Group 1: Gold and Silver Market - The February 2026 gold futures price increased by $58.56, closing at $4,519.26 per ounce, with a rise of 1.31% [1] - The market's risk aversion sentiment remains high, driving demand for precious metals, with bullish investors continuing to buy on dips [1] - The March silver futures price rose by 471.4 cents, closing at $79.858 per ounce, reflecting a significant increase of 6.27% [3] Group 2: Economic Data Impact - The U.S. Labor Department reported an increase of 50,000 non-farm jobs in December 2025, which was below the expected 66,000 [1] - The U.S. Commerce Department indicated a 4.6% month-over-month decline in housing starts for September 2025, with an annualized rate of 1.306 million units, lower than the anticipated 1.33 million [1] - The preliminary consumer confidence index for January 2026 was reported at 54, higher than December 2025's final value of 52.9, but long-term inflation expectations rose from 3.2% to 3.4% [1] Group 3: Mining Industry Developments - Rio Tinto and Glencore are in preliminary talks regarding a potential merger, which could create the world's largest mining company, valued at approximately $207 billion [2] - Geopolitical tensions are supporting the prices of gold and silver, with expectations of increased geopolitical turmoil in 2026 [2] - Market analysts predict that gold, silver, and copper prices will continue to rise in 2026, influenced by the U.S. government's nearly $2 trillion fiscal deficit and total national debt nearing $39 trillion [2]

Market Overview - The Hong Kong stock market opened higher on January 12, with the Hang Seng Index rising by 0.55% to 26,376.84 points, the Hang Seng Tech Index increasing by 0.88% to 5,737.43 points, the National Enterprises Index up by 0.75% to 9,116.01 points, and the Red Chip Index gaining 0.68% to 4,129.13 points [1] Company News - Sunny Optical Technology (02382.HK) reported a December smartphone lens shipment of 95.592 million units, a year-on-year decrease of 8.9%. The automotive lens shipment was 7.477 million units, a year-on-year increase of 17.7%. Smartphone camera module shipments were 37.744 million units, down 29.3% year-on-year, primarily due to customer inventory control and holiday factors [2] - Orient Overseas International (00316.HK) reported a 17.2% year-on-year decrease in fourth-quarter shipping revenue to USD 2.081 billion. Total cargo volume increased by 0.8%, and capacity rose by 4.5%. The overall load factor decreased by 3.1% compared to the same period in 2024, with average revenue per standard container down 17.8% year-on-year [2] - China Jinmao (00817.HK) achieved a cumulative contracted sales amount of RMB 113.5 billion for 2025, representing a year-on-year increase of 15.52% [3] - R&F Properties (02777.HK) reported total sales revenue of approximately RMB 14.21 billion for 2025, a year-on-year increase of 26.54% [4] - Zhongliang Holdings (02772.HK) reported a cumulative contracted sales amount of approximately RMB 12.07 billion for 2025, a year-on-year decrease of 32.68% [5] - Greenland Hong Kong (00337.HK) reported contracted sales of approximately RMB 7.214 billion for 2025, a year-on-year decrease of 21.66% [6] - Longyuan Power (00916.HK) completed a cumulative power generation of 76.4694 million MWh for 2025, a year-on-year increase of 1.22% [7] - Dekang Agriculture and Animal Husbandry (02419.HK) reported sales of 1.1097 million pigs in December, generating revenue of RMB 1.664 billion [8] - COFCO Joycome (01610.HK) reported a December pig output of 567,000 heads, a month-on-month increase of 1.43% [9] - Hengding Industrial (01393.HK) reported a coal production of 5.415 million tons for 2025, a year-on-year increase of 31% [10] Industry Insights - Dongwu Securities suggests that the Hong Kong stock market is entering a period of oscillation and upward movement, emphasizing the importance of dividends as a base and the potential for technology growth in the first half of the year [15] - CITIC Construction Investment highlights the strong performance of copper and aluminum in the recent market, indicating that copper prices are expected to continue rising, with a target of USD 13,000 not being the peak for this cycle [15] - Zhongtai Securities notes that China's rare earths have become a crucial strategic component in the global high-tech industry chain amid increasing Sino-US tech competition, recommending focus on resource companies with high concentration and barriers [16]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The US non - farm payrolls in December increased by 50,000, falling short of expectations, but the labor market maintained resilience. The market's risk appetite remained high, and there is a high probability of a pause in interest rate cuts in January [1]. - The Shanghai Composite Index reached 4,100 points, hitting a 10 - year high. Despite regulatory intentions to cool the market, the stock market showed strong momentum, and there is still upward momentum in the short term [2]. - Gold prices fluctuated and closed higher on Friday. The US non - farm payroll data in December was mixed, and the market's expectations for the Fed's interest rate cuts changed little. Geopolitical risks are favorable for precious metals, but the adjustment of the Bloomberg commodity index is not yet over [3]. - Indian sugar mills have signed contracts to export about 180,000 tons of sugar this season. Due to domestic price adjustments and the weakening of the rupee, the actual total export volume is expected to be difficult to reach the official quota [4]. - After the potential merger of Rio Tinto and Glencore, they will dominate the global copper supply. The macro - optimistic sentiment has returned, pushing up copper prices, but the short - term fundamentals are relatively weak, which may limit the increase [5]. - The number of US oil rigs has decreased, and oil prices have maintained a rebound trend. Concerns about Iranian supply have led to an increase in risk premiums [6]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US is discussing response plans for Iran. Trump will hear a report on Iran - related response plans on Tuesday [11]. - The US added 50,000 non - farm jobs in December 2025, lower than the expected 65,000. The unemployment rate was 4.4%, and hourly wages rose. The gold price was strong on Friday. The non - farm data was mixed, and the market's expectations for Fed rate cuts changed little. Geopolitical risks made precious metals stronger, and short - term market volatility increased [12]. - Investment advice: Pay attention to the callback risk of precious metals in the short term [13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump threatened Cuba to reach an agreement with the US quickly [14]. - Trump is considering multiple options to interfere in Iran, including sending a carrier strike group and launching cyber and information warfare [15]. - The non - farm data in December 2025 was below expectations. The market risk appetite rebounded, and the US dollar continued to fluctuate. The labor market situation is conducive to the rise of market risk appetite, and the US dollar will maintain a short - term oscillatory trend [17]. - Investment advice: The US dollar will oscillate in the short term [19]. 1.3 Macro Strategy (US Stock Index Futures) - Trump is considering multiple options to interfere in Iran [20]. - The US consumer confidence index in January reached a four - month high, and inflation expectations were relatively stable [21]. - The US added only 50,000 non - farm jobs in December, lower than expected. Although geopolitical risks are rising, they have not affected the risk appetite of the US stock market. The economic data is mixed, and the expectation of interest rate cuts remains restrained. It is expected that the US stock market will still operate in a volatile and slightly stronger manner, but market volatility will increase [22]. - Investment advice: Expect the US stock market to experience increased volatility but maintain a bullish view [23]. 1.4 Macro Strategy (Stock Index Futures) - The Shanghai Composite Index reached 4,100 points, hitting a 10 - year high. The A - share market had heavy trading volume on Friday [24]. - The State Council deployed fiscal and financial policies to promote domestic demand. Although there are regulatory intentions to cool the market, the stock market is strong, and there is still upward momentum in the short term. Whether the regulatory authorities will introduce more powerful cooling measures is an important indicator [25]. - Investment advice: The long - holding strategy for stock indices is still dominant, and each index should be evenly allocated [26]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 34 billion yuan of 7 - day reverse repurchase operations on January 9, with a net investment of 34 billion yuan [27]. - The inflation data in December slightly exceeded market expectations. Domestic policies are actively addressing the supply - demand gap, and inflation is expected to rise. In an environment of rising inflation, the bond market is generally weak. It is not advisable to chase the high price, and short - selling hedging strategies can be considered [29]. - Investment advice: Be cautious when chasing the high price; consider short - selling opportunities during rebounds [30]. 2. Commodity News and Comments 2.1 Black Metal (Steam Coal) - The price of low - calorie steam coal in Indonesia remained stable on January 9. The Indonesian government plans to cut coal production by about 17.2% in 2026. The supply tightening expectation makes miners reluctant to lower prices. However, the daily consumption is not good, and it is expected that the coal price will remain in a low - level oscillatory state in January [31]. - Investment advice: The coal price is expected to maintain a low - level oscillatory state in January, and a continuous rebound is unlikely [32]. 2.2 Black Metal (Iron Ore) - Rio Tinto and Glencore are in preliminary discussions about a potential merger [33]. - In January, the downstream steel mills' demand for raw material replenishment has increased. It is expected that the molten iron output will increase by 10,000 - 20,000 tons per week in the next two weeks [33]. - Investment advice: The raw materials are expected to remain in a relatively strong oscillatory state before the Spring Festival. Pay attention to policy changes. The inventory of finished products is at a moderate level, which restricts the upward space [34]. 2.3 Black Metal (Rebar/Hot - Rolled Coil) - The average daily molten iron output of 247 steel mills has rebounded to 2.295 million tons. The blast furnace operating rate and capacity utilization rate have increased, while the profit rate has decreased [35]. - In 2025, China's new ship orders were 1,421, and the sales volume of excavators was 235,300. After the New Year's Day, the five major varieties of steel products began to accumulate inventory. The demand for rebar has decreased seasonally, and the demand for hot - rolled coils has remained resilient, but the inventory pressure is relatively high. The steel price trend is not clear in the short term [38]. - Investment advice: Adopt an oscillatory approach to steel prices in the short term [39]. 2.4 Agricultural Products (Sugar) - Thailand's sugar production in the 2025/26 season is expected to reach 10.3 million tons and may decrease to 10 million tons next year. As of January 7, Thailand's sugar production was 1.5309 million tons, a year - on - year decrease [40]. - Indian sugar mills have signed contracts to export about 180,000 tons of sugar this season. Due to price and exchange - rate factors, some sugar mills are exporting at a loss. It is expected that India's actual sugar export volume will be difficult to reach the official quota. The upside of the external market is limited [42]. - Investment advice: In Guangxi, the sugar - pressing season is in full swing, and the new sugar supply is increasing. The upside of the futures market is limited. Pay attention to the actual stocking demand before the Spring Festival [43]. 2.5 Agricultural Products (Cotton) - Vietnam's textile and clothing exports increased by 5.6% in 2025, but slightly missed the target [44]. - As of January 8, the national cotton processing rate was 94.5%, and the sales rate was 55.6%. The US cotton export signing rate is still lagging. It is expected that the external market will remain in a low - level oscillatory state in the short term [45]. - Investment advice: Xinjiang's cotton - ginning factories are reluctant to sell at low prices. The downstream textile enterprises' demand for raw materials provides support for cotton prices, but the subsequent restocking demand is not strong. It is expected that Zhengzhou cotton will oscillate before the Spring Festival, with limited downside. The long - term outlook remains bullish [47]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In the second week of 2026, the actual soybean crushing volume of domestic oil mills was 1.7658 million tons, and the estimated crushing volume in the third week is 2.082 million tons [48]. - The oil market continued to oscillate, and palm oil rebounded slightly. The market is waiting for the MPOB report. The situation of the China - Canada talks is uncertain [48]. - Investment advice: The palm oil price is expected to continue an oscillatory and slightly stronger trend. Pay attention to the January high - frequency data and Indonesia's palm oil export tax increase news [49]. 2.7 Agricultural Products (Soybean Meal) - In the second week of 2026, the actual soybean crushing volume of domestic oil mills was 1.7658 million tons, and the estimated crushing volume in the third week is 2.082 million tons. An auction of 1.1396 million tons of imported soybeans will be held on January 13 [50]. - The soybean meal futures price rose first and then fell. Pay attention to the USDA monthly supply - demand report and quarterly inventory report on January 12 [51]. - Investment advice: Continue to pay attention to the state reserve and customs policies. The supply - demand situation does not support a significant increase in the May contract of soybean meal unless there is a major abnormal reduction in South American production [51]. 2.8 Non - ferrous Metals (Copper) - Rio Tinto and Glencore are in preliminary discussions about a potential merger, which may create a diversified mining giant and dominate the global copper supply. Recent copper prices have soared due to supply shortages [53]. - Chile's national copper production in November decreased by 3%. The production of some major mines also changed. The macro - optimistic sentiment is pushing up copper prices, but the short - term fundamentals are relatively weak, which may limit the increase [54]. - Investment advice: From a unilateral perspective, continue to recommend buying on dips. From an arbitrage perspective, it is advisable to wait and see [56]. 2.9 Non - ferrous Metals (Polysilicon) - The export tax rebate policy for photovoltaic and other products will be adjusted. It is expected that there will be a wave of rush - to - export in Q1 2026, but it is negative for demand in the whole year. The price of polysilicon may oscillate between 50,000 - 55,000 yuan/ton in the short term [57]. - Investment advice: During the rush - to - export period, the polysilicon price may remain stable if the alliance exists. After the rush - to - export, the price may face pressure again [58]. 2.10 Non - ferrous Metals (Industrial Silicon) - The national photovoltaic power generation utilization rate in November 2025 was 93.7%. The supply and demand of industrial silicon need to pay attention to the demand side. The supply and demand are in a tight balance in January - February, and there may be significant inventory accumulation after March [59]. - Investment advice: The short - term supply - demand contradiction of industrial silicon is not significant. It is expected to oscillate between 8,000 - 9,200 yuan/ton. Pay attention to range - trading opportunities [60]. 2.11 Non - ferrous Metals (Lithium Carbonate) - The export tax rebate policy for battery products will be adjusted. It is expected to lead to a short - term rush - to - export, which is beneficial to lithium carbonate. The lithium salt price is expected to continue to rise. The inventory is accumulating in the off - season, but the demand is not weak [61]. - Investment advice: Hold the previous long positions, and be cautious when opening new long positions [62]. 2.12 Non - ferrous Metals (Nickel) - Lunnon Metals has obtained the final approval for the Lady Herial gold - nickel open - pit mine. The futures market shows increased competition between industrial and speculative funds. The export tax rebate policy adjustment is beneficial to short - term nickel consumption. The overall price is likely to rise, and there may be a structural shortage of intermediates [63]. - Investment advice: Consider buying on dips. Continue to hold the positions of selling out - of - the - money put options and buying deep - out - of - the - money call options. Be cautious when chasing the high price, and closely monitor the quota release [64]. 2.13 Non - ferrous Metals (Lead) - On January 8, the LME0 - 3 lead was at a discount of $43.39/ton. The primary lead smelting operation was oscillating, and the secondary lead refinery's inventory reached a high level. The demand is weak, and the social inventory is expected to rise. There is a risk of short - term price increase due to low inventory [66]. - Investment advice: Wait for opportunities to short on rallies. It is advisable to wait and see for arbitrage [67]. 2.14 Non - ferrous Metals (Zinc) - On January 8, the LME0 - 3 zinc was at a discount of $42.57/ton. The Venezuela event may expand, and the zinc concentrate TC is expected to remain weak. The zinc demand is weak, and the social inventory is expected to rise. The zinc price is expected to maintain a high - level oscillation [68]. - Investment advice: Consider buying on dips in the short term. Wait and see for the month - spread arbitrage. The internal - external positive arbitrage has a good risk - return ratio, but it depends on the inflow of bonded - area inventory [69]. 2.15 Non - ferrous Metals (Tin) - In 2025, Shanghai's sales volume of trade - in goods exceeded 121.2 billion yuan. The market supervision department will accelerate the formulation of relevant national standards. The global tin inventory decreased last week, and the supply is uncertain. The demand is weak, and the high price suppresses consumption [70]. - Investment advice: It is expected that the tin price will continue to oscillate strongly. Pay attention to the December customs data and the recovery of the consumption side [74]. 2.16 Energy Chemical (Carbon Emissions) - On January 9, the closing price of the EUA main contract was 89.56 euros/ton, up 1.55% from the previous day. The EU carbon price continued to oscillate last week. There are both positive and negative factors in the market, and the short - term sentiment is still cautious [75]. - Investment advice: The EU carbon price will oscillate strongly in the short term [76]. 2.17 Energy Chemical (Crude Oil) - The number of US oil rigs decreased to 409 as of January 9. Oil prices rose in the second half of last week. The market is not overly worried about Venezuela's supply disruption, but concerns about Iran's supply have increased. Geopolitical risks may lead to a short - term increase in risk premiums, but the high export volume and potential inventory accumulation may suppress oil prices [77]. - Investment advice: Pay attention to the impact of geopolitical conflicts on the risk premium of oil prices in the short term [78].

Core Viewpoint - The commodity market is undergoing a profound paradigm shift due to escalating geopolitical tensions and the restructuring of global supply chains, moving from a "just-in-time" model to a "just-in-case" inventory accumulation strategy [1][2]. Group 1: Supply Chain Transformation - Major economies are transitioning from a reliance on minimal commercial inventories to large-scale strategic reserves to mitigate risks from potential wars, shipping disruptions, or geopolitical blockades [2]. - This shift is driven by an extreme desire for security, reshaping the supply-demand dynamics of various commodities, particularly energy and strategic metals [3][4]. Group 2: Price Volatility and Investment Opportunities - Prices of critical military metals like tungsten and cobalt have experienced significant volatility, with projected price increases of 229% and 120% respectively by 2025 [5][15]. - The new trading narrative for investors includes a focus on gold as a hedge against credit risk and a bullish outlook on metals driven by national security demands, especially as defense budgets rise significantly [6][15]. Group 3: Geopolitical Implications - The low-trust global environment has shifted priorities from efficiency to survival, with countries now prioritizing physical ownership of commodities [9]. - The U.S. is reinforcing its energy security, with strategic actions reflecting a long-term focus on resource control to ensure absolute security [12][13]. Group 4: Gold and De-dollarization - The global de-dollarization process is fundamentally changing the pricing logic of gold, with central banks accelerating their shift from dollar reserves to gold [16]. - If the top 50 central banks increase their gold reserves by just 1%, it could potentially raise gold prices by approximately $1,000 [17]. Group 5: Market Implications - The macro narrative shift presents direct investment implications, with recommendations for investors to focus on capital market opportunities related to defense stocks and commodity ETFs [18]. - Mining stocks, particularly gold mining companies, are also positioned to benefit, as evidenced by record profits across tracked gold miners [20].

Core Viewpoint - The A-share market has shown a strong upward trend in the first trading week of 2026, with significant gains in major indices and individual stocks, indicating a positive start to the year [2][3]. Group 1: Market Performance - The major A-share indices continued their upward trend from the end of 2025, with the Shanghai Composite Index rising by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index and STAR Market 50 Index by 3.89% and 9.80%, respectively [2]. - The "Everyday Brand 100 Index" achieved a weekly increase of 1.26%, closing at 1159.90 points [2]. - Over 10 constituent stocks saw weekly gains exceeding 5%, with notable performances from China Life, Zijin Mining, and Guizhou Moutai, each increasing their market value by over 50 billion yuan [1][2]. Group 2: Sector Performance - The insurance, real estate, and non-ferrous metal sectors experienced strong rebounds, with China Pacific Insurance and China Life Insurance seeing weekly increases of 10.95% and 9.94%, respectively [2]. - The performance of Zijin Mining was particularly noteworthy, with its stock price reaching a new high and a total market value nearing 1 trillion yuan [4]. Group 3: Company Insights - Zijin Mining's market value reached 989.7 billion yuan as of January 9, 2026, with a projected net profit for 2025 estimated between 51 billion and 52 billion yuan, reflecting a year-on-year growth of 59% to 62% [4]. - The company plans to produce 105 tons of gold, 1.2 million tons of copper, and 520 tons of silver in 2026, indicating a significant increase in production capacity [4]. - Zijin Mining is actively expanding its resource portfolio through acquisitions, including overseas gold mines in Ghana and Kazakhstan, as well as domestic acquisitions [4]. Group 4: Management Changes - Following the profit forecast announcement, Zijin Mining appointed a new chairman, Zou Laichang, and a new president, Lin Hongfu, marking a transition in leadership aimed at shifting from a founder-driven to a mechanism-driven management model [5].

Core Viewpoint - The registration for the IPO of Luoyang Shenglong Mining Group Co., Ltd. has been approved, indicating a significant step towards its public listing [1] Company Overview - Shenglong Mining primarily engages in the production, processing, and sales of molybdenum-related products, which are considered important strategic resources [1] - The main products of the company include molybdenum concentrate and molybdenum iron [1] IPO Timeline - The company's IPO application was accepted in May 2025, followed by an inquiry phase in June 2025 [1] - The IPO was approved on December 23, 2025, and the registration was submitted on December 26, 2025 [1] Fundraising Goals - Shenglong Mining aims to raise approximately 1.53 billion yuan through this IPO [1]

Group 1: Chromium Ore Discovery - The Natural Resources Ministry of China announced a significant breakthrough in chromium ore exploration in the Salt Lake area of Xinjiang, marking the largest discovery in nearly 40 years [1] - The exploration has identified 20 new ore bodies in a shallow cover area, boosting confidence in chromium ore exploration and providing strong support for the completion of the "14th Five-Year Plan" objectives for chromium ore [1] Group 2: Shale Gas Exploration in Hubei - Important progress has been made in shale gas exploration in the western Hubei region, expanding the exploration from the Sichuan Basin to this new area [2] - The exploration confirmed the exploration value of the Qixia Formation mudstone, which is found in many southern regions, contributing positively to China's energy security [2]

Core Insights - The Guangxi Zhuang Autonomous Region's Emergency Management Department published a selection of nine typical cases where employees reported safety hazards and received rewards, aiming to encourage the establishment of internal reporting reward mechanisms in production and operation units to prevent safety accidents from the source [1][2] Group 1: Case Examples - Two cases from Nanning highlight the importance of employee safety awareness, where employees reported hazards related to a broken lightning rod and water leakage, receiving cash rewards of 300 yuan and 600 yuan respectively [1] - In Qinzhou, an employee reported a risk of collapse and landslide due to widening cracks in a quarry, receiving a reward of 6,500 yuan after the company implemented a corrective plan [2] - Three cases from Beihai involved employees reporting design defects and safety valve issues, with rewards ranging from 300 yuan to 1,500 yuan for their timely reports [2] Group 2: Industry Coverage - The reported cases span multiple industries including mining, food processing, automotive parts, construction, new materials, and electricity, indicating a broad application of safety reporting mechanisms across sectors [1][2] - The initiative aims to foster a culture of safety awareness among employees in various industries, encouraging proactive reporting of potential hazards [1][2]

Group 1: Market Overview - Precious metal prices rose throughout the week, driven by ongoing market risk aversion, with COMEX gold futures increasing by 3.96% and silver futures rising by 11.72% [1][15] - On December 9, the three major U.S. stock indices collectively rose, with the Dow Jones up by 0.48%, S&P 500 increasing by 0.65%, and Nasdaq gaining 0.81% [3][6] - European stock indices also saw collective gains, with the FTSE 100 up by 0.80%, CAC 40 rising by 1.44%, and DAX increasing by 0.53% [9][7] Group 2: Employment Data - The U.S. non-farm payroll report for December showed an increase of 50,000 jobs, which was below expectations, while the unemployment rate fell to 4.4% [4][6] - The employment data was mixed, with significant downward revisions of 76,000 jobs in the previous two months, leading to the weakest annual job growth since 2020 [6][4] - Despite the disappointing employment figures, market expectations for the Federal Reserve's monetary policy remained unchanged, with predictions of at least two rate cuts in 2026 [6] Group 3: Commodity Prices - International oil prices continued to rise due to geopolitical tensions and supply risks, with WTI crude oil futures up by 3.14% and Brent crude oil futures increasing by 4.26% over the week [12][10] - The precious metals market saw support from expectations of a loose monetary policy from the Federal Reserve, contributing to the rise in gold and silver prices [15]

Group 1: Gold and Silver Market - The February 2026 gold futures price increased by $58.56, closing at $4,519.26 per ounce, with a rise of 1.31% [1] - Silver futures for March delivery rose by 471.4 cents, closing at $79.858 per ounce, marking a gain of 6.27% [3] - The demand for precious metals is driven by heightened market risk aversion and geopolitical tensions, which are expected to escalate in 2026 [2] Group 2: Economic Data Impact - The U.S. non-farm payrolls increased by 50,000 in December 2025, below the expected 66,000 [1] - U.S. housing starts fell by 4.6% in September 2025, with an annualized rate of 1.306 million units, lower than the anticipated 1.33 million [1] - The preliminary consumer confidence index for January 2026 was reported at 54, higher than December's final value of 52.9 and above the expected 53.5, although long-term inflation expectations rose slightly from 3.2% to 3.4% [1]