1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The bond market has long - term allocation value, and there is still room for reserve requirement ratio cuts in 2026. The 10 - year Treasury bond yield of 1.83% has long - term investment value, though it may fluctuate in the short term due to high investor risk preference [12] - For A - shares, investors can follow the trend and focus on opportunities in four directions: satellite, commercial aerospace, and military industries; technology sectors like artificial intelligence, chips, etc.; bulk resource products such as non - ferrous metals, gold, and rare earths; and oil, gas, chemical, and petrochemical industries [13] - The US dollar may face continued depreciation pressure during the Fed's interest - rate cut cycle. The euro, pound, and yen will appreciate against the US dollar, while the RMB's appreciation against the US dollar may be relatively lower. Bulk commodities like gold, silver, copper, and oil may continue to rise in price [14] 3. Summary by Related Contents Stock Market Performance - US stock market: The three major US stock indexes declined. From 20260119 - 20260125, the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by - 0.06%, - 0.35%, and - 0.53% respectively. The Hang Seng Index also declined by 0.36% during the same period [4] - A - share market: The large - cap stocks in A - shares declined while small - cap stocks rose, and most growth sectors increased. From 20260119 - 20260125, the Wind All - A Index changed by 1.81%. The CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by - 0.69%, - 0.62%, 4.34%, 2.89%, 4.04%, and 5.16% respectively. In terms of sector styles, blue - chip stocks in the Shanghai Stock Exchange declined while growth stocks rose; in the Shenzhen Stock Exchange, both blue - chip and growth stocks declined; the Beixin 50 Index increased by 2.60%. Among the 30 CITIC industries, 24 industries rose and 6 declined. Leading industries with a weekly increase of more than 5.0% included building materials, petroleum and petrochemicals, steel, non - ferrous metals, basic chemicals, and real estate. Gold, photovoltaic, building materials, satellite, petrochemical, and aerospace ETFs led with a weekly increase of over 5% [5][6] Bond Market Performance - Chinese bonds: The yields of medium - and long - term Treasury bonds in China declined in the past week. From 20260119 - 20260125, the 10 - year Treasury bond futures main contract rose by 0.12% compared to January 16, 2026. The yield of the 10 - year active Treasury bond declined by 1.26 BP to 1.8298% compared to January 16, 2026. Yields of bonds with a maturity of 3 years and above declined [7] - US bonds: US bond yields showed mixed performance. As of January 23, 2026, the 10 - year US bond yield remained unchanged at 4.24% compared to January 16, 2026. Yields of various maturities showed mixed performance from 20260119 - 20260125 [8] Exchange Rate and Commodity Performance - Exchange rates: The US dollar depreciated. From 20260119 - 20260125, the US dollar index declined by 1.88%. The US dollar against the euro, pound, and yen changed by - 1.87%, - 1.89%, and - 1.43% respectively. The US dollar against the offshore RMB exchange rate declined by 0.27% to 6.9487 as of January 23, 2026, and the US dollar against the on - shore RMB exchange rate declined by 0.07% to 6.9642 [9][10] - Commodities: Gold prices rose. From 20260119 - 20260125, the London gold spot price rose by 7.27% to $4946.25 per ounce; the COMEX gold futures price rose by 7.00% to $4936.00 per ounce. The domestic Shanghai gold spot price rose by 7.52% to 1110.3 yuan per gram, and the futures price rose by 7.71% to 1111.88 yuan per gram [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - A-share investors' risk appetite is expected to remain high, and investment opportunities in sectors such as military, aerospace, satellites, precious metals, storage, innovative drugs, computing power, and artificial intelligence are recommended [12]. - The bond market may continue to fluctuate within a narrow range, but the 10-year Treasury yield above 1.85% has allocation value [12]. - The long-term bullish logic for precious metals like gold remains unchanged, and they have long-term allocation value [12]. 3. Summary According to Relevant Content Stock Market Performance - U.S. stock indexes rose, with the Nasdaq, S&P 500, and Dow Jones Industrial Average changing by 1.88%, 1.57%, and 2.32% respectively, and the Nasdaq China Technology Index changing by 2.83%. The Hang Seng Index fell slightly by -0.41% [5]. - A-shares generally rose, with the wind all-A index changing by 5.11%. Among different indexes, the CSI A100, Shanghai and Shenzhen 300, CSI 500, CSI 1000, CSI 2000, and wind micro-cap stocks changed by 3.61%, 2.79%, 7.92%, 7.03%, 6.54%, and 4.47% respectively. In terms of sectors, blue-chip and growth stocks in both Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 5.82%. Among industries, 28 out of 30 CITIC industries rose, with national defense and military industry, media, non-ferrous metals, computers, medicine, and electronics leading the gains with a weekly increase of more than 7.0% [6][7]. Bond Market Performance - The yields of medium- and long-term Treasury bond varieties in China increased. The 10-year Treasury bond futures main contract fell by 0.09% compared to January 2, 2026, and the yield of the 10-year Treasury bond active bond increased by 3.55 BP to 1.8782% [8]. - The yields of ultra-long-term U.S. Treasury bonds decreased. As of January 9, 2026, the 10-year U.S. Treasury bond yield changed by -1 BP to 4.18%, and the yields of 10-year and above varieties decreased [9]. Exchange Rate and Commodity Performance - The U.S. dollar strengthened, with the U.S. dollar index increasing by 0.69%. The U.S. dollar exchange rates against the euro, pound, and yen changed by 0.71%, 0.37%, and 0.64% respectively. The U.S. dollar exchange rate against the RMB decreased, with the U.S. dollar against the offshore RMB increasing by 0.09% to 6.9760 and the U.S. dollar against the onshore RMB decreasing by 0.10% to 6.9821 [10]. - Gold prices rose. The London gold spot price increased by 3.24% to $4493.85 per ounce, and the COMEX gold futures price increased by 3.59% to $4473.00 per ounce. Domestic gold prices also rose, with the Shanghai gold spot increasing by 2.93% to 1003.49 yuan per gram and the futures increasing by 2.05% to 991.62 yuan per gram [11].