Core Insights - Azerbaijan's foreign exchange reserves are projected to grow by 14% year-on-year by 2025, reaching a historical high of $83.6 billion, which is 108% of its GDP [1] - The diversification of the State Oil Fund's investment portfolio plays a significant role in this growth, with gold reserves amounting to 185 tons [1] - Azerbaijan is among the few countries where foreign exchange reserves exceed GDP, contrasting with other nations like Singapore (66%), Russia (17%), Brazil (14%), China (6.2%), and Germany (0.7%) [1]

Group 1 - The article highlights concerns from prominent investors like Buffett and Rogers about an impending financial crisis, with Rogers describing it as potentially the worst he has ever seen [1] - The central bank is set to purchase gold monthly from November 2024 to December 2025, accumulating a total of 86 million ounces, which is approximately 267 tons, indicating a long-term strategy rather than a short-term reaction [1][3] - The current gold reserves of the central bank account for about 9.5% of foreign reserves, suggesting there is room for further accumulation compared to the global average of 15% [3] Group 2 - The U.S. national debt has reached $37 trillion, with interest payments exceeding $1.1 trillion annually, which is more than military spending, indicating a precarious financial situation [3] - The central bank's strategy of gradually purchasing gold, with recent months seeing purchases of around 30,000 ounces, reflects a cautious approach to entering the market without causing disturbances [5] - China has sold over $500 billion in U.S. Treasury bonds in the past two years, reallocating those funds into gold, which is viewed as a more stable asset during uncertain times [5]

Group 1 - Recent international and domestic gold prices are on a downward trend, while major jewelry brands maintain retail prices above 1400 yuan per gram, significantly higher than the Shanghai Gold Exchange's spot price of approximately 1000 yuan per gram [1] - The price of gold jewelry in retail stores is generally 30% to 40% higher than the base gold price, reflecting the value-added process from raw material to finished product [2] - The People's Bank of China continues to increase its gold reserves, which have surpassed 74 million ounces, providing long-term confidence support for the gold market [3] Group 2 - The widening gap between gold recovery prices and base gold prices is seen as a leading indicator of market sentiment, suggesting potential downward pressure on retail prices in the future [5] - As global economic uncertainty rises, the asset allocation value of gold is being re-emphasized, with central banks diversifying their reserve assets and reducing reliance on single sovereign currencies [6]

Group 1 - The core viewpoint of the article highlights the unprecedented rise of gold as a global reserve asset amidst evolving financial landscapes [1] Group 2 - Gold has historically held a special value, serving as a basis for currency issuance and a symbol of wealth, maintaining its importance as a reserve asset for central banks despite the shift to fiat currencies [3] - The current economic uncertainties, including trade tensions and public health crises, have underscored the importance of gold reserves as a reliable asset for stabilizing economies [4] - Gold's safe-haven function becomes prominent during market volatility, as it tends to retain value when other financial assets decline, exemplified during the 2008 financial crisis [4] - Gold serves as a universal measure of value, unaffected by any single country's monetary policy, thus maintaining its appeal as a reserve asset [4] Group 3 - Many countries, particularly emerging economies, are actively increasing their gold reserves to enhance financial stability and international influence, with China and Russia being notable examples [5] Group 4 - The gold market is evolving with expanding trading volumes and diverse trading methods, including physical gold, futures, and ETFs, indicating a growing interest from investors [7] - As long as global economic instability persists, gold is expected to maintain its status as the largest reserve asset, supported by technological advancements in various sectors [7] - The increasing significance of gold in global reserves is seen as an inevitable trend, contributing to financial stability and national economies [7]

Group 1 - The core viewpoint of the news highlights the significant performance of the non-ferrous metal ETF (512400), which rose by 3.15% with a trading volume of 1.07 billion yuan, indicating strong market interest and activity [1] - The non-ferrous metal ETF has seen continuous net inflows over the past four days, reflecting positive investor sentiment towards the sector [2] - The People's Bank of China has increased its gold reserves to 74.15 million ounces by the end of 2025, marking a 3,000-ounce increase from the previous year, and has been consistently adding to its gold holdings for 14 months [2] Group 2 - The Producer Price Index (PPI) has shown a month-on-month increase for three consecutive months, with a 0.2% rise in December, driven by improved supply-demand dynamics in certain industries, including non-ferrous metals [3] - Copper prices are expected to continue their upward trend due to tight global inventories and stable demand, despite some short-term fluctuations [3] - The non-ferrous metal index, which the ETF tracks, includes 50 listed companies, with major weights held by Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, among others [3]

Report Summary 1. Investment Rating No investment rating information for the industry is provided in the report. 2. Core Views - China's foreign exchange reserve reached a new high since December 2015, mainly due to the continuous rise in the trade balance The central bank's gold holdings have been increasing for 14 consecutive months, indicating a trend of diversification of official reserve assets Globally, central banks have been accelerating gold purchases since 2022, and although the purchase volume in 2025 decreased compared to the previous three years, it is still at a high level historically Gold is squeezing the share of the US dollar as a central bank reserve asset [2] - The central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation on January 8, which was an equal - amount hedge of the maturing repurchase and the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3. Content Summary by Category 3.1 Foreign Exchange and Gold Reserves - As of the end of December 2025, China's foreign exchange reserve was $3357.9 billion, a month - on - month increase of $1.15 billion, reaching a new high since December 2015 The gold reserve was 74.15 million ounces, a month - on - month increase of 30,000 ounces, with 14 consecutive months of increase [2] - From 2022 to 2024, global central banks had the highest net gold purchases in history, with 1080 tons in 2022, 1050 tons in 2023, and 1089 tons in 2024 In 2025, the purchase volume decreased to 634 tons but remained at a high level compared to historical data [2] 3.2 Central Bank Operations - On January 8, the central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation to offset the maturing repurchase of the same amount It was the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3.3 Stock Market Performance - On January 7, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.06%, and the total trading volume of the two markets was 2854.141 billion yuan, an increase of 47.634 billion yuan from the previous trading day The ChiNext Index rose 0.31% and the STAR 50 Index rose 0.99% [4] - Internationally, the German DAX Index, South Korea's Composite Index, Wind All - A Index, and NASDAQ Index led the gains, with increases of 1.6%, 0.92%, 0.57%, and 0.19% respectively The Hang Seng Tech Index, Nikkei 225 Index, and Dow Jones Industrial Average led the losses, with decreases of 1.49%, 1.06%, and 0.94% respectively [4] - The closing yield of the 10 - year China Treasury Bond was 1.8988%, a change of +1.75BP The average daily prices of inter - bank R001 and R007 were 1.3365% and 1.5323% respectively [4] 3.4 Sector Performance - The top - performing sectors were the comprehensive, coal, electronics, and communication sectors, with increases of 3.86%, 2.47%, 1.25%, and 1.24% respectively The underperforming sectors were the petroleum and petrochemical, non - bank finance, beauty care, and computer sectors, with decreases of 1.73%, 1.13%, 1.03%, and 0.81% respectively [4] 3.5 Exchange Rates and Interest Rates - The US dollar index closed at 98.7426, up 0.14% The US dollar to offshore RMB exchange rate was 6.9935, and the offshore RMB depreciated by 106 basis points [5] - The latest value of the 10 - year US Treasury yield was 1.899, a change of 1.75BP The latest value of DR007 was 1.462, a change of 2.99BP The latest value of the US dollar to offshore RMB was 6.9935, a change of 0.18% The latest value of the US dollar index was 98.74, a change of 0.14% [14] 3.6 A - share Market Overview - The total market capitalization of A - shares was 112.27 trillion yuan, an increase of 3.53 trillion yuan from the beginning of the year The cumulative trading volume this year was 8.28 trillion yuan, with an average daily trading volume of 2760.361 billion yuan The PE (TTM) was 22.99x and the PB (MRQ) was 6.06x The margin trading balance decreased compared to a month ago [18] - Different A - share indices showed different performances on January 7, with the Wind All - A Index rising 0.19%, the Shanghai Composite Index rising 0.05%, the Shenzhen Component Index rising 0.06%, etc [18] 3.7 Industry Performance - The top three sectors in terms of daily increase were the comprehensive, coal, and electronics sectors [22] - The top three sectors in terms of daily net inflow of funds were the communication, banking, and light manufacturing sectors The top three sectors in terms of net inflow of funds at the end of the day were the electronics, national defense and military industry, and non - bank finance sectors [24] - The top three themes in terms of increase were semiconductor equipment, lithography machines, and the SMIC industrial chain [24]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents a collection of hot news, including China's foreign exchange and gold reserves hitting new highs, potential developments in the Ukraine-Russia conflict, and adjustments in futures trading regulations. It also shows the performance of various commodity and financial asset sectors [2][3][6] 3. Summary by Related Catalogs Hot News - As of the end of December 2025, China's foreign exchange reserves reached $335.79 billion, a month-on-month increase of $1.15 billion, hitting a new high since December 2015; the gold reserve was 74.15 million ounces, a month-on-month increase of 30,000 ounces, increasing for 14 consecutive months [2] - Ukrainian President Zelensky stated during a visit to Cyprus that negotiations with US and European partners have reached a new level, and the conflict with Russia is expected to end in the first half of 2026 [2] - The Shanghai Futures Exchange announced trading adjustments starting from January 9, including limits on intraday opening positions in silver futures and changes in trading fees and margin ratios for certain contracts [2] - Major coking enterprises agreed to continue production cuts, reduce or stop purchasing high - priced coal, and stabilize prices through communication with steel mills [3] - The EIA report showed that for the week ending January 2, US commercial crude oil inventories (excluding strategic reserves) decreased by 3.832 million barrels to 419 million barrels, a 0.91% decline; domestic crude oil production decreased by 16,000 barrels to 13.811 million barrels per day; the Strategic Petroleum Reserve (SPR) inventory increased by 245,000 barrels to 413.5 million barrels, a 0.06% increase [3] Plate Performance - Key focus: urea, lithium carbonate, coking coal, coke, and crude oil [4] - Night - session performance of commodity futures: non - metallic building materials rose 2.06%, precious metals 30.91%, oilseeds and oils 7.65%, non - ferrous metals 3.36%, soft commodities 29.23%, coal - coking - steel - ore 10.30%, energy 2.33%, chemicals 9.83%, grains 1.11%, and agricultural and sideline products 3.23% [4] Plate Position - The report shows the position changes of commodity futures plates in the past five days [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.05% daily, 2.95% monthly, and 2.95% year - to - date; the S&P 500 fell 0.34% daily, rose 1.10% monthly and year - to - date [6] - Fixed income: The 10 - year Treasury bond futures fell 0.08% daily, 0.23% monthly, and 0.23% year - to - date [6] - Commodities: The CRB commodity index was flat daily, rose 1.10% monthly and year - to - date; WTI crude oil fell 1.17% daily, 1.81% monthly, and 1.81% year - to - date [6] - Others: The US dollar index rose 0.14% daily, 0.48% monthly, and 0.48% year - to - date; the CBOE volatility index was flat daily, fell 1.34% monthly and year - to - date [6] Stock Market Risk Preference and Major Commodity Trends - The report presents the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc., as well as the risk premium of the stock market [7]

Core Viewpoint - China's foreign exchange reserves have reached a ten-year high, while gold reserves have increased for 14 consecutive months, indicating a strong financial position and potential for investment opportunities [2][12]. Domestic Market Analysis - As of the end of December 2025, China's foreign exchange reserves stood at $335.79 billion, an increase of $11.5 billion from the previous month, marking the highest level since December 2015 [2]. - Gold reserves reached 74.15 million ounces, with an increase of 30,000 ounces, continuing a streak of 14 months of growth [2]. International Market Analysis - In the U.S., the ADP report indicated a modest recovery in private sector employment, with an increase of 41,000 jobs in December, reversing the previous month's decline but falling short of market expectations [2]. - The JOLTS report for November 2025 showed job openings dropped to 7.146 million, significantly below the expected 7.6 million, marking the lowest level since September 2024 [2]. Futures Market Overview - On January 7, 2026, the main gold futures contract opened at 1006.00 CNY/gram and closed at 998.90 CNY/gram, a decrease of 0.61% from the previous trading day, with a trading volume of 41,087 contracts [15]. - The main silver futures contract opened at 19,460.00 CNY/kilogram and closed at 19,290.00 CNY/kilogram, down 0.83%, with a trading volume of 2,172,110 contracts [15]. Bond Market Insights - The U.S. 10-year Treasury yield remained stable at 4.148% on January 7, 2026, with the yield spread between 10-year and 2-year bonds unchanged at 0.678% [16]. Gold and Silver Holdings - As of January 7, 2026, gold ETF holdings were stable at 1,067.13 tons, while silver ETF holdings decreased by 236 tons to 16,118 tons [18]. - The Shanghai Gold Exchange reported a gold trading volume of 63,134 kilograms, up 42.67%, while silver trading volume decreased by 6.05% to 823,590 kilograms [20]. Market Strategy - For gold, a cautiously bullish outlook is suggested, with prices expected to maintain a strong oscillation between 990 CNY/gram and 1,015 CNY/gram due to rising market risk sentiment and central bank purchases [21]. - For silver, a similar cautiously bullish stance is recommended, with expected price fluctuations between 18,500 CNY/kilogram and 20,000 CNY/kilogram, despite a recent price pullback [22].

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Core Viewpoint - China's foreign exchange reserves have remained above $3.3 trillion for five consecutive months, with a significant increase of over $155.5 billion by the end of December 2025 compared to the previous year [1]. Group 1: Foreign Exchange Reserves - As of December 2025, China's foreign exchange reserves stood at $3357.9 billion, reflecting an increase of $11.5 billion from the end of November, representing a growth rate of 0.34% [1]. - The rise in foreign reserves is attributed to the impact of major economies' monetary policies and macroeconomic data, leading to a depreciation of the US dollar and fluctuations in global financial asset prices [2]. - The increase in reserves is also supported by a trade surplus that has surpassed $1 trillion, indicating a solid fundamental backing for the stability of foreign reserves [3]. Group 2: Gold Reserves - By the end of December 2025, China's official gold reserves reached 7.415 million ounces, marking the 14th consecutive month of increase, although the increment has been relatively low in recent months [4]. - The increase in gold reserves is seen as a strategic move to optimize the structure of foreign exchange reserves amid rising geopolitical tensions and a trend towards "de-dollarization" [4]. - The proportion of gold reserves in China's official international reserves is approximately 9.5%, significantly lower than the global average of around 15%, indicating room for further increases in gold holdings [4].