Core Viewpoint - The article discusses the significant increase in gold leasing demand due to soaring gold prices, highlighting the potential profitability for companies holding large amounts of gold for lease [3]. Group 1: Gold Leasing Demand and Industry Players - Recent data shows that international gold prices have reached a historical high, surpassing $5,500 per ounce, with a year-to-date increase of nearly 30% [3]. - The gold leasing market, which involves companies borrowing gold from banks for production or financial purposes, has seen a substantial rise in demand, particularly from jewelry and luxury goods sectors [4][6]. - Companies such as Chao Hong Ji, Di A Shares, and Hunan Gold have engaged in gold leasing, with some firms planning to lease gold in tons rather than kilograms [5][7]. Group 2: Role of Banks in Gold Leasing - Banks are the primary players in the gold leasing market, providing gold to companies and charging leasing fees. They also offer derivative products to hedge against price fluctuations [10][11]. - The scale of gold leasing by companies is significantly larger than retail demand, with disclosed plans for 2025 amounting to approximately 9,060 kilograms, close to 10 tons [9]. Group 3: Cost Management and Financing through Gold Leasing - Companies utilize gold leasing to manage costs effectively, allowing them to avoid large upfront investments in gold and alleviate cash flow pressures [14]. - The "lease and forward" strategy enables companies to lock in gold prices, reducing exposure to price volatility. This approach is likened to a restaurant borrowing oil instead of purchasing it upfront [14]. - Some companies, including Xiamen Xinda and Hunan Gold, have adopted gold leasing as a financing method, selling leased gold immediately and using the proceeds to meet operational funding needs [18][19]. Group 4: Risks Associated with Gold Leasing - The article notes that while gold leasing provides efficient financing, rising gold prices can lead to high repayment costs and accounting discrepancies [21]. - Companies like China Gold and Chow Tai Fook have reported significant losses due to the rapid increase in gold prices, highlighting the risks associated with gold leasing during volatile market conditions [23]. - Regulatory scrutiny has increased, with past instances of improper practices in the gold leasing sector being addressed through penalties [24].

随着国际金价突破5000美元大关，黄金股掀起一波涨停潮，多只黄金股业绩受益于金价大幅预增，正在 迎来市场的重估。 在国际金价站上5000美元/盎司大关后，黄金股掀起涨停潮。 1月28日，A股黄金概念股板块上涨。万得数据显示，贵金属指数上涨6.76%，黄金精选指数上涨 9.65%，个股方面，中金黄金（600489.SH）、赤峰黄金(600988.SH)、湖南黄金（002155.SZ）、山东黄 金（600547.SH）、四川黄金（001337.SZ）、中国黄金（600916.SH）等10余家黄金概念股涨停。 值得注意的是，随着国际金价历史性突破5000美元/盎司大关，多只个股股价出现连续涨停的行情，四 川黄金股价迎来四连板，不到一个月上涨139.99%，中国黄金同样迎来四连板，湖南黄金股价则实现三 连板。 港股方面，黄金板块同样领涨，万国黄金集团（3939.HK）、赤峰黄金（6693.HK）涨超10%，山东黄 金（1787.HK）、紫金黄金国际（2259.HK）涨超8%. 国际金价方面，1月28日，纽约期金继续上涨超4%达到5325美元/盎司，伦敦金现涨幅也超2%，首次突 破5300美元/盎司，今年以来，二者涨幅 ...

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].

截至2026年1月29日 14:14，中证沪深港黄金产业股票指数(931238)强势上涨2.62%，成分股晓程科技上 涨16.15%，铜陵有色上涨10.06%，中国黄金上涨10.02%，西部黄金，湖南黄金等个股跟涨。黄金股票 ETF基金(159322)上涨0.48%，最新价报2.52元。 消息面上，世界黄金协会发布的2025年全年《全球黄金需求趋势报告》显示，2025年全球黄金总需求达 5002吨，创历史新高。同时，实物黄金投资需求也保持强劲，全球金条和金币需求达到1374吨，按价值 计为1540亿美元。其中，中国和印度市场表现突出，分别实现同比增长28%和17%，合计占该板块需求 的50%以上。 2025年全年金价上涨67%，创近年新高，央行购金、美元走弱、区域冲突及强劲期权活动成为核心驱动 因素。世界黄金协会认为，尽管短期受大宗商品指数再平衡等因素扰动，但黄金中长期走势仍将遵循自 身逻辑，其作为避险资产与货币替代属性正持续获得强化。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样 ...

Group 1 - The A-share non-ferrous metal sector experienced a significant rebound after an initial drop, with the non-ferrous ETF Huatai-PineBridge (159652) rising over 3% in the afternoon session, completing an adjustment with a net subscription of 1 million shares, amounting to over 200 million CNY [1] - The trading volume exceeded 800 million CNY, with a turnover rate surpassing 10%, indicating active market participation [1] - Key stocks in the sector saw substantial gains, with companies like Tongling Nonferrous Metals, Northern Copper, and Shenghe Resources hitting the daily limit, while Jiangxi Copper and Yunnan Copper rose over 7% and 9% respectively [1] Group 2 - The non-ferrous ETF Huatai-PineBridge (159652) attracted significant capital inflow, with over 480 million CNY in the last 5 days and over 1.5 billion CNY in the last 20 days, bringing its total scale to 7.348 billion CNY [2] - The precious metals market remains strong, with COMEX gold prices surpassing 5600 USD, reaching a record high, and the Shanghai gold futures contract breaking through the 1200 CNY per gram mark, with a monthly increase of over 25% [2] - The metal industry is entering a weak supply cycle, with global mining supply expected to remain rigid until 2028, while demand is anticipated to rise due to green energy transitions and new production capabilities [2]

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， ...

截至2026年1月29日 10:57，中证沪深港黄金产业股票指数(931238)强势上涨2.91%，成分股晓程科技上 涨12.31%，中国黄金上涨10.02%，西部黄金上涨10.01%，湖南黄金，白银有色等个股跟涨。黄金股票 ETF基金(159322)上涨1.16%，最新价报2.53元。 贵金属板块继续大涨，消息面上，现货黄金首次突破5500美元/盎司大关。此外，法兴银行预计年底前 黄金价格将达到每盎司6000美元。 国泰海通证券分析指出，在供需紧平衡格局下，宏观因素对贵金属价格走势更具决定性影响；2026年美 联储降息预期延续、区域博弈加剧及美元信用弱化趋势共同推升避险需求，而全球央行持续增持黄金作 为外汇储备替代资产的行动，叠加黄金ETF资金流入回暖，将持续为金价提供坚实底部支撑。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样本，以反映内 地与香港市场中黄金产业上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证沪深港黄金产业股票指数(931238)前十大权重股 ...

| | | 黄金股全线高开，截至发稿，赤峰黄金（600988）(06693)涨6.2%，报49港元；山东黄金（600547） (01787)涨4.49%，报53.5港元；招金矿业(01818)涨3.04%，报42港元；紫金黄金国际(02259)涨1.9%，报 258港元。 消息面上，美国总统特朗普表示，一支庞大的舰队正前往伊朗，已准备好迅速履行其使命。希望伊朗能 够迅速坐到谈判桌前。伊朗外长回应美方威胁称，伊朗武装力量高度戒备。此外，匈牙利可能考虑提高 央行储备中黄金的占比，波兰央行已批准一项购买多达150吨黄金的计划。 值得注意的是，1月29日，现货黄金首次突破5500美元/盎司大关，再创历史新高。大摩发布研报称，波 兰央行正转向以绝对吨位数作为黄金储备目标，而非占总储备比例，显示其对价格敏感度降低。该行认 为黄金涨势尚未结束，强调对2026年下半年的牛市情境目标为每盎司5700美元。 ...