1月28日，A股三大指数涨跌不一，截至收盘，沪指涨0.27%，收报4151.24点；深证成指涨0.09%，收报14342.89点；创业板指跌0.57%，收报3323.56点。 沪深京三市成交额达到29926亿元，较昨日放量709亿元。 个股方面，上涨股票数量超过1700只，逾80只股票涨停。贵金属、珠宝首饰、采掘行业、有色金属、小金属、煤炭行业涨幅居前，光伏设备、医疗器械、 医疗服务、生物制品、航天航空板块跌幅居前。 今日收盘后，2026年A股1月行情仅剩两个交易日。最近半个月以来，对很多投资者来说，其实赚钱并没有那么容易。 沪指虽然一直在4100点左右横盘，但个股分化明显。就像今日盘中，A股整体还是延续涨少跌多态势，超60%个股飘绿。如果没有踩中热点，投资体验并 不好。 有色方面以黄金为代表。1月国际金价也涨势惊人，今日现货黄金盘中一度突破5200美元，再创历史新高。2025年最后一个交易日，现货黄金报收4310.89 美元，也就是说，2026年开年不到一个月时间，现货黄金已大涨超过900美元。 A股黄金、有色金属板块因此掀起涨停潮，白银有色七连板，中国黄金四连板，四川黄金、湖南黄金等纷纷涨停。 另外，国际 ...

Core Insights - The year 2025 witnessed significant market movements in the non-ferrous and precious metals sectors, driven by geopolitical events and macroeconomic factors, leading to record price increases for gold and silver [3][4]. Copper Market - In late November to December 2025, copper prices surged, reaching historical highs of $12,960 per ton on the LME and over ¥100,000 per ton in Shanghai [5]. - The copper supply faced constraints due to structural issues, including declining resource grades and insufficient capital expenditure, alongside natural disasters [5]. - Demand for copper remained robust, driven by the dual forces of new energy and AI, leading to a three-phase price increase throughout the year [5]. - The investment strategy for 2026 suggests maintaining a focus on copper until mid-year, then diversifying into both copper and aluminum investments [5]. Aluminum Market - In early November 2025, aluminum prices rose sharply, driven by a significant increase in trading volume and a shift of capital from copper to aluminum [9]. - The rise in aluminum prices was supported by a tight supply situation and a growing belief in aluminum's long-term potential as a substitute for copper [9]. - The outlook for aluminum remains bullish, with expectations of a widening global primary aluminum deficit by 2026 [9]. Alumina Market - In July 2025, alumina prices experienced a notable increase despite a backdrop of oversupply, influenced by delayed market responses and macroeconomic sentiment [11]. - The market dynamics indicated a potential for further price declines in 2026, driven by cost pressures and competitive market conditions [11]. Zinc Market - In the fourth quarter of 2025, zinc prices began to rise due to domestic supply shortages and a shift in market dynamics towards replenishing inventories [13]. - The zinc market is transitioning from a bear market to a structural bull market, with expectations of a 2% increase in global zinc demand in 2026 [13]. Gold Market - From January to April 2025, gold prices surged due to geopolitical tensions and economic uncertainties, reaching $3,500 per ounce [17]. - The latter part of 2025 saw gold prices peak at $4,381 per ounce, driven by political pressures on the Federal Reserve and economic instability [22]. Silver Market - In late 2025, silver prices broke through a significant resistance level, reaching $80 per ounce, supported by high trading volumes and low domestic inventories [23]. - The price dynamics were characterized by strong investor interest and significant deviations from equilibrium price levels [23].

Industry Highlights - The TGA 2025 awards concluded with "Light and Shadow: Expedition 33" by Sandfall Interactive winning nine awards, including Game of the Year and Best Narrative [1][2] - The Chinese game "Ming Chao" received the Player's Voice award at TGA 2025, marking another significant recognition for Chinese gaming [2] - In November 2025, 33 Chinese mobile game publishers made it to the global top 100 revenue list, collectively earning $1.95 billion, which accounts for 35.8% of the total revenue of the top 100 [3] - The esports industry in China is projected to generate revenue of 29.331 billion yuan in 2025, reflecting a year-on-year growth of 6.40% [9] Company Developments - Caesar Culture announced that its stock will resume trading without the ST designation starting December 11, 2025, after previously facing penalties for profit inflation [5] - Century Huatong disclosed its indirect investment in Moore Threads, with an estimated profit impact of 640 million yuan on its Q4 2025 net profit [6] - 37 Interactive Entertainment plans to invest up to $2 million in the Lighthouse Founders' Fund, which has a target size of $80 million, and has also acquired a 7.5% stake in Weihai Hanyuan Network [7] - Lingyoufang's action game "Shadow Blade Zero" is set to launch on September 9, 2026, showcasing a blend of dark martial arts and steampunk aesthetics [4] Regulatory Changes - Australia has enacted a strict law prohibiting users under 16 from owning social media accounts or accessing platforms like TikTok and Facebook, making it the first country to implement such a ban [8]

Group 1: Investment Sentiment - A majority of investors now consider "long gold" as the most crowded trade, with 43% of respondents favoring it over "long seven giants" at 39% [1] - Concerns about a global recession have dropped to the lowest level in two and a half years, with 33% of investors expecting a "no landing" scenario, a significant increase from 18% in September [2] - Morgan Stanley's CEO suggests that holding gold is a "semi-rational" choice in the current environment, indicating a potential price surge to $5,000 or $10,000 [3] Group 2: Economic Outlook - The expectation for a "soft landing" has decreased to a six-month low of 54%, down from 67% in September, while the "hard landing" expectation has slightly decreased to 8% [2] - The weakening confidence in the U.S. system is identified as a primary reason for the dollar's decline, with concerns about the independence of central institutions [4] Group 3: Market Dynamics - The UK labor market shows signs of slowing wage growth and a slight increase in unemployment, which supports further rate cuts by the Bank of England [5] - Standard Chartered Bank predicts that the EUR/USD exchange rate may drop to 1.13 by mid-2026 due to ongoing economic challenges and potential further rate cuts by the European Central Bank [7] - The British pound's downside potential is limited as the market has already priced in negative expectations [8] Group 4: Sector Analysis - Huatai Securities emphasizes the strategic opportunity in the brokerage sector, citing favorable policies and market conditions for growth [9] - The chemical industry is experiencing weak price differentials, indicating a "peak season not booming" scenario, but potential improvements in profitability are anticipated [10] - CITIC Securities highlights the attractiveness of dividend stocks, suggesting that Q4 2025 may be a key time for positioning [11] Group 5: Regulatory Impact - The introduction of "reporting and operation integration" in non-auto insurance is expected to optimize expense ratios and improve profitability for leading insurance companies [12]