Investment Rating - The report maintains a "Buy" rating for the precious metals sector, highlighting strong growth potential for key companies in the industry [4][5]. Core Insights - The report emphasizes that gold prices are expected to rise due to a combination of factors including a weakening U.S. economy, ongoing interest rate cuts, and increased demand from central banks [10][11]. - Silver is noted for its dual attributes as both an industrial and financial asset, with expectations for a price rebound driven by industrial demand, particularly in photovoltaic applications [11][10]. Summary by Sections 1. U.S. Economic Outlook - The U.S. economy is facing downward pressure, with a notable increase in unemployment rates and a decline in consumer confidence [19][26]. - The Federal Reserve is likely to continue its rate-cutting cycle, which historically correlates with rising gold prices [29][35]. 2. Sovereign Currency Credit Decline - Central banks have significantly increased gold purchases as a hedge against declining currency credit, with global central bank gold buying exceeding 1,000 tons annually for three consecutive years [8][61]. - The report indicates that the expansion of central bank balance sheets has led to a devaluation of fiat currencies, further supporting gold prices [61][66]. 3. Geopolitical Issues and Investment Demand - Geopolitical tensions and trade policies have heightened risk aversion, leading to increased investments in gold [10][11]. - The report notes a surge in ETF holdings and trading activity in gold, reflecting strong demand from emerging market investors [11][10]. 4. Silver Market Dynamics - Silver's industrial demand, particularly in solar energy, is expected to grow, creating a supply-demand gap that could drive prices higher [11][10]. - The report highlights the historical inverse relationship between the gold-silver ratio and PMI, suggesting potential for silver price increases [11][10]. 5. Investment Recommendations - The report recommends several companies in the precious metals sector, including Zijin Mining International, China National Gold, and Western Gold, among others, as having strong growth prospects [4][11].

今日，A股白银板块表现引发市场关注。在全球宏观经济不确定性犹存、市场避险情绪有所升温的背景 下，兼具金融属性与工业需求的白银受到资金青睐，湖南白银、株冶集团、驰宏锌锗、中金岭南、金徽 股份、华钰矿业、西部矿业，白银板块相关企业整理如下： 湖南白银（002716.SZ） 最新股价：10.54元 日涨幅：+6.25% 亮点：我国白银生产出口的重要基地之一，已形成从富含银的铅精矿到白银产品深加工及"互联网+"的 完整产业链体系。 株冶集团（600961.SH） 最新股价：19.50元 日涨幅：+5.69% 亮点：绩优股，公司主要冶炼产品包括白银。 驰宏锌锗（600497.SS） 最新股价：9.03元 日涨幅：+5.37% 亮点：综合性矿业公司，具备银等稀贵金属1000余吨/年的综合生产能力。 中金岭南（000060.SZ） 华钰矿业（601020.SH） 最新股价：30.50元 日涨幅：+2.31% 最新股价：6.86元 日涨幅：+4.41% 亮点：公司主要产品包括白银，拥有银金属资源储量5722吨。 金徽股份（603132.SH） 最新股价：16.26元 日涨幅：+3.83% 亮点：主营业务为有色金属采选，主要产 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The metal bull market is expected to continue, with significant price increases across various metal categories in 2025 [3] - The report emphasizes the importance of geopolitical factors and the ongoing "de-dollarization" process, which may extend the current commodity supercycle [6][10] Price Performance by Metal - Precious Metals: Gold is projected to rise 57% to 971 CNY/gram, and silver is expected to increase by 129% to 17.1 CNY/gram [6] - Industrial Metals: Copper is forecasted to increase by 34% to 99,000 CNY/ton, aluminum by 14% to 23,000 CNY/ton, lead by 3% to 17,000 CNY/ton, and zinc is expected to decrease by 10% to 23,000 CNY/ton [6] - Energy Metals: Lithium carbonate is expected to rise by 58% to 119,000 CNY/ton, and electrolytic nickel by 10% to 138,000 CNY/ton [6] - Strategic Metals: Neodymium oxide is projected to increase by 52% to 610,000 CNY/ton, and tungsten concentrate by 218% to 455,000 CNY/ton [6] Investment Focus - Key investment opportunities include lithium companies such as Ganfeng Lithium, Zhongjin Lingnan, and Salt Lake Industry; cobalt companies like Huayou Cobalt and Liqin Resources; and various gold, copper, aluminum, and rare earth companies [6] Metal Price Changes in Q4 2025 - Lithium carbonate averaged 80,000 CNY/ton, with a year-on-year increase of 95% [7] - Gold averaged 951 CNY/gram, with a year-on-year increase of 54% [7] - Copper averaged 89,000 CNY/ton, with a year-on-year increase of 18% [7] Copper Market Insights - The average LME copper price for 2025 is projected to be around 10,000 USD/ton, reflecting a year-on-year increase of 9% [10] - The report highlights the impact of the declining US dollar index and geopolitical tensions on copper prices [10] Aluminum Market Insights - The average price of A00 aluminum is expected to reach 20,700 CNY/ton in 2025, with a year-on-year increase of 4% [22] - The report notes that aluminum prices are driven by strong downstream demand and supportive policies [22] Energy Metals Insights - The average price of battery-grade lithium carbonate is projected to be 75,921 CNY/ton for 2025, with a significant increase in Q4 [33] - Nickel and cobalt prices are also expected to remain strong, with electrolytic nickel averaging 124,100 CNY/ton [33] Strategic Metals Insights - The report indicates that prices for rare earths and tungsten are on the rise, with neodymium oxide expected to average 55.6 million CNY/ton in Q4 2025 [39] - The strategic importance of these metals is emphasized in the context of global geopolitical dynamics [40]

金银价格昨日再度创出历史新高，刺激A股市场相关概念股走强。其中，四川黄金涨停，湖南白银、晓 程科技涨超8%，江西铜业涨超7%，中金岭南涨超6%，株冶集团、洛阳钼业涨超5%，盛屯矿业、招金 黄金、白银有色、西部矿业、赤峰黄金、华钰矿业、云南铜业、西部黄金涨超4%。消息面上，现货黄 金一度涨至4643美元/盎司，创历史新高；现货白银一度突破93美元/盎司，再创历史新高。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 001337 | 四川黄金 | | 10.00 | 145亿 | 24.34 | | 002716 | 湖南日银 | 1 | 8.87 | 305亿 | 56.07 | | 300139 | 院程科技 | 楽 | 8.50 | 113亿 | 36.20 | | 600362 | 江西铜业 | 中 | 7.27 | 2221亿 | 16.81 | | 000060 | 中金岭南 | | 6.70 | 311亿 | 19.83 | | 600961 | 株冶集团 | | 5.69 | 209亿 | ...

股票频道更多独家策划、专家专栏，免费查阅>> 消息面上，现货黄金一度涨至4643美元/盎司，创历史新高；现货白银一度突破93美元/盎司，再创历史 新高。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 001337 | 四川黄金 | | 10.00 | 145亿 | 24.34 | | 002716 | 湖南日银 | 1 | 8.87 | 305亿 | 56.07 | | 300139 | 晓程科技 | 长 | 8.50 | 113亿 | 36.20 | | 600362 | 江西铜水 | � | 7.27 | 2221亿 | 16.81 | | 000060 | 中等岭南 | | 6.70 | 311亿 | 19.83 | | 600961 | 株冶集团 | | 5.69 | 209亿 | 21.12 | | 603993 | 洛阳钼业 | 1 | 5.02 | 5235 Z | 22.35 | | 600711 | 鹽中矿业 | 来 | 4.84 | 556亿 | 18.60 | | 000506 ...

2026开年以来，受国际局势动荡等因素影响，国际金价屡屡刷新纪录。1月14日，现货黄金价格最 高触及4640美元／盎司，再创历史新高。 受金价大幅上涨影响，作为黄金产业链上游的矿产开采企业预计2025年业绩大幅增长。不过，下游 零售企业的业绩普遍承压。展望2026年金价走势，不少机构仍然看多。 上游矿业受益金价上涨 从已披露的业绩预告来看，头部涉矿企业业绩表现亮眼。赤峰黄金2025年度业绩预增公告称，预计 2025年度实现归属于上市公司股东的净利润为30亿元至32亿元，同比增长70%到81%。预计2025年度实 现归属于上市公司股东的扣除非经常性损益的净利润为29.7亿元至31.7亿元，同比增长75%到86%。 周大生2025年前三季度营收约67.72亿元，同比下降37.35%，归母净利润约8.82亿元，同比增长 3.13%。 为何金价越上涨，黄金饰品企业越感觉承压？分析认为，从需求弹性角度看，黄金珠宝属可选消费 品，价格弹性较高。尽管金价上涨推高了产品名义售价，但实际销量可能因消费抑制而下滑，导致"量 缩价涨"下总营收反而减少。 黄金今年仍被机构看多 此外，多家涉矿类上市公司去年前三季度业绩实现了大幅增长。 ...

证券之星消息，1月14日贵金属板块较上一交易日上涨1.56%，湖南白银领涨。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002716 | 湖南白银 | 9.92 | 9.98% | 389.70万 | | 38.05亿 | | 000975 | 山金国际 | 27.94 | 3.60% | 48.24万 | | 13.45 Z | | 001337 | 四川黄金 | 31.49 | 2.51% | 23.39万 | | 7.30亿 | | 600489 | 中全黄金 | 26.15 | 1.99% | 1 84.40万 | | 22.00亿 | | 600988 | 赤峰黄金 | 32.32 | 1.60% | 85.37万 | | 27.50亿 | | 000506 | 招金黄金 | 14.32 | 0.70% | 44.69万 | | 6.36亿 ...

Group 1: Market Overview - The gold market is experiencing high demand, with international spot gold prices fluctuating between $1900 and $2000 per ounce, and domestic gold prices showing strong performance [1] - Banks are accelerating the launch of structured deposit products linked to gold, with companies also investing directly and engaging in industry chain layouts, making gold assets a core focus for market funds [1] Group 2: Banking Sector - Several major banks have launched over 30 gold-linked structured deposit products since January 2026, with investment periods ranging from 3 months to 1 year and minimum investment amounts typically set at 50,000 or 100,000 yuan [3] - The products generally offer a structure of "guaranteed return + floating return," with guaranteed rates between 1.5% and 2.5%, and potential maximum returns of 4% to 6% based on gold price fluctuations [3] - The issuance of gold-linked structured deposits increased by 47% year-on-year in 2025, with January 2026's issuance reaching 80% of December 2025's total, indicating rising market acceptance [4] Group 3: Corporate Participation - Over 60 listed companies have announced investments in gold-linked financial products or direct gold asset purchases since 2025, with total funds exceeding 20 billion yuan [5] - Companies are diversifying their participation in the gold market, with some investing in gold ETFs and others focusing on the entire gold industry chain, from mining to processing and sales [6] - Mining companies have increased gold production by 12% and 8% year-on-year in 2025, while jewelry companies have expanded production and recycling operations, benefiting from rising gold prices and recovering consumer demand [6] Group 4: Market Drivers - The rise in the gold market is supported by a combination of global economic conditions, policy directions, and market demand, with expectations of a potential interest rate cut in 2026 and ongoing geopolitical tensions driving safe-haven investments into gold [7] - In China, gold consumption reached 1486 tons in 2025, a 12.3% increase year-on-year, with investment gold consumption growing by 23%, highlighting the asset's appeal as a physical investment [7] Group 5: Long-term Outlook - Analysts suggest that while the gold market may experience short-term fluctuations, long-term factors such as global economic uncertainty and expectations of monetary policy easing will continue to support gold assets as a valuable investment [8] - Companies are advised to align their gold investments with their core business operations to mitigate risks associated with market volatility and operational challenges [8]

但对于金价未来走势，不少机构仍然看多黄金，全球央行黄金需求整体依然相对稳健。CBSNEWS发文称，美国劳工 统计局周二早些时候发布的最新通胀报告显示，通胀仍然顽固，尽管相比于近年来的水平有所下降；通胀的停滞往往 会促使投资者涌入贵金属市场，以抵御通胀带来的侵蚀性影响，从而推高价格，尽管需要一些时间，最新的通胀数据 才会在整个经济中产生影响，但当这种情况发生时，不要对贵金属的上涨感到惊讶。 来源：环球网 近日多家A股金矿类上市公司发布了业绩预告，受金价大幅上涨影响，相关上市公司预计2025年业绩普遍大幅增长。 具体来看，紫金矿业预计2025年实现归属于上市公司股东的净利润为510亿元至520亿元，同比增长59%至62%；赤峰 黄金则预计2025年度实现归属于上市公司股东的净利润为30亿元到32亿元，同比增长70%到81%。 北京时间1月14日凌晨，国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.44%报4594.40美元/盎司，COMEX白银 期货涨2.08%报86.86美元/盎司。有分析人士称，尽管地缘政治紧张、央行增持黄金及市场不确定性为金价提供支撑， 但美联储官员释放暂不降息信号，压制了黄金的降息预期 ...

近日，多家黄金行业上市公司对外披露2025年全年业绩预告，受金价大幅上涨影响，涉矿类上市公司预 计2025年业绩普遍大幅增长。对于金价未来走势，不少机构仍然看多黄金，全球央行黄金需求整体依然 相对稳健。 头部机构仍看多黄金 对于金价未来走势，不少机构仍然看多黄金。 高盛集团预计，到2026年底，黄金价格将升至约每盎司4900美元。该机构认为，各国央行购金需求呈现 结构性强劲态势，美联储降息带来周期性支撑，将共同推动金价上涨。 摩根大通预计，2026年第四季度金价有望升至每盎司5055美元，并可能进一步上探至每盎司6000美元。 该行全球大宗商品策略主管娜塔莎·卡涅娃表示，各国官方储备和投资者配置黄金的长期趋势非常明 显。 工银瑞信基金提到，长期来看，黄金将持续受益于全球多极化与信用格局的重塑，这将推动黄金在外汇 储备中的占比提升，金价中枢有望不断上移。本轮黄金大周期或仍将延续。具体理由包括：一是美国债 务问题将导致美元信用下行。美国债务一直易涨难削，而当前美国政府债务和利息支付增长过快。二是 黄金ETF将持续流入。世界黄金协会数据显示，截至2025年三季度末，全球黄金ETF资产管理总规模增 至4720亿美元， ...