贵金属市场剧烈波动是核心驱动因素。2月5日，比特币暴跌引发避险资产重估，黄金白银同步下挫；2 月6日至7日，美伊核谈判出现突破性进展，缓解地缘紧张，推动资金回流风险资产，贵金属板块大幅反 弹；2月9日，金价收复5000美元关口，进一步提振矿业股。此外，美股大盘波动加剧，道指与纳指分 化，科技股资本支出计划引发市场担忧。 机构观点 机构对科尔黛伦矿业维持积极展望。截至2026年2月，7家机构目标均价25.14美元，较当前价有上行空 间；86%机构给予买入或增持评级。盈利预测显示，2025年季度每股收益同比增幅显著，如第二季度预 测增长2100%，反映市场对贵金属价格及公司运营改善的预期。 以上内容基于公开资料整理，不构成投资建议。 经济观察网科尔黛伦矿业(CDE.N)近7天股价波动显著，受贵金属市场及全球风险情绪影响。2月5日， 贵金属板块集体回调，该股跌超7%；2月6日股价反弹，单日涨幅达12.19%；2月7日随美股暴力反弹， 涨超12%；2月9日继续上涨7.42%，受黄金价格回升提振；2月10日小幅回调0.83%。区间(2月5日至10 日)累计涨幅10.07%，振幅21.11%，成交活跃。 近期事件 ...

Core Viewpoint - The increasing volatility in the precious metals market has led investors to refocus on gold as a traditional safe-haven investment, with rising gold prices and structural issues in physical gold investment becoming apparent [1][22]. Group 1: Rising Physical Gold Prices - Physical gold prices have significantly increased, with current prices for gold jewelry at approximately 1566 CNY per gram, investment gold at 1375 CNY per gram, and gold bars/coins at 1335 CNY per gram, reflecting a notable rise compared to previous years [3]. - Additional costs associated with physical gold include processing fees and brand premiums, particularly in jewelry, where prices exceed the raw material value [3]. - Storage and insurance costs for physical gold have also increased, adding to the long-term holding expenses [4]. - The trading of physical gold is less convenient, requiring transactions through physical stores or strict verification processes, resulting in lower liquidity [5]. - Some jewelry brands are planning to raise gold product prices by 15% to 30% in spring 2026, further increasing the investment threshold for physical gold [6]. Group 2: Advantages of Spot Gold - Spot gold trading is gaining popularity among investors due to its lower entry costs and higher liquidity compared to physical gold [8]. - Spot gold transactions do not involve processing fees, brand premiums, or storage costs, allowing investors to participate at prices closer to market rates [8]. - The real-time price transparency of spot gold, influenced by global supply and demand, allows investors to make informed decisions without being limited by local market quotes [9]. - Spot gold investments facilitate easier diversification into other precious metals like silver and platinum, enabling more flexible asset allocation [10][11]. - From a portfolio perspective, spot gold is increasingly viewed as a core asset in the current market environment, beyond just a safe-haven tool [12]. Group 3: Institutional Outlook on Gold - International institutions remain optimistic about the long-term outlook for gold, with firms like JPMorgan raising their gold price forecasts, projecting a target price of $6300 per ounce by the end of 2026 [13]. - Key factors driving this bullish sentiment include central banks increasing gold reserves as part of diversification strategies, rising global risk aversion, and a weaker dollar alongside declining real interest rates [14]. Group 4: Importance of Choosing a Reputable Investment Platform - Selecting a compliant and transparent gold investment platform is crucial for ensuring a positive investment experience and safeguarding funds [15]. - A reputable platform guarantees transparent trading costs, rapid order execution, and robust risk management practices [15][16]. - In a volatile trading environment, the platform's regulatory credentials and technical capabilities significantly impact trading efficiency and fund security [16]. Group 5: Tianyu International as a Reliable Platform - Tianyu International is recognized for its compliance and service capabilities, holding a Class AA membership with the Hong Kong Gold Exchange, ensuring strict regulatory oversight [17]. - The platform offers independent fund custody by third-party banks and transparent pricing, enhancing investor security and information clarity [18]. - Tianyu International supports a diverse range of precious metal transactions, including spot gold and silver, suitable for portfolio diversification [19]. - The platform provides intelligent analysis support, helping investors navigate market changes effectively [20]. - With T+0 instant trading capabilities, Tianyu International enhances trading flexibility for investors looking to participate in the anticipated gold bull market [21]. Group 6: Conclusion on Gold Investment Evolution - While physical gold retains cultural and consumer value, its investment flexibility is diminishing due to rising prices and accumulating costs [22]. - In contrast, modern investment methods like spot gold are becoming mainstream due to their low costs, high liquidity, and transparent pricing [22]. - Understanding the differences in gold investment paths and choosing a compliant, professional platform will be key for investors looking to allocate precious metal assets effectively in the future [22].

Group 1 - The core viewpoint is that gold prices are experiencing a rebound, supported by macroeconomic data and ongoing trends in de-dollarization and central bank gold purchases [1][2] - In January, both the ISM manufacturing and services PMIs in the U.S. exceeded expectations, indicating a recovery, although employment data showed signs of weakness with ADP employment numbers falling short and JOLTs job openings declining [1] - The People's Bank of China has increased its gold reserves for the 15th consecutive month, and there has been a significant single-day increase in global large silver ETFs, indicating a strategic shift towards precious metals by sovereign and institutional funds [1] Group 2 - The long-term trend for gold remains strong, driven by monetary expansion and challenges to the U.S. dollar credit system, alongside increasing demand for gold as a safe asset due to global geopolitical instability [2] - The logic supporting gold prices includes the Federal Reserve's potential interest rate cuts, heightened overseas uncertainties, and the ongoing trend of de-dollarization, which may position gold as a new pricing anchor [2] - Investors are encouraged to monitor investment opportunities in gold ETFs, specifically the Cathay Gold ETF (518800) and the Gold Stock ETF (517400) [2]

短期来看，美元兑瑞郎大概率维持震荡下行的弱势格局。虽然技术指标显示汇价处于超卖区域，存在技 术性反弹的需求，但大趋势的逆转尚需时日。投资者需密切关注瑞士央行的干预动态以及美国关键数据 的指引。在历史性的低点面前，市场情绪极度敏感，任何风吹草动都可能引发剧烈波动。对于交易者而 言，当前局势下，"顺势而为"或许是最为明智的选择，切勿盲目抄底，以免陷入"接飞刀"的困境。 2026年2月11日，外汇市场风云突变，美元兑瑞士法郎(USD/CHF)延续断崖式下跌，盘中一度重挫近 1%，最低触及0.7660水平，创下2011年以来的15年历史新低。截至发稿，汇价徘徊在0.7665附近，市场 情绪被避险资金的单向涌入与美瑞货币政策的巨大背离彻底点燃。这一历史性低点不仅标志着瑞郎的极 度强势，更折射出全球资本在不确定性加剧背景下，对传统避险资产的疯狂追逐。 反观美元，可谓内忧外患。美联储内部关于降息节奏的分歧日益加剧，部分官员甚至面临法律诉讼威 胁，央行独立性遭受质疑，严重打击了市场信心。美元指数整体呈现疲软态势，兑一篮子货币持续走 低。对于美元多头而言，唯一的救命稻草便是即将公布的美国经济数据。若非农就业数据能超预期强 劲， ...

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价10日下跌36.3美元，收于每盎司5047.0美 元，跌幅为0.71%。 近期价格反弹后，短期交易者获利回吐，拖累当天黄金和白银价格走低。同时，在11日美国非农就业报 告和13日的通胀数据公布前，谨慎情绪也促使贵金属市场出现一些仓位调整。 虽然近期贵金属价格的大幅震荡令市场对其是否还能继续作为避险资产的属性产生担忧，但瑞银认为这 种担忧有些过头。该机构表示，即使经历了近期波动，黄金2026年迄今仍上涨了约16%，一直是地缘政 治不确定性的主要受益者。瑞银预计这种不确定性还将持续，同时 ...

当天3月交割的白银期货价格下跌247美分，收于每盎司80.580美元，跌幅为2.97%。 （文章来源：新华财经） 新华财经纽约2月10日电（记者徐静） 纽约商品交易所黄金期货市场交投最活跃的2026年4月黄金期价 10日下跌36.3美元，收于每盎司5047.0美元，跌幅为0.71%。 近期价格反弹后，短期交易者获利回吐，拖累当天黄金和白银价格走低。同时，在11日美国非农就业报 告和13日的通胀数据公布前，谨慎情绪也促使贵金属市场出现一些仓位调整。 虽然近期贵金属价格的大幅震荡令市场对其是否还能继续作为避险资产的属性产生担忧，但瑞银认为这 种担忧有些过头。该机构表示，即使经历了近期波动，黄金2026年迄今仍上涨了约16%，一直是地缘政 治不确定性的主要受益者。瑞银预计这种不确定性还将持续，同时美联储政策不会终结黄金的上涨行 情，预测黄金价格将在年底达到每盎司5900美元左右。 ...

Group 1 - The bond market has recently shown signs of structural recovery, with the 10-year government bond yield falling below the critical level of 1.8%, attracting market attention [1] - Multiple macro-financial variables have positively changed, supporting the recovery of the bond market, including a significant drop in short-term liquidity rates and stable insurance fund allocations [2] - The bond market's overall performance has remained stable despite fluctuations in other asset classes, indicating a return to its safe-haven asset characteristics [3] Group 2 - There is a growing divergence in opinions regarding the future downward potential of bond yields, with some institutions believing that current yield levels have already priced in rate cut expectations [4] - The support for bond yields has weakened as they approach the 1.8% mark, with the market's focus shifting to whether policy rates will be adjusted downwards [5] - Despite the upcoming holiday and potential market uncertainties, there remains a demand for holding bonds, although caution is advised due to the volatility and supply pressures expected post-holiday [6]

今天，黄金市场再次成为焦点。 2026年2月9日，国内金价强势上涨，现货黄金价格突破1116元/克，单日涨幅达到2.02%，而上海期货交易所的沪金主力合 约更是飙升3.88%。 这种涨势背后，是地缘政治紧张情绪的集中释放。 但与此同时，国际市场上的伦敦现货黄金价格却下跌了0.65%，形成鲜明对比。 市场 参与者正在密切关注明天的行情会如何演变。 当天的价格数据显示，国内黄金市场表现强劲。 上海黄金交易所的现货黄金价格在交易中持续走高，最终收于1116元/克附近。 沪金主力合约同样表现抢 眼，收盘时涨幅接近4%。 这些数字反映了国内资金对黄金的强烈兴趣。 相比之下，伦敦金属交易所的现货黄金价格小幅下跌，报收于4995美元/盎司左 右。 这种分化现象引起了分析师的注意。 地缘政治消息成为推动金价上涨的直接因素。 美国总统特朗普在社交媒体上发表关于贸易政策的言论，加剧了市场对国际关系紧张的担忧。 同时，欧洲议 会决定暂缓批准欧美贸易协议，这些事件都刺激了避险资金的流入。 世界黄金协会在近期报告中指出，黄金已成为市场首选的避险资产，特别是在不确定 性加大的环境中。 资金流向方面，黄金ETF出现了明显的资金流入。 截至 ...

需求方面也值得关注。中国人民银行在一月份连续第15个月继续购买黄金，这一持续行为反映了在全球经济不确定性背景下，主要经济体对黄金的稳定需 求。 交易者目前保持谨慎态度，不愿在重要经济数据发布前做出激进的方向性押注。本周市场将关注多项美国经济数据，包括周二的月度零售销售数据、周三的 非农就业报告以及周五的消费者通胀数据。这些数据的表现将为美联储未来的政策路径提供更多线索，进而影响美元走势和黄金价格。 黄金市场在近期呈现出明显的震荡格局。在周二欧洲交易时段，黄金价格小幅回落至5000美元心理关口下方，回吐了早前部分涨幅。这一波动反映了市场情 绪的复杂变化，多种因素正在影响贵金属的走势。 日本提前大选的结果消除了政治不确定性，为市场带来了一定稳定因素。与此同时，中东紧张局势出现缓解迹象，美国与伊朗关于核计划的间接谈判在周五 结束后，双方达成了维持外交路径的广泛协议。这些进展缓解了市场对地缘冲突的担忧，增强了投资者的风险偏好，从而对作为避险资产的黄金构成了一定 压力。 另一方面，货币政策预期正在为黄金提供支撑。市场目前预计美联储将在2026年至少实施两次25个基点的降息，首次降息可能在六月进行。这种预期使美元 汇率徘 ...

2026年2月10日，美元兑瑞士法郎(USD/CHF)延续断崖式下跌，亚洲交易时段一度重挫近1%，最低触及 0.7660水平，创下2011年以来的15年历史新低。截至发稿，汇价徘徊在0.7665附近，市场情绪被避险资 金的单向涌入与美瑞货币政策的巨大背离彻底点燃。这一历史性低点不仅标志着瑞郎的极度强势，更折 射出全球资本在不确定性加剧背景下，对传统避险资产的疯狂追逐。 尽管当前空头气势如虹，但投资者仍需警惕短期的剧烈波动。本周即将发布的美国1月非农就业数据和 CPI数据，将成为短期博弈的焦点，任何超预期的表现都可能引发美元的短线反弹，带动汇价回抽上方 阻力位0.7750-0.7770区域。此外，瑞士央行虽乐见瑞郎走强，但若汇率过快升值严重威胁出口竞争力， 不排除其会通过口头干预甚至入市操作来平抑波动。 美元兑瑞郎的这波历史性下跌，是全球宏观逻辑对汇率市场的直接映射。对于交易者而言，当前市场情 绪极度偏向瑞郎，顺势而为的空头思路虽占主流，但也需时刻警惕超卖后的技术修复与基本面消息的突 变。在0.76关口面临考验的关键时刻，严守风控、关注支撑位的有效性，将是应对这场"瑞郎风暴"的关 键策略。 从技术面来看，美元兑 ...