来源：第一财经 2026.02.02 本文字数：2352，阅读时长大约4分钟 作者 | 第一财经 安卓 2月2日，黄金、白银价格继续剧烈波动。截至记者发稿，现货黄金跌6.80%，报4562美元/盎司；现货白银跌11.46%，早间曾一度转涨，但随后又大幅下 挫，报75.49美元/盎司。 第一财经发现，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了库 存，部分银行的实物金条甚至显示为"库存充足"状态。 投资情绪降温 | 11:28 ■ … | | KBPs Will St (100) | | 11:49 ■ … | | 14 . "Ill , 200 | 11:48 ■ … | | 1.85 Will @ 100 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | < | 产品详情 | બ્દ | | | 产品详情 | . 69 | < | 产品详情 | . (00 | | | | | | | 00 0 | 产品工工资产业、服务的体育 | | | | | 产品由残 ...

天风证券表示，在美国"逆全球化"背景下，全球 农产品供应链重构加速，国家粮食安全等资源安全的 重要性提升，有望推动国内粮食结构优化。其中，聚焦育种领域，国内转基因商业化种植有望加速；生 物育种基于技术、资源的高壁垒，有望助力种业加速破局供大于求现状；头部种企凭借领先的转基因储 备有望进一步提升竞争力。 ...

Core Viewpoint - As of February 2, 2025, 26 brokerage stocks and related concept stocks have reported positive earnings forecasts, with expected net profits showing significant year-on-year growth [1][3]. Group 1: Earnings Forecasts - 26 brokerage firms are expected to achieve positive net profits in 2025, with all reporting year-on-year growth [3]. - CITIC Securities leads the industry with an expected net profit of 30.051 billion yuan, driven by growth in brokerage, investment banking, and proprietary trading [3]. - Other firms, including Guotai Junan, CICC, and Shenwan Hongyuan, are also expected to report net profits exceeding 10 billion yuan [3]. Group 2: Growth Drivers - The significant increase in earnings is attributed to a surge in trading volume, with the average daily trading volume in the stock market reaching 1.7278 trillion yuan, a 62.69% increase year-on-year [5]. - The increase in margin trading and securities lending has contributed to higher interest income for brokerages [4]. - Firms like Guotai Junan are enhancing their service capabilities across retail, institutional, and corporate client segments, leading to record asset scales and operational performance [4]. Group 3: Performance Trends - Some firms, such as Tianfeng Securities and Jinlong Co., have turned losses into profits, with Tianfeng expected to report a net profit of 12.5 million to 18.5 million yuan [6]. - The overall performance of the brokerage sector has been mixed, with the CSI All Share Securities Company Index declining by 1.34% as of February 2, 2025, despite positive earnings forecasts [7]. - Analysts predict that while the brokerage sector will continue to perform well in 2026, the growth rate may be lower than in 2025 due to the market's prior price adjustments [7].

在中国（香港）金融衍生品投资研究院院长王红英看来，2025年，中国金融资本市场呈现结构性上涨的 趋势，在牛市背景下成交量急剧放大。首先，成交量大幅增加给券商经纪业务带来较乐观的收入，融资 融券的增加也给券商带来了亮眼的利息收入。其次，券商的自营业务也实现较好的收益，增加了证券公 司的直接利润。另外，部分券商也通过业务转型实现财富和管理业务的规模性增长。服务水平的提升也 给券商带来了更为持续的客户规模增加和利润水平的上升。 上市公司2025年度业绩预告/快报陆续披露中。北京商报记者梳理公开信息统计，截至2月2日，已有26 只券商股及券商概念股报喜，预计2025年度归母净利润实现正收益且同比增长。具体来看，不仅有5家 机构预计归母净利润区间最大值超百亿元，还有多家机构同比增速翻倍，更有天风证券、锦龙股份同比 扭亏为盈。有业内人士预计，券商股在2026年仍会维持向好发展，但业绩增速或会弱于2025年整体表 现。 26家机构预计净利实现正收益 公开数据显示，截至2月2日，已有26只券商股及券商概念股披露相关数据。整体来看，26家机构预计 2025年净利润均实现正收益，且同比均增长。 截至目前，中信证券以2025年预计 ...

本期债券拟发行金额6亿元，承销商为天风证券。2025年7月4日，经中证鹏元综合评定，发行人主体评级为AA，评级展 望稳定。 【大河财立方消息】2月2日，新乡平原示范区投资集团有限公司2025年面向专业投资者非公开发行公司债券，获上交所 通过。 责编:史健 | 审核:李震 | 监审:古筝 | TI/Za | | | --- | --- | | 债券名称 | 新乡平原示范区投资集团有限公司2025年面向专业 | | | 投资者非公开发行公司债券 | | 品种 | 私募 | | 拟发行金额(亿元) | 6. 0000 | | 发行人 | 新乡平原示范区投资集团有限公司 | | 承销商 | 天风证券股份有限公司 | | 交易所确认文件文号 | 上证函〔2026〕476 블 | | 项目状态 | 通过 | | 出函日期 | 2026-01-30 | ...

Core Viewpoint - The performance of listed securities firms in 2025 is expected to improve significantly due to the recovery of the A-share market, with many firms reporting substantial increases in revenue and net profit [1][2][6]. Group 1: Performance Highlights - As of the end of January, 22 listed securities firms reported positive earnings forecasts, with 8 firms expecting a net profit increase of over 70% [1]. - Among the top performers, CITIC Securities reported a revenue of 748.3 billion yuan and a net profit of 300.51 billion yuan, both showing significant year-on-year growth [1][2]. - Other firms with over 100 billion yuan in net profit include Guotai Junan and China Merchants Securities, with expected profits of 275.33 billion to 280.06 billion yuan and 123 billion yuan, respectively [1][2]. Group 2: Growth Drivers - The increase in profits is attributed to the recovery of the A-share market, which has led to higher trading volumes and improved performance in brokerage and proprietary trading businesses [6][8]. - Mergers and acquisitions have also played a significant role in boosting profits, with Guotai Junan and Guolian Minsheng both reporting over 100% growth in net profit due to successful integration efforts [3][4]. Group 3: Market Outlook - Despite recent market fluctuations, analysts remain optimistic about the future performance of securities stocks, suggesting that the sector will benefit from increased market activity and potential policy support [7][9]. - The overall profit growth for the securities sector in 2025 is projected to reach approximately 46%, driven by ongoing reforms in the investment sector [6].

周一的贵金属市场延续周五下跌趋势，现货黄金一度跌到4400美元关口。 现在的局面非常清晰：资金获利了结，杠杆资金正在被强制出清。 现货白银也一度跌到71美元附近。 多家研究机构认为，尽管长期的地缘博弈和债务逻辑未变，但短期内，不要试图在雪崩时伸手去接"带血的筹码"。此时的下跌是市场在测试新任美联储主 席的底线，也是对前期疯狂投机情绪的暴力修正。 金银暴跌：不仅是沃什，更是去杠杆的连锁反应 本次暴跌并非单一因素所致，而是政策预期、交易拥挤度与交易所干预的共振。 1. 导火索：沃什获提名，鹰派预期升温。 华泰证券与天风证券均指出，特朗普提名凯文·沃什（Kevin Warsh）为新任美联储主席是直接触发剂。沃什被视为"鹰派"，其核心主张包括"降息+缩表"。 天风证券补充，沃什曾在2006-2011年任职期间以"通胀鹰派"著称，市场担忧其上任后美联储独立性危机降温，导致美元反弹，流动性收紧预期压制了贵 金属。 2. 机制性杀跌：交易所联手"降温"。 华泰证券与财通证券强调了交易所干预的影响。CME（芝商所）和上期所几乎同时提高保证金比例。CME在1月底连续两次上调黄金和白银保证金，其中 白银从11%上调至15%；上期 ...

Core Viewpoint - The recent significant fluctuations in gold and silver prices have led to a cooling of investor enthusiasm for physical gold, with some investors opting to wait and observe the market [2][3]. Group 1: Price Movements - As of February 2, spot gold has dropped by 6.80% to $4,562 per ounce, while spot silver has decreased by 11.46% to $75.49 per ounce [2]. - In January, gold prices surged, with COMEX gold futures reaching over $5,600 per ounce, marking a monthly increase of over 29%, while COMEX silver futures peaked at $120 per ounce, with a monthly rise of 72% [3]. - On January 30, both gold and silver prices experienced a sharp decline, with COMEX gold futures falling by 8.35% to $4,907.50 per ounce and COMEX silver futures dropping by 25.50% to $85.25 per ounce [3]. Group 2: Investor Behavior - Following the price drop, some investors have chosen to wait rather than invest in physical gold, as evidenced by the availability of gold bars in banks that were previously sold out [2][3]. - Various banks have reported a shift in inventory status, with some gold products now showing sufficient stock, contrasting with the previous high demand [5][6]. Group 3: Market Sentiment - Investor sentiment has become polarized, with some believing that gold prices will continue to decline, while others are taking the opportunity to buy at lower prices [7]. - The World Gold Council reported that global gold demand is expected to exceed 5,000 tons by 2025, driven primarily by strong physical gold investment demand [7]. Group 4: Institutional Insights - Analysts suggest that the recent volatility in gold prices is influenced by market sentiment and speculative factors, making it difficult to predict price movements accurately [9]. - Despite short-term risks, many institutions maintain a positive long-term outlook for gold, with expectations of a return to upward trends later in the year [8].

作者 | 第一财经 安卓 2月2日，黄金、白银价格继续剧烈波动。截至记者发稿，现货黄金跌6.80%，报4562美元/盎司；现货白银跌11.46%，早间曾一度转涨，但随后又大 幅下挫，报75.49美元/盎司。 第一财经发现，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了 库存，部分银行的实物金条甚至显示为"库存充足"状态。 2026.02. 02 本文字数：2352，阅读时长大约4分钟 投资情绪降温 今年1月，贵金属经历了历史罕见的上涨行情。去年12月底至1月28日，市场对美联储的独立性担忧、地缘风险中枢上行及弱美元预期等，直接催化 COMEX黄金期货于1月29日突破5600美元/盎司，月内最高涨幅超过29%，COMEX白银期货突破120美元/盎司，月内最高涨幅甚至达到72%，不断 刷新历史。 1月30日，黄金、白银价格同步上演"高台跳水"，其中，COMEX黄金期货跌8.35%报4907.50美元/盎司，COMEX白银期货跌25.50%报85.25美元/ 盎司。 业内普遍认为，本次黄金"巨震"，直接原因或是美国总统特朗普提名凯文·沃什为新任 ...

部分银行实物金条甚至显示为"库存充足"状态。 2月2日，黄金、白银价格继续剧烈波动。截至记者发稿，现货黄金跌6.80%，报4562美元/盎司；现货白银跌11.46%，早间曾一度转涨，但随后又大幅下挫， 报75.49美元/盎司。 第一财经发现，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了库 存，部分银行的实物金条甚至显示为"库存充足"状态。 投资情绪降温 今年1月，贵金属经历了历史罕见的上涨行情。去年12月底至1月28日，市场对美联储的独立性担忧、地缘风险中枢上行及弱美元预期等，直接催化COMEX 黄金期货于1月29日突破5600美元/盎司，月内最高涨幅超过29%，COMEX白银期货突破120美元/盎司，月内最高涨幅甚至达到72%，不断刷新历史。 1月30日，黄金、白银价格同步上演"高台跳水"，其中，COMEX黄金期货跌8.35%报4907.50美元/盎司，COMEX白银期货跌25.50%报85.25美元/盎司。 业内普遍认为，本次黄金"巨震"，直接原因或是美国总统特朗普提名凯文·沃什为新任美联储主席，导致"独立性危机"担忧降温，美元反弹 ...