Report Summary 1. Hot News - Trump nominates Kevin Warsh as the next Fed Chair, but some senators oppose the nomination unless the investigation against Powell is dropped. Warsh's policy stance may combine rate cuts and balance - sheet reduction [2] - In 2025, China's national fiscal revenue was 21.6 trillion yuan, down 1.7% year - on - year, with securities transaction stamp duty revenue up 57.8% to 203.5 billion yuan. Fiscal expenditure was 28.74 trillion yuan, up 1% year - on - year, and about 10 billion yuan in child - rearing subsidies were issued [2] - China's official manufacturing PMI in January was 49.3%, down 0.8 percentage points month - on - month; non - manufacturing PMI was 49.4%, down 0.8 percentage points; and the composite PMI output index was 49.8%, down 0.9 percentage points [3] - Trump declares a national emergency, threatening to impose ad - valorem tariffs on countries supplying oil to Cuba, and warns of potential 50% tariffs on Canadian planes [3] - The Shanghai Futures Exchange will adjust the daily price limit of silver futures contracts from 2605 to 2701 to 17% and the margin ratios for hedging and general positions to 18% and 19% respectively from the close of February 3 [3] 2. Sector Performance - Key sectors to watch: urea, lithium carbonate, coking coal, silver, PVC [4] - Night session performance: Non - metallic building materials rose 1.85%, precious metals rose 38.07%, oilseeds rose 7.90%, soft commodities rose 2.17%, non - ferrous metals rose 26.49%, coal - coking - steel - ore rose 8.22%, energy rose 2.59%, chemicals rose 9.23%, grains rose 1.00%, and agricultural and sideline products rose 2.48% [4] 3. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days from January 26 to January 30, 2026 [5] 4. Performance of Major Asset Classes - Equity: Shanghai Composite Index fell 0.96% daily, 0% monthly, and rose 3.76% year - to - date; S&P 500 fell 0.43% daily, 0% monthly, and rose 1.37% year - to - date; Hang Seng Index fell 2.08% daily, 0% monthly, and rose 6.85% year - to - date, etc. [6] - Fixed - income: 10 - year Treasury bond futures rose 0.06%, 5 - year Treasury bond futures rose 0.01%, and 2 - year Treasury bond futures were flat [6] - Commodities: CRB commodity index fell 1.12% daily, 0% monthly, and rose 7.13% year - to - date; WTI crude oil rose 0.37% daily, 0% monthly, and rose 14.19% year - to - date; London spot gold fell 9.25% daily, 0% monthly, and rose 13.01% year - to - date [6] - Others: US dollar index rose 0.99% daily, 0% monthly, and fell 1.17% year - to - date; CBOE volatility index rose 3.32% daily, 0% monthly, and rose 16.66% year - to - date [6] 5. Stock Market Risk Appetite and 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 and silver, LME copper, etc., as well as the risk premium of the stock market [7]