, an inflow of 0.78% [6] - AgT + D: The closing price was 21048.00 yuan/kilogram, up 0.70%; the trading volume was 700.30 tons, up 70.30%; the position was 3081.116 tons, up 1.27% [6] 3.3 Gold and Silver Price and Volume Charts - There are multiple charts showing the relationship between gold and silver prices, trading volumes, positions, and other factors, including the relationship between COMEX gold price and US dollar index, the relationship between COMEX gold price and actual interest rate, the relationship between Shanghai gold price and trading volume, etc. [8][11][12][15] 3.4 Gold and Silver Near - Far Month Structure and Spread Charts - There are charts showing the near - far month structure of COMEX gold, Shanghai gold, COMEX silver, and Shanghai silver, as well as the spread between London gold and COMEX gold, and the spread between London silver and COMEX silver [22][23][36][39] 3.5 Management Fund Net Long Positions and ETF Positions - There are charts showing the relationship between the net long positions of COMEX gold and silver management funds and prices, as well as the total positions of gold and silver ETFs [41][42] 3.6 Gold and Silver Internal - External Spread Statistics - The internal - external spreads of gold and silver on January 13, 2026 are calculated, including the spreads between SHFE and COMEX, and between SGE and LBMA [53]

Core Viewpoint - The recent market adjustment is a technical correction rather than a panic sell-off, indicating a healthy level of trading activity and ongoing market engagement despite the index decline [3]. Group 1: Market Activity - The Shanghai Composite Index experienced a decline of 0.64%, ending a streak of 17 consecutive days of gains [1]. - The total market turnover reached a record high of 3.7 trillion yuan, indicating significant trading volume and market interest [1][3]. Group 2: Market Dynamics - The high trading volume suggests a substantial shift in positions, with profit-taking occurring alongside new investments, reflecting a robust market engagement [3]. - There is a clear market differentiation, with sectors like commercial aerospace facing notable declines, while AI applications and healthcare services showed resilience and strength [3]. Group 3: Investment Strategy - Investors are advised to reassess their portfolio structures, focusing on companies that are not solely driven by market sentiment but have solid fundamentals [4]. - Market corrections serve as a testing ground for companies, with those that stabilize quickly likely to lead the next market phase [4]. - Maintaining patience and managing expectations is crucial, as the end of the consecutive gains may signal a shift to a more volatile market environment [4].

Group 1 - The three major U.S. stock indices closed slightly higher, with the Dow Jones up 0.17%, the S&P 500 rising 0.16%, both reaching historic closing highs, and the Nasdaq increasing by 0.26%, supported by strong performances in technology and retail stocks [1] - The Nasdaq Golden Dragon China Index showed strong performance, surging by 4.26%. Notable individual stock performances included Alibaba rising by 10.17%, Bilibili increasing by 8.95%, and Xpeng Motors up by 8.39%, with many popular Chinese concept stocks showing significant gains [1] - Safe-haven sentiment drove precious metal prices to soar, with London gold spot prices rising nearly 2% on January 12, surpassing $4600 per ounce, and spot silver prices skyrocketing over 6%. Market concerns about the independence of the Federal Reserve led to a surge in investments in gold and silver as a safe haven [1] Group 2 - Upcoming market focus includes the U.S. Consumer Price Index report and bank earnings reports. The performance of inflation data and developments related to the Federal Reserve's policy independence will continue to dominate market sentiment and influence the trends of precious metals and growth stocks [1]