Group 1 - The Hang Seng Index opened up 0.73% and the Hang Seng Tech Index rose by 0.56%, indicating a positive market sentiment at the beginning of the year [1] - The precious metals sector showed strong performance, with Zijin Mining rising over 2% and Chifeng Jilong Gold Mining increasing by over 4% [1] - The biopharmaceutical sector also performed well, with CanSino Biologics increasing by over 3%, and Longi Green Energy saw a significant rise of over 14% [1] Group 2 - According to China Merchants International, the Hong Kong stock market is currently in an earnings vacuum period, with high growth expectations for new economy sectors boosting market confidence [2] - The appreciation of the Renminbi is favorable for Hong Kong stocks, and domestic policies focusing on technological innovation and expanding domestic demand are expected to positively influence the market [2] - The market is gradually forming a complete AI industry chain listing system, attracting capital and alleviating IPO fundraising pressure [2] - The first two months of the year will see a reduction in the scale of lock-up releases, easing selling pressure [2] - The combination of early-year profit switching and valuation switching is expected to lead to a "spring rally," favoring growth styles [2] Group 3 - According to Fuguo Fund, the Hong Kong market is likely to maintain a volatile consolidation pattern, driven by global trade tensions, the Federal Reserve's monetary policy, and the strength of domestic economic recovery [2] - Huatai Securities believes that a continued rebound in the Hong Kong market is expected in the first quarter, focusing on space while downplaying slope [2] - Key sectors to watch include the AI chain (semiconductors, software) and innovative pharmaceuticals, with a recommendation to gradually accumulate quality consumer leaders and overweight cyclical and upstream power sectors [2] Group 4 - Zheshang International is optimistic about sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology [2] - The company also highlights the stability of performance and stock price trends in undervalued state-owned enterprises benefiting from policy support, as well as local Hong Kong banks, telecommunications, and public utility dividend stocks that are relatively independent of the economic cycle [2] - The performance of the Hong Kong stock market in spring 2026 is expected to be driven by "AI applications + PPI improvement + expanded domestic demand," with a recommendation to focus on related quality targets [2]

黄金概念股延续强势，中国黄金、湖南黄金涨停，招金黄金、豫光金铅、飞南资源、四川黄金、赤峰黄 金跟涨。 ...

Market Overview - The precious metals sector increased by 0.8% compared to the previous trading day, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Xiaocheng Technology (300139) closed at 58.83, up 11.21% with a trading volume of 790,000 shares [1] - Hunan Gold (002155) closed at 27.80, up 10.01% with a trading volume of 30,400 shares [1] - Sichuan Gold (001337) closed at 60.78, up 10.01% with a trading volume of 592,700 shares [1] - Zhaojin Mining (000506) closed at 23.57, up 9.99% with a trading volume of 1,324,500 shares [1] - Western Gold (601069) closed at 40.24, up 6.60% with a trading volume of 671,400 shares [1] - Other notable performances include Zhongjin Gold (600489) at 34.28, up 3.88%, and Hengbang Co. (002237) at 19.47, up 2.91% [1] Fund Flow Analysis - The precious metals sector experienced a net outflow of 3.457 billion yuan from institutional investors, while retail investors saw a net inflow of 2.868 billion yuan [3][4] - Hunan Gold had a net inflow of 57.64 million yuan from institutional investors, representing 68.17% of its trading volume [4] - Sichuan Gold faced a net outflow of 335 million yuan from institutional investors, with retail investors contributing a net inflow of 206 million yuan [4] ETF Performance - The Gold ETF (518850) tracking the Shanghai Gold Exchange saw a 5-day increase of 9.13%, with a net subscription of 1.8 billion yuan [6] - The Gold Stock ETF (159562) tracking the CSI Hong Kong and Shanghai Gold Industry Index increased by 12.89% over five days, with a net subscription of 4.1 billion yuan [7] - The Non-ferrous Metals ETF (516650) tracking the CSI Non-ferrous Metals Industry Index increased by 11.00% over five days, with a net subscription of 5.4 billion yuan [8]

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2026年1月27日 13:30，中证沪深港黄金产业股票指数(931238)成分股方面涨跌互现，湖南黄金领涨 10.01%，中国黄金上涨9.96%，白银有色上涨7.98%；山金国际领跌。黄金股票ETF基金(159322)最新报 价2.23元。规模方面，黄金股票ETF基金最新规模达1.72亿元，创近1年新高。（数据来源：Wind） 消息面上，近日国际现货黄金价格快速攀升，接连突破5000美元和5100美元两大关键节点。法国兴业银 行表示，到年底前黄金价格达到5000美元/盎司的预测已经提前实现，现在预计金价年底可能达到6000 美元/盎司，并指出这或许是一个保守预估，实际价格可能更高。报告强调，对冲基金持仓已创历史新 高，而央行需求似乎呈下降趋势。但ETF近期录得显著资金流入。"过去8周黄金ETF持续录得资金净流 入，共增持93吨，总持仓量现达3120吨，较一年前增加500吨。" 中国银河证券指出，虽然美国与欧盟围绕格陵兰岛的相关议题出现反复，但在格陵兰岛事件后欧盟保护 领土安全的意愿进一步提升，并以抛售美元美债为反制措施，这必将带动欧 ...

消息面上，据新华社报道，美国总统特朗普22日周四在总统专机"空军一号"上对媒体表示，美国正调集 重兵前往伊朗，许多舰艇正在向伊朗行进。此外，特朗普24日威胁将对加拿大商品征收100%的关税， 美国与加拿大的紧张关系也面临加剧。受避险情绪影响，现货黄金首次突破5000美元/盎司。上期所沪 银主力合约触及涨停，报28226元/千克，现涨幅为17.0%。 国联民生（601456）证券认为，全球地缘紧张局势升温，贵金属避险情绪提升，价格继续上行。长期来 看央行购金+美元信用弱化主线持续，继续看好金价上行。白银兼具工业和金融属性，光伏用银需求持 续，看好工业需求提振带来白银补涨行情。 黄金股延续近期涨势，截至发稿，赤峰黄金（600988）(06693)涨7.19%，报42.66港元；中国白银集团 (00815)涨7.35%，报0.73港元；灵宝黄金(03330)涨6.09%，报25.78港元；紫金矿业（601899）(02899)涨 5.74%，报42.74港元；山东黄金（600547）(01787)涨5.2%，报48.54港元。 山东黄金 赤峰黄金 紫金矿业 山东黄金 赤峰黄金 紫金矿业 分时图 日K线 周K线 月K ...

本文源自：金融界AI电报 港股市场赤峰黄金(6693.HK)继续上涨，盘中一度涨超2%，报43.76港元，股价创历史新高；该股月内累 涨超45%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Precious Metals and Non-Ferrous Metals**: Significant price movements observed in precious metals, particularly gold, which surged over 2% to exceed $5100 per ounce, indicating strong market demand and investor interest [1][2]. Core Insights and Arguments - **Gold Market Performance**: The spot price of gold increased by 2.29%, marking a daily rise of over $110, reflecting robust investor sentiment and market dynamics [1]. - **Tungsten Market Trends**: - The price of black tungsten concentrate rose by 11.43% to 536,000 CNY per ton, while ammonium paratungstate increased by 12.06% to 790,000 CNY per ton, indicating tightening supply conditions [2][4]. - Supply constraints are evident as mining production slows down due to reduced extraction quotas, leading to a tightening of market circulation [3]. - **Tin Market Dynamics**: - SHFE tin prices rose by 21.85% to 429,600 CNY per ton, and LME tin prices increased by 21.73% to $54,200 per ton, driven by supply pressures from geopolitical issues in major production areas [4][5]. Additional Important Content - **Biopharmaceutical Sector**: The outbreak of the Nipah virus in West Bengal, India, has raised concerns, with multiple healthcare workers infected, prompting urgent preventive measures in neighboring countries [6]. - **Space Photovoltaics**: - Elon Musk announced plans for SpaceX and Tesla to establish 100 GW of solar capacity in the U.S. within three years, which could significantly boost long-term demand for space photovoltaics [6]. - The commercial space sector is entering a new phase of large-scale deployment, with over 200,000 satellite constellation applications submitted in China [6]. - **Cloud Computing and AI**: AWS has raised its EC2 machine learning capacity block prices by approximately 15%, indicating rising operational costs in the cloud computing sector [7]. - **Oil and Gas Market**: Natural gas prices in the U.S. surged due to winter storms, with futures exceeding $6 per million British thermal units for the first time since 2022, reflecting supply-demand imbalances [7]. Stock Performance Highlights - **Top Gainers**: - In the precious metals sector, stocks such as Hunan Gold, Sichuan Gold, and China Gold saw significant price increases [2]. - In the tungsten sector, stocks like Xianglu Tungsten and Zhongtung High-tech performed well [4]. - In the biopharmaceutical sector, companies like Maike Biotech and Kaili Biotech experienced notable stock gains [6]. - **Market Activity**: The total trading volume in the Shanghai and Shenzhen markets approached 3.3 trillion CNY, reflecting increased market activity compared to the previous trading day [1].

Core Viewpoint - The gold market is experiencing unprecedented highs, with international gold prices surpassing $5000 and $5100 per ounce, driven by increased demand due to heightened market risk aversion [1][3]. Group 1: Gold Price Movements - On January 26, international gold prices rose significantly, breaking through key thresholds of $5000 and $5100 per ounce, with a daily increase exceeding $110 per ounce [1][3]. - The domestic market mirrored this trend, with Shanghai Gold Exchange AU9999 rising by 1144.45 yuan per gram, and retail prices for physical gold reaching approximately 1575 yuan per gram [1]. - The A-share market saw a surge in gold-related stocks, with multiple companies hitting all-time highs in their stock prices [1][3]. Group 2: Investment Strategies - For current holders of gold, it is advised to maintain strategic positions as a hedge against currency credit risk, while being cautious of potential short-term volatility [2]. - New investors are encouraged to consider gradual investments during market corrections, as price pullbacks may present better entry points [2]. Group 3: Market Drivers - The recent surge in gold prices is attributed to a combination of global monetary and fiscal credit system reassessment, central bank gold purchases, and geopolitical risks [4]. - Emerging market central banks have been increasing their gold reserves to diversify foreign exchange risks, providing structural support for gold prices [4]. Group 4: Future Price Outlook - There are both upward support and valuation risks for future gold prices, with potential support from continued low interest rates and increased demand due to geopolitical tensions [5]. - However, there is a caution regarding a possible "temporary overheating" risk in the U.S. economy in mid-2026, which could lead to market corrections if expectations for interest rate cuts change [5]. Group 5: Stock Market Performance - The gold sector has shown strong performance in the capital markets, with the Wind precious metals industry index rising by 7.3% on January 26 and a cumulative increase of 28% for the year [6]. - Significant inflows of leveraged funds into gold stocks have been observed, with several companies receiving substantial net financing [6].

黄金股盘初多数调整，湖南白银跌停，曼卡龙、山金国际跌超5%，西部黄金、赤峰黄金、中金岭南纷 纷跟跌。 ...

Group 1: Market Overview - Gold prices have surpassed $5,100 per ounce, reaching a historical high, with silver prices also rising concurrently. This price increase is driven by both safe-haven and monetary attributes [1] - Central banks globally are increasing their gold reserves to optimize foreign exchange structures and reduce reliance on single sovereign currencies. Private investors are also incorporating gold into their asset allocations to hedge against uncertainties [1] - Goldman Sachs has raised its year-end target price for gold from $4,900 to $5,400, citing ongoing global policy uncertainties and potential for further price increases in precious metals [1] Group 2: Industry and Company Insights - Zijin Mining is engaged in the exploration, development, and smelting of gold and copper, with a projected net profit for 2025 between 51 billion and 52 billion yuan [2] - Chifeng Jilong Gold Mining focuses on gold mining and smelting, expecting a net profit for 2025 in the range of 3 billion to 3.2 billion yuan [2] - Shengda Resources specializes in the mining and sales of silver and gold, holding nearly 10,000 tons of silver reserves [3] - Shandong Zhaojin Refining has achieved record processing volumes in gold and silver refining, with significant growth in gold repurchase business [4] - Yuguang Gold Lead is a major silver production base in China, utilizing unique processes for efficient precious metal recovery [4] - Lao Feng Xiang is involved in the research, design, production, and sales of gold jewelry, with gold jewelry prices reaching historical highs [5] - China Gold focuses on gold retail and brand operations, benefiting from the rising demand in the physical gold consumption market [6]