在成长风格的另一端，以有色为代表的周期风格正在成为基金经理的新宠。 近日，公募基金2025年四季报密集披露，券商中国记者注意到，在市场热点此起彼伏的同时，多位知名基金经 理却在去年四季度"不谋而合"地对有色板块进行了重点加仓，而深耕该领域的基金经理更是在季报中用仓位和 持股表达了自己的坚定看好。 多位基金经理认为，在宏观经济温和复苏、全球商品周期持续以及降息预期等多重因素共振下，有色板块仍具 备显著的吸引力，价格景气周期远未结束。 多位知名基金经理加仓有色 最新披露的2025年四季报显示，众多全行业配置的基金在去年四季度加仓以有色为代表的资源股，其中不乏多 位知名基金经理。 比如，高楠管理的永赢睿信混合在去年四季度新进重仓五矿资源、宏创控股，神爱前管理的平安兴奕成长新进 重仓了云铝股份，王崇管理的交银新兴产业和焦巍管理的银华富裕主题新进重仓了紫金矿业，此外，焦巍管理 的银华富饶精选三年持有更是在去年四季度同时新进重仓了紫金矿业、藏格矿业、洛阳钼业、云铝股份、西部 矿业、紫金黄金国际、江西铜业等多只有色股。 除了上述全行业配置的基金外，一些深耕资源股投资的基金经理，也在 去年 四季度继续用持仓表达了对有色 的看 ...

国际黄金价格自1月初回落至4340美元/盎司关口后，随着一系列刺激影响开始重新强势上涨，截至1月 21日盘中最高触及4891.1美元/盎司的历史极值，不到20天内累计涨幅达12.7%。 国内黄金期货主合约价格在今天盘中也大4.61%一举1100元/克大关。 股市方面，今天黄金股掀起涨停潮，招金黄金、白银有色、赤峰黄金、四川黄金等超十只黄金股集体封 板涨停。 作者 | 哥吉拉 数据支持 | 勾股大数据（www.gogudata.com） 2026年开年以来，国际黄金市场迎来超预期的强势行情。 黄金大牛市下，黄金股ETF(159562)今日涨5.73%，今年以来的近13个交易日累计涨25.82%，净值续创 历史新高。 随着金价不断"破百"，之前还被市场认为高不可攀的5000美元/大关也近在咫尺，机构们开始频频上调 对目标价，又给市场带来了更多的看涨信心。 01 地缘冲突升级， 黄金资产成为最强避风港 这轮黄金大涨并非单一因素驱动，而是地缘风险、货币政策、央行配置与美元信用重构多重力量交织的 结果，共同铸就了这场贵金属盛宴。 其中，近期地缘冲突升级，刺激避险资金"疯狂涌入"是首要因素。 最近，美国总统特朗普以国家安 ...

近期，在全球宏观经济预期及地缘政治局势影响下，黄金作为传统避险资产，其金融属性与货币属性再 度成为市场焦点。A股黄金板块集体走强，白银有色、招金矿业、四川黄金、西部黄金、晓程科技领 涨，板块相关企业整理如下： 白银有色（601212.SH） 招金矿业（000506.SZ） 最新股价：18.26元 日涨幅：+5.01% 亮点：旗下控股斐济瓦图科拉金矿，该矿拥有探明、控制及推断的黄金资源禀赋突出。 四川黄金（001337.SZ） 最新股价：31.80元 日涨幅：+4.58% 亮点：专注于四川省最大的在产金矿——梭罗沟金矿，采矿权范围内保有黄金资源量达28.13吨，是区 域性的黄金采选龙头。 最新股价：8.57元 日涨幅：+9.99% 亮点：国内大型有色金属及贵金属企业，除境内矿山外，通过境外子公司掌控大量黄金资源。 湖南白银（002716.SZ） 最新股价：4.93元 日涨幅：+3.57% 西部黄金（601069.SH） 最新股价：15.72元 日涨幅：+6.22% 亮点：新疆黄金龙头，拥有完整产业链，通过收购卡特巴阿苏金矿，显著增加黄金资源量，资源前景广 阔。 晓程科技（300139.SZ） 最新股价：17.5 ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 2026年开年以来，全球贵金属市场迎来"开门红"行情，黄金价格势如破竹，带动白银及相关板块同步走 强，成为全球资本市场中最耀眼的主线之一。1月21日，伦敦现货黄金迎来历史性时刻，盘中首次站上 4800美元/盎司整数关口，创下历史新高，1月以来累计涨幅已突破10%，远超同期全球主要股指表现。 值得关注的是，贵金属价格的持续走强，直接传导至A股市场，贵金属板块迎来估值修复与业绩预期双 重驱动的上涨行情。多家上市公司股价大幅攀升，龙头个股表现尤为亮眼，部分企业更是借着行业东风 加速资产整合。 多名分析人士认为，从市场驱动因素来看，本次贵金属上涨并非单一因素作用，而是地缘政治冲突、美 元信用弱化、全球央行购金潮等多重利好共振的结果。短期来看，避险情绪与资金流入仍将为贵金属价 格提供支撑；长期而言，去美元化趋势与全球经济不确定性，正重塑贵金属的资产配置价值。 创近五年同期最强表现 2026年开年，贵金属市场呈现出"黄金领涨、白银跟涨"的强劲态势，价格涨幅与上涨速度均超出市场预 期。 黄金作为核心避险资产，开启了单边上行通道，从年初的4330美元/盎司左右起 ...

Group 1 - The stock of Xiaocheng Technology reached a new high during trading [1] - Hunan Silver experienced a limit-up increase [1] - Other companies such as Shandong Gold, Chifeng Gold, Zhaojin Gold, Sichuan Gold, and Zhongjin Gold also saw price increases [1]

四川黄金发布的三季报数据显示，2025年前三季度公司共实现营业收入7.88亿元，同比增长49.43%，实 现净利润3.69亿元，同比增长87.36%。 1月21日，四川黄金（001337）股价以涨停价43.76元/股报收，创出历史收盘新高。 受益于国际金价连创新高利好影响，贵金属板块近日来表现活跃。招金黄金（000506）、中金黄金 （600489）、湖南白银（002716）、白银有色（601212）等股普遍大涨。 ...

Group 1 - The international gold market has experienced an unexpected strong rally since the beginning of 2026, with gold prices rising from $4,340 per ounce to a historical peak of $4,891.1 per ounce, marking a cumulative increase of 12.7% in less than 20 days [1] - Domestic gold futures also surged, with the main contract price rising by 4.61% to surpass 1,100 yuan per gram [1] - Gold stocks have seen a significant increase, with over ten gold stocks, including Zhaojin Mining and Chifeng Jilong Gold Mining, hitting the daily limit [2] Group 2 - The gold ETF (159562) rose by 5.73% today, with a cumulative increase of 25.82% over the past 13 trading days, reaching a new historical high [3] - The market is increasingly optimistic about gold prices reaching the previously considered unattainable $5,000 per ounce mark, as institutions frequently adjust their target prices upward [5] Group 3 - The surge in gold prices is driven by multiple factors, including geopolitical risks, monetary policy, central bank allocations, and the reconstruction of dollar credit [7] - Recent geopolitical tensions, particularly the U.S. trade actions against Denmark and other countries, have led to a significant influx of safe-haven investments into gold [8] - Denmark's announcement to sell approximately $1 billion in U.S. Treasury bonds marks a significant move in the context of escalating geopolitical tensions [9] Group 4 - Historical data shows a significant upward trend in gold prices during Trump's presidency, with prices rising from approximately $1,204 per ounce at his inauguration in January 2017 to about $4,880 per ounce by January 2026, reflecting a cumulative increase of 78.75% [10] - The acceleration of U.S. debt has raised concerns about the potential risks associated with dollar reserves, prompting central banks globally to increase their gold holdings [12] Group 5 - The global demand for gold bars and coins increased by 18% year-on-year in 2025, reaching 1,250 tons, the highest since 2011 [17] - China's gold market ETF saw a net inflow of approximately 118 billion yuan (about 190 tons) in 2025, accounting for 26.6% of global gold ETF inflows [18] Group 6 - Institutions are increasingly optimistic about the future performance of gold, with several major financial institutions raising their target prices for gold significantly [21] - Goldman Sachs has raised its end-of-2026 gold price forecast from $4,300 to $4,900 per ounce, citing structural central bank purchases and expected interest rate cuts as key support factors [21] - Domestic institutions also share a positive outlook, with predictions for gold prices to reach around $4,950 to $5,000 per ounce [22]

Core Viewpoint - The international gold market has experienced an unexpected strong rally since the beginning of 2026, with gold prices reaching historical highs due to various stimulating factors, including geopolitical tensions and monetary policy shifts [2][6]. Group 1: Gold Price Movements - International gold prices surged from $4,340 per ounce at the beginning of January to a peak of $4,891.1 per ounce by January 21, marking a cumulative increase of 12.7% in less than 20 days [2]. - Domestic gold futures also saw significant gains, with the main contract price rising by 4.61% to surpass 1,100 yuan per gram [3]. Group 2: Stock Market Reactions - Gold stocks experienced a surge, with over ten gold-related stocks hitting the daily limit up, including Zhaojin Mining and Chifeng Jilong Gold Mining [4]. - The gold ETF (159562) rose by 5.73% on the day, accumulating a 25.82% increase over the first 13 trading days of the year, reaching a new historical net value high [4]. Group 3: Geopolitical Factors - The recent escalation of geopolitical conflicts has driven significant inflows into gold as a safe-haven asset, with the U.S. imposing tariffs on several countries, further straining transatlantic trade relations [7][8]. - Denmark's decision to sell approximately $1 billion in U.S. Treasury bonds amid the Greenland dispute marked a significant move, reflecting growing concerns over U.S. debt and geopolitical tensions [9]. Group 4: Central Bank Actions - Global central banks have been on a gold-buying spree, with net purchases reaching 1,136 tons in 2024, the second-highest on record, and major buyers including China, Poland, and Turkey [11]. - China's central bank has increased its gold reserves significantly, with a total of 2,306.32 tons by the end of 2025, marking a historical high in the proportion of gold in its foreign exchange reserves [11]. Group 5: Market Sentiment and Predictions - Analysts have raised their gold price targets, with Goldman Sachs predicting a price of $4,900 per ounce by the end of 2026, driven by central bank purchases and anticipated interest rate cuts [21]. - Other institutions, such as UBS and Citigroup, have set even higher targets, with Citigroup suggesting a potential short-term price of $5,000 per ounce [21][22]. Group 6: Investment Trends - The demand for gold bars and coins increased by 18% in 2025, reaching 1,250 tons, with significant contributions from China [16]. - The global gold ETF market saw a record net inflow of $89 billion in 2025, with total holdings reaching 4,025 tons, marking a historical peak [16]. Group 7: Strategic Value of Gold - The strategic value of gold is being redefined, transitioning from an optional asset to a necessary component in high-uncertainty markets, as recognized by various market participants [22]. - The gold ETF (159562) has become a popular investment tool, with significant inflows and a focus on gold mining companies, reflecting the growing interest in gold as a strategic asset [23].

机构对金价目标及长期走势普遍乐观，其中花旗、汇丰银行均预计其近期或触及5000美元关口。 （文章来源：21世纪经济报道） 1月21日，市场冲高回落，沪指午后一度翻绿。从板块来看，黄金概念股全线飘红，招金黄金、四川黄 金、西部黄金涨停，晓程科技涨超10%，赤峰黄金、中金黄金、山东黄金等个股跟涨。 消息面上，受外围地缘政治不稳影响，黄金疯涨，截至14:30左右，现货黄金日内最高触及4888美元/盎 司，直逼4900美元关口；沪金期货主力合约突破1100元整数关口，日内涨4.54%，续创历史新高。 ...

Core Insights - The precious metals sector experienced a significant increase of 7.94% on January 21, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Precious Metals Sector Performance - Xiaocheng Technology (300139) closed at 46.37, with a rise of 13.24% and a trading volume of 670,900 shares [1] - Zhaojin Mining (000506) saw a closing price of 19.33, up 10.02%, with a trading volume of 1,032,400 shares [1] - Sichuan Gold (001337) closed at 43.76, increasing by 10.01%, with a trading volume of 473,400 shares [1] - Western Gold (601069) closed at 35.31, up 10.00%, with a trading volume of 593,800 shares [1] - Hunan Silver (002716) closed at 13.64, up 10.00%, with a trading volume of 4,045,900 shares [1] - Chifeng Jilong Gold Mining (600988) closed at 38.39, increasing by 9.81%, with a trading volume of 1,437,000 shares [1] - Zhongjin Gold (600489) closed at 29.90, up 8.49%, with a trading volume of 1,486,700 shares [1] - Shandong Gold (600547) closed at 51.47, increasing by 8.20%, with a trading volume of 854,400 shares [1] - Hengbang Shares (002237) closed at 16.95, up 6.40%, with a trading volume of 1,357,900 shares [1] - Shanjin International (000975) closed at 34.79, up 6.23%, with a trading volume of 524,200 shares [1] Fund Flow Analysis - The precious metals sector saw a net inflow of 805 million yuan from institutional investors, while retail investors experienced a net outflow of 759 million yuan [1] - The table indicates that Chifeng Jilong Gold Mining had a net inflow of 3.42 billion yuan from institutional investors, while retail investors had a net outflow of 2.06 billion yuan [2] - Shandong Gold had a net inflow of 3.36 billion yuan from institutional investors, with retail investors experiencing a net outflow of 2.81 billion yuan [2] - Western Gold had a net inflow of 2.46 billion yuan from institutional investors, while retail investors had a net outflow of 1.81 billion yuan [2] - Zhongjin Gold had a net inflow of 1.22 billion yuan from institutional investors, with retail investors experiencing a net outflow of 1.42 billion yuan [2]