Market Overview - The A-share market showed mixed performance on January 19, with the Shanghai Composite Index rising by 0.29% to close at 4114.00 points, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index fell by 0.70% [1] - The total trading volume in the A-share market reached 2.73 trillion yuan, with 3526 stocks rising across the market [1] Index Performance - Shanghai Composite Index: 4114.00, up 12.09 points, 0.29% increase, trading volume of 1.19 trillion yuan [2] - Shenzhen Component Index: 14294.05, up 12.97 points, 0.09% increase, trading volume of 1.52 trillion yuan [2] - ChiNext Index: 3337.61, down 23.41 points, 0.70% decrease, trading volume of 709.2 billion yuan [2] - The overall A-share index (Wande All A) rose by 0.41% to 6798.66, with a trading volume of 2.73 trillion yuan [2] Sector Highlights - The electric power equipment sector was notably active, with several stocks such as Double Jet Electric, Yinen Power, and China West Electric hitting the daily limit [2] - The State Grid announced a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, representing a 40% increase compared to the previous plan, focusing on the construction of a new power system [3] - The demand for electricity equipment is expected to rise due to the increasing global AI data center electricity consumption, providing multiple supports for the sector [3] Gold Sector Performance - The gold sector experienced a collective surge, with stocks like Zhaojin Gold and Sichuan Gold hitting the daily limit. International gold and silver prices reached historical highs, with gold surpassing 4690 USD per ounce and silver exceeding 94 USD per ounce [3] - Domestic gold jewelry brands are also reporting prices at historical highs [3] Other Sector Movements - The oil and petrochemical, aerospace, and ice and snow tourism sectors saw significant gains, while sectors such as semiconductors, internet, cultural media, and AI experienced declines [4]

Core Viewpoint - The A-share market is experiencing a strong performance in gold stocks, driven by rising gold and silver prices due to geopolitical tensions and tariff threats from Trump, leading to increased demand for safe-haven assets [1] Group 1: Market Performance - Sichuan Gold and Zhaojin Gold both hit the daily limit, while Shanjin International rose over 6%, and both Zhongjin Gold and Western Gold increased by over 4% [1] - The total market capitalization of Sichuan Gold is 15.8 billion, with a year-to-date increase of 35.14% [2] - Zhaojin Gold has a total market capitalization of 14.8 billion, with a year-to-date increase of 21.75% [2] - Shanjin International has a total market capitalization of 82.6 billion, with a year-to-date increase of 22.32% [2] - Zhongjin Gold has a total market capitalization of 130.3 billion, with a year-to-date increase of 15.07% [2] - Western Gold has a total market capitalization of 28 billion, with a year-to-date increase of 15.25% [2] Group 2: Gold and Silver Prices - Spot gold reached a new historical high of 4,690 USD per ounce during trading [1] - Spot silver also hit a historical high of 94.15 USD per ounce [1] Group 3: Geopolitical Factors - Analysts indicate that geopolitical issues, particularly the situation in Iran, are causing short-term uncertainty among global investors, which is likely to sustain the current interest in gold [1]

Core Viewpoint - The precious metals sector experienced a significant rally, with multiple companies seeing substantial gains in their stock prices on January 19th [1] Company Summary - Zhaojin Mining and Sichuan Gold both reached their daily price limit, indicating strong investor interest and confidence in these companies [1] - Other companies in the sector, including Mankalon, Western Gold, Shandong Gold, Shanjin International, Zhongjin Gold, and Xiaocheng Technology, also saw their stock prices rise, reflecting a broader positive trend in the precious metals market [1]

Core Viewpoint - The gold industry is experiencing a strong performance, driven by geopolitical tensions and macroeconomic factors, leading to increased demand for gold as a safe-haven asset [1][2]. Group 1: Market Performance - As of January 19, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.50%, with significant gains from constituent stocks such as Sichuan Gold (+9.99%) and Zhaojin Mining (+9.71%) [1]. - The Gold Stock ETF (159322) increased by 1.66%, with the latest price reported at 1.9 yuan [1]. Group 2: Geopolitical Factors - On January 18, multiple EU countries are considering imposing tariffs on U.S. goods worth €93 billion in response to U.S. tariffs on European nations regarding Greenland [1]. - President Trump announced a 10% tariff on goods from several European countries, effective February 1, with plans to increase the rate to 25% starting in June [1]. Group 3: Investment Insights - Huafu Securities noted that rising macroeconomic and regional risks are enhancing the safe-haven appeal of precious metals [1]. - In the short term, expectations for U.S. Federal Reserve interest rate cuts are fluctuating, creating a market environment where gold prices are likely to rise [1]. - In the long term, uncertainties surrounding global tariff policies and regional politics will continue to support gold as a core investment for hedging and inflation concerns [1]. Group 4: Index Composition - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [2]. - As of December 31, 2025, the top ten weighted stocks in the index accounted for 63.58% of the total index weight, with major companies including Zijin Mining and Shandong Gold [2].

Group 1 - The core viewpoint of the article highlights the significant rise in the precious metals sector, particularly the stocks of Zhaojin Gold and Sichuan Gold, which both hit the daily limit up [1] - Other companies in the precious metals sector, such as Mankalon, Western Gold, Shandong Gold, Shanjin International, Zhongjin Gold, and Xiaocheng Technology, also experienced gains [1]

Group 1 - The core point of the news is that Zhongjin Gold experienced a 5.04% increase in stock price, reaching 26.90 CNY per share, with a trading volume of 1.707 billion CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 130.393 billion CNY [1] - Zhongjin Gold Co., Ltd. is located at 9 Andingmen Outer Street, Dongcheng District, Beijing, established on September 24, 2007, and listed on August 14, 2003. The company's main business involves geological exploration, mining, and smelting of gold and other non-ferrous metals [1] - The revenue composition of Zhongjin Gold is primarily from smelting at 94.45%, mining at 27.85%, and other activities at 0.03% [1] Group 2 - From the perspective of the top ten circulating shareholders of Zhongjin Gold, Huatai-PB Fund's ETF reduced its holdings by 2.4082 million shares in the third quarter, now holding 49.5589 million shares, which is 1.02% of the circulating shares. The estimated floating profit today is approximately 63.931 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a latest scale of 425.581 billion CNY. Year-to-date return is 2.29%, ranking 4290 out of 5580 in its category; the one-year return is 27.87%, ranking 2828 out of 4226; and since inception, the return is 121.13% [2] - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has a cumulative tenure of 16 years and 234 days, managing total assets of 542.504 billion CNY, with the best fund return during his tenure being 189.39% and the worst being -45.64% [2]

Group 1 - Nvidia has corrected its technical paper regarding copper demand in data centers, adjusting the copper busbar usage for a traditional 1 GW data center from 500,000 tons to 200 tons, indicating a significant downward revision in copper demand expectations [1] - The previous estimate of 500,000 tons per GW was identified as a substantial error, and the current revision only accounts for busbar copper usage, excluding other components, leading to a lack of precise market estimates for copper usage per GW [1] - Recent copper price declines are attributed to liquidity and trading noise, with the actual bearish impact on market logic being limited, as the long-term narrative remains favorable for copper [1] Group 2 - The Penghua Nonferrous ETF closely tracks the National Securities Nonferrous Metals Industry Index, which includes 50 securities from the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report indicates that negative feedback is intensifying, leading to potential price fluctuations. As industrial product prices rise, domestic downstream negative feedback is increasing, resulting in accelerated inventory accumulation. Recent margin increases by CME and SHFE for certain products may lead to significant short-term price volatility in industrial metals. However, the overall bullish trend for industrial products remains unchanged under the expectation of supportive policies [3][9] Summary by Sections 1. Cycle Assessment - Liquidity expectations are reverting, which does not hinder the long-term bullish logic. Recent statements from Trump favoring Hassett for the National Economic Council position have increased market expectations for the new Fed chair. The probability of a Fed rate cut in April has dropped to 30%. This has led to potential price fluctuations in precious metals due to a weakened narrative around short-term rate cuts [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.03% in the week ending January 16, ranking third among all industries [18] 3. Precious Metals - Short-term narratives around rate cuts are faltering, leading to potential price volatility in precious metals. As of January 16, SHFE gold rose by 2.57% to 1,032.32 CNY per gram, while COMEX gold increased by 2.62% to 4,590.00 USD per ounce. The report notes that the People's Bank of China increased its gold reserves to 7,415 million ounces, marking a continuous increase for 14 months [14][29] 4. Copper - The report highlights that negative feedback is intensifying, leading to increased price volatility for copper. As of January 16, SHFE copper fell by 0.63% to 100,770 CNY per ton, while LME copper decreased by 1.50% to 12,803 USD per ton. The report also notes a significant increase in global visible copper inventory [17][28] 5. Aluminum - The aluminum processing sector shows resilience, with profitability per ton of aluminum expected to remain high. As of January 16, SHFE aluminum fell by 1.66% to 23,925 CNY per ton. The report indicates that the average profit for the aluminum industry is around 7,868 CNY per ton [16][89]

Core Viewpoint - The gold-related products are performing strongly amid rising market risk aversion due to geopolitical tensions, particularly following the arrest of Venezuelan President Maduro and threats from Trump regarding Iran and Greenland [1]. Group 1: Market Performance - The three major indices opened lower but rebounded, while gold prices increased, with the gold ETF 华夏 (518850) rising by 1.23% and the gold stock ETF (159562) increasing by 1.54% as of 10:15 AM [1]. - Notable individual stock performances include 四川黄金 (Sichuan Gold) up by 8.09% and 招金黄金 (Zhaojin Gold) up by 5.99% [1]. - The gold stock ETF (159562) has seen a continuous net inflow of funds totaling 428 million yuan over the past four days, reaching a new high of 1.509 billion shares and a total scale of 3.815 billion yuan as of January 16 [1]. Group 2: Gold Industry Index - The gold stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which includes companies involved in gold mining, smelting, and sales [2]. - As of December 31, 2025, the top ten weighted stocks in the index account for 63.58% of the total, including 紫金矿业 (Zijin Mining), 山东黄金 (Shandong Gold), and 中金黄金 (China Gold International) [2]. - The individual stock performances within the top ten include: - 紫金矿业 (Zijin Mining) up by 0.27% with a weight of 13.05% - 山东黄金 (Shandong Gold) up by 2.42% with a weight of 9.83% - 中金黄金 (China Gold International) up by 3.59% with a weight of 8.82% [2]. Group 3: ETF Information - The gold stock ETF (159562) has associated off-market links, including 华夏中证沪深港黄金产业股票ETF发起式联接A (021074) and 华夏中证沪深港黄金产业股票ETF发起式联接C (021075) [4].

每经AI快讯，A股贵金属板块持续拉升，四川黄金涨停，招金黄金、西部黄金、山金国际、中金黄金跟 涨。 （文章来源：每日经济新闻） ...