早上洞察：2026年1月27日

Morning Insight:January 27, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Gold andSilver:On Monday, amid escalating global geopolitical tensionsand heightened market turbulence, precious metals continued their rally.Silver surged sharply, while gold, for the first time in history, brokethrough the key psychological threshold of USD 5,000 per ounce andfurther climbed to a record high of USD 5,110 per ounce. Driven by an in the spot market, platinum and palladium have shown strong upside beta,with pronounced positive feedback effects under sector-wide linkage. Atthe same time, their price correlation with gold and silver exhibitsclear two-way transmission: downside pressure in gold and silver israpidly transmitted to the platinum and palladium markets, withsynchronized declines in both timing and magnitude, resulting involatility characteristics that are tightly bound to core preciousmetals. We previously made it clear that this round of gains in platinum platinum spot prices to USD 3,000 per ounce, corresponding toapproximately RMB 780 per gram for domestic platinum spot prices.Furthermore, if the key bullish drivers on the spot side—namely LPG:In the short term, geopolitical disruptions remain a strong sourceof volatility, while medium-term drivers point downward. Recently, supplytightness has emerged in both the Middle East and the United States dueto maintenance activities as well as coldwaves and foggy weather, andthe escalation of geopolitical risks involving Iran has further Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. A freight train carrying 1,395 tonnes of cotton departed from Aksurailway station in northwest China's Xinjiang Uygur Autonomous Region on Its departure marked the official launch of China's first express cotton freight train service, providing new logistics support for the development of Xinjiang's cotton industry. Operating at speed of 120 kilometers per hour, the railway uses well-maintained, enhanced-speed carriages and has implemented customizedloading plans for each warehouse to ensure the quality of the cotton 2. China's Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is pushingforward with integration, with its combined economic output expected to The GBA brings the Hong Kong and Macao special administrative regionstogether with nine mainland cities in the economic powerhouse of Physical connectivity has accelerated in recent years. Intercity railwayshave shifted from isolated lines to a networked system, pushing total routes have expanded to 17 lines. Institutional connectivity is also taking shape, with 198 governmentservices now available across borders within the GBA. Authorities have The region now hosts 84 innovation and entrepreneurship bases for young This momentum reflects Guangdong's broader economic heft. According tothe provincial government work report, which was released at the annual 3.The Ministry of Commerce has vowed to further optimize supportivepolicies for foreign investment in 2026, pledging efforts to provide Wang Ya, an official heading the foreign investment management departmentunder the commerce ministry, said at a press conference on Monday that Wang said the ministry will expand market access and the opening-up ofthe services sector, including telecommunications, healthcare and Efforts will also be made to strengthen services for foreign investors byfully implementing the national treatment for foreign-funded enterprises, China will closely align with international high-standard economic and trade rules, carry out more extensive institutional opening-up trials,and accelerate the implementation of pilot projects for expanding the 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