Core Viewpoint - The article discusses the performance of the Silver Hua ETF (159871) and its major holdings, highlighting a significant decline in share prices on February 6, 2023 [1] Group 1: ETF Performance - The Silver Hua ETF (159871) opened down by 4.35%, priced at 2.067 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 116.34%, with a one-month return of 8.68% [1] Group 2: Major Holdings Performance - Major holdings in the ETF experienced notable declines, including: - Zijin Mining down by 5.07% - Luoyang Molybdenum down by 5.28% - Northern Rare Earth down by 2.71% - Huayou Cobalt down by 3.31% - China Aluminum down by 3.64% - Ganfeng Lithium down by 3.04% - Shandong Gold down by 3.97% - Yun Aluminum down by 1.78% - Zhongjin Gold down by 6.08% - Zhongmin Resources down by 1.79% [1]

2月6日，香港恒生指数低开1.97%，恒生科技指数跌2.42%。 | 名称 | 现价 涨跌幅 | | | --- | --- | --- | | 恒生指数 | 26354.34 -530.90 - -1.97% | 66亿 | | 恒生科技 | 5275.12 | 33亿 | | 恒生生物科技 | 15006.22 -235.76 - -1.55% | 0.8亿 | | 恒生中国企业指数 8922.14 -171.20 -1.88% | | 37亿 | | 恒生综合指数 | -79.10 -1.92% | 54亿 | 科网股全线走低，百度集团跌逾4%，阿里巴巴、 快手、 哔哩哔哩、网易、华虹半导体均跌逾3%，商汤、京东集团、腾讯控股、中芯国际等跌超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 百度集团-SW | 134.800 | -6.100 | -4.33% | | 金蝶国际 | 10.900 | -0.490 | -4.30% | | 京东健康 | 58.250 | -2.400 | -3.96% | | 阿里巴巴-W | 153.50 ...

隔夜美股收跌白银暴跌逾10%，韩股日股盘初大跌。港股三大指数大幅低开，恒指跌1.97%，国指跌 1.88%，恒生科技指数跌2.42%。权重科技股集体下挫，其中百度跌4.33%，阿里巴巴、快手跌近4%， 京东、腾讯跌超2%；金银价格再度迎来暴跌，黄金股继续跌势，中国黄金国际、灵宝黄金、山东黄金 均跌超5%。另外，新消费概念股继续活跃，沪上阿姨涨近5%，中药产业利好政策公布，中药股集体上 涨。(格隆汇) ...

消息面上，国际贵金属持续下行，2月6日早，金银开盘延续下跌，现货黄金一度跌破4700美元关口，日 内跌幅超1%；现货白银最低触及64.035美元/盎司，昨日收跌逾20%，回吐年初至今涨幅。昨晚公布的 美国12月JOLTS职位空缺创五年多新低，远低于预期。美国挑战者企业1月裁员10.8万人，创2009年以 来同期新高，环比激增205%。此外，美联储理事库克表示，美联储必须在近期将通胀率拉回目标水 平，这对于维护其信誉至关重要。库克认为，目前风险偏向于通胀上行，同时经济前景不确定性仍处高 位。 智通财经APP获悉，黄金股集体低开，截至发稿，中国黄金国际(02099)跌5.36%，报180港元；灵宝黄 金(03330)跌5.11%，报20.78港元；山东黄金(01787)跌5.11%，报36.74港元；赤峰黄金(06693)跌4.74%， 报33.8港元。 ...

本轮以金银为代表的金属价格的史诗级波动，影响巨大。 金属史诗级波动余波：股期市场被"搅动" 金属价格近日经历史诗级波动，这里面以黄金和白银的价格波动最为典型。 数据显示，伦敦银现价格在短短几个交易日时间里自高位暴跌约40%，而后又一度暴力反弹，今日则再 度跳水；黄金、铂、钯等金属价格也经历类似走势；另外，贵金属的剧烈波动还传导至基本金属市场， 铜、铝、锡等基本金属近期同样"上蹿下跳"，波动加剧。 上述金属价格的剧烈波动直接让一些期货市场投资者感到震撼，一些人直呼"见证历史"。另外，证券时 报记者发现，金属价格的剧烈波动已影响了一些金属期货投资者的持仓意愿。 以沪金期货为例，数据显示，在本轮金价大跌之前，沪金期货合约总持仓量大体保持增长态势。但1月 30日沪金期货各合约均开始大跌，当天总持仓量骤减逾3万手，本周一沪金期货再度暴跌，总持仓量再 度减少约1.48万手，1月30日至目前，沪金期货总持仓量累计已减少逾4.7万手；沪银期货的总持仓量变 动亦非常明显：1月30日单日减少约3.4万手后，2月2日和2月3日再分别减少约0.88万手和6.5万手，1月 30日至目前，沪银期货总持仓量累计已减少逾10万手。 在黄金和 ...

Core Viewpoint - The recent epic fluctuations in metal prices, particularly gold and silver, have had significant impacts across various markets, including stocks, futures, and funds [1][5]. Price Movements - On February 5, international gold and silver prices dropped sharply, with spot gold falling over 3% and spot silver plummeting more than 17%, dipping below $74 per ounce [1]. - The London silver price fell approximately 40% in just a few trading days, followed by a violent rebound, and then another drop [5]. - Other metals like platinum and palladium also experienced similar price movements, with basic metals like copper, aluminum, and tin showing increased volatility [5]. Market Reactions - The fluctuations in metal prices have led to a significant reduction in futures market positions, with the total open interest in Shanghai gold futures dropping by over 47,000 contracts since January 30 [6]. - In the A-share market, financing balances for metal-related stocks have mirrored the volatility in metal prices, with notable fluctuations in stocks like Hunan Silver and Hengbang Shares [7]. Fund Market Impact - The fund market has also reacted to the volatility, with several commodity funds, particularly gold ETFs, experiencing dramatic changes in scale. For instance, 14 gold ETFs collectively shrank by over 60 billion yuan between January 30 and February 2 [10]. - The scale of the Huazhong Gold ETF, which had reached 135.5 billion yuan, saw a reduction of approximately 7.9 billion yuan on January 30 and a further 16.5 billion yuan by February 2 [10]. Future Variables - Current metal prices remain unstable, with further declines observed on February 5, including a drop of over 10% in Shanghai silver futures [12]. - Analysts suggest that the core foundation of the current bull market in precious metals is the contraction of dollar credit, with expectations of a weak dollar providing support for both precious and basic metals [13]. - Future price movements will likely be driven by macroeconomic expectations and supply-side disruptions, with a focus on the Federal Reserve's monetary policy changes [13].

Group 1: Market Overview - Precious metals sector experiences significant adjustments, with Hunan Silver hitting the daily limit down and Xiaocheng Technology dropping over 10% [3][8] - Major declines observed in several gold and silver companies, including Sichuan Gold, Hunan Gold, and Zhaojin Mining [3][4] Group 2: Price Fluctuations - International gold and silver prices continue to fluctuate, with April gold futures trading between $4,800 and $5,000 per ounce, and March silver futures between $70 and $90 per ounce [4][6] - Following substantial sell-offs, precious metal prices remain volatile near key psychological levels, with analysts warning of ongoing selling pressure [5][10] Group 3: Analyst Insights - Analysts from various financial institutions express concerns about the short-term outlook for gold and silver prices, indicating that the market may not have reached a bottom yet [5][10] - The recent sell-off in precious metals is viewed as a market adjustment rather than a trend reversal, suggesting a more stable and non-linear price increase in the future [5][10]

Market Overview - The gold and silver markets experienced significant volatility, with gold prices dropping nearly 3% at one point and settling at $4926.64 per ounce, down 0.76% [1] - Silver faced a more severe decline, plunging nearly 16% during the day and closing down 10.69% at $78.77 per ounce [3] Futures Market - The futures market mirrored the spot market's weakness, with COMEX gold futures down 0.4% at $4931.1 per ounce and COMEX silver futures down over 7% at $77.875 per ounce [5] Stock Market Impact - Precious metal-themed LOFs (Listed Open-Ended Funds) fell, with gold LOFs and Jiashi Gold LOF dropping over 2%, and Guotou Silver LOF hitting a trading halt for the fourth consecutive day [7] - The A-share precious metals sector saw an overall decline exceeding 6%, with most stocks closing in the red [8] Individual Stock Performance - Notable declines in individual stocks included: - Hunan Silver: down 9.97% at $13.90 - Xiaocheng Technology: down 9.84% at $59.04 - Sichuan Gold: down 9.74% at $46.08 [9] Market Sentiment and Influences - The recent downturn in gold and silver prices is attributed to a combination of factors, including the nomination of hawkish Federal Reserve member Waller, which triggered market panic and profit-taking after significant price increases [12][16] - Analysts suggest that the core driver of the decline is the large-scale profit-taking following a period of substantial price appreciation, rather than a direct causal relationship with Waller's nomination [16] Future Outlook - Short-term volatility is expected to continue, but the long-term upward trend for gold remains intact, supported by factors such as central bank purchasing and increased demand from private investors [20] - Goldman Sachs maintains a price target of $5400 per ounce for gold by December 2026, while JPMorgan is more aggressive, predicting $6300 per ounce, citing ongoing demand from central banks and diversified investment strategies [20]

Group 1: Copper - Copper prices remain resilient, with LME copper at $133,370/ton and SHFE copper at $103,680/ton, reflecting a week-on-week increase of +3.5% and +2.3% respectively [1][9] - The import copper concentrate TC is at -$50.0/ton, down by $0.5/ton week-on-week, indicating tight supply in the copper market [1][9] - Southern Copper Corporation anticipates a decline in copper production over the next two years due to lower ore grades, projecting 911,400 tons in 2026 and slightly above 900,000 tons in 2027, both lower than 954,300 tons in 2025 [1][9] Group 2: Aluminum - LME aluminum is priced at $3,110/ton and SHFE aluminum at $24,560/ton, with a week-on-week change of -2.0% and +1.1% respectively [2][10] - The SMM aluminum processing enterprises' operating rate decreased by 1.5 percentage points to 59.4% week-on-week [2][10] - SHFE aluminum inventory increased to 21.7 million tons, up by 2.0% week-on-week, indicating seasonal demand decline influenced by the Spring Festival [2][10] Group 3: Precious Metals - SHFE gold is priced at 1,161.4 yuan/gram and COMEX gold at $4,907.5/ounce, with week-on-week changes of +4.1% and -1.5% respectively [3][11] - The nomination of a new Federal Reserve chairman, who supports lower interest rates, may influence precious metal prices, which have shown volatility [3][11] - The focus is on potential investment opportunities after price stabilization in the precious metals market [3][11] Group 4: Minor Metals - Tungsten concentrate prices rose to 601,000 yuan/ton, reflecting a week-on-week increase of +12.3% [4][12] - The prices for praseodymium and neodymium oxide are at 750,000 yuan/ton, up by +11.3%, while dysprosium oxide decreased by -2.1% [4][12] - The domestic antimony ingot price is at 165,000 yuan/ton, with a week-on-week increase of +1.2% [4][12] Group 5: Steel - SHFE rebar and hot-rolled coil prices are at 3,128 yuan/ton and 3,288 yuan/ton, with week-on-week changes of -0.4% and -0.5% respectively [5][13] - Total steel supply reached 8.2317 million tons, up by 35,800 tons week-on-week, while total inventory increased to 12.7851 million tons, up by 214,300 tons [5][13] - Southern steel mills are adjusting pricing strategies for construction steel to improve profit margins, indicating enhanced industry self-discipline [5][13] Group 6: Investment Recommendations - For the copper sector, companies with rich copper resources such as Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining are recommended [6][14] - In the precious metals sector, companies like Zijin Gold International, Shandong Gold, and China Gold International are suggested for investment [6][14] - The aluminum sector recommends companies such as Shenhuo Co., Yunnan Aluminum, and China Aluminum [7][15] - For minor metals, focus on rare earth companies like Northern Rare Earth and domestic antimony producers [7][15] - In the steel sector, companies with strong product structures like Baosteel and Hesteel are highlighted [7][15]

Group 1 - Spot gold prices experienced a significant drop, falling below $4900 per ounce, with a minimum price recorded at $4893.42 per ounce, reflecting a daily decline of over 1% [1][4] - Spot silver prices also plummeted, breaking the $81 per ounce mark, with a minimum price of $80.562 per ounce, resulting in a daily drop of more than 7% [2][4] - The overall precious metals market saw widespread declines, with various metals including platinum and palladium also experiencing significant price drops [5][6] Group 2 - In the A-share market, the precious metals sector opened with notable declines, with companies like Hunan Gold and Hunan Silver hitting the daily limit down of 10% [7][8] - Specific stock performances included: - Xiaocheng Technology down 10.20% with a market cap of 16.1 billion - Hunan Silver down 9.97% with a market cap of 39.2 billion - Hunan Gold down 9.60% with a market cap of 50.7 billion [8] - The Guotou Silver LOF fund hit the daily limit down for four consecutive days, with a premium rate dropping to 37.13% [8][9]