以下为研究报告摘要： 投资要点 贵金属：短期贵金属巨震，但是年内仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23日+35.60美元/盎司，涨幅为0.72%。周内 伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎司，涨幅为4.23%。 数据方面，美国11月耐用品订单环比初值5.3%，前值-2.1%，预期3.8%。美国美联储FOMC利率决策(下 限)3.5%，前值3.5%，预期3.5%。美国美联储FOMC利率决策(上限)3.75%，前值3.75%，预期3.75%。美 国1月24日当周首次申请失业救济人数20.9万人，前值20万人，预期20.5万人。美国12月PPI同比3%，前 值3%，预期2.8%。 本周美联储议息会议维持联邦基金利率目标区间维持在3.5%至3.75%之间。在本次决议中，美联储的两 位理事斯蒂芬·米兰和克里斯托弗·沃勒投出了反对票，他们倾向于降息25个基点。周五，特朗普总统宣 布将提名凯文·沃什担任下届美联储主席。沃什在美联储任职期间一贯对通胀保持警惕，经常支持更高 利率。但去年他转而呼应特朗普观点，认为利率可以大幅降低。 华鑫证券近 ...

证券之星消息，2月3日贵金属板块较上一交易日上涨0.16%，晓程科技领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300139 | 院在科技 | 64.91 | 18.67% | 76.40万 | 44.64亿 | | 002155 | 湖南黄金 | 36.63 | 10.00% | 216.37万 | 76.20亿 | | 600988 | 赤峰黄金 | 39.78 | 2.31% | 199.24万 | 74.12亿 | | 000975 | 山金国际 | 31.86 | 1.59% | 135.97万 | 41.22亿 | | 600547 | 山东黄金 | 48.81 | -0.59% | 196.14万 | 90.92亿 | | 600489 | 中金黄金 | 32.95 | -0.78% | 343.34万 | 106.18亿 | | 601069 | ...

Industry Overview - The report indicates that the steel industry is expected to continue its weak performance in February due to the impact of the Spring Festival holiday, with demand likely to remain subdued and production to contract, leading to slight fluctuations in steel prices [2][17][18] - In the copper sector, production activities on both supply and demand sides are anticipated to be affected by the Spring Festival, resulting in continued inventory accumulation. Attention should be paid to post-holiday demand verification and geopolitical developments [2][32] - The aluminum industry is facing a slight contraction in production, with sufficient supply of bauxite from Guinea. Post-holiday production recovery in alumina and electrolytic aluminum plants may support alumina prices [3][41] - Gold prices are expected to experience increased volatility in the short term, influenced by geopolitical risks and domestic political uncertainties in the U.S. [3][51] Steel Sector - The steel PMI index for January 2026 is reported at 49.9%, indicating continued contraction but a slowdown in the rate of decline, with steel prices showing slight fluctuations [17] - In December 2025, the average daily transaction volume of construction steel was 98,600 tons, down 1.81% month-on-month and 10.95% year-on-year [18] - The total crude steel production for December 2025 was 960.81 million tons, a year-on-year decrease of 4.40% [19] Copper Sector - China's electrolytic copper production in January increased by 0.10% month-on-month and 16.32% year-on-year, with a total production of 1.326 million tons in December 2025 [32][33] - The LME copper inventory rose by 18.69% to 175,000 tons, while SHFE copper inventory increased by 91.81% to 156,900 tons during the same period [33][40] Aluminum Sector - The production of metallurgical-grade alumina in January 2026 decreased by 1.78% month-on-month and 2.6% year-on-year, with total production at 8.011 million tons in December 2025 [41][42] - The domestic electrolytic aluminum production in December 2025 was 3.874 million tons, reflecting a year-on-year increase of 2.87% [42] Precious Metals - Gold prices increased by 13.28% to $4,907.50 per ounce from December 31, 2025, to January 30, 2026, while silver prices rose by 20.10% to $85.25 per ounce during the same period [51][52] Lithium and Cobalt - The price of battery-grade lithium carbonate increased by 32.08% to 158,500 yuan per ton, while the price of battery-grade lithium hydroxide rose by 64.58% to 158,000 yuan per ton [53] - The average price of 1 cobalt decreased by 4.99% to 447,000 yuan per ton during the reporting period [65] Rare Earths - The report notes a recovery in the supply of praseodymium and neodymium oxides, with prices for praseodymium-neodymium oxide increasing by 23.41% to 748,500 yuan per ton [73]

Group 1 - The main stocks with significant capital outflows include Zhongji Xuchuang (-1.91 billion), BlueFocus (-1.13 billion), and Xinye Sheng (-1.10 billion) [1] - Zhongji Xuchuang experienced a slight decline of 0.22%, while BlueFocus saw an increase of 3.23% despite the capital outflow [2] - Other notable stocks with capital outflows include Industrial Fulian (-1.04 billion), Western Materials (-0.73 billion), and Tongling Nonferrous Metals (-0.65 billion) [1][3] Group 2 - The sectors affected by capital outflows include communication equipment, cultural media, and precious metals [2][3] - Stocks like Western Materials and Tongling Nonferrous Metals showed positive price movements of 8.63% and 5.38% respectively, despite significant capital outflows [2][3] - The overall trend indicates a mixed performance among the top stocks, with some experiencing price increases while others faced declines [1][2]

记者丨金珊 编辑丨江佩霞 天风证券认为，短期内，黄金或进入一段时间的宽幅震荡，年内仍有望重回升浪。当前处于世界竞争格 局的关键节点，黄金的"故事"也不会就此结束，预计全球央行对黄金的长线配置需求将继续存在，充当 黄金价格的根本支撑。短期内黄金或进入震荡期，买入情绪偏谨慎但底部有支撑。短线投机者的情绪平 息后，或重现上涨的主线。 新湖期货亦认为黄金价格中长期支撑仍存，指出沃什获提名及由此引发的汇率波动属于短期扰动，中期 市场焦点仍将集中于地缘政治风险升温与特朗普政府政策的高度不确定性；而长期来看，全球债务可持 续性恶化与去美元化趋势的深化，是支撑黄金结构性走强的核心变量。目前，上述中长期逻辑并未发生 根本性逆转。 2月3日午后，黄金突然短线拉升，现货黄金站上4890美元/盎司，纽约期金突破4900美元/盎司。白银亦 保持涨势，现货白银涨幅扩大至8%，最新报85美元/盎司。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） A股贵金属板块强势反弹，晓程科技涨17%，湖南黄金涨停，紫金矿业涨超6%，山金国际、赤峰黄金涨 超3%，山东黄金、恒邦股份跌幅均收窄至2%以内，西部黄金、招金黄金、四川黄 ...

金价方面，截至发稿，现货黄金涨4.55%，报4871美元/盎司。 编辑 ｜心一 2月3日午后，贵金属概念强势反弹，截至发稿，板块翻红涨0.47%。 个股方面，湖南黄金涨停，晓程科技涨超16%，山金国际、赤峰黄金涨超2%，山东黄金、中金黄金、 四川黄金等涨幅收窄。 | 代码 | 名称 | 涨幅�. | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | +16.51% | 63.73 | | 002152 | 荷南黄金 | +10.00% | 36.63 | | 000975 | 山金国际 | +2.55% | 32.16 | | 6009888 | 赤峰黄金 | +2.42% | 39.78 | | 600547 | 山东黄金 | -0.20% | 49.00 | | 600489 | 中金黄金 | -0.63% | 33.00 | | 001337 | 四川黄金 | -0.97% | 58.98 | | 002237 | 恒邦股份 | -1.45% | 18.32 | | 601069 | 西部黄金 | -2.58% | 39.21 | | 000506 | # ...

3日，A股贵金属板块强势反弹。晓程科技涨超17%，湖南黄金涨停，山金国际、赤峰黄金、中金黄金 均涨超2%，山东黄金、恒邦股份跌幅均收窄至2%以内，西部黄金、招金黄金、四川黄金等个股跌幅收 窄。 截至发稿，现货黄金站上4875美元，涨超4.6%。 来源：中新经纬 ...

四川黄金、招金黄金双双跌停，中金黄金跌超8%，恒邦股份、山东黄金、西部黄金等跟跌；湖南黄金 逆市走强涨超5%。 ...

每经AI快讯，2月3日，黄金珠宝指数跌3%，多只个股跌停。具体来看，豫光金铅、四川黄金、招金黄 金、中国黄金跌停，中金黄金跌8%。 ...

2月3日，有色板块持续回暖，湖南黄金冲击涨停，盛和资源、云南锗业、北方稀土、中国稀土等涨超 4%，有色矿业ETF招商（159690）涨超2%。 上周，贵金属出现历史性行情，受交易拥挤、新任美联储主席和美股科技股下跌压制，贵金属整体出现 暴跌，尤其是前期涨幅过高的白银，单日最大跌幅超过30%，黄金最大跌幅超过10%。今日盘中，金银 现货价格反弹，截至发稿，伦敦银现涨超5%，伦敦金现涨超3%。 中邮证券指出，短期来看，由于获利盘出清导致价格可能会出现剧烈震荡，不排除进一步下跌可能性， 但伦敦金可以在4800-4900盎司之间寻找低位筹码。长期来看，去美元化的进程不会转向，此次调整不 是贵金属行情的结束，耐心等待价格转向的时点。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数，当有色金属价格（如铜价、金价、锂价）上涨时，上游矿产公司的利润会直接、 快速地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性 十足。 数据来源:Wind_截至2026.1.30。 了 指数介绍 主流有色主题指数历史行情 388%- 3 ...