中国黄金，宣布调整

Core Viewpoint - The recent volatility in precious metal prices has prompted China Gold to adjust its gold repurchase business rules to enhance risk management and operational efficiency in response to market uncertainties [1][3]. Group 1: Market Conditions - Precious metal prices have shown significant fluctuations, with gold T+D prices recently at 1111 RMB per gram, up by 32.01 RMB (2.97%) from the previous trading day, but down 11.47% from a recent high of 1255 RMB per gram [2]. - The Shanghai gold futures market also reflects this volatility, with the latest price at 1114.5 RMB per gram, down 11.46% from a recent peak of 1258.72 RMB per gram [2]. Group 2: Business Adjustments - China Gold's adjustment to its repurchase rules includes limiting transactions to trading days to align with market pricing mechanisms, thereby avoiding pricing disputes and operational risks [1][3]. - The company aims to control its risk exposure during periods of price volatility, as acquiring physical gold without market price references could lead to significant losses [1][3]. - The new rules will implement limit management on repurchase transactions starting February 7, 2026, including daily repurchase limits and appointment systems, with adjustments based on market conditions [3]. Group 3: Industry Insights - Experts suggest that the adjustment is a necessary measure to stabilize the market and protect investor interests amid increasing price volatility and a lack of risk awareness among investors [3]. - Other major gold retailers are also adjusting their repurchase policies, indicating a broader industry trend towards enhanced risk management practices [7]. - The current trading sentiment in the precious metals market has shifted from risk aversion to speculation, exacerbating trading risks, particularly as stock market optimism grows [7].