Market Overview - The A-share market showed resilience amidst turbulent overseas markets, with the three major indices experiencing slight gains. The Shanghai Composite Index rose by 0.08%, the Shenzhen Component Index increased by 0.7%, and the ChiNext Index gained 0.54% [2]. - A total of 3,096 stocks rose, with 88 hitting the daily limit up, while 2,197 stocks declined [2]. Sector Performance - The precious metals sector saw a significant surge, with stocks like Sichuan Gold and Western Gold hitting the daily limit up. Spot gold prices reached $4,830 per ounce, marking a 1.5% increase [3]. - Semiconductor stocks strengthened, with companies such as Loongson Technology and Dagan Co. also hitting the daily limit up [5]. - Computing hardware stocks rebounded, with companies like Kecuan Technology achieving daily limit up [7]. - Lithium mining stocks experienced a rebound, with Shengxin Lithium Energy and Dazhong Mining hitting the daily limit up [9]. ETF Trading Activity - Notably, there was a substantial increase in trading volume for broad-based ETFs, with the SSE 50 ETF trading at 16.9 billion yuan, marking a ten-year high in trading volume [11]. - The trading volume for various ETFs, including the Huatai-PB and Jiashi CSI 300 ETFs, exceeded 10 billion yuan each [12]. Conclusion - The market displayed a mixed performance with certain sectors like precious metals, semiconductors, computing hardware, and lithium mining showing strong gains, while broader market indices remained stable amidst external pressures [2][3][5][7][9][11][12].

Market Overview - The A-share market experienced fluctuations but closed higher, with the Shanghai Composite Index rising by 0.08%, the Shenzhen Component Index increasing by 0.7%, and the ChiNext Index up by 0.54% [1]. Precious Metals Sector - The precious metals sector led the market gains, with stocks such as Sichuan Gold (001337) and Zhaojin Gold (000506) hitting the daily limit [3][6]. - Notable price movements included Zhaojin Gold at 19.33, up 10.02%, and Sichuan Gold at 43.76, also up 10.01% [7]. Chip Industry - The chip industry saw significant activity, with stocks like Huada Technology (002185) and Longxin Technology reaching their daily limit [3]. Lithium Mining Sector - The lithium mining sector showed a rebound, with stocks such as Shengxin Lithium Energy (002240) and Dazhong Mining (001203) also hitting the daily limit [3]. Sports Industry - The sports industry stocks strengthened in the afternoon, with Jinling Sports (300651) rising over 14% and Shuhua Sports (605299) hitting the daily limit at 13.04 yuan per share, giving it a market value of 5.336 billion yuan [10][12]. ETF Trading Activity - There was a notable increase in trading volume for broad-based ETFs, with the Shanghai 50 ETF (510050) exceeding 15 billion yuan in trading volume, marking the highest level since July 2015 [5]. Gold Price Surge - Gold prices surged due to safe-haven demand and a weakening dollar, with London spot gold rising over 2.5% to surpass 4,880 USD per ounce, setting a new historical high [9].

1月21日，A股市场冲高回落，截至收盘，沪指涨0.08%，深成指涨0.7%，创业板指涨0.54%，科创综指 涨2.32%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | the control control concession in the control of the controllers and | 4116.94c | 3.29 | 0.08% | | 399001 | 深证成指 | S | 14255.13c | 99.50 | 0.70% | | 399006 | 创业板指 | In | 3295.52c | 17.54 | 0.54% | | 000680 | 科创综指 | Non m | 1862.69c | 42.21 | 2.32% | 盘面上，半导体、AI算力产业链集体爆发，GPU、先进封装、CPO方向齐上涨。有色金属板块活跃，黄 金股掀涨停潮，锂矿、铜矿涨幅靠前。银行、煤炭、白酒、零售板块走弱。 具体来看，贵金属板块集体爆发，招金黄金、四川黄金、西部 ...

Core Viewpoint - The precious metals sector in the A-share market has seen a significant surge, with the sector index rising over 6%, reaching a historical high and leading the market in gains [2][3]. Group 1: Market Performance - The precious metals sector index closed at 5954.25, reflecting a 6.13% increase [3]. - Notable individual stock performances include Zhaojin Mining, which rose by 10.02%, and Hunan Silver, which increased by 10.00% [3]. - Other companies in the sector, such as Sichuan Gold and Chifeng Jilong Gold, also experienced gains of 9.53% and 6.01%, respectively [3]. Group 2: Gold Price Trends - The spot gold price has increased by over $200 per ounce this week, marking a nearly 4% rise, with a year-to-date increase exceeding 10% [4]. - As of January 20, the spot gold price was reported at $4762.98 per ounce, with COMEX gold futures at $4768.6 per ounce, both showing a rise of approximately 1.95% and 1.97% respectively [4]. Group 3: Domestic Gold Jewelry Prices - The price of gold jewelry in China has surged, with brands like Chow Tai Fook and Chow Sang Sang reporting prices of 1498 yuan and 1495 yuan per gram, reflecting increases of 2.96% and 2.82% respectively [5][4]. - The overall increase in gold jewelry prices is around 3% [4]. Group 4: Future Outlook - Multiple institutions, including Citigroup, have raised their gold price targets, with expectations of reaching $5000 per ounce due to geopolitical risks and uncertainties surrounding the Federal Reserve [12]. - HSBC also indicated that gold prices could reach $5000 per ounce by mid-2026, driven by safe-haven demand and a weakening dollar [12].

Group 1 - Gold prices have surged, with spot and futures prices both breaking through $4,870, leading to significant increases in gold-related products [1] - The performance of gold ETFs has been notable, with 华夏 ETF (518850) rising by 3.55% and 黄金股 ETF (159562) increasing by 5.91%, while individual stocks like 晓程科技 have seen gains exceeding 12% [1][2] - A report from 中银国际 indicates that geopolitical tensions are rising, and market expectations of further interest rate cuts in the U.S. are enhancing gold's appeal as a safe-haven asset [3] Group 2 - 中银国际 forecasts that the average gold price will increase by 40% to $4,800 by 2026, with a potential rise to $5,200 per ounce next year and a long-term prediction of $5,500 per ounce [3] - Gold stocks are expected to follow the trend of gold prices but with higher elasticity, suggesting that the "amplifier" effect of gold stock ETFs will continue to manifest as company earnings reports are released [3]

Group 1 - The rise in risk aversion has driven precious metals higher, with spot gold surpassing $4870 per ounce, showing a daily increase of over 2.3%. UBS strategist Joni Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5000 per ounce if concerns about the Federal Reserve's independence persist [1] - Silver is benefiting from the rise in gold prices and a narrowing supply-demand gap, with expectations to challenge $100 per ounce this year [1] - The copper market is tightening due to demand from energy transition, leading to an expected increase in price levels [1] Group 2 - As of November, the U.S. unemployment rate has dropped to 4.4%, indicating a temporarily stable labor market, with market expectations that the Federal Reserve will halt interest rate cuts from January to April [1] - In the medium to long term, risks related to U.S. federal government debt remain, and the dollar's status is facing challenges, suggesting continued opportunities for gold in the context of a global monetary system restructuring [1] Group 3 - The CSI Nonferrous Metals Industry Index (399395) has risen by 1.76%, with component stocks such as silver and tungsten companies showing significant gains, including a 10.01% increase for silver companies and 9.92% for tungsten companies [1] - The CSI Nonferrous Metals Industry Index tracks 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry on the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the CSI Nonferrous Metals Industry Index account for 51.65% of the index, including companies like Zijin Mining and China Molybdenum [2]

Capital.com高级市场分析师凯尔·罗达表示："特朗普周末对欧洲国家加征关税，并加大力度胁迫以吞并 格陵兰岛，导致人们对美国失去信任。黄金价格的波动反映了人们对全球地缘政治紧张局势的担 忧。""显然，投资者正在抛售美元，抛售美债，尤其是长期国债，转而买入黄金，因为目前市场对黄金 的信心高于对美元的信心。" A股市场黄金概念股午后进一步拉升，其中，白银有色、国城矿业、四川黄金、中国瑞林、湖南白银、 招金黄金涨停，南矿集团涨超8%，西部黄金、赤峰黄金涨超7%，豫光金铅、晓程科技、中金黄金涨超 6%，株冶集团、山金国际、盛达资源、鹏欣资源涨超5%。 受避险需求和美元走软的提振，金价飙升至每盎司4870.96美元的历史新高。美国总统特朗普对格陵兰 岛的觊觎可能会引发与欧洲的贸易战，并可能动摇北约。 | 代码 | 名称 | | 涨幅% ↓ | 息市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 601212 | 白银有色 | 1 | 10.01 | 635亿 | 46.50 | | 000688 | 国城矿业 | 10 | 10.01 | 331亿 | ...

（文章来源：每日经济新闻） 每经AI快讯，1月21日，贵金属板块开盘领涨，湖南白银涨超7%，晓程科技、山东黄金涨超5%，赤峰 黄金、山金国际、西部黄金、招金黄金等跟涨。 ...

Group 1 - Western Gold's controlling shareholder plans to reduce holdings by up to 9.11 million shares, accounting for 1% of total shares, with an expected cash-out of approximately 280 million yuan [1] - Western Gold's stock price increased from a low of 8.83 yuan in 2024 to a high of 36 yuan, representing a 300% increase, while the company reported a 106.2% year-on-year revenue growth and a 168.04% increase in net profit in the last year's third quarter [3] - Similar to Western Gold, Hanke Technology, a leading battery manufacturer, also announced a reduction plan, with its stock price rising from 13.43 yuan to 43.53 yuan, a 224% increase, despite only a 1.87% revenue growth and a 2.59% net profit increase [3] Group 2 - The A-share market recently experienced a slight rebound, with the Shanghai Composite Index rising by 0.29% and the Shenzhen Component Index by 0.09%, while the ChiNext Index fell by 0.7% [5] - The reduction behaviors of shareholders are showing different characteristics in the context of a market style shift towards value sectors, with precious metals and epoxy propylene sectors demonstrating real price increase expectations and performance realization capabilities [5] - Since January 2026, multiple shareholder reduction cases have emerged in the A-share market, indicating a trend where controlling shareholders and those holding more than 5% of shares are reducing their stakes [6] Group 3 - The market closely monitors the reduction actions of controlling shareholders and actual controllers, as they are the most informed about the company's operational status, which can be interpreted as a judgment on the current valuation level [8] - Shareholder reduction reasons vary, including profit-taking at high prices and personal or corporate funding needs, which may not be closely related to the company's fundamentals [8] - When stock prices rise without fundamental support, internal shareholders may reduce holdings to avoid valuation correction risks, indicating the importance of understanding the context of the reduction [8]

Core Viewpoint - The gold industry is experiencing significant growth due to rising gold prices and geopolitical tensions, leading to increased demand for gold as a safe-haven asset. Companies in this sector are leveraging their resource advantages and operational efficiencies to capitalize on these market conditions. Company Summaries - **Sichuan Gold (001337)**: Located in Sichuan, the company benefits from high-quality gold resources and low-cost mining advantages. It is expected to gain from rising gold prices and regional resource integration policies, enhancing its growth potential [1]. - **Zhaojin Gold (000506)**: A well-established player in the gold industry, Zhaojin has a comprehensive supply chain and strong technical capabilities. The company is positioned to benefit from increased gold demand due to geopolitical tensions and has a robust hedging strategy to stabilize profits [2]. - **Shandong Gold International (000975)**: This company operates globally, focusing on low-cost mining resources. It is expected to thrive amid geopolitical conflicts, leveraging its operational experience and resource management to respond to international gold price fluctuations [3]. - **Xiaocheng Technology (300139)**: Focused on intelligent mining solutions and African resource development, the company is set to benefit from both rising gold prices and increased demand for mining technology services [4]. - **China National Gold (600489)**: As a leading state-owned enterprise, it has the largest gold reserves in China. The company is expected to play a crucial role in stabilizing domestic gold supply and prices amid rising global demand [5]. - **Western Gold (601069)**: Based in Xinjiang, the company benefits from high-quality resources and regional policies supporting resource integration. It is positioned as a key player in ensuring domestic gold supply [6][7]. - **Chifeng Gold (600988)**: A rapidly expanding company that has increased its resource reserves through acquisitions. It is expected to enhance profit margins through optimized mining processes amid rising gold prices [8]. - **Hengbang Shares (002237)**: A leading gold smelting company, it benefits from its ability to process complex ores and is positioned to gain from rising gold prices and increased demand for silver recovery [9]. - **Shandong Gold (600547)**: The absolute leader in the gold industry, it has the largest resource reserves and production capacity. The company is expected to stabilize market expectations and supply amid rising gold prices [10]. - **Hunan Silver (002716)**: A core player in the silver industry, it benefits from rising silver prices and increased demand from the photovoltaic industry, enhancing its profit margins [11]. - **Zijin Mining (601899)**: A major player in the non-ferrous metals sector, it has a global footprint in gold mining and is expected to benefit from rising gold prices and geopolitical tensions [12]. - **Yintai Gold (000975)**: This company has a strong resource base and low-cost mining operations, positioning it well to benefit from rising gold prices and increased demand for gold as a safe-haven asset [13]. - **Shengda Resources (000603)**: A leading silver company, it is expected to benefit from rising silver prices and increased demand from the photovoltaic industry, while also expanding into gold resource development [14]. - **Yuguang Gold Lead (600531)**: A leader in lead and zinc smelting, it has strong silver recovery capabilities and is expected to benefit from rising silver prices amid increased industrial demand [15]. - **Hunan Gold (002155)**: A significant gold producer, it is expected to benefit from rising gold prices and regional resource development policies, enhancing its growth potential [16]. - **Zhongrun Resources (000506)**: Focused on overseas gold projects, it is expected to benefit from rising gold prices and geopolitical tensions, leveraging its operational experience [17]. - **Yuancheng Gold (600766)**: This company is focused on gold exploration and development, benefiting from rising gold prices and regional resource integration [18]. - **Xingye Mining (000426)**: A multi-metal mining company, it is expected to benefit from rising silver prices and increased demand for silver in the photovoltaic industry [19]. - **Jin Gui Silver Industry (002716)**: A leading silver smelting company, it is expected to benefit from rising silver prices and increased demand from the photovoltaic industry [20]. - **Western Mining (601168)**: A core player in the non-ferrous metals sector, it is expected to benefit from rising gold prices and increased demand for new energy metals [21]. - **Luoyang Molybdenum (603993)**: A global mining giant, it is expected to benefit from rising gold prices and geopolitical tensions, leveraging its diverse resource portfolio [22]. - **Guizhou Platinum Industry (600459)**: A leader in precious metals, it is expected to benefit from rising demand for platinum and palladium amid global energy transitions [23]. - **Nanmin Group (001360)**: A mining equipment leader, it is expected to benefit from rising gold prices and increased demand for mining equipment amid a booming gold market [24]. - **Xingye Silver Tin (000426)**: This company is expanding its global gold asset portfolio and is expected to benefit from rising silver prices and increased demand for gold [25].