金价回调：贵金属板块承压，现货端表现分化，央行购金释放积极信号

Group 1 - The recent week has seen a significant correction in the previously surging gold market, with both international and domestic gold prices experiencing synchronized fluctuations [1] - The A-share precious metals sector has faced pressure due to the decline in gold prices, leading to a divergence in individual stock performances [1][6] - As of February 8, the Shanghai gold main contract closed at 1114.5 yuan per gram, reflecting a downward trend following a sharp increase [4][6] Group 2 - The sales of gold products have shown a distinct divide between investment and consumer categories, with investment gold remaining popular despite price corrections [7][10] - Major state-owned banks have reported that several investment gold products sold out, indicating sustained market enthusiasm for investment gold [7] - In contrast, consumer gold sales have been affected by price volatility, with many consumers adopting a wait-and-see approach before making purchases [7][10] Group 3 - The central bank's continuous increase in gold reserves has sent a positive signal to the market, with a reported increase of 4 million ounces as of January 2026, marking the 15th consecutive month of gold accumulation [10] - The proportion of gold reserves in China's official international reserves is approximately 9.7%, significantly lower than the global average of around 15%, suggesting room for optimization [10] - Experts believe that the central bank's strategy of gradual accumulation helps to smooth market fluctuations and provides a stabilizing effect during critical periods [10]