【环球网财经综合报道】北京时间1月29日凌晨，国际贵金属期货普遍收涨，COMEX黄金期货涨6.46%报5411.00美元/ 盎司，COMEX白银期货涨10.06%报116.62美元/盎司。分析人士称，美联储暂停降息但释放未来宽松预期，叠加市场 对鸽派美联储主席人选的押注，推动贵金属避险及抗通胀属性凸显，同时芝商所调整部分贵金属期货保证金参数也可 能加剧短期波动。 伴随着贵金属、有色金属行情持续爆发，A股市场上贵金属和有色金属板块掀起涨停潮，截至1月28日收盘，白银有色 7连板，中国黄金4连板。全市场涨幅前十的ETF有9只为黄金股和有色相关ETF，其中3只黄金股ETF涨停。 《环球邮报》发文称，预计在金价和银价上涨的推动下，大型黄金和白银开采商将与股东分享红利，并利用现金收购 矿产，继续进行快速的并购活动，以增加储备和地理覆盖面。Scotiabank分析师Tanya Jakusconek预计："随着金属价格 每盎司上涨100美元，运营商的利润将提高90美元/盎司。" 值得关注的是，在贵金属行情愈演愈烈的同时，期货交易所则打出收紧风控的"组合拳"。上金所日前宣布，自1月30 日收盘清算时起，Ag（T+D）合约保证 ...

当地时间1月29日，日韩股市开盘表现分化。日经225指数开盘跌0.11%，报53301.26点；韩国综合指数 涨1.40%，报5243.42点。 美东时间1月28日，美股三大指数收盘涨跌不一。截至收盘，道指涨12.19点，涨幅0.02%，报49015.60 点；纳指涨40.35点，涨幅0.17%，报23857.45点；标普500指数盘初首次触及7000点，随后涨幅收窄， 最终收跌0.01%，报6978.03点。 欧洲三大股指1月28日全线下跌。英国伦敦股市《金融时报》100种股票平均价格指数28日报收于 10154.43点，较前一交易日下跌53.37点，跌幅为0.52%。法国巴黎股市CAC40指数报收于8066.68点，较 前一交易日下跌86.14点，跌幅为1.06%。德国法兰克福股市DAX指数报收于24822.79点，较前一交易日 下跌71.65点，跌幅为0.29%。 黄金白银涨势难挡。1月29日亚市早盘，现货黄金盘中强势站上5500美元/盎司关口，一度触及5598美 元/盎司，随后快速回落，截至8时25分报5480.33美元/盎司；现货白银一度突破119美元/盎司，现报 117.682美元/盎司。国际黄金 ...

Core Viewpoint - The Federal Reserve decided to maintain the federal funds rate target range at 3.5%-3.75%, marking the first pause in rate cuts after three consecutive reductions in the second half of 2025. The assessment of economic activity was upgraded to "expanding at a robust pace," indicating signs of stabilization in the unemployment rate and persistent inflation above target levels [1] Group 1: Precious Metals - Precious metals continue to rise, with international gold prices reaching historical highs due to geopolitical tensions and a loose liquidity environment. The market's concerns over U.S. debt sustainability and the independence of the Federal Reserve have led to increased demand for gold as a safe-haven asset [2][15] - The recent FOMC meeting's decision to pause rate cuts has improved concerns regarding employment risks, supporting the upward trend in precious metals. The demand for strategic allocation in precious metals is increasing, with gold and silver ETF sizes expanding [2][15] Group 2: Oil - The SC night market saw an increase of 1.54% in oil prices. The easing of tensions in Venezuela and potential diplomatic engagement between the U.S. and Iran have contributed to this rise. Venezuela is advancing a comprehensive oil law reform, allowing both foreign and local companies to independently develop oil fields [3][10] - As of January 16, the average daily U.S. crude oil production was 13.732 million barrels, a decrease of 21,000 barrels from the previous week but an increase of 255,000 barrels year-on-year [3][10] Group 3: Aluminum - The night market for aluminum saw an increase of 1.87%. However, the current upward drivers in the spot market are limited, with the aluminum water ratio declining below 75%. The operating rates of leading downstream aluminum enterprises have also decreased, reflecting weak consumption sentiment [3][19] - Despite a weak short-term fundamental outlook, long-term narratives of low inventory, supply constraints, and stable demand provide relative support for aluminum prices [19] Group 4: Economic Indicators - The U.S. stock market has shown a positive trend in 2026, driven by the technology cycle, policy benefits, economic recovery, and the return of overseas funds. The market is transitioning from valuation expansion to profit-driven growth [7] - The Federal Reserve's decision to maintain the benchmark interest rate aligns with market expectations, and the economic outlook remains uncertain with inflation still relatively high [4][9]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2026-1-29 鸽派预期再定价，⾦价加速创历史新⾼ 对更鸽派、独⽴性边际弱化的美联储预期持续升温，叠加主权债与货币避 险需求外溢，推动贵⾦属再度加速上⾏。⻩⾦在配置资⾦主导下突破关键 整数位并放量⾛⾼；⽩银跟随放⼤弹性，但交易与波动⻛险同步抬升，结 构分化进⼀步显现。 黄金观点：趋势性上行延续并再创新高，货币政策预期与避险配置形 成共振，短期关注波动率抬升。 逻辑：市场对未来货币政策更趋宽松的再定价持续推进，围绕下一任 美联储主席的鸽派预期升温，强化无息资产吸引力。与此同时，主权 债与货币承压、地缘不确定性抬升，资金加速流向黄金等避险资产， 推动金价上破5400美元/盎司并放量上行。配置端与期权端同步反映 对上行风险的定价意愿，黄金在贵金属中继续体现低波动、强趋势特 征。 （以上新闻和数据均来自彭博终端） 展望：在货币政策预期、避险配置与去信用化叙事共振下，黄金中期 逻辑稳固。短期或伴随波动率抬升与获利回吐，但回调阶段仍具配置 吸引力。 白银观点：高弹性上涨延续但波动显著放大，交易层面约束上升，短 期更偏震荡消化。 逻辑： 白银 ...

Core Viewpoint - The recent price increase chain has become a significant focus in the capital market, with notable price rises in sectors such as non-ferrous metals, oil, chemicals, building materials, and semiconductors [1] Group 1: Price Increase Trends - The richness of price increase signals this year is at a historically high level, with 321 tracked subcategories showing a significant proportion of price increases over the past three months, second only to the supply-side reform period in 2017 and the inflation surge in 2021 [4] - Recent price increases are primarily concentrated in non-ferrous metals, oil, chemicals, and storage, demonstrating deep transmission and linkage across the industrial chain [7] Group 2: Key Drivers of Price Increases - Geopolitical risk and concerns over US dollar credit are driving up prices of non-ferrous metals, including silver and gold, which are impacting the cost structure in semiconductor manufacturing and testing [8] - Supply-side disruptions and tightening geopolitical situations are pushing oil prices higher, leading to cost transmission to downstream chemical and building materials sectors [8] - Strong demand for AI is triggering a new wave of price increases in storage, with companies like Samsung and SK Hynix planning significant price hikes for LPDDR memory used in iPhones, while domestic semiconductor companies are also raising prices for their products [8] Group 3: Price Change Data - Notable price changes include: - Copper: 15.4% increase over the past week, 44.4% over the past month, and 113.8% year-to-date [9] - Lithium hydroxide: 10.6% increase over the past week, 80.1% over the past month, and 118.7% year-to-date [9] - NAND index: 10.8% increase over the past week, 19.8% over the past month, and 170.3% year-to-date [9] Group 4: Seasonal Trends and Future Outlook - The first quarter is typically a favorable time for price increases, with expectations for further enrichment of price increase signals as the spring construction season begins and policies are implemented post the March Two Sessions [10] - The first quarter is seen as a critical verification window for whether the Producer Price Index (PPI) can stabilize and rise, based on historical inflation cycles [11]

Group 1: International News - The international precious metals market saw significant increases, with spot gold prices rising by 3.15% to exceed $5,580 per ounce, and New York futures gold prices increasing by 5.32% to surpass $5,620 per ounce [1][2] - Spot silver prices broke through $119 per ounce, with a daily increase of 1.98%, while New York futures silver rose by 4.85%, also surpassing the $119 mark [3][4] - Palladium futures surged by 11.67%, breaking the $2,100 per ounce level [5] - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, in line with market expectations, with a voting result of 10 to 2 [6] - Fed Chairman Jerome Powell indicated that the current policy rate is at the higher end of the neutral range, with inflation still high, and future policy adjustments will depend on subsequent economic data [7] - Meta Platforms reported Q4 revenue of $59.89 billion, exceeding market expectations of $58.42 billion, and projected Q1 sales between $53.5 billion and $56.5 billion, higher than analyst forecasts, leading to a more than 10% increase in after-hours stock price [9][10] Group 2: Company Earnings - Tesla reported Q4 revenue of $24.901 billion, slightly exceeding market expectations, with adjusted earnings per share of $0.50, leading to a more than 3% increase in after-hours stock price; however, its FY2025 revenue is projected to decline by 3% and net profit down by 61% [11][12] - IBM's quarterly sales reached $19.7 billion, a 12% year-over-year increase, with software business growth of 14%, resulting in approximately a 3% rise in after-hours stock price [13] Group 3: Domestic News - The domestic commodity futures market was active, with silver's continuous main contract rising by 3%, currently reported at 29,330 yuan per ton [18] - The continuous main contract for glass also increased by 1%, currently reported at 1,079 yuan per ton [19] - The Nasdaq China Golden Dragon Index rose by 0.38%, with notable increases in component stocks such as New Oriental up 5.22%, Haitan Network up 5.14%, Wanwu Xingsheng up 4.99%, and Beike up 4.20% [20] - Chinese concept stocks like NIO and Li Auto showed positive performance in pre-market trading in the US, rising by 3.61% and 3.85% respectively [21]

今日关注 美联储宣布维持基准利率不变。 现货黄金站上5400美元/盎司。 6．当地时间1月28日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美 联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%之间。 微软、特斯拉、Meta最新财报公布。 中国商火：坚决打赢主力箭首飞及回收攻坚战，全力突破可重复使用技术。 重要的消息有哪些 1．上期所发布通知，自2026年1月30日（星期五）收盘结算时起，涨跌停板幅度和交易保证金比 例调整如下：镍期货已上市合约的涨跌停板幅度调整为11%，套保持仓交易保证金比例调整为 12%，一般持仓交易保证金比例调整为13%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调 整为9%，套保持仓交易保证金比例调整为10%，一般持仓交易保证金比例调整为11%；不锈钢、 铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保证金 比例调整为8%，一般持仓交易保证金比例调整为9%；黄金期货AU2606、AU2608、AU2610、 AU2612、AU2702合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持 仓交易保证金比 ...

1月28日晚间，多只黄金概念牛股发布公告，提示交易风险。中国黄金、四川黄金均表示，公司股价短 期涨幅较大，可能存在下跌风险。 多只牛股提示风险 贵金属概念股近日股价大幅上涨，1月28日晚，多家相关上市公司发布提示风险公告。 股价实现"4连板"的中国黄金1月28日晚间公告称，1月23日至1月28日期间，公司股票连续四个交易日涨 停，期间累计涨幅46.42%，上证指数同期累计涨幅0.7%，公司股价上涨幅度已显著偏离指数，公司股 票交易存在市场情绪过热情形，可能存在短期涨幅较大后的下跌风险。公司主营业务未发生变化，主要 从事黄金珠宝首饰研发、加工、零售、批发及回购等，未拥有探矿权、采矿权。经自查，截至本公告披 露日，公司日常经营情况正常，市场环境、行业政策未发生重大变化，不存在应披露而未披露的重大信 息。 1月28日，国际金价大涨，A股贵金属板块迎涨停潮，中国黄金、豫光金铅、中金黄金等20余股涨停。 Wind数据显示，截至1月28日21时，A股共有6家黄金白银行业上市公司对外披露2025年全年业绩预告， 6家公司全部预喜。 股价实现"10天6板"的四川黄金1月28日晚间公告称，公司股票连续2个交易日收盘价格涨幅偏离 ...

权威精选 1月28日，国际金价大涨，A股贵金属板块迎涨停潮，中国黄金、豫光金铅、中金黄金等20余股涨停。 贵金属概念股近日股价大幅上涨，1月28日晚，多家相关上市公司发布提示风险公告。 股价实现"4连板"的中国黄金1月28日晚间公告称，1月23日至1月28日期间，公司股票连续四个交易日涨 停，期间累计涨幅46.42%，上证指数同期累计涨幅0.7%，公司股价上涨幅度已显著偏离指数，公司股 票交易存在市场情绪过热情形，可能存在短期涨幅较大后的下跌风险。公司主营业务未发生变化，主要 从事黄金珠宝首饰研发、加工、零售、批发及回购等，未拥有探矿权、采矿权。经自查，截至本公告披 露日，公司日常经营情况正常，市场环境、行业政策未发生重大变化，不存在应披露而未披露的重大信 息。 股价实现"10天6板"的四川黄金1月28日晚间公告称，公司股票连续2个交易日收盘价格涨幅偏离值累计 超过20%，连续10个交易日内收盘价格涨幅偏离值累计超过100%，属于股票交易异常波动和严重异常 波动的情况。 公告称，公司可能面临以下风险：一是黄金价格波动风险：黄金价格受市场供求关系、全球宏观经济形 势及预期、美元走势、全球重大政治事件等多种因素影 ...

1月26日，黄金白银走出"史诗级"行情，铂金和钯金也强势上涨，还有多个有色金属品种上涨，金属价格狂飙之下，A股市场贵金属板块领涨，国内期货 市场相关品种价格也大涨。 不过，黄金与白银在刷新历史高点后大幅回调。现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。现货 黄金一度上涨2.5%，达5110美元/盎司，随后回落，一度向下跌破5000美元/盎司。 1月27日，国内品牌金饰价格同步上调，多家品牌金饰价格直逼1600元。 周大福、潮宏基足金饰品均报价1585元/克，单日上涨7元/克；六福珠宝足金饰品报1583元/克，单日上涨7元/克；周六福足金饰品报1580元/克，单日上涨7 元/克；周生生足金饰品报1577元/克，单日上涨3元/克。 L JEIJIEN.ERY CH 每日金价 以下为今日即时金价 部分产品工费另计 足金(首饰摆件) 1585 元 / 克 金条金粒 1575 元 / 克 铂金金价 1071 元 / 克 增值回收服务 1426 元 / 克 更新时间:2026年01月27日 国投瑞银自银期货证券投资基金(LOF)暂停申购(含定期 定额投资)业务的公告 ...