Group 1: Gold Market - The U.S. President Trump requested Russian President Putin to refrain from attacking Ukraine for a week, which Putin agreed to, leading to a temporary ceasefire [2] - The U.S. government shutdown concerns eased as bipartisan agreement on a short-term spending bill was reached, causing market sentiment to recover [2] - Gold prices have been declining due to the ceasefire agreement and the resolution of the government shutdown, with a focus on support at $4,990 and resistance at $5,250 [2] Group 2: Oil Market - Oil prices rose significantly due to market concerns over potential U.S. attacks on Iran affecting global supply [3] - EIA forecasts indicate steady expansion in global oil supply by 2026, while overall demand remains significantly lower than supply levels [3] - OPEC's market share is being compressed by strong production growth from non-OPEC countries, limiting OPEC's influence on the market [3] Group 3: Dollar Index - The market is closely watching the future of Federal Reserve Chairman Powell, with speculation that he may step down in mid-May [5] - If a new chairman is appointed soon, it could lead to more aggressive rate cuts by the Federal Reserve [5] - The dollar index is currently consolidating near annual lows, with support at 96.10 and resistance at 97.20 [5] Group 4: Nasdaq - The Nasdaq index closed lower, trading within a range of 24,800 to 26,200 [7] - A short-term downward trend is indicated as prices fell below the 60/120 day moving averages [7] - Today's support is noted at 25,300 and resistance at 25,800 [7] Group 5: Copper Market - Copper prices closed higher but showed signs of significant upward pressure with a long upper shadow [8] - The market is observing a potential downward correction after a recent surge [8] - Support is identified at $5.85 and resistance at $6.05 [8]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of copper is disturbed with smelting enterprises reducing production and the scrap copper policy being relaxed. The December manufacturing PMI rose 0.9 percentage points to 50.1%, entering the expansion range, which is bullish. The spot price shows a discount to the futures, and the inventory has increased, which is neutral. The closing price is above the 20 - day moving average with the 20 - day moving average rising, and the main positions are net long but with long positions decreasing, both being bullish. Geopolitical disturbances remain, and copper prices have reached a new high and are currently fluctuating at a high level, so attention should be paid to position control [3]. - The global policy is loose and the mining end is in short supply, while the risks include natural disasters [4]. Key Points by Directory Daily View - The supply side of copper has disturbances and smelting enterprises have production - reducing actions. The scrap copper policy is relaxed. The December manufacturing PMI is 50.1%, up 0.9 percentage points from the previous month, entering the expansion range, which is bullish [3]. - The spot price is 100870 with a basis of -470, showing a discount to the futures, which is neutral [3]. - On January 23, copper inventory increased by 3450 to 171700 tons, and the SHFE copper inventory increased by 12422 tons to 225937 tons compared with last week, which is neutral [3]. - The closing price is above the 20 - day moving average, and the 20 - day moving average is rising, which is bullish [3]. - The main positions are net long, but long positions are decreasing, which is bullish [3]. - Geopolitical disturbances still exist, and the copper price has reached a new high and is currently fluctuating at a high level. Attention should be paid to position control [3]. Recent利多利空Analysis - Bullish factors: Global policy is loose and the mining end is in short supply [4]. - Bearish factors: The US comprehensive tariff exceeds expectations, and the global economy is not optimistic. High copper prices will suppress downstream consumption [5]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance [19]. - The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024. For example, in 2024, production is 12060000 tons, import is 3730000 tons, export is 460000 tons, apparent consumption is 15340000 tons, actual consumption is 15230000 tons, and there is a surplus of 110000 tons [21]. Other Information - The bonded area inventory has rebounded from a low level [13]. - The processing fee has declined [15].

巴克莱维持基准预期，即美联储旗下联邦公开市场委员会（以下简称FOMC）将在确信通胀正回归2% 的目标后，于今年6月和12月分别降息25个基点。巴克莱美国经济分析师Marc Giannoni认为，风险倾向 于降息可能进一步推迟，尽管美联储领导层将发生变化，FOMC的反应机制将基本保持不变。 瑞银财富管理投资总监办公室（以下简称瑞银财富管理CIO）则预计美联储2026年一季度有望再降息一 次，但本次会议后，下次降息推迟至夏季的风险正在上升。瑞银财富管理CIO认为，下一次降息或将由 劳动力市场走弱、关税通胀基本消退以及关税以外通胀趋势等因素推动。 美联储独立性面临挑战影响几何？ 【导读】美联储新任主席人选揭晓在即！中外资机构：年内或降息2～3次，对美联储独立性担忧或削弱 美国资产吸引力 北京时间1月29日凌晨，美联储议息会议宣布，保持基准利率在3.50%～3.75%不变，与市场预期一致。 另据央视新闻，1月30日凌晨，美国总统特朗普表示，他计划于31日公布下一任美联储主席的人选。 美联储降息路径将会如何变化？美联储主席的任命将如何影响其未来的决策及全球金融市场？中外资机 构就此展开讨论。 降息路径将如何变化？ 工银 ...

Group 1 - The oil and gas investment heat is rapidly rising due to multiple favorable factors in the market, including geopolitical tensions and extreme weather in the U.S. that restrict production capacity, alongside OPEC+'s decision to maintain current supply restrictions [1][5][6] - Demand-side factors include the gradual construction of reserve inventories globally and the expected boost in refined oil consumption due to the Federal Reserve's interest rate cut cycle, with demand in Asia, Africa, and Latin America anticipated to improve [1][6] - The U.S. dollar index recently hit a nearly four-year low, further supporting the rise in oil prices denominated in dollars, as historical trends show an inverse relationship between oil prices and the dollar index [1][6] Group 2 - Huatai Securities indicates that geopolitical premiums have led to a rebound in oil prices during the off-season, with expectations for oil prices to rise in the second to third quarters of 2026 due to demand recovery and global reserve accumulation [2][7] - The Huatai Baichuan oil and gas ETF tracks the CSI Oil and Gas Industry Index, which includes 60 fundamentally strong A-share oil and gas companies across various sectors, providing investors with a convenient tool for exposure to the overall A-share oil and gas sector [2][8] - The Huatai Baichuan fund is one of the first ETF managers in China, with a strong presence in broad-based and dividend-themed indices, recently announcing new trading names for five products in its "Dividend Family" series [2][8]

1月30日，年初突破4500美元时的势如破竹，登顶5600美元后的骤然回调，2026年初的国际金价用一轮 极致的波动，将"该不该下车"的灵魂拷问推向了全球市场的焦点。自2023年开启的三年连涨态势中，黄 金在2025年迎来爆发式行情，全年涨幅飙至67%，创下近四十余年以来的最佳年度表现之一。支撑这波 壮阔涨势的核心逻辑——央行购金的刚需托底、美联储降息的周期红利、美元信用松动下的货币属性回 归，在本轮剧烈回调后，是否已悄然瓦解？而全球地缘风险的持续发酵、供需缺口的不断扩大，又能否 继续为金价注入上行动能？市场的多空分歧，在波动中愈发清晰。回顾此轮行情，黄金的上涨并非单一 因素驱动，而是多重利好共振的结果。从央行层面来看，2022年以来全球央行购金行为发生结构性转 变，黄金正成为储备资产中美元的主要挑战者，尤其是波兰央行放弃黄金占储备30%的比例目标，转而 设定700吨的绝对持有量目标，即便金价处于高位仍持续增配。2025年全球央行黄金净增持量创纪录， 新兴市场央行更是战略性增持黄金，塞尔维亚、韩国等多个国家均明确表示有意扩大黄金储备，这种刚 性需求为金价构筑了坚实的底部支撑。与此同时，美联储2025年持续降息 ...

Core Viewpoint - The gold and silver market shows a bullish trend, with expectations for further price increases due to various factors including geopolitical tensions and economic conditions [1][3]. Market Analysis - On January 30, gold and silver initially surged before experiencing a dip and subsequent recovery, indicating a strong bullish sentiment [1][3]. - The short-term energy ceasefire agreement is only for one week, leaving unresolved issues that may lead to increased safe-haven demand for gold and silver [1][3]. - The Federal Reserve's interest rate cut pace is slowing, with officials suggesting the need for further cuts in 2026, which supports the bullish outlook for gold and silver [1][3]. - The global economic downturn is identified as a fundamental driver for the sustained rise in gold and silver prices [1][3]. Trading Strategy - The recommendation is to adopt a low-buy strategy while considering high-sell positions as a secondary option [1][3]. - Key support levels to watch include 5400-5385, with a critical focus on the 5300 level [1][3]. - There is potential for gold prices to reach the 6000 mark if the current bullish trend continues [1][3].

Group 1 - The oil and gas investment heat is rapidly rising due to multiple favorable factors in the market, including geopolitical tensions and extreme weather in the US affecting supply capacity, alongside OPEC+'s decision to maintain supply restrictions [1] - Demand-side factors include the gradual construction of reserve inventories globally and the expected boost in refined oil consumption due to the Federal Reserve's interest rate cuts, with demand in Asia, Africa, and Latin America anticipated to rise [1] - The US dollar index has reached a near four-year low, further supporting the rise in oil prices denominated in dollars, as historical trends show an inverse relationship between oil prices and the dollar index [1] Group 2 - Huatai Securities indicates that geopolitical premiums have led to a rebound in oil prices during the off-season, with expectations for oil prices to rise in Q2 to Q3 of 2026 due to demand recovery and global reserve accumulation [1] - The Huatai Baichuan Oil and Gas ETF tracks the CSI Oil and Gas Industry Index, which includes 60 fundamentally strong A-share oil and gas companies, providing investors with a convenient tool to access the overall opportunities in the A-share oil and gas sector [1]

钛媒体App 1月30日消息，瑞穗证券首席策略师Shoki Omori表示，如果是沃什当选美联储新任主席，市 场将会感受到持续的降息压力。但考虑到上次会议上FOMC的投票情况，对他而言降息并非易事。市场 误判了降息的速度，预计美联储降息的速度将比市场预期或希望的要慢。同时，市场认为沃什比哈塞特 更温和，这就是为什么我们看到美元兑日元汇率上涨。（广角观察） ...

1月30日，和讯投顾吴青宇表示，周一便提醒大家周四后需警惕黄金白银调整，如今行情如期展开回 调。接下来详细分析黄金白银与A股市场走势：黄金白银此轮上涨始于2024年9月美联储降息周期开 启，本周四凌晨美联储利率决议暂停降息后，黄金在周四晚美盘时段闪崩，印证了周一"周四前是有色 周期商品最后狂欢"的判断。地缘政治因素仅能短期影响金价，需重点关注美联储暂停降息后黄金的调 整周期——按去年12月利率决议点阵图显示，今年或仅两次降息（分别在年中与年末），且需待鲍威尔 卸任后才可能重启降息，时间节点或为五六月份。因此，本轮黄金调整大概率持续至年中，待再次降息 后或创阶段新高，但可能成为近几年大顶；若年底降息后释放2027年无降息预期，黄金将真正见顶。再 看A股市场，今日早盘虽大幅跳水，但"龙队"死守4100点关键位（盘中可破但收盘必须收复），该点位 构成心理支撑。不过，年前行情仍以震荡为主，预计呈现"涨一天跌一天"格局，有色板块回调后涨价逻 辑暂告段落，年前炒作或聚焦超跌反弹品种。年后资金大概率回流商业航天及AI相关的软硬件领域。 ...

北京时间2026年1月29日凌晨，美联储联邦公开市场委员会宣布，将联邦基金利率目标区间维持在 3.50%-3.75%不变。这一决定标志着一轮持续行动的暂缓：自去年9月启动降息周期以来，美联储已在9 月、10月和12月连续三次降息，此次是其首次按下"暂停键"。 投票结果呈现了美联储内部的分歧：12位有投票权的委员中，10票赞成，2票反对。投下反对票的两位 理事斯蒂芬·米兰和克里斯托弗·沃勒，主张应继续降息25个基点。 政策调整 美联储为何在此时选择"按兵不动"？关键原因在于经济数据的微妙变化和政策目标的艰难权衡。美联储 在会后声明中，将经济活动的表述从去年12月的"温和速度扩张"上修为"稳健速度扩张"，这显示出其对 短期经济韧性的确认。就业市场的评估也出现调整：认为"失业率已显现出一定的企稳迹象"，并删除了 此前关于"就业下行风险上升"的表述。 通胀方面，美联储承认"通胀依然略高"，但删除了"今年以来通胀有所上升"的描述，暗示物价上行压力 可能没有进一步加剧。这一系列措辞的调整，是美联储暂停行动的直接依据。 内部分歧 看似鸽派暂缓的背后，实则暗藏两派观点的激烈交锋。以主席鲍威尔为代表的多数派认为，在就业市场 企 ...