【ccmn.cn摘要】美元信用持续下降叠加投机资金涌入，隔夜伦锌六连涨2.3%；地缘避险溢价持续，优 质金属资产需求未减，锌估值补涨叠加供紧支撑，今现锌或续涨。 【ccmn.cn锌期货市场】隔夜伦锌延续涨势，开盘报3396美元/吨，高点报3575.5美元，低点报3384美 元，尾盘收于3453美元，涨77美元，涨幅2.30%；成交量28316手增加14284手，持仓量234070手增加 913手。晚间沪锌偏强震荡，价格重心继续上抬，主力2603合约最新收盘价报25995元/吨，涨325元，涨 幅1.27%。 长江锌业网（pb.ccmn.cn）今日现货锌价行情预估：美元信用持续下降叠加投机资金涌入，隔夜伦锌六 连涨2.3%，收报3453美元/吨； 宏观层面，地缘避险溢价持续，促使实物资产需求上升。美联储主席鲍威尔周三称美国经济前景"明显 改善"，同时维持利率不变。鉴于鲍威尔任期将于6月结束，市场预期特朗普可能任命立场更鸽派的继任 者，未来推动降息的可能性增大。这一潜在政策转向预期，为近期大宗商品强劲涨势增添了货币宽松的 想象空间。此外，本周美元跌至四年多来最低水平，成为本周大宗商品涨势的关键支撑因素。周二，美 ...

国联民生证券认为，这一波美元快速贬值，短期看是汇率干预的预期，拉长点看是美元信用下降交易的 加速。汇率干预方面，近期美日官员公开表示稳定汇率（主要是防止日元过度贬值）的意图；最新的特 朗普公开表示对美元近期下跌"不担心"并认为这"很好"，并称他有能力让汇率像"溜溜球"一样涨跌。此 外，美元信用也在持续恶化：先是白宫对美联储主席进行刑事诉讼，大兴"干预之手"；后有围绕"格陵 兰"主权问题进一步加深与欧洲国家的"裂缝"，加速动摇了美元体系的基础。 上证报中国证券网讯（记者 陈佳怡）1月30日，Wind数据显示，在岸人民币对美元开盘走低，报 6.9530，前一交易日16时30分收盘报6.9460。截至9时30分，离岸人民币对美元报6.9480。 同日，人民币对美元中间价上调93个基点，报6.9678。 与此同时，截至9时30分，美元指数报96.4801。 ...

美元："蓄谋已久"的贬值？ glmszqdatemark 2026 年 01 月 28 日 美元跌破 96 有何重要意义？ 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 邮箱：taochuan@glms.com.cn 邮箱：shaoxiang@glms.com.cn 邮箱：linyan@glms.com.cn 分析师：陶川 分析师：邵翔 分析师：林彦 执业证书：S0590525110006 执业证书：S0590525120004 执业证书：S0590525110007 海外市场分析 美元跌破 96，创下 2022 年 2 月以来的新低。在宏观叙事和资产价格上，这都是 具有里程碑式意义的事件，当然这是"蓄谋已久"，还是"顺势而为"可能更加耐 人寻味。我们虽然对于所谓的"广场协议"2.0 充满怀疑，但无疑美元打开了向下 空间。 针对美元的这一变动，我们主要回答 5 个问题： 这一波美元是怎么贬值到这个程度的？短期看是汇率干预的预期，稍微拉长点看 是美元信用下降交易的加速。 汇率干预方面，近期美日官员（美日财政部长、日本首相）公开表示稳定汇率（ ...

Core Viewpoint - The emergence of "investment copper bars" in Shenzhen's Shui Bei market has raised concerns about their actual investment value, with many merchants indicating that these products are overpriced and lack genuine investment attributes [3][4][9]. Group 1: Market Dynamics - "Investment copper bars" have gained popularity due to rising consumer interest in precious metals and a significant increase in international copper prices [9][10]. - The price of copper has surged recently, with LME copper rising 11.69% in December 2025 and over 3% since early January, reaching a peak of 13,407.0 USD/ton [10]. - The increase in copper prices is attributed to various factors, including tight global copper supply, trade flow restructuring due to U.S. tariffs, and rising demand from artificial intelligence and new energy infrastructure [10]. Group 2: Product Characteristics and Risks - Merchants in Shui Bei have expressed skepticism about the investment potential of "investment copper bars," stating that they are often sold at inflated prices and can only be recycled at a loss [8][11]. - Unlike gold and silver, which have established recycling systems, copper is primarily treated as scrap, leading to significant value loss if not properly managed [8][11]. - Experts warn that investing in physical copper bars carries substantial risks, as they may only be resold as scrap unless a subsequent buyer is found, likening it to previous speculative bubbles in commodities [11][12].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：期货日报 早上好，先关注下美国总统特朗普的最新表态。 当地时间1月21日（周三），美国总统特朗普在瑞士达沃斯发表演讲。他在演讲中提及美国经济、美联 储主席、格陵兰岛等多个热门话题。 在演讲中，特朗普表示，美国通胀已被击败，核心通胀率为1.5%，预计2025年第四季度经济增长率为 5.4%；美国经济正以国际货币基金组织预测速度的两倍速度增长，相信他的政策能让经济增长更高。 对于新任美联储主席候选人，特朗普表示，美联储主席鲍威尔在利率问题上行动太迟了，在不久的将来 宣布新的美联储主席人选。 对于委内瑞拉和石油产量，特朗普表示，美国石油日产量增加73万桶，美国正在帮助委内瑞拉，并将与 他们分享石油收入，汽油价格很快将低于每加仑2美元。 对于联邦政府的赤字，特朗普表示，已经削减了1000亿美元的联邦开支，而美国出口额增加了1500亿美 元。 对于格陵兰岛，特朗普表示，格陵兰岛是北美的一部分，这是美国的领土。它是国家战略安全所必需 的，寻求立即谈判收购格陵兰岛，不会动用武力夺取格陵兰岛。 "我们从未要求过任何东西，也从未得到过任何东西。除非我决定用 ...

国际金价如脱缰野马般一路狂奔，在2026年初刷新了历史纪录，触及每盎司4640美元的高位。 在这波 黄金牛市中，上游的"淘金者"，黄金开采企业赚得盆满钵满。 紫金矿业发布的2025年业绩预增公告如 同一颗惊雷，预计全年净利润将高达510亿元至520亿元，同比增长近60%。 这家矿业巨头在2025年生 产的黄金高达约90吨，价格与产量的双轮驱动，使其成为了这轮行情中最耀眼的明星。 金价的强势表现并非偶然。 回顾2025年，国际金价全年涨幅接近70%，创下了自1979年石油危机以来 的最大年度涨幅。 金价从年初的每盎司2600美元附近起步，在3月突破3000美元，10月突破4000美元， 直至年末逼近4600美元大关。 这种爆发性增长，使得国内黄金饰品价格从每克800元左右一路攀升至 1360元左右。 推动金价上涨的因素是多方面的。 全球地缘政治风险持续加剧，如俄乌冲突僵局和中东局势动荡；同 时美国债务规模突破38万亿美元，引发市场对美元信用的担忧。 这些因素共同促使资金涌入黄金这一 传统避险资产。 各国央行也在持续增持黄金储备，2025年初至11月末，全球央行净购金量达297吨，为 金价提供了长期支撑。 在这轮 ...

徽商期货贵金属研究员从姗姗告诉记者，海外市场地缘风险不断，紧张局势加剧，投资者纷纷涌向避险 资产，这为国际金价走高提供了重要支撑，叠加各国央行购金需求较强，短期来看，黄金期价或依然维 持强势格局。 北京时间1月19日，纽约商品交易所(COMEX)黄金期货主力2月合约再度刷新历史新高。与此同时，国 内沪金也创出自上市以来新高。 多位受访分析人士向《证券日报》记者表示，国际金价持续维持偏强势头，主要缘于海外市场地缘风险 延续和市场预期美元信用下降等因素。对于投资者而言，黄金ETF和黄金期货等资产确定性更高，或适 应于短期参与。 COMEX黄金期货主力2月合约于1月19日盘中最高报出4698美元/盎司历史新高，一度冲击4700美元/盎 司关口，成交量突破8万手，持仓量达到24.62万手。同时，国内沪金期货主力2602盘中也创出历史新 高，报出1050.4元/克，截至收盘，该合约报收于1048.88元/克，成交15.58万手，持仓量为8.4万手。 东证衍生品研究院宏观策略首席分析师徐颖向记者表示，近日黄金等贵金属期价走势偏强，一方面在于 海外市场地缘风险持续不断，避险需求为金价走强提供支撑；另一方面是美联储降息不确定 ...

Core Viewpoint - The international gold price has reached a historic high of nearly $4600 per ounce, with a significant annual increase of approximately 70% in 2025, marking the largest annual rise since the 1979 oil crisis [1] Group 1: Gold Price Trends - The current surge in international gold prices began in the second half of 2019, with an 18% increase that year. From 2020 to 2023, gold prices frequently surpassed $2000 per ounce, and in 2024, they exceeded $2800 per ounce with a 27% annual increase. By March 2025, prices crossed $3000 per ounce, and by October, they surpassed $4000 per ounce, culminating in a record high near $4600 per ounce by year-end [1] - Domestic gold prices in China have also risen significantly, with gold jewelry prices increasing from around 800 yuan per gram to approximately 1360 yuan per gram within the year [1] Group 2: Factors Influencing Gold Prices - The rise in gold prices is attributed to increased global demand for safe-haven assets and a decline in the credibility of the US dollar. The Federal Reserve's shift to a rate-cutting cycle and the weakening dollar have reduced the holding costs of gold [1] - Geopolitical risks and rising global economic uncertainties have intensified market demand for gold as a traditional safe-haven asset, leading to a surge in prices [2] - Central banks worldwide are diversifying their reserves and significantly increasing gold holdings, contributing to the upward pressure on gold prices [2] Group 3: Related Precious Metals - The increase in international gold prices has also led to substantial rises in other precious metals, with silver and platinum prices rising over 140% and palladium over 100% last year. The strong performance of gold has activated sector rotation, boosting the overall valuation of precious metals [2] - Industrial demand for certain precious metals, such as silver, has also supported price increases, driven by rapid developments in industries like photovoltaics, electric vehicles, and artificial intelligence [2] Group 4: Market Outlook - The gold market is expected to enter a new phase of dynamic balance and multiple forces at play by 2026, according to industry experts [3] - Investors are advised to maintain a rational approach, recognize market risks, and follow diversification principles in their gold investments, employing strategies like dollar-cost averaging to smooth returns [3]

Group 1 - The core viewpoint of the article highlights the significant rise in international gold prices, which reached a historical high of nearly $4600 per ounce in January 2025, marking a 70% increase for the year, the largest annual gain since the 1979 oil crisis [1] - The upward trend in international gold prices began in the second half of 2019, with an 18% increase that year, and continued with multiple breaches of the $2000 per ounce mark from 2020 to 2023, culminating in a 27% increase in 2024 [1] - Factors driving the strong performance of gold include rising global risk aversion and a decline in the credibility of the US dollar, as the Federal Reserve enters a rate-cutting cycle and the US government debt surpasses $38 trillion, leading investors to seek gold as a safe haven [1][2] Group 2 - Geopolitical risks and global economic uncertainties are significant contributors to the rising gold prices, with increased demand for gold as a traditional safe-haven asset [2] - Central banks worldwide are diversifying their reserves and significantly increasing gold holdings, which has become a crucial factor in driving up gold prices [2] - Domestic gold prices are closely correlated with international prices over the long term, but short-term fluctuations are influenced by exchange rates and unique supply-demand dynamics in the domestic market [2] Group 3 - The rise in international gold prices has also led to substantial increases in the prices of other precious metals, with silver and platinum prices rising over 140% and palladium over 100% last year [2] - The strong performance of gold has activated a rotation in the precious metals sector, leading to increased valuations and capital inflows into related metals like silver and platinum group metals [2] - Industrial demand for certain precious metals, such as silver, is supported by the rapid growth of industries like photovoltaics, electric vehicles, and the expansion of data centers and artificial intelligence [2]

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices, with spot gold reaching a historical high of nearly $4600 per ounce in January 2025, marking a 70% increase for the year, the largest annual gain since the 1979 oil crisis [1] - The upward trend in international gold prices began in the second half of 2019, with an 18% increase that year, and continued with multiple breaches of the $2000 per ounce mark from 2020 to 2023, culminating in a 27% increase in 2024 and a rapid rise in 2025 [1] - Factors driving the strong performance of gold include increased global demand for safe-haven assets and a decline in the credibility of the US dollar, as indicated by rising geopolitical risks and economic uncertainties [2] Group 2 - The weakening of the US dollar and the Federal Reserve's shift to a rate-cutting cycle have reduced the holding costs of gold, making it more attractive to investors [2] - Central banks worldwide have accelerated diversification of reserves, significantly increasing their gold holdings, which has been a crucial factor in driving up gold prices [2] - The rise in gold prices has also positively impacted other precious metals, with silver and platinum prices increasing over 140% and palladium over 100% last year, driven by both investment demand and industrial applications [3] Group 3 - The gold market is expected to enter a new phase of dynamic balance and multiple forces at play by 2026, indicating a complex future for gold prices [3] - Investors are advised to maintain a rational approach to the hot gold market, emphasizing the importance of diversification and a systematic investment strategy to manage risks effectively [3]