金银遭史诗级暴跌，上周五黄金单日跌9%、白银从120美元狂泻26%。周一早盘，现货黄金和白银一度 双双下跌超6%。但华尔街却异常淡定！核心原因有三：一是暴跌非恐慌性出逃，两大核心ETF交易量 未显恐慌，更多是芝商所三天两提保证金，倒逼投资者仓促平仓所致；二是短期扰动不改中期看涨，摩 根大通明确表态，黄金结构性上涨未崩，预测2026年底冲6300美元；三是需求支撑坚实，全球资产配置 多元化趋势未变，黄金仍是优质对冲工具。但需要提醒的是，机构虽然看好，但散户切忌追涨杀跌，更 别见跌就盲目抄底！这种极端波动下，抄底容易抄在"半山腰"，务必敬畏市场、理性观望！ ...

以下文章来源于36氪财经 ，作者黄绎达 张帆 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 随着金价的持续走高，波动与回调 带来的交易风险也将同步上升。 文 ｜ 黄绎达 编辑 ｜ 张帆 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 进入2026年以来，贵金属集体大幅走强，黄金则延续了自去年以来加速上涨的强势表现。截至1月30日，主要品种COMEX黄金、伦敦金、沪金的涨幅均 在20%左右，虽然短期的爆发力不及白银，但上涨的速度依然飞快。 从价格维度来看，金价上涨的直观感受更为强烈。以COMEX黄金为例，从2025年最后一个交易日报收4361美元/盎司开始，金价持续冲高，至1月29日盘 中创下5627美元/盎司的历史新高，短短1个月不到的时间，国际金价涨幅超过了1300美元/盎司。 回顾金价的历史走势，从2000美元/盎司上涨到3000美元/盎司耗时约1年零3个月，而从3000美元/盎司突破至4000美元/盎司仅用了不到7个月时间。由此可 见，金价在近两年的上涨节奏明显加快。 图：COMEX金近期走势；资料来源：wind，36氪 那么，驱动金价加速上涨的主要因素 ...

来源：金十数据 根据巴西B3交易所的数据，从年初至1月23日，外国投资者净买入巴西股票的总额达177亿雷亚尔（约 合33亿美元），已超过2025年全年总额的一半。南非股票则受益于大宗商品价格高企。矿业巨头Impala Platinum的股价自去年底以来上涨近40%。随着黄金及其他贵金属持续创下新高，投资者正买入股票以 期获取收益增长。 1月30日，据日经新闻，由于全球投资者对美国的政策不确定性及美元走弱感到警惕，巴西和南非等新 兴股票市场正获得提振。这种将资产配置从依赖华尔街股票向多元化转移的趋势，已延伸至黄金及其他 贵金属之外。新兴市场股票的上涨尤为显著，2025年，MSCI新兴市场指数五年来首次跑赢MSCI发达市 场指数。拉丁美洲、中东、非洲和东欧的主要股票指数也纷纷创下新高。 ...

Group 1 - The Hang Seng Gold ETF has been listed on the Hong Kong Stock Exchange, marking it as the first ETF in Hong Kong that allows physical gold redemption through banks [2] - The listing signifies an important new chapter for the Hong Kong financial market, driven by increasing demand from sovereign nations and investors for diversified reserves and asset allocation, with gold's value as a commodity, investment tool, and safe-haven asset further enhanced [2] - A cooperation agreement was signed between the Financial Services and the Treasury Bureau and the Shanghai Gold Exchange, establishing a solid foundation for the integration of Hong Kong's gold central clearing system with the mainland market [2] Group 2 - The market supervisor of the Hong Kong Stock Exchange noted that this is the first gold-themed ETF product listed in nearly a decade, with more precious metal-related products expected to be available for investors as additional gold-themed ETFs are launched [2] - The chairman of the Hong Kong Securities and Futures Commission expressed support for more innovations to expand market participation and enhance market resilience, emphasizing the use of cutting-edge tools like blockchain to prepare the Hong Kong market for the future [2]

gold.org Gold Demand Trends Q4 and Full Year 2025 Groundbreaking year for gold Demand volumes and the gold price both smash records Total gold demand in 2025, including OTC, exceeded 5,000t for the first time. Combined with the record-breaking run in the gold price – setting 53 new all- time highs during the year – this yielded an unprecedented value of US$555bn (+45% y/y). Heightened investment activity drove overall demand growth: global gold ETF holdings grew 801t – the second strongest year on record – ...

周三，国际现货黄金价格一路上扬，首次突破5300美元/盎司，周内已连破四个整百关口，本周累计涨超300美元，截至发稿又向上触及5310美元/盎司，日 内涨超2.5%。 当下持有黄金和白银的成本已升至历史峰值，但这丝毫未能阻挡投资者的买入步伐。 摩根士丹利本周表示，黄金或在今年下半年攀升至每盎司5700美元；高盛则将12月黄金目标价从此前的每盎司4900美元上调至5400美元。 以马克西米利安・莱顿（Maximilian Layton）为首的花旗银行分析师团队在周二的报告中称，白银的涨势由资本配置驱动，其表现"堪比'平方黄金'，或是打 了兴奋剂的黄金"。 价格回调不仅未引发市场对涨势终结的担忧，反而被视作逢低布局的良机。这一现象充分彰显了投资者的坚定信心，以及贵金属在长期风险管理中占据的核 心地位，同时也印证了投行对其给出的超高价格目标。 英国贵金属交易商GoldCore市场主管简・斯科尔斯（Jan Skoyles）表示："倘若你问任何人，要满足何种条件黄金才会突破每盎司5100美元、白银突破每盎 司100美元，更不用说110美元，大多数人或许都会认为需要发生金融大崩盘。" 斯科尔斯在接受《市场观察》采访时称： ...

公告显示，杭州精算家的主营业务聚焦企业服务数字化领域，依托自主研发智能财税产品等核心工具， 为中小微企业提供覆盖全流程的定制化财税服务。交易完成后，标的公司将成为上市公司控股子公司， 能够有效增强公司的核心竞争力，同时多元的资产配置可以降低上市公司的经营风险，从而增强上市公 司的持续经营能力。 智通财经APP讯，冠中生态(300948.SZ)公告，公司拟以支付现金方式，向杭州精算家人工智能技术有限 公司(简称"杭州精算家")的11名股东收购其合计持有的标的公司51%股权，转让价格为2.55亿元。交易 完成后，杭州精算家将成为公司的控股子公司，并纳入公司合并报表范围。 ...

公告显示，杭州精算家的主营业务聚焦企业服务数字化领域，依托自主研发智能财税产品等核心工具， 为中小微企业提供覆盖全流程的定制化财税服务。交易完成后，标的公司将成为上市公司控股子公司， 能够有效增强公司的核心竞争力，同时多元的资产配置可以降低上市公司的经营风险，从而增强上市公 司的持续经营能力。 冠中生态（300948）(300948.SZ)公告，公司拟以支付现金方式，向杭州精算家人工智能技术有限公司 (简称"杭州精算家")的11名股东收购其合计持有的标的公司51%股权，转让价格为2.55亿元。交易完成 后，杭州精算家将成为公司的控股子公司，并纳入公司合并报表范围。 ...

Report Overview - Report Title: Gold, Silver Futures Weekly Report [2] - Report Period: January 26 - 30, 2026 [1] 1. Gold Futures 1.1 Report Industry Investment Rating - Not provided 1.2 Core View - The overall trend of Shanghai Gold futures is in a strong upward phase, possibly at the end of the trend. Geopolitical risks and central bank gold purchases provide long - term support, but short - term risks of high - level corrections exist [7]. - It is recommended to wait and see in the medium term [8]. 1.3 Summary by Directory 1.3.1 Medium - term Market Analysis - Trend: The overall trend of Shanghai Gold futures is strongly rising, possibly at the end of the trend [7]. - Driving Factors: Last week's strong rise was driven by geopolitical conflicts, central bank gold purchases, a weak dollar, and interest - rate cut expectations [7]. - Support: Geopolitical risks and central bank gold purchases provide long - term support [7]. - Risks: Short - term risks include overbought technical indicators and policy uncertainties [7]. - Focus: Future attention should be on the Fed's policy path and global macroeconomic data [7]. - Strategy: It is recommended to wait and see [8]. 1.3.2 Variety Trading Strategy - Last Week's Strategy Review: For the Shanghai Gold contract 2604, it was recommended to be cautiously bullish in the short term, with a resistance level of 1045 - 1050 yuan/gram and a support level of 1020 - 1025 yuan/gram. It was advised to buy on dips and control positions due to high - level volatility [10]. - This Week's Strategy Suggestion: For the Shanghai Gold contract 2604, it is recommended to be cautiously bullish in the short term, with a support level of 1085 - 1095 yuan/gram. It is advised to buy on dips and control positions due to high - level volatility [11]. - Market Conditions: The daily line is in a strong upward phase, at a sensitive position in the head. There is a possibility of trend reversal. The main force shows a strong bullish sentiment, and there is a certain risk of a market turn [12]. 1.3.3 Relevant Data Situation - Data includes the price trends of Shanghai Gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the US dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai Gold basis, and the gold price difference between domestic and foreign markets [18][21][23][25][28] 2. Silver Futures 2.1 Report Industry Investment Rating - Not provided 2.2 Core View - The overall trend of Shanghai Silver futures is in a strong upward phase, currently at the end of the trend. Geopolitical risks, industrial supply - demand gaps, and market funds drive the price up. In the long - term, the price center has the basis to move up, but short - term correction risks exist [32]. - It is recommended to wait and see in the medium term [32]. 1.3 Summary by Directory 2.3.1 Medium - term Market Analysis - Trend: The overall trend of Shanghai Silver futures is strongly rising, currently at the end of the trend [32]. - Driving Factors: Last week's price increase was driven by geopolitical risks, industrial supply - demand gaps, and market funds [32]. - Support: In the long - term, the price center has the basis to move up due to the growth of green industry demand, continuous supply - demand gaps, and asset allocation diversification [32]. - Risks: Short - term risks include overbought technical indicators, ETF reductions, and policy uncertainties [32]. - Focus: Future attention should be on the Fed's policy and global manufacturing PMI [32]. - Strategy: It is recommended to wait and see [32]. 2.3.2 Variety Trading Strategy - Last Week's Strategy Review: The silver contract 2604 was trading at a high level, with a resistance level of 23,200 - 23,700 yuan and a support level of 21,000 - 21,500 yuan/kg. It was advised to buy on dips and control positions due to high - level volatility [35]. - This Week's Strategy Suggestion: The silver contract 2604 is trading at a high level, with a support level of 22,500 - 23,000 yuan/kg. It is advised to buy on dips and control positions due to high - level volatility [36]. - Market Conditions: The daily line is in a strong upward phase, possibly near the end of the trend. The main force shows a strong bullish sentiment, with large capital inflows and increased attention. The external market had a significant pre - opening increase [37]. 2.3.3 Relevant Data Situation - Data includes the price trends of Shanghai Silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and the silver price difference between domestic and foreign markets [43][46][48]

"云吞债"飘香 ◎记者 黄冰玉 2026年1月，亚洲基础设施投资银行（简称"亚投行"）再度发行了规模达40亿港元的公募债券，让云吞 债(境外发行人在香港市场发行、以港元计价的债券)这一小众债券品种吸引了市场目光。 去年以来，云吞债发行持续升温，发行规模与数量均大幅增长。业内人士普遍认为，这得益于港元低利 率优势、本地机构资产配置和融资多元化需求等因素驱动。云吞债与点心债形成互补，有望进一步提升 香港债市的深度与广度。 公开发行持续升温 在全球债券市场，常有"地域文化符号+债券类型"的命名传统，如点心债、熊猫债等。云吞债则是境外 发行人在香港发行、以港元计价的债券品种。与同样在港发行且已被市场所熟知的点心债相比，二者核 心区别在计价货币，点心债是离岸人民币债券，而云吞债是港元债券。 去年以来，云吞债发行规模及频率持续提升。据彭博数据，2025年云吞债总发行规模达814.4亿港元， 发行笔数共计105笔，较上年分别大幅增长216.6%、98.1%，市场发行热度大幅提升。 多因素推动云吞债发行升温 业内人士看来，多重因素推动了云吞债发行升温，二级市场活跃度有望进一步提升。 当前，港元流动性充裕形成显著的低利率比较优 ...