白银方面，现货白银首次突破100美元，最高价报106.541美元/盎司，创历史新高。截至发稿，现货白银报104.85美元/盎 司。 2026年伊始，全球金融市场见证了一项历史性纪录的诞生。 北京时间1月26日早间，现货黄金直线冲高，再创历史新高，突破5000美元/盎司。截至发稿，现货黄金涨1.1%，报 5043.093美元/盎司，COMEX黄金涨1.13%，报5035.9美元/盎司。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 伦敦金现 | 5043.093 | 54.923 | 1.10% | | 伦敦银现 | 105.467 | 2.126 | 2.06% | | COMEX黄金 | 5035.9d | 56.2 | 1.13% | | COMEX白银 | 104.890d | 3.557 | 3.51% | 今年以来现货黄金一路冲高，年初还在4300美元关口，不到一个月就涨了700美元，现在直奔5100美元大关。 从金价上涨原因来看，去年，在美国宽松货币政策、各国央行购金以及ETF资金流入创纪录等因素推动下，黄金价格上 涨逾64%。今年，市场普遍 ...

2026年伊始，全球金融市场见证了一项历史性纪录的诞生。现货黄金首次突破5000美元/盎司，最高涨 至5031美元/盎司。截至发稿，现报5028.25美元/盎司，日内涨幅达0.8%。现货白银盘初再创新高，现报 104.76美元/盎司，涨幅超1%。 公开信息显示，包括顶级投资顾问、多家养老基金及行业机构在内的市场参与者普遍认为，美国资产的 风险溢价正在抬升，这一信号意味着投资者或正逐步从这一全球最大金融市场撤出资金。近期，瑞典养 老基金Alecta、丹麦养老基金AkademikerPension确认，已出售或正在出售所持的美国国债。 展望后市，黄金长期上涨趋势获机构普遍看好。 高盛在最新报告中，将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和 中央银行对黄金的需求不断增长。高盛分析师预计，各国央行今年每月将购买60吨黄金，同时随着美联 储降息，黄金ETF的持有量也将增加。各国央行已开始通过传统的ETF，与私人部门投资者争夺有限的 黄金。 | < W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUS ...

1月25日，洛阳钼业发布消息称，公司于2025年12月15日宣布此项交易，计划以最高10.15 亿美元收购加 拿大Equinox Gold公司在巴西的Aurizona 金矿、RDM 金矿及Bahia综合体三项金矿资产(四座矿山)的 100%权益。随着协议约定的先决条件全部实现或豁免，该交易已于1月23日正式完成。 本次收购的金矿资产，包含黄金资源量501.3万盎司(约156吨)，平均品位1.88克/吨；黄金储量387.3万盎 司(约120吨)，平均品位1.45克/吨。该公司预计，该资产今年将实现6–8吨黄金的产量。 洛阳钼业(603993.SH)"闪电"完成巴西金矿项目收购交易。 近两年，国际黄金价格持续大涨，带动中国矿企全球买矿。 2025年4月，紫金矿业(601899.SH/02899.HK)发布消息称，已正式完成对美国纽蒙特公司旗下加纳阿基 姆(Akyem)金矿项目的收购，收购价达10亿美元。同年10月，紫金矿业宣布，其控股子公司紫金黄金国 际有限公司完成对哈萨克斯坦Raygorodok金矿项目的收购交割，现已持有该金矿100%权益。 盛屯矿业(600711.SH)此前也曾公告称，公司拟1.9亿美元收购 ...

北京时间1月26日早间，国际金价大幅上行，突破5000美元/盎司。截至发稿，现货黄金涨1.1%，报5043.093美元/盎司， COMEX黄金涨1.13%，报5035.9美元/盎司。现货白银涨超2%，COMEX白银涨超3%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 伦敦金现 | 5043.093 | 54.923 | 1.10% | | 伦敦银现 | 105.467 | 2.126 | 2.06% | | COMEX黄金 | 5035.9d | 56.2 | 1.13% | | COMEX白银 | 104.890d | 3.557 | 3.51% | 历史纪录。 同时，当地时间25日，以色列国防军北方司令部司令拉菲·米洛表示，鉴于地区紧张局势持续升温，以军正为美国可能对 伊朗采取军事行动后引发的连锁反应做准备，并已进入高度戒备状态。 对于黄金后市，高盛的最新报告已经将今年底黄金价格预测，由每盎司4900美元上调至5400美元，因私人投资者及央行 的需求不断增强。高盛预计，今年各国央行每月将购买60吨黄金，同时随着美联储降息，ETF所购买的黄金规模也 ...

瞿瑞、白雪认为，尽管美欧围绕格陵兰岛的争端有所降温，但特朗普威胁对抛售美资产的欧洲实施"重 大报复行动"，"短期地缘风险或持续反复，格陵兰岛问题未完全解决，伊朗局势可能添新变数，市场谨 慎情绪推高黄金需求。" 展望后市，黄金长期上涨趋势获机构普遍看好。 高盛在最新报告中，将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和 中央银行对黄金的需求不断增长。高盛分析师预计，各国央行今年每月将购买60吨黄金，同时随着美联 储降息，黄金ETF的持有量也将增加。各国央行已开始通过传统的ETF，与私人部门投资者争夺有限的 黄金。 （原标题：新的历史纪录！黄金价格突破5000美元 机构看多到6600美元） 现货黄金首次突破5000美元/盎司，日内涨0.5%。现货白银盘初再创新高，现报104.76美元/盎司，涨幅 超1%。 2026年伊始，全球金融市场见证了一项历史性纪录的诞生。1月26日，现货黄金价格冲高，首次突破 5000美元/盎司的关键心理整数关口。 对于本轮黄金价格的大幅上涨，独立财经评论员赵欢向21快讯记者分析，各国央行的战略性资产配置需 求是本轮黄金上涨的核心支撑。此外，美联储处在降息 ...

2026年伊始，全球金融市场见证了一项历史性纪录的诞生。现货黄金首次突破5000美元/盎司，最高涨至5031美元/盎司。截止发稿，现报5028.25美元/盎 司，日内涨幅达0.8%。现货白银盘初再创新高，现报104.76美元/盎司，涨幅超1%。 公开信息显示，包括顶级投资顾问、多家养老基金及行业机构在内的市场参与者普遍认为，美国资产的风险溢价正在抬升，这一信号意味着投资者或正逐 步从这一全球最大金融市场撤出资金。近期，瑞典养老基金Alecta、丹麦养老基金AkademikerPension确认，已出售或正在出售所持的美国国债。 展望后市，黄金长期上涨趋势获机构普遍看好。 高盛在最新报告中，将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和中央银行对黄金的需求不断增长。高盛分析师预 计，各国央行今年每月将购买60吨黄金，同时随着美联储降息，黄金ETF的持有量也将增加。各国央行已开始通过传统的ETF，与私人部门投资者争夺有 限的黄金。 | < W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ ...

1月26日，全球金融市场迎来历史性一刻——现货黄金价格首次站上5000美元/盎司整数关口，盘中一度涨超5037美元/盎司，截止发稿涨0.95%报5035.8美元/ 盎司，年内涨幅已超15%。这一突破不仅刷新了黄金作为避险资产的定价逻辑，更折射出全球宏观格局的深层变动。 全球央行战略性购金热潮持续 推动本轮金价大幅上涨的核心动力，首先来自全球央行的战略性购金热潮。独立财经评论员赵欢指出，各国央行的资产配置需求是金价上涨的核心支撑。中 国人民银行官方数据显示，截至2025年12月末，我国黄金储备达7415万盎司，当月增持3万盎司，这已是央行自 2024年11月以来连续第14个月增持黄金，长 期购金趋势为市场注入强劲信心。 不仅如此，波兰央行近期也宣布增持黄金，新兴市场央行因黄金储备占比相对偏低，购金意愿处于历史高位，高盛预计2026年各国央行月均购买黄金规模约 60-70吨，对金价涨幅的贡献可达14个百分点左右，各国央行甚至通过传统ETF与私人部门投资者争夺有限的黄金资源。 美联储降息周期助推 美联储的降息周期为金价上涨提供了另一重要助力。当前市场对美联储的降息预期依旧强劲，高盛预测，受美国就业市场持续恶化、失业 ...

Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

Core Viewpoint - The global financial market witnessed a historic milestone as spot gold prices surpassed $5000 per ounce for the first time on January 26, 2026, driven by strategic asset allocation by central banks and a declining attractiveness of dollar assets due to the Federal Reserve's interest rate cuts [1][2]. Group 1: Gold Price Surge - Spot gold prices reached a high of $5020.440 per ounce, reflecting a 0.78% increase from previous levels [2]. - The surge in gold prices is primarily supported by central banks' strategic asset allocation needs, as the attractiveness of holding dollar assets diminishes during the Fed's rate-cutting cycle [2][3]. Group 2: Central Bank Gold Purchases - Global central banks are entering a new gold-buying spree, with China's gold reserves reported at 74.15 million ounces as of December 2025, marking the 14th consecutive month of increases [3]. - This trend is expected to instill long-term confidence in the market as central banks continue to bolster their gold reserves [3]. Group 3: Economic and Geopolitical Factors - Strong expectations for Fed rate cuts persist, with Goldman Sachs predicting a potential cut exceeding market expectations due to deteriorating employment conditions and rising unemployment rates [4]. - Geopolitical risks, including tensions surrounding Greenland and the situation in Iran, are contributing to increased demand for gold as a safe-haven asset [4][5]. Group 4: Future Outlook - Goldman Sachs has raised its year-end gold price target from $4900 to $5400 per ounce, citing growing demand from both private investors and central banks [4]. - The market anticipates that central banks will purchase approximately 60 tons of gold monthly, with increased holdings in gold ETFs as a result of the Fed's rate cuts [4]. Group 5: Investment Risks and Opportunities - While there may be short-term technical pullback risks for gold prices, the long-term outlook remains positive due to ongoing geopolitical risks, central bank purchasing behavior, and the continuation of the Fed's rate-cutting cycle [5][6]. - Analysts suggest that the price of gold could increase between 10% and 35% in 2026, with some forecasts reaching as high as $6600 per ounce [7].

记者丨李益文,毕凤至 | < W | 伦敦金现 | | | | | O | | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | 5020 284 F-5 4981.309 品量 | | | | | 0 | | +38.975 +0.78% 开盘 | 4988.170 现手 | | | | | 0 | | 最高价 | 5020.440 持 仓 0 | | | 外 盘 | | 0 | | 最低价 | 4988.170 0 | 壇 仓 | | 内 盘 | | O | | 关时 | 五日 日K | | 周Ｋ 月Ｋ | | 更多 ◎ | | | 叠加 | | | | 均价:0.000 | | | | 5020.440 | | | | | 0.79% 卖一 5020.824 | | | | | | | | 头一 5020.284 | | | | | | | | 7:01 5020.060 7:01 5019.780 | 0 0 | | 4981.309 | | | | 0.00% | 7:01 5020.120 | ...