深圳水贝，这个"全国最大的黄金珠宝集散市场"，本该在年关前迎来旺季的喧嚣。 图源：受访对象提供 凤凰网《风暴眼》了解到，深圳市杰我睿珠宝有限公司（以下简称杰我睿）的门前，连日来排起了长长的队伍。 这些从全国各地赶来的人，有普通的消费者，有满心期许的投资者，他们此刻都在直面同一个残酷现实：杰我睿，兑付困难了。 01 "我本来有一个挺好的人生" "我本来可以有很好的人生，现在全没了。" 给凤凰网《风暴眼》说这话时，30岁的林薇，正搭乘高铁奔赴深圳。她奔向的，是一座曾被黄金堆砌、却在顷刻间轰然崩塌的虚幻城堡。 砸进杰我睿的500多万元，是她倾尽所有的身家，也是她人生里，被彻底击碎的全部希望。 这笔巨款的构成，沉重得令人窒息，既有她多年打拼攒下的血汗钱，也有从父母手中借来的 10万元养老钱，更有欠下朋友的22万元债务。 2024年7月，林薇第一次在杰我睿完成黄金交易。时至今日，一年半的时间里，她在平台上的交易笔数，已然累计到3000多笔。 但2026年1月下旬以来，这里的空气里却弥漫着焦虑与绝望。 电话那头，她的声音被抑制不住的哽咽包裹，高铁行驶途中飘忽不定的信号，恰似她此刻摇摇欲坠的人生希望，每一秒都面临着彻底断裂 ...

黄金价格飙涨，吸引大量资金涌入黄金主题ETF。据 Choice测算，截至1月27日，黄金相关商品类ETF 年内净申购额合计达289.12亿元。 华安基金表示，中国央行已连续14个月净购入黄金，全球央行的购金潮正是持续优化储备资产结构，对 冲地缘风险和美元信用风险的缩影。黄金短期仍处于强势区间，但需警惕交易过热后的波动加剧风险。 截至1月27日，黄金相关商品类ETF规模为3141.41亿元。其中，华安黄金ETF规模达到1205.72亿元，博 时黄金ETF规模为521.77亿元，易方达黄金ETF规模为450.87亿元，国泰黄金ETF规模为390.58亿元。 ...

Core Viewpoint - Recent market risk aversion has driven international gold prices to new highs, with spot gold prices in London surpassing $5200 and $5300 per ounce before retreating [1][19]. Group 1: Gold Price and Market Dynamics - The rise in gold prices has led to increased interest in gold-themed funds, with premium risks emerging for gold LOFs, prompting fund managers to enhance risk control measures [20][21]. - As of January 27, 2026, the largest gold ETF in the domestic market has exceeded 120 billion yuan in scale, reflecting strong capital inflows since the beginning of the year [21][34]. - Institutions suggest that after rapid price increases, gold may experience high-level fluctuations or technical corrections, but geopolitical risks will continue to provide long-term support for gold prices [21][36]. Group 2: Fund Management and Premium Risks - Multiple gold-themed LOFs, including E Fund's gold LOF, have announced the suspension of subscription and regular investment services to ensure stable fund operations [24][25]. - E Fund's gold LOF reported a net asset value of 1.7633 yuan per share on January 19, 2026, while the market price was 2.069 yuan on January 21, indicating significant premium risks [25][26]. - Other fund companies, such as Huatai-PineBridge and Harvest Fund, have also issued premium risk warnings for their gold LOFs, highlighting the need for investor caution [26]. Group 3: ETF Performance and Investor Behavior - A total of 14 gold ETFs have seen a net inflow of 28.912 billion yuan since the beginning of the year, with their total scale increasing by over 30% to 314.141 billion yuan [30][33]. - The largest gold ETF, Huaan Gold ETF, has grown by nearly 26.6 billion yuan since December 31, 2025, reaching over 120 billion yuan in scale [34]. - Gold stock ETFs have also attracted attention, with six ETFs gaining a net inflow of 5.922 billion yuan and four of them achieving returns exceeding 37% [14][35]. Group 4: Long-term Investment Perspective - Analysts believe that while short-term price surges may lead to corrections, the long-term logic for gold as a safe-haven asset remains intact amid geopolitical uncertainties and dollar depreciation [36]. - Investors are advised to adopt a long-term perspective, utilizing gold ETFs as tools for hedging against inflation and systemic risks, while avoiding short-term speculative behaviors [37].

周三（1月28日）纽约尾盘，现货黄金涨4.53%，刷新历史高位至5415美元/盎司上方，亚太盘初至北京 时间16:00持续走高，至美联储主席鲍威尔讲话期间大体上持稳于5250-5300美元这样的区间，03:08以 来"加速"上涨。 COMEX黄金期货涨5.83%，报5378.80美元/盎司，05:06（电子交易盘）刷新历史高位 至5391.30美元，延续最近数日不断创历史新高的趋势。 黄金采矿公司业绩集体报喜 进入2026年后，贵金属继续走强。 国际金价一骑绝尘，目前现货黄金已经冲上5200美元/盎司，年度涨 幅达到21%，黄金在年线上已经连续四年上涨，累计涨幅达到186%，可谓遇到超级周期，这也让采矿 公司赚得盆满钵满。 金价持续走高，黄金主题ETF再增五百亿级产品。博时黄金ETF规模已突破500亿元，达514.19亿元，较 去年底增长27.54%，拉长时间看，该基金从去年初以来规模增超2倍。截至目前，市面上7只黄金主题 ETF的合计规模年内已涨超500亿元，达到2808.1亿元，规模最大的华安黄金ETF最新规模达到1193.07 亿元。 1月27日晚间，易方达黄金主题LOF发布公告称，易方达基金决定自1月 ...

黄金市场，正在不断刷新人类对"硬通货"的认知。 1月28日，黄金价格延续近期强劲涨势，截至发稿，美国纽约商品交易所黄金期货价格突破每盎司5300美元的历史性关口。 2026年1月以来，金价累计上涨已超过880美元，年内涨幅超20%。当被问及对当前历史性高位的黄金市场有何建议时，广东省黄金协会监事长兼首席分析 师朱志刚告诉封面新闻记者，当前黄金市场正处于"所有指标都可能失灵"的状态。"大家现在基本上都看涨了。"面对这样的市场情绪，他提醒投资者，虽 然长期看涨趋势明显，但短期暴涨同样伴随着暴跌风险。 黄金价格下一步还会涨吗？朱志刚透露："年初的预测是突破5000美元/盎司，已经被突破了，下一个目标是6400美元/盎司。" 金价与金饰价格联动飙升 国际金价的暴涨迅速传导至国内零售市场。1月28日，国内主流金饰品牌报价应声刷新高位，首次突破1600元/克大关。 上涨逻辑：超越传统避险的"货币担忧" 世界黄金协会此前曾表示，展望2026年，黄金市场将进入多重力量交织、动态平衡的新阶段。多位市场分析师指出，本轮黄金上涨的核心逻辑已超越了传 统的避险交易范畴。 具体来看，周生生足金饰品报价升至1614元/克，老庙黄金报价1 ...

Group 1: Gold ETF Investment Surge - International gold prices have reached new highs this year, leading to a significant increase in gold-related ETFs, with the largest domestic gold ETF surpassing 120 billion yuan [2] - As of January 27, the net inflow into domestic gold-related ETFs reached 28.912 billion yuan, with a total scale of 314.141 billion yuan, up from 70.442 billion yuan at the beginning of 2025 [2] - Major gold ETFs include Huaxin Gold ETF at 120.572 billion yuan, Bosera Gold ETF at 52.177 billion yuan, and E Fund Gold ETF at 45.087 billion yuan [2] Group 2: Gold Stock Theme ETFs - Gold stock theme ETFs, focusing on companies related to the gold industry, have seen annual growth rates exceeding 50%, with a total net inflow of 5.922 billion yuan as of January 27 [3] - The scale of gold stock theme ETFs has increased from 2.165 billion yuan at the beginning of 2025 to 29.099 billion yuan by January 27, 2026, with Yongying Gold Stock ETF reaching 19.463 billion yuan [3] Group 3: Surge in Non-Ferrous Metal ETFs - Non-ferrous metal theme ETFs, which invest in resources like gold, copper, and aluminum, have also experienced significant growth, with net inflows of 44.828 billion yuan as of January 27 [5] - The total scale of non-ferrous metal theme ETFs reached 115.897 billion yuan, up from less than 10 billion yuan at the beginning of 2025, with notable ETFs including Southern Non-Ferrous Metal ETF at 41.444 billion yuan and Huaxia Non-Ferrous Metal ETF at 19.876 billion yuan [5] Group 4: Fund Manager Sentiment and Market Outlook - Fund managers have increased their focus on the non-ferrous metal sector, with a 2.3 percentage point increase in holdings as of the end of Q4 2025 compared to Q3 [6] - Factors driving the strong performance in the non-ferrous metal sector include low cycles in overseas real estate, manufacturing, and inventory, along with expectations of demand recovery post-Fed rate cuts [6] - The high profitability of the non-ferrous metal industry is expected to persist, with a shift towards growth attributes, although caution is advised regarding copper and aluminum in the short term [7]

Group 1 - The international gold price has been rising continuously this year, leading to increased attractiveness of gold-themed funds, with a total scale nearing 380 billion yuan, a growth of nearly 100 billion yuan or 35.7% compared to the end of last year [1] - Among the 53 gold-themed funds, 12 have scales exceeding 10 billion yuan, with the leading product, Huaan Gold ETF, surpassing 120 billion yuan, making it the first gold-themed fund to reach this milestone [1] - Performance-wise, 18 products have seen net value growth exceeding 30% this year, indicating strong market recognition and demand for gold assets [2][3] Group 2 - The momentum for the rising international gold price is driven by macroeconomic fluctuations and increased demand for safe-haven assets, alongside expectations of loose monetary policy in overseas markets [2] - Investors are utilizing funds to capture gold trading opportunities, with ETFs being favored for their low cost and lower risk, suitable for medium to long-term allocations [2] - The market is currently favoring defensive assets, with significant capital flowing into gold and other hedging assets, reflecting a positive growth trend in both product scale and performance [3]

Core Viewpoint - The article discusses the recent surge in gold prices, which has led banks to tighten the entry requirements for gold accumulation business, reflecting a shift in the risk management approach in the banking sector [2][5]. Group 1: Changes in Risk Assessment - Major banks, including Agricultural Bank of China and Industrial and Commercial Bank of China, have raised the risk tolerance requirements for individual clients participating in gold accumulation business, now requiring a minimum of "C3 - Balanced" risk assessment results [3][4]. - This adjustment is a response to increased market volatility and aims to protect individual investors' rights [4][5]. - Other banks, such as Citic Bank, have also raised their risk assessment levels to "C3" or higher for gold accumulation business, indicating a broader trend across the banking industry [5][6]. Group 2: Changes in Minimum Investment Amounts - Banks have been dynamically adjusting the minimum investment amounts for gold accumulation business, with some banks implementing floating mechanisms based on real-time gold prices [10]. - For instance, China Construction Bank raised its minimum investment amount from 700 yuan to 800 yuan in March 2025, and further to 1000 yuan in May 2025 [10]. - As of January 28, 2026, Zhejiang Commercial Bank increased its monthly cumulative investment minimum from 1200 yuan to 1300 yuan, reflecting the ongoing trend of increasing entry barriers in response to rising gold prices [11]. Group 3: Regulatory Environment - The adjustments in risk assessment and minimum investment amounts are influenced by regulatory changes, including the implementation of the "Financial Institutions Product Appropriateness Management Measures" by the National Financial Supervision Administration [7]. - This regulation sets unified standards for appropriateness management across the financial industry, prompting banks to align their risk management practices accordingly [7][8]. - The shift in the positioning of gold accumulation business from a low-threshold investment product to one with medium to high risk is anticipated as banks continue to raise entry requirements [7][8].

Core Viewpoint - The international gold market is experiencing a significant surge, with prices breaking through the $5,300 per ounce mark, driven by structural factors such as expanding U.S. fiscal debt, a weakening dollar, geopolitical uncertainties, and continued central bank purchases of gold [1][15]. Price Movement - On January 28, international gold prices reached new historical highs, with London gold first breaking the $5,200 per ounce mark and then surpassing $5,300 per ounce, closing at $5,285.485 per ounce, a daily increase of 2% [2][15]. - COMEX gold futures also saw a substantial rise, increasing by 4.38% to $5,305.3 per ounce, with intraday highs reaching $5,306 [4][17]. Domestic Market Impact - The rise in gold prices has led to significant increases in domestic gold jewelry prices, with some brands exceeding 1,620 yuan per gram [5][18]. - The surge in gold prices has prompted public funds to implement risk control measures, with E Fund's gold-themed LOF suspending subscriptions to cool the market [5][18]. Factors Supporting Gold Prices - The rapid increase in gold prices since the beginning of 2026 has been attributed to multiple factors, including heightened geopolitical risks, rising safe-haven demand, a weakening dollar index, and ongoing central bank gold purchases [9][22]. - As of January 28, gold prices have risen over 20% since the start of the year, from approximately $4,330 per ounce to above $5,300 per ounce, reflecting a nearly $1,000 increase in less than a month [9][22]. Future Outlook - Analysts believe that the upward trend in gold prices is likely to continue, with potential challenges around short-term volatility. The price may test the $5,500 per ounce level in the near term [11][24]. - Structural factors supporting gold prices, such as U.S. fiscal debt expansion and geopolitical uncertainties, remain unchanged, leading several institutions to raise their gold price targets [11][24]. - Investors are advised to approach gold investments cautiously, considering their risk tolerance and market conditions, while avoiding chasing high prices [11][24].

Core Viewpoint - The article discusses the financial crisis faced by Shenzhen Jie Wo Rui Jewelry Co., highlighting the emotional and financial turmoil experienced by investors and consumers due to the company's inability to fulfill its payment obligations [1][2]. Group 1: Investor Experiences - Lin Wei, a 30-year-old investor, lost over 5 million yuan, which included her savings and borrowed money, due to Jie Wo Rui's payment difficulties [4][5]. - Cai Lin, born in 1998, invested 185,000 yuan, which she had saved from part-time jobs and early withdrawals from fixed deposits, now trapped in the company's system [16][18][20]. - Both investors were attracted by the company's promotional activities, which promised low fees and easy transactions, leading them to believe they had found a safe investment opportunity [24][25][27]. Group 2: Company Operations and Issues - Jie Wo Rui's operational model involved two main segments: ordinary trading customers who sought to convert idle gold into cash, and investment customers who engaged in high-leverage transactions [47][48][50]. - The platform's structure allowed for the interconnection of multiple mini-programs, which facilitated the manipulation of funds and increased risk exposure [54][56]. - As the crisis unfolded, the company proposed two repayment plans: one offering 20% of the principal in a lump sum and another providing 40% over 12 installments, both requiring investors to sign non-disclosure agreements [57][64]. Group 3: Crisis Response and Impact - Following the crisis announcement, many investors rushed to Jie Wo Rui's physical locations, only to find them deserted, leading to widespread panic and despair among affected individuals [68][76]. - The local authorities initiated an investigation into Jie Wo Rui's operations, but the emotional and financial scars left on investors remained significant, with many still grappling with the aftermath of their losses [83][85].