1月21日，黄金概念股持续走高，晓程科技盘中创新高，湖南白银、卧龙新能涨停， 四川黄金、招金黄金涨超7%， 山东黄金、赤峰黄金、中金黄金等 跟涨。 | 代码 名称 | 涨幅号 | 息金额 | 总市值 | 现价 | | --- | --- | --- | --- | --- | | 002716 湖南白银 | +10.00% | 39.59 乙 | 385.1 乙 | 13.64 | | 600173 卧龙新能 | +9.94% | 2.67 乙 | 54.99 Z | 7.85 | | 601212 白银有色 | +9.76% | 27.34 Z | 633.1 乙 | 8.55 | | 000688 国城矿业 | +9.14% | 6.67 乙 | 328.3 乙 | 27.71 | | 001337 四川黄金 | +7.64% | 10.96 Z | 179.8亿 | 42.84 | | 000506 招金黄金 | +7.34% | 12.53 Z | 175.2 7 | 18.86 | | 300139 晓程科技 | +6.32% | 11.00亿 | 119.3 Z | 43.54 | | 60053 ...

1月21日，黄金现货和期货价格均首次站上4800美元/盎司关口。截至发稿前，黄金现货价格为4835.71美元/盎司，涨幅为1.53%；黄金期货价格为4827.7美元/ 盎司，涨幅为1.3%。 A股贵金属板块1月21日也集体大涨。截至发稿前，湖南白银涨停，四川黄金和招金黄金涨超8%，晓程科技涨超6%，中金黄金、赤峰黄金、山金国际等涨超 5%。 | | | 贵金属 | | | | --- | --- | --- | --- | --- | | | | 5952.16 6.10% | | | | 成分股 基金 | | 简况(F10) 资金 | | 分析 | | 全部 | 龙头股 | 3日内有涨停 | 连板 | 连续 | | 名称/代码 | | 最新 ◆ | 涨幅 ◆ | 5日活 | | 湖南白银 | | 13.64 +10.00% +37. | | | | 002716 | | | | | | 领涨龙头1 2天2板 | | 最终涨停10:02 | | | | 四川黄金 | | 43.29 | +8.82% | +37. | | 001337 | | | | | | 领涨龙头2 | | | | | | 招金黄金 | ...

Market Overview - The Asia-Pacific stock markets opened lower due to the impact of a significant decline in the US stock, bond, and currency markets, but A-shares turned positive with the ChiNext Index rising over 1% [1] - The Shanghai Composite Index rose to 4123.49, gaining 9.84 points or 0.24%, while the Shenzhen Component Index increased by 110.56 points or 0.78% [2] Sector Performance - The storage chip sector continued its strong performance, with stocks like Yingfang Microelectronics and Puran Technology seeing significant gains [2] - The GPU sector also experienced a surge, with Longxin Technology hitting a daily limit increase and Haiguang Information rising over 13% to reach a new high [2] - Gold and silver stocks saw substantial increases, with Hunan Silver achieving a consecutive limit increase and other mining stocks following suit [3] Commodity Prices - Gold prices reached a historical high, surpassing $4840 per ounce, with a peak at $4844.24, while silver also crossed $95 per ounce for the first time [3] - The increase in precious metal prices is attributed to the easing of dollar liquidity and escalating global geopolitical tensions [3] International Market Trends - Japanese government bonds are experiencing a historic sell-off, with the 20-year bond yield dropping 5 basis points to 3.295% and the 40-year bond yield falling 6.5 basis points to 4.145% [5] - The global bond market is facing a collective sell-off, with Japanese bonds entering a new yield era above 4% for the first time in over 30 years [5] Company Actions - Major companies in the semiconductor industry, including SMIC, have collectively raised prices, with 8-inch chips seeing increases of up to 20% [5]

Core Viewpoint - The release of a significant policy in Shanghai has led to a strong rally in the non-ferrous metals sector, particularly the Huabao Non-Ferrous ETF (159876), which saw a price increase of over 2.1% during the day and is approaching its previous listing high [1][11]. Fund Performance - As of the latest update, the Huabao Non-Ferrous ETF (159876) has received a net subscription of 21.6 million units, accumulating a total of 635 million yuan over the past 10 days [1][11]. - The latest scale of the Huabao Non-Ferrous ETF reached 1.665 billion yuan, setting a new historical high, making it the largest ETF tracking the CSI Non-Ferrous Metals Index in the market [6][13]. Stock Performance - Key stocks in the sector, including Baiyin Nonferrous, Hunan Nonferrous, and Shengxin Lithium Energy, have hit the daily limit, with Baiyin Nonferrous rising by 10.01% and Hunan Nonferrous by 10% [3][14]. - Other notable performers include Guocheng Mining, which increased by over 8%, and Zhongkuang Resources, which rose by more than 7% [3][14]. Market Dynamics - The Shanghai government has issued a plan to enhance the competitiveness of non-ferrous metal commodities, aiming to improve resource allocation and global pricing influence [4][12]. - A favorable supply-demand balance, characterized by limited supply growth and improving demand, is expected to support the long-term strength of the non-ferrous sector [5][13]. Investment Outlook - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture various market cycles [8][16]. - Analysts suggest that geopolitical tensions may reshape global metal supply chains, potentially increasing the demand and value of strategic metals such as copper, tungsten, molybdenum, cobalt, and rare earth materials [5][13].

Group 1 - Precious metals continue to show strong performance, with spot gold surpassing $4800 per ounce and spot silver reaching $95 per ounce, marking a 33% increase year-to-date [1] - Guangfa Securities indicates that the current divergence and rise in the commodity market are driven by a "debt-growth" dilemma, characterized by both "stagflation-type" asset revaluation and "transformation-type" industrial demand [1] - The focus for investment should be on the "safe-haven attributes of precious metals" and the "growth attributes of AI-related industrial metals" [1] Group 2 - As of January 21, 2026, the National Securities Nonferrous Metals Industry Index (399395) rose by 2.00%, with component stocks such as silver nonferrous up by 9.88%, Zhongjin Gold up by 8.32%, and other related stocks also showing significant gains [1] - The Penghua Nonferrous ETF (159880) closely tracks the National Securities Nonferrous Metals Industry Index, which includes 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [1][3] Group 3 - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2]

Group 1: Key Insights on Precious Metals - The upward momentum for precious metals, particularly gold, is strong, with London gold prices reaching $4,611.05 per ounce, an increase of $117.20 per ounce from the previous week, reflecting a rise of 2.59% [2] - The market is closely monitoring the Federal Reserve's upcoming meeting, with a 95% probability of a 25 basis point rate cut anticipated in January [2][3] Group 2: Key Insights on Copper and Aluminum - Copper prices are experiencing high-level consolidation, with LME copper closing at $12,925 per ton, down $65 per ton, a decrease of 0.50% [4] - Domestic copper inventory is reported at 213,515 tons, showing an increase of 4,600 tons from January 9, while SHFE inventory also reflects a similar trend [4] - Aluminum prices are at 24,000 yuan per ton, down 60 yuan, with LME aluminum inventory at 488,000 tons, a decrease of 9,825 tons [6] Group 3: Key Insights on Tin and Antimony - Domestic refined tin prices are at 41,4640 yuan per ton, up 639.40 yuan per ton, indicating a positive trend [8] - Antimony prices have rebounded, with domestic antimony ingot prices increasing by 0.2 million yuan per ton from January 9 [10] Group 4: Investment Ratings and Recommendations - The copper industry maintains a "recommended" investment rating due to ongoing tightness in copper supply [13] - The aluminum industry also holds a "recommended" investment rating, supported by rigid supply dynamics [14] - The tin industry is rated "recommended" as supply constraints are expected to support tin prices [14] - The antimony industry is rated "recommended" following a rebound in prices after a six-month decline [14] Group 5: Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold (600489), Shandong Gold (600547), and China National Gold (600916) [15] - In the copper sector, recommended stocks include Zijin Mining (601899) and Western Mining (601168) [15] - For aluminum, recommended stocks are Shenhuo Co. (000933) and Yunnan Aluminum (000807) [15] - In the tin sector, recommended stocks include Tin Industry Co. (000960) and Hunan Gold (002155) [15]

1月21日，金银价格再创历史新高，COMEX黄金、现货黄金先后突破每盎司4800美元，白银价格首次 升穿每盎司95美元。 华福证券认为，伴随着经济基本面的向上修复，有色金属的强周期性体现，涨幅显著。在"反内卷"和扩 内需驱动下，再通胀叙事强化，当前市场环境下，有色金属行情仍有望继续演绎。弱美元提供基础环 境，美国化债是核心逻辑，矿山资本开支历史性不足是现实约束，关键矿产权力是"隐形"推手。 有色矿业ETF招商（159690）联接基金经理王宁远指出，有色矿业正处于周期性大宗商品向国际秩序重 塑下战略资产的重构，逻辑具有长期性，估值应具有前瞻性，行情有望延续，结构性机会凸显。交易层 面需避免追高，关注行业长期价值。 有色矿业ETF招商（159690）跟踪有色金属矿业指数聚焦资源品上游，黄金、铜、铝等关键金属权重占 比近6成。截至1月16日，有色矿业ETF招商（159690）跟踪的中证有色金属矿业指数近一年涨幅达 124.26%，领跑主流有色指数。 | | 近１年涨跌幅 | 近１年最大回撤 | | --- | --- | --- | | 有色矿业 | 124.26% | -13.76% | | 工业有色 | 118 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with the Huabao Non-Ferrous ETF (159876) showing resilience and attracting significant capital inflow, indicating a bullish sentiment in the market [1][11]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) increased by 1.06% today, marking two consecutive days of gains and aiming for a third [1][11]. - The ETF has seen a net subscription of 21.6 million units, accumulating a total of 635 million yuan over the past ten days [1][11]. - Key stocks in the sector, such as Hunan Silver and Shengxin Lithium Energy, have shown significant price increases, with Hunan Silver leading at 8.23% [2][4][14]. Group 2: Industry Insights - Analysts suggest that the current non-ferrous metal cycle is part of a longer-term trend, with historical cycles lasting 25-30 years, indicating that the current upward trend may persist for several years [3][13]. - The sector is expected to benefit from a combination of factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations [3][13]. - The Huabao Non-Ferrous ETF is the largest among three ETFs tracking the CSI Non-Ferrous Metal Index, with a recent scale of 1.665 billion yuan, setting a new historical high [5][15]. Group 3: Future Outlook - The industry is anticipated to enter a bull market driven by monetary, demand, and supply factors by 2026, with institutions broadly optimistic about a comprehensive bull market in non-ferrous metals [5][13]. - The ongoing geopolitical uncertainties and central bank gold purchases are expected to support long-term gold prices, reinforcing the bullish outlook for precious metals [2][12].

Group 1 - The core viewpoint of the news is that A-share gold concept stocks have strengthened significantly due to rising demand for safe-haven assets amid escalating geopolitical tensions, leading to record high prices for gold and silver [1] - Silver prices reached a historical high of $95.89 per ounce, while gold prices surpassed $4830 per ounce, also marking a new record [1] Group 2 - Hunan Silver (002716) saw a price increase of 10.00%, with a total market value of 38.5 billion and a year-to-date increase of 97.11% [2] - Silver Nonferrous (601212) rose by 8.99%, with a market capitalization of 62.9 billion and a year-to-date increase of 45.13% [2] - Guocheng Mining (000688) increased by 5.75%, with a market value of 31.8 billion, but has a year-to-date decline of 3.45% [2] - Other notable stocks include Nankuang Group (001360) up 5.00%, Xiaocheng Technology (300139) up 5.25%, and Sichuan Gold (001337) up 4.30% [2] - The overall trend indicates a strong performance in the gold and silver sector, with many companies experiencing significant year-to-date gains [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal sector, particularly driven by the surge in precious metals due to geopolitical tensions and increased demand for safe-haven assets [1][3] - The non-ferrous mining ETF (招商, 159690) experienced significant trading volume and a rise of 1.16%, indicating strong investor interest and confidence in the sector [1] - Precious metal stocks, including Hunan Silver, Shandong Gold, and Silver Yunnan, showed remarkable gains, contributing to the overall strength of the ETF [1] Group 2 - The immediate catalyst for the sector's rise was the escalating geopolitical tensions, particularly concerns over a potential trade war between the US and Europe, which heightened the demand for safe-haven assets like gold and silver [3] - Spot gold prices surged, reaching a high of $4,836.6 per ounce, marking an increase of 1.54% and a cumulative rise of 11.99% for the month, which significantly boosted the earnings expectations for mining companies [3] - The sensitivity of upstream mining companies to metal prices has amplified their profit expectations and stock price elasticity in the current environment, driving the overall strength of the non-ferrous mining sector and related ETF products [3]