1月的最后一个交易周，金价加速狂飙，在短短4个交易日内，连破6道整百关口！ 1月29日早间，国际黄金市场再度迎来历史性突破。其中现货黄金（伦敦金现）逼近5600美元/盎司，最高上探至5598.75美元/盎司，日内 涨逾3%，年初至今已涨超28%，涨逾1200美元。 截至发稿，报5536.44美元/盎司，涨2.19%。 值得注意的是，现货黄金价格在1月26日至1月29日的4个交易日中，已连破5000、5100、5200、5300、5400、5500这6道整百关口。 COMEX黄金则在1月29日盘中已率先突破5600美元，达5626.8美元/盎司。 | | 国际贵金属 | | --- | --- | | 名称 | 现价 涨跌 涨跌幅 年初至今 | | 伦敦金现 | 5536.44 118.693 2.19% 28.21% | | 伦敦银现 | 117.635 1.030 0.88% 64.40% | | COMEX黄金 5564.7d 224.5 4.20％ 28.44％ | | | COMEX白银 117.520d 3.986 3.51％ 65.57％ | | 国内品牌金饰价格也进一步攀升至历史新高，站上170 ...

昨日沪指、深成指冲高回落，创业板指高开低走，盘中一度跌超1%。沪深两市成交额2.97万亿，较上 一个交易日放量704亿。盘面上，全市场超3600只个股下跌。从板块来看，资源股全天领涨，贵金属、 油气、电解铝方向轮番爆发，中国黄金4连板，湖南黄金3连板，中曼石油、晓程科技3天2板，四川黄金 10天6板，招金黄金8天5板，石化油服、准油股份涨停，中国铝业涨停创16年新高。分散染料概念集体 走高，浙江龙盛、闰土股份、亚邦股份涨停。存储芯片概念表现活跃，中微半导触及20CM涨停，气派 科技20CM涨停。下跌方面，医药医疗、光伏等板块跌幅居前。其中医药医疗概念走弱，百普赛斯、必 贝特跌超10%。截至收盘，沪指涨0.27%，深成指涨0.09%，创业板指跌0.57%。 历史上春季行情平均持续天数约70天，期间上证指数涨幅中位数约13.7%，本轮春季行情从2025年12月 17日开始，目前仅一个月，考虑到今年春节时间较晚叠加当前慢牛的环境，春季行情有望持续更长时 间。结合中观景气、盈利能力、筹码分布、估值、交易、周期阶段和赛道价值等多个维度，本期推荐关 注：电子(半导体)、传媒(广告营销、游戏、影视)、机械(自动化设备、工程 ...

Core Viewpoint - The international gold market has experienced a historic breakthrough, with COMEX gold prices reaching $5626.8 per ounce, marking a significant surge in a short period, drawing global financial market attention [1][5]. Price Movement - On January 26, COMEX gold first broke the $5000 mark, then surged to $5100. On January 28, it broke through $5200, $5300, and $5400 within a single day, achieving a record of breaking seven hundred-dollar thresholds in just four days [2][6]. - Domestic gold jewelry prices also hit historical highs, with notable increases: Lao Miao gold at 1722 yuan per gram (up 104 yuan), Chow Sang Sang at 1708 yuan per gram (up 94 yuan), and Lao Feng Xiang at 1713 yuan per gram (up 93 yuan) on January 29 [2][6]. Institutional Insights - Standard Chartered Bank indicates that the expectation of interest rate cuts by the Federal Reserve by 2026 will reduce the opportunity cost of holding gold, alongside geopolitical uncertainties, establishing a clear long-term upward trend for gold [3][7]. - Tianfeng Securities highlights that two significant factors influencing gold pricing are the demand for safe-haven assets due to economic and policy uncertainties and increased purchases by central banks and official entities. The current high U.S. fiscal deficit and weakening dollar credibility support gold prices, suggesting that even if there are short-term pullbacks due to geopolitical easing, the upward cycle is not over [3][7].

北京时间1月29日早间，黄金期货、现货大幅波动，其中COMEX黄金盘中一度突破5600美元，达5626.8美元/盎司，伦敦金现逼近5600美元，都再创历史 新高。随后大幅回落超100美元。 美联储主席鲍威尔关于通胀成因与央行独立性的表态成为关键催化剂。 COMEX貢金 IW GC.CMX 5536.0 5449.9 5340.2 昨结 开盘 4.75万 总手 现手 1 +195.8 +3.67% 5626.8 2.52万 最高价 外 盘 持 仓 o 最低价 5449.4 增 仓 -30.46万 内 盘 2.23万 五日 日K 周K 月K 更多 ◎ 分时 叠加 设均线 MA 5:5222.9↑ 10:4993.6↑ 20:4758.7↑ 前复权 5786.0 5626.8 4830.9 38/5.9 12-22 2026-01-12 2025-11-17 12-03 01-29 当地时间1月28日，美联储宣布维持联邦基金利率目标区间在3.5%至3.75%不变，符合市场预期。但美联储主席鲍威尔在会后发布会上明确指出："通胀超 预期主要源于关税，而非需求因素"，并 强调"美国经济前景已经显著改善"，同时建议下一任美 ...

● 本报记者 张佳琳 保险产品成为主推产品 "以前来银行网点，客户经理通常会问'要续存吗？送大米等礼品'。现在则是先问这笔到期的存款着不 着急用，不着急的话他们就推荐保险产品，说是能锁定利率。"准备入手分红险的贾女士说，她明显感 受到银行营销的变化。 小董为贾女士推荐的宏盈人生臻藏版终身寿险（分红型）有三年储备期，投保人可一次性交齐50万元保 费。"三年后就可以赎回，当然也可以把钱一直放在账户里享受每年约3.2%的复利。"小董说。 据小董介绍，该保险产品收益分为固定收益和具有不确定性的分红收益，目前年综合收益率约为 3.2%。值得注意的是，小董强调，与存款产品不同，若客户在三年内赎回该保险产品，可能会亏损本 金。"如果您三年内要用这笔钱，我不建议买保险产品。"小董说。 "以前存款利率在3%以上，没人看得上保险产品，甚至有客户对这类产品很排斥。现在存款利率已腰 斩，保险产品成了香饽饽。"某国有大行北京市丰台区一家支行的负责人告诉记者，2025年银保渠道分 红险、年金险销量出现同比上涨，爆款产品甚至出现"额度很快就没了"的情况。 "保证收益+浮动分红"获青睐 "现在卖得最好的两类产品分别是保险和理财。很多客户来取 ...

Core Insights - The banking industry is shifting its focus from traditional deposit products to insurance products, particularly dividend insurance, in response to declining deposit interest rates [1][2][3] Group 1: Market Trends - Banks are no longer emphasizing deposit renewals but are instead promoting insurance products like dividend insurance and annuity insurance to clients [1][2] - The trend reflects a broader resurgence of the bank-insurance channel, as insurance products offer long-term yield locking advantages in a low-interest-rate environment [1][3] Group 2: Product Details - The recommended dividend insurance products provide a fixed return of 1.75% plus potential floating dividends, appealing to clients seeking long-term value [3][4] - For example, a specific dividend insurance product has a three-year accumulation period with an annual return of approximately 3.2%, with total benefits projected to grow significantly over 20 years [2][3] Group 3: Consumer Behavior - Consumers are increasingly considering insurance products when faced with significantly reduced deposit rates, with many opting for these products if they do not need immediate access to their funds [2][4] - The insurance products are seen as a way to secure current interest rates, making them attractive to clients with a longer investment horizon [2][4]

从竞争格局来看，与2025年第三季度相比，第四季度综合排名前5%梯队未发生变化，东北证券、开源 证券、上海证券三家券商经过长期深耕，已在新三板做市方面积累一定优势。国泰海通的排名则显著提 升，综合排名跻身前5%至10%行列；渤海证券、江海证券的位次也有所上升，在前一季度并未进入经 手费减免奖励名单，而2025年第四季度跻身综合排名前10%至20%行列。 "券商通过提供做市服务，在为市场注入流动性、平抑市场波动、提高定价效率等方面发挥着重要作 用，并能够有效满足公众投资者的交易需求。"上海国家会计学院金融系主任叶小杰在接受《证券日 报》记者采访时表示。 公开信息显示，截至1月28日，共有59家券商担任新三板做市商，其中，东北证券以67只的做市数量居 首，开源证券、国泰海通、上海证券的做市数量分别为59只、54只、44只，天风证券、长江证券做市数 量均为40只。 在做市数量领先的同时，东北证券、开源证券等券商在交易活跃度上也占据优势。Wind资讯数据显 示，2025年第四季度，开源证券、东北证券新三板累计做市成交额均在100亿元以上，分别为115.6亿 元、109.67亿元。同期，联储证券、渤海证券、西部证券、上 ...

Core Viewpoint - The shift from traditional savings to insurance products, particularly dividend insurance and annuity insurance, is a response to declining deposit interest rates and reflects the challenges faced by consumers in a low-interest-rate environment [1][2]. Group 1: Market Trends - Banks are transitioning their marketing strategies from promoting savings accounts to recommending insurance products as deposit rates decrease [1][3]. - Dividend insurance has become a favored product due to its "guaranteed return + floating dividend" model, which appeals to consumers seeking stable long-term returns [2][4]. - In 2025, the sales of dividend insurance and annuity insurance saw a significant year-on-year increase, indicating a growing trend in consumer preference for these products [2][3]. Group 2: Product Features - The recommended dividend insurance product has a three-year reserve period with a potential annual compound return of approximately 3.2%, which is competitive compared to current deposit rates [2][3]. - Dividend insurance offers a combination of fixed returns and uncertain dividend returns, making it attractive for consumers willing to accept some risk for potentially higher returns [3][4]. - The insurance products are designed to cater to different customer needs, with fixed return products suitable for risk-averse clients and dividend insurance for those seeking long-term growth [3][4]. Group 3: Industry Dynamics - Major insurance companies are focusing on dividend insurance as a core product, leading to a notable increase in its market share within the life insurance sector [3][4]. - In the first half of 2025, the revenue from ordinary dividend insurance reached 157.7 billion, marking a 12% increase year-on-year, and its share of total life insurance revenue rose from 15% to 16.3% [3][4]. - The promotion of dividend insurance is expected to enhance the performance of insurance companies in the upcoming "opening red" period, as it aligns with consumer preferences for guaranteed and potentially higher returns [4].

Group 1 - The National Equities Exchange and Quotations (NEEQ) announced the results of the market maker evaluation for Q4 2025, with 12 market makers receiving transaction fee exemptions for their outstanding performance [1] - Notable small and medium-sized brokerages are gaining a leading position in the competitive NEEQ market, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranking in the top 5% and receiving full transaction fee exemptions [1] - The competitive landscape remained stable compared to Q3 2025, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities maintaining their top positions, while Guotai Junan's ranking improved significantly [1] Group 2 - As of January 28, 59 brokerages are serving as market makers in the NEEQ, with Northeast Securities leading in the number of market-making stocks at 67 [2] - In Q4 2025, both Kaiyuan Securities and Northeast Securities achieved cumulative market-making transaction amounts exceeding 10 billion yuan, indicating strong trading activity [2] - The NEEQ market continues to expand, with 5,966 listed companies and a total share capital of 467.8 billion shares, providing ample business opportunities for brokerages [2] Group 3 - The growth in business demands from NEEQ companies, such as listings, supervision, and mergers, offers significant opportunities for brokerages, particularly smaller firms [3] - Brokerages can leverage the connection between NEEQ and the Beijing Stock Exchange to provide multi-tiered capital market services for technology-driven growth enterprises [3] - This strategy aims to enhance the market share and project quality of the Beijing Stock Exchange-related businesses, laying a foundation for sustained growth in investment banking performance [3]

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a stable liquidity environment through various monetary policy tools, with a significant increase in mid-term liquidity injections in January 2023, despite a relatively modest net injection in the short term [1][2]. Group 1: Monetary Policy Actions - On January 28, the PBOC conducted a 7-day reverse repo operation of 377.5 billion yuan at a fixed rate of 1.4%, resulting in a net injection of 14 billion yuan after 363.5 billion yuan of reverse repos matured [1]. - The total net injection for the week reached 84.2 billion yuan, indicating a cautious approach to liquidity management [1]. - The PBOC's operations in January included a net injection of 300 billion yuan through reverse repos and 700 billion yuan through Medium-term Lending Facility (MLF), totaling a net injection of 1 trillion yuan for the month, significantly higher than December's 300 billion yuan [1]. Group 2: Market Liquidity and Interest Rates - As of January 28, the overnight repo rate (DR001) slightly decreased to 1.367% from 1.3674%, while the 7-day repo rate (DR007) fell to 1.5479% from 1.5833%, reflecting a stable liquidity environment [2]. - The PBOC's proactive measures, including the early renewal of MLF, indicate a strong intention to support the liquidity in the market, especially ahead of the Chinese New Year [2]. Group 3: Future Outlook - Looking ahead to February, potential liquidity disturbances are anticipated due to increased cash withdrawals before the Spring Festival and sustained high levels of government bond issuance [3]. - The PBOC is expected to implement 14-day reverse repos and continue flexible operations with reverse repos and MLF to inject mid-term liquidity into the market [3]. - Despite the low probability of a reserve requirement ratio (RRR) cut in the short term, the liquidity environment is expected to remain stable, with controlled volatility in both DR007 and DR001 rates [3].