今日黄金价格持稳，黄金回收价格稍涨，考虑到不同品牌回收价差也较大，以下为部分金店回收参考价： | 今日金店黄金回收价格一览(2026年2月27日) | | | | --- | --- | --- | | 回收报价 | 今日金价 | 单位 | | 黄金 | 1136.00 | 元/克 | | 来自黄金 | 1179.00 | 元/克 | | 周生生黄金 1167.60 | | 元/克 | | 周大福黄金 1108.00 | | 元/克 | | 老凤祥黄金 1144.51 | | 元/克 | 今日国内品牌金店金价整体持稳，仅周生生黄金价格小幅上涨2元/克，其余品牌均与昨日持平。周大福、潮宏基、周大生均 以1576元/克并列今日金价榜首；菜百与上海中国黄金则继续以1538元/克保持最低价。今日金店高低价差为38元/克，较昨日 有所缩小。 以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2026年2月27日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1598 | 元/克 | 0 ...

本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284 号） 研究局限性和风险提示 2026 年 2 月 27 日申万期货品种策略日报-黄金白银 | | 申银万国期货研究所 | | | 陈梦赟（从业资格号：F03147376；交易咨询号：Z0022753） | | | | --- | --- | --- | --- | --- | --- | --- | | | | | chenmy@sywgqh.com.cn | 021-50585911 | | | | | | 沪金 2606 | 沪金 2604 | 沪银 2606 | 沪银 2604 | | | | 昨日收盘价 | 1150.10 | 1146.480 | 22286 | 22572 | | | 期 | 前日收盘价 | 1154.34 | 1151.060 | 22786 | 23029 | | | 货 | 涨跌（收盘价） | -4.24 | -4.580 | -500 | -457 | | | 市 | 涨跌幅（收盘价） | -0.37% | -0.40% | -2.19% | -1.98% | | | 场 | 持仓量 ...

行业事件： 2月20日，美国最高法院以6比3的结果裁决特朗普政府依据《国际紧急经济权力法》所征收大规模关税 违法；24日，美国国土安全部证实，停止收取相关进口商品关税；为取代被裁定违法的关税，特朗普20 日签署文件，对来自所有国家和地区的商品加征10%的关税；21日再次宣布将这一关税税率提高至 15%，上述决定均依据《1974年贸易法》第122条款发布，该条款允许联邦政府最多征收150天关税，延 长须经国会同意。 事件点评： 此次关税政策的反复，本质上是美国国内政治制衡机制在政治周期关键节点上的阶段性反映。随着特朗 普开启第二任期，关税政策不仅构成其对外经济战略的核心支柱，更成为其拓展外交空间、深度介入地 缘政治博弈的关键工具。进入2026年中期选举年，特朗普政府面临的国内政治压力逐步凸显。最新民调 数据显示，其当前支持率已回落至40%左右，相较于2025年上任初期出现较为明显的下滑。在这一背景 下，美国最高法院就关税问题做出的最终裁定，可被解读为建制派力量在特定政治节点对特朗普政府施 加的制度性制约。然而，从中长期视角来看，关税作为特朗普政府施政体系中的重要政策工具，其战略 地位难以被轻易削弱或放弃。本次裁 ...

2月23日，最新公布的数据显示，美国2025年第四季度实际GDP年化增速大幅放缓至1.4%，远低于前值 4.4%，也显著不及市场预期。这一季度的经济减速主要归因于长达43天的美国政府停摆事件导致政府 支出锐减，同时出口和消费也出现一定程度的放缓。尽管投资环节有所加速，但整体增长动能已明显减 弱。 与增长放缓形成鲜明对比的是，通胀压力依然顽固。12月核心PCE价格指数同比上涨3.0%，较上月小幅 反弹，持续高于美联储2%的长期目标。同期，PCE指数年率也升至2.9%。这一系列数据强化了市场对 美联储将继续维持紧缩立场的预期，使得短期内降息的前景更趋黯淡。此外，密歇根大学消费者信心指 数小幅下滑至56.6．受访者普遍反映"物价上涨正在侵蚀个人财务状况"。不过，报告中也出现一丝积极 信号：一年期通胀预期从4.0%降至3.4%，五年期通胀预期则稳定在3.3%。 中东局势动荡，仍为黄金注入避险买盘需求 新浪合作大平台期货开户 安全快捷有保障 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。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 ...

Group 1: Domestic Gold Prices - Domestic gold prices continue to stabilize, with all brand quotes remaining unchanged from yesterday. The overall market price range is maintained between 1524-1548 CNY per gram, with Lao Feng Xiang leading at 1548 CNY per gram and Zhou Liu Fu at the bottom with 1524 CNY per gram. The price difference between high and low quotes is 24 CNY per gram [1] - Detailed quotes from major gold retailers show that Lao Miao, Liu Fu, and Jin Zhi Zun are all priced at 1529 CNY per gram, while Zhou Da Fu is at 1529 CNY per gram, and Zhou Liu Fu is at 1524 CNY per gram, indicating no price changes across the board [1] Group 2: International Gold Prices - Last Friday, spot gold maintained a fluctuating trend during the day, but rose significantly in the evening due to the impact of the US CPI data, closing at 5042.38 USD per ounce, a rise of 2.48%. However, as of the latest report, gold prices have retreated to 4984.35 USD per ounce, reflecting a decline of 1.15% [4] - The US Labor Department reported that the core CPI for January fell to 2.5%, the lowest in nearly five years, with the overall CPI dropping to 2.4%, the lowest since May of the previous year. This has alleviated concerns about inflation rebounding and reignited expectations for a Federal Reserve rate cut [4] Group 3: Geopolitical Factors - Reports indicate that Iran is willing to negotiate on sanctions if the US is open to discussions, while Russia's presidential spokesperson announced new US-Russia-Ukraine talks scheduled for February 17-18 in Geneva. These developments have temporarily weakened the safe-haven demand for gold, contributing to the downward pressure on gold prices [5] - Overall, while spot gold may experience short-term declines, long-term factors such as global central bank gold purchases, weakening US dollar credibility, and expectations for Federal Reserve rate cuts are expected to support gold prices in the future [5]

2026年2月12日，国际金价暂报5031.54美元/盎司，较前一日下跌27.60美元。 国内金价稳定在1120.40元/克，较昨 日上涨3元。 品牌金店的足金饰品价格在1530元至1562元每克之间波动，其中老庙黄金报价1562元/克，菜百首饰 为1530元/克。 国际金价在1月30日触及5598美元/盎司的历史峰值后，出现大幅回调，累计跌幅超过11%。 2月12日的价格波动被 视为市场高位震荡的延续。 2026年1月底，芝加哥商品交易所集团将纽约黄金期货交易保证金改为浮动计算，上海黄金交易所也上调了部分合 约保证金比例至18%。 这些措施旨在控制市场风险。 世界黄金协会亚太区研究负责人贾舒畅指出，黄金价格受经济增长、机会成本、风险不确定性和趋势动能四因素 驱动。 2026年初，地缘政治风险及美股高位运行等因素推高了黄金的避险需求。 北京多家黄金回收门店出现排队现象。 一位在周大福专柜出售50克金手镯的顾客获得4万多元变现款。 品牌金店 回收价格约为1083元至1088元每克，典当行及专业回收店价格略低，需扣除相应手续费。 同期黄金销售柜台同样繁忙。 北京朝阳区某商场的老铺黄金柜台前，消费者排队3小时购买金 ...

Core Viewpoint - Agnico Eagle Mines is focusing on significant events in 2026, emphasizing business progress and planning based on the Q3 2025 performance meeting and subsequent announcements [1] Group 1: Project Advancement - The Hope Bay project pre-feasibility study (PFS) is scheduled for completion in 2026, with the aim of preparing for construction to start in 2027 [2] - The Detour Underground resource update is expected to be completed in 2026, targeting an annual production increase to 1 million ounces [2] - The Upper Beaver project shaft sinking commenced in Q4 2025, with infrastructure adjustments continuing throughout 2026 [2] - The San Nicolas copper project will continue critical infrastructure work and government permitting discussions in 2026 to facilitate development [2] Group 2: Performance Strategy - The company anticipates an overall cost inflation rate of 6-7% in 2026, which will be partially offset by productivity enhancement measures such as remote operation technologies [3] - The exploration budget for 2026 remains high at $525 million, focusing on resource expansion in areas like Detour and Hope Bay [3] - The production guidance for 2025 is set at 3.4 million ounces, with plans for adjustments in 2026 based on resource updates and project progress [3] Group 3: Industry Policy Status - Geopolitical tensions, particularly between the U.S. and Iran, may increase gold's safe-haven demand, indirectly affecting mining stock sentiment, although the uncertainty of such external factors should be noted [4]

Core Viewpoint - The demand for gold as a safe-haven asset is expected to significantly influence prices, with projections indicating further increases in gold prices by 2026 due to heightened geopolitical risks, weakening dollar credit, and uncertainties in monetary and fiscal policies from the Federal Reserve [1][2][12]. Industry Fundamentals - Since 2025, factors such as tariff frictions, weakening dollar credit, and geopolitical tensions have driven gold prices up, with an annual increase exceeding 60% [1][4]. - The financial attributes of gold are becoming more pronounced, with expectations that gold prices will continue to rise in 2026 due to ongoing geopolitical risks and uncertainties in U.S. monetary policy [2][12]. - The overall credit risk in the gold industry remains low, supported by the financial characteristics of gold and the improving profitability of gold companies [1][2][12]. Supply Dynamics - Gold supply has remained stable, with limited increases in mine production since 2025, while the recycling of gold has seen a slowdown despite rising prices [14][20]. - The global gold supply primarily comes from mining and recycling, with mining accounting for about 75% of total supply, and the elasticity of supply is relatively low [14][20]. - In 2025, gold production in Africa and North America has compensated for declines in Latin America, with significant increases in production expected from new projects [16][18]. Demand Trends - The demand for gold has shifted towards investment, with jewelry consumption declining due to high prices; central bank purchases and gold ETFs have seen increased demand [21][23][28]. - In 2025, global jewelry consumption fell by 20.18%, while investment demand, particularly in gold bars and coins, has risen significantly [23][24][28]. - Central banks have continued to increase their gold reserves, with net purchases reaching 633.6 tons in 2025, although the pace of buying has slowed due to high prices [26][28]. Financial Performance - Gold companies have seen significant increases in revenue and profitability due to rising gold prices, with total revenue for sample companies reaching 584.44 billion yuan in 2025, a year-on-year increase of 22.49% [32][35]. - The net profit for these companies has also increased, with a total of 632.82 billion yuan reported for the first three quarters of 2025, reflecting a growth of 57.89% [35]. - The operating cash flow of gold companies has improved significantly, with a 38.45% increase in the first three quarters of 2025 compared to the previous year [36][41]. Investment Activities - Many gold companies have engaged in mergers and acquisitions to expand their resource base, which has led to an increase in total debt, although the overall capital structure remains stable [39][40]. - The total debt of sample companies reached 3,088.15 billion yuan by September 2025, with an average debt ratio of 47.56% [40][41]. - Despite the increase in debt, the companies' ability to cover short-term liabilities has improved due to rising cash flows from operations [41].

Group 1: Gold Market Overview - Gold prices experienced a pullback around $5035, ending a two-day upward trend as market risk sentiment improved, leading to a withdrawal of funds from safe-haven assets [1][7] - Geopolitical tensions eased, particularly with Iran indicating progress in nuclear discussions with the U.S., reducing concerns about further escalation and allowing the market to digest some of the premium accumulated from safe-haven demand [1][7] - Despite the short-term pressure, the medium-term outlook for gold remains positive, supported by a central bank in Asia that increased its gold reserves for the 15th consecutive month, reaching 74.19 million ounces, reflecting a long-term strategy to hedge against global economic uncertainties [1][7] Group 2: Technical Analysis of Gold - The recent pullback in gold prices appears to be a phase of correction within a broader upward trend, with prices still operating within a medium-term ascending channel and above key moving averages [2][8] - Key support levels are identified at $4990, $4967, and $4940, while resistance levels are at $5067, $5085, and a target of $5130 for medium-term bullish sentiment [2][8] - The current market adjustment is viewed as a digestion of previous gains rather than a fundamental reversal, with a focus on maintaining stability above $5000 to preserve the upward trend [2][8] Group 3: Gold Trading Strategies - Suggested trading strategies include aggressive short positions around $5068 and $5125, with targets of $50 to $100, and long positions around $4996 and $4940, also targeting $50 to $100 [3][9] - The critical threshold for gold is identified at $4900 per ounce, indicating a significant level for traders to monitor [3][9] Group 4: WTI Crude Oil Market Overview - WTI crude oil prices are trading around $64.3 per barrel, with ongoing negotiations between the U.S. and Iran contributing to a temporary easing of geopolitical tensions, although potential risks remain [4][9] - Venezuelan oil exports surged to 800,000 barrels per day in January, up from 498,000 barrels per day in December, which may exert upward pressure on global supply [4][9] Group 5: Technical Analysis of WTI Crude Oil - Recent price declines in crude oil are seen as a consolidation phase, with the potential for recovery if prices settle above $63.50, targeting a key resistance level of $66.00 [10][11] - The overall outlook remains bullish, with prices trading above the 50-day exponential moving average, indicating strong short-term support [10][11] Group 6: WTI Crude Oil Trading Strategies - Suggested trading strategies for crude oil include aggressive short positions around $65.5 and $66.1, targeting approximately $63.0, and long positions around $63.5 and $62.8, targeting $66.0 [5][12]

Investment Rating - The report rates the overall credit quality of the gold industry as "stable improvement" for the next 12 to 18 months, indicating a positive outlook compared to the previous year's "stable" status [4]. Core Insights - The report highlights that geopolitical risks, weakening dollar credit, and uncertainties in monetary and fiscal policies will significantly influence gold prices, which are expected to rise further in 2026. This will enhance the profitability and cash flow of gold enterprises, although increased debt levels may arise from mergers and acquisitions and inventory demands [4][6]. - The gold industry's overall performance is improving, with rising gold prices leading to increased profits and cash flow for most gold companies, thereby enhancing their debt repayment capabilities and overall credit levels [6][36]. Summary by Sections Analysis Approach - The analysis focuses on the credit fundamentals of the gold industry by examining gold price trends and the factors affecting supply and demand, concluding that gold's financial attributes will have a more significant impact on prices amid economic uncertainties [7]. Industry Fundamentals - Gold prices have surged over 60% since 2025 due to factors like tariff frictions and geopolitical tensions, with expectations for continued upward movement in 2026. The demand for gold as a safe-haven asset is strong, driven by central banks increasing their gold reserves [8][12]. - The report notes that gold supply is relatively stable, with limited increases in mine production and a slowdown in recycled gold supply growth due to high price expectations [16][20]. Financial Performance - The financial performance of gold companies has improved significantly, with total revenues for sample companies increasing by 11.48% and 22.49% year-on-year in 2024 and the first nine months of 2025, respectively [40]. - The net profit for sample companies reached 632.82 billion yuan in the first three quarters of 2025, reflecting a 57.89% increase year-on-year, driven by rising gold prices and production levels [43]. - Operating cash flow has also seen substantial growth, with a 38.30% increase in 2024 and a 38.45% increase in the first nine months of 2025, indicating strong cash generation capabilities [45]. Conclusion - The report concludes that the gold industry is experiencing a favorable environment with rising prices, improved profitability, and enhanced cash flow. However, the ongoing pursuit of mergers and acquisitions may increase financial pressure on companies. The outlook for gold prices remains positive due to geopolitical risks and economic uncertainties [52][53].