Domestic News - The Ministry of Industry and Information Technology, along with eight other departments, released the "Automotive Data Export Security Guidelines (2026 Edition)" on February 3, aiming to enhance the convenience and safety of automotive data cross-border flow. The guidelines specify management methods and applicable conditions for automotive data export activities, detailing important data determination rules for various business scenarios such as R&D, manufacturing, and automated driving, while also proposing protection requirements to improve data security [1] - Recent rumors regarding potential increases in VAT rates for the gaming and financial sectors have been deemed unsubstantiated by experts and industry insiders. Reports suggested that the gaming industry's VAT could rise from 6% to 32%, but these claims lack credibility [1] - The National Development and Reform Commission announced that starting from February 3, domestic retail prices for gasoline and diesel will increase by 205 yuan and 195 yuan per ton, respectively. This translates to an increase of 0.16 yuan per liter for 92-octane gasoline, 0.17 yuan for 95-octane gasoline, and 0.17 yuan for 0-octane diesel [2] - The China Nonferrous Metals Industry Association announced plans to expand the national copper strategic reserve and explore a commercial reserve mechanism, including the potential inclusion of easily liquidated copper concentrate in the reserve system [2] International News - The KOSPI index in South Korea closed at 5288.08 points on February 3, marking an increase of 338.41 points, or 6.84%, the largest single-day gain in nearly six years [4] - The Tokyo stock market saw significant gains on February 3, with the Nikkei 225 index rising by 3.92% and the Tokyo Stock Exchange index increasing by 3.10% [5] - The Australian Reserve Bank announced a 25 basis point increase in the benchmark interest rate to 3.85%, marking the first rate hike in over two years [7]

Group 1: Market Overview - US stock index futures rose slightly as investors assessed earnings reports from major tech companies and the latest Federal Reserve interest rate decision [1] - Major European indices experienced an overall increase [1] Group 2: Company Earnings - Meta's stock surged by 9% in pre-market trading after providing a better-than-expected sales guidance for Q1 [1] - Tesla's stock rose by 2% following its Q4 performance that exceeded market expectations [1] - Microsoft shares fell nearly 7% due to a slowdown in cloud business growth and a weak guidance for Q3 operating margins [1] - Caterpillar's stock increased by over 1% in pre-market trading after reporting Q4 results significantly above Wall Street expectations [1] - Blackstone reported Q4 revenue of $4.36 billion and a net profit of $1.015 billion [8] - Nokia's Q4 sales amounted to €6.13 billion, with an operating profit of €540 million [9] Group 3: Future Investments and Plans - Nvidia, Amazon, and Microsoft are in discussions to invest up to $60 billion in OpenAI, with Nvidia potentially contributing up to $30 billion [4] - Tesla anticipates capital expenditures exceeding $20 billion in 2026, with $8.53 billion expected in 2025 [5] - AstraZeneca plans to invest over ¥100 billion (approximately $15 billion) in China by 2030 to expand its pharmaceutical production and R&D [10] - Samsung plans to launch next-generation AR glasses in 2026, aiming to provide immersive AI experiences across various device forms [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed maintained the benchmark interest rate at 3.50%-3.75%, pausing after three consecutive 25-basis-point rate cuts, in line with market expectations. The unemployment rate has shown initial signs of stabilizing, inflation remains relatively high, and economic prospects are still highly uncertain [4][13]. - The prices of precious metals and non-ferrous metals have continued to surge, with gold and silver hitting new highs. The gold recycling business has boomed, and the scale of gold-themed funds has grown significantly [5][6]. - The A-share market has seen resource stocks rally, while the photovoltaic industry chain has adjusted. The Hong Kong stock market has also risen, with the Hang Seng Index hitting a new high since August 2021 [31]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth in Q4 2025 was 4.5% year-on-year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - The manufacturing PMI in December 2025 was 50.1%, up from 49.8% in the previous month and the same as the same period last year [1]. - The non-manufacturing PMI in December 2025 was 50.2%, up from 50.0% in the previous month but down from 52.2% in the same period last year [1]. - Social financing in December 2025 was 2.2075 trillion yuan, down from 3.5299 trillion yuan in the previous month and 2.8537 trillion yuan in the same period last year [1]. - The year-on-year growth rates of M0, M1, and M2 in December 2025 were 10.2%, 3.8%, and 8.5% respectively [1]. - New RMB loans in December 2025 were 910 billion yuan, down from 1.29 trillion yuan in the previous month and 990 billion yuan in the same period last year [1]. - The CPI in December 2025 increased by 0.8% year-on-year, up from -0.3% in the previous month and 0.1% in the same period last year [1]. - The PPI in December 2025 decreased by 1.9% year-on-year, narrowing from -2.3% in the previous month and the same period last year [1]. - Fixed asset investment in 2025 decreased by 3.8% year-on-year, down from -0.5% in the previous period and 3.2% in the same period last year [1]. - Retail sales of consumer goods in 2025 increased by 3.7% year-on-year, down from 4.5% in the previous period but up from 3.5% in the same period last year [1]. - Exports in December 2025 increased by 6.6% year-on-year, down from 8.2% in the previous month and 10.67% in the same period last year [1]. - Imports in December 2025 increased by 5.7% year-on-year, down from 7.4% in the previous month but up from 0.84% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Futures exchanges have tightened risk control. The Shanghai Gold Exchange will adjust the margin level of the Ag(T+D) contract to 20% and the daily limit to 19% from the close of trading on January 30 [2]. - The Shanghai Futures Exchange will adjust the daily limit and margin ratio of nickel and other futures contracts from the close of trading on January 30 [2]. - The Chicago Mercantile Exchange has raised the margin requirements for silver, platinum, and palladium [2]. - On January 28, 32 domestic commodity varieties had positive basis, and 36 had negative basis. The basis of Shanghai nickel, live pigs, and eggs was the largest, while that of Shanghai tin, butadiene rubber, and international copper was the smallest [3]. - The Guotou Silver LOF will be suspended from trading from 9:30 to 10:30 on January 29, 2026. If the premium rate of its secondary market trading price does not effectively decline, the fund has the right to take measures such as applying for intraday suspension or extending the suspension time to alert the market to risks [3]. 3.2.2 Metals - On January 29, spot silver and New York silver futures exceeded $119 per ounce, hitting new highs. Spot gold fell below $5,500, dropping more than $100 in the short term. Palladium futures exceeded $2,100 per ounce, rising 11.67% intraday [5]. - On January 28, most London base metals rose. The Fed's decision to keep interest rates unchanged has affected global liquidity expectations, and the long-term demand logic of base metals is being re-evaluated [5]. - The prices of precious metals and non-ferrous metals have continued to surge. On January 28, the gold futures price on the New York Mercantile Exchange exceeded $5,400 per ounce, and the domestic gold futures price approached 1,200 yuan per gram. The precious metals and non-ferrous metals sectors in the A-share market have seen a wave of limit-up stocks [5]. - The gold recycling business has boomed. The scale of gold-themed funds has grown significantly, with the total scale of 53 gold-themed funds approaching 380 billion yuan as of January 28, an increase of nearly 100 billion yuan from the end of last year, a rise of 35.7% [6]. - Russia's Norilsk Nickel expects its nickel production in 2026 to be between 19,300 and 20,300 tons and its palladium production to be between 2.415 and 2.465 million ounces [7]. - As of January 27, lead inventory decreased by 2,000 tons to 209,175 tons; copper inventory increased by 1,575 tons to 173,925 tons, hitting a new high in more than eight months; aluminum inventory decreased by 2,275 tons to 499,975 tons; tin inventory decreased by 25 tons to 7,060 tons; nickel inventory increased by 612 tons to 286,338 tons, hitting a new high in more than seven years and seven months; zinc inventory decreased by 175 tons to 110,375 tons; aluminum alloy inventory remained stable at 1,500 tons, the lowest level in more than four years and ten months; and cobalt inventory remained stable at 121 tons, the lowest level in more than one year and three months [7]. 3.2.3 Coal, Coke, Steel, and Minerals - The EU and Vietnam are expected to deepen cooperation on critical minerals and semiconductors [8]. 3.2.4 Energy and Chemicals - The main contract of U.S. crude oil closed higher. Trump warned Iran to reach an agreement as soon as possible, and U.S. crude oil inventories decreased by 2.295 million barrels last week, more than expected, supporting oil prices [9]. - U.S. Treasury Secretary Bezant said that an increase in Venezuelan crude oil supply means a decrease in natural gas prices [10]. 3.2.5 Agricultural Products - The Ministry of Agriculture and Rural Affairs has deployed work to stabilize beef cattle production and accelerate the relief of the dairy industry. It emphasizes the need to implement relief support policies, stabilize basic production capacity, and promote the high-quality development of the industry [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 28, the central bank conducted 377.5 billion yuan of 7-day reverse repurchase operations at a fixed interest rate of 1.40%, with a net investment of 1.4 billion yuan [12]. - On January 28, the Ministry of Finance and the central bank conducted a tender for the first-phase central treasury cash management commercial bank time deposit in 2026, with a winning amount of 150 billion yuan and a winning interest rate of 1.73% [12]. 3.3.2 Important News - The Fed maintained the benchmark interest rate at 3.50%-3.75%, pausing after three consecutive 25-basis-point rate cuts, in line with market expectations. The unemployment rate has shown initial signs of stabilizing, inflation remains relatively high, and economic prospects are still highly uncertain [4][13]. - The "report card" of central state-owned enterprises in 2025 was released. By the end of 2025, the total assets of central state-owned enterprises exceeded 95 trillion yuan, and the total profit in 2025 was 2.5 trillion yuan. The State-owned Assets Supervision and Administration Commission of the State Council will promote the establishment of new central state-owned enterprises and strategic reorganizations and is drafting a document on promoting the cultivation of emerging pillar industries by central state-owned enterprises [13]. - The National Tax Work Conference emphasized the need to strengthen the standardization of tax incentives. During the 14th Five-Year Plan period, the tax department collected more than 156 trillion yuan in taxes and fees, accounting for about 80% of the full-caliber fiscal revenue, and provided more than 10 trillion yuan in tax cuts, fee reductions, and tax refunds [14][15]. - China will host the first senior officials' meeting and related meetings of APEC in Guangzhou from February 1 to 10, 2026 [15]. - The 2026 National Population and Family Development Work Conference emphasized the need to optimize fertility support policies and incentives, promote a positive marriage and childbearing concept, and develop inclusive childcare services [15]. - The "report cards" of China's economic provinces in 2025 were released. Guangdong and Jiangsu both exceeded 14 trillion yuan in GDP, and Shandong became the third province with a GDP exceeding 10 trillion yuan [15]. - Nearly 60% of surveyed U.S. companies plan to increase their investment in China, more than half of the surveyed companies expect to make a profit or a significant profit in 2025, and more than 70% of the companies have not considered moving their production or procurement links outside China [15]. - Many real estate companies have confirmed that they are no longer required by regulatory authorities to report the "three red lines" indicators monthly. However, some troubled real estate companies are still required to report financial indicators such as asset - liability ratios to the special team in their headquarters cities regularly [16]. - In 2025, a total of 27,100 urban old communities and 4.99 million households were renovated, with a total investment of 133.2 billion yuan [16]. - With the decline in deposit interest rates and the maturity of a large number of high - interest fixed deposits, residents' deposits are flowing into the market. There is a trend of seeking "deposit alternatives" [16]. - As of the end of December 2025, the total scale of China's public funds reached 37.7 trillion yuan, a record high. The scale of bond funds increased by more than 410 billion yuan, and the scale of stock funds increased by more than 250 billion yuan [16][17]. - Qinghai Province plans to actively resolve local debt risks and exit the list of key provinces for local debt [17]. - The Hong Kong branch of the China Development Bank successfully issued 5.5 billion yuan of RMB public bonds in the Macao Special Administrative Region, including 3.5 billion yuan of 3 - year special bonds with an issue interest rate of 1.75% and 2 billion yuan of 5 - year special bonds with an issue interest rate of 1.85% [17]. - The Ministry of Finance announced the ranking of spot trading volumes of book - entry treasury bonds in 2025. Ping An Bank, Citic Securities, and Orient Securities ranked among the top three [18]. - Tianjin's bond market has achieved good development, with the issuance of Tianjin's science and technology innovation bonds reaching 12.811 billion yuan, a year - on - year increase of 27.7%, and the issuance of green bonds reaching 18.027 billion yuan, a year - on - year increase of 58.9% [18]. - The bid - to - cover ratio of Japan's 40 - year treasury bond auction reached 2.76, the highest level since March 2025, temporarily alleviating the tension in the bond market [18]. - The minutes of the Bank of Japan's meeting showed that if the outlook is in line with expectations, it is advisable to continue raising interest rates [19]. - There were a series of bond - related events, including equity transfers, bond redemptions, and credit rating changes [20]. 3.3.3 Bond Market Summary - The Chinese bond market warmed up in the afternoon, with the yields of interest - rate bonds generally declining. The 10 - year treasury bond yield reached 1.81%. Bond futures rose across the board, and the money market was stable with little price change. The bond market is expected to remain volatile in the short term [21]. - In the exchange bond market, Vanke's bonds performed strongly, while some other bonds declined. The CSI Convertible Bond Index rose 0.85%, and the money market interest rates mostly declined [22][23]. - The winning yields of Agricultural Development Bank's 1.0356 - year, 3 - year, and 10 - year financial bonds were 1.4720%, 1.6074%, and 1.9650% respectively. The winning yields of Export - Import Bank of China's 2 - year and 3 - year financial bonds were 1.5501% and 1.6044% respectively [24]. - The yields of European government bonds mostly declined, while the yields of U.S. Treasury bonds were mixed [24]. 3.3.4 Foreign Exchange Market - The on - shore RMB closed at 6.9453 against the U.S. dollar, up 123 basis points from the previous trading day. The central parity rate of the RMB against the U.S. dollar was 6.9755, up 103 basis points from the previous trading day [25]. - The U.S. dollar index rose 0.63% to 96.35 in New York trading. Non - U.S. currencies showed mixed performance [26]. 3.3.5 Research Report Highlights - CITIC Construction Investment's research shows that the pricing power of long - duration interest - rate bonds is concentrated in funds, while rural commercial banks are "passive" allocation players. Insurance companies have a small amount of pricing power in ultra - long - term treasury bonds, and large banks have more pricing power in short - duration treasury bonds. The change speed of bond fund duration is a better indicator for short - term timing [27]. - Guosheng Fixed Income believes that there is no need to be overly worried about the current deposit transfer. The transfer of corporate deposits has been occurring since April 2024, and the transfer of residents' deposits is not a major concern for now [27]. - CITIC Securities states that the U.S. private banking industry has a mature system, and the asset allocation of Chinese private banking is shifting from deposits and real estate to functional products and service - based architectures [28]. 3.4 Stock Market News - The A - share market fluctuated, with resource stocks surging and the photovoltaic industry chain adjusting. The Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.57%, the North Star 50 Index fell 0.16%, and the Wind All - A Index rose 0.11%. The market turnover reached 2.99 trillion yuan [31]. - The Hang Seng Index rose 2.58% to 27,826.91, hitting a new high since August 2021. The Hang Seng Technology Index rose 2.53%, and the Hang Seng China Enterprises Index rose 2.89%. The precious metals, non - ferrous metals, and petroleum sectors led the gains. Mingming很忙, the "first stock in the bulk snack industry," rose 69% on its first day of listing. Southbound funds sold more than HK$3.4 billion, with net sales for four consecutive trading days [31].

Group 1 - The spot gold price has surpassed $5,500 per ounce for the first time, increasing by over 1% in a single day [1] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of solidifying the establishment of new central enterprises and strategic restructuring [1] - The 2026 National Population and Family Development Work Conference aims to continuously optimize fertility support policies and incentive measures [1] Group 2 - The tax department will deepen tax system reforms in 2026 [1] - Two major exchanges have adjusted the price fluctuation limits and margin ratios for nickel, silver, and related contracts [1] - China is committed to winning the battle for the main arrow's first flight and recovery, focusing on breakthroughs in reusable technology [1] Group 3 - Shenzhen has released a three-year action plan to optimize the consumption environment [1] - The World Health Organization states there is currently no evidence indicating an increase in the human-to-human transmission capability of the Nipah virus [1] - The Federal Reserve has announced that it will maintain the benchmark interest rate, aligning with market expectations [1] - The three major U.S. stock indices showed mixed results, with the Nasdaq rising by 0.17% [1]

Stock Market - The A-share market experienced a significant pullback, with the Wind All A index dropping by 1.18% and a record trading volume of 3.7 trillion yuan [9] - The China Securities 1000 index fell by 1.84%, the China Securities 500 index by 1.28%, the CSI 300 index by 0.6%, and the SSE 50 index by 0.34% [9] - The rise in A-share indices at the beginning of 2026 was primarily driven by global technological advancements, highlighted by the CES event and Nvidia's new Rubin architecture announcement [9] - Geopolitical tensions have led to increased interest in rare metals, which are crucial for high-tech manufacturing and military industries, resulting in short-term price surges [9] - Historical trends suggest that after geopolitical clarity, related metals may see inventory releases and price corrections, indicating a potential for high volatility in the short term [9] Bond Market - On Tuesday, the 30-year bond futures rose by 0.28%, the 10-year by 0.06%, the 5-year by 0.04%, while the 2-year remained stable [10] - The People's Bank of China conducted a 358.6 billion yuan reverse repurchase operation with a stable interest rate of 1.4% [10] - The funding environment remains reasonably ample, supporting the bond market, but economic stability, rising inflation, and cautious interest rate cuts pose constraints [10] - The bond market is expected to remain in a range-bound pattern in the short term, with upward pressure requiring significant inflation increases and downward pressure needing interest rate guidance [10] Precious Metals - Gold prices showed high volatility, while silver continued to perform strongly, and platinum and palladium adjusted [11] - The gold-silver ratio decreased to around 52.4, with the platinum-palladium price difference rising to approximately 501 USD/ounce [11] - The U.S. December CPI rose by 2.7%, aligning with expectations, while core CPI growth was slightly below expectations at 2.6% [11] - Geopolitical issues, including U.S. citizens being advised to evacuate Iran, have heightened investor concerns, keeping gold's appeal strong in the short term [11] - Changes in margin requirements for gold and silver contracts may impact trading dynamics, with gold margins adjusted to about 5% of nominal value and silver to about 9% [11]

Core Insights - On November 28, 2025, the Chicago Mercantile Exchange (CME) experienced a significant technical failure, leading to an 11-hour suspension of futures and options trading, impacting over $15 trillion in nominal value contracts [1][2] - The CME attributed the outage to overheating at a third-party data center, which raised skepticism given the cold weather conditions in Chicago and the typically low trading volume during the Thanksgiving holiday [2][3] - The outage coincided with a surge in silver prices, suggesting potential market manipulation or strategic positioning by large traders ahead of the first delivery day for physical commodities [3][5] Group 1 - The CME's outage resulted in approximately $600 billion in nominal value positions unable to hedge or roll over, leading to over $1 billion in losses for institutions forced to close positions at unfavorable prices [1][2] - The incident raised questions about the reliability of CME's infrastructure, especially given the extended recovery time which is usually between 1-4 hours for such events [2][3] - There were reports of a significant demand for physical silver delivery, with claims of a large entity requesting 400 million ounces, equivalent to half of the world's annual silver production [5][6] Group 2 - The timing of the outage, just before a major delivery day, suggests a possible strategic advantage for the CME and its participants, potentially allowing for negotiations or adjustments to trading rules [9][10] - The situation reflects broader market dynamics, including the impact of interest rate changes in Japan and China, which could affect liquidity in U.S. markets and lead to similar operational disruptions in the future [12][13] - The CME's handling of the outage and its implications for market integrity may influence investor confidence and trading behavior moving forward [11][12]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report analyzes various non - ferrous metals, including copper, aluminum, zinc, lead, nickel, tin, lithium carbonate, industrial silicon, polysilicon, and silver, providing insights on their supply, demand, price trends, and investment strategies [1]. Summary by Metal Copper - **Emotions**: The market has digested the supply loss of Grasberg copper mine, with overseas banks raising long - term copper price expectations. The US government shutdown and Sino - US trade issues add to market uncertainty [1]. - **Domestic Supply**: Imported copper concentrate TC is at $80. September domestic copper output decreased by 50,600 tons month - on - month, and is expected to drop by 38,500 tons in October. September copper imports reached 485,000 tons, and consumption is under pressure from high prices [1]. - **Overseas**: ICSC lowered the 2025 copper concentrate supply growth from 2.86% to 1.4% (supply increment from nearly 500,000 tons to 300,000 tons) and next year's growth from 2.55% to 2.3% (supply increment from 800,000 - ton level to 500,000 - ton level). 2025 demand growth is expected at 3.3%, and 2026 at 2.1% [1]. - **Trend**: The copper price is likely to enter a high - level oscillation state after reaching near - record positions last week [1]. Aluminum and Alumina - **Supply**: Domestic alumina operating capacity is at a historical high of 80 million tons, with a significant surplus. Domestic electrolytic aluminum operating capacity is stable at around 44 million tons [1]. - **Demand**: The开工 rate of domestic aluminum processing leading enterprises decreased by 6.5% to 62.5%. September aluminum and aluminum product exports decreased [1]. - **Inventory**: During the National Day, aluminum ingot social inventory increased by 57,000 tons to 649,000 tons, and aluminum rod inventory increased by 24,000 tons to 139,000 tons [1]. - **Trend**: The aluminum market is oscillating to test previous highs, and the upside space is cautiously viewed [1]. Zinc - **Spot and Futures**: LME inventory is less than 38,000 tons, with a high 0 - 3 months premium. Domestic smelters prefer domestic ore procurement, and import ore TC has rebounded [1]. - **Demand**: Affected by multiple factors, domestic demand is not strong, and social inventory has reached a five - year high of 163,100 tons [1]. - **Trend**: Shanghai zinc is expected to oscillate between 21,500 - 23,000 yuan/ton [1]. Lead - **Market**: The external market's rising lead price was reversed by policy changes and domestic factory resumptions. LME lead inventory is at a high level of 237,000 tons [1]. - **Supply**: Both primary and secondary lead production are expected to increase in October. The supply of lead concentrate is still tight [1]. - **Demand**: Battery consumption is good, but the sustainability of consumption is in doubt [1]. - **Trend**: Shanghai lead is expected to oscillate between 16,500 - 17,300 yuan/ton [1]. Nickel and Stainless Steel - **Spot and Supply**: There are premiums for different forms of nickel. Nickel and nickel - iron inventories have increased, and stainless - steel inventory has decreased [1]. - **Trend**: The nickel price is weakly operating, with a downward - moving center of gravity [1]. Tin - **Supply**: There is no new news on tin ore resupply, and domestic production is expected to increase in October [1]. - **Demand**: High tin prices affect downstream purchases, and the export of related products has slowed [1]. - **Trend**: Shanghai tin has significant two - way price movements. Short positions can be held near 290,000 yuan or sell put options with an execution price of 300,000 yuan for the 25LL contract [1]. Lithium Carbonate - **Futures**: The lithium carbonate futures market is oscillating with light trading [1]. - **Spot**: The price is reported at 23,100 yuan, and the total output has growth potential [1]. - **Demand**: The demand for lithium iron phosphate materials is good, with expected growth in October [1]. - **Inventory**: The total market inventory has decreased, and downstream inventory is at a relatively high level [1]. - **Trend**: The lithium price is supported at a low level, but there is downward pressure [1]. Industrial Silicon - **Supply**: Xinjiang enterprises plan to increase production in October, and southwest production areas may cut production in November [1]. - **Demand**: The production of polysilicon in October is less than expected, and the operating load of organic silicon enterprises remains stable [1]. - **Inventory**: Social inventory has increased by 200 tons to 545,000 tons [1]. - **Trend**: There is a high risk of inventory accumulation in October, and the price is expected to oscillate [1]. Polysilicon - **Price**: The price has recovered and stabilized between 50,100 - 55,000 yuan/ton [1]. - **Supply and Demand**: Supply contraction is limited in October, and silicon wafer production cuts are frequent in Q4. Demand has decreased [1]. - **Inventory**: Factory inventory has increased by 1.4 million tons to 24 million tons [1]. - **Trend**: The effectiveness of the 40,000 - yuan/ton support level is being tested, and industry meeting news should be followed [1]. Silver - **Strategy**: Hold long positions in the silver 2512 contract and raise the target price to 10,500 - 12,000, with a stop - loss at 9,100 [1].