据消费者芳芳回忆，2025年第三季度的时候，她去水贝购买了一件重量为10克的金饰，在买完之后，金饰克价就开始疯狂飙涨。除了金价上涨外，受黄金税 收政策调整的影响，再难以在水贝购买到克价那么便宜的金饰。那一次是她印象中短期内最后一波买金的风口。 有消费者感慨这两年金价涨得已经超越认知。 克价从1400元左右涨到1700元以上，金饰在两周内"身价大增"。 1月29日，国际金价一度突破每盎司5500美元，国内头部黄金品牌的金饰克价也创下历史新高。大部分品牌金饰的足金克价突破1700元大关，其中周大福 1706元/克，周生生1708元/克，六福珠宝1704元/克，潮宏基1706元/克。据第一财经记者初步估算，约在两周时间里，以周大福为代表的头部黄金品牌的金 饰克价呈现出近20%的涨幅，这在过往金饰价格波动周期中属于较少见的情况。 两周前，在第一财经记者走访各大品牌金饰门店时，大部分品牌的金饰克价还在1400元出头。以周大福为例，按1月29日的金饰克价计算，一个35克的金镯 的现价与两周前的报价相比，在门店优惠与工费不变的情况下，仅克重价的差额就已经高达9800元。 有金店店员告诉记者，很难讲金价是否能回到以前的价格， ...

Group 1 - The core viewpoint of the news is that the gold industry is experiencing a significant increase in stock performance, driven by strong demand and investment in gold ETFs, despite a slowdown in central bank purchases of gold [1][2]. - As of January 29, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index rose by 3.01%, with notable increases in individual stocks such as Xiaocheng Technology (up 19.52%), Tongling Nonferrous Metals (up 10.06%), and China Gold (up 10.02%) [1]. - The World Gold Council reported that central banks and sovereign institutions purchased slightly over 860 tons of gold in 2025, with expectations for stable purchasing rates in 2026, although this is lower than the over 1,000 tons purchased annually in the three years prior to 2025 [1]. Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in the mainland and Hong Kong markets [2]. - As of December 31, 2025, the top ten weighted stocks in the index accounted for 63.58% of the total index, with companies like Zijin Mining and Shandong Gold among the leading constituents [2].

Core Viewpoint - The spot gold price has surpassed $5,500 per ounce for the first time, leading to strong performance in gold mining stocks, with several companies experiencing significant gains [1]. Group 1: Gold Price and Market Performance - Spot gold reached a record high of over $5,500 per ounce, marking a year-to-date increase of over 27% [3]. - Gold mining stocks showed robust performance, with Hunan Gold hitting a 10.01% increase, and other companies like Zhaojin Gold and Zhongjin Gold also seeing substantial gains [1]. - The active trading environment is reflected in the high turnover rates of stocks such as Sichuan Gold and Hengbang Shares, both exceeding 10% [1]. Group 2: Fund Performance - The Hua Fu Yong Xin Flexible Allocation Mixed Fund (001466) has significantly outperformed both gold ETFs and gold stock ETFs, achieving a one-year return of 167.37% as of January 28, 2026 [2]. - The fund's stock allocation is heavily weighted towards gold-related companies, with 84.13% of its assets in stocks, and notable increases in holdings of key stocks like Hengbang Shares and Zhongjin Gold [2]. - The fund's strategy aligns with the rising international gold prices, benefiting from the upward trend in the gold market [2]. Group 3: Institutional Insights - Institutions believe that gold stocks hold long-term investment value due to global geopolitical risks, central bank gold purchases, and expectations of Federal Reserve interest rate cuts [3]. - Major financial institutions like Goldman Sachs and Jefferies have raised their gold price targets, with Jefferies predicting a potential price of $6,600 per ounce, which would enhance profit margins for mining companies [3]. - The ongoing increase in global central bank gold reserves and geopolitical tensions provide a solid foundation for gold assets in the long term [3].

编辑丨曾芳 视频丨许婷婷 1月29日午后，现货黄金一度突破5590美元/盎司，现货白银也一度站上120美元/盎司新高，沪银主力合约日内涨10 %。 白酒基金 LOF(161725)触及涨停，成交额2.8亿元。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 伦敦金现 | 5580.270 | 162.523 | 3.00% | 29.23% | | 伦敦银现 | 119.845 | 3.240 | 2.78% | 67.44% | | COMEX黄金 | 5624.6 d | 284.4 | 5.33% | 29.84% | | COMEX白银 | 120.215 d | 6.681 | 5.88% | 69.36% | 与此同时，A股黄金概念股再掀涨停潮。中国黄金、湖南黄金、西部黄金、四川黄金、招金黄金等纷纷涨停。 | 名称 | 现价 | 涨跌 | 涨跌幅▼ | 年初至今 | | --- | --- | --- | --- | --- | | 晓程科技 | 84.72 | 14.12 | 20.00% | 179.05% | | ...

专题：牛市不言顶？金价一路狂飙站上5500美元！ 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 世界黄金协会发布的2025年全年《全球黄金需求趋势报告》显示，2025年全球黄金总需求 [ 黄金总需求 是指以下各项的合计：金饰制造、科技用金、投资、央行净购金，以及"场外交易（OTC）及其他市 场"的需求（该部分数据不易直接获取），包括商品交易所库存的变动、任何未观察到的制造库存变 化，以及统计残差。从核算角度来看，"场外交易（OTC）及其他市场"需求指黄金总供给与黄金需求之 间的差额。] 达 5，002吨，创历史新高。创纪录的四季度表现为非凡的2025年画上圆满句号。持续的地 缘政治和经济不确定性推动了黄金投资需求的大幅攀升，这令全年黄金需求总金额达 5，550亿美元。 全球黄金投资需求增至2，175吨的里程碑水平，成为推动2025年黄金总需求刷新历史纪录的主要驱动 力。全球范围内，寻求避险和资产多元化的投资者大量涌入黄金ETF，全年净增 801吨。同时，实物黄 金投资需求也保持强劲，全球金条和金币需求达到 1，374吨，按价值计为 1，540亿美元。其中，中国 和印度市场表现突出，分别实现 ...

Core Viewpoint - The launch of the Hang Seng Gold ETF (03170) marks Hong Kong's first ETF that allows physical gold redemption at banks, supporting the city's goal to become an international gold trading center [1][2] Group 1: Product Launch and Features - The Hang Seng Gold ETF is designed to combine the flexibility and liquidity of ETFs with the security of physical commodities, with all transactions and redemptions conducted within Hong Kong [1] - The ETF tracks the performance of the London Bullion Market Association (LBMA) gold price and offers investors the option to redeem physical gold at Hang Seng Bank [2] - The issuance price of the ETF is set at HKD 16 per unit, with a minimum investment of approximately HKD 800 for a standard lot of 50 units, and an annual management fee of 0.25% [2] Group 2: Market Context and Demand - Global gold demand surged by 44% year-on-year in Q3, reaching a record USD 146 billion, with gold ETF holdings increasing by 222 tons to over 3,800 tons, indicating strong investor demand amid geopolitical uncertainties and market volatility [2] - The Hong Kong government has established the "Hong Kong Precious Metals Central Clearing System Limited" to promote the efficient development of the gold market, ensuring compliance with international standards and enhancing trust and transparency [1][2] Group 3: Strategic Partnerships and Future Goals - A cooperation agreement was signed with the Shanghai Gold Exchange, which is seen as a milestone that will lay a solid foundation for connecting Hong Kong's gold central clearing system with the mainland market [2] - The development of the gold ETF aligns with the Chief Executive's goal outlined in the 2025 policy address to build a world-class international gold trading market [1]

2013年春天，一场黄金暴跌席卷全球，国际金价在短短四天内暴跌15%，创下近30年罕见跌幅。然而，国内金店门前却排起长龙——"中国大妈"们手持现 金，疯狂扫货黄金首饰与金条，10天内豪购约300吨，相当于2012年全国四个多月的销量。她们信奉"便宜就是王道"，以为抄到了历史大底。殊不知，这场 暴跌源于美国经济复苏、避险情绪退潮和市场供过于求。如今十三年过去，若当年买入后一直持有，大妈们早已获利丰厚。回望历史，黄金市场的起伏并非 偶然，那些看似突兀的行情，往往在过往岁月中早有先兆。 2013年的黄金暴跌看似猝不及防，实则早有端倪。彼时，美国正从金融危机的阴霾中稳步复苏：GDP持续增长、失业率不断回落，市场对经济前景的信心明 显增强。与此同时，美联储释放出退出量化宽松政策的信号，这意味着全球流动性将逐步收紧。而黄金作为典型的避险资产，其价值核心在于对冲不确定性 ——当风险消退，资金自然会流向回报更高的股市或债市，黄金便首当其冲遭到抛售。 雪上加霜的是，当时全球黄金市场正面临供大于求的局面。2013年全球黄金产量约4500吨，而实际需求仅约4000吨；更关键的是，黄金ETF持仓量从2012年 的1353吨锐减至86 ...

中国市场各板块零售黄金投资与消费需求(按吨数及金额计算) 四季度金饰需求走弱，环比下降3%，同比下滑23%，至82吨。全年金饰需求总量达360吨，同比减少25%。不过，从消费金额维度来看，四季度中国消费 者金饰支出达778亿元人民币(约合110亿美元)，同比增长19%;全年累计支出2,814亿元人民币(约合394亿美元)，同比增幅为8%。 与之相反，黄金投资需求的强劲表现延续至四季度且势头不减，金条金币需求量环比激增61%，同比增长42%，达119吨。2025年全年，中国投资者累计 购入432吨金条金币，较2024年增长28%，创年度历史新高。 四季度中国黄金ETF新增510亿元人民币(约合72亿美元，54吨)，创下单季度流入规模历史最高水平。这一表现进一步巩固了2025年中国黄金ETF市场的历 史峰值地位，全年资金流入量达1,100亿元人民币(约合155亿美元，133吨)。黄金ETF资产管理总规模(AUM)激增243%，升至2,418亿元人民币(约合346亿 美元);持仓量实现翻倍以上增长，增至248吨，两项数据均创历史新高。 中国人民银行(PBoC)四季度增持黄金2.8吨，官方黄金储备规模增至2,306吨 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector is experiencing significant price increases, with multiple stocks hitting the daily limit, and the non-ferrous ETF showing volatile trading patterns, reaching new historical highs [1][2] - The non-ferrous ETF Huabao (159876) has seen a net subscription of 113 million units, accumulating over 1.4 billion yuan in the past 20 days, indicating strong investor interest despite market fluctuations [2] - Spot gold prices have surpassed the $5,500 mark for the first time, with a weekly increase of over $500, reflecting a bullish sentiment in the gold market [4] Group 2 - The non-ferrous ETF Huabao and its linked fund cover various metals, including precious metals, strategic metals, and industrial metals, allowing investors to capture the overall sector's performance [5] - Analysts from Guotou Securities highlight that metals like gold, silver, tin, and lithium are reaching historical highs, suggesting that the market is still in the process of pricing a comprehensive bull market in non-ferrous metals [5] - The current macroeconomic environment does not exhibit conditions that would lead to a reversal in gold prices, as seen in historical trends, supporting the ongoing bullish outlook for gold [4]

全球黄金投资需求增至2,175吨的里程碑水平，成为推动2025年黄金总需求刷新历史纪录的主要驱动 力。全球范围内，寻求避险和资产多元化的投资者大量涌入黄金ETF，全年净增801吨。 同时，实物黄金投资需求也保持强劲，全球金条和金币需求达到 1,374吨，按价值计为 1,540亿美元。其 中，中国和印度市场表现突出，分别实现同比增长 28%和 17%，合计占该板块需求的 50%以上。 2025年，全球央行购金需求依然保持高位，官方机构增持863吨黄金。尽管全年需求未能突破此前连续 三年超年均1,000吨的水平，但央行购金仍是2025年全球黄金需求的重要推动力，为整体需求提供了增 量。 世界黄金协会发布的2025年全年《全球黄金需求趋势报告》显示，2025年全球黄金总需求1达 5,002吨， 创历史新高。创纪录的四季度表现为非凡的2025年画上圆满句号。持续的地缘政治和经济不确定性推动 了黄金投资需求的大幅攀升，这令全年黄金需求总金额达5,550亿美元。 在金价屡创新高的背景之下，2025年全球金饰需求走软，较2024年下降 18%，符合市场预期。但全球 金饰消费金额仍同比增长 18%至1,720亿美元，凸显了黄 ...