Core Viewpoint - The Shanghai Gold ETF (159830) has seen significant growth in trading volume and net inflows, indicating strong investor interest amid rising international gold prices driven by market uncertainties [1][2][3]. Fund Performance - As of February 9, the Shanghai Gold ETF (159830) reached a record high in shares since its inception [1]. - The ETF has experienced continuous net inflows over the past four days, with a peak single-day inflow of 386 million yuan, totaling 503 million yuan [2]. Product Highlights - The management fee for the Shanghai Gold ETF (159830) is 0.25%, and the custody fee is 0.05%, both lower than the average for similar products. The ETF also supports T+0 trading [3]. Market Events - International precious metal futures have surged, with gold prices increasing by 2.10% to $5084.20 per ounce and silver prices rising by 8.00% to $83.05 per ounce. This rise is attributed to heightened market risk aversion due to political changes in the UK and weak employment data in the US, alongside a greater than 50% probability of a rate cut by the Federal Reserve in June [3]. Institutional Perspectives - Guotai Junan Securities suggests that the long-term outlook for gold remains supported. The recent significant drop in precious metal prices is viewed as a technical adjustment rather than the end of a long-term bull market. The cooling of speculative sentiment and a decrease in leverage levels are expected to help gold return to a healthier upward trend. In the long term, ongoing global monetary system restructuring and central bank gold purchases are anticipated to sustain gold's long-term bullish trend [4].

上周A股市场整体承压，主要宽基指数普遍下跌，价值股整体表现偏强。行业上，食品饮料、银行、建 材行业继续上行，有色、通信、石化行业转跌，电子、计算机、化工行业继续下跌。 宏观分析：地方两会政策聚焦扩内需与强科技 国内方面，地方两会时间开启，从各地经济增长目标和政策部署来看，增长目标稳中有降，增量政策聚 焦扩内需与强科技。 投资策略：关注内需价值与新兴科技两大方向 在震荡之后，市场有望逐步企稳，或可持股过节。市场仍具备以下积极因素：1）全球市场正快速计入 美联储潜在的鹰派货币立场，但从路径角度沃什的降息立场更鸽派和确定。与此同时，贝森特澄清强美 元政策并非指干预汇率，海外金融紧缩预期边际改善。2）国内政策重心正转向内需主导，并作为首要 任务，有望提振中国经济前景与资产回报。3）证监会近期再次强调"全力巩固资本市场稳中向好势 头"，A股上市公司亦掀起回购热潮。 投资思路上，新兴科技仍有望是主线，价值股也有春天。考虑到当下估值分化的极端性，以及资金高低 切的部分需求，短期内风格有切换的可能性，可关注自由现金流指数等代表公司质量的标的。 具体方向上，1）内需价值：春节后内需板块超额概率较高，叠加扩内需成为重要增长抓手， ...

每周 一 景 ：甘孜藏族自治州四川省贡嘎雪山 点击右上角菜单，收听朗读版 【宏观 】 黄金大跌：后续如何看 短期：为何大跌？主因不是美联储。 首先，我们认为贵金属大跌的最主要的原因来自于前期的非理性超涨。在此情况下，获利止盈需求的累积使得较小的边 际扰动也会带来剧烈的回调压力。其次，非理性上涨时期积累的散户杠杆资金成为了波动放大器。"沃什交易"只是引爆贵金属情绪转向的导火索之一，而非主 要原因。 中期：关注超跌带来的机会。 前期黄金的上涨主要集中在亚洲与美洲交易时段。在此轮下跌中，美盘与亚盘内黄金价格已有明显调整，欧洲交易时段内黄金 价格有所企稳。后续随着各个交易所去杠杆进程的结束，黄金价格有望逐渐企稳。总体来看，黄金中长期行情仍没有结束，建议关注超跌所带来的黄金布局机 会。 白银短期稀缺，长期不稀缺。白银短期压力偏大，白银短期供给具有稀缺性，是"投机"黄金的工具： 黄金涨的时候，白银涨的更多；黄金跌的时候，白银跌 的更多。而长期来看，白银供给并不那么稀缺，所以银铜比将长期保持稳定，金银比将长期上涨。 长期：黄金行情仍有支撑。 本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期牛市的终结 ...

Core Viewpoint - The recent rebound in precious metals, particularly silver and gold, is driven by macroeconomic changes, industrial revolutions, and a consensus among investors regarding the value of non-fiat currencies [1][3]. Group 1: Market Performance - On February 6, precious metals experienced a rebound, with spot silver and gold turning positive after significant declines, with silver previously dropping nearly 10% and gold over 2% [1]. - The color metal mining ETF, known as "cycle amplifier," opened lower but surged over 5%, closing up 0.91% [1]. - Key constituent stocks such as Hunan Gold, Zhongtung High-tech, Xiamen Tungsten, Zhongmin Resources, and Yun Aluminum saw significant gains [1]. Group 2: Macro Logic - The core driving force behind the current price movements is the long-term concern over the credibility of the US dollar, leading to a re-evaluation of metals as "hard currency" [3]. - The weakening marginal credibility of the dollar is prompting funds to view colored metals as a hedge against currency depreciation and inflation, resulting in a systematic price elevation [3]. Group 3: Industrial Logic - The global mining industry faces rigid supply constraints due to insufficient capital expenditure and declining ore grades, severely limiting new production capacity [3]. - Demand is shifting from traditional sectors to new drivers such as renewable energy, artificial intelligence (including computing centers and grid upgrades), and national strategic reserves, creating a potential "super cycle" lasting several years [3]. Group 4: Trading Logic - The focus is on upstream mining companies that can capture price elasticity effectively, as these companies will see the greatest profit elasticity when metal prices rise [3]. - The color metal mining ETF is highly concentrated on listed companies with mineral resources, making it a key vehicle for capturing commodity market trends [3].

Core Viewpoint - The Shanghai Gold ETF (159830) has reached new highs in both scale and shares, indicating strong investor interest and confidence in gold as a safe-haven asset amid recent market volatility [2][3]. Fund Performance - As of February 4, 2026, the Shanghai Gold ETF (159830) recorded a turnover rate of 8.76% with a transaction volume of 279 million yuan [1]. - The latest scale of the Shanghai Gold ETF is 3.585 billion yuan, with a total of 316 million shares, both marking all-time highs since its inception [2]. - The fund has seen a net inflow of 386 million yuan recently, reflecting positive investor sentiment [3]. Product Highlights - The management fee for the Shanghai Gold ETF is 0.25%, and the fund custody fee is 0.05%, both lower than the average for similar products, making it an attractive option for investors [4]. - The ETF supports T+0 trading, providing flexibility for investors [4]. Market Events - International gold prices have rebounded significantly, increasing nearly 700 USD over three days, from a low of 4402 USD/ounce to 5091 USD/ounce [5]. Institutional Insights - Guotai Junan Securities suggests that the long-term outlook for gold remains supported, viewing the recent price drop as a technical adjustment rather than the end of a long-term bull market. They anticipate a return to a healthier upward trend for gold prices, driven by reduced speculative sentiment and lower leverage levels [6]. - The ongoing restructuring of the global monetary system and continued central bank purchases of gold are expected to sustain the long-term bullish trend for gold [6].

Core Viewpoint - The news highlights the performance and outlook of the non-ferrous metals sector, particularly focusing on the performance of the Huatai ETF and the broader market dynamics affecting metal prices and investments. Group 1: Market Performance - As of February 4, 2026, the China Securities Non-ferrous Metals Industry Theme Index (000811) decreased by 0.32%, with mixed performance among constituent stocks [1] - Notable gainers included Shenhuo Co., Ltd. up 1.73%, China Aluminum Corporation up 1.60%, and Luoyang Molybdenum up 1.51%, while Western Gold fell by 6.55% [1] - The Huatai Non-ferrous ETF (159652) saw a slight increase of 0.05%, with a recent price of 1.95 yuan, and a two-week cumulative increase of 2.59% [1] Group 2: Fund Flows and Liquidity - The Huatai Non-ferrous ETF's latest scale reached 6.403 billion yuan, with a net inflow of 51.56 million yuan recently [3] - Over the past five trading days, there were net inflows on four days, totaling 96.57 million yuan, averaging 19.31 million yuan per day [3] - The ETF recorded a turnover rate of 2.21% with a transaction volume of 143 million yuan [1] Group 3: Investment Sentiment and Outlook - The sentiment in the precious metals sector improved significantly as spot gold prices surpassed $5,000 per ounce, with a daily increase exceeding 2% [3] - The China Nonferrous Metals Industry Association has included copper concentrate in its reserve scope, indicating potential upward pressure on copper prices due to supply disruptions and capital expenditure shortages [3] - Institutions are optimistic about the non-ferrous sector, with expectations of high profitability sustained for 3-5 years due to supply-demand mismatches and macroeconomic easing [3] Group 4: ETF Characteristics and Advantages - The Huatai Non-ferrous ETF (159652) covers a wide range of metal sectors, including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from a super cycle in non-ferrous metals [5] - The ETF has a leading "gold-copper content" with 34% copper and 12% gold, totaling 46%, which is superior to its peers [7] - The ETF's index has shown a cumulative return leading its peers since 2022, with a maximum drawdown lower than that of similar funds, indicating a better investment experience [9]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】现货黄金开盘反弹，重回5000美元/盎司 中国基金报记者 李智 继昨日暴力反弹后，国际贵金属继续大涨！ 2月4日早盘，现货黄金开盘直线拉升，重新站上5000美元/盎司，最新报5030.14美元/盎司，涨近1.8%。 | < W | | | 伦敦金现 | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | 5030.140 | | 昨结 | 4941.465 | 总量 | | | 0 | | +88.675 | +1.79% 开盘 | | 4946.670 | 现手 | | | 0 | | 最高价 | 5053.760 | 持 ਦੇ | 0 | か 물 | | | 0 | | 最低价 | 4908.910 | 增 色 | 0 | 内 盘 | | | 0 | | 关时 | モ日 | 日K | 围K | 月K | | 重多 | (0) | | 叠加 | | | | 均价:0.000 ...

记者丨金珊 李益文 2月3日，国投白银LOF今日复牌再度跌停，报4.25元，最新溢价率为88.94%。国投白银LOF2日发布公 告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估；国投瑞银白银 LOF2日晚间更新净值后显示，单日净值跌幅达31.5%，创公募基金单日下跌历史纪录。 国泰海通证券认为，本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期 牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降有助于黄金重回更健康与 稳健的上涨趋势。长期来看，在各国信任程度下降的情况下，全球仍在经历持续的货币体系重构，央行 购金仍有较大空间，黄金长期的行情仍然会延续。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 责任编辑：王珂 编辑丨江佩霞 2月3日，黄金、白银反弹，现货黄金一度重回4800美元，现货白银日内触及85美元，截至10：22，黄 金、白银涨幅均有所收窄。 | 伦敦金现 | 伦敦银现 | COMEX黄金 | | --- | --- | --- | | 4785.350 | 83.497 | 4831.9 | | +126.0 ...

记者丨金珊 李益文 编辑丨江佩霞 2月3日，黄金、白银反弹，现货黄金一度重回4800美元，现货白银日内触及85美元，截至 10:22，黄金、白银涨幅均有所收窄。 虽然金银价格有所反弹，但A股市场黄金概念股开盘仍多数下跌。其中，豫光金铅、四川黄 金、招金黄金、白银有色、盛达资源、中国黄金、湖南白银跌停，值得注意的是，豫光金 铅、盛达资源、招金黄金、四川黄金、白银有色为连续第三日跌停。 港股方面，黄金概念股集体反弹，截至发稿，招金矿业涨近2%，赤峰黄金涨超2%，紫金黄金 国际涨超3%，万国黄金集团涨超4%。 2月3日，国投白银LOF今日复牌再度跌停，报4.25元，最新溢价率为88.94%。国投白银LOF2 日发布公告称，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重 估；国投瑞银白银LOF2日晚间更新净值后显示，单日净值跌幅达31.5%，创公募基金单日下 跌历史纪录。 国泰海通证券认为，本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而 非黄金长期牛市的终结。短期来看，前期过热投机情绪的降温，以及资金杠杆水平的下降有 助于黄金重回更健康与稳健的上涨趋势。长期来看，在各国信任程度下降的 ...

Group 1 - The core viewpoint of the news is that after a significant decline, gold and silver prices have rebounded, indicating a technical adjustment rather than the end of a long-term bull market for gold [1] - Current spot gold has increased by 4% to $4846.78 per ounce, while spot silver has surged over 7% to surpass $84 per ounce [1] - According to Guotai Junan Securities, the recent sharp decline in precious metal prices is a correction of irrational increases seen earlier this year, and the market is expected to return to a healthier upward trend [1] Group 2 - Gold mining stocks have collectively rebounded, with notable increases in share prices: Zhaojin Mining (01818) up 5.12% to HKD 34.9, Chifeng Jilong Gold Mining (600988) up 4.74% to HKD 36.7, Zijin Mining International (02259) up 4.67% to HKD 210.8, and Universal Gold Group (03939) up 4.26% to HKD 13.46 [2]