1月26日，保险、银行板块震荡上扬，宁波银行涨超4%，新华保险涨超4%，中国人寿、中国太保、中 国人保、中国平安、杭州银行、南京银行等跟涨。 |2026年1月27日 星期二| NO.1 央行副行长邹澜：将进一步增加离岸人民币国债年度发行规模 1月26日，中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，下一步，增加离岸人民币国债供给 规模，提高市场流动性。为满足境外投资者对优质人民币资产配置的需要，中国人民银行将配合相关部 门进一步增加离岸人民币国债年度发行规模，建立完善离岸市场做市机制，活跃市场交易，提升人民币 定价能力。 点评：这不仅有助于丰富人民币资产的种类，还能增强市场的流动性和人民币定价能力。这对促进人民 币成为一个更具吸引力的国际储备货币具有重要意义。 NO.2 现货黄金站上5090美元/盎司 1月26日，现货黄金盘中站上5090美元/盎司，涨超2%。值得注意的是，过去一周，美元迎来2025年6月 以来表现最差的一周，美元指数大跌近2%；黄金则斩获近6年最佳单周表现，涨幅达8.4%，白银涨幅更 是达到14.4%。 点评：黄金价格的反常冲高，是美元全球大循环转折的一种反映。券商预计，受美联储降息预 ...

Core Viewpoint - Agricultural Bank of China (ABC) is increasing the risk tolerance assessment requirements for personal customers participating in gold accumulation transactions to enhance consumer protection and comply with regulatory demands [1][2]. Group 1: Changes in Risk Assessment Requirements - Starting from January 30, 2026, ABC will require personal customers to complete a risk tolerance assessment questionnaire and achieve at least a cautious rating to engage in gold accumulation services [1]. - This adjustment follows a similar move by Industrial and Commercial Bank of China (ICBC), which raised the risk assessment level from C1 (conservative) to C3 (balanced) for its gold accumulation business [2]. Group 2: Market Context and Implications - The adjustments in risk assessment are attributed to the high volatility of gold prices, which recently surpassed $5,100 per ounce, indicating a shift in the nature of gold accumulation from a stable savings alternative to a high-risk asset [2]. - Experts suggest that the ongoing rise in gold prices, supported by monetary easing and central bank purchases, will continue to bolster the demand for gold, despite the increased investment thresholds [3]. Group 3: Investor Behavior and Risks - There are concerns about investors potentially misrepresenting their risk tolerance during assessments, which could lead to mismatched risk profiles and expose them to products beyond their comfort zone [4]. - Such behavior undermines the investor protection framework and may result in difficulties for investors seeking to claim losses due to initial misrepresentations [4].

全球最大的稳定币发行商泰达公司（Tether）周一表示，其在 2025 年第四季度增加了约 27 吨黄金配 置。这一数字与分析师估计的第三季度购买量（约 26 吨）大致持平。 2025年，黄金价格累计上涨了64%，今年开年至今又上涨了18%。受强劲的投资、央行和零售需求以及 全球紧张局势加剧的影响，金价在去年3月份突破了每盎司3000美元的关键心理阻力位，10月份突破了 每盎司 4000 美元，周一突破了每盎司 5000 美元。 随着现货黄金价格的上涨，这家加密货币公司已成为黄金需求的重要来源。这是因为其用于支撑稳定币 泰达USTD的储备资金的购买速度非常快，该稳定币目前的流通市值约为 1870 亿美元，该公司还发行 另一种黄金代币XAUT，市值约27 亿美元。 每个由泰达发行的美元代币都代表一美元储备金。当用户向泰达提供一美元时，该公司会发行一枚 USDT，并持有等值的资产，例如美国国债。这些储备金旨在确保在必要时 USDT 可以兑换成美元。而 泰达XAUT 稳定币则完全由黄金支持。 泰达首席执行官 Paolo Ardoino表示："我们现在的运营规模已经使泰达黄金投资基金与主权黄金持有者 并驾齐驱，这带来 ...

为感谢客户长期陪伴，活动特别设置了"沃德20年客户颁奖"环节，多位客户代表分享了与交通银行共同 成长的财富故事，展现了沃德财富的品牌信赖与价值。 1月23日，交通银行"沃野万理·金玉良缘—沃德财富万里行"贵金属配置投资报告会在济南成功举办。本 次活动是交通银行"沃德财富万里行"全国活动的重要组成部分，同时也是沃德财富品牌创立20周年的开 篇活动，旨在进一步满足客户优化资产配置与财富保值增值需求。 活动在富有传统文化韵味的氛围中拉开序幕。现场设有漆扇绘制、古法香道等非遗体验环节，嘉宾们还 亲笔书写新春福字，感受文化传承与财富管理的交融。交通银行山东省分行表示，将始终坚持"以客户 为中心"的服务理念，通过专业化的财富管理服务，助力客户优化资产结构、守护财富安全、实现资产 保值增值。 本次济南站活动是交通银行财富管理专业能力与文化服务融合的一次集中展示。未来，交通银行山东省 分行将继续依托沃德财富品牌，为客户提供更专业、更有温度的金融服务，携手客户稳步迈向财富未 来。 -CIS- 在"2026年黄金投资论坛"环节，行业专家围绕黄金历史、价格走势及资产配置策略展开深入解读，结合 全球经济与地缘政治形势，为在场嘉宾分析 ...

Core Viewpoint - The weakening of the US dollar has fueled a significant rise in gold prices, with London gold reaching a historic high of $5,111.17 per ounce on January 26, marking an increase of over 17% since the beginning of the year [1]. Group 1: Drivers of Gold Price Surge - The surge in gold prices is driven by three main factors: increased geopolitical risks leading to heightened demand for safe-haven assets, the depreciation of the US dollar and concerns over its creditworthiness, and accelerated purchases of gold by global central banks and investors [4][5]. - Geopolitical risks have intensified, with the World Gold Council indicating that gold has become the preferred safe-haven asset amid rising market uncertainties [4]. - The US government's debt exceeding $38 trillion and the annual interest payments surpassing $1 trillion have raised doubts about the dollar's credibility, prompting a shift towards gold as a reserve asset [5]. Group 2: Market Logic Changes - The gold market has entered a phase of accelerated growth, contrasting with the previous year's gradual increase, driven by geopolitical events that inject additional risk premiums into gold prices [6]. - The underlying narrative for gold's rise remains unchanged, with geopolitical factors acting as an "accelerator" for price increases, while a potential return to a gold standard is noted among some capital movements [6][7]. - The current dynamics reflect a significant re-evaluation of gold's value in the context of a shifting global monetary landscape, although it does not imply a return to a gold standard [6]. Group 3: Future Outlook - Despite the current upward trend in gold prices, there are concerns about potential volatility and the need for cautious investment strategies among ordinary investors [8]. - Analysts suggest that while gold prices may continue to rise, investors should be wary of high volatility and plan their asset allocation accordingly, focusing on long-term strategies rather than short-term gains [8][9]. - Projections indicate that gold prices could fluctuate between $4,800 and $5,200 per ounce before the Lunar New Year, with some forecasts suggesting a target price of $6,000 per ounce in the near future [9].

Core Viewpoint - The recent surge in gold prices, reaching 1300 yuan per gram, has significantly impacted both retailers and consumers in the gold jewelry market, particularly in Shenzhen's Shui Bei market, which serves as a barometer for the industry [1][2]. Retailers' Perspective - Retailers are concerned about the impact of rising gold prices on post-Lunar New Year sales, with a 10% decline in sales compared to December, despite the current peak season [2]. - The gold price has increased from 1126 yuan per gram at the beginning of the year to 1300 yuan, reflecting a dramatic rise compared to previous years [2]. - Retailers like Huang, who have been in the business for over a decade, express a desire for stable prices rather than volatility, as the latter could adversely affect their business in the long run [2][3]. Consumers' Behavior - Consumers are becoming more cautious in their purchasing decisions, with many opting to wait rather than buy gold jewelry at current high prices, driven by a mix of emotional and investment motivations [4]. - There has been a notable increase in gold recycling activities, with a 20% rise in customers returning gold for cash compared to the previous month, indicating a trend of selling at high prices [4][5]. - The "Ai Huishou" platform reported a 146.9% year-on-year increase in gold recycling business from January 1 to January 21, highlighting a shift in consumer behavior towards liquidity [4]. Expert Insights - Experts warn investors to be cautious of the psychological risks associated with gold investments, emphasizing that gold's performance is influenced by various factors beyond supply and demand, including monetary policy and inflation hedging [6]. - The World Gold Council anticipates that the gold market will enter a new phase of dynamic balance by 2026, urging investors to adopt rational strategies and avoid impulsive trading behaviors [7].

各地品牌金店零售价 北京：周大福黄金首饰1553元/克，老凤祥1553元/克，菜百首饰1498元/克。 广州：六福珠宝黄金首饰1553元/克，周大生1553元/克，潮宏基1553元/克。 2026年01月26日，国内黄金市场呈现高位震荡态势，国际现货黄金每盎司价格达到4986.53美元，现货白银上涨7.34%至每盎司103.2美元，现货铂金上涨 5.19%至每盎司2767.4美元。国内主要品牌金店和投资渠道的黄金价格也出现明显波动，市场特征与2019年金价启动前的情况有诸多相似之处，投资者需密 切关注市场动态，理性决策。 深圳：周六福黄金首饰1537元/克，铂金饰品1071元/克，金条1432元/克；水贝黄金足金999每克1274元。 批发与投资渠道 深圳水贝足金999批发价：每克1274元，工费范围因款式和品牌不同，一般在10-50元/克之间。 上海：周生生黄金首饰1551元/克，老庙黄金1553元/克，中国黄金1498元/克。 其他银行金条：价格在1120.90元到1153.05元之间。 高赛尔金条：每克1126元，银条24.55元/克。 回收市场价格 全国足金999回收均价在380元到420元/克之间， ...

本报记者 孟珂 "展望未来，与其他贵金属相比，黄金由于其地缘敏感性、对冲便利性等原因，在当下宽松预期出现阶段性回调的过程中 仍有望得到其他因素的交替支持，看好其长期走势。"博时黄金ETF基金经理王祥对《证券日报》记者说。 平安证券认为，黄金价格震荡上行。长期来看，美元信用走弱的主线逻辑愈加清晰，黄金货币属性加速凸显，持续看好黄 金中长期走势。 瞿瑞认为，对于普通投资者来说，仍可以投资黄金，但需理性看待金价行情：一是警惕高位波动风险，避免盲目跟风追 涨，需结合自身风险承受能力、资产配置规模及投资周期，合理规划黄金资产占比；二是立足长期逻辑，当前支撑金价长期上 行的核心因素（如全球不确定性、实际利率下行趋势等）未发生根本改变，建议把握市场节奏，采取逢低布局策略，待金价回 调至合理区间时择机逐步建仓；三是明确投资目标，以资产保值、对冲风险为核心，而非单纯追逐短期价差收益，规避盲目追 高导致的投资风险。整体上看，理性投资者应以低风险优先、长期配置的角度配置黄金。 截至1月26日记者发稿，现货黄金最高触及5110.25美元/盎司，刷新历史高位。 东方金诚研究发展部高级副总监瞿瑞对《证券日报》记者表示，国际黄金价格突破5 ...

Core Viewpoint - The price of gold has reached a historic high, surpassing $5000 per ounce, driven by increased demand due to rising market risk aversion [1][3]. Group 1: Gold Price Movement - As of January 26, the international spot gold price has risen for six consecutive trading days, with a year-to-date increase of 17.9% [3]. - Domestic gold prices have also surged, with the Shanghai gold futures contract AU9999 reaching 1143.32 yuan per gram, marking a 3.67% increase on January 26 [1]. Group 2: Risk Assessment Requirements - Agricultural Bank of China has announced that starting January 30, 2026, personal clients must undergo a risk assessment to participate in its gold accumulation business, requiring a cautious rating or above [2]. - Industrial and Commercial Bank of China (ICBC) has set a higher requirement, mandating clients to achieve a C3 rating or above for new accounts and investment plans starting January 12, 2026 [2]. - China CITIC Bank has also implemented similar measures, requiring a C3 rating for clients engaging in gold accumulation business from June 28, 2025 [3]. Group 3: Market Analysis and Investor Guidance - Analysts suggest that the banks' new risk assessment requirements aim to align investment products with clients' risk profiles, moving gold investments away from a savings-like perception [3]. - The current market conditions indicate that gold prices may fluctuate between $4800 and $5200 per ounce leading up to the Chinese New Year, influenced by potential Federal Reserve interest rate decisions and ongoing geopolitical risks [4]. - Investors are advised to approach gold investments with caution, considering their risk tolerance and asset allocation, and to focus on long-term strategies rather than short-term gains [5][6].

"金王"突然大举扫货。 紫金矿业大举收购的同时，黄金价格持续狂飙。1月26日，以黄金为首的贵金属市场全线大涨，现货黄金一度突破5100美元/盎司，再度创出历史新高。有分析指 出，在全球避险情绪的猛烈驱动下，投资者正以前所未有的规模涌入这一传统避险资产，忽视价格高位，显示出强烈的买入动能。 紫金矿业大举收购 1月26日晚间，紫金矿业发布公告称，公司控股的紫金黄金国际有限公司与Allied Gold Corporation（联合黄金）签署《安排协议》，紫金黄金国际拟以44加元/股的 现金价格，收购联合黄金全部已发行的普通股，收购对价共计约55亿加元。 今晚，A股黄金龙头—紫金矿业公告称，公司控股的紫金黄金国际拟收购位于加拿大多伦多的黄金生产与勘探公司Allied Gold（联合黄金），交易估值55亿加元 （约合人民币280亿元）。 受此影响，联合黄金在美股盘前交易中一度暴涨超10%。 今日A股交易时段，紫金矿业股价亦大幅走强，盘中一度大涨超7%，截至收盘，涨幅为5.17%。 紫金矿业近年来迅速崛起，已成为全球最大的黄金和铜生产商之一，其已在非洲拥有多个项目，包括在刚果民主共和国的铜矿和锂矿资产，以及在加纳的一座金 ...