Gold Companies - Shandong Gold (600547) is a leading domestic gold mining company with strong state-owned background, focusing on the Jiaodong Peninsula and possessing several top-tier gold mines, ensuring a complete gold industry chain from exploration to processing [1][12] - Chifeng Gold (600988) is a pioneer in internationalization within the gold industry, with high-grade core mining resources and significant cost advantages, actively expanding overseas projects in countries like Laos and Ghana [1][12] - Zijin Mining (601899) is a global mining giant with gold and copper as its core businesses, boasting extensive mineral resource layouts and advanced mining management techniques, providing strong support during market fluctuations [1][12] - Zhongjin Gold (600489) is a state-owned enterprise with a comprehensive gold industry chain, strong resource acquisition capabilities, and significant market presence in gold processing and circulation [1][12] - Western Gold (601069) is a leading gold mining company in Xinjiang, leveraging regional resource advantages and optimizing mining processes to enhance competitiveness [1][12] - Hunan Gold (002155) operates in both gold and antimony sectors, with a complete industry chain and strong market position in rare metals, effectively mitigating price volatility risks [1][12] - Yintai Gold (000975) focuses on gold and silver mining, with competitive mining costs and advanced recovery rates, continuously enhancing profitability through resource exploration [1][12] - Hengbang Shares (002237) is a leading gold smelting company with advanced technology and a complete industry chain, ensuring stable profitability and strong market presence [1][12] - Xiaocheng Technology (300139) combines gold mining with integrated circuits, benefiting from overseas gold assets and enhancing profitability through diversified operations [1][12] - Shengda Resources (000603) is a comprehensive precious metal resource developer with a stable production capacity and strong market presence in gold and silver [1][12] Silver Companies - Yuguang Gold and Lead (600531) is a leading silver smelting company with advanced technology and high recovery rates, focusing on high-value-added silver products [2][14] - Xingye Mining (000426) is a leading silver and multi-metal mining company with strong resource reserves and high recovery rates, effectively mitigating silver price volatility risks [2][14] - Chihong Zinc and Germanium (600497) focuses on silver and zinc-germanium, leveraging abundant resources and advanced mining techniques to maintain strong market competitiveness [2][14] - Zhongjin Lingnan (000060) is a large non-ferrous metal enterprise with a strong silver business, emphasizing technological innovation and resource utilization [2][14] - Tongling Nonferrous Metals (000630) integrates copper smelting with silver recovery, maintaining high recovery rates and product quality [2][14] - Jiangxi Copper (600362) is a comprehensive copper giant with a strong silver business, focusing on multi-metal development and technological innovation [2][14] - Western Mining (601168) is a multi-metal mining company with significant silver resources, emphasizing production capacity upgrades and cost control [2][14] - Yundeng Technology (000409) combines silver mining with smart mining technology, enhancing operational efficiency and reducing costs [2][14] - Guoyan Platinum (600459) is a leader in precious metal deep processing, focusing on high-end silver products and maintaining a strong market position [2][14] - Western Materials (002149) specializes in rare metal processing with a focus on high-end silver products, ensuring stable market demand and high added value [2][14]

Core Viewpoint - The report from Huayuan Securities indicates that gold and silver prices have recently experienced fluctuations, with a long-term outlook suggesting that the "rate cut trade" and "Trump 2.0" will continue to catalyze price movements, supported by central bank gold purchases amid a backdrop of protectionism and great power competition [1][4]. Group 1: Precious Metals Market Overview - Gold prices have risen by 8.04% to $4981.85 per ounce, while silver prices increased by 13.65% to $103.19 per ounce over the past two weeks [2]. - The Shanghai Futures Exchange saw gold prices rise by 12.51% to 1161.42 yuan per gram, and silver prices surged by 24.28% to 27941 yuan per kilogram [2]. - Palladium prices increased by 3.70% to $1820 per ounce, while platinum prices slightly decreased by 0.04% to $2300 per ounce [2]. Group 2: Factors Influencing Gold and Silver Prices - The Federal Reserve decided to maintain interest rates, with a 10 to 2 vote, indicating a stable economic expansion in the U.S. and a focus on both inflation and employment risks [3]. - Trump's nomination of Kevin Walsh for the next Federal Reserve Chair is seen as a potential influence on future interest rate decisions, with discussions around rate cuts expected [3]. - A temporary compromise in Congress has averted a government shutdown, which may impact market stability and investor sentiment [3]. Group 3: Future Outlook and Investment Recommendations - The dual themes of "Trump 2.0" and "rate cut trade" are expected to provide strong momentum for gold prices, with significant events to watch in early February, including U.S. employment data and CPI figures [4]. - Central bank gold purchases are projected to remain robust, with China's central bank increasing its gold reserves for 14 consecutive months, reaching 7415 million ounces by the end of December 2025 [5].

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 | ...

华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23 日+35.60美元/盎司，涨幅为0.72%。周内伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎 司，涨幅为4.23%。本周LME铜收盘价13440美元/吨，环比1月23日+460美元/吨，涨幅为+3.54%。 以下为研究报告摘要： 投资要点 贵金属：短期贵金属巨震，但是年内仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23日+35.60美元/盎司，涨幅为0.72%。周内 伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎司，涨幅为4.23%。 数据方面，美国11月耐用品订单环比初值5.3%，前值-2.1%，预期3.8%。美国美联储FOMC利率决策(下 限)3.5%，前值3.5%，预期3.5%。美国美联储FOMC利率决策(上限)3.75%，前值3.75%，预期3.75%。美 国1月24日当周首次申请失业救济人数20.9万人，前值20万人，预期20.5万人。美国12月PPI同比3%，前 值3%，预期2.8%。 本周美联储议息会议维 ...

Group 1 - The core viewpoint of the news highlights the performance of the China Securities Hong Kong Gold Industry Stock Index, with notable gains in stocks such as Caibai Co., Ltd. and Hunan Gold, while the gold stock ETF shows active trading and liquidity [1][2] - As of February 3, 2026, the China Securities Hong Kong Gold Industry Stock Index constituents showed mixed performance, with Caibai Co., Ltd. leading with a 10.02% increase, followed by Hunan Gold at 7.36% and the WanGuo Gold Group-New at 6.58% [1] - The gold stock ETF fund (159322) had a recent price of 2.01 yuan, with a turnover rate of 19.91% and a trading volume of 63.39 million yuan, indicating active market participation [1] Group 2 - The China Securities Hong Kong Gold Industry Stock Index is composed of 50 large-cap companies involved in gold mining, smelting, and sales, reflecting the overall performance of gold industry listed companies in mainland China and Hong Kong [1] - As of January 30, 2026, the top ten weighted stocks in the index include Zhongjin Gold, Zijin Mining, and Shandong Gold, collectively accounting for 61.69% of the index [2] - The recent rebound in spot gold prices is attributed to speculative fund adjustments and leverage unwinding, while long-term support factors for gold remain intact, including geopolitical complexities and the U.S. debt surpassing 38.5 trillion dollars [1]

Group 1 - The core viewpoint of the articles highlights the performance of the gold industry stocks, with the China Securities Hong Kong Gold Industry Stock Index showing mixed results, led by Caibai Co., which increased by 10.02% [1] - The gold stock ETF fund (159322) is actively traded, with a turnover rate of 12.25% and a transaction volume of 39.1 million yuan, indicating a vibrant market [1] - Over the past five trading days, the gold stock ETF fund has seen a net inflow of 206 million yuan, averaging a daily net inflow of 41.22 million yuan [1] Group 2 - The China Securities Hong Kong Gold Industry Stock Index (931238) consists of 50 large-cap companies involved in gold mining, smelting, and sales, reflecting the overall performance of gold industry stocks in mainland China and Hong Kong [2] - As of January 30, 2026, the top ten weighted stocks in the index account for 61.69% of the total index, including major companies like Zhongjin Gold and Zijin Mining [2]

截至2026年2月2日收盘，山金国际(000975)报收于31.36元，下跌9.99%，已连续跌停2天，换手率0.28%，成交量7.06万手，成交额2.22亿元。 当日关注点 交易信息汇总 山金国际（000975）2月2日收盘价为31.36元，当日跌停，成交额706.42万元。该股已连续2日下跌，近5个交易日内有3日跌幅超过5%。前10个交 易日中，主力资金累计净流出3403.51万元，期间股价累计上涨2.6%；融资余额累计增加1.39亿元，融券余量累计增加14.36万股。最近90天内，共 有5家机构对该公司给出评级，其中买入评级4家，增持评级1家，机构目标均价为26.75元。 资金流向 2月2日，主力资金净流入105.71万元，游资资金净流出1520.36万元，散户资金净流入1414.65万元。 公司公告汇总 山金国际黄金股份有限公司于2026年2月2日召开第九届董事会第二十一次会议，审议通过聘任王俊新先生为公司副总经理的议案。会议由董事长 刘钦先生主持，全体董事以通讯方式表决，表决结果为9票同意，0票反对，0票弃权。王俊新先生的任期自董事会通过之日起至第九届董事会届满 为止。该任命由总经理欧新功先生提名， ...

有色金属行业 行业研究 | 行业周报 流动性预期回摆，错杀品修复可期 ——有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期回摆，错杀品修复可期。近日特朗普提名沃什为下一任美联储主 席，短期贵金属乐观预期的回摆导致金属价格大幅波动，建议关注错杀品种的修复机 会。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 02 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 兰洋 | 执业证书编号：S0860525120002 | | | lanyang@orientsec.com ...