Group 1 - The jewelry sector experienced a significant increase of 9.24% on January 28, with Di'A Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the jewelry sector showed notable price increases, with Di'A Co. rising by 20.00% to a closing price of 38.76, and Mankalon increasing by 19.96% to 24.70 [1] Group 2 - The jewelry sector saw a net inflow of 744 million yuan from institutional investors, while retail investors experienced a net outflow of 596 million yuan [2] - The trading volume for Di'A Co. was 117,500 shares, with a total transaction value of 424 million yuan [1] - The top performers in terms of net inflow included Jin Yi Culture with 203 million yuan and Cai Zi Co. with 149 million yuan [3]

昨日现货黄金保持震荡上行走势，晚间受美国总统特朗普发言影响，美元指数大跌，金价暴力拉升，最终收报5179.16美元/ 盎司，涨幅3.37%。今日现货黄金已经突破5200美元大关，截至发稿，金价暂报5257.46美元/盎司，涨幅1.51%。 美国总统特朗普昨日在谈到美元贬值的问题时，称美元贬值幅度不大且"表现良好"，"我可以让它像悠悠球一样涨跌"。这一 言论被市场解读为美国政府对弱美元的默许，直接触发美元抛售潮，推动昨日黄金价格出现飙升。 以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2026年1月28日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1618 | 元/克 | 43 | 涨 | | 六福黄金价格 | 1616 | 元/克 | 33 | 涨 | | 周大福黄金价格 | 1618 | 元/克 | 33 | 派 | | 周六福黄金价格 | 1613 | 元/克 | 33 | 涨 | | 金至尊黄金价格 | 1616 | 元/克 | 33 | 涨 | | 老凤祥黄金价 ...

1月26日 黄金白银走出"史诗级"行情 铂金和钯金也强势上涨 还有多个有色金属品种上涨 金属价格狂飙之下 A股市场贵金属板块领涨 国内期货市场相关品种价格也大涨 不过，黄金与白银在刷新历史高点后大幅回调。现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。现货 黄金一度上涨2.5%，达5110美元/盎司，随后回落，一度向下跌破5000美元/盎司。 1月27日，国内品牌金饰价格同步上调，多家品牌金饰价格直逼1600元。 周大福、潮宏基足金饰品均报价1585元/克，单日上涨7元/克；六福珠宝足金饰品报1583元/克，单日上涨7元/克；周六福足金饰品报1580元/克，单日上涨7 元/克；周生生足金饰品报1577元/克，单日上涨3元/克。 L JEIJIEN.ERY CH 每日金价 以下为今日即时金价 部分产品工费另计 足金(首饰摆件) 1585 元 / 克 金条金粒 1575 元 / 克 铂金金价 1071 元 / 克 1 月27 日 将于2026 年 1 月28日起 暂停申购（含定期定额投资）业务 国投瑞银白银期货证券投资基金(LOF)暂停申购(含定期 定额投资)业 ...

责任编辑：陈平 1月28日，在全球金融市场的剧烈波动中，黄金无疑成为了2026年初最耀眼的明星。一夜之间，国际金 价狂涨接近200点，以势如破竹之势接连攻克5100美元/盎司、5200美元/盎司两大关键关口，不断刷新 历史新高，用实际走势诠释了"一路北上"的强势格局。对于当前的黄金行情，任何试图预判顶部的想法 都显得苍白无力，趋势的力量已然形成，且短期内未见任何掉头迹象。从盘面表现来看，黄金的上涨并 非短期情绪炒作的脉冲式行情，而是有坚实资金支撑的阶梯式攀升。数据显示，1月28日伦敦现货黄金 价格最高达到5247.628美元/盎司，COMEX金价最高触及5238.6美元/盎司，国内沪金主力合约同步刷新 历史高点，早盘最高报1181.8元/克，国内品牌金饰价格也顺势站上1600元/克大关，老凤祥、潮宏基等 品牌足金零售价均突破1610元/克。与此同时，A股贵金属板块同步走强，Wind贵金属指数大涨近6%， 多只黄金股强势涨停，市场做多热情可见一斑。 推动黄金持续走强的核心逻辑的多重共振。一方面，全球地缘局势持续紧张，格陵兰岛问题升级、美国 国内政策不确定性加剧等因素，不断推升市场避险情绪，黄金作为传统避险资产的 ...

证券研究报告：商贸零售|点评报告 行业投资评级 强于大市|维持 近期研究报告 《11 月社零数据如何？》 - 2025.12.22 12 月社零数据如何？ ⚫ 事件 | 行业基本情况 | | --- | | 收盘点位 | | 2470.34 | | --- | --- | --- | | 52 | 周最高 | 2584.65 | | 52 | 周最低 | 1877.67 | 行业相对指数表现（相对值） -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 商贸零售 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 国家统计局发布最新社零数据，12 月份，社会消费品零售总额 45136 亿元，同比增长 0.9%。其中，除汽车以外的消费品零售额 39654 亿元，增长 1.7%。2025 年，社会消费品零售总额 501202 亿元，比上 年增长 3.7%。其中，除汽车 ...

盘中首次突破5200美元 北京时间1月28日早盘 再创新高 现货黄金大幅拉涨 本月累计上涨逾880美元 突破1600元/克 与此同时 多家国内品牌金饰价格 也有所上调 部分金饰克价站上1600元 涨幅超20% 截至1月28日12:02 伦敦金现报5237.01美元/盎司 | W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | 5237.010 | 5181.748 总量 | 昨亮 | | | O | | +55.262 | 5179.233 现手 +1.07% 开盘 | | | | 0 | | 最高价 | 5247.628 0 4 ﺍﻟﻤﺴﺎ | 持 仓 | | | 0 | | 最低价 | 0 5156.570 内 | 仓 增 | | | O | | 分时 | 五日 居K EK | 日K | | 日え | | | 管加 | 均价:0.000 | | | | | | 5247.628 | 1.27% | | | 5237.312 | | | | | | | 5237.010 | | | | ...

Core Viewpoint - International gold prices have reached a new historical high, surpassing $5200 per ounce, with a year-to-date increase of over 20% [1][6] Group 1: Price Movements - As of January 28, the London spot gold price peaked at $5247.628 per ounce, while COMEX gold reached $5238.6 per ounce [1][6] - The domestic futures market saw the Shanghai gold main contract reach a historical high of 1181.8 yuan per gram [1][6] - Domestic brand gold jewelry prices have been raised above 1600 yuan per gram, with specific brands like Chao Hong Ji and Lao Feng Xiang priced at 1618 yuan and 1620 yuan per gram respectively [1][6] Group 2: Market Drivers - The depreciation of the US dollar has significantly driven up precious metal prices [2][8] - Ongoing geopolitical tensions, particularly regarding Greenland, and uncertainties surrounding the new Federal Reserve chair nomination have contributed to market volatility [2][8] - Investment demand for silver remains resilient, although profit-taking pressures have led to significant intraday fluctuations [2][8] Group 3: Market Sentiment and Future Outlook - Analysts suggest that the current high volatility in precious metals is influenced by a weakening dollar and heightened market sentiment [3][8] - There is a growing concern about potential price corrections as the market approaches 2026, with investors beginning to focus on high-level retreat risks [3][9] - The divergence in fund flows between domestic and international markets is notable, with domestic investors increasing their positions in ETFs and physical investments, while international hedge funds and ETFs are reducing their silver holdings [4][9] Group 4: Fund Management Actions - E Fund announced the suspension of subscription and regular investment for its gold-themed LOF fund starting January 28, while redemption services will continue as usual [5][10] - Guotai Junan Fund also suspended subscription for its silver LOF fund to protect the interests of fund holders and maintain stable operations [5][10]

Core Viewpoint - The gold market is exhibiting a complex behavior at historical highs, with international gold prices stabilizing around $5088 per ounce after a rapid surge past $5100, indicating a mix of enthusiasm and caution among market participants [1] Historical Context and Comparison - The current market conditions bear resemblance to 2015, which was a year of bottoming out in a prolonged bear market for gold, where prices fell to a low of $1049 per ounce, marking a decline of over 10% for the year [2] - Today's gold prices are oscillating between $5080 and $5126 per ounce, reflecting a short-term correction after a significant increase of over 17% since the beginning of the year, similar to the market state observed at the end of 2015 before a long-term uptrend began [2] Domestic Gold Price Trends - Domestic gold prices have followed international trends, with the Shanghai Gold Exchange's Au99.99 spot price hovering around 1140 yuan per gram, indicating a shift from a sharp upward trend to a more stable oscillation [2] - The current market shows a coexistence of "high-level correction pressure" and "strong support from below," requiring time for the market to find clarity [2] Retail Pricing Insights - Retail prices in national brand gold stores reflect a significant disparity, showcasing the separation of pure consumption and investment attributes [3] - In Shenzhen's wholesale market, the price for 999 gold is approximately 1296 yuan per gram, contrasting sharply with retail prices in major cities, where brands like Chow Tai Fook and Lao Feng Xiang are priced around 1578 yuan per gram [3][4] - The mainstream price range for popular brand jewelry is currently between 1570 and 1580 yuan per gram, with some brands like China Gold reaching up to 1586 yuan per gram [6] Gold Recycling Prices - The national average recycling price for 999 gold is approximately 1123 to 1126 yuan per gram, with minimal variation across different recycling channels [7] - The recycling price for Au916 (22K gold) is around 994 yuan per gram, while Au750 (18K gold) is priced at approximately 819 yuan per gram [8][9] - The significant price difference of over 450 yuan per gram between retail prices and recycling prices highlights the premium nature of gold jewelry as a consumer product [11]

Core Viewpoint - The international gold price has surpassed $5000 per ounce, leading to a surge in domestic gold prices, indicating a potential new super cycle in the gold market [1] Group 1: Current Market Conditions - Domestic gold prices are experiencing high volatility, with the Shanghai Gold Exchange's Au9999 spot price reported between 1135.20 - 1140.00 yuan per gram, while COMEX gold futures have reached a high of $5100 [1] - Retail prices for gold in major cities are generally above 1570 yuan per gram, with some brands nearing 1590 yuan, reflecting a strong market response [1][2] Group 2: Price Trends and Comparisons - The price gap between brand gold stores and wholesale prices has significantly widened, currently around 280-290 yuan per gram, similar to the situation in 2019 when it exceeded 250 yuan [4] - The demand for gold is increasing due to traditional purchasing needs and small investments, with notable sales growth in bank gold bars and physical gold [4] Group 3: Broader Market Dynamics - The overall precious metals market is showing a synchronized upward trend, with silver prices surpassing $108 per ounce and significant increases in platinum and palladium [4] - The current market dynamics suggest that consumers and investors should remain rational and informed, as the price fluctuations present both risks and opportunities [4]

Group 1: Precious Metals Market Overview - Gold and silver have experienced a historic surge, with platinum and palladium also seeing strong increases, leading to a significant rise in metal prices [1] - After reaching historical highs, gold and silver prices faced a substantial pullback, with silver peaking at $117 per ounce before dropping to approximately $103.7, and gold rising to $5110 per ounce before falling below $5000 [2] - Domestic gold jewelry prices have been adjusted upwards, with several brands pricing close to 1600 yuan per gram [3] Group 2: Specific Price Movements - Major brands such as Chow Tai Fook and Chao Hong Ji have set their gold jewelry prices at 1585 yuan per gram, reflecting a daily increase of 7 yuan per gram [5] - Platinum prices are reported at 1071 yuan per gram, while investment gold bars are priced at 1575 yuan per gram [7] Group 3: Fund Activity and Market Response - The Guotou Ruijin Silver Futures Fund (LOF) announced a suspension of subscription services starting January 28, 2026, to protect the interests of fund shareholders [8] - The fund has issued 16 premium risk warnings in January 2026 alone, indicating significant market volatility and the potential for investor losses due to high premium rates [17] - On January 22, the fund's closing price was significantly above its net asset value, prompting a temporary suspension of trading to mitigate risks [17]