Group 1 - Precious metals sector continues to surge, with notable performances from companies such as Zhaojin Gold (000506) achieving three consecutive trading limits in six days [1] - Sichuan Gold (001337) has reached four trading limits in eight days, indicating strong market interest [1] - Other companies like Xingye Silver Tin (000426), Hunan Gold (002155), Shengda Resources (000603), Hunan Silver (002716), and Yuguang Gold Lead (600531) also hit trading limits, reflecting a broad rally in the sector [1] Group 2 - Xiaocheng Technology (300139) saw a significant increase of over 15%, reaching a new high, showcasing investor confidence [1] - Shanjin International (000975) followed the upward trend, indicating a positive sentiment across the precious metals industry [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 201899 | 紫金矿业 | 4.77% | 11.20% | | 600547 | 山东黄金 | 5.76% | 9.05% | | 600489 | 中金黄金 | 7.47% | 8.80% | | 6009888 | 赤峰黄金 | 6.36% | 6.73% | | 01818 | 招美矿业 | 2.59% | 6.40% | | 000975 | 山令国际 | 6.31% | 5.25% | | 02899 | 紫金矿业 | 5.05% | 4.74% | | 01787 | 山东黄金 | 4.25% | 3.65% | | 002155 | 湖南黄金 | 10.01% | 2.98% | | 000630 | 铜陵有色 | 6.85% | 2.90% | 截至2026年1月26日 09:38，中证沪深港黄金产业股票指数(931238)强势上涨5.80%，成分股老铺黄金上涨12.44%，湖南黄金上涨10.01%，豫光金铅上涨 9.98%，恒邦股份，白银有色等个股跟涨。黄金股票ETF基金(15 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨黎雨桐 翁榕涛 编辑丨金珊 1月26日上午，现货白银开盘大涨，截至9：48，突破108美元关口，日内涨超4%。 现货黄金开盘首次突破5000美元，随后延续涨势，突破5070美元关口。 | < W | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | 5075.440 | | 昨结 | 4988.170 | 总量 | | 0 | | +87.270 | +1.75% 开盘 | | 4988.170 | 现手 | | 0 | | 最高价 | 5085.750 | 持 仓 | 0 | 外 盘 | | 0 | | 最低价 | 4988.170 | 增 仓 | 0 | 内 盘 | | 0 | | 分时 | 王日 | 日K | 周K | 月K | 童家 | (0) | | 叠加 | | | | 均价:0.000 | | | | 5085.750 | | | | | 1.96% 卖一 5077.010 买一 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入149.96亿元，同比增长24.23%，实现净利润 24.60亿元，同比增长42.39%，基本每股收益为0.8860元，加权平均净资产收益率17.87%。（数据宝） （文章来源：证券时报网） 山金国际股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:32，该股目前上涨4.57%，股价报36.13元，成交430.02万股，成交金额1.55亿元，换手率 0.17%，该股最新A股总市值达1003.23亿元，该股A股流通市值913.16亿元。 证券时报·数据宝统计显示，山金国际所属的有色金属行业，目前整体涨幅为3.33%，行业内，目前股价 上涨的有118只，涨停的有湖南黄金、永杰新材等5只。股价下跌的有24只，跌幅居前的有博威合金、斯 瑞新材、西部材料等，跌幅分别为9.75%、4.48%、3.99%。 两融数据显示，该股最新（1月23日）两融余额为8.78亿元，其中，融资余额为8.66亿元，近10日减少 4517.05万元，环比下降4.96%。 ...

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Viewpoints - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue, with precious metals likely to set new historical price records in 2026 [12] - Zinc is viewed as an overlooked foundational material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the potential for precious metals to lead industrial metals in price increases, driven by a breakdown in the gold-silver ratio and a late-stage long-term debt cycle [7][12] - Specific investment opportunities include companies like Chifeng Jilong Gold Mining (600988) and others in the precious metals sector [7] Zinc Sector - The report identifies zinc as a critical material in the context of re-industrialization, with supply constraints and increasing demand expected to drive prices higher [13] Aluminum Sector - The report highlights the competitive advantages of China's electrolytic aluminum industry, which is expected to benefit from geopolitical tensions and supply chain security [13] Steel Sector - The steel industry is currently facing weak fundamentals as it approaches the seasonal low period before the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production and consumption metrics indicate a slight increase in iron output but a decrease in rebar demand, reflecting a mixed outlook for the sector [19][26] New Energy Metals - The report notes significant increases in lithium and cobalt prices, with production metrics showing substantial year-on-year growth in lithium carbonate output [37][46] - The demand for new energy vehicles remains strong, with production and sales figures indicating continued growth in the sector [41] Industrial Metals - The report discusses the overall upward trend in industrial metal prices, driven by political policy risks and supply reduction expectations [56] - Specific metrics indicate rising copper production and declining refining fees, suggesting a tightening supply environment [57]

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Insights - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue into 2026, with precious metals likely to set new historical price records [12] - Zinc is identified as an overlooked material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the importance of precious metals in preserving wealth amid a declining trust in fiat currencies, recommending active investment in this sector [12] Zinc Sector - The report suggests that zinc, as a fundamental material for de-globalization, will see increased demand driven by infrastructure needs in emerging markets, despite current market skepticism [13] Aluminum Sector - The electrolytic aluminum industry in China is expected to benefit from enhanced supply chain security and competitive advantages, with a positive outlook for profitability and valuation [13] Steel Industry - The steel sector is currently facing weak fundamentals as it approaches the seasonal low around the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production has seen a slight increase, but demand for rebar is weakening, indicating a mixed outlook for the sector [19] New Energy Metals - Lithium and carbonate prices have shown significant increases, with production levels rising sharply, indicating strong demand in the new energy vehicle sector [37][41] - The report notes a substantial increase in the production of lithium carbonate and hydroxide, reflecting the growing demand for electric vehicles [37] Industrial Metals - The report indicates that political risks and supply constraints are contributing to an overall increase in industrial metal prices, with copper production expected to rise despite declining refining fees [56][57]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向山金国际提问："张董您好，目前回购已无法执行，公司后续补救措施如何？" 针对上述提问，山金国际回应称："尊敬的投资者您好！回购股份的实施期限为自公司股东大会审议通 过回购方案之日起12个月内。后续公司会根据市场情况，在合规前提下择机实施回购，相关进展将及时 履行信息披露义务。感谢您的关注！" ...

来自交易信息汇总：1月23日主力资金净流入3212.68万元，显示主力对山金国际的积极布局。 截至2026年1月23日收盘，山金国际(000975)报收于34.55元，上涨1.41%，换手率1.85%，成交量46.75万 手，成交额16.39亿元。 董秘最新回复 投资者： 张董您好，目前回购已无法执行，公司后续补救措施如何？ 董秘： 尊敬的投资者您好！回购股份的实施期限为自公司股东大会审议通过回购方案之日起12个月 内。后续公司会根据市场情况，在合规前提下择机实施回购，相关进展将及时履行信息披露义务。感谢 您的关注！ 当日关注点 交易信息汇总资金流向 1月23日主力资金净流入3212.68万元；游资资金净流出5049.29万元；散户资金净流入1836.61万元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6]. Core Viewpoints - Liquidity expectations have upgraded, leading to intensified trading. Recent optimistic interest rate cut expectations have resurfaced, driving both precious and industrial metals to break through previous levels. In the past week, the negative feedback for copper and aluminum has significantly weakened, and improvements in the real economy may be observed under high price conditions. Overall, the bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9]. Summary by Sections 1. Cycle Assessment - The report indicates an upgrade in liquidity expectations and a continuation of intense trading. The probability of BlackRock executive Riedel being elected as the Federal Reserve Chairman has surged to 54%. The optimistic expectations for interest rate cuts have reignited, pushing precious and industrial metals to new highs. Although copper and aluminum inventories continue to accumulate, the pace of accumulation has slowed, and the negative feedback from downstream processing has significantly diminished, with operating rates beginning to recover [9][13]. 2. Industry and Stock Performance - The non-ferrous metals sector saw a weekly increase of 6.03%, ranking fourth among all industries [28]. The report lists several investment targets, including Chifeng Jilong Gold Mining (600988, Buy) and Zijin Mining (601899, Buy) [4]. 3. Precious Metals - Precious metals are experiencing intense liquidity trading, awaiting the confirmation of the Federal Reserve Chairman nomination. As of January 23, SHFE gold rose by 8.07% to 1,115.64 CNY per gram, while COMEX gold increased by 7.54% to 4,036.00 USD per ounce. The report notes that the market expects limited upward pressure on precious metals in the short term due to anticipated interest rate stabilization [14][30]. 4. Copper - The report highlights renewed support for copper prices due to supply disruptions. As of January 23, SHFE copper rose by 0.57% to 101,340 CNY per ton, and LME copper increased by 2.44% to 13,115 USD per ton. Supply tightness continues, with recent strikes in Chile affecting copper concentrate availability [17][70]. 5. Aluminum - The report indicates a reduction in negative feedback for aluminum, with demand showing marginal recovery. As of January 23, SHFE aluminum rose by 1.53% to 24,290 CNY per ton, and LME aluminum increased by 1.12% to 3,169 USD per ton. The processing operating rate has risen by 0.7 percentage points to 60.9% [16][83].

有色金属行业 行业研究 | 行业周报 流动性预期升级，白热化交易延续 有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期升级，白热化交易延续。近期市场的乐观降息预期再度发酵，推 动贵金属、工业金属再度突破。近一周铜铝负反馈明显减弱，高价情况下现实端的改善 或能看到，总体而言，内外政策托底预期下，工业品看涨大方向不变。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 01 月 25 日 看好维持 | 上行趋势不改，价格加速走强：——钴锂 | 2026-01-24 | | --- | --- | | 金属行业周报 | | | 流动性预期回摆，无碍长多逻辑延续：— | 2026-01- ...