Core Viewpoint - The article discusses the mixed performance of A-shares, highlighting the significant rise in precious metals and the active performance of the chemical and real estate sectors amid ongoing market fluctuations and geopolitical tensions [2][5][14]. Group 1: Precious Metals - COMEX gold prices increased by 2.94%, reaching $4730.41 per ounce, while silver surged by 6.93% to $94.67 per ounce, both marking historical highs [3]. - The increase in gold ETF holdings by 28 tons last week represents the largest weekly gain since September, indicating heightened investor interest in gold as a safe haven [5]. - Analysts predict that gold prices could reach $5000 per ounce within three months, with silver potentially hitting $100 per ounce, driven by rising risk aversion and weakening dollar confidence [5]. Group 2: Chemical Sector - The chemical sector saw a collective rise, with companies like Hongbaoli and Shandong Heda hitting their daily price limits [8]. - Recent price increases in key chemical products, such as a 7.9% weekly rise in epoxy propane, are attributed to supply-side improvements and regulatory changes promoting zero-carbon factory construction [10]. - The industry is expected to benefit from a reduction in supply due to the elimination of outdated capacities and increased demand driven by national policies aimed at expanding domestic consumption [10]. Group 3: Real Estate Sector - The real estate sector showed resilience with stocks like Dayuecheng and Chengtou Holdings reaching their daily price limits, while I Love My Home rose over 7% [12]. - Recent policy changes, including a reduction in the minimum down payment for commercial housing loans to 30%, aim to adapt to new market dynamics and support the development of the real estate sector [14]. - Analysts believe that the real estate market has undergone significant adjustments, and with recent government support, the sector is poised for a positive turnaround, making it an attractive investment opportunity [14].

具体走势上，金价自亚市高开于4615.41美元/盎司，先行录得日内低点4615.08美元，之后反弹拉升，触 及日内高点4689.23美元，半小时内即出高低点，在之后，多头动力有所减弱，并维持基本维持在4655- 4677区间内持续盘整，一直到日收盘，收于4671.91美元，相对于上周五收盘价4594.07美元，周振幅 95.16美元，收涨77.84美元，涨幅1.69%。 展望今日周二(1月20日)：国际黄金开盘走势有所偏弱，面临阻力调整需求，和日内短周期的背离形 态，以及美元指数早盘的止跌走强压力，但多头仍具优势和前景。短期如有进一步回撤，下方关注各周 期的均线支撑，也都是入场看涨机会。 日内无重点关注数据及事件，市场将继续消化地缘局势和即将展开的瑞士达沃斯举行的世界经济论坛， 还将进行震荡调整或再度走强。因而操作上，还是低多为主，短空为辅。 上交易日周一(1月19日)：国际黄金受特朗普在格陵兰岛争端中对多个欧洲国家发出加征关税警告所激 发的避险需求推动，高开高走，再度收阳，维持多头看涨前景，但目前走势触及上升趋势线压力附近， 也有短线回落调整的需求，不过，如有回撤调整，下方各短周期均线支撑，也是再度入场看涨 ...

Group 1 - International precious metal prices have surged significantly in 2026, with gold prices increasing by over 8% and silver prices by more than 30% within the year [1] - On January 20, 2026, spot gold prices surpassed $4700 per ounce, reaching a new historical high due to tensions in Greenland [1] - Domestic gold jewelry prices have also risen, with brands like Chow Tai Fook and Chow Sang Sang reporting prices exceeding 1450 RMB per gram, approaching the 1500 RMB per gram mark [1] Group 2 - The primary driver of the current price surge is attributed to increased demand for safe-haven assets, influenced by geopolitical tensions and trade uncertainties [3] - U.S. President Trump's announcement of a 10% tariff on Denmark and other European countries, with plans to increase it to 25%, has heightened market concerns regarding international trade [3] - Additionally, renewed military actions in the Middle East have further fueled safe-haven investment in gold [3]

摘要周二(1月20日)亚市尾盘，现货黄金历史首次突破前高，站上4700美元/盎司，新年首月累计涨幅 8.8%，单月暴涨超380美元；纽约期金此前亦同步站上该关口，双双创历史新高。与此同时，现货白银 早盘一度触及94.7295美元/盎司的历史峰值，随后小幅回落。 周二(1月20日)亚市尾盘，现货黄金历史首次突破前高，站上4700美元/盎司，新年首月累计涨幅8.8%， 单月暴涨超380美元；纽约期金此前亦同步站上该关口，双双创历史新高。与此同时，现货白银早盘一 度触及94.7295美元/盎司的历史峰值，随后小幅回落。 【要闻速递】 市场正等待欧洲对特朗普威胁对八个反对其格陵兰岛野心的欧洲国家加征关税的回应。美国对北约盟国 的威胁扰乱市场，提振避险需求，重振"抛售美国"交易。UBP外汇策略主管Peter Kinsella称，已进入"大 国资源民族主义时代"，黄金上涨轨迹明确。 危机因美国控制委内瑞拉领导人升级，叠加特朗普对美联储的新攻击(如解雇理事库克争议)，进一步推 升金银价格，因市场担忧美联储独立性。盛宝银行策略师Ole Hansen指出，格陵兰岛事件为数月涨势注 入新动力，宏观与地缘背景让依赖金融资产的投资者 ...

短期内，金银价格的核心驱动力已明确转向地缘政治局势的演变。格陵兰岛争端引发的欧美贸易对抗若 进一步升级，将成为推动COMEX金价直接测试4800美元/盎司附近、COMEX银价挑战100美元/盎司附 近的关键催化剂。操作上，建议将黄金视为核心避险底仓持有，而白银作为高弹性的进攻性头寸，需警 惕其高波动性，适合风险偏好较高的投资者短线参与。 分析师：顾冯达 从业资格号：F0262502 周一晚间，金银价格在多重风险因素的共振下强势突破，再创历史新高。纽约黄金主力合约上涨 1.64%，报4676.7美元/盎司；沪金主力合约上涨1.35%，收于1053.46元/克。白银表现更为亮眼，纽约白 银主力合约大涨4.83%，报94.28美元/盎司；沪银主力合约跟涨5.88%，收于23565元/千克。 周一晚间，美元指数收跌。本轮金银上涨的驱动力已从前期的宏观预期，进一步聚焦于急剧升温的地缘 政治与经济冲突。消息面上，特朗普就格陵兰岛问题对多个欧洲盟国发出的关税威胁，不仅将地缘角力 从言辞推向实际经济对抗，更令跨大西洋关系骤然紧张，极大地刺激了全球性避险需求。同时，美联储 主席鲍威尔出席最高法院听证会的事件，持续引发市场对美联 ...

Core Viewpoint - Gold prices have surged over 1.5% this week, approaching a historical high of $4700 per ounce, driven by geopolitical uncertainties and increased demand for safe-haven assets [1][2]. Group 1: Geopolitical Factors - The U.S. government is considering reinstating tariffs on European countries, particularly Denmark and Sweden, which oppose the acquisition of Greenland, with tariffs starting at 10% on February 1 and potentially rising to 25% in June [1]. - European nations have rejected the tariff threats, emphasizing that Greenland is "not a negotiable commodity," warning that such actions could lead to trade retaliation and damage U.S.-EU relations [2]. Group 2: Market Sentiment and Demand - The uncertainty surrounding trade negotiations has increased demand for gold as a hedge, with the U.S. dollar index falling from 99.4 to around 99.05, indicating a weakening dollar [2]. - The CNN Fear and Greed Index is currently at 62, indicating a "greed" sentiment, but the curve is flattening, suggesting rising hesitation in the market [2]. Group 3: Technical Analysis of Gold Prices - The current trend for gold remains bullish, characterized by a pattern of higher highs and higher lows, with no clear technical signals indicating an imminent reversal [3]. - The Relative Strength Index (RSI) is in the overbought zone around 70, showing signs of potential short-term correction, while the MACD histogram indicates a balance between buying and selling pressures [3]. - Key price levels to watch include $4700 as a psychological resistance, with $4538 serving as a support level, and $4333 aligning with the 50-period simple moving average as a critical support point [3].

●FPG最新市场脱水消息： 1. 当地时间1月17日，美国总统特朗普在其社交平台"真实社交"上表示，自2026年2月1日起，丹麦、挪 威、瑞典、法国、德国、英国、荷兰和芬兰出口至美国的所有商品加征10%的关税。自2026年6月1日 起，关税税率将提高至25%。特朗普表示，这一关税措施将持续实施，直至就"完全、彻底购买格陵兰 岛"达成协议。 2. 美国彭博社称，特朗普此举引发市场对欧洲可能采取报复措施的担忧，并可能导致一场大规模贸易 战，担忧情绪推动贵金属的避险需求升温。 | 黄金 (XAUUSD) | | | --- | --- | | 日内方向 | 日图 K 线呈现: 偏多 | | 阻力 | 4680 4697 4710 | | 支撑 | 4636 461 6 4658 | | 动能 | 动力强（实时变化）全品种量化周期大于 3年、参考价值≥67.1% | | 欧元兑美元(EURUSD) | | | | | --- | --- | --- | --- | | 日内方向 | 日图 K 线呈现: 偏多 | | | | 1.1646 阻力 | | 1.1660 | 1.1673 | | 1.1630 支撑 | | ...

1. Report Industry Investment Rating - The investment rating for the precious metals in the non - ferrous and precious metals sector is "volatile and bullish" [1] 2. Core View - The precious metals market is affected by multiple factors such as geopolitical and economic uncertainties, and the short - term fluctuations of precious metals are intensifying. It is recommended that long - position holders continue to hold their positions while controlling risks [1][2] 3. Summary According to Related Contents Market Performance - COMEX gold futures rose 1.77% to $4676.70 per ounce, COMEX silver futures rose 6.49% to $94.28 per ounce. Shanghai gold rose 1.35% to 1053.46 yuan per gram, and Shanghai silver rose 5.88% to 23565.0 yuan per kilogram [1] Important Information - As of January 19, the holdings of the world's largest gold ETF - SPDR Gold Trust remained unchanged from the previous day at 1085.67 tons, and the holdings of the world's largest silver ETF - iShares Silver Trust also remained unchanged at 16073.06 tons [1] - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in January is 5%, and the probability of keeping interest rates unchanged is 95%. By March, the probability of a cumulative 25 - basis - point rate cut is 20.7%, the probability of keeping interest rates unchanged is 78.4%, and the probability of a cumulative 50 - basis - point rate cut is 0.9% [1] - On Monday, Trump threatened to impose tariffs on Europe, causing investors to turn to safe - haven currencies such as the Swiss franc. The US dollar index was under pressure during the day and finally closed down 0.33% at 99.05 [1] - Fed Chairman Powell will attend the Supreme Court hearing on Fed Governor Cook [1] - Japanese Prime Minister Kōichi Masuda will dissolve the House of Representatives on January 23 and hold a general election on February 8 [1] - China's GDP in 2025 was 140.1879 trillion yuan, a year - on - year increase of 5.0% [1] Market Logic - The latest data shows that the possibility of the Fed cutting interest rates in January is almost zero, and the market generally expects the first rate cut this year to be in June [1] - On January 16, the Shanghai Futures Exchange announced an adjustment to the trading limits of relevant silver futures contracts starting from January 20 [1] - After the tension between the US and Iran, the dispute between the US and Europe over Greenland has continued to intensify recently. Continuous geopolitical and economic uncertainties have driven up the demand for safe - havens and increased the attractiveness of gold and silver as safe - haven assets [1] Trading Strategy - The short - term fluctuations of precious metals are intensifying. Long - position holders should continue to hold their positions and pay attention to risk control [2]

Core Viewpoint - The global monetary easing cycle is expected to continue into 2026, supporting a strong outlook for gold due to reserve demand, safe-haven demand, and allocation demand [1]. Monetary Policy Easing - The monetary easing cycle includes both monetary and fiscal policies, with the Federal Reserve likely to implement and extend easing measures in 2025 and 2026, including interest rate cuts and balance sheet expansion [3]. - Weak non-farm data and lack of inflation rebound in the U.S. will prompt the Fed to initiate a new round of interest rate cuts, which will lower the opportunity cost of holding gold [3]. Reserve Demand - The restructuring of the global monetary order continues, with major central banks increasing gold reserves to hedge against potential credit crises [4]. - The ongoing monetary easing by central banks creates excess liquidity, benefiting gold as a monetary asset [4]. Safe-Haven Demand - The upcoming U.S. midterm elections in 2026 and ongoing global political uncertainties will sustain strong safe-haven demand for gold as investors seek to hedge risks [5]. - The likelihood of continued tension in global trade relations and a multipolar political landscape will further support gold's appeal [5]. Allocation Demand - Strong allocation demand for gold persists, with significant capital inflows into the market, as gold serves as a foundational asset for optimizing portfolios and hedging risks [6]. - Global gold ETF holdings are nearing historical highs, indicating robust demand for gold as a hedge against market volatility [6]. Bull Market Outlook - The combination of monetary easing, safe-haven demand, reserve demand, and allocation demand suggests that the gold bull market may not be over [7]. - There is a high possibility of gold prices rising further, with potential for increased volatility, especially if the U.S. economy remains weak and the Fed continues its easing policies [8].

纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价19日上涨1.77%，收于每盎司4676.7美元 ／盎司。 周末地缘政治紧张局势再度升温，为贵金属价格注入新的动力，避险需求推动黄金和白银价格分别创下 历史新高，突破每盎司4690美元和94美元。 黄金对关税新闻的强烈反应凸显了市场情绪已从单纯关注增长或通胀转向将政策不确定性作为主要驱动 因素。市场分析人士预计本周贵金属市场将出现显著波动，动荡的经济环境可能进一步增强黄金、白银 的避险吸引力。 世界经济论坛最新报告指出，由于全球经济领导人将地缘经济对抗视为今年的首要风险，其次是国家间 冲突、极端天气、社会两极分化以及虚假信息和错误信息，贵金属价格或将保持强劲上涨势头。 当天3月交割的白银期货价格上涨6.49%，收于每盎司94.28美元。 美国总统特朗普17日在社交媒体上宣布，将从2月1日起对来自丹麦、挪威、瑞典、法国、德国、英国、 荷兰和芬兰的输美商品加征10%关税，并宣称加征关税的税率将从6月1日起提高至25%，直到相关方就 美国"全面、彻底购买格陵兰岛"达成协议。此举引发市场对跨大西洋贸易关系的担忧，推动买入贵金属 的避险需求升温。 特朗普在社交 ...