Core Viewpoint - Gold and silver have reached historical highs, driving the continued rise of non-ferrous metal stocks, with companies like Lingbao Gold and Chifeng Gold hitting new peaks [1] Group 1: Market Performance - Gold stocks ETF (159562) surged by 5%, with a net subscription of 25 million shares during the trading session [1] - Year-to-date, the gold stocks ETF has accumulated a 35% increase [1] - Non-ferrous metal ETF (512400) and gold ETF Huaxia (518850) have risen by 4.32% and 2.63% respectively, with their net values reaching all-time highs since listing [1]

港股有色金属股集体上涨，黄金白银股涨幅领先，其中，中国白银集团大涨超10%领先，赤峰黄金涨超 7%，珠峰黄金涨6.6%，紫金矿业涨5.3%，山东黄金涨4.8%，中国黄金国际、紫金黄金国际、灵宝黄金 均涨超4%，招金矿业涨3.3%。此外，赤峰黄金、紫金矿业、中国黄金国际、山东黄金、紫金黄金国 际、灵宝黄金均刷新历史新高价。 本文源自：金融界AI电报 ...

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | Hટા | 恒生指数 | 26844.04c | 94.53 | 0.35% | | HSTECH | 恒生科技 | 5801.15 c | 3.14 | 0.05% | | HSBIO | 恒生生物科技 | 15924.23c | -12.84 | -0.08% | | HSCEI | 恒生中国企业指数 | 9188.19c | 27.38 | 0.30% | | HSCI | 恒生综合指数 | 4135.95c | 13.37 | 0.32% | 贵金属板块大涨，老铺黄金现涨超11%，中国白银集团涨超8%，赤峰黄金涨超7%，紫金矿业、山东黄 金、珠峰黄金、灵宝黄金、中国黄金国际等涨超5%。 科网股多数下跌，小鹏汽车跌近4%，百度集团、哔哩哔哩、快手跌超3%，蔚来、零跑汽车跌超2%；腾 讯音乐涨超3%。 1月26日，香港恒生指数开盘涨0.35%，恒生科技指数涨0.05%。 | 代码 | 名称 | 规价 | 消歧 | A 涨跌幅 | | --- | --- | --- | --- | - ...

Group 1 - The core viewpoint of the news highlights a significant rise in the Hong Kong stock market for precious metals, particularly gold and silver stocks, driven by geopolitical tensions and expectations of interest rate cuts [1] - Major companies such as China Silver Group, Chifeng Jilong Gold Mining, and Zijin Mining have seen substantial stock price increases, with China Silver Group leading with a rise of over 10% [1][2] - The price of spot silver reached $108 per ounce, increasing nearly 5% in a single day, while spot gold surpassed $5060 per ounce, marking a historical high with a monthly increase of $730, or nearly 17% [1] Group 2 - Goldman Sachs has revised its gold price forecast for the end of 2026 from $4900 per ounce to $5400 per ounce, citing rising demand from private investors and central banks [1] - It is anticipated that central banks will increase their gold holdings by 60 tons per month in 2026, which, along with the backdrop of potential Federal Reserve interest rate cuts, is expected to boost gold ETF allocations and further elevate gold valuations [1]

1月26日，香港恒生指数开盘涨0.35%，恒生科技指数涨0.05%。 | 代码 | 名称 | 现价 涨跌 涨跌幅 | | | --- | --- | --- | --- | | HSI | 恒生指数 | 26844.04c 94.53 | 0.35% | | HSTECH | | 5801.15c 3.14 0.05% | | | HSBIO | 恒生生物科技 | 15924.23c -12.84 - -0.08% | | | HSCEI | 恒生中国企业指数 | 9188.19c 27.38 0.30% | | | HSCI | 恒生综合指数 | 4135.95c 13.37 0.32% | | | 代码 | 名称 | 规价 | 浙先 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 9868 | 小鹏汽车-W | 73.750 | -3.050 | -3.97% | | 9888 | 百度集团-SW | 155.100 | -5.400 | -3.36% | | 9626 | 哔哩哔哩-W | 253.800 | -8.800 | -3.35% | | 1024 | ...

港股有色金属股集体上涨，黄金白银股涨幅领先，其中，中国白银集团大涨超10%领先，赤峰黄金涨超 7%，珠峰黄金涨6.6%，紫金矿业涨5.3%，山东黄金涨4.8%，中国黄金国际、紫金黄金国际、灵宝黄金 均涨超4%，招金矿业涨3.3%。此外，赤峰黄金、紫金矿业、中国黄金国际、山东黄金、紫金黄金国 际、灵宝黄金均刷新历史新高价。 高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00815 | 中国白银集团 | 0.750 | 10.29% | | 06693 | 赤峰黄金 | 42.600 | 7.04% | | 01815 | 珠峰黄金 | 2.560 | 6.67% | | 02899 | 三十四年薪 | 42.580 | 5.34% | | 01787 | 山东黄金 | 48.360 | 4 ...

每经AI快讯，黄金股延续近期涨势，截至发稿，赤峰黄金(06693.HK)涨7.19%，报42.66港元；中国白银 集团(00815.HK)涨7.35%，报0.73港元；灵宝黄金(03330.HK)涨6.09%，报25.78港元；紫金矿业 (02899.HK)涨5.74%，报42.74港元；山东黄金(01787.HK)涨5.2%，报48.54港元。 ...

摩根大通认为，随着投资者在轮动中继续偏向增长股，在企业盈利和仓位因素的支撑下，A股和港股的 升势有望延续至农历新年，预计港股在上升行情中会跑赢A股。盈利预期上调正陆续出现，尤其集中在 材料和通信服务板块，而从估值、增长和流动性来看，市场并未出现过热。 中信建投认为，白酒产业"五底阶段"与资本市场"三低一高"共振，结合近期市场策略相继落地，站在春 节旺季来临之际，认为本轮白酒调整期拐点将至，资本市场预期先行，白酒板块迎来周期底部配置机 会。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 1月26日，恒生指数高开0.35%，恒生科技指数涨0.05%。盘面上，资源股强势，紫金矿业涨近3%，赤峰 黄金涨超4%；新消费走强，老铺黄金涨超5%，泡泡玛特涨超4%。 关于港股后市 兴业证券认为，港股有望继续震荡向上。该行指出，岁末的资金阶段性收紧效应过去，内资继续流入； 如果海外形势带来扰动反而是机会。一旦特朗普"TACO"，反而可能通过弱美元与资金再配置，对港股 形成边际支撑。此外，政策和产业层面也存在催化。 ...

国联民生证券认为，全球地缘紧张局势升温，贵金属避险情绪提升，价格继续上行。长期来看央行购金 +美元信用弱化主线持续，继续看好金价上行。白银兼具工业和金融属性，光伏用银需求持续，看好工 业需求提振带来白银补涨行情。 消息面上，据新华社报道，美国总统特朗普22日周四在总统专机"空军一号"上对媒体表示，美国正调集 重兵前往伊朗，许多舰艇正在向伊朗行进。此外，特朗普24日威胁将对加拿大商品征收100%的关税， 美国与加拿大的紧张关系也面临加剧。受避险情绪影响，现货黄金首次突破5000美元/盎司。上期所沪 银主力合约触及涨停，报28226元/千克，现涨幅为17.0%。 智通财经APP获悉，黄金股延续近期涨势，截至发稿，赤峰黄金(06693)涨7.19%，报42.66港元；中国白 银集团(00815)涨7.35%，报0.73港元；灵宝黄金(03330)涨6.09%，报25.78港元；紫金矿业(02899)涨 5.74%，报42.74港元；山东黄金(01787)涨5.2%，报48.54港元。 ...

Investment Rating - The report assigns an "Overweight" rating for the industry [5] Core Insights - The report emphasizes the importance of macroeconomic factors such as monetary policy, macro expectations, geopolitical dynamics, and supply disruptions in influencing metal prices [2] - Precious metals are expected to continue their upward trend due to geopolitical events in North America, concerns over the US dollar and treasury bonds, and increased central bank gold purchases [6] - Copper prices are anticipated to remain strong due to supply disruptions in Chile and expectations of a potential interest rate cut by the Federal Reserve [6] - Aluminum prices are expected to maintain a strong performance supported by macroeconomic factors and increased production capacity [6] - Energy metals show strong demand with continuous inventory depletion, particularly lithium, despite seasonal production declines [6] Summary by Sections Supply Disruptions and Opportunities - Gold prices have risen significantly, with SHFE gold increasing by 8.00% to 1,115.64 CNY per gram and COMEX gold by 8.44% to 4,983.10 USD per ounce [9] - Silver prices have also surged, with SHFE silver up 10.62% to 24,965 CNY per kilogram and COMEX silver up 16.63% to 103.26 USD per ounce [10] Industry and Stock Performance - The SW non-ferrous metals index increased by 6.03% last week, outperforming major indices [16] - The report highlights that industrial metal prices have shown mixed performance, with copper and aluminum prices increasing while lead and zinc prices have decreased [25] Metal Prices and Inventory - Copper prices rose to 101,340 CNY per ton on SHFE, reflecting a 0.57% increase, while LME copper increased by 2.44% to 13,115 USD per ton [12] - Aluminum prices on SHFE increased by 1.53% to 24,290 CNY per ton, supported by improved production and demand [11] Macro Data Tracking - The report tracks macroeconomic indicators, including CPI and PPI, which are crucial for understanding the broader economic environment affecting metal prices [29][44] Precious Metals - The report notes that low inventory levels and expectations of liquidity easing are driving precious metal prices higher [50] - Central bank gold purchases and ETF holdings are expected to support gold prices in 2026 [6] Copper Market - Supply disruptions in Chile, including strikes at major copper mines, are expected to support copper prices [12] - The report anticipates that copper prices may experience fluctuations based on macroeconomic developments, particularly related to interest rates [65] Energy Metals - Lithium inventory continues to decline, indicating strong demand, while the market is cautious about production disruptions from key mines [13] - The cobalt sector is facing high prices due to tight raw material supply, with companies extending their operations into downstream sectors [13]