Market Overview - The precious metals sector experienced a significant decline of 10.18% compared to the previous trading day, with Xiaocheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Xiaocheng Technology (300139) closed at 54.70, down 18.96% with a trading volume of 740,500 shares [1] - Hengbang Shares (002237) closed at 18.59, down 10.02% with a trading volume of 60,500 shares [1] - Zhao Jin Gold (000506) closed at 23.10, down 10.01% with a trading volume of 10,800 shares [1] - Sichuan Gold (001337) closed at 59.56, down 10.00% with a trading volume of 3,480 shares [1] - Hunan Gold (002155) closed at 33.30, down 10.00% with a trading volume of 2,273,400 shares [1] - Zhongjin Gold (600489) closed at 33.21, down 10.00% with a trading volume of 62,600 shares [1] - Chifeng Gold (6009888) closed at 38.88, down 10.00% with a trading volume of 74,000 shares [1] - Western Gold (eoloea) closed at 40.25, down 10.00% with a trading volume of 23,500 shares [1] - Shandong Gold (600547) closed at 49.10, down 9.99% with a trading volume of 74,400 shares [1] - Shanjin International (000975) closed at 31.36, down 9.99% with a trading volume of 70,600 shares [1] Capital Flow Analysis - The precious metals sector saw a net outflow of 1.039 billion yuan from institutional investors, while retail investors experienced a net inflow of 769 million yuan [1] - The following stocks had notable capital flows: - Shanjin International (000975) had a net inflow of 1.414 million yuan from retail investors, despite a net outflow of 10.571 million yuan from institutional investors [2] - Sichuan Gold (001337) saw a net outflow of 10.7625 million yuan from institutional investors, with a net inflow of 781.43 million yuan from retail investors [2] - Zhao Jin Gold (000506) had a net outflow of 16.9277 million yuan from institutional investors, while retail investors contributed a net inflow of 1.25826 million yuan [2] - Hengbang Shares (002237) experienced a net outflow of 22.7305 million yuan from institutional investors, with a net inflow of 1.82554 million yuan from retail investors [2] - Zhongjin Gold (600489) had a net outflow of 87.5449 million yuan from institutional investors, while retail investors contributed a net inflow of 5.4129 million yuan [2]

Market Performance - The Hang Seng Index closed down by 2.23% and the Hang Seng Tech Index fell by 3.36% [1] - Precious metals experienced significant declines, with Shandong Gold and Chifeng Gold dropping over 12%, Lingbao Gold down over 8%, and China Silver Group also down over 8% [1] Automotive Sector - Automotive stocks declined, with BYD falling nearly 7% and Xpeng Motors down over 6% [1] Telecommunications Sector - The three major telecom operators collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2% [1] - The adjustment of the value-added tax rate for telecom services from 6% to 9% will impact the revenue and profits of these three companies [1]

Group 1 - The non-ferrous metal sector is experiencing significant declines, with companies like Shandong Gold, Chifeng Jilong Gold, and Jiangxi Copper seeing drops of 13.38%, 12.63%, and 10.16% respectively [1] - International precious metal markets continue to face severe sell-offs, with spot gold dropping below $4,450 per ounce, marking a new low since January 8, and spot silver erasing all gains for the year, falling to $71.31 per ounce [1] - Domestic commodity futures markets are also seeing widespread declines, with major contracts for silver, palladium, platinum, nickel, tin, copper, and aluminum hitting limit downs [1] Group 2 - Short-term market evaluations of the non-ferrous sector are reassessing the balance between "trend" and "volatility" following previous rapid increases [2] - The nomination process of Waller and the clarity of his policy positions are expected to be key factors influencing commodity prices and the non-ferrous industry [2] - A strengthened "hawkish" stance could potentially reverse "weak dollar" expectations, increasing price volatility for all non-ferrous metals, while the long-term industry logic remains unchanged due to ongoing interest rate cuts and new demand dynamics [2]

Group 1 - Domestic commodity futures closed lower, with major contracts for silver, palladium, platinum, nickel, tin, copper, aluminum, international copper, stainless steel, crude oil, fuel oil, aluminum alloy, and lithium carbonate hitting the limit down [1] - Zinc fell over 6%, while fuel oil and pure benzene dropped more than 5%, and ethylene glycol and liquefied gas declined over 4% [1] - A few commodities like caustic soda and logs saw slight increases [1] Group 2 - The three major indices in the A-share market fell over 2%, with the Sci-Tech Innovation 50 Index dropping more than 3% [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion, a decrease of 250.8 billion compared to the previous trading day [2] - Over 4,600 stocks in the market declined, with 123 stocks hitting the limit down [2]

Investment Rating - The industry investment rating is "Outperform" [1] Core Views - Gold prices experienced extreme volatility, with a significant rise followed by a sharp decline due to market sentiment and external factors, but the nomination of Waller is not seen as a turning point for the market [2][12] - Copper prices are expected to stabilize after recent fluctuations, supported by strong fundamentals and low inventory levels, suggesting a buy-and-hold strategy for copper mining stocks [3][13] - Lithium prices have been declining, but demand is expected to increase due to new policies and seasonal factors, indicating potential for future price support [4][14] Summary by Sections 1. Weekly Research Insights - Gold: After a rapid increase, gold prices faced a sharp drop, but the overall upward trend remains intact for long-term investors [2][12] - Copper: The extreme market sentiment has subsided, and the fundamentals for copper remain strong, suggesting a hold on copper mining stocks [3][13] - Lithium: Inventory levels are decreasing, and new demand drivers are emerging, indicating a potential rebound in prices [4][14] 2. Sector Performance - The non-ferrous metals index increased by 3.70%, outperforming the market by 4.14%, ranking 4th among 30 sub-industries [16] - Top performers in the non-ferrous metals sector included gold, copper, and lead-zinc, with individual stocks like Hunan Gold showing significant gains [16][22] 3. Metal Prices and Inventory - New energy metals: Cobalt prices increased, while lithium prices decreased significantly [23][24] - Base metals: Domestic prices for copper, aluminum, and zinc rose, while lead prices slightly declined [33][35] - Precious metals: Gold and silver prices fell sharply, with gold down 4.7% and silver down 22.5% [47][48]

Core Viewpoint - The domestic precious metals market experienced a historic shock on February 2, 2026, with significant declines in futures and stocks, prompting the Shanghai Gold Exchange to implement emergency risk control measures to stabilize the market [2][3][4]. Market Reaction - On February 2, the main silver futures contract on the Shanghai Futures Exchange hit the limit down, while gold futures fell over 10%, leading to a collective drop in the A-share precious metals sector, with over ten stocks hitting the limit down [2][6][7]. - The spot gold price fell below $4600 per ounce, with an intraday decline of 6.25%, reflecting a broader panic in the market [2][9]. Regulatory Response - The Shanghai Gold Exchange issued an urgent announcement to adjust the margin levels and price fluctuation limits for silver deferred contracts, aiming to curb excessive volatility and maintain market stability [3][4]. - The margin for silver contracts was raised from 20% to 26%, and the price fluctuation limit was increased from 19% to 25% in response to significant price movements [3][4]. Underlying Factors - The recent volatility in the precious metals market was attributed to multiple factors, including external liquidity concerns, changes in Federal Reserve policies, and panic selling among investors [11][12][14]. - The sharp decline in international gold prices, which fell over 12% in a single day, and the extreme volatility in silver prices, which dropped over 36%, were significant contributors to the market's instability [4][11]. Broader Market Impact - The panic in the precious metals market led to a domino effect, causing declines in related sectors such as oil and gas and telecommunications, with many stocks in these sectors also experiencing significant drops [10][11]. - The domestic commodity futures market saw widespread declines, with various precious metal futures hitting limit down, reflecting a broader market retreat [8][10]. Future Outlook - The long-term outlook for precious metals remains influenced by several key variables, including Federal Reserve policy adjustments, global liquidity changes, and geopolitical uncertainties [27][28]. - Despite the short-term volatility, the fundamental drivers for gold's long-term value, such as ongoing monetary easing and strong central bank demand, remain intact [24][25].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 ETF Tianhong (159820), which experienced a decline of 2.59% to 1.391 yuan at midday, with a trading volume of 6.4037 million yuan [1] - The major holdings of the Zhongzheng 500 ETF Tianhong include stocks such as Yingweike, which fell by 2.51%, and Xinyi Communication, which rose by 1.49%. Other notable movements include Giant Network down 1.43%, and Chifeng Gold down 10.00% [1] - The performance benchmark for the Zhongzheng 500 ETF Tianhong is the Zhongzheng 500 Index return, managed by Tianhong Fund Management Co., Ltd. Since its establishment on August 7, 2020, it has achieved a return of 42.49%, with a monthly return of 12.28% [1]

每经编辑｜毕陆名 2月2日，现货黄金巨震，日内一度跌超6%。截至发稿，跌幅收窄，现报4732.43美元/盎司。 据查询，周生生足金饰品报1484元/克，较前一日1618元/克跌134元。 | く 厨 | | 贵金属 | | മ | 17 Q | | --- | --- | --- | --- | --- | --- | | | | 3311.54 -10.35% | | | | | 成份股 | 资金 | 关联基金 | 股呢 必读 | | 资讯 | | 全部市场(11) × | | 自选 | 龙头 (7) 最新 (11) × | | 几天几 | | ◎ 品 日 | | 最新 | 涨幅↓ | | 涨跌 | | 湖南黄金 | | 34.31 | -7.27% | | -2.69 | | 002155 融 | | | | --- | --- | --- | | 6天5板 人气龙头二 股吧人气 成交活跃 | | | | 湖南白银 | 17.14 -9.98% | -1.90 | | 002716 融 | | | | 股吧人气 | | | | 山金国际 | 31.36 -9.99% | -3.48 | | 000975 ...

Core Viewpoint - The article discusses a significant decline in various sectors of the A-share market, particularly in precious metals and energy, driven by external market pressures and changes in liquidity conditions [1][2][3]. Group 1: Market Reactions - The precious metals sector in A-shares experienced a sharp decline, with multiple stocks hitting the daily limit down, including companies like Xiaocheng Technology and Zhaojin Gold [1]. - The oil and gas sector also faced severe losses, with companies such as Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit down due to a drop in natural gas prices influenced by warmer weather forecasts [2]. - Commodity futures markets saw widespread declines, with major contracts like silver and gold futures hitting limit down, reflecting a broader market sell-off [2]. Group 2: External Influences - The U.S. leveraged loan index has fallen to its lowest point since April 2025, indicating potential liquidity issues in the market, which is further corroborated by a significant drop in the cryptocurrency market [3]. - The adjustment of margin levels and price limits for silver contracts by the Shanghai Gold Exchange suggests increased volatility and risk in the precious metals market [1]. Group 3: Liquidity Concerns - A report from Tianfeng Securities highlights that the U.S. dollar liquidity index has dropped to -60%, indicating extreme tightening that could impact global assets [5]. - The potential appointment of Kevin Warsh as the new Federal Reserve Chair has raised concerns about a hawkish monetary policy, which could lead to further tightening and affect market expectations for interest rates [6].

Core Viewpoint - The global precious metals market has experienced a significant pullback, with spot gold dropping over 6% on February 2, reflecting a fragile structure after a sharp short-term rise. The long-term outlook for the non-ferrous sector remains strong due to factors such as the restructuring of the monetary credit system, supply-side rigidity, and new demand dynamics, although short-term risks of correction should be monitored [1][3]. Group 1: Market Reactions and Trends - The non-ferrous sector has shown volatility, with traditional valuation models becoming ineffective as market sentiment and geopolitical factors increasingly influence prices [3]. - The nomination of Waller as the next Federal Reserve Chair has led to expectations of policy shifts, including a significant reduction in the Fed's balance sheet, which could impact liquidity and future interest rate cuts [3]. - On January 30, international gold prices recorded their largest single-day drop in 40 years, indicating heightened volatility and risk in the gold market, prompting experts to advise caution among investors [3]. Group 2: Investment Opportunities and Risks - The non-ferrous sector presents both long-term investment opportunities and short-term risks, necessitating a rational approach from investors based on their risk tolerance [1]. - The recent performance of the non-ferrous ETF Huatai-PineBridge (159652) indicates a significant drop in component stocks, with many experiencing declines of over 5% [2][6]. - Despite the recent downturn, the long-term fundamentals for industrial metals like copper, aluminum, and tin remain strong, with expectations for price recovery post-correction [7]. Group 3: Future Outlook - Analysts suggest that the current market dynamics, including high global debt and geopolitical uncertainties, provide a solid foundation for precious metal prices to trend positively in the long run [4]. - The non-ferrous ETF Huatai-PineBridge (159652) is highlighted for its comprehensive coverage of various metal sectors, positioning it well to benefit from the ongoing supercycle in non-ferrous metals [5][9]. - The ETF's index has shown a cumulative return leading its peers, with a significant portion of its gains driven by earnings rather than valuation increases, indicating a favorable investment environment [11][12].