Group 1: Silver and Gold Market Dynamics - The recovery of silver, reaching a recent high of over $93 per ounce, has pushed the gold-silver ratio down to 50, the lowest level since March 2012 [1][6] - Silver prices surged nearly 150% last year, continuing to rise into early 2026, while gold prices remain above $4,600 per ounce, up over 6% this year [7] - The increase in metal prices, geopolitical risks, and threats to the independence of the Federal Reserve are raising concerns about potential inflation acceleration in 2026 [7] Group 2: Inflation Concerns and Market Reactions - The current inflation rate remains stubbornly above the Federal Reserve's 2% target, raising fears that anticipated rate cuts in 2026 may be jeopardized [7][8] - Despite some fund managers taking precautions, broader financial markets have not fully priced in inflation concerns, as evidenced by the slight increase in the 10-year U.S. Treasury yield to 4.16% [2][7] - The market is awaiting Trump's nomination for the new Federal Reserve chair, who is expected to favor significant rate cuts [8] Group 3: Japanese Monetary Policy Outlook - Concerns about the new leadership potentially undermining the independence of the Bank of Japan are prevalent, with the yen's depreciation influencing future policy decisions [9] - A Bloomberg survey indicates that all economists expect the Bank of Japan to maintain the benchmark interest rate at 0.75% during the upcoming meeting [9] - July is seen as the most likely month for the next interest rate hike, with 48% of economists supporting this view [9]

Investment Rating - The report maintains a "Buy" rating for the precious metals sector, highlighting strong growth potential for key companies in the industry [4][5]. Core Insights - The report emphasizes that gold prices are expected to rise due to a combination of factors including a weakening U.S. economy, ongoing interest rate cuts, and increased demand from central banks [10][11]. - Silver is noted for its dual attributes as both an industrial and financial asset, with expectations for a price rebound driven by industrial demand, particularly in photovoltaic applications [11][10]. Summary by Sections 1. U.S. Economic Outlook - The U.S. economy is facing downward pressure, with a notable increase in unemployment rates and a decline in consumer confidence [19][26]. - The Federal Reserve is likely to continue its rate-cutting cycle, which historically correlates with rising gold prices [29][35]. 2. Sovereign Currency Credit Decline - Central banks have significantly increased gold purchases as a hedge against declining currency credit, with global central bank gold buying exceeding 1,000 tons annually for three consecutive years [8][61]. - The report indicates that the expansion of central bank balance sheets has led to a devaluation of fiat currencies, further supporting gold prices [61][66]. 3. Geopolitical Issues and Investment Demand - Geopolitical tensions and trade policies have heightened risk aversion, leading to increased investments in gold [10][11]. - The report notes a surge in ETF holdings and trading activity in gold, reflecting strong demand from emerging market investors [11][10]. 4. Silver Market Dynamics - Silver's industrial demand, particularly in solar energy, is expected to grow, creating a supply-demand gap that could drive prices higher [11][10]. - The report highlights the historical inverse relationship between the gold-silver ratio and PMI, suggesting potential for silver price increases [11][10]. 5. Investment Recommendations - The report recommends several companies in the precious metals sector, including Zijin Mining International, China National Gold, and Western Gold, among others, as having strong growth prospects [4][11].

Group 1 - The current trading price of gold T+D is around 1029.10 CNY per gram, with a slight decline of 0.18% from the previous session, indicating a short-term oscillating trend [1] - The highest price reached was 1034.50 CNY per gram, while the lowest was 1026.00 CNY per gram, reflecting a range of volatility in the market [1] - The technical analysis suggests a high-level oscillation pattern for gold T+D, with key support at 990 CNY per gram and resistance at 1010 CNY per gram [3] Group 2 - Federal Reserve Chair Jerome Powell has gained unexpected public support, with notable figures in the financial community praising his leadership amid ongoing investigations related to monetary policy [1] - Philadelphia Fed President Anna Paulsen supports the Fed's recent decisions to lower interest rates, indicating satisfaction with the current interest rate being slightly above neutral [2] - Paulsen suggests that inflation is expected to progress towards the 2% target by the end of the year, and she is inclined towards moderate rate cuts later in the year, contingent on inflation data and labor market conditions [2]

【要闻速递】 周四，美国劳工部公布的数据显示，上周初请失业金人数意外下降9000人，经季节性调整后降至19.8万 人，远低于经济学家预期的21.5万人。这一数据提振美元指数升至六周新高99.49，收于99.35，涨幅 0.28%。美元走强令以美元计价的黄金对海外买家更昂贵，压制了黄金需求。 摘要今日周五(1月16日)亚盘时段，现货黄金最新报价为1029.71元/克，较前一交易日下跌4.05元，跌幅 0.40%，日内呈现震荡下行走势。当日开盘价报1033.91元/克，盘中最高触及1034.82元/克，最低下探至 1028.84元/克。 值得注意的是，DRW Trading策略师Lou Brien警告，美国就业数据的"出生-死亡模型"可能存在缺陷，或 高估实际增长，未来年度修订版或揭示劳动力市场潜在疲软。这为黄金提供了潜在反转机会，但短期内 美元强势仍是金价下滑的主因。 今日周五(1月16日)亚盘时段，现货黄金最新报价为1029.71元/克，较前一交易日下跌4.05元，跌幅 0.40%，日内呈现震荡下行走势。当日开盘价报1033.91元/克，盘中最高触及1034.82元/克，最低下探至 1028.84元/克。 【 ...

Economic Data - The number of initial jobless claims in the U.S. decreased by 9,000 to 198,000, significantly lower than the market expectation of 215,000, marking the lowest level since November of the previous year [2][14] - The four-week moving average fell to 205,000, the lowest in two years [2][14] Federal Reserve Insights - President Trump stated that he currently has no plans to dismiss Federal Reserve Chairman Powell, despite threats from the Justice Department regarding a criminal investigation [2][14] - Trump is considering former Fed Governor Kevin Walsh and National Economic Council Director Kevin Hassett for the next Fed Chair position [2][14] Futures Market Overview - On January 15, 2026, the main gold futures contract opened at 1,041.00 CNY/gram and closed at 1,035.20 CNY/gram, a change of -0.52% from the previous trading day [3][15] - The main silver futures contract opened at 23,488.00 CNY/kilogram and closed at 22,665.00 CNY/kilogram, a change of -0.43% [3][15] Bond Market Monitoring - The U.S. 10-year Treasury yield closed at 4.169%, an increase of 0.043% from the previous trading day [4][16] - The yield spread between the 10-year and 2-year Treasury bonds was 0.609%, a decrease of 1.7 basis points from the previous day [4][16] Trading Volume and Positions - On January 15, 2026, the total trading volume for gold contracts was 392,878, a decrease of 2.23% from the previous day [5][17] - The total trading volume for silver contracts was 3,117,047, an increase of 14.39% from the previous day [5][17] ETF Holdings - Gold ETF holdings remained stable at 1,074.23 tons, while silver ETF holdings decreased by 79 tons to 16,242 tons [6][18] Market Strategy - For gold, a cautiously bullish outlook is suggested, with expected price fluctuations between 1,020 CNY/gram and 1,045 CNY/gram [9][21] - For silver, a cautiously bullish stance is also indicated, with anticipated price movements between 22,700 CNY/kilogram and 24,000 CNY/kilogram [10][22]

Market Overview - The A-share market is expected to experience short-term fluctuations and adjustments, but this does not indicate a reversal of the overall trend [2][11] - Recent actions by regulatory authorities, such as increasing financing margin ratios and halting multiple companies for review, signal a cooling intention in the market [1][10] - The market's trading volume has significantly decreased, with a total turnover of 29,056 billion yuan, down over 10 billion from the previous day [1][12] Short-term Market Dynamics - The market is likely to maintain a cautious sentiment due to profit-taking by investors and technical adjustment needs [2][11] - Historical data suggests that high trading volumes often correspond to market peaks, making it difficult for subsequent capital to sustain upward momentum [10] - Key data releases expected in late January may impact market sentiment, particularly for certain technology sectors where earnings visibility is uncertain [10][11] Sector Performance - Precious metals have shown strength, with significant price increases attributed to factors such as the onset of a Federal Reserve rate-cutting cycle and increased geopolitical tensions [6][8] - The new energy sector, including energy metals and batteries, remains active, driven by ongoing demand for lithium batteries, photovoltaics, and wind energy [7][8] - The semiconductor sector has also seen positive performance, benefiting from domestic policy support for local manufacturing and the ongoing global digital transformation [9][10] Investment Strategy - Investors are advised to adopt a cautious approach in the short term, particularly regarding stocks that have seen excessive price increases and are driven by speculative trading [2][11] - For stocks with reasonable valuations and strong earnings certainty, it is recommended to take advantage of market pullbacks to build positions [2][11] - The long-term outlook remains positive, supported by macroeconomic liquidity conditions and a trend of reallocating household wealth into the stock market [2][11]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - Different commodities have diverse market performances, fundamentals, and trading strategies. For example, in the gold market, prices are expected to rise, while in the basic metal market, opportunities for stable buying are awaited. In the black industry and energy - chemical sectors, the market is complex and requires different strategies such as holding short positions, waiting and seeing, or taking short - term and medium - term actions according to specific situations. In the agricultural product market, prices generally show a trend of shock, and corresponding trading strategies are formulated based on supply - demand relationships [1][2][5] 3. Summary by Relevant Catalogs Gold Market - **Market Performance**: On Thursday, precious metals continued to fluctuate. The price of London gold remained at $4,600 per ounce, and the price of London silver remained at $93 per ounce [1] - **Fundamentals**: In November, the total scale of US Treasury bonds held by countries and regions outside the US increased by $112.8 billion to $9.36 trillion. China's mainland holdings of US Treasury bonds decreased by $6.1 billion to $682.6 billion. Many Fed officials supported Powell, and the Trump administration decided not to impose comprehensive tariffs on key minerals such as silver and platinum. Domestic gold ETFs continued to have a small inflow of 0.8 tons [1] - **Trading Strategy**: It is recommended to go long on gold, and wait and see on silver [1] Basic Metals Copper - **Market Performance**: The copper price fluctuated weakly yesterday [2] - **Fundamentals**: The Trump administration did not impose tariffs on key minerals, the US dollar index strengthened, and the US Congress proposed a $2.5 - billion key mineral strategic reserve plan. The supply of copper ore remained tight, and the downstream point - price increased after the price decline [2] - **Trading Strategy**: Wait for a clearer opportunity to buy on stabilization [2] Aluminum - **Market Performance**: The closing price of the main electrolytic aluminum contract decreased by 0.89% to 24,375 yuan/ton, and the domestic 0 - 3 month spread was - 295 yuan/ton. The LME price was $3,162 per ton [2] - **Fundamentals**: Electrolytic aluminum plants maintained high - load production, and the operating capacity increased slightly. The weekly aluminum product start - up rate increased slightly [2] - **Trading Strategy**: The electrolytic aluminum price had a small correction. It is expected to maintain a shock pattern in the short term, and focus on the movement of the main funds [2] Alumina - **Market Performance**: The closing price of the main alumina contract decreased by 0.39% to 2,789 yuan/ton, and the domestic 0 - 3 month spread was - 119 yuan/ton [2] - **Fundamentals**: The operating capacity of alumina plants remained stable, and electrolytic aluminum plants maintained high - load production [2] - **Trading Strategy**: The supply of alumina is gradually recovering, the inventory is continuously accumulating, and it is expected to continue the weak shock in the short term [3] Zinc and Lead - **Market Performance**: On January 15, the main contracts of zinc and lead closed at 25,090 yuan/ton and 17,550 yuan/ton, up 615 yuan and 165 yuan respectively from the previous trading day. The domestic 0 - 3 month spreads were - 40 yuan/ton and - 100 yuan/ton, and the overseas 0 - 3 month spreads were - 14.32 dollars/ton and - 43.33 dollars/ton respectively [3] - **Fundamentals**: The zinc market was obviously driven by macro - sentiment and funds, but the fundamental support was insufficient. The lead market showed a weak reality, with weak consumption, increasing inventory, and expanding spot discounts [3] - **Trading Strategy**: Hold a wait - and - see attitude towards zinc, and operate in the range or be bearish on lead [3] Other Metals (Silicon, Lithium Carbonate, Polysilicon, etc.) - **Market Performance and Fundamentals**: Each metal has its own characteristics. For example, the silicon market has supply reduction and demand - side anti - involution; the lithium carbonate market has price fluctuations affected by supply and demand; the polysilicon market has production reduction and inventory changes [3] - **Trading Strategy**: The silicon market can consider short - selling on rallies; the lithium carbonate market is expected to have price support; the polysilicon market is expected to have a weak shock in the low position [3] Tin - **Market Performance**: The tin price rose first and then fell yesterday [4] - **Fundamentals**: The Trump administration did not impose tariffs on key minerals, the US dollar index strengthened, and the US Congress proposed a key mineral strategic reserve plan. The supply of tin ore remained tight, and Indonesia's tin ingot exports needed time [4] - **Trading Strategy**: Wait for an opportunity to buy on stabilization [4] Black Industry Rebar - **Market Performance**: The main 2605 contract of rebar closed at 3,161 yuan/ton, down 9 yuan/ton from the previous night's closing price [5] - **Fundamentals**: The building material apparent demand increased by 150,000 tons to 1.9 million tons, and the output decreased by 10,000 tons to 1.9 million tons. The steel supply and demand were weak, and the structural differentiation was significant [5] - **Trading Strategy**: Hold short positions in the rebar 2605 contract, with a reference range of 3,130 - 3,180 [5] Iron Ore - **Market Performance**: The main 2605 contract of iron ore closed at 815 yuan/ton, up 1 yuan/ton from the previous night's closing price [5] - **Fundamentals**: The iron - making water output decreased by 15,000 tons to 2.28 million tons, and the port inventory increased by 2.8 million tons to 1.66 billion tons. The fourth round of coke price cuts was implemented. The iron ore maintained a forward discount structure, and the valuation was slightly high [5] - **Trading Strategy**: Hold a wait - and - see attitude, with a reference range of 805 - 835 [5] Coking Coal - **Market Performance**: The main 2605 contract of coking coal closed at 1,180 yuan/ton, down 13.5 yuan/ton from the previous night's closing price [5] - **Fundamentals**: The iron - making water output decreased by 15,000 tons to 2.28 million tons, and the steel mill profit deteriorated. The fourth round of coke price cuts was implemented. The supply - side inventory was differentiated, and the overall inventory level was low. The futures valuation was high [5] - **Trading Strategy**: Hold a wait - and - see attitude, and aggressive investors can try to short the coking coal 2605 contract, with a reference range of 1,155 - 1,200 [5] Agricultural Product Market Soybean Meal - **Market Performance**: The CBOT soybean rose overnight, driven by the strengthening of US soybean oil [7] - **Fundamentals**: The supply was loose in the near term, and there was a large - supply expectation in South America in the long term. The US soybean crushing was strong, but the export was weak [7] - **Trading Strategy**: The US soybean was supported by the bullish expectation of US biodiesel, but it was still in the process of finding a bottom in the medium term. The domestic far - month contract was suppressed by the large - supply expectation in South America, and the near - month contract depended on the game between the reserve release volume and customs clearance [7] Corn - **Market Performance**: The corn futures price was strong, and the spot price rose [7] - **Fundamentals**: The grain sales progress was slower than the same period last year, and farmers were reluctant to sell. The downstream inventory increased, and the procurement enthusiasm would decline. The supply - demand contradiction was not large [7] - **Trading Strategy**: The futures price is expected to fluctuate within a range [7] Oils and Fats - **Market Performance**: The Malaysian palm oil futures rose overnight, driven by the strengthening of US soybean oil [7] - **Fundamentals**: The supply was in a weak seasonal decline, and the export improved month - on - month. The overall pattern was loose in the near term and in a weak seasonal decline in the long term [7] - **Trading Strategy**: The oils and fats were strong, trading on the bullish expectation of US biodiesel. Pay attention to the production and biodiesel policy in the medium term [7] Cotton - **Market Performance**: The ICE US cotton futures price fell overnight, and the international crude oil price dropped significantly [7] - **Fundamentals**: The US cotton export sales increased significantly. India's cotton production was expected to increase. The domestic Zhengzhou cotton futures price began to fluctuate narrowly, and the medium - term upward trend was still valid [7] - **Trading Strategy**: Hold a wait - and - see attitude, with a price range reference of 14,600 - 15,000 yuan/ton [7] Eggs - **Market Performance**: The egg futures price continued to rise, and the spot price rose [7] - **Fundamentals**: The laying - hen inventory decreased, but the capacity reduction slowed down. The Spring Festival stocking boosted demand, and the inventory decreased [7] - **Trading Strategy**: The futures price is expected to be strong in shock [7] Pigs - **Market Performance**: The pig futures price fluctuated narrowly, and the spot price rose [7] - **Fundamentals**: The January slaughter volume was expected to be low first and then high, and the demand was stable in the short term. The supply pressure was not large in the short term, and the high - end - of - year demand supported the price [7] - **Trading Strategy**: The futures price is expected to be strong in shock [7] Energy Chemical LLDPE - **Market Performance**: The main LLDPE contract fell slightly yesterday. The spot price in North China was 6,700 yuan/ton, and the 05 - contract basis was stable. The overseas market price was stable, and the import window was closed [9] - **Fundamentals**: The supply pressure slowed down, and the demand in the downstream agricultural film market weakened month - on - month, while the demand in other fields was stable [9] - **Trading Strategy**: In the short term, the market is expected to be in shock, with the upside space limited by the import window. In the medium term, it is recommended to go long on dips [9] PVC - **Market Performance**: The V05 contract closed at 4,870, down 0.3% [9] - **Fundamentals**: The PVC was at the bottom and waiting for macro - guidance. The supply was at a high level, and the demand weakened seasonally. The social inventory was at a high level [9] - **Trading Strategy**: Hold a wait - and - see attitude due to the increasing supply and weakening demand [9] PTA - **Market Performance**: The PX CFR China price was $882 per ton, and the PTA East China spot price was 5,047 yuan/ton. The spot basis was - 65 yuan/ton [9] - **Fundamentals**: The PX supply was at a high level, and the PTA supply was also high. The polyester factory load decreased slightly, and the downstream entered the off - season [9] - **Trading Strategy**: The PX has strong expectations to support the price, and there may be a correction pressure in the short term. The PTA has a seasonal inventory increase in the off - season, and the medium - term supply - demand pattern will improve. Pay attention to the opportunity to go long on the 05 - contract processing margin [9] Methanol - **Market Performance**: Due to the geopolitical situation in Venezuela and Iran, the methanol futures price rose first and then continued to adjust in shock. As of January 15, the methanol 05 contract closed at 2,273 yuan/ton [9] - **Fundamentals**: The export tax - refund cancellation of photovoltaic products had little impact on methanol. The domestic methanol production was at a high level, and the port inventory was expected to remain at a high level. The Iranian methanol loading volume in January was expected to be low [9] - **Trading Strategy**: It is expected to rise in shock in the near future [9] Glass - **Market Performance**: The fg01 contract closed at 1,087, down 0.5% [10] - **Fundamentals**: The glass production reduction increased significantly. The supply decreased, and the inventory decreased from a high level. The downstream demand was in the off - season, and the price was at the bottom [10] - **Trading Strategy**: Hold a wait - and - see attitude due to the decreasing supply and weakening demand [10] PP - **Market Performance**: The main PP contract fell slightly yesterday. The spot price in East China was 6,450 yuan/ton, and the 01 - contract basis was stable. The overseas market price was stable, the import window was closed, and the export window was open [10] - **Fundamentals**: The supply pressure increased, and the downstream start - up rate increased month - on - month [10] - **Trading Strategy**: In the short term, the market is expected to be in shock, with the upside space limited by the import window. In the medium - to - long term, the supply - demand pattern will improve slightly, and it is recommended to go short on rallies [10] Crude Oil - **Market Performance**: The oil price dropped significantly yesterday. Due to the uncertainty of the US - Iran situation, the risk premium was difficult to fully withdraw, and it may remain in shock in the short term [10] - **Fundamentals**: The supply pressure was large, and the demand was in the off - season. The OECD oil product inventory was higher than the five - year average [10] - **Trading Strategy**: It is not recommended to chase the high price. Wait for an opportunity to go short on rallies, or buy out - of - the - money put options on rallies [10] Styrene - **Market Performance**: The main EB contract fluctuated slightly yesterday. The spot price in East China was 7,160 yuan/ton, and the overseas market price was stable. The import window was closed [10] - **Fundamentals**: The pure - benzene inventory was at a normal - to - high level, and the short - term supply - demand of styrene weakened. The downstream start - up rate increased month - on - month [10] - **Trading Strategy**: In the short term, the market is expected to be in shock, with the upside space limited by the import window. In the medium - to - long term, it is recommended to go long on styrene or pure - benzene spreads on dips in the second quarter [10] Soda Ash - **Market Performance**: The sa05 contract closed at 1,194, down 2% [11] - **Fundamentals**: The soda - ash price was at the bottom, the expectation improved, and the inventory was at a high level. The supply was large, and the downstream demand was weak [11] - **Trading Strategy**: It is recommended to go long on glass and short on soda ash [11]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 文章来源：金十数据 投机性动量持续为白银价格提供前所未有的支撑，市场成功将银价推回每盎司91美元上方；然而，一家 银行指出，白银的表现——尤其是相对于黄金而言——可能已经过度。 白银的复苏及其向近期每盎司93美元以上历史高点的回升，已将金银比推低至50点，这是自2012年3月 以来的最低水平。该比率在2025年4月触及100点以上的峰值后，发生了戏剧性的转变。 "当把实物净投资需求也计入时，白银市场看似处于'供应赤字'，这通常被解读为库存正在被消耗。然 而，必须注意，绝大部分库存是由投资者持有的投资性白银。因此，除非观察到投资者正在大规模出售 其持有的实物白银，否则这种'赤字'只是一种会计上的表象，并不意味着可供投资的实物白银总量在实 质性减少。我们的分析表明，一个更好的追踪指标是白银消费（工业+珠宝+银器）与供应（通常超过 消费量）之间的平衡，"分析师解释道。 在当前环境下，蒙特利尔银行表示，投资者需要关注太阳能领域的白银消费。 "自2020年以来，太阳能领域贡献了白银消费增量的58%；然而，由于太阳能安装量趋于平缓以及太阳 能技术中持续进行 ...

Group 1: Economic Indicators - Initial jobless claims in the US unexpectedly decreased, enhancing expectations that the Federal Reserve will remain on hold for several months [2] - The US dollar index rose by 0.3%, closing at 99.35, while the yield on the 10-year Treasury bond settled at 4.1780% [2] - The Bank of Japan is expected to maintain interest rates unchanged in January, according to informed sources [9] Group 2: Commodity Prices - Spot gold prices fell by 0.24%, closing at $4615.34 per ounce, while spot silver dropped by 0.82%, ending at $92.42 per ounce [5] - WTI crude oil prices decreased by 3.08%, closing at $59.16 per barrel, and Brent crude oil fell by 2.48%, settling at $63.76 per barrel [5] Group 3: Stock Market Performance - The US stock market saw the Dow Jones Industrial Average rise by 0.6%, the S&P 500 increase by 0.26%, and the Nasdaq Composite gain 0.25% [3] - In Hong Kong, the Hang Seng Index closed down 0.28% at 26923.62 points, while the Hang Seng Tech Index fell by 1.35% to 5828.35 points [3] - A-shares experienced a mixed performance, with the Shanghai Composite Index down 0.33% and the Shenzhen Component Index up 0.41% [4] Group 4: Central Bank Actions - The People's Bank of China introduced eight measures to enhance structural monetary policy support, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools [10] - The PBOC's deputy governor indicated that there is still room for further cuts in reserve requirement ratios and interest rates this year [10][12]

Core Viewpoint - The company has provided a guarantee of up to $36 million for its wholly-owned subsidiary, Sino-Platinum Metals (Singapore) Pte. Ltd., to support its hedging business and supplement working capital [2][11]. Group 1: Guarantee Details - The guarantee amount provided is up to $36 million, replacing a previous guarantee of 100 million RMB and $6 million [2]. - As of the announcement date, the total guarantee balance provided to the subsidiary is 182.44 million RMB, which includes the current guarantee amount [2][13]. - There is no counter-guarantee as the subsidiary is wholly owned by the company [3]. Group 2: Subsidiary Information - Sino-Platinum Metals (Singapore) Pte. Ltd. was established on December 27, 2018, with a registered capital of $15 million [6]. - The subsidiary's total assets as of December 31, 2024, are approximately $41.44 million, with net assets of about $22.27 million and a total profit of approximately $3.83 million for the year [7]. Group 3: Guarantee Contract Terms - The guarantee contract was signed on January 14, 2026, and the guarantee period is three years from the maturity of the guaranteed debt [9][10]. - The guarantee covers all current and future debts of the subsidiary to the bank, including principal, interest, and associated costs [9]. Group 4: Board Approval and Risk Assessment - The guarantee was approved by the company's board and the 2024 annual general meeting, falling within the authorized limits [12]. - The company assesses the risk of this guarantee as controllable, given the subsidiary's status as a wholly-owned entity [11].