Guotou UBS Silver Futures (LOF) A: The profit for the fourth quarter of 2025 was RMB 3.03 billion, and the weighted average profit per fund unit was RMB 0.753.

Key News 1. IMF raises China's economic growth forecast. 2. Economic Daily: Don't let speculative hype distort commercial aerospace. 3. Zhejiang Securities Regulatory Bureau of the China Securities Regulatory Commission: Jin Yongrong manipulated the securities market; a 3-year securities market ban has been imposed on him. Individual Stock News 1. Hualing Cable: Terminated the acquisition of control of Xingxin Aerospace; the target company provides supporting products for Shenzhou series spacecraft, Chang'e series probes, and various launch vehicles. 2. China Tourism Group Duty Free: Its wholly-owned subsidiary plans to acquire DFS equity and issue new H shares. 3. Yidian Tianxia: Trading suspended for investigation completed; stock will resume trading on the 20th. 4. Jiangbolong: The negotiated transfer price is 212.09 yuan/share, a 36.92% discount to the closing price. 5. Dingtong Technology: Net profit in 2025 is expected to increase by 120% year-on-year; high-speed communication products and communication business have seen significant growth. 6. Hunan Yuneng: 2025 net profit is expected to increase by 93.75%-135.87% year-on-year. 7. Shuijingfang: 2025 net profit is expected to decrease by 71% year-on-year; Q4 results significantly lower than expected. 8. Trina Solar: 2025 net profit is expected to be a loss of 6.5 billion to 7.5 billion yuan. 9. Tianjian Technology: 2025 net profit is expected to decrease by 1657.73%~1196.06% year-on-year; the company's stock may be subject to delisting risk warning. 10. Chengdu Huawi: 2025 net profit is expected to increase by 74%-109% year-on-year; Q4 net profit is expected to increase by 458%-614% quarter-on-quarter. 11. Yingfang Micro: Plans to acquire 100% of Shanghai Shockley and Fujide China, which is expected to constitute a major asset restructuring; stock will resume trading on the 20th.

Polish Prime Minister Tusk: Appeasement is always a symbol of weakness, and Europe cannot afford the consequences of weakness – whether facing enemies or allies.