2026.01.29 按照现有规定，只有银行能向非金融机构借出黄金。在这个过程中，银行将金库中的黄金"借"给企业， 企业或将其投入生产，或通过金融工具组合，将其变为一种高效的融资手段。 据第一财经初步统计，2025年以来，包括潮宏基、迪阿股份、宝鼎科技、周大生、湖南黄金、山东黄金 等多家企业均在银行办理了黄金租赁业务。 在黄金租赁产业链中，谁在称霸江湖？用金企业如何通过租赁降低成本？又有哪些不为人知的风险与故 事？且看第一财经揭开黄金租赁产业的全貌。 租金需求大涨，产业链玩家多 根据厦门信达最新披露，该公司准备在2026年开展黄金租赁业务，计划通过银行办理黄金租赁，并配套 远期定向黄金购买合约，预计保证金占用不超过5000万元，任一交易日持有的最高合约价值不超过等值 5亿元。 金价接连猛涨，用金企业租赁需求大涨，手握大量黄金用于出租的"金主"，这回可能赚翻了。 近期，黄金价格再创新高。Wind数据显示，1月29日，国际金价再度刷新历史高位，突破5500美元/盎司 关口，年内累计涨幅已接近30%。随着金价持续上涨，下游用金企业的租赁需求，也在水涨船高。相较 前些年，一些黄金首饰企业去年的黄金租赁规模，已经以"吨 ...

谁在称霸江湖？用金企业如何通过租赁降低成本？ 金价接连猛涨，用金企业租赁需求大涨，手握大量黄金用于出租的"金主"，这回可能赚翻了。 近期，黄金价格再创新高。Wind数据显示，1月29日，国际金价再度刷新历史高位，突破5500美元/盎司 关口，年内累计涨幅已接近30%。随着金价持续上涨，下游用金企业的租赁需求，也在水涨船高。相较 前些年，一些黄金首饰企业去年的黄金租赁规模，已经以"吨"为单位增长。 黄金租赁，是指机构、企业向银行或其他租赁企业申请租用黄金。黄金租赁本来是一个相对成熟的产 业，参与者包括上游的采冶企业、中游的银行、租赁公司等出租方，以及下游的用金企业。 按照现有规定，除了银行，只有银行能向非金融机构借出黄金。在这个过程中，银行将金库中的黄 金"借"给企业，企业或将其投入生产，或通过金融工具组合，将其变为一种高效的融资手段。 在黄金租赁产业链中，谁在称霸江湖？用金企业如何通过租赁降低成本？又有哪些不为人知的风险与故 事？且看第一财经揭开黄金租赁产业的全貌。 租金需求大涨，产业链玩家多 据第一财经初步统计，2025年以来，包括潮宏基、迪阿股份、宝鼎科技、周大生、湖南黄金、山东黄金 等多家企业均在银行办 ...

"租珠侠"展示的金饰。记者 杨子晏 摄 金饰租赁业务热度如何？ ◎记者 杨子晏 曾庆怡 1月27日上午，部分黄金珠宝品牌上调境内足金饰品价格，当前足金金饰价格处于历史高位。在此背景 下，金饰消费品租赁（下称"金饰租赁"）进入大众视野。日前，上海证券报记者实地探访全国最大的黄 金珠宝集散地深圳水贝的多家卖场发现，金饰租赁主要针对婚庆这种特殊场景，仍是一种较为小众的业 务模式。法律人士提醒，这类业务存在资质与超范围经营等四重风险，消费者要警惕格式条款陷阱等。 地方婚庆习俗等需求催生金饰租赁业务 1月23日下午，记者来到位于水贝国际珠宝交易中心的足金首饰租赁商家"租珠侠"店铺，这里主要展示 凤冠、龙凤镯等婚庆场景所使用的金饰，其线上商铺及视频号所展示的也均是婚庆场景。 现场工作人员介绍，该店主要针对有结婚需求的客群，租金饰类似于租婚纱。"租珠侠"的金饰租赁价格 并不会随金价的波动有太大变化，主要以"克重×工费"来计算，不同款式工费不同，在每克30至50元这 一区间，租赁一次可使用七天。该店主要为线上交易，消费者通过支付宝平台下单，可使用信用免押 金，商家会为金饰购买商业险。 金饰租赁需求缘何产生？上证报记者走访中发 ...

2026年1月，全球贵金属市场步入震荡上行的史诗级阶段，1月24日，国际金价站稳4950美元/盎司上方，国内品牌金饰价格直逼1550元/克。 一、国内黄金终端报价 受国际盘面强劲拉升影响，国内黄金零售市场迎来剧烈波动，1月24日，主流珠宝品牌报价普遍上调，单日涨幅多在40元至53元之间，周大福、金至尊、周 大生、潮宏基及谢瑞麟等头部品牌金价均报1542元/克；周生生报出1545元/克的高位，老庙黄金涨势最为迅猛，单日上调52元，挂牌价达1548元/克。 水贝批发市场的实时报价为1264元/克，维持着较高的性价比，传统黄金零售端如菜百首饰报价为1485元/克，中国黄金与老凤祥维持在1538元/克。 金价在短时间内连续突破关键压力位，国内基础金价已站稳1111元/克，回收价格亦随之浮动至1092元/克附近，终端市场的集体跳涨，反映了原料成本激增 对消费端的直接传导。 二、国际金属市场 铂金（XPT）与钯金（XPD）亦录得不同程度上涨，分别报价2637.80美元和1906.47美元，市场分析指出，黄金作为避险资产的"领头羊"，其价格重心不断 上移，带动了整个金属板块的估值修复。 国际贵金属全线走强，黄金（XAU）在 ...

记者丨 黄子潇 编辑丨孙超逸 自去年黄金价格一路飙升，"黄金租赁走热""年轻人流行租三金"等话题开始出现。 1月22日，格陵兰岛局势缓和，金价出现小幅回调。但截至发稿，伦敦金仍位于4800美元关口之上，周 大福、周生生等品牌金逼近1500元每克，水贝金饰报价1236元每克，投资金报价1104元每克。金价整体 相较2025年年中仍有近50%的涨幅，处于历史高位。 截至22日北京时间21:38 表面上看，"金价飙升→压制金饰零售需求→金饰租赁走热"的逻辑看似合理。21世纪经济报道记者近日 实地走访水贝，了解到的情况有所不同。 多名受访人士表示，走热的说法或言过其实，且市场仍存在诸多待解痛点。 两类不同客群 从市场现状来看，黄金首饰租赁业务并未形成规模。 21世纪经济报道记者实地走访水贝多个卖场，并未找到经营金饰租赁的档口；若通过地图APP检索"黄 金租赁"等关键词，水贝周边仅可搜到一家专营金饰租赁的公司，名为租珠侠黄金珠宝租赁， 地址显示 为水贝国际珠宝交易中心楼上。 记者实地探访发现，租珠侠的店面并不在水贝卖场内，而位于旁边一栋公寓的20楼，大门常闭。 觅上APP可正常下载，工商登记信息亦正常。 上述四个平台均 ...

Core Viewpoint - The article discusses the rising trend of gold leasing and the popularity of renting gold jewelry among young consumers, despite the overall market still facing challenges and not being fully developed [1][4][14]. Market Overview - As of January 22, gold prices remain high, with London gold above $4,800 and local brands like Chow Tai Fook and Chow Sang Sang nearing 1,500 RMB per gram, reflecting a nearly 50% increase compared to mid-2025 [1][4]. - The gold jewelry leasing business has not yet formed a significant scale, with limited availability of rental services in key markets like Shui Bei [6][7]. Consumer Behavior - Young consumers aged 18 to 34 contribute over one-third of gold jewelry sales, indicating a shift in consumer demographics towards the "Z generation" [13]. - The rental model is perceived as a service similar to renting wedding dresses, rather than a direct alternative to purchasing gold [9][14]. Industry Challenges - The gold leasing market is still immature, facing issues such as the risk of damage to jewelry during rental, which can lead to customer complaints [14]. - Legal risks exist, as businesses must ensure their operating licenses explicitly include "gold and silver jewelry leasing" to avoid regulatory issues [14]. Company Insights - Companies like Rent Pearl Hero and Luxury Enjoy have emerged in the gold leasing space, but some have shifted focus away from leasing to other business models, such as gold recycling [10][14]. - Rent Pearl Hero operates primarily online, with a small physical presence, and offers rental prices ranging from 20 to 50 RMB per gram for a seven-day period [9][10].

Group 1: Hedging Business Overview - The purpose of the hedging business is to mitigate the adverse effects of commodity price fluctuations on the company's operations and to enhance risk management capabilities [2][3] - The hedging scale includes a maximum exposure limit for smelting and trading enterprises, with specific percentages for copper and zinc at 25%, and gold and silver at 50% [2] - The company will utilize its own funds for hedging activities, without involving raised funds [4] Group 2: Transaction Details - The types of hedging transactions include commodity hedging and foreign exchange hedging, utilizing various financial instruments such as forwards, swaps, options, and interest rate swaps [5] - Transactions will occur on domestic exchanges like the Shanghai Stock Exchange and Shenzhen Stock Exchange, as well as through reputable financial institutions for over-the-counter transactions [6] Group 3: Implementation and Authorization - The implementation of the hedging business will be managed by the company and its subsidiaries, with a validity period of 12 months from the board's approval [7][8] - The board approved the hedging business at a meeting on January 14, 2026, authorizing the financial committee to manage the hedging activities [9] Group 4: Impact on the Company - The hedging activities are deemed necessary and feasible to effectively avoid the impact of price fluctuations on the company's performance, aligning with the interests of the company and its shareholders [16]

Core Viewpoint - The rapid increase in international gold prices, surpassing $4,600, has significantly impacted the Shenzhen Shui Bei gold market, leading to operational pressures for merchants due to reduced consumer demand and new tax regulations [3][4]. Group 1: Market Dynamics - The Shui Bei market, once known for its price advantages, is now facing challenges from high gold prices and compliance with tax regulations, prompting a shift towards a new operational model based on trust and informal transactions [3][4]. - A unified pricing system has been implemented in the market, merging the previously distinct prices for "investment gold" and "jewelry gold" into a single "gold" price, reflecting a restructuring of the pricing mechanism due to tax reforms [4][7]. - Merchants report that the new unified price corresponds to the previous "jewelry gold" price, making it difficult for investment-focused consumers to find price advantages through public channels [7][9]. Group 2: Consumer Behavior and New Trends - The market has seen a rise in gold wedding jewelry rental services, catering to budget-sensitive younger consumers, with bookings extending into February 2026 [14][16]. - Investment silver bars have gained popularity as an alternative, with merchants increasingly displaying them prominently, indicating a shift in consumer interest from gold to silver [17][18]. - The current market environment has led to a decrease in retail profits, with some merchants reporting a revenue decline of 20-30% despite rising gold prices, prompting them to explore new business models [15][10].

Core Insights - Gold prices have risen over 50% this year, potentially marking the strongest annual increase since 1979, but volatility has also increased as gold experiences sell-offs alongside risk assets like U.S. stocks and Bitcoin [1] - The correlation between gold futures and the S&P 500 has turned positive since October, indicating a synchronized movement in their prices [1] - The rise in gold prices has led to increased interest in gold leasing, with wealthy individual investors and family offices looking to rent out their idle gold bars for interest income [1][3] Gold Leasing Market - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, indicating a significant shift in market dynamics [3] - Gold leasing allows investors to rent out their gold holdings to businesses, earning interest paid in gold rather than cash, which is similar to a loan structure [3] - The appeal of gold leasing lies in its ability to provide returns to investors while allowing businesses to access gold without the risk of price fluctuations [4] Industry Demand and Trends - Demand for gold leasing among jewelry manufacturers has doubled in the past four months, as they seek alternative financing methods due to rising gold prices [5] - High-net-worth investors are increasingly looking for ways to generate income from their gold holdings, with some earning around 3.8% returns through leasing [5] - The traditional players in gold leasing have been central banks and large bullion banks, but now high-net-worth individuals and family offices are entering the market [5] Risks and Considerations - Gold leasing carries counterparty and operational risks that are not present with simple gold ownership, as there is a risk of borrower default [6] - The World Gold Council has highlighted the importance of assessing the creditworthiness of borrowing entities before engaging in gold leasing [6] - Despite the use of technology and security measures to mitigate risks, experts warn that it is impossible to eliminate all risks associated with gold leasing [6]

Core Viewpoint - Gold prices have surged over 50% this year, potentially marking the strongest annual increase since 1979, but increased volatility has made short-term predictions challenging [1] Group 1: Market Dynamics - The correlation between gold futures and the S&P 500 index has turned positive since October, indicating a synchronized movement between gold and risk assets like U.S. stocks and Bitcoin [1] - Gold leasing has gained traction as investors seek to generate returns from their idle gold bars, with SafeGold reporting an increase in leasing volume from $2 million to $40 million since the beginning of the year [2] Group 2: Gold Leasing Business - Gold leasing allows investors to rent out their gold holdings to businesses, earning interest paid in gold rather than cash, which appeals to both investors and jewelers [2][3] - SafeGold offers guaranteed leasing rates of 2% for secured leases and 4% for unsecured leases, down from earlier rates of 3% and 5% [3] Group 3: Industry Insights - Industry experts highlight that gold leasing provides a way for jewelers to obtain necessary gold while mitigating price volatility risks, as they can return the same amount of gold rather than cash [3][4] - High-net-worth individuals and family offices are increasingly participating in gold leasing, a shift from traditional players like central banks and large bullion banks [4] Group 4: Risks and Considerations - Despite the benefits, gold leasing carries counterparty and operational risks, including the potential for borrower default [5] - Companies in the gold leasing space are implementing measures such as insurance and real-time inventory tracking to mitigate risks, but complete risk elimination is not feasible [5]