Report Summary 1. Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - In the short term, gold and silver prices are expected to continue their weak performance with high volatility due to factors such as geopolitical risk subsiding, index adjustment concerns, and risk - control measures from the exchange. Long - term, the upward logic of precious metals remains intact, and investors can wait for opportunities to buy on dips after the current risks are released [5][6]. 3. Summary by Related Sections 3.1 Price Tracking - On January 8, 2026, London gold spot was at $4434.31/oz, down 0.2% from the previous day; London silver spot was at $76.44/oz, down 3.2%. COMEX gold was at $4442.80/oz, down 0.3%, and COMEX silver was at $76.12/oz, down 3.4%. Shanghai gold futures' main contract closed at 997.94 yuan/g, down 0.73%, and Shanghai silver futures' main contract closed at 18450 yuan/kg, down 5.91% [3][4]. - The price differences and their changes were also presented, such as the gold TD - SHFE active price difference, which decreased by 6.1% from January 7 to January 8 [4]. 3.2 Position Data - As of January 7, 2026, the gold ETF - SPDR held 1067.13 tons, with no change from the previous day. COMEX gold non - commercial long positions decreased by 5.02% compared to January 6 [4]. 3.3 Inventory Data - On January 8, 2026, SHFE gold inventory was 97653 kg, unchanged from the previous day, while SHFE silver inventory increased by 15.22% to 637647 kg [4]. 3.4 Interest Rates/Exchange Rates/Stock Market - On January 8, 2026, the USD/CNY central parity rate was 7.02, up 0.01% from the previous day. The US dollar index was 98.74, up 0.14% [4]. 3.5 Market Analysis - After the geopolitical risk in Latin America subsided, concerns about the adjustment of the Bloomberg Commodity Index and risk - control measures from the exchange led to a sharp decline in precious metal prices. In the short term, prices may remain weak and volatile. In the long term, the upward logic of precious metals remains valid [5][6].

Group 1 - Chinese brokerage stocks experienced significant declines in the afternoon, with Shenwan Hongyuan down 5.44% to HKD 3.3, Dongfang Securities down 5.29% to HKD 7.87, CITIC Securities down 4.3% to HKD 28.9, and CITIC Jiantou down 4.63% to HKD 14.02 [1] - The Shanghai Composite Index recently reached a ten-year high, with trading volume exceeding CNY 3 trillion, indicating strong market sentiment [1] - Huaxi Securities noted that the surge in market volume reflects positive investor sentiment, while a significant rise in implied volatility signals increased speculative activity [1] Group 2 - JPMorgan's report highlighted that the bullish narrative among retail investors is gaining traction, yet the valuation of the securities industry remains significantly lower than the peak levels seen during the 2015 bull market [1] - The market's upward trend is expected to strengthen further, supported by moderate leverage levels and reasonable valuations [1] - JPMorgan recommends that investors increase market risk exposure through brokerage firms [1]