金银重挫！ 1月26日，贵金属市场遭遇剧烈震荡，黄金与白银价格同步重挫，现货与期货市场集体承压。 现货市场方面，截至发稿，伦敦金现日内大跌3.58%，报5184.49美元/盎司，盘中最低触及5111.96美元/ 盎司，单日跌幅创阶段新高；伦敦银现跌势更猛，日内暴跌4.94%，报110.144美元/盎司，最低触及 107.947美元/盎司，短期回调力度远超黄金。 | 伦敦金现 | | | SPTAUUSDOZ | | --- | --- | --- | --- | | 5184.490 | | | -192.670 -3.58% | | IDC USD 14:22:37 | | | 0 | | 卖 | 5185.700 | | | | 买- | 5184.490 | | | | 总量 | 0 | 我 | 0 | | 结算价 | | 开盘 | 5390.563 | | 最高 | 5451.010 | 最低 | 5111.960 | | 均价 | | 振幅 | 6.31% | | 外盘 | (9) | 内盘 | 0 | | 昨结 | 5377.160 | 昨收 | 5377.160 | | 涨停 | 0.000 | ...

Group 1 - The precious metals, industrial metals, and minor metals sectors experienced a significant decline, with multiple gold and colored ETFs hitting the limit down [1][2][9] - Several LOF funds that had previously hit the limit up faced a limit down after resuming trading, indicating market volatility [10][18] - On January 29, gold and colored ETFs attracted substantial net inflows, while semiconductor-related ETFs also saw reverse positioning [11][15] Group 2 - The communication ETF sector showed a general increase, with several ETFs related to communication and artificial intelligence rising significantly [12][13] - Low-valuation sectors such as agriculture, forestry, and paper-making led the market gains, contrasting with the overall decline in precious metals [12] - The trading volume for gold ETFs surged, with the gold ETF reaching a transaction volume of 257.78 billion, significantly higher than the previous week's average of 71.07 billion [4][14] Group 3 - On January 29, various ETFs related to colored metals and gold saw net inflows exceeding 10 billion, indicating strong investor interest [15][17] - The semiconductor sector, despite its recent declines, attracted significant reverse investments, with notable inflows into semiconductor equipment ETFs [16][17] - The core logic supporting gold prices remains unchanged, driven by high geopolitical risks and the weakening of the dollar's credibility due to high U.S. government deficits [8][19]

编辑 陈莉 实习生 彭紫桐 国际金价飞速跳水，眼看着屏幕前陡然拉出一条近90°的向下折线，实时金价急速跳动，接连跌破5400美元、5300美元、5200美元三道关口，黄金投资者 小林慌了神，被迫紧急抛售部分黄金持仓。 1月29日晚，国际黄金、白银迎来"巨震一夜"，国际金价跌落回5200美元/盎司下方，现货黄金跌幅超4%；国际银价跌落回110美元/盎司下方，现货白银跌 幅超6%。 金银暴跌引起市场连锁反应。1月30日早盘，贵金属板块集体低开，中金黄金、白银有色、豫光金铅、招金黄金、四川黄金、湖南白银跌停。截至盘中， 现货黄金报5146美元/盎司，跌幅超4%；现货白银报105美元/盎司，跌幅超8%。 南开大学金融发展研究院院长田利辉指出，"过山车"行情是一次由技术面、资金面和情绪面共振引发的经典波动，核心在于市场短期涨幅过大，积累了天 量获利盘，处于"超买"的极限状态。此次急跌本质上是市场内在的脆弱性在特定时点的集中释放，是对前期非理性飙升的一次强制性风险出清。 田利辉认为，对普通投资者而言，当前的关键并非择时，而是确立正确的投资范式，普通投资者应彻底摒弃"抄底"思维。若进行长期配置，必须使用正确 工具，远离杠杆 ...

Group 1: U.S. Economic Outlook - If Kevin Warsh is nominated as the next Federal Reserve Chair, the U.S. Treasury yield curve is expected to steepen, driven by short-term yields declining faster than long-term yields [1] - Conversely, if Rick Rieder from BlackRock is nominated, the yield curve may flatten as long-term yields decrease more rapidly than short-term yields [1] - Regardless of the nomination outcome, market reactions are anticipated to be temporary as the new chair will need to persuade other committee members [1] Group 2: Emerging Markets Performance - Developed economies are facing fiscal and policy risks, while emerging markets are experiencing strong capital inflows, continuing the trend from late 2025 [2] - Emerging market equities are projected to achieve their best monthly performance since November 2022, with UBS Global Wealth Management forecasting further gains [2] - In January, 15 out of 22 emerging market currencies in the MSCI index appreciated, and the Bloomberg Emerging Market Local Currency Government Bond Index has returned approximately 2% this year [2] Group 3: Euro and ECB Concerns - Analysts from Deutsche Bank express concerns about the European Central Bank's apprehension regarding the appreciation of the euro, which could further lower inflation [2] - ECB officials are wary of the negative effects of a strong euro and are reluctant to allow significant appreciation [2] Group 4: Gold and Precious Metals Market - Analysts indicate that gold prices surged in January, with a peak increase of nearly $1,300 per ounce, but signs of a market top are emerging [3] - As the market anticipates the appointment of a new Federal Reserve Chair, gold prices are under pressure, with a potential further decline expected [3] - The recent sharp drop in precious metals is speculated to trigger deeper corrections, as the market lacks clear catalysts for such a rapid decline [3] Group 5: Japan's Economic Forecast - Analysts from ING predict a moderate economic recovery in Japan by Q4 2025, with a projected GDP growth of 0.2% quarter-on-quarter, reversing a previous contraction [4] - Economic activity in Japan has shown signs of slowing, with retail sales in December falling more than expected and manufacturing activity likely remaining subdued [4]

Asset Allocation Recommendations - The article provides a detailed asset allocation table indicating the monthly trends and recommendations for various asset classes over the next six months. The recommendations include high allocation for cash and certain equity sectors, while suggesting lower allocations for others like commodities and certain bonds [9][10]. Investment Strategy Suggestions - The investment strategy table outlines specific recommendations for different asset categories, emphasizing a balanced approach. It suggests maintaining cash positions while considering stable low-risk financial products and short-term bond funds. For equities, it highlights a focus on A-shares and sectors benefiting from AI and manufacturing [10]. U.S. Economic Overview - The U.S. economy is described as being in a state of "overheating expansion," with projected GDP growth rates significantly above market expectations. The article notes a potential GDP annualized growth of 5.4% by Q4 2025, driven by strong consumer spending, investment, and exports [12][13][14][15]. Employment and Labor Market - The unemployment rate in the U.S. is reported to have peaked, with a slight decline to 4.4% in December 2025. However, job growth remains weak, with non-farm payrolls adding only 50,000 jobs in December, indicating a mismatch in the labor market [18][22]. Inflation Trends - U.S. inflation is described as being stable, with the CPI recorded at 2.7% in December 2025. Factors contributing to this stability include weak durable goods consumption and a focus on managing oil prices. The article warns of potential inflation risks stemming from increased capital expenditures related to AI [27][28]. Federal Reserve Policy - The Federal Reserve's recent decision to pause interest rate cuts is highlighted, with indications that future decisions will depend on economic data. The article discusses the political pressures faced by the Fed and the potential implications of upcoming leadership changes [28][29][34]. International Economic Focus: Japan - The article shifts focus to Japan, where political instability and proposed tax cuts are raising concerns about fiscal sustainability. The potential impact of these policies on Japan's credit rating and financial markets is discussed [39][44]. Commodity Market Insights - The article discusses the outlook for commodities, particularly gold, which is expected to remain in a bull market due to geopolitical tensions and ongoing monetary policy support. However, it also cautions about potential short-term volatility [69][70]. Chinese Economic Performance - China's economy is reported to have successfully completed its 14th Five-Year Plan, with GDP surpassing 140 trillion yuan and a nominal growth rate of 4%. The article notes a strong contribution from net exports, while domestic demand remains weak [75][79].

▲1月29日晚，国际金价跳水。金投网截图 1月29日晚，国际黄金、白银迎来"巨震一夜"，国际金价跌落回5200美元/盎司下方，现货黄金跌幅超4%；国际银价跌落回110美元/盎司下方，现货白银跌 幅超6%。 金银暴跌引起市场连锁反应。1月30日早盘，贵金属板块集体低开，中金黄金、白银有色、豫光金铅、招金黄金、四川黄金、湖南白银跌停。截至盘中， 现货黄金报5146美元/盎司，跌幅超4%；现货白银报105美元/盎司，跌幅超8%。 南开大学金融发展研究院院长田利辉指出，"过山车"行情是一次由技术面、资金面和情绪面共振引发的经典波动，核心在于市场短期涨幅过大，积累了天 量获利盘，处于"超买"的极限状态。此次急跌本质上是市场内在的脆弱性在特定时点的集中释放，是对前期非理性飙升的一次强制性风险出清。 田利辉认为，对普通投资者而言，当前的关键并非择时，而是确立正确的投资范式，普通投资者应彻底摒弃"抄底"思维。若进行长期配置，必须使用正确 工具，远离杠杆，并且严格控制比例，以"逢低、分批、长期"的定投思路平滑成本，才能穿越高波动周期，分享其长期价值。 "巨震一夜"慌了神 多只概念股早盘跌停 国际金价飞速跳水，眼看着屏幕前陡然拉 ...

二 〇 二 六 年 度 2026 年 1 月 30 日 黄金需求静态极限：购买力模型锚定远期空间 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan@gtht.com 报告导读： 本报告深入解析黄金价格与各方黄金购买力的量价关系，围绕购买力因子分析和多因子模型展开。当 黄金处于历史高位时，全市场对黄金的交易主线已经基本认可并消化，为了对黄金长期上涨空间有更为具 体的想象依据，我们构建出黄金购买力模型——区别于市场上以利率、美元指数等已经脱钩的因子来构建 模型，回归黄金上涨本质，买兴显著大于卖兴，持有意愿较强的同时买家仍有子弹。本质上是在探讨，当黄 金成为流动性的避险港湾、去美元化下的最终去处，如果集合市场上各方购金力量，到底能多大程度上推 升黄金价格，以求定量地估算出黄金的极值高点。 模型结果显示，Lasso 回归模型拟合优度 R^2=0.875。考虑到自变量存在多重共线性问题，选择 Lasso 回归模型。经 10 折交叉验证，Lasso 回归模型的最优正则化参数 alpha 确定为 0.5373。在此参数下，模型 测试集均方根误差为 168.0382，表明其对目标变量的预测精度良好。再通过 B ...

月度角度来看，成长含量较高的指数1月表现较佳，科创100、科创50、中证500在1月分别涨13.83%、12.29% 和12.12%。 蓝筹股含量较高的指数表现相对弱势，中证A50、上证50在1月分别微涨0.45%和1.17%。 | 序号 | 指数代码 | 指数名称 | 区间涨跌幅% | | --- | --- | --- | --- | | 1 | 000698.SH | 科创100 | 13.83 | | 2 | 000688.SH | 科创50 | 12.29 | | 3 | 000905.SH | 中证500 | 12.12 | | 4 | 000680.SH | 科创综指 | 11.97 | | 5 | 8841431.WI | 万得微盘股 | 10.71 | | 6 | 000852.SH | 中证1000 | 8.68 | | 7 | 932000.CSI | 中证2000 | 8.16 | | 8 | HSI.HI | 恒生指数 | 6.85 | | 9 | 399001.SZ | 深证成指 | 5.03 | | 10 | HSCEI.HI | 恒生中国企业指数 | 4.53 | | 11 | ...

黄金股票ETF（517400）、有色60ETF（159881）、矿业ETF（561330）、黄金ETF国泰（518800）大 跌点评 | 代码 | 名称 | 涨跌幅 ▲ | 5日涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 517400 黄金股票ETF | | -10.01% | 7.63% | 37.93% | | 159881 有色60ETF | | -9.86% | 1.89% | 21.95% | | 561330 矿业ETF | | -9.83% | 2.88% | 24.44% | | 518800 黄金ETF国泰 T+0 | | -7.33% | 3.82% | 18.56% | 数据来源：Wind，截至2026/1/30 【下跌原因分析】宏观情绪退潮，黄金白银等价格巨震 昨夜全球宏观情绪退潮，今天有色板块大跌。现货黄金日内振幅近500美元，亚盘再度逼近5600美元， 但仍未能站上整数点位，并在美盘急转直下；随后又上演V形反转，收复超200美元，最终收跌0.85%， 报5377.16美元/盎司；现货白银也同步剧烈波动。 | | | | | | | ...

Report Industry Investment Rating - Not provided Core Viewpoints - In the short term, due to the approaching Spring Festival holiday in February, market sentiment may be more cautious, and capital reduction may bring correction pressure. Geopolitical situations in the Middle East and South America, the announcement of the Fed Chair candidate, and the release of US economic data may cause uncertainty in precious metals. With reduced liquidity, market fluctuations may be more intense, and investors are advised to operate cautiously and use options to protect long - position profits. In the long term, although the Fed's monetary policy is short - term cautious, the long - term easing expectation remains unchanged. Trade frictions, geopolitical risks, and the "de - dollarization" trend will support the price of precious metals [7][10]. Summary by Related Catalogs Market Performance - This week, driven by macro - geopolitical concerns and capital sentiment, precious metal prices rose significantly. However, due to tightened market liquidity caused by US stock fluctuations, concentrated long - position stop - profits led to a sharp short - term decline in precious metals. On Friday, the main contract of Shanghai gold AU2604 ended its "five - consecutive - day rise" with a 4.71% drop, and the main contract of Shanghai silver AG2604 dropped 6.03%. Platinum and palladium futures were more affected by the decline in commodity and stock markets, with the main contract PT2606 dropping 11.79% and PD2606 dropping 11.87% [1]. Driving Factors Impact of US Stock Market - The release of Q4 2025 earnings reports of US technology companies showed that Microsoft's large AI capital expenditure without corresponding business growth led to concerns about the mismatch between high valuations and investment returns. Its stock price dropped over 10% on Thursday, with a market value loss of $420 billion. This triggered a chain reaction in the financial market, causing a general decline in US stocks. Precious metals and other commodities experienced a "flash crash" due to concentrated long - position stop - profits. International gold prices dropped over 8% and international silver prices dropped over 12% [2]. Physical Delivery and Supply - The previous sharp rise in silver prices was related to the tight physical supply. The industrial and investment demand for silver increased, causing the visible inventories in New York and Shanghai to reach new lows. However, after the COMEX silver January contract expired with a 50 - million - ounce physical delivery on Thursday, the delivery demand for the February contract decreased. In the London spot market, the silver ETF holdings decreased, and the market lending rate dropped to a recent low, indicating a temporary withdrawal of long - position forces. In China, the silver inventories in the two Shanghai exchanges continued to decline, with the SHFE silver inventory decreasing by 26.4 tons on Friday, reaching a new low in over 10 years [5]. Market Outlook - In 2025, global gold demand reached a record high of 5002 tons, with investment demand becoming the largest source. Central bank gold purchases slowed down by one - fifth to 863 tons, while investment demand increased by 84% to 2175 tons. Gold ETF holdings increased by 801 tons, and the purchase of gold bars and coins rose by 16% to 1374 tons, a 12 - year high [7].