消息面上，现货黄金在周四美盘末转涨，收复逾300美元的历史最大单日跌幅，最终收报5370.87美元/ 盎司，收跌0.85%。现货黄金在整个周四交易时段中，于亚盘初创下了5596.7美元的历史新高，并在美 盘中跌至5105美元，使单日振幅扩大至近500美元。 责任编辑：郝欣煜 | 代码 | 名称 | | | 涨跌幅 ^ | | --- | --- | --- | --- | --- | | 06693 | 赤峰黄金 | (0) | 42.760 | -8.24% | | 02259 | 紫金黄金国际 | | 230.200 | -5.96% | | 01787 | 山东黄金 | | 49.400 | -4.36% | | 01815 | 珠峰黄金 | | 1.900 | -3.55% | | 02899 | 三、二十六年 | | 44.520 | -3.51% | | 03330 | 灵宝黄金 | | 24.400 | -3.48% | | 01818 | 招金矿业 | | 38.860 | -3.33% | | 00340 | 童关黄金 | | 3.580 | -2.98% | | 00815 | 中国白银集 ...

这股上涨浪潮并非毫无根基的空中楼阁。 背后是实实在在的业绩支撑。 截至1月底，A股黄金白银产业链中，已有7家上游上市公司发布了2025年全年的业 绩预告。 一个引人注目的现象是，这7家公司全部"预喜"，其中6家净利润预计大幅增长，1家成功实现扭亏为盈。 | | ◎ 排 容代码 | 名称 | 张唱 | 现价 | 张跌 | 换手 | 振幅 | 涨速 | 息金额 | 息而值 | 抗曲市值 | 总手 | 利女子 | 利空 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 881278 | 田树区官 | -0.68% | 7096.886 | -48.626 | 3.70% | 1.86% | -0.02% | 574.247 | 1.737 17 | 1.55 / 1.55 | 41797 | 九 | 元 | | 2 | 002560 | 迪达股份 | -3.11% | 10.59 | -0.34 | 7.76% | 3.39% | -0.09% | 3.747. | 55 ...

Group 1 - On January 29, 2026, Alibaba-W (09988), CNOOC (00883), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 3.175 billion, 2.764 billion, and 2.555 billion respectively [1] - In the Southbound Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and CNOOC (00883) were the top three companies by trading volume in the Shenzhen-Hong Kong Stock Connect, with transaction amounts of 1.847 billion, 1.779 billion, and 1.669 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a transaction amount of 3.175 billion and a net buy of -248 million, CNOOC (00883) with a transaction amount of 2.764 billion and a net buy of -686 million, and SMIC (00981) with a transaction amount of 2.555 billion and a net buy of -81.725 million [2] - In the Shenzhen-Hong Kong Stock Connect, the top active companies included Alibaba-W (09988) with a transaction amount of 1.847 billion and a net buy of -82.154 million, Tencent Holdings (00700) with a transaction amount of 1.779 billion and a net buy of 296 million, and CNOOC (00883) with a transaction amount of 1.669 billion and a net buy of 572 million [2]

Core Viewpoint - The continuous rise in gold prices has led to significant profit increases for gold mining companies, with a collective net profit forecast of 602 billion to 625 billion yuan for six companies in 2025, reflecting an average growth rate of at least 84% [3][4]. Group 1: Company Performance - Zijin Mining, holding the largest gold reserves, expects a net profit of 510 billion to 520 billion yuan for 2025, accounting for about 80% of the total among the six companies, with a year-on-year growth of 59% to 62% [5]. - China National Gold anticipates a net profit of 48 billion to 54 billion yuan, with a year-on-year increase of 41.76% to 59.48% [5]. - Chifeng Jilong Gold expects a net profit of 30 billion to 32 billion yuan, reflecting a growth rate of 70% to 81% [6]. - Zhaojin Mining has the highest net profit growth rate at 242%, expecting a profit of 1.22 billion to 1.82 billion yuan, recovering from a loss of 1.27 billion yuan in the previous year [5][6]. Group 2: Market Trends - As of January 29, international gold prices have risen for nine consecutive trading days, reaching a historical high of 5598 USD per ounce [8]. - The macroeconomic environment, including statements from the Federal Reserve regarding inflation and central bank independence, has catalyzed the demand for gold as a safe haven [8]. - Analysts predict that the upward trend in gold prices is likely to continue, driven by geopolitical uncertainties and inflation expectations, with a systematic resonance in market behavior towards gold [8][10]. Group 3: Global Gold Demand - According to the World Gold Council, global gold investment demand reached 2175 tons in 2025, a year-on-year increase of 84%, with significant contributions from gold bars and coins [10]. - The demand for gold ETFs also saw a net increase of 801 tons for the year, indicating strong investor interest amid ongoing economic and geopolitical risks [10].

黄金板块多股连板，白银有色8连板，中国黄金5连板，招金黄金、湖南黄金4连板。一图速览今日连板 股>> | 闺王股份 | 2 | 黎 | | --- | --- | --- | | 早川股份 | 2 | 锂电 | | 通源石油 | 2 | 油气 | | 石化油服 | 2 | 油气 | | 怡球资源 | 2 | 工业等層 | | | 第二财经 | 1 25 5 | | | 生 权力文 1.29 一个双日文 截至收盘斩获连板个股 | | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | 白银有色 | 8 | 黄金+白银 | | 豫米金铝 | 5 | 有色金属 | | 中国黄金 | 5 | 黄金 | | 招金黄金 | 4 | 黄金 | | 湖南黄金 | 4 | 黄金 | | 洲际油气 | 2 | 油气 | | 铜陵有色 | 2 | 有色金属 | | ST京蓝 | 2 | 小ぞ属 | | 西部黄金 | 2 | 黄金 | | 中曼石油 | 2 | 油气 | | 哈森股份 | 2 | 机器人 | | 北方铜业 | 2 | 有色金属 | | 云南铜业 | 2 | 有色金属 | | 百通 ...

Group 1 - The core viewpoint of the news is that the gold industry is experiencing a significant increase in stock performance, driven by strong demand and investment in gold ETFs, despite a slowdown in central bank purchases of gold [1][2]. - As of January 29, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index rose by 3.01%, with notable increases in individual stocks such as Xiaocheng Technology (up 19.52%), Tongling Nonferrous Metals (up 10.06%), and China Gold (up 10.02%) [1]. - The World Gold Council reported that central banks and sovereign institutions purchased slightly over 860 tons of gold in 2025, with expectations for stable purchasing rates in 2026, although this is lower than the over 1,000 tons purchased annually in the three years prior to 2025 [1]. Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in the mainland and Hong Kong markets [2]. - As of December 31, 2025, the top ten weighted stocks in the index accounted for 63.58% of the total index, with companies like Zijin Mining and Shandong Gold among the leading constituents [2].

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index rising by 0.16% to close at 4157 points, while the Shenzhen Component Index fell by 0.3% and the ChiNext Index decreased by 0.57% [1] - The total market turnover reached 3.26 trillion yuan, an increase of 267.1 billion yuan compared to the previous trading day, with over 3500 stocks declining [1] Sector Highlights - The liquor sector experienced a surge, with Kweichow Moutai's price rising nearly 9%, and over twenty stocks including Wuliangye and Luzhou Laojiao hitting the daily limit [1] - The precious metals sector continued to rise, with spot gold approaching 5600 USD, leading to multiple stocks like Sichuan Gold and Zhaojin Gold hitting the daily limit [1] - AI application stocks collectively surged, with a significant increase in related stocks [1] - The cultural media sector also saw gains, with stocks like Zhejiang Wenlian hitting the daily limit [1] - Insurance stocks were active, with China Pacific Insurance leading the gains [1] - Real estate, oil and gas services, and banking sectors showed notable increases [1] Declines in Specific Sectors - The high-bandwidth memory and SMIC concepts faced declines, with Jingce Electronics dropping nearly 9% [1] - The electronic chemicals sector experienced widespread declines, with Anji Technology falling over 8% [1] - The electronic components and PCB sectors also saw declines, with Yidong Electronics dropping over 11% [1] - Other sectors such as power grid equipment, superconducting concepts, and optical communication modules faced significant downturns [1]

Core Viewpoint - The gold price is nearing $5,600 per ounce, but gold mining stocks are experiencing a pullback, indicating market skepticism about the sustainability of high gold prices [1][2] Group 1: Gold Price and Market Performance - On January 29, the London spot gold price approached $5,600 per ounce, while gold mining stocks in both A-shares and Hong Kong showed a trend of retreating after initial gains [1] - Specific stocks such as Zhaojin Mining (01818.HK) and Zijin Mining International (02259.HK) saw declines exceeding 2% [1] - In the A-share market, leading stocks like Shandong Gold (600547.SH) and Chifeng Jilong Gold Mining (600988.SH) reported increases of 3.89% and 4.55%, respectively [1] Group 2: ETF and Investment Trends - The gold stock ETF (517520) experienced a high turnover of 2.618 billion yuan in half a day, surpassing the previous day's total of 2.019 billion yuan [1] - The tracked gold stock index (931238) has yielded nearly 172% over the past year as of January 28 [1] - The E Fund Gold ETF (159934) rose by 5.13% with a transaction volume of 2.838 billion yuan, approaching the previous day's turnover of 3.624 billion yuan [1] Group 3: Analyst Insights - Analysts suggest that despite the current high gold prices, gold mining stocks are not performing in tandem, reflecting market expectations of a lack of sustainability in high gold prices [2] - The volatility in external markets, particularly the decline in the US dollar index, has contributed to the rise in gold prices [2] - Given the significant short-term gains in both gold prices and mining stocks, some technical indicators are showing signs of being overbought, indicating a potential short-term pullback [2]

Core Viewpoint - The article discusses the divergence between rising gold prices and the performance of gold mining stocks, highlighting market expectations and funding conditions as key factors influencing this trend [2][3][4]. Group 1: Gold Price and Mining Stocks Performance - On January 29, gold prices approached $5,600 per ounce, while gold mining stocks in both A-shares and Hong Kong experienced a pullback, with some stocks declining over 2% [2]. - The gold stock ETF saw a half-day trading volume of 2.618 billion yuan, surpassing the previous day's total of 2.019 billion yuan, with a net inflow of 443 million yuan on January 28 [2]. - The gold ETF managed by E Fund rose by 5.13% on January 29, with a trading volume of 2.838 billion yuan, nearing the previous day's volume of 3.624 billion yuan, which had a net inflow of 1.083 billion yuan [2]. Group 2: Market Expectations and Funding Conditions - Analysts suggest that the lack of synchronization between gold prices and mining stocks is due to market expectations that current high gold prices may not be sustainable [3][4]. - Investors are currently more inclined to invest directly in physical gold or gold ETFs rather than mining stocks, as direct ownership avoids risks associated with operational costs and production efficiency [4]. - The divergence in performance among gold mining stocks is attributed to differing market expectations, with profit-taking and cautious attitudes from new investors leading to a pullback in high-priced stocks [4].

港股100研究中心顾问余丰慧认为，当前金价维持高位，而金矿股出现冲高回落的现象，主要可以从资 金面和市场预期两个角度来解读：从资金面来看，投资者在面对不确定性的宏观经济环境时，更倾向于 直接投资于实物黄金或黄金ETF等产品，而非金矿公司的股票。这是因为直接持有黄金可以避免企业特 有的风险，如运营成本上升、生产效率低下等，在市场预期方面，尽管金价上涨反映了避险需求的增 加，但金矿股的表现还受到公司自身经营状况、未来盈利预期等因素的影响。 1月29日上午交易时段，伦敦金现货价格继续高歌猛进，一度逼近5600美元/盎司，但A股和港股的金矿 股却出现冲高回落的走势，港股的部分个股甚至出现了下跌。 光大证券国际策略师伍礼贤向第一财经分析，当前黄金价格继续创出新高，但金矿股表现未能同步跟 随，反映出市场预期当前高位金价并不具备持续性特征。近期外部市场波动性较大，特别是美元指数回 落推动金价上行。但对于金矿股而言，市场通常以年度平均金价水平作为评估基准，进而判断全年业绩 增长预期，因此尽管当前金价处于高位，金矿股表现也未必完全跟随黄金价格走势。股价短线累计涨幅 较大，金价同样如此，部分技术指标已严重超买，短期可能出现回落， ...