在这样的背景下，很多投资者会产生一个直观判断：风险来了，黄金是不是又要大涨？甚至有人直接下结论，黄金可能进入新一轮快速上涨阶段。但阿萨交 易学院认为，如果你正在进行黄金交易入门学习，这种情绪化推断恰恰需要被拆解。黄金的走势从来不是单一事件推动，而是多重宏观变量共同作用的结 果。 一、关税冲击下，黄金上涨的底层逻辑是什么？ 2026 年 2 月，10% 全球关税已经正式生效，并且还预留了 150 天窗口期，未来是否上调至 15% 仍然存在悬念。政策路径的变化、谈判节奏的暂停、企业决 策的观望，都让市场的不确定性明显上升。 在黄金交易入门学习阶段，首先要理解黄金受哪些宏观变量（美元、利率、避险情绪）影响。其次永远不要重仓押注，尤其是在带有杠杆的现货交易中。最 后，预设止损与止盈，不被新闻标题带节奏。 全球关税正式落地，影响的不只是贸易成本，而是市场对未来经济路径的判断。当政策方向存在反复空间，全球增长预期可能受到压制。在这种环境下，资 金往往倾向于降低风险敞口，增加防御性资产配置。 黄金在这里扮演的角色，是信用对冲工具。它不依赖企业盈利，不隶属于任何单一国家信用体系。但需要强调的是，黄金的上涨逻辑并不等同于"风险 ...

Core Viewpoint - The market is experiencing a weak trend in gold prices, influenced by geopolitical tensions and disappointing U.S. retail sales data [2][6]. Economic Data - U.S. retail sales data for December showed no growth, at 0%, which was below expectations of 0.4% and the previous value of 0.6%. Out of 13 retail categories, 8 experienced declines [2][6]. - The upcoming January employment data is anticipated to show a non-farm payroll increase of 68,000, although there are indications that this may be lower than expected [2][6]. Geopolitical Events - The second round of U.S.-Iran negotiations is scheduled for next week, accompanied by U.S. military threats, including the potential deployment of a carrier strike group to the Middle East if negotiations fail [2][6]. Market Outlook - As the Chinese New Year approaches, there are only three trading days left, and short-term gold trading is advised to adopt a cautious and oscillatory approach [2][6].

他明确指出，即便由此前曾批评央行债券购买计划的沃什出任美联储主席，也不意味着央行会迅速采取行动缩减资产负债表。更关键的是时间维度。贝森特 表示，美联储可能需要长达一年的时间，来评估并决定资产负债表的未来方向。 这一说法本质上是在向市场传递一个信号：短期内不应期待激进的缩表操作。对于市场而言，这种"不会马上动手"的表态本身就是一种重要的预期管理，也 降低了流动性突然收紧的可能性。在阿萨交易学社的宏观研究框架中，这种预期的软着陆往往能为贵金属提供喘息空间。 在黄金交易入门学习过程中，很多投资者最先关注的是加息和降息，但实际上，美联储资产负债表的变化对黄金同样至关重要。资产负债表扩张意味着央行 通过购买国债等方式向市场投放流动性，通常有助于压低长期利率。 而缩表则会逐步回收流动性，对长期收益率形成上行压力。历史上看，激进缩表阶段往往会增加市场波动，也会对金价形成阶段性压制。因此，市场真正担 心的并不是"缩不缩表"，而是"会不会缩得过快"。贝森特此次强调"不急于行动"，某种程度上缓解了这种担忧。 贝森特在讲话中多次提到"充裕储备机制"，这是理解美联储当前操作逻辑的关键。在这一框架下，美联储需要确保银行体系中拥有足够的 ...

据证券时报，澳门英皇娱乐酒店大堂地砖下的79公斤黄金，确认被卖了。 公告显示，原本这批黄金被按照物业、厂房及设备入账，账面价值仅有940万港元，这个价格也是公司购入黄金的原始价格。而扣掉此次 交易费用后，英皇娱乐酒店预计出售该黄金将确认收益约9020万港元。 近日，澳门英皇娱乐酒店大堂内，原本镶嵌在地砖内的大量黄金被连夜撤走一事，引发广泛关注。 此前，酒店大堂内地砖下放置有大量块状黄金，"黄金大道"也成为该酒店的一个标志。 据媒体此前报道，今年1月底，原本镶嵌在地砖内的黄金全部消失不见，怀疑被工作人员连夜撤走。而酒店也回应称，该部分黄金于1月 29日晚上撤走，不过撤走与金价无关，而是酒店内部装修需要。工作人员还提到，装修结束后会再进行展出。 不过，根据英皇娱乐酒店的最新公告，这批黄金可能难以再次展出了。 来源：证券时报、中国新闻周刊 澳门英皇娱乐酒店为英皇娱乐酒店有限公司旗下酒店。根据英皇娱乐酒店介绍，该酒店位于澳门半岛，为一座26层楼高的酒店，总楼面 面积约65.5万平方米，设有311间客房。 ...

本文字数：1231，阅读时长大约3分钟 作者 | 第一财经 郑娜 因旗下地产上市公司暴雷而备受关注的香港娱乐大亨杨受成，近日从暴涨的黄金上赚了一笔。 2月4日晚，杨受成旗下另一港股上市公司英皇娱乐酒店（00296.HK）发布公告称，已将铺设在澳门英皇娱乐酒店大堂地面上的多块金砖出售，总价约 9970万港元。 2026.02. 05 澳门英皇娱乐酒店开业于2006年，共26层、设有311间客房。早期，英皇娱乐酒店的主营业务之一便是博彩业。而这些金砖装饰正是为了打响名气、吸 引客流而设。 英皇娱乐酒店表示，在过去二十年里，为了在澳门英皇娱乐酒店内的赌场营造奢华辉煌的氛围以提升品牌形象，将这些金砖铺满酒店大堂地面的主要通 道区域。据了解，金砖共有78块，总重约79公斤，是瑞士999.9千足纯金金砖，每块均有独立编号。 在澳门竞争激烈的博彩业中迅速打开局面的英皇娱乐酒店，在截至2007年3月31日的财年中，该项目整体录得近12亿港元。 2025年10月底，澳门英皇娱乐酒店的博彩业务终止营运。受此影响，英皇娱乐酒店认为，这批黄金与酒店定位不再相符。"鉴于相关区域拟进行翻新及 重新布局，该贵金属原作为酒店室内设计及陈设的 ...

因旗下地产上市公司暴雷而备受关注的香港娱乐大亨杨受成，近日从暴涨的黄金上赚了一笔。 同时，当前的市场状况以及黄金的市场价格目前处于高位水平，英皇娱乐酒店认为出售事项是一个良好 机会实现和释放该贵金属的价值，同时使上市公司未来能够节省相关的保安及保险费用。 对于处于亏损中的英皇娱乐酒店来说，出售所得款项也有助于提升其业绩表现。截至2025年9月的 2025/2026中期业绩显示，英皇娱乐酒店净亏损约7310万港元；而2024/2025财年业绩则显示，截至2025 年3月末，该公司录得净亏损约2.48亿港元。 澳门英皇娱乐酒店开业于2006年，共26层、设有311间客房。早期，英皇娱乐酒店的主营业务之一便是 博彩业。而这些金砖装饰正是为了打响名气、吸引客流而设。 英皇娱乐酒店表示，在过去二十年里，为了在澳门英皇娱乐酒店内的赌场营造奢华辉煌的氛围以提升品 牌形象，将这些金砖铺满酒店大堂地面的主要通道区域。据了解，金砖共有78块，总重约79公斤，是瑞 士999.9千足纯金金砖，每块均有独立编号。 在澳门竞争激烈的博彩业中迅速打开局面的英皇娱乐酒店，在截至2007年3月31日的财年中，该项目整 体录得近12亿港元。 2 ...

Group 1 - Li Qiangqing has been appointed as the general manager of Kweichow Moutai Sales Co., a core subsidiary of Kweichow Moutai, which is responsible for market operations and sales of Moutai liquor. The sales revenue for Moutai liquor is projected to exceed 145.9 billion yuan and 110.5 billion yuan for the first three quarters of 2024 and 2025, respectively [4][6] - The Shanghai Gold Exchange has adjusted the margin levels and price limits for silver deferred contracts due to significant price volatility in the silver market [7] - Mercedes-Benz has adjusted the manufacturer's suggested retail prices for some models by approximately 10%, which is expected to provide some liquidity relief for dealers [6][7] Group 2 - Huayi Brothers' stock price has plummeted due to a consumption restriction imposed on Wang Zhonglei, the company's legal representative, facing a risk of delisting. The company has been involved in multiple legal disputes with a total amount of approximately 111 million yuan in the past year [5][6] - The "Yun Dian Dang" gold trading platform in Shenzhen is experiencing withdrawal issues, similar to the previous crisis faced by "Jie Wo Rui." The company has reported significant funding gaps due to operational difficulties and industry panic [1][2] - The IPO policy rumors regarding an increase in on-site inspection ratios and batch suspensions have been debunked as old news, with no new regulations confirmed by the China Securities Regulatory Commission [6][7] Group 3 - Disney reported a revenue of $25.98 billion for Q1 of fiscal year 2026, a 5% year-on-year increase, with adjusted earnings per share of $1.63 [16] - Samsung SDI reported a battery sales revenue of 3.62 trillion won for Q4, with a loss of 33.85 billion won [16] - The company Rui Pu Lan Jun expects a net profit of 630 million to 730 million yuan for the year ending December 31, 2025, marking a turnaround from a net loss of approximately 1.353 billion yuan for the previous year [17]

每经AI快讯，现货黄金突破4870美元/盎司，日内涨0.20%。 每经AI快讯，现货黄金突破4870美元/盎司，日内涨0.20%。 ...

现货黄金日内上涨2.31%，站上5300美元/盎司，续创新高。 以下为财联社今日关于黄金重要节点的报盘资讯： 04:05 现货黄金突破5120美元 04:15 现货黄金突破5140美元 09:08 现货黄金首次突破5200美元 09:40 多家品牌金饰克价大幅上调，老凤祥克价1620元 10:53 泰国央行总裁：将每日在线黄金交易额限制在5,000万泰铢以内，并禁止做空 13:07 现货黄金突破5250美元 14:54 纽约期金涨破5300美元 15:23 现货黄金日内大涨100美元 ...

Core Insights - The 19th Asian Financial Forum will be held on January 26-27, 2026, in Hong Kong, focusing on the theme "Empowering Industries through Finance" and aiming to attract over 3,600 participants from more than 60 countries [1][2] - The forum will introduce the inaugural Global Business Summit, emphasizing the integration of finance with the real economy and supporting Hong Kong's role as an international financial and trade center [1][2] Group 1: Forum Structure and Themes - The forum will feature various sessions, including thematic discussions, policy dialogues, and workshops covering topics such as global economic outlook, investment strategies, asset and wealth management, trade financing, and financial technology [3][4] - The first day will include discussions led by financial leaders analyzing macroeconomic conditions and monetary policies, highlighting Hong Kong's advantages as an international financial hub [4][6] Group 2: Key Speakers and Discussions - Notable speakers include former European Commission President José Manuel Barroso and business leader Paul Polman, who will address global challenges and sustainable development strategies [5][6] - The "Global Economic Outlook" session will feature representatives from major financial institutions predicting economic trends for 2026 and discussing macroeconomic impacts [6][7] Group 3: Focus on Gold Market - The forum will include a dedicated session on gold trading, reflecting the rising demand for gold as a safe-haven asset and Hong Kong's ambition to establish itself as an international gold trading center [7][8] Group 4: Global Business Summit - The inaugural Global Business Summit will explore opportunities in high-growth industries such as AI, robotics, and biomedicine, focusing on how financial services can drive innovation and long-term growth [8][9] - Discussions will also cover strategies for Chinese companies expanding overseas and international firms entering the Chinese market [9][10] Group 5: Green Development and Investment Opportunities - The forum will feature a new FutureGreen zone, focusing on green finance and technology, aiming to connect funding with sustainable development initiatives [11][12] - The AFF Deal-making initiative will facilitate investment project matching, providing a platform for exploring investment opportunities across various sectors [12][13] Group 6: International Financial Week - The Asian Financial Forum will kick off the International Financial Week, which will include over 10 events addressing global financial topics and showcasing Hong Kong's vibrant city life [13]