Group 1 - The potential imposition of a 10% tariff by the U.S. on European countries related to the Greenland acquisition plan increases uncertainty in U.S. policy, leading to a 0.1% decline in the Bloomberg Dollar Spot Index and a rebound in copper prices [1] - The Swiss Franc outperformed other G10 currencies due to rising demand for safe-haven assets, while the Euro rebounded from a two-month low [1] - Analysts suggest that Trump's tariff threats could trigger a "dollar sell-off" and may be used as a negotiation tactic, providing some support for the dollar [1] Group 2 - The political risk premium associated with U.S. assets, including the dollar, has significantly increased, prompting foreign investors to reduce their holdings [2] - Discussions around de-dollarization have resurfaced due to geopolitical risks related to Greenland, highlighting the vulnerability of the U.S.'s substantial net international liabilities [2] - Conditions for purchasing European bonds are becoming more favorable amid worsening European inflation indicators and escalating tensions between the U.S. and Europe [2] Group 3 - Precious metal prices have surged as investors flock to safe-haven assets, despite potential negative impacts on industrial demand from the U.S.-Europe trade conflict [3] - Copper prices rose by 1.3% to $12,965 per ton, supported by supply shortages and demand driven by the AI boom [3] - Optimism in the metal market is increasing, with copper prices following the trends of silver and gold [3]

贝森特在全国广播公司（NBC）《与媒体见面》节目中指出，在地缘政治棋局里，取得格陵兰岛的控 制权具有关键意义。就在前一天，美国总统特朗普誓言要对反对美国收购格陵兰岛的欧盟成员国加征关 税，其中就包括长期以来一直是美国最坚定盟友之一的丹麦。 美国财政部长斯科特・贝森特（Scott Bessent）于上周日表示，欧洲的"软弱"使得美国掌控格陵兰岛对 全球稳定而言至关重要。与此同时，部分美国议员正对特朗普政府试图收购这块丹麦所属北极领土的举 动发出警告。 "我们是全球最强大的国家，"贝森特称，"欧洲展现的是软弱，而美国展现的是力量。" 随着美国与欧盟的紧张局势在上周日不断升级，贝森特表示，他相信欧洲领导人最终会"接受"美国掌控 格陵兰岛的提议。"我认为欧洲人会明白，这一安排对格陵兰岛最有利、对欧洲最有利，同时也对美国 最有利。" 这位美国财长称，他最近没有与特朗普讨论过是否仍在考虑动用紧急权力以武力夺取格陵兰岛。但肯塔 基州共和党籍参议员、美国参议院国土安全委员会主席兰德・保罗（Rand Paul）认为，采取这种做 法"荒诞至极"，因为格陵兰岛根本不存在所谓的紧急状态。 "财政部长声称这么做是为了防范紧急状态的发生 ...

Core Insights - The global official gold reserves reached approximately $3.69 trillion by the end of Q3 2025, accounting for 28.9% of total official reserves, marking the highest level since 2000 [4][20][12] - The International Monetary Fund (IMF) reported that the dollar's share in global foreign exchange reserves fell to 56.92%, the lowest since 1995, continuing a trend of being below 60% for over ten consecutive quarters [7][20] - China's central bank has been actively increasing its gold reserves, with a total of 7.415 million ounces (approximately 2306.32 tons) as of the end of December 2025, marking the 14th consecutive month of gold accumulation [3][10] Global Gold Reserve Trends - Global central banks have been net buyers of gold for 15 consecutive years, with significant purchases recorded in 2022 (1081.9 tons), 2023 (1050.8 tons), and 2024 (1044.6 tons) [5][14] - Emerging market central banks, particularly from Turkey and China, have been the primary drivers of gold purchases, with Turkey buying 148 tons in 2022 and China leading in 2023 with 225 tons [5][16] - The total gold purchases by central banks in the first three quarters of 2025 amounted to 634 tons, indicating a strong demand despite a slight decrease compared to previous years [6][15] Shifts in Reserve Asset Composition - The increasing share of gold in global reserves reflects a strategic shift among central banks towards diversifying away from dollar-denominated assets, driven by geopolitical tensions and the need for risk management [7][19] - The World Gold Council's survey indicated that over 90% of central banks expect to increase their gold reserves in 2026, with more than 70% anticipating a decline in the dollar's share of global reserves over the next five years [27][28] Market Dynamics and Future Outlook - The gold market is expected to remain robust, with predictions of continued price increases due to central bank purchases and macroeconomic factors such as U.S. monetary policy and geopolitical risks [8][28] - Analysts forecast that central bank gold purchases will remain a long-term trend, with expectations of around 755 tons in 2026, despite a decrease from the peak levels seen in 2022-2024 [28][33] - The potential for gold price volatility exists, particularly if retail investor behavior shifts, but central bank demand is expected to provide a stabilizing influence on the market [30][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Geopolitical tensions have intensified due to the Trump administration's threat of military action against Iran, and the expectation of Hassett becoming the Fed Chair has changed, causing precious metal prices to remain strong. The Fed held its December FOMC meeting, cutting interest rates by 25 basis points as expected and initiating a reserve management - style balance - sheet expansion. The US employment situation has slowed down, and Powell stated that changing economic risks give the Fed more reasons to cut rates. With the expected change in Hassett's appointment, the market anticipates fewer rate cuts this year. US economic data has shown a downward trend, and there are concerns about the US fiscal situation and the Fed's independence. Central bank gold purchases and de - dollarization trends remain unchanged. Driven by industrial demand, the silver spot market remains tight, and the mid - term price centers of gold and silver are expected to rise. The lease rates of platinum and palladium remain high, and their prices are expected to continue to fluctuate strongly. Attention should be paid to the US November PCE data to be released on Thursday [11]. 3. Summary by Directory 3.1 Market Review - Gold: Due to the Trump administration's threat of military action against Iran, geopolitical tensions have risen, and the expectation of Hassett becoming the Fed Chair has changed. Gold prices have shown a strong - side oscillation. As of last Friday, COMEX gold closed at $4,601 per ounce, up 1.8% for the week. The upper resistance level is $4,650, and the lower support level is $4,500 [6]. - Silver: Due to the same factors and the continued shortage of silver spot, silver prices have risen strongly. As of last Friday, the weekly gain was 12.7%, closing at $90 per ounce. The lower support level is $87, and the upper resistance level is $95 [9]. 3.2 Weekly View - Precious metal prices will continue to be strong. The Fed cut rates by 25 basis points in December and started balance - sheet expansion. The US employment situation is weakening, and the expected change in Hassett's appointment has led to a decrease in the expected number of rate cuts this year. US economic data is deteriorating, and there are concerns about the fiscal situation and Fed independence. Central bank gold purchases and de - dollarization trends remain. Silver spot is in short supply, and the mid - term price centers of gold and silver are expected to rise. Platinum and palladium prices are expected to fluctuate strongly. Attention should be paid to the US November PCE data on Thursday [11]. 3.3 Overseas Macroeconomic Indicators - Economic data: The US December CPI annual rate (unadjusted) was 2.7%, in line with expectations and the previous value; the US November PPI annual rate was 3%, higher than the expected 2.7% and the previous value of 2.7%; the US November retail sales monthly rate was 0.6%, higher than the expected 0.4% and the previous value of 0; the number of initial jobless claims in the US for the week ending January 10 was 1.98 million, lower than the expected 2.15 million and the previous value of 2.08 million [23]. 3.4 Current Week's Important Macroeconomic Events and Policies - Kansas City Fed President Schmid opposed rate cuts, stating that inflation is "overheating" and that Trump's policies will boost economic momentum, putting upward pressure on prices. He saw little reason for further rate cuts and emphasized the Fed's independence. - The number of initial jobless claims in the US unexpectedly decreased last week, possibly due to challenges in seasonal adjustment. The number decreased by 9,000 to 1.98 million, lower than the expected 2.15 million. - President Trump hesitated to nominate Kevin Hassett as the Fed Chair, hoping he would continue as a White House advisor, increasing the uncertainty of finding the next Fed Chair [24]. 3.5 Inventory - Gold: COMEX inventory decreased by 5,474.74 kg to 1,123,953 kg this week, while SHFE inventory increased by 2,400 kg to 100,053 kg. - Silver: COMEX inventory decreased by 329,201.37 kg to 13,348,267.37 kg, while SHFE inventory increased by 6,581 kg to 626,843 kg [13]. 3.6 Fund Holdings - As of January 13, the net long position of gold CFTC speculative funds was 230,463 contracts, an increase of 16,720 contracts from last week. - The net long position of silver CFTC speculative funds was 30,625 contracts, an increase of 2,093 contracts from last week [13]. 3.7 This Week's Focus - On Thursday, January 22, at 23:00, the US November PCE price index annual rate will be released. - On Friday, January 23, at 22:45, the preliminary value of the US January SPGI manufacturing PMI will be released [35].

Group 1 - China has significantly reduced its holdings of US Treasury bonds, now at $682.6 billion, the lowest level since 2008, indicating a long-term trend of de-dollarization [1][3][4] - Over the past decade, China's US Treasury bond holdings have nearly halved, reflecting a strategic shift rather than a short-term reaction [3][4] - Concurrently, China has increased its gold reserves to 74.15 million ounces, signaling a move to reduce dependence on the US dollar and diversify risk [5] Group 2 - Japan, in contrast, has increased its US Treasury bond holdings by $2.6 billion, totaling over $1.2 trillion, highlighting a different approach to financial security [7] - The US faces a looming debt crisis, with federal debt projected to approach $37 trillion by the end of 2025, raising concerns about fiscal sustainability [9] - The fluctuations in the US Treasury market have prompted urgent policy responses from the US, including attempts to re-engage with China diplomatically [11] Group 3 - China's actions to reduce US Treasury holdings and increase gold reserves are part of a broader strategy to reshape global financial structures and reduce reliance on the dollar [13][21] - The evolving economic landscape indicates that China is diversifying its investment options, moving beyond solely US dollar assets to include domestic infrastructure and renewable energy [15] - The dynamics of US-China relations are shifting, with China signaling a willingness to cooperate under conditions of mutual respect, rather than confrontation [20]

Group 1 - Gold prices experienced fluctuations last week, initially rising due to escalating U.S.-Iran relations and increasing interest rate cut expectations, reaching a high of $4,650 before dropping to $4,539 as tensions eased [1] - COMEX gold futures closed the week up 2.23% at $4,601.1 per ounce, while the Huaxia Gold ETF (518850) rose 2.73% and the Gold Stock ETF (159562) increased by 6.42% [1] - President Trump indicated that Iran has committed to stopping violence, leading to a significant reduction in risk premiums associated with geopolitical tensions, which had previously driven gold and silver prices higher [1] Group 2 - Analysis suggests that the global dollar reserve ratio continued to decline in Q2, and the U.S. fiscal deficit is growing, indicating a trend towards de-dollarization that benefits gold's monetary attributes [2] - It is expected that real interest rates will continue to decline by 2026, providing further medium-term support for gold [2] - Domestic demand for physical gold may be significantly impacted by new tax policies, and a potential decline in gold jewelry demand by 2026 needs to be monitored, particularly regarding central bank purchases and investment demand [2]

Core Viewpoint - The non-ferrous metals sector is experiencing significant activity in early 2026, driven by global liquidity easing, domestic policy support, and emerging demand, creating a favorable investment window for precious metals [1] Group 1: Macro Environment - The Federal Reserve's expected continuation of easing policies in 2026, following three rate cuts in 2025, is anticipated to lower the cost of holding commodities in a weak dollar environment, benefiting the non-ferrous metals sector [1] - Domestic policies, particularly the "Work Plan for Stabilizing Growth in the Non-Ferrous Metals Industry" issued by eight departments, aim to enhance resource exploration for lithium and nickel and promote breakthroughs in recycled metal production [1] Group 2: Industry Opportunities - According to Western Securities, the non-ferrous metals industry is poised for multiple opportunities, supported by global liquidity easing, increased demand from AI and high-end manufacturing, and geopolitical factors leading to a revaluation of commodity prices [1][2] - The core logic of non-ferrous metals is tied to global re-industrialization and de-dollarization narratives, with expectations of a commodity supercycle driven by the Federal Reserve's quantitative easing [2] Group 3: Index Performance - The China Securities Non-Ferrous Metals Mining Theme Index stands out by focusing on upstream mining sources, covering key non-ferrous products like copper (31%) and gold (14%), and includes 39 listed companies with quality mineral resource reserves [3] - The current valuation of the index is at a favorable level, with a PE ratio of 26.9 and a PB ratio of 3.9, both near five-year lows, while projected ROE is expected to rise from 13.7% in 2024 to 16.9% in 2026, indicating sustained profit growth [3] Group 4: Demand Dynamics - The index has outperformed other indices since the end of 2013, supported by clear policy drivers and strong demand from sectors such as renewable energy, AI, and electric vehicles, confirming a tightening supply-demand dynamic and a potential upward price trend [4] Group 5: Investment Tools - The upcoming Taikang Non-Ferrous ETF, which tracks the Non-Ferrous Mining Index, offers investors a convenient way to gain exposure to the non-ferrous metals sector, employing a strategy aimed at minimal tracking deviation [5] - The ETF is managed by an experienced quantitative team, emphasizing a professional and meticulous approach to investment management [5]

Core Viewpoint - China's recent decision to reduce its holdings of U.S. Treasury bonds has garnered significant attention, reflecting not only economic behavior but also the broader context of U.S.-China relations and global strategic competition [1] Group 1: Economic Context - As of November last year, China's holdings of U.S. Treasury bonds fell to $682.6 billion, the lowest level since 2008, with a reduction of $6.1 billion [1] - In contrast, the total foreign holdings of U.S. Treasury bonds reached a historic high of $9.36 trillion, indicating that most countries continue to favor U.S. debt [1] Group 2: Geopolitical Factors - The escalating economic and geopolitical tensions between the U.S. and China are critical factors influencing China's decision to reduce its U.S. Treasury holdings [3] - The U.S. fiscal deficit is approaching a dangerous threshold, with interest payments on national debt projected to reach $276 billion by 2025 and a deficit of $2 trillion expected in the 2026 fiscal year [3] Group 3: Strategic Considerations - China's reduction of U.S. Treasury bonds is part of a broader strategy to diversify its foreign exchange reserves, as evidenced by its continuous increase in gold reserves, which reached 74.15 million ounces by the end of December last year [4] - This move is seen as a significant step in China's "de-dollarization" process, aimed at enhancing its financial security [4] Group 4: U.S. Response - The U.S. has reacted strongly to China's actions, with military maneuvers in the Taiwan Strait perceived as a form of geopolitical pressure [4] - Observers suggest that the U.S. response reveals its anxiety and lack of effective strategies in dealing with China's financial adjustments [4] Group 5: Long-term Implications - China's decision to reduce its U.S. Treasury holdings is not merely a short-term strategy but reflects a deeper shift in the balance of power in the U.S.-China strategic competition [6] - This adjustment signals China's intent to gradually reduce its dependence on the U.S. dollar and enhance its strategic security on the international stage [6] - The evolving U.S.-China relationship is expected to transcend traditional economic and trade negotiations, entering a phase of comprehensive and multi-faceted competition [7]

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 1月19日，黄金基金ETF（518800）涨超1%，资金面看，近10日资金净流入超14亿元，地缘冲突持续， 黄金投资价值凸显 华西证券表示，地缘冲突持续，委内瑞拉地区局势紧张，俄乌地区仍未达成一致，格陵兰岛问题持续发 酵。全球范围内"去美元化"趋势的加速，共同推动了央行和投资者持续购金。长期看，全球货币与债务 担忧，使得黄金受益于债务和货币宽松的交易方向，美国债务总额已突破38.5万亿美元，"大而美"法案 的通过预计提高美国3.4万亿美元财政赤字，美国联邦政府在2025财年的预算赤字为1.8万亿美元，尽管 关税收入大幅增长，但与2024财年总体相比变化不大。全球多国财政赤字处于高位，降息趋势下国债利 率上涨，体现对债务规模的担忧，看好未来黄金价格。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化 ...

Group 1 - The core viewpoint of the article highlights that the mining ETF (561330) has seen a net inflow of over 1 billion yuan in the past 20 days, indicating a potential super cycle for non-ferrous metals [1] - Western Securities points out that the underlying logic for commodities and non-ferrous metals is tied to the Federal Reserve's quantitative easing (QE), suggesting that the super cycle in commodities is driven by the excess liquidity of the dollar [1] - By 2026, the acceleration of dollar liquidity due to the Federal Reserve's QE is expected to reinforce the super cycle of commodities, with gold, silver, copper, and lithium being systematically revalued due to their monetary and safety attributes [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) achieved a year-to-date increase of 106.11% in 2025, ranking first among 10 ETFs in the non-ferrous sector, indicating a concentrated leadership with a higher proportion of gold, copper, and rare earths [2][1]