Report Industry Investment Ratings No investment ratings for the industry are provided in the report. Core Views of the Report The report offers insights into the trends and fundamentals of various commodities. It indicates that different commodities are in diverse states, including price fluctuations, supply - demand dynamics, and market sentiment. For example, some commodities are expected to be in a state of shock, some are facing price pressures, and others are influenced by macro - economic and industry - specific news [2]. Summary by Relevant Catalogs Metals - **Precious Metals**: Gold is releasing risks, and silver is falling from a high level. Platinum is following silver to weaken further, and palladium is weak and back to a low level. For gold, the Shanghai gold 2602 contract closed at 1,141.70 with a daily increase of 4.38%, and the overnight session closed at 1113.78 with a decrease of 0.64% - 1.54%. The trend intensity of gold and silver is 0 [6]. - **Base Metals**: - **Copper**: The sentiment is pessimistic, and the price is under pressure. The Shanghai copper main contract closed at 100,980 with a daily decrease of 3.97%. The trend intensity is - 1 [12]. - **Zinc**: It is running weakly. The Shanghai zinc main contract closed at 24395 with a daily decrease of 1.97%. The trend intensity is 0 [15]. - **Lead**: The domestic inventory is increasing, and the price is under pressure. The Shanghai lead main contract closed at 16555 with a daily decrease of 0.21%. The trend intensity is 0 [18]. - **Tin**: It is in shock consolidation. The Shanghai tin main contract closed at 365,140 with a daily decrease of 3.72%. The trend intensity is 0 [20]. - **Aluminum**: It is under pressure at a high level. The Shanghai aluminum main contract closed at 23385 with a decrease of 570 compared to the previous day. The trend intensity is 1. Alumina has a slight rebound, and the trend intensity is 0. Cast aluminum alloy follows electrolytic aluminum, and the trend intensity is 1 [24]. - **Nickel**: The macro - sentiment dominates the margin, and there is a game between the fundamentals and speculative positions. The Shanghai nickel main contract closed at 134,430 with a decrease of 3,250 compared to the previous day. The trend intensity is 0. Stainless steel has frequent maintenance and production cuts in February, and the nickel - iron expectation supports the lower level. The trend intensity is 0 [34][35]. Energy and Chemicals - **Fossil Fuels**: - **Coal**: For动力煤, Indonesian production - cut news stimulates the import market, and domestic coal prices remain stable before the festival. The Shanxi Datong 5500 coal price is 567.0 yuan/ton, with a decrease of 1.0 yuan/ton compared to the previous day [69]. - **Oil - related Products**: - **Fuel Oil**: It is continuously rebounding, and the short - term weakness is suspended. The FU2603 contract closed at 2,824 with a daily increase of 0.97%. The trend intensity is 0. - **Low - Sulfur Fuel Oil**: It is in a narrow - range adjustment, and the spot high - low sulfur price difference in the overseas market is still at a historical low. The LU2603 contract closed at 3,299 with a daily increase of 0.70%. The trend intensity is 0 [139]. - **Chemicals**: - **PTA**: It is in a range - bound market. The PTA main contract closed at 5144 with a daily decrease of 74. The trend intensity is - 1. - **MEG**: It is for range operation. The MEG main contract closed at 3745 with a daily decrease of 43. The trend intensity is - 1. - **PVC**: It is weakly oscillating. The PVC 05 - contract futures price is 5052, and the East China spot price is 4850. The trend intensity is - 1 [75][136]. Agricultural Products - **Grains and Oils**: - **Palm Oil**: The macro - sentiment is volatile, and the high - level fluctuations intensify. The palm oil main contract closed at 9,042 with a daily decrease of 1.05%. The trend intensity is 0. - **Soybean Oil**: It is in a range - bound adjustment. The soybean oil main contract closed at 8,104 with a daily decrease of 0.44%. The trend intensity is 0. - **Soybean Meal**: Overnight, US soybeans continued to rise, and Dalian soybean meal may follow. The DCE soybean meal 2605 contract closed at 2731 with a daily increase of 6. The trend intensity is + 1. - **Soybean**: The spot price is stable, and the market is oscillating. The DCE soybean 2605 contract closed at 4382 with a daily decrease of 3. The trend intensity is 0 [170][175][176]. - **Other Agricultural Products**: - **Sugar**: It is in a range - bound arrangement. The original sugar price is 14.27 cents/pound, and the mainstream spot price is 5290 yuan/ton. The trend intensity is 0 [182]. - **Cotton**: It is expected to maintain an oscillating trend. The CF2605 contract closed at 14,610 with a daily decrease of 0.48%. The trend intensity is 1 [187]. - **Eggs**: They maintain a weak state. The egg 2603 contract closed at 2,891 with a daily decrease of 1.90%. The trend intensity is - 1 [193]. - **Hogs**: The peak season is not prosperous, and it is expected that the central price will continue to decline after the festival. The Henan spot price is 12880 yuan/ton, and the hog 2603 contract closed at 10995 yuan/ton. The trend intensity is - 1 [196]. - **Peanuts**: They are oscillating. The PK603 contract closed at 8,040 with a daily increase of 0.02%. The trend intensity is 0 [200]. Others - **Lumber**: Logs are in shock consolidation. The 2603 - contract closed at 802 with a daily decrease of 0.7%. The trend intensity is 0 [71]. - **Shipping**: The container shipping index (European line) has a renewed expectation of price increase. The EC2604 contract closed at 1,247.6 with a daily increase of 2.20%. The trend intensity is 0 [141].

Core Viewpoint - The market is experiencing a divergence characterized by "defensive reallocation" meeting "policy-driven support," with significant movements in the financial and consumer sectors while precious metals and tech hardware continue to decline [3][4][6] Group 1: Market Dynamics - The market's downturn is primarily affecting precious metals and certain tech hardware sectors due to external market sentiment and profit-taking, indicating a low risk appetite among investors [3] - Funds are reallocating towards large consumer and financial sectors, driven by the "Spring Festival effect" and supportive policies [3][4] Group 2: Financial Sector Insights - The surge in bank stocks is attributed to three main factors: policy support from the central bank, the defensive characteristics of high dividends and low valuations, and anticipatory positioning for economic stabilization [4][5] - The recent announcement of zero tariffs for residents in Hainan's free trade port is expected to boost consumer spending, particularly benefiting retail and film sectors [4] Group 3: Investment Strategies - Investors are advised to recognize the current market phase and adopt a "structural defense" approach, focusing on stable performance and policy-friendly sectors [5] - For strong financial and consumer sectors, it is recommended to follow trends cautiously and avoid chasing stocks that have seen excessive intraday gains [5] - Growth sectors undergoing adjustments should be closely monitored, with a focus on identifying strong industry leaders for potential long-term investment [5] - A balanced investment strategy is suggested, utilizing a "barbell" approach to allocate assets between defensive sectors and maintaining cash reserves for future opportunities [5][6] Group 4: Future Market Observations - Attention should be given to the sustainability of the financial sector's performance and whether market volume can increase effectively [6] - The response of the U.S. stock market to significant tech events, such as SpaceX's satellite system application, may influence the sentiment of the tech sector in the A-share market [6]

Group 1 - The event aimed to implement national policies for stabilizing foreign trade and enhancing corporate compliance capabilities, responding to the China Council for the Promotion of International Trade's initiative to strengthen foreign commercial services for enterprises [1][4] - The training session focused on compliance system construction and intellectual property risk prevention, attracting participation from 30 companies in the imaging equipment, smart hardware, and 3C accessories sectors, with 56 legal, compliance, intellectual property, and overseas business leaders attending [2][3] - Experts provided practical case analyses and shared cutting-edge strategies, receiving positive feedback from participating companies, effectively addressing compliance and intellectual property challenges faced by enterprises [4] Group 2 - The event exemplified a successful model of national-level commercial legal service resources reaching grassroots levels, empowering local industries, and contributing to high-quality regional economic development [4] - The training and subsequent roundtable discussion were part of the China Council for the Promotion of International Trade's mission to serve enterprises, industries, and promote openness [4]

本周五（30日），国际黄金、白银价格大幅下跌。截至收盘， 纽约商品交易所黄金期货主力合约价格 跌破每盎司4800美元关口；纽约商品交易所白银期货主力合约跌破每盎司80美元关口，较前一个交易日 下跌31.37%。 30日美国三大股指集体下跌 当地时间本周五，美国总统特朗普提名凯文・沃什出任美联储下一任主席，市场分析认为沃什立场偏鹰 派，可能不会支持大幅降息，他在美联储任职期间曾多次表达对通胀上行的担忧。消息公布后，市场维 持美联储今年只降息两次的预期。另外，最新公布的美国去年12月生产者价格指数（PPI）超预期增 长，显示生产端通胀压力顽固，以上多个因素打压市场风险偏好，截至收盘，美国股市延续前一日跌势 集体下跌，其中道指跌0.36%，标普500指数跌0.43%，纳指跌0.94%。 个股方面，受益于iPhone销量的大幅增长，苹果公司公布的2026财年第一财季营收超预期增长，苹果公 司股价周五收涨0.46%。从周线上看，本周美国三大股指涨跌不一，其中道指累计下跌0.42%，标普500 指数累计上涨0.34%，纳指下跌0.17%。 因美国总统特朗普重申对与伊朗进行谈判持开放态度，削弱了地缘政治风险溢价，国际油价本 ...

Domestic News - The first mandatory national standard for automotive driving assistance systems has been officially released, set to be implemented on January 1, 2028. This standard mandates that automatic emergency braking systems (AEB) become standard equipment in light vehicles, with a projected AEB system installation rate exceeding 60% for new passenger cars by 2025 [3] - During the "14th Five-Year Plan" period, the manufacturing and sales revenue of new energy vehicles is expected to grow at an annual rate of 49.5%. In 2025, the manufacturing of new energy vehicles is projected to increase by 14.3%, while the clean energy power generation sector is expected to see a 17.3% revenue growth, accounting for 38.5% of total electricity production revenue, an increase of 6.9 percentage points from 2021 [4] - Xi'an has opened applications for a vehicle replacement subsidy for 2026, offering a maximum subsidy of 15,000 yuan for eligible consumers replacing old vehicles with new energy or fuel vehicles. The subsidy is set at 8% of the new vehicle sales price for new energy vehicles and 6% for fuel vehicles, with a cap of 15,000 yuan and 13,000 yuan respectively [5] - Lantu has announced its product plan for 2026, which includes four new models, all equipped with L3 autonomous driving capabilities. The first model, Lantu Taishan Ultra, is expected to be delivered in March 2026 [6][7] - BYD has launched the 5.0 version of its "Tianshen Eye" driving assistance system, featuring advanced reinforcement learning capabilities. By the end of last year, BYD had over 2.56 million vehicles equipped with this system, generating over 160 million kilometers of data daily [8] - Dongfeng's overseas version of the Nano 06 has been launched in Costa Rica, with 270 orders received during the launch event [9] - NIO has officially pushed the new version of its World Model (NWM), which includes a new urban navigation battery swap feature, supporting over 2,000 battery swap stations nationwide [10] - Alipay has partnered with Xiaomi to introduce a smart parking payment feature in Xiaomi's smart glasses, allowing users to pay for parking with voice commands or by scanning a parking code [11][12] International News - Malaysia has announced a vehicle scrappage subsidy program for cars older than 20 years, allowing owners to receive up to 8,000 ringgit in total for purchasing new vehicles after scrapping their old ones [13] - Thailand's automotive sales reached a two-year high in 2025, with total sales of 621,166 vehicles, an 8.5% increase from 2024. Electric vehicle sales accounted for 276,697 units, representing 45% of total sales [14] - Uber has established the AVLabs team to leverage its extensive real-world data from ride-hailing services to support the development of autonomous driving technology [15] - Volvo Financial Services has extended its partnership with Bank of America until 2030 to continue providing financing and leasing services to Volvo customers and dealers in the U.S. [16] Commercial Vehicles - The largest new energy heavy truck supercharging station in Hainan has been put into operation, with a total installed capacity of 8,000 kilowatts, enhancing the reliability and efficiency of the new energy heavy truck charging network in the province [18] - DAF has launched the XG Electric and XG+ Electric models, targeting the high-end transport market with spacious cabins designed for long-haul operations [19] - SANY Heavy Truck has partnered with Longxin Technology to create a comprehensive energy ecosystem for heavy trucks, aiming to alleviate long-distance charging anxiety [20] - BYD's T4 electric truck has surpassed 1,000 units in cumulative sales, gaining popularity in various urban distribution markets due to its low energy consumption and high reliability [21]

⑥美油主力合约收跌0.39%，报60.83美元/桶；布油主力合约跌0.26%，报64.9美元/桶； ⑦纽约尾盘，美元指数跌0.48%报97.0244，离岸人民币对美元跌2.5个基点报6.9490； ⑧伦敦基本金属多数上涨，LME期锌涨2.78%报3351.0美元/吨，LME期铝涨0.84%报3195.5美元/吨， LME期铜涨0.52%报13183.0美元/吨，LME期铅涨0.49%报2036.0美元/吨，LME期镍跌0.89%报18590.0美 元/吨，LME期锡跌4.09%报54495.0美元/吨； ⑨美债收益率集体下跌，2年期美债收益率跌0.18个基点报3.588%，3年期美债收益率跌0.27个基点报 3.654%，5年期美债收益率跌0.17个基点报3.819%，10年期美债收益率跌0.99个基点报4.211%，30年期 美债收益率跌2.13个基点报4.801%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌1.5个基点报4.496%，法国10年期国债收益率跌5.8个 基点报3.434%，德国10年期国债收益率跌3.9个基点报2.865%，意大利10年期国债收益率跌4.7个基点报 3.464%，西班牙 ...

Market Overview - The US stock market experienced volatility due to President Trump's comments, including a threat to impose tariffs on eight European countries supporting Greenland, leading to a market drop, which was later recovered after he announced the cancellation of the tariffs [1] - The Dow Jones fell by 0.53%, the S&P 500 decreased by 0.35%, and the Nasdaq had a minimal decline of less than 0.1% [1] - PNC Financial Services Group's Chief Investment Strategist Yung-Yu Ma noted that the recent market movements resembled a brief but steep roller coaster, suggesting that while the most intense phase may be over, uncertainty remains [1] Economic Focus - The upcoming week will shift focus back to macroeconomic data, monetary policy, and corporate earnings, with the Federal Reserve's meeting expected to be a major highlight [1] - The market anticipates that the Federal Reserve will maintain the federal funds rate target range at 3.50%–3.75% during the announcement on Wednesday [1] - Investors are particularly interested in the number of dissenting votes and the accompanying statements to gauge the timing and pace of future rate cuts [1] Corporate Earnings - Approximately one-fifth of S&P 500 companies will report quarterly earnings next week, including major firms like Apple, Microsoft, Meta, and Tesla [2] - Franklin Templeton's Senior Market Strategist Chris Galipeau emphasized the importance of convincing earnings reports, stating that despite potential distractions from economic data or geopolitical events, corporate profits ultimately drive the market [4] AI Investment Insights - A key theme for the earnings season is whether companies are beginning to see real benefits from AI-related investments, as concerns about capital expenditures in data centers and infrastructure previously affected tech stocks [5] - PNC's Ma highlighted that the market needs to hear from large companies in the S&P 500 about their continued advancement in AI applications and strategies to build investor confidence that AI can create real value [5] Upcoming Economic Events - A summary of significant economic events includes various reports on durable goods orders, consumer confidence indices, and the Federal Reserve's interest rate decision, which will be closely monitored by investors [3][4]

Core Viewpoint - Huafeng Technology announced that starting from January 26, 2026, GF Securities Co., Ltd. will conduct market-making trading for its stocks on the Sci-Tech Innovation Board, in accordance with relevant regulations [1] Group 1 - Huafeng Technology's stock code is 688629 [1] - The market-making trading business will be based on the implementation rules of the Shanghai Stock Exchange for market-making trading of Sci-Tech Innovation Board stocks [1] - The announcement was made on January 23 [1]

Group 1: Market Overview - Global stock markets showed mixed performance, with the Hang Seng Index closing at 26,630, up 0.17% for the day and 3.90% year-to-date [1] - The Shanghai Composite Index rose by 0.14% to 4,123, while the Shenzhen Composite Index increased by 0.69% to 2,714, reflecting a positive trend in the Chinese market [1] - The US markets also experienced gains, with the Dow Jones up 0.63% and the S&P 500 up 0.55%, indicating a favorable environment for equities [1] Group 2: Sector Performance - In the Hong Kong market, the real estate sector led gains with a 1.62% increase, while the financial sector saw a decline of 0.37% [2] - The energy, real estate, and public utilities sectors in Hong Kong outperformed, while materials, healthcare, and information technology sectors lagged [3] - The A-share market saw significant gains in construction materials, defense, and oil & petrochemicals, while beauty care, banking, and pharmaceuticals underperformed [3] Group 3: Company Analysis - 康龙化成 (300759 CH) - 康龙化成 is recognized as a leading integrated CXO service provider in China, offering comprehensive drug development services [4] - The company is expected to benefit from the growing global demand for pharmaceutical R&D outsourcing, with a target price set at 38.08 RMB and a "buy" rating [4][8] - The company has established a one-stop CXO service platform, significantly reducing operational risks and costs for clients, which is crucial in the current biopharmaceutical landscape [4] Group 4: Business Growth and Projections - 康龙化成's laboratory services are projected to see over 15% growth in new orders in 2024, providing a solid foundation for revenue [5] - The small molecule CDMO segment is expected to grow over 35% in new orders in 2024, driven by commercialized projects [5] - The company anticipates revenue growth of 14.2% in 2025, with non-IFRS net profit expected to increase by 12.3% [8]

Core Viewpoint - The report highlights the performance and portfolio adjustments of the Jiashi Value Select Equity Fund managed by Tan Li, indicating a shift in top holdings and a focus on commodity prices and market dynamics in the context of investment strategies. Group 1: Fund Holdings - As of the end of Q4 2025, the top ten holdings of the Jiashi Value Select Equity Fund include Zijin Mining, Hualu Hengsheng, Chifeng Jilong Gold, and others, with notable new entries being Ninebot and Binjiang Group, while Chengdu Bank exited the top ten [1][2]. - The fund's stock position was reported at 91.88% at the end of Q4 [2]. Group 2: Performance Metrics - The net asset value per share for Jiashi Value Select Equity A was 2.2893 yuan, with a growth rate of -0.32%, while the C share had a net asset value of 2.2825 yuan and a growth rate of -0.48%, against a benchmark return of -2.06% [3]. Group 3: Market Analysis - In Q4, there was a significant increase in the prices of gold and industrial metals, influenced by factors such as resource nationalism and strategic metal reserves in developed countries, leading to a widening supply-demand gap [3]. - The A-share market saw a rebound in Q3 2024 and a substantial rise in Q3 2025, with the Sci-Tech Innovation Board and Growth Enterprise Market achieving around 50% gains year-to-date, driven by a strong technology narrative and high market risk appetite [4]. - The report indicates a structural adjustment in the portfolio, with increased allocation to non-ferrous metals and a realization of profits in precious metals, while maintaining overall allocation ratios [4].