Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The short - term trend of Shanghai silver is oscillating with a bearish bias, affected by regulatory control, profit - taking, and the Fed's hawkish stance [2]. - The stock index futures are expected to continue adjusting next week [4]. - Gold shows an accelerating upward trend after an oscillating adjustment, and the operation should be mainly long [8]. - Iron ore is in the process of bottom - seeking, with weak domestic demand support, and should be viewed from an oscillating perspective [10]. - Glass should be treated with an oscillating mindset in the short - term, driven by policy - side stimulus and supply - side clearance [13][14]. - Methanol futures show an oscillating and bullish pattern in the short - term, driven by the expected contraction of Iranian imports and port inventory reduction [15]. - Pulp futures are in an interval - oscillating trend, with the spot market running smoothly and downstream demand lacking driving force [18]. 3. Summary by Related Catalogs Shanghai Silver - Core decline drivers: The Shanghai Futures Exchange raised the margin to 18% and limited the opening positions to 800 lots, the Fed maintained a hawkish stance, the CFTC non - commercial net long positions decreased by 12%, and there was a substitution effect of copper for silver [2]. - Future trends: Short - term (1 - 2 weeks) is oscillating and bearish; medium - term (1 - 3 months), the silver price may recover under certain conditions [2]. - Operation suggestions: Avoid blind bottom - fishing and try short at resistance levels [2]. Stock Index Futures - The short - term weakening feature cannot be reversed by today's bottom - hunting rebound, and it is expected to continue adjusting next week [4]. Gold - After an oscillating adjustment, it reaches a new high, with increasing volatility and an accelerating upward trend. The operation should be mainly long [8]. Iron Ore - It is in the process of bottom - seeking, with weak domestic demand support. Technically, it rose and then fell today, and should be viewed from an oscillating perspective [10]. Glass - The daily melting change is small, inventory is slightly reduced. The main drivers are policy - side stimulus and supply - side clearance. Technically, it rose and then fell today, and should be treated with an oscillating mindset in the short - term [13][14]. Methanol - In the short - term, it is driven by the expected contraction of Iranian imports and port inventory reduction; in the medium - term, it is suppressed by low downstream MTO profits and high domestic operating rates; in the long - term, it is a game between cost support and import recovery. Opportunities for long positions should be grasped [15]. Pulp - The pulp spot market runs smoothly, some pulp enterprises and paper mills are under maintenance. Domestic port inventory is under pressure, downstream demand lacks driving force, and the futures market shows an interval - oscillating trend [18].

Core Viewpoint - The A-share market experienced significant selling pressure from major stocks during the closing auction phase, indicating potential market volatility and regulatory responses to manage risks [1][4][10]. Market Performance - On January 26, the main A-share indices adjusted, with the Shanghai Composite Index down 0.09%, the Shenzhen Component down 0.85%, and the ChiNext Index down 0.91% [1][6]. - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 32,806 billion CNY, an increase of 1,625 billion CNY from the previous trading day, marking the second consecutive day of trading volume exceeding 30 trillion CNY [1][6]. Selling Pressure - During the closing auction from 14:57 to 15:00, several core stocks experienced substantial sell orders, with Zijin Mining (601899) having a sell order amount exceeding 4 billion CNY, and other leading stocks like China Ping An, Jiangxi Copper, and China Duty Free also showing significant sell orders [1][7]. - Specific sell order amounts included 40.7 billion CNY for Zijin Mining, 20.5 billion CNY for China Ping An, and 19.3 billion CNY for Jiangxi Copper [1][7]. Historical Context - This incident is not the first occurrence of large sell orders from major stocks; a similar event happened on January 14, 2026, where stocks like China Merchants Bank and Zijin Mining also showed significant sell orders exceeding 10 billion CNY [4][10]. - The previous sell order from China Merchants Bank reached as high as 6.5 billion CNY, indicating a pattern of pressure on key financial and resource stocks during active market periods [4][10]. Regulatory Environment - The frequent occurrence of sell orders may correlate with recent regulatory measures aimed at strengthening risk management, including an increase in the minimum margin requirement for margin trading from 80% to 100%, effective January 19, 2026 [4][10]. - Following these regulatory changes, the A-share market has shown signs of consolidation and structural differentiation, with the Shanghai Composite Index fluctuating around the 4,100-point mark after reaching a peak of 4,190.87 points on January 14 [10].