[Commodity] The Bloomberg Commodity Index will undergo annual rebalancing starting January 9, with attention to buying 21703 and selling 24162 for gold

According to reports, the Bloomberg Commodity Index will undergo annual rebalancing from January 9 to January 15, with the weight of gold decreasing from 20.4% to 14.9%, and silver from 9.6% to 3.94%. International gold prices also recorded a nearly 1% decline. If gold is expected to face selling pressure during the rebalancing period, bearish investors may consider the S Gold put warrant (24162), with an exercise price of HKD 2999.88, expiring in June 2026, with an actual leverage of 8.9 times. However, Bloomberg reports that central banks have increased their gold holdings for 14 consecutive months, with a cumulative purchase of approximately 42 tons since the current gold buying cycle began in November 2024. If gold prices continue to receive support from central banks, investors may consider the S Gold call warrant (21703), with an exercise price of HKD 3561, expiring in April 2026, with an actual leverage of 14.4 times. Resource stocks also fell overall with gold prices, with Zijin Mining (2899) recording a 3% decline on January 8 afternoon. If one believes the decline is deep enough and is looking for a rebound, they may consider the call warrant (21895), with an exercise price of HKD 48.62, expiring in April 2026, with an actual leverage of 6.9 times. Another resource stock, Jiangxi Copper (358), also saw an adjustment of over 2% in its stock price. For bullish preparations, one may refer to the call warrant (23853), with an exercise price of HKD 50, expiring in April 2026, with an actual leverage of 4.9 times. Disclaimer This structured product is not secured, and if the issuer is unable to repay or defaults, investors may not recover part or all of the receivables. This document is issued by HSBC Bank (Hong Kong) Limited ("the Bank" or "the Issuer") (including any reference terms) for reference only and does not constitute an offer, solicitation, or recommendation to sell or purchase structured products. Structured products are complex products, and investors must act prudently in this regard. Unless investors fully understand and are willing to bear the risks involved, they should not invest in this product. The prices of structured products can rise or fall sharply, and investors may lose all or most of their investment. Past performance does not reflect future performance. Investors should understand the nature and risks of structured products before investing and carefully review the relevant offering documents, making an independent decision on whether it is suitable for them, and consult professional advice if needed. The Bank and its appointed liquidity providers may be the only market participants for the structured products, and the secondary market for structured products may be limited. Please note that bull and bear certificates have a mandatory redemption mechanism, which may lead to early termination. In this case, (i) investors in N-type bull and bear certificates will lose their entire investment in the bull and bear certificates; and (ii) the remaining value of R-type bull and bear certificates may be zero. Trading structured products linked to U.S. indices may carry additional risks, including: (a) risks related to differences in trading days and trading hours; (b) less public information available regarding the index, or no Chinese version provided; (c) political and economic risks related to the index (e.g., the U.S.); (d) exchange rate risks; (e) potential settlement delays; (f) announcement of index levels when the constituent stocks are not trading; and (g) mandatory redemption events for U.S. index bull and bear certificates occurring during non-trading hours The author is a licensed person from the Hong Kong Monetary Authority and the Securities and Futures Commission, and does not hold any direct or indirect interests in structured products or related assets. Information / Usage Unless specifically stated, the information in this article is provided by our bank to Hong Kong residents ("Hong Kong residents") for financial, market, or other information and data ("Information"). Non-Hong Kong residents should not rely on or make any decisions based on the information in the video. If you are not a Hong Kong resident and use this video, you may be in violation of the laws applicable to you. Our bank and all HSBC Group companies shall not be liable for any and all responsibilities arising from your use of the video as a non-Hong Kong resident. "HSBC Group companies" refer to HSBC Holdings plc and any subsidiaries or affiliated companies