Group 1: Report General Information - The report is a daily review of the precious metals industry dated January 23, 2026 [1] - The research team members include He Zhuoqiao (macro precious metals), Huang Wenxin (treasury bonds and container shipping), and Nie Jiayi (stock index) [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In 2026, precious metals, especially industrial precious metals, will continue to perform strongly under the influence of factors such as the restructuring of the international political and economic landscape, the Fed's loose monetary policy, the improvement of the global economic growth outlook, and the substitution demand of silver and platinum for gold jewelry. Investors are advised to maintain a bullish trading mindset but control the position size, and short hedgers should appropriately reduce the hedging ratio [4][6] - Geopolitical risks may significantly increase in 2026, and the restructuring of the global political and economic landscape and the loose monetary policies of global central banks will continue to boost the demand for reserve diversification, strategic value, and liquidity premium of the precious metals sector. The precious metals sector will continue the medium - term upward trend since 2024 [6] - The improvement of global economic growth momentum and the substitution demand of silver and platinum for gold jewelry will make the performance of silver and platinum stronger than that of gold, but the large influx of investment funds also means significant amplification of price volatility [6] Group 4: Precious Metals Market Conditions and Outlook Intraday Market - Trump's withdrawal of the threat to impose tariffs on eight European countries during the Davos Forum and the agreement on the future cooperation framework in Greenland and the entire Arctic region between the US and NATO led to a significant adjustment in precious metals overnight. However, media reports of the US trying to overthrow the Cuban regime and the weakness of the US real estate market helped precious metals recover most of the previous day's losses in the Asian session on the 22nd, remaining in a relatively strong operating pattern [4] Medium - term Market - Trump will focus on consolidating the geopolitical strategic space in the Western Hemisphere in 2026, which may lead to a significant increase in geopolitical risks [6] - The industrial demand for silver is significantly boosted by the global green energy transition, and the expected industrial demand for platinum and palladium is improved due to the EU's cancellation of the 2035 fuel - vehicle ban. The strong and rising gold price boosts the physical demand for silver, platinum, and palladium through jewelry substitution demand [6] - Investors are advised to maintain a bullish trading mindset but strictly control the position size. Conservative traders can consider cross - variety arbitrage of going long on silver and platinum and short on gold and palladium. Long hedgers should conduct hedging in batches as soon as possible, and short hedgers should appropriately reduce the hedging ratio [6] Group 5: Domestic Precious Metals Market Data | Contract | Pre - closing Price | High Price | Low Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 1,092.94 | 1,100.06 | 1,074.63 | 1,088.22 | - 0.43% | 369,376 | - 11,750 | | Shanghai Silver Index | 23,112 | 23,352 | 22,409 | 23,319 | 0.90% | 693,041 | 12,506 | | Guangzhou Platinum Index | 627.94 | 633.50 | 606.34 | 633.47 | 0.88% | 36,352 | - 1,071 | | Guangzhou Palladium Index | 487.24 | 487.74 | 470.95 | 484.52 | - 0.56% | 13,918 | - 5 | [5] Group 6: Main Macro Events/Data - Trump withdrew the threat of using tariffs as a bargaining chip for Greenland and ruled out the possibility of using force. An agreement to end the dispute over the Danish territory is about to be reached [18] - The US Supreme Court justices seem skeptical of Trump's attempt to remove Fed Governor Cook. Trump said he is close to selecting a new Fed chairman and prefers to keep White House economic advisor Hassett in his current position [18] - US pending home sales unexpectedly dropped to a five - month low in December. The decline of 9.3% to 71.8 was due to increased concerns in the labor market and the shortage of entry - level housing offsetting the boost from lower mortgage rates [18]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In 2026, precious metals, especially industrial precious metals, will continue to be strong. Investors are advised to take a long - biased approach but control the position size, and short hedgers should appropriately reduce the hedging ratio [4][5] 3. Summary by Relevant Catalogs Precious Metals Market Conditions and Outlook Intraday Market - Trump's threat to impose tariffs on eight European countries due to the Greenland issue has increased geopolitical risks, pushing up the prices of gold and silver in the Asian session on the 19th. London gold approached the $4700 per ounce mark. The adjustment risk in precious metals was fully released in the late December 2025 correction. This week, attention should be paid to China's annual GDP, US November PCE inflation, the Bank of Japan's interest - rate meeting, the Greenland issue, and the US Supreme Court's ruling on Trump's tariff measures [4] - The previous closing prices, highest prices, lowest prices, closing prices, price change percentages, open interest, and changes in open interest of domestic precious metal contracts such as the Shanghai Gold Index, Shanghai Silver Index, Guangzhou Platinum Index, and Guangzhou Palladium Index are presented [5] Medium - term Market - Trump will focus on consolidating the geopolitical strategic space in the Western Hemisphere in 2026, which may lead to a significant increase in geopolitical risks. The restructuring of the global political and economic landscape and the loose monetary policies of central banks will continue to boost the demand for reserve diversification, strategic value, and liquidity premium of the precious metal sector. In 2026, the precious metal sector will continue the medium - term upward trend since 2024. Silver and platinum will outperform gold, but the large influx of investment funds will also significantly increase price volatility. Investors are recommended to take a long - biased approach, and conservative traders can consider cross - product arbitrage. Long hedgers should hedge in batches as soon as possible, and short hedgers should appropriately reduce the hedging ratio [5] Main Macroeconomic Events/Data - Trump plans to impose a 10% import tariff on goods from eight European countries on February 1st, increasing to 25% on June 1st until the US reaches an agreement to purchase Greenland. EU countries may impose tariffs worth 93 billion euros on the US or restrict US companies from entering the EU market [16] - Canada and China have reached a preliminary trade agreement to cut tariffs on electric vehicles and rapeseed. Canada will allow up to 49,000 Chinese electric vehicles to enter at a 6.1% tariff rate, and China will lower the tariff rate on Canadian rapeseed to about 15% by March 1st. Trump supports Canadian Prime Minister Carney [16] - Trump may keep economic advisor Hassett in his position. He is considering candidates for the next Fed Chair. Fed Vice - Chair for Supervision Bowman said the weak job market may deteriorate rapidly and the Fed should be ready to cut rates again if necessary. Fed Vice - Chair Jefferson signaled support for keeping rates unchanged in the January meeting and is cautiously optimistic about the economy, labor market, and inflation in the coming year [17]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report In 2026, precious metals, especially industrial precious metals, will continue to perform strongly. The report suggests that investors should adopt a bullish approach but strictly control their position sizes. Conservative traders can consider cross - commodity arbitrage strategies such as going long on silver and platinum while shorting gold and palladium. Long - hedgers should hedge in batches as soon as possible, and short - hedgers should appropriately reduce their hedging ratios [4][6]. 3) Summary by Relevant Sections Precious Metals Market Trends and Outlook - **Intraday Trends**: On January 12, Asian trading hours, precious metal prices continued to strengthen. The market expects the Fed to continue its loose monetary policy in 2026, and geopolitical risks have pushed up prices. The correction at the end of December 2025 has released internal adjustment risks. In 2026, precious metals will continue to be strong. Investors are advised to trade with a bullish view and control position sizes. This week, attention should be paid to US price data, Chinese import and export data, and the US Supreme Court's ruling on Trump's tariff measures [4]. - **Medium - term Trends**: In 2026, geopolitical risks may significantly increase. The restructuring of the global political and economic landscape and the loose monetary policies of central banks will boost the demand for reserve diversification, strategic value, and liquidity premiums of the precious metals sector. The sector will continue the upward trend since 2024. Silver and platinum will outperform gold, but price volatility will also increase. Investors are advised to trade with a bullish view and control positions. Conservative traders can consider cross - commodity arbitrage [6]. Precious Metals Market Data - Domestic precious metals market data shows that on January 12, the Shanghai Gold Index closed at 1,028.89, up 1.98%; the Shanghai Silver Index closed at 20,909, up 11.65%; the Guangzhou Platinum Index closed at 622.66, up 3.88%; the Guangzhou Palladium Index closed at 505.71, up 1.29% [5]. Major Macroeconomic Events/Data - **US Employment Data**: In December 2025, the US added 50,000 non - farm jobs, less than the expected 60,000. The unemployment rate dropped to 4.4%. Wage growth was stable, and the market expects the Fed to keep interest rates unchanged in January. The probability of a rate cut in April is 45%, and it is more likely to cut rates in June [18]. - **US - Venezuela Relations**: The US may lift more sanctions on Venezuela in the coming week. Venezuela is exploring expanding diplomatic relations with the US, and the US is evaluating the possibility of "phased resumption" of embassy operations in Venezuela [18]. - **Iran Situation**: In Iran, local riots have caused more than 500 deaths. Trump has threatened to intervene, and Iran blames the US and Israel. Trump will meet with senior advisors on Tuesday to discuss options against Iran [19].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The cease - fire prospect of the Russia - Ukraine war weakens the safe - haven demand for precious metals, while the market expects that Fed Chairman Powell may not give a clear guidance on the second - stage interest rate cut at the Jackson - Hole Global Central Bank Annual Meeting. The US dollar index rebounds, and London gold and silver prices decline. However, Trump's 2.0 new policy boosts the safe - haven demand for gold. Gold's medium - term upward trend remains good, and it is expected to fluctuate within the range of $3120 - $3500 per ounce before rising again [4]. - The restructuring of the international trade currency system and the expectation of central bank interest rate cuts support the long - and medium - term bull market of gold. But high price - to - earnings ratios also increase gold price volatility. In the short term, London gold will continue to consolidate in the range of $3120 - $3500 per ounce. Central bank easing expectations may support silver prices in the medium and short term. Investors are advised to take a long - position approach with medium - to - low positions [5]. 3. Summary by Directory I. Precious Metals Market Quotes and Outlook - **Intraday Quotes**: The cease - fire prospect of the Russia - Ukraine war and the expected unclear guidance from Fed Chairman Powell lead to a rebound in the US dollar index. London gold falls to around $3320 per ounce, and silver to around $37.2 per ounce. Gold's safe - haven demand is boosted by Trump's new policy. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - **Domestic Precious Metals Quotes**: Shanghai Gold Index closes at 774.49, down 0.32%; Shanghai Silver Index closes at 9063, down 1.55%; Gold T + D closes at 769.69, down 0.35%; Silver T + D closes at 9019, down 1.79% [5]. - **Medium - term Quotes**: Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. The restructuring of the international trade currency system and central bank interest rate cut expectations support the gold bull market. It is expected that London gold will continue to fluctuate in the range of $3120 - $3500 per ounce in the short term. Central bank easing expectations may support silver prices in the medium and short term. Investors are advised to take a long - position approach with medium - to - low positions [5]. II. Precious Metals Market - Related Charts The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices to Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11][16]. III. Major Macroeconomic Events/Data - **Russia - Ukraine War**: US President Trump says that Putin and Zelensky are arranging a meeting to end the war. The UK government says European leaders are considering new sanctions on Putin. Trump also says the US won't send ground troops to Ukraine but may provide air support [17]. - **Credit Rating**: S&P Global confirms the US credit rating as AA +, stating that the revenue from Trump's tariffs will offset the fiscal impact of tax cuts and spending bills [17]. - **Tariff Adjustment**: The US will increase tariffs on more than 400 steel and aluminum derivative products, with a 50% tariff on steel and aluminum components in 407 product categories [18].

Report Overview - The report is a daily review of the precious metals industry dated June 11, 2025, provided by the Macro-Finance Team of Jianxin Futures Research and Development Department [1][2] 1. Investment Rating - No investment rating for the industry is provided in the report 2. Core Viewpoints - The silver price surge driven by pure capital is unlikely to last, and investors are advised not to go long with heavy positions. Conservative investors can consider the arbitrage strategy of going long on gold and short on silver after the silver momentum weakens [4] - Gold's safe-haven demand is greatly boosted, with increased volatility but a good medium-term upward trend. Investors are advised to maintain a long position with a medium to low position [4] - The long - and medium - term factors driving the gold price increase will continue, but short - term surges and high price - to - earnings ratios mean higher volatility. Investors should avoid full - position chasing, random top - guessing, or blind short - selling. Short - inclined traders can focus on the "long gold, short silver" arbitrage [5] 3. Summary by Section 3.1 Precious Metals Market Conditions and Outlook Intraday Market - Despite the cooling of the Fed's interest - rate cut expectations, the Los Angeles riots caused by immigration arrests and the confrontation among US government departments supported the gold price. London gold bottomed out and rebounded around $3300/ounce [4] - Since June, speculative funds have aggressively gone long on silver. Overnight, London silver reached $36.9/ounce, and the annual silver price increase exceeded that of gold. However, the silver price weakened during the Asian session on the 10th [4] Medium - term Market - In April, Trump's reciprocal tariff measures triggered a global financial market tsunami. Multiple safe - haven demands drove the gold price to soar and briefly break through $3500/ounce. Although the gold price corrected from its high due to reduced emotional impact and marginal improvement in global trade, the medium - term upward trend remains good [5] - Trump's determination to promote domestic and foreign reforms based on the America - First principle remains unchanged. The US International Trade Court's ruling cannot completely stop his tariff weaponization actions, bringing greater uncertainty to the market [5] - After the black - swan events, the market will face the impact of the accelerated restructuring of the global trade and currency system. The risks of US and global economic recession need to be resolved by central bank easing or government fiscal stimulus [5] Domestic Precious Metals Market | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 776.48 | 778.21 | 771.29 | 776.86 | 0.05% | 419,572 | 587 | | Shanghai Silver Index | 8,926 | 9,034 | 8,878 | 8,905 | - 0.24% | 1,008,144 | - 40,090 | | Gold T + D | 772.01 | 773.80 | 766.31 | 772.61 | 0.08% | 229,498 | 13,198 | | Silver T + D | 8,888 | 8,993 | 8,840 | 8,883 | - 0.06% | 3,633,502 | 74,166 | [5] 3.2 Precious Metals Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11] 3.3 Major Macroeconomic Events/Data - The US military will temporarily deploy about 700 Marines to Los Angeles until more National Guard troops arrive. California Governor Newsom criticized this move, and the state's Attorney General sued Trump, accusing him of overstepping his authority [17] - In May, China's passenger car market retail sales reached 1.932 million units, a year - on - year increase of 13.3% and a 6% increase compared to the highest level in May 2018, showing a strong growth trend [17] - European Central Bank Governing Council member and Austrian Central Bank President Holzmann said that unless economic data deteriorates, the ECB's current pause in interest - rate cuts may last a long time. If data worsens, the ECB may cut rates further this year [17]