Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - On January 23, platinum and palladium prices rose overall, with platinum outperforming palladium. The PT2606 contract closed up 10.39% to 685.9 yuan/gram, and the PD2606 contract closed up 3.98% to 497.95 yuan/gram [6]. - Geopolitical risks are intensifying, increasing market risk - aversion demand. The weakening of the US dollar index also supports platinum and palladium prices. Fundamentally, there are no significant changes. High overseas platinum spot lease rates indicate its shortage, but the US decision to postpone import tariffs on key minerals may limit their upside potential [6]. - In the short - term, platinum and palladium prices are expected to be strong but with large fluctuations. In the long - term, platinum has a supply - demand gap while palladium tends to have a loose supply. The strategy suggests unilateral bottom - fishing for platinum or the [long platinum, short palladium] arbitrage strategy [6]. Group 3: Summary by Relevant Catalog Domestic Prices - Platinum futures main contract closing price: 685.9 yuan/gram, up 8.21% from the previous value [4]. - Spot platinum (99.95%): 672.5 yuan/gram, up 8.73% [4]. - Platinum basis (spot - futures): - 13.4 yuan/gram, down 12.70% [4]. - Palladium futures main contract closing price: 497.95 yuan/gram, up 2.94% [4]. - Spot palladium (99.95%): 483.5 yuan/gram, up 4.09% [4]. - Palladium basis (spot - futures): - 14.45 yuan/gram, down 24.94% [4]. International Prices - London spot platinum: 2656.3 dollars/ounce, up 7.60% [4]. - London spot palladium: 1904.886 dollars/ounce, up 2.77% [4]. - NYMEX platinum: 2654 dollars/ounce, up 7.50% [4]. - NYMEX palladium: 1954.5 dollars/ounce, up 3.77% [4]. Internal - External 15 - Point Spread - Dollar/yuan central parity rate: 6.9929, down 0.13% [4]. - Spread between Guangdong platinum and London platinum: 11.06 yuan/gram, up 89.14% [4]. - Spread between Guangdong platinum and NYMEX platinum: 11.64 yuan/gram, up 100.41% [4]. - Spread between Guangdong palladium and London palladium: 12.23 yuan/gram, up 14.49% [5]. - Spread between Guangdong palladium and NYMEX palladium: 1.40 yuan/gram, down 69.70% [5]. Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3774, up 0.0672 [5]. - London spot platinum/palladium ratio: 1.3945, up 0.0626 [5]. Inventory - NYMEX platinum inventory: 662,888 troy ounces, unchanged [5]. - NYMEX palladium inventory: 216,266 troy ounces, unchanged [5]. Positions - NYMEX total platinum position: 78,337, up 0.86% [5]. - NYMEX non - commercial net long position in platinum: 15,124, down 14.04% [5]. - NYMEX total palladium position: 19,167, down 1.62% [5]. - NYMEX non - commercial net long position in palladium: 1,225, down 27.51% [5].

1月26日，现货黄金价格突破每盎司5000美元，再度刷新历史新高。去年，国际金价全年涨幅70%左右，创下自1979年石油危机以来年度最大涨幅。今年 以来，国际金价继续强势上涨，目前与年初相比已上涨15%左右。 受国际金价影响，国内金价同样大幅上涨。今年以来，上海黄金交易所现货黄金价格多次创下新高，品牌金店的足金饰品报价突破每克1500元。 避险功能是黄金的重要价值，风险始终是推升金价的"关键词"。今年以来黄金价格上涨的主要推动力，来自地缘政治紧张局势加剧和由此导致的市场避险 情绪快速升温。美国突袭委内瑞拉、致力于获取格陵兰岛等多重风险因素叠加，共同推动了市场对黄金的强烈避险需求。 全球央行加快购金步伐，也是今年以来推动黄金价格上涨的重要因素。当地时间1月20日，波兰央行表示，已批准一项购买多达150吨黄金的计划，此举将 使该国的黄金储备总量增加到700吨。众多国家央行购金，除了为优化自身外汇储备资产结构，实现资产保值增值，还是为了对冲地缘政治风险而采取的 长远战略。 通过黄金价格变化，一定程度上可以洞察世界经济趋势。总体来说，在经济上行期，市场会更加偏好风险资产，黄金的避险需求相对降低。而当全球经济 遭遇危机 ...

Core Viewpoint - The recent surge in gold and silver prices is driven by heightened geopolitical tensions and economic uncertainties, prompting investors to seek safe-haven assets [2][3]. Group 1: Gold Market Insights - Gold futures for February delivery have risen over 2%, surpassing the $5,100 mark, while silver futures have increased by over 6%, reaching $108 per ounce, potentially marking the largest monthly gain in history [2]. - HSBC's latest report links the rise in gold and silver prices to geopolitical issues, with a weaker dollar further boosting the commodity market [4]. - Goldman Sachs has raised its gold price forecast for December 2026 from $4,900 to $5,400 per ounce, citing a persistent demand for hedging against macroeconomic risks [4][5]. - Central banks are purchasing gold at an average monthly rate of 60 tons, significantly higher than the pre-2022 average of 17 tons, indicating a shift towards gold assets in foreign reserves [5]. Group 2: Silver Market Dynamics - Silver futures have seen a remarkable increase, with prices rising over 50% this month, potentially achieving the best monthly performance since December 1979 [7]. - The current supply shortage in the silver market is a key factor driving prices higher, with analysts suggesting that the upward trend may still be in its early stages [6][7]. - The World Silver Association has indicated that 2025 will mark the fifth consecutive year of global silver supply shortages, enhancing silver's appeal as a more accessible alternative to gold [7]. - Analysts predict that silver prices could reach $120 per ounce by 2026, driven by ongoing geopolitical tensions and increased demand [7].

Group 1 - The report is a precious metals data daily report, providing data and analysis on precious metals such as gold and silver [3][4] Group 2 - On January 23, 2026, the closing price of the main contract of Shanghai gold futures rose 2.55% to 1115.64 yuan/gram, and the main contract of Shanghai silver futures rose 8.5% to 24,965 yuan/kilogram [4] - Geopolitical risks such as the Greenland crisis, US sanctions on Iran, and the consideration of overthrowing the Venezuelan regime have led to a surge in risk aversion, boosting precious metal prices [5] - Large - scale capital outflows from currency and sovereign debt and into gold and silver have pushed up the prices of gold and silver [5] - Japan's actions in the bond market, the hawkish stance of the Bank of Japan governor, and the sharp rebound of the yen have increased the decline of the US dollar index, which is beneficial to precious metal prices [5] - London spot gold approached $5000 per ounce, and London spot silver broke through $100 per ounce for the first time in history, with an intraday increase of over 7% [5] Group 3 - In the short term, geopolitical risks, high market uncertainty, risk - aversion, and strong silver fundamentals will continue to support precious metal prices. However, the risk of short - term profit - taking should be watched out for due to the upcoming tripartite contact between Russia, Ukraine, and the US and the Fed's January interest - rate meeting [6] - In the long - term, the Fed is in an easing cycle, geopolitical uncertainty will continue, the trend of de - dollarization will accelerate, and the allocation demand of global central banks, institutions, and residents is expected to continue. So the price center of precious metals is likely to move up. Investors are advised to buy on dips or sell out - of - the - money put options [6] Group 4 Price Tracking - **15 - point prices on January 23, 2026**: London gold spot was $4954.27/ounce, London silver spot was $99.03/ounce, COMEX gold was $4955.00/ounce, COMEX silver was $99.04/ounce, AU2602 was 1111.88 yuan/gram, AG2602 was 24994 yuan/kilogram, AU (T + D) was 1110.30 yuan/gram, and AG (T + D) was 24970 yuan/kilogram. Compared with January 22, 2026, the price increases were 2.7%, 5.3%, 2.7%, 5.4%, 2.6%, 6.9%, 2.7%, and 6.9% respectively [4] - **Price differences on January 23, 2026**: The gold TD - SHFE active price difference was - 1.58 yuan/gram, the silver TD - SHFE active price difference was - 24 yuan/kilogram, the gold internal - external price difference (TD - London) was - 3.55 yuan/gram, the silver internal - external price difference (TD - London) was - 166 yuan/kilogram, the SHFE gold - silver ratio was 44.49, the COMEX gold - silver ratio was 50.03, AU2604 - 2602 was 3.76 yuan/gram, and AG2604 - 2602 was - 29 yuan/kilogram. The changes compared with January 22, 2026 were - 25.5%, 33.3%, - 28.3%, - 67.5%, - 4.1%, - 2.6%, - 6.5%, and - 6.5% respectively [4] Position Data - On January 23, 2026, the gold ETF - SPDR was 1086.53 tons, the silver ETF - SLV was 16089.98142 tons, COMEX gold non - commercial long positions were 295772 contracts, non - commercial short positions were 51002 contracts, non - commercial net long positions were 244770 contracts, COMEX silver non - commercial long positions were 42965 contracts, non - commercial short positions were 17751 contracts, and non - commercial net long positions were 25214 contracts. Compared with January 22, 2026, the changes were 0.64%, - 0.09%, - 0.14%, 13.48%, - 2.57%, - 9.24%, 16.19%, and - 21.35% respectively [4] Inventory Data - On January 23, 2026, the SHFE gold inventory was 102009 kilograms, the SHFE silver inventory was 581090 kilograms, the COMEX gold inventory was 36144280 troy ounces, and the COMEX silver inventory was 416424863 troy ounces. Compared with January 22, 2026, the changes were 0.00%, - 1.35%, 0.00%, and - 0.42% respectively [4] Interest Rate/Exchange Rate/Stock Market - On January 23, 2026, the US dollar/yuan central parity rate was 6.99, the US dollar index was 97.51, the 2 - year US Treasury yield was 3.60%, the 10 - year US Treasury yield was 4.24%, the VIX was 16.09, the S&P 500 was 6915.61, and NYMEX crude oil was $61.28/barrel. Compared with January 22, 2026, the changes were - 0.13%, - 0.79%, - 0.28%, - 0.47%, 2.88%, 0.03%, and 2.70% respectively [4]

2026.01. 26 本文字数：2170，阅读时长大约4分钟 作者 | 第一财经 樊志菁 随着地缘政治紧张局势高烧不退、全球财政风险忧虑卷土重来，投资者当地时间26日开盘再次涌向 贵金属寻求避险。 截至第一财经发稿时，纽约商品交易所2月交割的COMEX黄金期货上涨超2%，突破5100美元关口， 2月白银期货日内飙升超6%，一度站上108美元/盎司，或创下史上最大月涨幅纪录。 黄金再迎里程碑 近期从格陵兰岛、委内瑞拉到中东的多个冲突热点都推高了地缘政治风险，进一步凸显黄金对冲不确 定性的属性，成为这一贵金属价格飙升的重要原因。上周末，美国总统特朗普威胁对加拿大加征 100%关税，再次引发外界对全球经济不确定性担忧。 汇丰银行在最新研报中表示："黄金和白银价格近期的进一步上涨，与地缘经济问题密切相关。" 与此同时，美元弱势也提振了大宗商品市场，投资者关注可能再次到来的政府停摆。26日盘初，美 元指数下跌0.4%，报97.11，创近四个月新低。23日日本政府表态将采取措施应对日元回落波动背后 的市场投机行为，并警告称已做好干预准备，此后投资者将持续密切关注日本股市与日元走势。巴克 莱银行认为："干预预期升温推动日 ...

Core Viewpoint - The gold market is experiencing a significant surge, with the international spot gold price stabilizing above $5000 per ounce, leading to a strong rise in domestic gold ETF (518800) [1][2] Fund Performance - As of January 26, 2026, the gold ETF (518800) has seen a net inflow of 16.42 billion yuan over the past five days, indicating strong demand for gold assets [2] - The fund's total scale reached 372.25 billion yuan with 3.553 billion shares, maintaining its position as the largest gold ETF in the market [2] - Institutional investors hold 93.76% of the fund, reflecting a strong recognition of gold as a macro hedging tool [2] Market Drivers - The rise in gold prices is driven by three main factors: 1. Increased expectations for continued monetary easing by the Federal Reserve, lowering the cost of holding gold [3] 2. Accelerated de-dollarization, with central banks globally increasing their gold reserves [3] 3. Heightened geopolitical risks, enhancing gold's appeal as a traditional safe-haven asset [3] Product Advantages - The gold ETF (518800) closely tracks the Shanghai Gold Exchange Au99.99 spot contract, offering several advantages: - Historical tracking error of only 3.2%, accurately reflecting domestic gold price trends [4] - Low annual management fee of 0.50% and custody fee of 0.10%, significantly lower than physical gold [4] - Exemption from value-added tax, making it more efficient than bank gold bars and jewelry [4] - Excellent liquidity with T+0 trading support, suitable for large capital movements [4] - Over 99% of assets are allocated to physical gold, with no exposure to stocks or derivatives [4] Market Outlook - Despite gold prices being at historical highs, the supporting logic remains intact, with expectations for gold prices to oscillate between $4750 and $5200 per ounce in 2026 [4] - Investors are advised to consider gradual accumulation during pullbacks to mitigate volatility risks [4] - A recommended allocation of 5% to 10% of overall assets in gold ETFs is suggested as a stabilizing component [4] - For those seeking higher elasticity, gold stock ETFs (517400) may be an alternative, albeit with significantly higher volatility [4]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides short - term outlooks for multiple commodities including methanol, silver, etc., and offers corresponding investment suggestions such as short - term trading strategies and waiting for market stabilization [1][3]. 3. Summary by Commodity Methanol - Market data: The market price of methanol in Jiangsu Taicang is 2263 yuan/ton, up 25 yuan/ton; the weekly capacity utilization rate of domestic methanol is 89.92%, down 1.18% week - on - week; the total downstream capacity utilization rate is 71.26%, down 1.3% weekly; the methanol port sample inventory is 145.75 tons, up 2.22 tons weekly [1]. - Outlook: With high domestic methanol production and falling downstream demand, the port inventory has slightly increased. The inland market is weak, and the port basis has weakened. It is expected to fluctuate in the short term [1]. Silver - Market factors: A storm in the US has affected market risk preferences, and gold has risen due to safe - haven demand [1]. - Outlook: Silver is still bullish in the long term, but the short - term upward momentum may be limited. Attention should be paid to the interaction between gold and silver [1]. Pig - Market data: As of January 23, the average weight of slaughtered pigs is 123 kg, up 0.01 kg; the weekly slaughter rate is 34.13%, up 0.66%; the profit from purchasing piglets for breeding is 37.85 yuan/head, up 79.68 yuan/head; the self - breeding profit is 115.96 yuan/head, up 52.46 yuan/head; the piglet price is 343.33 yuan/head, up 34.28 yuan/head [3]. - Outlook: The pig price rose first and then fell over the weekend. The supply of standard - weight pigs is relatively abundant, and the slaughter enterprises are cautious in procurement. The price is expected to fluctuate within a range, and it is recommended to wait for stabilization [3]. Palm Oil - Market factors: Italy has passed a new biofuel regulation, and the SGS data shows a 2.70% decline in Malaysia's palm oil exports from January 1 - 20 [3]. - Outlook: Although the current demand is weak, the strong foundation for palm oil futures prices remains. It is easy to rise and difficult to fall in the short term, and short - term long positions are recommended [3]. Soybean Meal - Market data: On January 23, the domestic soybean meal spot prices in Tianjin, Shandong, Jiangsu, and Guangdong were 3180 yuan/ton (stable), 3080 yuan/ton (down 20 yuan/ton), 3070 yuan/ton (stable), and 3060 yuan/ton (down 30 yuan/ton) respectively [4]. - Outlook: The spot price has a slight upward trend due to pre - holiday stocking, but the high oil mill operating rate and future Brazilian soybean supply pressure limit the upside. It is recommended to wait and see as it lacks direction in the short term [4]. Coking Coal - Market data: The capacity utilization rate of independent coke enterprises is 72.55%, down 0.14%; the daily coke output is 63.45 tons, down 0.12 tons; the coke inventory is 81.81 tons, down 4.26 tons; the coking coal inventory is 1132.85 tons, up 61.17 tons; the available days of coking coal are 13.4 days, up 0.75 days [4]. - Outlook: The downstream winter storage is ongoing, and the coal mine output is expected to decline. The fundamental situation will improve marginally, but the upward momentum of the futures market is limited. It is expected to fluctuate [4]. Iron Ore - Market data: The total inventory of imported iron ore at 45 ports is 16766.53 tons, up 211.43 tons; the daily port clearance volume is 310.73 tons, down 9.16 tons; the number of ships at ports is 118, up 1 [5]. - Outlook: Although the inventory pressure is increasing, considering supply and demand factors, the further inventory accumulation pressure is limited. The price is supported in the short term and is expected to fluctuate [5]. Rebar - Market data: The blast furnace operating rate of 247 steel mills is 78.68%, down 0.16 percentage points; the blast furnace iron - making capacity utilization rate is 85.51%, up 0.03 percentage points; the steel mill profitability rate is 40.69%, up 0.86 percentage points; the daily hot metal output is 228.1 tons, up 0.09 tons [5]. - Outlook: The building material demand is seasonally weakening, and the inventory accumulation speed is expected to accelerate as steel mills resume production. However, the cost side provides support. The price is expected to fluctuate at a low level [5]. Soda Ash - Market data: The national mainstream price of heavy - duty soda ash is 1234 yuan/ton, unchanged; the weekly output is 77.17 tons, down 0.46%; the total inventory of soda ash manufacturers is 152.12 tons, down 3.42%; the float glass operating rate is 71.62%, up 0.14 percentage points [6]. - Outlook: The float glass market is stable, and the domestic soda ash market is weakly stable. With high supply and mediocre demand, it is expected to fluctuate in the short term [6]. PVC - Market data: The price of East China SG - 5 PVC is 4650 yuan/ton, up 80 yuan/ton; the weekly capacity utilization rate is 78.74%, down 0.89%; the social inventory is 117.75 tons, up 2.92%; the average profit of calcium carbide - based PVC producers is - 733 yuan/ton, and that of ethylene - based producers is - 164 yuan/ton [7]. - Outlook: With high supply, low domestic demand, and rapid inventory accumulation, the price is under pressure. However, strong exports support the price. It is expected to fluctuate under pressure in the short term [7]. Crude Oil - Market data: As of January 23, the number of US online drilling oil wells is 411, up 1 from the previous week and down 61 from the same period last year [8]. - Outlook: The US has increased pressure on Iran, and geopolitical risks have pushed up international oil prices. Short - term long positions are recommended, and attention should be paid to geopolitical risks and the US winter storm [8]. Synthetic Rubber - Market data: The estimated weekly output of Chinese butadiene enterprises is 11.06 tons, up 0.01 tons; the butadiene inventory has significantly decreased, down 14.84%; the profit of butadiene extraction process is 2693 yuan/ton, up 317 yuan/ton [9]. - Outlook: The increase is mainly driven by butadiene. With sufficient supply of synthetic rubber and high downstream shipment pressure, it is recommended to be cautious when going long and use short - term long positions at low levels [9]. Asphalt - Market data: As of January 21, the domestic asphalt sample enterprise operating rate is 26.8%, down 0.4 percentage points; as of January 23, the weekly output is 47.6 tons, down 1.2 tons; the factory inventory is 60.9 tons, down 1.3 tons; the social inventory is 86.2 tons, up 4.7 tons [10]. - Outlook: The supply - demand situation has not significantly improved, but supply disruptions and cost support are expected to boost the asphalt futures market, which is expected to remain strong [10]. Copper - Market data: Zijin Mining's Julong Copper Mine Phase II project has been put into operation, with the annual copper production expected to increase from 190,000 tons to 300,000 - 350,000 tons [11]. - Outlook: The long - term supply shortage situation remains, but the market is digesting the high - level pressure after the previous price increase. The price is expected to fluctuate at a high level [11]. Short - term Treasury Bonds - Market data: Most short - term Shibor varieties have declined. The overnight rate is down 1.7 BP to 1.396%, the 7 - day rate is down 0.6 BP to 1.491%, the 14 - day rate is down 1.3 BP to 1.577%, and the 1 - month rate is up 0.07 BP to 1.5577% [11]. - Outlook: The loosening of the capital market is beneficial to the bond market. The bond market is expected to strengthen with fluctuations, and attention should be paid to the stock - bond seesaw effect [11]. Gold - Market factors: The US has increased military deployment and imposed sanctions on Iran, increasing the possibility of war [12]. - Outlook: Safe - haven sentiment supports the gold price. It is recommended to be cautiously bullish and pay attention to geopolitical disturbances [12]. Aluminum - Market data: In November 2025, the global primary aluminum production was 6.0226 million tons, and the consumption was 5.8176 million tons, with a surplus of 204,900 tons. From January to November, the production was 66.7204 million tons, and the consumption was 68.248 million tons, with a shortage of 1.5276 million tons [12]. - Outlook: The shortage situation at the end of 2025 has gradually changed to a surplus. In the current off - season, the surplus trend continues. It is expected to fluctuate at a high level in the short term [12].

Summary of Key Points from Conference Call Records Industry and Company Overview - The discussion primarily revolves around macroeconomic trends, inflation expectations, and the performance of various industries in the context of the Chinese and U.S. markets. [1][2][3] Core Insights and Arguments Market Sentiment - Market sentiment has improved, particularly in second and third-tier cities, indicating a recovery in market activity to about 50-66% of previous levels. [2] Inflation Expectations - A "pork-oil resonance" phenomenon is anticipated in 2026, signaling the end of deflation and a return to inflation, with a CPI central tendency expected to reach 0.5% and PPI likely turning positive in Q3. [1][3][4] Industry Focus - Industries that may benefit from the positive PPI include resource-related sectors and raw materials, while the technology sector's valuations are no longer seen as advantageous. [1][4] U.S. Stock Market Outlook - The U.S. stock market is expected to experience a rally from May to August 2026, potentially boosting related sectors such as computing power. However, the main focus remains on the implications of PPI turning positive. [1][6] PPI Impact on Industries - Positive PPI is expected to favor industries such as construction materials, non-ferrous metals, steel, and basic chemicals, while sectors like machinery, automotive, electronics, pharmaceuticals, and home appliances show strong alpha correlation but weak beta correlation. [1][7][8] Currency Exchange Rate - The Chinese yuan is projected to appreciate significantly, with the effective exchange rate expected to return to levels seen at the end of 2024. This appreciation will benefit yuan-denominated assets, including Hong Kong stocks. [1][9] Geopolitical Risks - Geopolitical risks are increasing due to the disintegration of the old international order, U.S. strategic adjustments, and rising global political uncertainties. Key areas of concern include the Russia-Ukraine conflict, the situation in Iran, and developments in U.S.-China relations. [1][10][11] Other Important but Potentially Overlooked Content Specific Industry Dynamics - The relationship between PPI and various industries has shifted, with some sectors like real estate losing their previous correlation with PPI, while others have become more competitive due to changes in consumer behavior and market dynamics. [1][7][8] Recent Developments in Geopolitical Situations - The situation in Greenland has shown signs of easing, with diplomatic negotiations taking precedence over military threats. However, tensions remain in the Middle East, particularly regarding Iran and the ongoing Russia-Ukraine conflict. [10][11][12][14] U.S.-China Relations - Recent developments indicate a potential stabilization in U.S.-China relations, with high-level diplomatic engagements expected to continue throughout the year. [15][16]

Group 1: Market Performance - The domestic futures market showed a mixed performance from January 19 to January 23, with strong performance in precious metals and energy chemicals, while the black series experienced a general pullback [2] - In the energy chemical sector, fuel oil rose by 4.01% and crude oil increased by 0.79%. In contrast, the black series saw coking coal decline by 1.07% and iron ore drop by 2.21% [2] - Precious metals saw significant gains, with Shanghai gold up by 6.10% and Shanghai silver up by 8.39% [2] Group 2: Precious Metals Insights - On January 23, international silver prices surpassed $100 per ounce, marking a historical high with an annual increase of over 44%. The rise in gold and silver prices is attributed to geopolitical factors [3] - Silver's price increase is driven by both financial and industrial demand, with ongoing supply shortages exacerbated by tightening export controls and low inventory levels [3][4] - Analysts suggest that the recent price increases in gold and silver are primarily influenced by geopolitical tensions and market liquidity expectations rather than solely by safe-haven demand [4][5] Group 3: Platinum and Palladium Market Trends - On January 23, overseas platinum futures prices exceeded $2,600 per ounce, while palladium prices approached $2,000 per ounce, with platinum futures rising by 10.39% [6] - The platinum market has faced supply shortages for three consecutive years, with a projected supply gap of 69,200 ounces by 2025, leading to low inventory levels [6] - The demand for platinum is expected to be bolstered by the accelerating hydrogen energy industry, while palladium faces long-term pressure due to its reliance on internal combustion engine vehicles [7] Group 4: Regulatory Developments - The China Securities Regulatory Commission announced new guidelines for public fund performance benchmarks, effective March 1, 2026, aimed at enhancing the stability and seriousness of benchmark applications [8][9] - The guidelines emphasize the need for internal controls and management by fund managers, as well as external oversight by custodians and sales institutions [8][9] Group 5: Oil Market Dynamics - International oil prices rose over 3% due to escalating geopolitical tensions and increased U.S. sanctions, with Brent crude and NYMEX crude closing at $65.44 and $61.29 per barrel, respectively [11] - Analysts note that while the oil market currently faces an oversupply, geopolitical uncertainties provide a support base for prices, leading to potential short-term price spikes [11]

现货黄金首次突破5000美元/盎司，日内涨0.5%。现货白银盘初再创新高，现报104.76美元/盎司，涨幅超1%。 2026年伊始，全球金融市场见证了一项历史性纪录的诞生。1月26日，现货黄金价格冲高，首次突破5000美元/ 盎司的关键心理整数关口。 对于本轮黄金价格的大幅上涨，独立财经评论员赵欢向21快讯记者分析，各国央行的战略性资产配置需求是本 轮黄金上涨的核心支撑。此外，美联储处在降息周期，意味着持有美元资产的吸引力下降，而黄金作为"无利 息资产"的机会成本变低。 事实上，当前全球央行正在掀起新一轮购金热潮。中国人民银行官方储备资产数据显示，截至2025年12月末， 我国黄金储备为7415万盎司，当月增持3万盎司。值得注意的是，这已是央行自2024年11月以来，连续第14个 月增持黄金。这一趋势也为市场注入了长期信心。 购金意愿强劲，为应对不确定性将强化黄金储备；其三，美联储降息周期延续，劳动力市场降温与通胀可控为 宽松提供支撑；其四，特朗普政府对国际秩序的扰动加剧地缘风险，推动避险需求攀升。 瞿瑞、白雪认为，尽管美欧围绕格陵兰岛的争端有所降温，但特朗普威胁对抛售美资产的欧洲实施"重大报复 行动"，"短 ...