Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting a positive outlook for gold and silver prices in the medium to long term [2][4]. Core Views - The new Federal Reserve Chairman's policies have raised concerns, leading to a correction in gold and silver prices. However, the long-term trend remains bullish due to central bank gold purchases and a weakening dollar credit [2][8]. - The report emphasizes the importance of geopolitical factors and macroeconomic policies in influencing metal prices, particularly in the context of expanding domestic demand in China [8][24]. Summary by Sections 1. Industry and Stock Performance - The SW Non-ferrous Index increased by 3.37% during the week, while the Shanghai Composite Index fell by 0.44% [8]. - Key companies recommended for investment include Zijin Mining, China Molybdenum, and Yunnan Aluminum, among others, with a focus on their earnings forecasts and valuations [2][8]. 2. Base Metals - Aluminum prices are influenced by geopolitical tensions and domestic production adjustments, with a notable increase in aluminum inventory [24][28]. - Copper prices are expected to remain stable, supported by a weak dollar and increased import activity, despite a generally subdued demand environment [45][48]. - Zinc prices have shown volatility due to external factors and domestic supply disruptions, with a recent increase in prices observed [49][50]. 3. Precious Metals and Minor Metals - Gold and silver prices are projected to rise in the medium term, driven by central bank purchases and a weakening dollar [2][8]. - The report highlights the potential for price increases in cobalt and nickel due to supply constraints and geopolitical factors [2][24][63]. 4. Rare Earths - The report does not provide specific insights into rare earths, focusing instead on the broader non-ferrous metals market [10].

新京报贝壳财经讯 2月1日，据Choice数据统计，包括紫金矿业、中金黄金、山东黄金、赤峰黄金、湖 南黄金和西部黄金在内的6家黄金上市公司披露2025年度业绩预告。其中，紫金矿业2025年净利润同比 预增59%-62%；中金黄金Q4净利预计环比增长14%-75%。 ...

Core Viewpoint - The market for gold and silver has experienced significant declines, with spot gold dropping over 4% and spot silver falling more than 5%, indicating a bearish trend in precious metals [1][4]. Group 1: Market Performance - Spot gold is reported at $5,139.38 per ounce after a daily decline of over 4% [4]. - Spot silver is currently priced at $108.90 per ounce, reflecting a drop of more than 5% [4]. - The A-share market opened lower, with all three major indices declining by over 1%, led by the gold and base metals sectors [4]. Group 2: Stock Performance - Several gold and silver-related stocks have hit the daily limit down, including companies like 盛达资源 (Shengda Resources) and 中金黄金 (Zhongjin Gold), which both saw a 10% drop [4][5]. - Specific stock performances include: - 晓程科技 (Xiaocheng Technology) down 19.92% with a trading volume of 2.289 billion [5]. - 贵研铂业 (Guiyan Platinum) down 10.01% with a trading volume of 1.031 billion [5]. - 山东黄金 (Shandong Gold) down 10% with a trading volume of 3.775 billion [6]. Group 3: Risk Announcements - Multiple companies, including 白银有色 (Baiyin Yese) and 招金黄金 (Zhaojin Gold), issued risk warnings due to the volatility in precious metals prices [6][9]. - The domestic prices of gold jewelry have also seen a decline, with major brands like 周生生 (Chow Sang Sang) and 周大福 (Chow Tai Fook) adjusting their prices [6].

Market Overview - On January 30, the A-share market experienced significant volatility, with the Shanghai Composite Index dropping over 2% at one point, falling below the 4100-point mark, and ultimately closing down 0.96% at 4117.95 points [2][3] - The ChiNext Index showed a notable V-shaped recovery, initially declining 1.5% but closing up 1.27% [2][3] - The total trading volume for the day reached 2.86 trillion yuan, a decrease of nearly 400 billion yuan from the previous day, marking the 20th consecutive trading day above 2.5 trillion yuan [4] Sector Performance - Most of the 31 first-level industry sectors saw declines, with telecommunications, electronics, and agriculture sectors leading gains at 3.44%, 0.68%, and 0.65% respectively [4] - Conversely, the non-ferrous metals, steel, and food and beverage sectors faced significant losses, dropping 7.8%, 2.83%, and 2.78% respectively [4] - The net inflow of capital was highest in telecommunications equipment, batteries, and agriculture, with net inflows of 6.534 billion yuan, 1.088 billion yuan, and 0.886 billion yuan respectively [4] Gold and Silver Market - Gold and silver stocks experienced a sharp decline, with several companies, including Chifeng Jilong Gold and Zhongjin Lingnan Nonfemet Company, hitting their daily limit down [6][7] - On January 30, international gold prices fell over 5%, dropping below 5100 USD per ounce, while silver prices plummeted over 10%, nearing 103 USD per ounce [6] Market Sentiment and Future Outlook - Analysts suggest that the recent volatility in the A-share market is linked to multiple uncertainties in the external environment, including geopolitical tensions and the strengthening of the US dollar [2][8] - The market is expected to stabilize and become more rational after experiencing significant fluctuations and sector rotations [2][9] - There are still medium-term investment opportunities in the A-share market, driven by trends such as the migration of household deposits and performance realizations across multiple industries [9] - Caution is advised regarding potential risks of short-term pullbacks, especially as the market approaches the Chinese New Year, which may lead to seasonal tightening of liquidity [10]

黄金价格，风云突变。 1月30日，国际金价大跳水，现货黄金从最高5450美元/盎司一路下跌，一度跌破5000美元，最大跌幅达8%。 与此同时，国际银价也急转直下，现货白银跌破100美元大关，一度跌超17%。 同日，A股黄金概念板块掀"跌停潮"。云南铜业、白银有色、江西铜业、中金黄金、山东黄金、四川黄金、招金黄金、西部矿业等大面积跌停。 多家黄金珠宝品牌足金首饰价格也大幅回调。1月30日，周生生报价1662元/克，周大福报价1685元/克，老凤祥报价1620元/克，老庙黄金报价1668元/克。 29日，多家品牌金饰克价高达1700元以上。 "说话间价格就跌了几十元" 回收金价"一天调了十几次" 1月30日，北京多家金店仅仅一夜之间，黄金回收报价每克下调近70元，前一日人气高涨的回收窗口虽热度不减，但咨询多成交少。 | 看点 基金 成分股 | 资金 | 简况(F10) 新闻 | | --- | --- | --- | | 名称/代码 | 最新 ◆ | 涨幅 ◆ ５日涨幅 ◆ ▶ | | 山金国际 | | 34.84 -10.00% +0.84% | | 000975 融 | | | | 四川黄金 | | 66.1 ...

Core Viewpoint - The precious metals market experienced a significant shock on January 30, leading to a sharp decline in prices and raising questions about the sustainability of the bull market [1][4]. Group 1: Market Performance - On January 30, gold prices fell nearly 5%, dropping below $5200 per ounce, and closed at $5030.88 per ounce [3][11]. - Silver prices saw a decline of nearly 7%, falling below the $110 mark, and closed at $104.185 per ounce, with a total drop of 8.95% [3][11]. - The A-share precious metals sector opened significantly lower, with over 40 stocks hitting the daily limit down, and the sector closed down 8.39% with 32 stocks at the limit down [3][11]. Group 2: Causes of the Decline - Analysts attribute the decline to a combination of factors, including profit-taking after a period of overheated sentiment and regulatory measures aimed at curbing excessive trading in non-ferrous metal futures [5][12]. - The volatility in the precious metals sector has a direct impact on market sentiment, leading to declines in related sectors such as industrial metals and small metals [5][12]. Group 3: Future Outlook - Market analysts suggest that while the structural trend in the precious metals sector may continue, internal dynamics will likely diverge, and volatility will become a norm [6][13]. - Short-term expectations indicate a continuation of a fluctuating adjustment pattern, with a focus on whether prices can stabilize at key support levels [6][14]. - Long-term projections highlight that by 2026, demand for non-ferrous metals like copper, aluminum, lithium, and rare earths will be driven by supply-demand imbalances and the transition to green energy [6][14].

Group 1 - The precious metals sector experienced a significant decline of 8.88% on January 30, with Xiaocheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Key stocks in the precious metals sector showed varied performance, with Hunan Shoujin rising by 9.99% to a closing price of 37.00, while several others, including Sichuan Gold and Shandong Gold, fell by 10% [1] Group 2 - The net outflow of main funds from the precious metals sector was 417 million yuan, while retail investors saw a net inflow of 1.083 billion yuan [3][4] - Specific stocks like Hunan Shoujin had a main fund net inflow of 388 million yuan, while Xiaocheng Technology faced a net outflow of 221 million yuan [4] - The trading volume for Hunan Shoujin reached 3.6441 million hands, indicating significant activity despite the overall sector decline [1][4] Group 3 - The Gold ETF (product code: 518850) tracked the Shanghai Gold Exchange spot contract and saw a 15.08% increase over the past five days, with a net subscription of 240 million yuan [6] - The Gold Stock ETF (product code: 159562) tracked the CSI Hong Kong and Shanghai Gold Industry Index, increasing by 19.52% in the last five days, with a net subscription of 1.07 billion yuan [7] - The Non-ferrous Metals ETF (product code: 516650) tracked the CSI Non-ferrous Metals Industry Theme Index, rising by 16.34% over the past five days, with a net subscription of 1.39 billion yuan [8]

Core Viewpoint - The precious metals sector experienced a significant decline, with major companies facing trading halts due to a sharp drop in international gold and silver prices [1] Group 1: Market Performance - On January 30, the precious metals sector opened significantly lower, with companies such as Hunan Silver (002716.SZ), Zhaojin Gold (000506.SZ), Zhongjin Gold (600489.SH), and Sichuan Gold (001337.SZ) hitting the daily limit down [1] - On January 29, international gold and silver prices surged before experiencing a substantial pullback, with silver prices dropping as much as 8% to $107 per ounce and gold prices falling by up to 5% to $5,137.34 per ounce [1] - As of the latest update, both gold and silver prices have shown some recovery after the initial drop [1]

【导读】今日上午A股三大指数涨跌不一，CPO、农牧饲渔、旅游酒店板块大涨，资源股重挫，个股掀"跌停潮" A股风云突变。 1月30日早盘，A股市场迎来大变化。三大指数上演"过山车"行情，A股多个指数开盘集体杀跌，科创综指盘中跌超2.5%，上证指数、深证成指、创业板指 均一度跌超2%。随后多个指数涨跌出现分化，创业板指翻红。 风云突变 个股跌多涨少，全市场共有3872只个股下跌，仅有1494只个股上涨，27只个股涨停。成交额方面，沪深两市半日成交额为1.93万亿元，较上个交易日缩量 836亿元。 贵金属板块领跌 今天上午，资源股重挫，有色板块大跌8%，贵金属概念股板块领跌，相关个股纷纷跌停。 十余只个股跌停。其中，晓程科技录得20%跌停，山东黄金（600547）、中金黄金（600489）、山金国际（000975）、赤峰黄金、四川黄金（001337）、 贵研铂业（600459）、金徽股份（603132）、招金黄金（000506）、恒邦股份（002237）、湖南白银（002716）、华锡有色（600301）均录得10cm跌 停，紫金矿业（601899）跌超8%。 1月最后一个交易日的早盘，A股主要指数涨跌不一。 热门 ...

Group 1 - International gold and silver prices experienced significant volatility, with gold dropping over $50 in just five minutes, reaching approximately $5,300 before falling to $5,153 per ounce, a decline of over 4% [1][10] - Platinum and silver also saw substantial declines, with platinum down 6.50% to $2,448.20 and silver down 5.88% to $108.61 [2] - The rapid price fluctuations led to a decrease in domestic gold jewelry prices, with brands like Chow Sang Sang and Chow Tai Fook reporting reductions of approximately 45 yuan per gram from the previous day [2][3] Group 2 - The gold and silver market's sharp decline followed a period of significant price increases, with gold prices rising over 20% since the beginning of the year [10] - Affected stocks in the A-share market, particularly in the precious metals sector, experienced sharp declines, with companies like Zhongjin Gold and Sichuan Gold hitting their daily limit down of 10% [13][15] - Several gold-related companies issued risk warnings due to abnormal stock price fluctuations, indicating potential market overheating and the risk of significant price corrections [15][16]