Core Viewpoint - The article discusses a significant decline in various sectors of the A-share market, particularly in precious metals and energy, driven by external market pressures and changes in liquidity conditions [1][2][3]. Group 1: Market Reactions - The precious metals sector in A-shares experienced a sharp decline, with multiple stocks hitting the daily limit down, including companies like Xiaocheng Technology and Zhaojin Gold [1]. - The oil and gas sector also faced severe losses, with companies such as Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit down due to a drop in natural gas prices influenced by warmer weather forecasts [2]. - Commodity futures markets saw widespread declines, with major contracts like silver and gold futures hitting limit down, reflecting a broader market sell-off [2]. Group 2: External Influences - The U.S. leveraged loan index has fallen to its lowest point since April 2025, indicating potential liquidity issues in the market, which is further corroborated by a significant drop in the cryptocurrency market [3]. - The adjustment of margin levels and price limits for silver contracts by the Shanghai Gold Exchange suggests increased volatility and risk in the precious metals market [1]. Group 3: Liquidity Concerns - A report from Tianfeng Securities highlights that the U.S. dollar liquidity index has dropped to -60%, indicating extreme tightening that could impact global assets [5]. - The potential appointment of Kevin Warsh as the new Federal Reserve Chair has raised concerns about a hawkish monetary policy, which could lead to further tightening and affect market expectations for interest rates [6].

Core Viewpoint - The global precious metals market has experienced a significant pullback, with spot gold dropping over 6% on February 2, reflecting a fragile structure after a sharp short-term rise. The long-term outlook for the non-ferrous sector remains strong due to factors such as the restructuring of the monetary credit system, supply-side rigidity, and new demand dynamics, although short-term risks of correction should be monitored [1][3]. Group 1: Market Reactions and Trends - The non-ferrous sector has shown volatility, with traditional valuation models becoming ineffective as market sentiment and geopolitical factors increasingly influence prices [3]. - The nomination of Waller as the next Federal Reserve Chair has led to expectations of policy shifts, including a significant reduction in the Fed's balance sheet, which could impact liquidity and future interest rate cuts [3]. - On January 30, international gold prices recorded their largest single-day drop in 40 years, indicating heightened volatility and risk in the gold market, prompting experts to advise caution among investors [3]. Group 2: Investment Opportunities and Risks - The non-ferrous sector presents both long-term investment opportunities and short-term risks, necessitating a rational approach from investors based on their risk tolerance [1]. - The recent performance of the non-ferrous ETF Huatai-PineBridge (159652) indicates a significant drop in component stocks, with many experiencing declines of over 5% [2][6]. - Despite the recent downturn, the long-term fundamentals for industrial metals like copper, aluminum, and tin remain strong, with expectations for price recovery post-correction [7]. Group 3: Future Outlook - Analysts suggest that the current market dynamics, including high global debt and geopolitical uncertainties, provide a solid foundation for precious metal prices to trend positively in the long run [4]. - The non-ferrous ETF Huatai-PineBridge (159652) is highlighted for its comprehensive coverage of various metal sectors, positioning it well to benefit from the ongoing supercycle in non-ferrous metals [5][9]. - The ETF's index has shown a cumulative return leading its peers, with a significant portion of its gains driven by earnings rather than valuation increases, indicating a favorable investment environment [11][12].

Group 1 - The A-share market saw a significant decline in gold-related stocks, with over 20 stocks hitting the 10% limit down, including notable companies like Xiaocheng Technology, Tongling Nonferrous Metals, and China Gold [1] - Gold prices continued to retreat, with spot gold dropping to $4,586.16 per ounce, a decrease of 18% from last week's historical high of $5,595.44 [1] - Spot silver also experienced a substantial decline, falling to $76.967 per ounce, which is a 36.7% drop from last week's peak of $121.6485 [1] Group 2 - Xiaocheng Technology reported a decline of 17.08%, with a total market value of 15.3 billion [2] - Tongling Nonferrous Metals saw a decrease of 10.04%, with a market capitalization of 99.8 billion [2] - Other companies like Baijin Nonferrous Metals and Hengbang Shares also faced declines of 10.02% and 10.02%, respectively, with market values of 91.1 billion and 26.6 billion [2]

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年2月2日，中金黄金（sh600489）触及跌停，跌停价36.9元，涨幅-10%，总市值1609.79亿元，流 通市值1609.79亿元，截止发稿，总成交额1.29亿元。 根据喜娜AI异动分析，中金黄金跌停原因可能如下，现金流压力+治理结构调整+金价波动： 1、公司自 身经营问题：中金黄金经营活动现金流净额同比下降40.54%，这反映出公司在经营活动中的资金回笼 能力变弱。同时，短期借款较年初增长47.9%，偿债压力增大，影响了投资者对公司财务稳健性的信 心。 2、行业环境因素：黄金行业受黄金价格波动影响较大，未来金价走势不确定，可能影响公司持续 盈利能力。若市场预期黄金价 ...

| 代码 | ਤੇ ਕੀ | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | --- | | 561330 | 士 | 矿业ETF | 2.240 | -0.153 | -6.39% | | 159871 | 主 | 有色ETF银华 | 2.226 | -0.142 | -6.00% | | 159880 | 主 | 有色ETF鹏华 | 2.240 | -0.138 | -5.80% | | 159690 | 主 | 有色矿业ETF招商 | 2.300 | -0.132 | -5.43% | | 516650 | 主 | 有色金属ETF基金 | 2.166 | -0.129 | -5.62% | | 159162 | 主 | 工业有色ETF鹏华 | 0.957 | -0.056 | -5.53% | | 159876 | 主 | 有色ETF华宇 | 1.147 | -0.067 | -5.52% | | 159881 | 主 | 有色金属ETF国泰 | 2.144 | -0.123 | -5.43% | | 560860 | | 主 工业有色ETF ...

| 沪金 2604 GO < > au2604 主 上期所 ▼ | | --- | | 1064.30 今开 1140.00 最高 1154.78 最低 1016.00 | | -11.08% -132.62 总手 60.5万 持仓 18.5万 日增 -1960 | | 更多 结算 -- 昨结 1196.92 | 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 周一早盘，有色板块继续大面积低开，贵金属方向领跌，白银有色（维权）、湖南白银、豫光金铅、中 金黄金、晓程科技等三十余股跌停。 黄金股ETF工银、黄金股票ETF基金等多只黄金股ETF开盘跌停。 | 名称 | 最新 | 涨幅↑ | 涨跌。 | | --- | --- | --- | --- | | 黄金股 ETF工银 | 2.084 | -10.02% | -0.232 | | 159315 | | | | | 黄金股票 ETF | 1.977 | -10.01% -0.220 | | | 159321 | | | | | 黄金股票 ETF | 2.006 -10.00% -0.223 | | | | 517400 | | | | ...

Group 1: Market Overview - The gold and non-ferrous metal sectors experienced significant declines, with multiple stocks hitting the daily limit down, including Hunan Gold, Xiaocheng Technology, and Western Gold [1][2] - International gold and silver prices saw substantial drops on January 30, marking some of the largest single-day declines in decades due to profit-taking and short-term futures traders closing long positions [1] Group 2: Stock Performance - Xiaocheng Technology's stock fell by 20.00% to 54.00, while Hunan Gold and Western Gold both dropped by 10.00% to 33.30 and 40.25 respectively [2] - The Shanghai Composite Index decreased by 0.93% to 4079.71, while the Shenzhen Component Index fell by 0.54% to 14128.87, contrasting with a 0.65% increase in the ChiNext Index [3][4] Group 3: Sector Analysis - The market saw a wave of limit-downs in the gold and base metal sectors, with oil, gas, chemicals, agriculture, coal, and steel industries also experiencing notable declines [4] - Conversely, sectors such as photovoltaic and ultra-high voltage themes showed resilience and strength amid the broader market downturn [4] Group 4: Additional Market Movements - The Hong Kong stock market opened lower, with the Hang Seng Index down 1.06% and the Hang Seng Tech Index down 1.29%, influenced by significant drops in major telecom operators [8][9] - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation at an interest rate of 1.40%, with 1505 billion yuan of reverse repos maturing on the same day [7]

国内贵金属期货开盘普跌，沪银、铂封跌停，钯跌超15%，沪金跌超13%，沪铜、国际铜、碳酸锂跌超 5%，沪镍跌超4%；烧碱涨超2%，沪锡触及跌停，跌幅11%。 凤凰网财经讯2月2日A股开盘，黄金、有色金属板块持续下跌，板块现跌停潮。中国黄金（600916）、 湖南黄金（002155）、中金黄金（600489）、四川黄金（001337）等多股跌停。 港股市场方面，黄金、有色金属板块低开，中国黄金国际低开12.28%，灵宝黄金低开13.87%，紫金矿 业（601899）低开9.98%。 2月2日现货黄金、白银延续跌势，现货黄金向下跌破4700美元，日内跌超4%；白银早盘一度跌超 10%，而后转涨，截止发稿跌超2%。 此前，1月31日，黄金上演史诗级崩盘，盘中最大跌幅突破12%，最终收跌9.25%。白银更惨烈，单日最 大跌幅达到36%，最终收跌26.4%，超过四分之一的市值瞬间蒸发。 中信证券最新研报称，预计贵金属将受益于货币属性和避险情绪共振延续强势，黄金2026年有望涨至 6000美元/盎司，现货的极度短缺和交易热度或带来白银较强的价格弹性，银价2026年有望涨至120美 元/盎司。 ...

今早有色板块继续大面积低开，贵金属方向领跌，白银有色、湖南白银、豫光金铅、中金黄金、晓程科 技等三十余股跌停。消息面上，1月30日，国际贵金属市场出现崩盘式跳水，现货黄金盘中最高跌超 12%，最终收跌9.52%，报4865美元/盎司；现货白银盘中一度暴跌36%，最终收跌26.9%，报84.7美元/ 盎司。 ...

[Table_Date] 2026 年 2 月 2 日 [Table_Title] 2025 年黄金需求同比增加 8%至 4999.4 吨，投资需求同 比增加 84%至 2175.3 吨 证券研究报告|行业动态报告 [Table_Title2] 有色金属 [Table_Summary] ►供给：2025 年黄金总供应量同比增长 1%，达到 5002.3 吨 生产商一直专注于全价风险敞口，对套期保值兴趣寥寥。黄金 矿商在 2025 年同样表现亮眼。然而，市场对金价下跌的中位 数预期可能促使部分参与者提高警惕。套期保值行为正从看涨 期权卖出转向看跌期权买入——尽管规模仍相对有限——这表 明矿商希望在保留上行风险敞口的同时获得下行保护。但要将 产量提升至当前水平之上仍将面临挑战。 ►需求：2025 年黄金需求（不考虑 OTC及其他）达到 4999.4 吨，同比增长 8% 2025 年，不考虑 OTC 及其他，黄金总需求同比增长 8%至 4999.4 吨。其中金饰制造 1638.0 吨，同比减少 19%；科技用金 322.8 吨，同比减少 1%；投资需求 2175.3 吨，同比增长 84%； 央行购金 863.3 吨 ...