商品价格大涨推动下，开年以来，A股有色金属行业成为最闪耀的板块。数据显示，上周五（1月30 日）暴跌之前，有色金属板块个股1月平均涨幅39.9%，远超全A个股平均涨幅8.18%。有16只个股 的月涨幅超过50%，其中，湖南白银（002716.SZ）单月8次涨停，累计涨超200%，白银有色 （601212.SH）、盛达资源（000603.SZ）也在1月股价翻倍，兴业银锡（000426.SZ）、西部黄 金（601069.SH）等个股涨幅超80%。 2026.02. 01 本文字数：2711，阅读时长大约4分钟 作者 | 第一财经 魏中原 1月，A股市场以有色金属为代表的分化表现收尾，申万有色金属行业以22.59%的月度涨幅高居榜 首，成为开年最亮眼的主线。然而，有色行情在1月30日急转直下，板块内个股大面积跌停。与此同 时，开年以来持续飙升的国际黄金、白银，在当日出现史诗级暴跌，跌幅均创近40年以来最大日跌 幅。 这场由资金疯狂追捧黄金、白银现货，传导至股票市场催生的行情，在创下近十年同期最高涨幅纪录 后迅速释放情绪，背后折射出市场对极端估值与盈利兑现之间的重新权衡。随着2月行情拉开帷幕， 资金从"疯抢黄金股"转 ...

Core Viewpoint - The A-share market experienced a significant surge in the non-ferrous metals sector in January, with a monthly increase of 22.59%, marking the highest growth in nearly a decade. However, this trend reversed dramatically on January 30, leading to widespread declines in the sector and a historic drop in gold and silver prices, reflecting a market reassessment of extreme valuations and profit realizations [1][2][3][4]. Summary by Sections Non-Ferrous Metals Performance - The non-ferrous metals sector saw an average increase of 39.9% in January, significantly outperforming the overall A-share average of 8.18%. Notably, 16 stocks in this sector had monthly gains exceeding 50%, with Hunan Silver achieving over 200% growth [2][3]. - The sector's performance was driven by soaring international precious metal prices, with gold prices rising from $4,300 to $5,600 per ounce, a gain of over 30% in less than a month, and silver prices increasing by approximately 72% [3][4]. Market Dynamics and Adjustments - Following the extreme price increases, a sharp correction occurred on January 30, with gold and silver experiencing their largest single-day declines in 40 years, leading to a significant sell-off in the A-share non-ferrous sector [3][4]. - The market's focus shifted towards sectors with visible earnings potential and improved supply-demand structures as funds flowed out of the non-ferrous metals sector [5][6]. Future Investment Focus - As the sentiment in the non-ferrous sector cooled, attention turned to industries with clear earnings visibility and favorable supply-demand dynamics, such as AI applications and traditional sectors like chemicals and construction materials, which are expected to benefit from price recovery [5][7][8]. - The AI industry is highlighted as a key area for future investment, with expectations of significant developments in AI applications and semiconductor sectors, driven by major tech companies [6][7].