Report Industry Investment Rating - Zinc investment rating: Range-bound [1] Core Viewpoints - The zinc market shows a range-bound trend, and the trend strength is neutral with a value of 0 [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Price and Volume**: The closing price of Shanghai Zinc main contract was 22,000 yuan/ton, up 0.14%; the closing price of LME Zinc 3M electronic disk was 2,993.5 dollars/ton, up 0.59%. The trading volume of Shanghai Zinc main contract was 102,274 lots, down 6,247; the trading volume of LME Zinc was 11,953 lots, up 3,344. The open interest of Shanghai Zinc main contract was 132,692 lots, up 2,250; the open interest of LME Zinc was 221,589 lots, down 2,424 [1] - **Premium and Discount**: Shanghai 0 zinc premium was -55 yuan/ton, down 5; LME CASH - 3M premium was 299.34 dollars/ton, up 69.05. Guangdong 0 zinc premium was -90 yuan/ton, up 5; the import bill of lading premium was 135 dollars/ton, unchanged. Tianjin 0 zinc premium was -55 yuan/ton, down 5; the spot import profit and loss of zinc ingots was -5,420.07 yuan/ton, down 670.14 [1] - **Inventory**: Shanghai Zinc futures inventory was 65,209 tons, down 1,059; LME zinc inventory was 35,300 tons, down 1,975. The LME zinc cancelled warrants were 10,875 tons, down 1,975; the LME off - warrant (T + 3) was 11,606 tons, up 1,370 [1] - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,075 yuan/ton, down 40; the price of Shanghai Zamak - 3 zinc alloy was 22,525 yuan/ton, down 40. The price of zinc oxide ≥99.7% was 21,000 yuan/ton, down 100 [1] News - **Financial Market**: PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors and failure to pay interest on time, which is a new sign of stress in the low - income consumer sector of the US economy. JPMorgan Chase CEO warned that there may be more problems in the credit field [2] - **Gold Market**: The price of gold suffered the largest single - day plunge since 2013 on Tuesday. The spot gold fell about 2.2% on Wednesday night Beijing time, and the decline narrowed in the New York尾盘, while gold futures turned slightly higher. The holdings of physical - supported gold ETFs reached a three - year high, and the market dominated by ETF funds is often volatile [2][3] Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [3]

还有黄金销售柜台的负责人表示，如果金价短期内回调5%至10%，商家囤下的货就可能立刻浮亏，因 此水贝市场的多数老板现在都采取"卖多少补多少"的方式运营。"其实，金价越高，我们挣得越少，因 为销售量肯定会受到影响。" 商家变得谨慎，消费者似乎也同样如此。证券时报记者在现场观察到，一些消费者看到金价有回落势 头，便选择把手中的黄金饰品通过回收变现。有黄金回收柜台的工作人员表示，自上周金价创下历史新 高以来，单店的黄金回收量明显增加，环比国庆中秋长假周增长近10%。对此，某业内人士表示，在个 人资产配置方面，配置黄金应该是出于战略资产配置的考虑，而不是为了对黄金价格进行"战术性押 注"。 值得提及的是，金价的剧烈波动还成为了少数商家"赌博"的工具。根据深圳市黄金珠宝首饰行业协会日 前发布的行业警示函，深圳水贝3家黄金珠宝公司涉嫌开设赌场罪被查处，让黄金交易市场的"预定 价"乱象浮出水面。 据悉，水贝黄金市场存在多个面向散客的黄金预定价交易平台。有曾经在相关平台参与交易的客户表 示，一般来说这些黄金预定价交易平台都会向客户提供全款购买和定价交易服务，全款购买就是下单时 立即支付所有货款，定价交易就是支付少许定金即可下 ...

Core Viewpoint - International gold prices experienced a significant drop after weeks of increase, with prices hovering around $4030 per ounce as of October 22, 2023. Domestic gold stocks and jewelry prices also saw substantial declines. Experts suggest that while the current drop is influenced by geopolitical factors, technical aspects, and the dollar's performance, the long-term outlook for gold remains positive [1][3][9]. Price Trends - Since 2025, international gold prices have shown an overall upward trend, rising from $3384 per ounce in early September to a peak of $4381 per ounce in mid-October, marking an increase of approximately $1000 in just over a month [3]. - Domestic gold jewelry prices also surged, with Chow Tai Fook's price rising from 1027 yuan per gram on September 1 to 1292 yuan per gram by October 21, reflecting a nearly 30% increase [3]. Recent Market Movements - On October 21, international gold prices plummeted, with spot gold dropping below $4100 per ounce and hitting a low of $4080.87 per ounce, resulting in a single-day decline of 6.3%, the largest since April 2013 [3]. - The downward trend continued on October 22, with prices fluctuating and briefly falling below $4010 per ounce. Domestic gold stocks opened with declines between 6% and 10%, although some recovery was noted by the end of the day, with closing declines generally between 2% and 5% [3][6]. Consumer Behavior - A visit to several gold stores revealed a significant decrease in customer traffic, with sales personnel eager to assist the few customers present. Some stores introduced a price-lock service, allowing customers to secure current prices with a deposit [6][8]. - Sales staff indicated a preference for promoting fixed-price items like bracelets and pendants, while items priced based on fluctuating gold prices received less attention. The recent volatility in gold prices has led to a noticeable drop in customer volume compared to previous years [8]. Expert Analysis - Experts attribute the recent drop in gold prices to a combination of factors, including a temporary easing of geopolitical risks, technical corrections after a significant price increase, and fluctuations in the dollar's value. The cumulative increase in gold prices since 2025 has reached 60%, with silver prices rising by 80%, indicating an overbought market [9].

金价巨震。 北京时间10月22日晚间，国际金价再度大跌，截至发稿，伦敦金现跌2.46%至4023美元/盎司。 光大期货贵金属资深研究员展大鹏表示，俄乌局势出现重大转折，是黄金大跌的直接原因。乌克兰与欧洲主要国家发表的联合声明支持特朗普"立即停 战"立场，并以现有接触线为谈判起点。作为自2022年以来央行购金与金价上涨的重要驱动因素之一，俄乌冲突若迎来实质性缓和，将对黄金价格产生显 著影响。 此前一个交易日，国际金价出现大跌行情，当天伦敦金现价格暴跌超过5%，单日每盎司下跌超过200美元，盘中价格一度跌破4100美元/盎司。 摩根士丹利分析师认为，黄金隔夜暴跌仅属短期修正，而非牛市终结。全球央行持续购金、地缘风险、高企的主权债务以及资金撤离美国国债等因素仍构 成支撑。 10月22日，国际金价盘中巨震，当天早间，伦敦金现价格一度跌破4010美元/盎司，随后又震荡拉升走高，一度转涨。午后震荡走低转跌，直至傍晚加速 下跌。 花旗银行预计，美国政府"停摆"结束及中美协议公布可能推动黄金在未来2—3周内进入震荡整理阶段。花旗银行表示短期内看跌黄金（此前看涨，现转为 看跌），设定0—3个月目标价为4000美元/盎司。 华西 ...

Core Viewpoint - The precious metals market experienced a significant shock on October 21, with international gold prices witnessing their largest single-day drop in years, leading to a notable decline in both futures and spot prices [1] Price Movements - As of October 22, the highest spot gold price reached $4,161.17 per ounce [1] - On October 21, gold futures closed at $4,138.5 per ounce, down 5.39% [1] - Spot gold prices closed at $4,124.34 per ounce, down 5.32% [1] Market Impact - A gold recycling merchant reported a drastic drop in the buyback price of gold, from 990 yuan per gram to 940 yuan per gram, resulting in a loss of approximately 30,000 yuan for a transaction of 600 grams [1]

Core Viewpoint - Spot gold prices have experienced a significant decline, with a day-to-day drop of 2.65%, currently reported at $4015 per ounce [1] Group 1 - The current spot price of gold is $4015 per ounce [1] - The decline in gold prices reflects a broader trend in the market, indicating potential volatility [1] - The 2.65% drop in a single day highlights the sensitivity of gold prices to market conditions [1]

黄金价格在近期冲高后迎来高位震荡阶段。10月21日，现货黄金收于4123.37美元/盎司，单日跌幅高达 5.33%，受国际金价波动影响，深圳水贝黄金价格也有所回落。第一财经记者实地探访深圳水贝市场发 现，卖场内金价为960元/克左右，有商家告诉记者，昨天上午的金价还是1006元/克，一天就跳了三次 价格，单日跌幅接近50元，这也是她从业以来的最大单日跌幅。此外，现场还有不少消费者围在柜台 前，趁低买入，有消费者表示，她在1000元/克时卖出，在940元又买了回来，仍然看好黄金长期走势。 更现场、更财经，一探究竟！ ...

Core Viewpoint - On October 22, international spot gold experienced a short-term rebound of over $100 per ounce, reaching $4114.20 per ounce by 10:15 AM, despite a daily decline of 0.28% [1] Price Movement - Gold prices had previously approached the critical level of $4000 per ounce before the rebound occurred [1]

Core Viewpoint - On October 21, gold prices experienced a significant drop, with London spot gold falling by 5.31% and COMEX gold declining by 5.07%, marking the largest single-day drop since 2013. This decline has led to a substantial adjustment in domestic gold jewelry prices in China [1]. Group 1: Gold Price Movement - The sharp decline in international gold prices has directly impacted domestic gold jewelry prices, with notable reductions observed [1]. - On October 22, the price of Chow Sang Sang's gold jewelry was reduced from 1289 RMB per gram to 1250 RMB per gram, a decrease of 39 RMB per gram [1]. - Lao Feng Xiang's gold jewelry price dropped from 1290 RMB per gram to 1229 RMB per gram, reflecting a decline of 61 RMB per gram [1]. - Lao Miao's gold jewelry price fell from 1294 RMB per gram to 1211 RMB per gram, a decrease of 83 RMB per gram [1]. Group 2: Current Gold Prices - As of October 22, the current gold price for Lao Miao's gold jewelry is 1211 RMB per gram [2]. - The price for platinum jewelry is reported at 560 RMB per gram [2]. - The price for gold bars is listed at 1166 RMB per gram [2]. - In mainland China, the daily gold price for Chow Sang Sang's gold jewelry is 1250 RMB per gram [3]. - The price for 950 platinum jewelry is 641 RMB per gram [3]. - The price for Sheng Sheng gold is 1112 RMB per gram [3].

2025.10. 22 本文字数：483，阅读时长大约1分钟 作者 | 第一财经 刘晓颖 一夜之间，黄金从避险资产变成了风险资产。 当地时间10月21日，国际黄金市场急剧下挫。现货黄金一度暴跌超6%，创下自2013年4月以来最大 单日跌幅。 受此影响，国内品牌连锁金店也调整了今日金饰金条的挂牌价格。其中亚一金店、老庙黄金金饰报价 1211元/克，较前一日下跌83元/克；老凤祥报1229元/克，较前一日下跌61元/克；周大福、六福、 潮宏基、周大生报1235元/克，较前一日下跌57元/克。 此前考虑到金价持续上涨对成本的影响，各家连锁金店都上调了首饰、金条的价格。10月20日，周大 福方面宣布将在10月底提高大多数产品的零售价，预计涨幅在12%-18%。 老铺黄金则将于10月26日进行产品提价调整。而这已经是老铺黄金在今年年内的第三次涨价。 对于价格的波动，周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市 场变化。 微信编辑 | 龙王 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ...