早上洞察：2026年1月22日

Morning Insight:January 22, 2026 Certification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Gold:In last week’s precious metals weekly report, we wrote that when the path of U.S. conservatism is to appropriate assets from othercountries, and to do so in an increasingly undisguised manner, the globallandscape of confrontation and fragmentation becomes more explicit. Compared with the tariff-driven trade war that runs through 2025, theimpact on gold is likely to be on an even higher level. We judge that On the geopolitical front, protests and demonstrations have taken placein multiple locations across mainland Denmark and Greenland. In response,Trump posted that he would impose an additional 10% tariff on Norway,Sweden, France, Germany, the United Kingdom, the Netherlands, and We reiterate our view: recent data indicate that gold’s purchasing poweris returning, TD carry has shifted to paying longs, and both domestic andoverseas ETF holdings have risen sharply. Strategically, we recommendfocusing on outright long positions in gold and buying call options, with Copper:The bullish structure remains intact, but volatility mayincrease. There is support below current price levels, as the marketbelieves the bullish trend is unchanged and downstream enterprises areoperating with thin processing margins, meaning that pricepullbacks canstimulate restocking demand. From a longer-term perspective, the lack of affect overall market risk sentiment. From a trading perspective, given volatility, investors are advised to focus on buying on dips. Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China has built the world's largest electric vehicle (EV) chargingnetwork, which can meet the charging demand of more than 40 million new The total number of EV charging facilities in the country reached 20.092 The NEA noted that China's charging infrastructure expansion acceleratedsignificantly in 2025, taking only 18 months to grow from 10 million to The average power per public EV charging facility was 46.5 kilowatts, up China has installed 71,500 charging piles at over 98 percent of itsexpressway service areas, with 19 provincial-level regions ensuring 2. The STAR Composite Index, which reflects the performance of stocks on The STAR 50 Index, which tracks the 50 largest stocks listed on the board at 1,535.39 points. The sci-tech innovation board, commonly known as the STAR Market, wasinaugurated in June 2019 at Shanghai Stock Exchange. It is designed to 3. Shanghai's gross domestic product (GDP) soared to over 5.67 trillionyuan (about 814.1 billion U.S. dollars) in 2025, registering an annualgrowth of 5.4 percent, the municipal statistics bureau said on Wednesday. According to the municipal bureau of statistics in Shanghai, last yearthe city's industrial added value witnessed a 5 percent rise from the Notably, Shanghai has made significant strides in the development of new quality productive forces. In 2025 the manufacturing output value of the three leading industries in Shanghai, namely integrated circuits, biomedicine and artificial intelligence (AI), recorded a 9.6 percent year-on-year increase. Among them, the integrated circuit and the AI manufacturing industries posted growth rates of 15.1 percent and 13.6 percent, respectively. Despite the backdrop of international trade friction, Shanghai's foreign Exports of "new trio" products--electric vehicles, lithium-ionbatteries and photovoltaic products--stood out as a particularly bright Shanghai's GDP first exceeded 5 trillion yuan in 2024, three years afterit first surpassed 4 trillion yuan. In 2006, the city became the first Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying fut