Market Overview - A-shares experienced a significant rebound with all three major indices rising, particularly the ChiNext Index which surged over 2% [2] - The photovoltaic industry index saw a notable increase of 4.78%, while military and aerospace indices also rose by over 3% [2] - The market structure indicates that the main drivers of the rebound were the active photovoltaic and commercial aerospace sectors [2] Photovoltaic Sector - The photovoltaic sector saw widespread gains, with TOPcon battery concept stocks leading the market [6] - Key stocks included: - Aotewei recorded a 20% limit-up - Shuangliang Energy and Fostek both hit 10% limit-up - Maiwei shares rose by 11.77% [7][8] - The demand for space-based photovoltaic energy is expected to become a new growth area, driven by global space energy needs and supply chain restructuring [9] Commercial Aerospace Sector - The commercial aerospace sector also saw rapid gains, with stocks like Tongyu Communication and Aerospace Development hitting the 10% limit-up [10][11] - The successful testing of a liquid rocket engine by a private aerospace company is expected to bolster confidence in the sector [11] Precious Metals Sector - The precious metals sector continued to decline, with several stocks hitting the 10% limit-down, including Zhaojin Gold and Sichuan Gold [15] - Despite the drop in stocks, spot gold and silver prices rebounded, with gold reaching $4,809 per ounce, up over 3% [17]

记者丨金珊 李益文 2月3日，国投白银LOF今日复牌再度跌停，报4.25元，最新溢价率为88.94%。国投白银LOF2日发布公 告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估；国投瑞银白银 LOF2日晚间更新净值后显示，单日净值跌幅达31.5%，创公募基金单日下跌历史纪录。 国泰海通证券认为，本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期 牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降有助于黄金重回更健康与 稳健的上涨趋势。长期来看，在各国信任程度下降的情况下，全球仍在经历持续的货币体系重构，央行 购金仍有较大空间，黄金长期的行情仍然会延续。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 责任编辑：王珂 编辑丨江佩霞 2月3日，黄金、白银反弹，现货黄金一度重回4800美元，现货白银日内触及85美元，截至10：22，黄 金、白银涨幅均有所收窄。 | 伦敦金现 | 伦敦银现 | COMEX黄金 | | --- | --- | --- | | 4785.350 | 83.497 | 4831.9 | | +126.0 ...

Group 1 - The core viewpoint of the news is that despite a rebound in gold and silver prices, the A-share market's gold concept stocks mostly experienced declines, with several stocks hitting the daily limit down for three consecutive days [1] - The spot gold price fell to $4,402.38 per ounce before rebounding to $4,855.81 per ounce during the trading session [1] Group 2 - The following gold-related stocks experienced significant declines: - Yuguang Gold Lead: -10.01% with a market cap of 21.9 billion [2] - Sichuan Gold: -10.01% with a market cap of 22.5 billion [2] - Zhaojin Gold: -10.00% with a market cap of 19.3 billion [2] - Silver Nonferrous: -10.00% with a market cap of 82 billion [2] - Shengda Resources: -10.00% with a market cap of 34.1 billion [2] - China Gold: -9.99% with a market cap of 20 billion [2] - Hunan Silver: -9.98% with a market cap of 43.6 billion [2] - Other notable declines include: - Zhongjin Gold: -8.16% with a market cap of 147.8 billion [2] - Cuixue Jewelry: -7.53% with a market cap of 2.738 billion [2] - Hengbang Shares: -7.42% with a market cap of 24.6 billion [2] - Shandong Gold: -7.33% with a market cap of 209.8 billion [2]

Market Overview - On February 2, the market experienced fluctuations with all three major indices falling over 2%, and the Sci-Tech 50 index dropping over 3%. The Shanghai Composite Index closed down 2.48%, the Shenzhen Component Index down 2.69%, and the ChiNext Index down 2.46% [1] - The total trading volume in A-shares was 2.61 trillion yuan, a decrease of 255.83 billion yuan compared to the previous trading day. Over 4,700 stocks in the market declined, with 125 stocks hitting the daily limit down [1] Sector Performance - The liquor sector showed resilience, with Huangtai Liquor achieving three consecutive trading limits, and Jinhuijiu hitting two limits in three days. Water Well Liquor also reached the daily limit up [3] - Conversely, the non-ferrous metals, oil and gas, chemicals, coal, and semiconductor sectors faced significant declines. The non-ferrous metals sector was particularly hard hit, with multiple gold stocks such as Zhaojin Gold and Sichuan Gold experiencing limit downs [3][5] - The oil and gas sector also suffered, with domestic crude oil and fuel futures contracts hitting the limit down, both dropping approximately 7%. Brent crude oil futures fell to $66 per barrel, down 4.67%, while WTI crude oil futures dropped below $62 per barrel, down 4.94% [5][6] Hong Kong Market - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Technology Index expanding its losses to 4% in the afternoon. The Hang Seng Index closed down 2.23%, and the Hang Seng Technology Index fell 3.36% [6][7] - The precious metals sector in Hong Kong also faced significant losses, with stocks like Shandong Gold and Chifeng Jilong Gold dropping over 12% [7] - The three major telecom operators in China collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2%. This was influenced by an adjustment in the value-added tax rate for telecom services from 6% to 9%, which will impact the revenue and profits of these companies [7]

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]

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].

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].

Group 1 - The A-share market saw a significant decline in gold-related stocks, with over 20 stocks hitting the 10% limit down, including notable companies like Xiaocheng Technology, Tongling Nonferrous Metals, and China Gold [1] - Gold prices continued to retreat, with spot gold dropping to $4,586.16 per ounce, a decrease of 18% from last week's historical high of $5,595.44 [1] - Spot silver also experienced a substantial decline, falling to $76.967 per ounce, which is a 36.7% drop from last week's peak of $121.6485 [1] Group 2 - Xiaocheng Technology reported a decline of 17.08%, with a total market value of 15.3 billion [2] - Tongling Nonferrous Metals saw a decrease of 10.04%, with a market capitalization of 99.8 billion [2] - Other companies like Baijin Nonferrous Metals and Hengbang Shares also faced declines of 10.02% and 10.02%, respectively, with market values of 91.1 billion and 26.6 billion [2]

北京商报讯（记者 马换换 李佳雪）2月2日，A股黄金板块重挫，板块内四川黄金、山东黄金、西部黄 金等多股跌停。 除了跌停股之外，晓程科技开盘"20cm"跌停，不过之后打开跌停板，截至北京商报记者发稿，公司股 价跌幅15.11%。 ...