Market Overview - The Shanghai Composite Index experienced a slight decline of 0.09% while the Shenzhen Component Index and the ChiNext Index fell by 0.85% and 0.91% respectively [1] - The total market turnover reached 3.28 trillion yuan, with over 1,600 stocks rising [1] Sector Performance - The gold sector showed strong performance, with multiple stocks such as Hunan Gold, Shengda Resources, Sichuan Gold, and China Gold hitting the daily limit [1] - Resource sectors including oil, coal, and gas were active, with stocks like Heshun Petroleum and Intercontinental Oil & Gas also reaching the daily limit [1] - The virus prevention sector saw a surge, with stocks like Maike Biology, Cape Biology, Zhijiang Biology, and Hualan Vaccine hitting the daily limit [1] Declining Sectors - Sectors such as electric motors, automotive parts, semiconductors, communication equipment, satellite internet, robotic actuators, and commercial aerospace experienced declines [1] - The overall market showed a mixed performance with certain sectors like mining, small metals, non-ferrous metals, insurance, fertilizers, securities, and titanium dioxide showing gains [1]

中国经济网北京1月26日讯 湖南黄金（002155.SZ）今日涨停，截至发稿时报25.27元，涨幅 10.01%。 湖南黄金今日发布关于披露重组预案的一般风险提示暨公司股票复牌的提示性公告。公司股票（证 券简称：湖南黄金，证券代码：002155）自2026年1月12日开市时起开始停牌，经公司申请，公司股 票（股票简称：湖南黄金，股票代码：002155）将于2026年1月26日开市起复牌。 湖南黄金今日发布发行股份购买资产并募集配套资金暨关联交易预案。本次交易方案包括发行股份 购买资产和募集配套资金两部分。其中，本次募集配套资金以发行股份购买资产可实施为前提条件，但 募集配套资金成功与否并不影响本次发行股份购买资产的实施。 上市公司拟通过发行股份的方式向湖南黄金集团及天岳投资集团购买其持有的黄金天岳合计100% 股权，及向湖南黄金集团购买其持有的中南冶炼100%股权。本次交易完成后，黄金天岳及中南冶炼将 成为上市公司全资子公司。 上市公司拟向不超过35名符合中国证监会规定条件的特定投资者发行股份募集配套资金。本次募 集配套资金总额不超过本次交易中以发行股份方式购买资产的交易价格的100%，且发行股份数量不超 过 ...

国内市场，黄金概念股1月26日开盘冲高，湖南黄金（002155.SZ）、四川黄金（001337.SZ）、招金黄 金（000506.SZ）、湖南白银（002716.SZ）等纷纷涨停。 南华期货贵金属新能源研究组负责人夏莹莹对第一财经分析称，黄金强势突破5000关口，是短期避险需 求、中期政策预期、长期货币信用重构三重逻辑共振的结果。预计2026年金价或有望挑战6000美元关 口。当前金价处于高价位、高波动阶段，投资者需做好仓位控制。 金银价格继续"狂飙"。 避险情绪持续升温，金银齐创新高 1月26日，伦敦现货黄金冲破5000美元/盎司，最高触及5093美元，距5100美元/盎司仅一步之遥，距离 其首次突破4000美元关口仅过去100多天。伦敦现货白银更是一举升破109美元/盎司，再度创下历史新 高。 全球地缘不确定性加剧，贵金属价格也在多重利好支撑下继续上涨。 Wind数据显示，截至北京时间1月26日12：00，伦敦现货黄金报5076.53美元/盎司，最高触及5093.19美 元/盎司；COMEX黄金期货同步走强，报5076.2美元/盎司，最高至5091.5美元/盎司。 白银方面，伦敦现货白银报108.248美 ...

每经AI快讯，1月26日，湖南黄金复牌后"秒板"。消息面上，1月25日，湖南黄金发布关联交易预案，拟 通过发行股份方式购买黄金天岳100%股权及中南冶炼100%股权，公司股票于1月26日复牌。湖南黄金 提醒投资者，公司拟通过本次交易，将万古矿区相关矿业权整合至湖南黄金体系后统筹实施一体化开 发，相关一体化整合工作预计不存在实质性障碍，但整合及后续投产流程需经历一定周期。此前，万古 矿区累计探获黄金资源量300.2吨，预计地下3000米以上远景黄金储量超1000吨，资源价值达6000亿 元。对此，记者以投资者身份致电湖南黄金，接线工作人员表示，"万古矿区大概率会由子公司黄金洞 公司进行一体化安排生产调度。如果说项目建设正常的话，我们希望它能在2030年进行投产。根据可 研，预计达产后会新增4吨左右的黄金储量。投产之后，它对我们自产黄金的量肯定会有大幅度提 升。"（21财经） ...

标的公司方面，黄金天岳主要从事湖南省平江县万古矿区的矿权整合、勘探，以及部分金矿的采选及销 售，主要产品为金精矿。中南冶炼主营业务聚焦高砷、高硫等难处理金精矿的专业化冶炼加工，业务体 系涵盖原料收购、冶炼加工、产品销售及技术服务一体化。 值得注意的是，黄金天岳和湖南黄金全资子公司黄金洞公司均拥有万古矿区部分矿权，该矿此前累计探 获黄金资源量300.2吨，预计地下3000米以上远景黄金储量超1000吨，资源价值达6000亿元。 湖南黄金表示，收购黄金天岳，有利于降低投资风险的同时解决潜在同业竞争问题；收购中南冶炼，有 利于减少关联交易，增强上市公司的独立性。收购前述两家公司，将同时整合金矿资源的采选与冶炼环 节，大幅增加资源储备，增强持续盈利能力。 1月26日，湖南黄金（002155.SZ）复牌后涨停，报25.27元/股，总市值为394.9亿元，封单金额一度超过 80亿元。 消息面上，1月25日，湖南黄金发布关联交易预案，拟通过发行股份方式购买黄金天岳100%股权及中南 冶炼100%股权，并向不超过35名特定投资者募集配套资金。交易对方为控股股东湖南黄金集团及天岳 投资集团，公司股票于1月26日复牌。 对此，2 ...

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, driven by high international gold prices and strong performance from leading companies, making it a focal point for investors in 2026 [1][2]. Group 1: Market Performance - The non-ferrous metal sector has outperformed other sectors, with the MSCI Metals and Mining Index rising nearly 90% since the beginning of 2025, surpassing semiconductor and global banking sectors [2]. - Major companies in the sector, such as Zijin Mining, are expected to report substantial profit increases, with projected net profits for 2025 reaching between 51 billion to 52 billion yuan, reflecting a year-on-year growth of 59% to 62% [2]. Group 2: Fund Inflows and ETF Growth - There has been a remarkable influx of capital into the non-ferrous metal sector, with over 36 billion yuan net inflow into non-gold themed ETFs as of January 22, 2026, pushing the total scale of these ETFs to over 100 billion yuan [3]. - The non-ferrous metal ETF (512400) reached a scale of 40 billion yuan, indicating strong investor interest and positioning in this sector [3]. - Public funds have significantly increased their holdings in the non-ferrous sector, with 15 related fund products reported in a short span from early December 2025 to mid-January 2026, indicating a robust investment trend [3]. Group 3: Geopolitical and Economic Factors - The non-ferrous metal sector is transitioning from traditional cyclical characteristics to a new phase characterized by a combination of safe-haven demand, strategic security, and tight supply-demand balance due to rising geopolitical risks [4]. - The recent surge in gold prices, surpassing 5,000 USD per ounce, and silver prices exceeding 100 USD per ounce, reflects a shift in the global monetary system and increased demand for these metals as safe-haven assets [4][5]. Group 4: Specific Metal Insights - Gold and silver are experiencing a "super cycle" driven by geopolitical conflicts, loss of confidence in the US dollar, and ongoing central bank purchases, making them attractive for investment [5]. - Copper prices are showing resilience due to strong pre-holiday stocking, with supply constraints emerging as copper concentrate treatment charges have dropped to negative values, indicating a tight supply situation [6]. - Aluminum prices are expected to rebound due to low global inventories and strong demand driven by investments in power grids and solar exports, despite slight domestic inventory increases [7]. - The strategic importance of metals like cobalt and lithium is being reaffirmed, with supply concentrated in regions like the Democratic Republic of Congo, highlighting their long-term investment potential [8].

Industry Overview - The gold mining and refining industry is expected to benefit from rising gold prices, leading to increased sales revenue and profit margins for companies. Several gold mining and refining firms have already announced performance growth for 2025, directly linked to the rise in gold prices and increased gold production [3] - The gold retail sector is experiencing a surge in demand for gold jewelry and investment bars as gold prices rise, enhancing consumer interest in gold asset allocation. Leading domestic gold retail companies are leveraging brand advantages and channel layouts to meet market demand [3] - The silver industry, which possesses both safe-haven and industrial attributes, is seeing continuous growth in demand from sectors like photovoltaics, AI data centers, and electric vehicles. This has resulted in five consecutive years of supply falling short of demand, solidifying the logic for rising silver prices and benefiting industry players from both price increases and industrial demand [3] Company Performance - Zijin Mining is expected to report a net profit of approximately 51 to 52 billion yuan for 2025, reflecting a year-on-year increase of about 59% to 62%. This growth is attributed to an increase in gold production of around 90 tons and higher sales prices [4] - Hunan Gold anticipates a net profit of 1.27 to 1.608 billion yuan for 2025, representing a year-on-year growth of 50% to 90%. The profit increase is primarily due to rising sales prices of gold, antimony, and tungsten products [4] - Chifeng Gold expects a net profit increase of approximately 70% to 81% for 2025, with an estimated net profit of 3 to 3.2 billion yuan. This is driven by a projected gold production of about 14.4 tons and a year-on-year increase of approximately 49% in sales prices [4] - China Gold, a leading domestic gold retail company, is benefiting from heightened market enthusiasm for gold asset allocation, resulting in steady growth in product sales and related business scale [4]

Market Overview - The A-share market opened higher but experienced fluctuations, with the Shanghai Composite Index closing at 4141.01 points, a slight increase of 0.12% [1] - The Shenzhen Component Index fell by 0.74%, and the ChiNext Index dropped by 0.86% [1] Individual Stock Performance - A total of 3756 stocks declined, while 1606 stocks rose, with 50 stocks hitting the daily limit up [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, an increase of 347.8 billion yuan compared to the previous trading day [2] Sector Performance Precious Metals - The precious metals sector saw significant gains, with stocks such as Hunan Gold (002155) hitting the daily limit up, and others like Jin Hui Shares (603132) and Zhao Jin Gold (000506) also achieving 10% limit up [3][5] - The price of spot gold surpassed $5000 per ounce for the first time, increasing by over 1%, while spot silver rose by over 5% [5] Oil and Gas - The oil and gas sector experienced a rally, with major companies like China Petroleum and China Oil & Gas seeing increases of over 4% [6] - International oil prices surged, with WTI and ICE crude oil both rising by over 3% due to escalating geopolitical tensions [6] Financial Sector - The financial sector showed upward movement, with securities stocks rising, and insurance and banking stocks also performing well [8] - Notable gains were seen in stocks like Caitong Securities (601108) and Xingye Securities, both increasing by over 4% [9] Alcoholic Beverages - The liquor sector faced a downturn, with a decline of over 1%, particularly affected by a significant drop in Yanghe Shares (002304), which fell by over 8% [13] - Yanghe Shares projected a net profit decline of 62.18% to 68.30% for the fiscal year 2025, indicating potential financial distress [14]

Market Overview - The A-share market opened higher but experienced a "W" shaped fluctuation, with the Shanghai Composite Index closing at 4141.01 points, a slight increase of 0.12% [1] - The Shenzhen Component Index fell by 0.74%, and the ChiNext Index dropped by 0.86% [1] Individual Stock Performance - A total of 3756 stocks declined, while 1606 stocks rose, with 50 stocks hitting the daily limit up [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, an increase of 347.8 billion yuan compared to the previous trading day [2] Sector Performance Precious Metals - The precious metals sector saw significant gains, with individual stocks like Hunan Gold and Jin Hui shares hitting the daily limit up [5] - Gold prices reached a new high, with spot gold surpassing $5000 per ounce, and Goldman Sachs raised its 2026 gold price forecast to $5400 per ounce from $4900 [8] Oil and Gas - The oil and gas sector experienced a rally, with major companies like China National Petroleum, China National Offshore Oil, and Sinopec all seeing gains of over 4% [10] - The rise in oil prices was attributed to geopolitical tensions, with WTI and ICE Brent crude both increasing by over 3% [10] Financial Sector - The financial sector showed upward movement, with securities stocks rising significantly; for instance, Caitong Securities and Industrial Securities increased by over 4% [14] - Insurance stocks also performed well, with New China Life and China Pacific Insurance rising by over 3% [16] Alcoholic Beverages - The liquor sector faced a downturn, dropping over 1%, with stocks like Yanghe and Kweichow Moutai experiencing notable declines [20] - Yanghe's forecast indicated a potential net profit drop of 62.18% to 68.30% for the fiscal year 2025, leading to a projected loss of 1.451 billion to 1.859 billion yuan in Q4 2025 [21]

Market Overview - The market is experiencing a unique situation where indices are rising, but individual stock sentiment has been lukewarm, indicating a clear cooling of market enthusiasm [1] - Despite maintaining trading volumes above 2 trillion yuan for over 20 consecutive trading days, there are signs of main funds reducing their holdings in broad-based ETFs, suggesting a cautious approach to the current market [1] Precious Metals Sector - The recent surge in the precious metals sector is driven by three core factors: enhanced financial attributes, industrial demand resonance, and supportive funding conditions, alongside geopolitical and policy cycle benefits [1] - Gold and silver have distinct upward trends, with gold's appeal as a "super-sovereign credit asset" becoming more pronounced as global central banks continue to increase their gold reserves [1] - The global central bank gold reserve ratio is projected to rise to 25.94% by January 2026, with China increasing its gold holdings for 14 consecutive months [1] Economic Indicators - Major economies are showing signs of weak recovery, compounded by trade tensions between the US and Europe, which further enhance the safe-haven value of precious metals [3] - The price of gold has surpassed $5,000 per ounce for the first time, with silver futures also experiencing significant gains, reflecting a broader trend of rising commodity prices [3][5] Sector Performance - The rare metals, gold concepts, and insurance sectors are performing strongly, while sectors like sports, aerospace equipment, and military industries are lagging [3] - The solar photovoltaic sector is also seeing substantial gains, with companies like Mingyang Smart Energy and others reaching their daily price limits [3] Index Movements - The Shanghai Composite Index opened high but faced volatility, indicating a mixed performance in individual stocks despite overall index gains [5] - The ChiNext Index showed weakness, with many small and medium-sized stocks struggling, reflecting a challenging environment for growth in this segment [5]