金价方面，截至发稿，现货黄金涨4.55%，报4871美元/盎司。 编辑 ｜心一 2月3日午后，贵金属概念强势反弹，截至发稿，板块翻红涨0.47%。 个股方面，湖南黄金涨停，晓程科技涨超16%，山金国际、赤峰黄金涨超2%，山东黄金、中金黄金、 四川黄金等涨幅收窄。 | 代码 | 名称 | 涨幅�. | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | +16.51% | 63.73 | | 002152 | 荷南黄金 | +10.00% | 36.63 | | 000975 | 山金国际 | +2.55% | 32.16 | | 6009888 | 赤峰黄金 | +2.42% | 39.78 | | 600547 | 山东黄金 | -0.20% | 49.00 | | 600489 | 中金黄金 | -0.63% | 33.00 | | 001337 | 四川黄金 | -0.97% | 58.98 | | 002237 | 恒邦股份 | -1.45% | 18.32 | | 601069 | 西部黄金 | -2.58% | 39.21 | | 000506 | # ...

新湖期货亦认为黄金价格中长期支撑仍存，指出沃什获提名及由此引发的汇率波动属于短期扰动，中期市场焦点仍将集中于地缘政治风险升温 与特朗普政府政策的高度不确定性；而长期来看，全球债务可持续性恶化与去美元化趋势的深化，是支撑黄金结构性走强的核心变量。目前， 上述中长期逻辑并未发生根本性逆转。 | W | | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | | 4892.284 | 昨结 | | 4659.278 | 总量 | | 0 | | +233.006 | +5.00% 开盘 | | 4669.080 | 现手 | | 0 | | 最高价 | 4893.590 持 仓 | | 0 | 4 물 | | 0 | | 最低价 | 4666.083 壇 | | 0 | 内 | | | | 分时 | 王日 日K | 周Ｋ | | 目K | 重家 | | | 叠加 | | | | 均价:0.000 | | | | 4893.590 | | | | 5.03% 卖一 | 4892.670 | ...

个股方面，湖南黄金涨停，晓程科技涨超16%，山金国际、赤峰黄金涨超2%，山东黄金、中金黄金、四川黄金等涨幅收窄。 | | | 2月3日午后，贵金属概念强势反弹，截至发稿，板块翻红涨0.47%。 | 11.04 | | 涨幅量 . | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | +16.51% | 63.73 | | 002152 | 湖南黄金 | +10.00% | 36.63 | | 000975 | 山金国际 | +2.55% | 32.16 | | 6009888 | 赤峰黄金 | +2.42% | 39.78 | | 600547 | 山东黄金 | -0.20% | 49.00 | | 600489 | # 给我母 | -0.63% | 33.00 | | 001337 | 四川黄金 | -0.97% | 58.98 | | 002237 | 恒邦股份 | -1.45% | 18.32 | | 601069 | 西部黄金 | -2.58% | 39.21 | | 000506 | 招金黄金 | -2.94% | 22.42 | | 002716 | ...

Core Insights - The report highlights a significant rebound in the US stock market, with the S&P 500 index rising 0.54% and the ISM manufacturing PMI increasing to 52.6, indicating a return to expansion in the manufacturing sector [4][5] - The report discusses the performance of the Hong Kong stock market, noting declines in major indices and specific sectors such as gold and cement, driven by international market trends and local supply-demand dynamics [2][3] Company Overview - The report focuses on Aixin Yuan Zhi (600.HK), a supplier of AI inference SoCs, established in 2019, with core products aimed at smart security, smart home, and smart automotive applications [7] - As of September 30, 2025, the company has shipped over 157 million visual terminal computing SoCs and is actively expanding into smart automotive SoCs and edge AI SoCs [7][8] Financial Performance - For 2024, the company expects total revenue of 470 million yuan, a 105% year-on-year increase, primarily driven by chip shipment growth and the acquisition of Huatu [9] - The company anticipates a total revenue of 270 million yuan for the first three quarters of 2025, reflecting a 6% year-on-year increase, with a strategic adjustment impacting growth rates [9] Industry Status and Outlook - The report forecasts a 21% CAGR for China's edge AI inference chip market over the next five years, with the market size expected to reach 286.2 billion yuan by 2025 [10] - The competitive landscape indicates that Aixin Yuan Zhi holds a 6.8% market share in global visual edge AI inference chips, ranking fifth, while holding a 12.2% share in China's edge AI inference chips, ranking third [10] Advantages and Opportunities - The company has validated its technological capabilities with proprietary NPU and AI-ISP technologies, with approximately 80% of its workforce in R&D [11] - The smart automotive SoC and edge AI SoC markets are experiencing rapid growth, presenting optimistic future market potential [11] IPO Information - The IPO is scheduled from January 30 to February 5, 2026, with trading expected to commence on February 10, 2026 [13] - The report indicates that cornerstone investors have subscribed to 5.12 million shares, amounting to approximately 1.44 billion HKD, which represents 49% of the global offering [14][15]

3日，A股贵金属板块强势反弹。晓程科技涨超17%，湖南黄金涨停，山金国际、赤峰黄金、中金黄金 均涨超2%，山东黄金、恒邦股份跌幅均收窄至2%以内，西部黄金、招金黄金、四川黄金等个股跌幅收 窄。 截至发稿，现货黄金站上4875美元，涨超4.6%。 来源：中新经纬 ...

Group 1 - The latest copper price as of February 2 is 100,853.33 yuan per ton, reflecting a 10.57% increase over the last 60 days [2][5] - Relevant producers in the copper industry include companies such as Zhongjin Lingnan, Xinye Silver Tin, Tongling Nonferrous Metals, and Jiangxi Copper among others [2][5] Group 2 - Cyclical stocks refer to publicly listed companies in raw material production, whose profits are significantly affected by fluctuations in raw material prices [3][6] - Utilizing price fluctuation data from raw materials to identify buying signals for cyclical stocks is an important investment strategy [3][6]

2月3日，有色板块持续回暖，湖南黄金冲击涨停，盛和资源、云南锗业、北方稀土、中国稀土等涨超 4%，有色矿业ETF招商（159690）涨超2%。 上周，贵金属出现历史性行情，受交易拥挤、新任美联储主席和美股科技股下跌压制，贵金属整体出现 暴跌，尤其是前期涨幅过高的白银，单日最大跌幅超过30%，黄金最大跌幅超过10%。今日盘中，金银 现货价格反弹，截至发稿，伦敦银现涨超5%，伦敦金现涨超3%。 中邮证券指出，短期来看，由于获利盘出清导致价格可能会出现剧烈震荡，不排除进一步下跌可能性， 但伦敦金可以在4800-4900盎司之间寻找低位筹码。长期来看，去美元化的进程不会转向，此次调整不 是贵金属行情的结束，耐心等待价格转向的时点。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数，当有色金属价格（如铜价、金价、锂价）上涨时，上游矿产公司的利润会直接、 快速地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性 十足。 数据来源:Wind_截至2026.1.30。 了 指数介绍 主流有色主题指数历史行情 388%- 3 ...

Core Viewpoint - The recent surge in the non-ferrous metals sector, particularly driven by precious metals, has led to a strong market performance, but a short-term correction is anticipated due to market sentiment reaching a peak [1][2]. Group 1: Market Performance - The Southern Fund's non-ferrous metals ETF (512400) rose by 5.13%, with a turnover of 29.53 billion yuan and a trading volume of 7.65% [1]. - Key stocks in the index, such as Hunan Gold, rose by 9.97%, while other stocks like Zhong Rare Metals and Shenghe Resources increased by 7.73% and 6.65%, respectively [1]. Group 2: Market Drivers - The strong performance since late December is primarily attributed to the acceleration in the precious metals sector, particularly the volatility of silver at historical highs, which has significantly influenced the risk appetite across the sector [1]. - The first phase of the commodity bull market may be nearing its end, but the fundamental basis for the next phase remains solid, particularly for copper and aluminum, which have favorable supply-demand dynamics [1]. Group 3: Future Outlook - Short-term opportunities may require waiting for clearer signals post-holiday, with a focus on whether gold prices stabilize at key support levels and the overall valuation recovery of the sector [2]. - Investors with strong trading capabilities may consider seizing institutional opportunities, while those with lower risk tolerance should gradually position themselves for potential post-holiday market movements [2]. Group 4: Index Composition - The CSI Shenwan Non-Ferrous Metals Index includes 50 listed companies to reflect the overall performance of the non-ferrous metals sector in the Shanghai and Shenzhen markets [2]. - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, among others [2].

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts leaving the communication equipment and precious metals sectors [1][2][3] Group 1: Stock Performance and Capital Outflow - Zhongji Xuchuang experienced a capital outflow of 1.647 billion, with a slight increase in stock price of 0.37% [2] - Xinyi Sheng saw a capital outflow of 1.169 billion, with a decline in stock price of 1.7% [2] - BlueFocus Media had a capital outflow of 1.067 billion, with a stock price increase of 2.48% [2] - Industrial Fulian faced a capital outflow of 1.022 billion, with a decrease in stock price of 0.32% [2] - Zijin Mining reported a capital outflow of 0.844 billion, with a stock price increase of 3.88% [2] - Western Materials had a capital outflow of 0.747 billion, with a notable stock price increase of 7.73% [2] Group 2: Sector Analysis - The communication equipment sector is facing significant capital outflows, with Zhongji Xuchuang and Xinyi Sheng leading the outflows [1][2] - The precious metals sector, including companies like Shandong Gold and Zijin Mining, is also experiencing notable capital outflows [1][3] - The automotive sector, represented by BYD, has a capital outflow of 0.396 billion, with a slight decrease in stock price of 0.25% [3]

Group 1 - The non-ferrous sector is experiencing a rebound, with companies like Hunan Gold and Northern Rare Earth seeing significant gains, while the non-ferrous mining ETF is also up over 2% [1] - Precious metals faced a historic downturn due to trading congestion and external pressures, with silver and gold experiencing maximum daily declines of over 30% and 10% respectively [1][14] - Short-term volatility is expected in precious metal prices due to profit-taking, but long-term trends indicate that the de-dollarization process will continue, suggesting that the current adjustment is not the end of the precious metal rally [1][18] Group 2 - The non-ferrous mining index has shown a strong performance over the past year, with a return of 146.48% and a maximum drawdown of -13.76% [3] - The index focuses on the upstream mining segment of the non-ferrous metal industry, with copper, gold, and aluminum making up over 58% of its composition [5] - Historical performance indicates that the non-ferrous mining index has a cumulative increase of 353.53% over the past decade, with an annualized return of 16.83% [10][12] Group 3 - The market outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices, while copper prices are expected to find support amid supply disruptions [19] - The aluminum market is facing downward pressure due to seasonal factors and a decline in processing activity, with a reported drop of 1.5 percentage points in aluminum processing [19]