01 "疯狂"的黄金 黄金价格近期迎来突破性上涨， 国际现货黄金站上 5200 美元 / 盎司，国内深圳水贝市场金价同步突破 1300 元 / 克，双双创下历史峰值。 同时，美联储已将基准利率下调至 3.50-3.75% 区间，叠加抗通胀属性的美国通胀指数国债（TIPS）震荡走高， 市场普遍认定美国正式进入降息周期，黄 金也将更上一层楼。 2025 年全年，黄金价格呈现震荡上行态势， 截至 12 月 31 日，COMEX 黄金结算价较年初累计上涨 64.34%，成为全年表现亮眼的资产之一。 02 不止黄金 其实，黄金的强势上涨并非孤例，工业金属的全面飘红已经传递出明确信号 —— 这轮资产上涨行情不是单一品种的 "独角戏"，而是整个贵金属、工业金 属板块的 "集体起舞"。 2025 一整年，工业金属价格迎来全面上涨，没有一种出现下跌。 锡和铜组成 "领涨梯队"，涨幅双双突破 43%，分别达到 44.91% 和 43.96%，成为板块中最亮眼的存在； 铝、镍、锌、铅则紧随其后稳步跟涨，涨幅依次 为 17.03%、9.83%、4.68% 和 2.45%，整个工业金属板块呈现出全线向上的态势。 下面，给大家介绍下20 ...

1月28日，国际黄金期货和现货价格双双连续涨破每盎司5200美元和5300美元重要整数关口，创下历史 新高。A股市场上，黄金股掀涨停潮，中国黄金、招金黄金、湖南黄金等超20股涨停。盘后，多只概念 股发布异动公告： 4连板四川黄金：公司目前仅拥有梭罗沟金矿一座在产矿山，且保有金资源量与同行业相比较少； 西部黄金：目前公司关注到黄金市场热度较高，黄金采选和冶炼是本公司主营业务之一，敬请广大投资 者理性投资、审慎决策，注意投资风险； 赤峰黄金：公司股票价格连续多日上涨，股价处于历史高位，敬请广大投资者注意二级市场交易风险， 理性投资。 4连板豫光金铅：公司属有色金属冶炼行业，原料自给率较低，有色金属价格波动将会对公司盈利能力 产生影响，敬请广大投资者理性投资，注意投资风险； 4连板中国黄金：公司主营业务未发生变化，未拥有探矿权、采矿权； ...

Core Insights - The gold futures price on the New York Mercantile Exchange surpassed $5,300 per ounce on the 28th, following a significant increase of $300 within three days, marking a historic high [1][10][14]. Group 1: Market Trends - The recent surge in gold prices has led to increased consumer activity in selling gold, with many opting to cash out at high prices [15][17]. - In Shenzhen's Shui Bei gold market, there has been a noticeable influx of customers selling gold, with some transactions involving hundreds of grams [17]. - Consumers are increasingly turning to second-hand e-commerce platforms for gold transactions, seeking more flexible and cost-effective options [17]. Group 2: Challenges in Gold Recovery - The rise in gold recovery activity has been accompanied by numerous consumer complaints regarding the selling process, including issues like inflated quotes and weight discrepancies [18][19]. - Common complaints include high initial quotes followed by deductions for "depreciation" and "purification fees," as well as improper weighing and grading of gold [18][19]. - The lack of accountability in some recovery processes, particularly with "door-to-door" services, complicates consumer rights protection [18][19]. Group 3: Recovery Channels and Pricing - Various gold recovery channels exist, including banks, brand gold stores, professional recovery merchants, second-hand trading platforms, pawn shops, and individual merchants, each with differing fee structures [19]. - Banks typically offer lower fees but may not accept jewelry, while brand stores often combine recovery with exchange offers [19]. - Professional recovery merchants and second-hand platforms have flexible pricing but may have significant variations in service quality and pricing transparency [19]. Group 4: Risk Management for Recovery Merchants - Gold recovery merchants face risks associated with price fluctuations, employing strategies such as rapid turnover and hedging through futures contracts to mitigate losses [20]. - The recent implementation of new tax regulations in the gold sector has prompted a reshuffling of the industry, favoring compliant channels [20]. Group 5: Industry Standards and Recommendations - The China Gold Association has introduced a group standard for gold recovery services, aiming to establish a comprehensive framework for service quality and consumer protection [21]. - The standard is not mandatory, and widespread adoption will take time, as many small merchants lack the necessary qualifications and equipment [21]. - Industry experts recommend that consumers educate themselves on current gold prices and recovery processes, ensuring they understand all fees and retain documentation throughout the transaction [22].

Core Insights - The gold market in early 2026 is experiencing a significant surge, with international gold prices surpassing $5,200 per ounce and domestic gold recovery prices exceeding 1,000 yuan per gram, reflecting a strong demand for asset preservation among ordinary investors [1][8] - The case of a woman in Zhengzhou selling 300 grams of gold for 300,000 yuan highlights the importance of timing and rational investment choices in capitalizing on market trends [3][13] Market Dynamics - The recent spike in gold prices is attributed to multiple factors, including a weakening US dollar, geopolitical tensions, and strategic purchases by global central banks, which have collectively reinforced gold's value as a safe-haven asset [8][9] - In 2025, global central bank gold purchases reached a record high, with countries like Poland and China continuing to increase their gold reserves, indicating a trend towards "de-dollarization" and a robust demand for gold [8][9] Investment Behavior - Successful investors in the gold market have demonstrated a long-term strategy, avoiding short-term market fluctuations and focusing on securing profits at high price points, contrasting with less informed investors who may follow market trends without adequate knowledge [6][12] - Ordinary investors are advised to understand the market fundamentals, including the importance of gold purity and the need to verify weights and prices during transactions to avoid being misled by unscrupulous dealers [11][12] Industry Challenges - The gold recovery market is facing significant issues, including deceptive practices by some merchants who exploit information asymmetry, leading to reduced payouts for sellers [9][10] - The lack of regulation and standardization in the gold recovery process, particularly among small merchants, poses risks for consumers, making it essential to choose reputable channels for transactions [10][11] Regulatory Developments - The introduction of the "Gold Old-for-New Business Service Standards" by the China Gold Association aims to establish a framework for the industry, although its implementation among smaller merchants may take time [10] Investor Education - Ordinary investors need to break two common misconceptions: that gold is a guaranteed store of value and that gold jewelry is equivalent to investment-grade gold, as the latter often incurs high craftsmanship costs that diminish resale value [12][13] - A balanced approach to gold investment is recommended, with a suggested allocation of 5% to 10% of total assets in gold to mitigate risks associated with market volatility [12][13]

Group 1: Industrial and Financial Performance - Industrial Fulian expects a net profit of 35.1 billion to 35.7 billion yuan for 2025, representing a year-on-year increase of 51% to 54% [1] - The company anticipates a net profit of 12.6 billion to 13.2 billion yuan in Q4 2025, an increase of 4.5 billion to 5.1 billion yuan compared to the same period last year, reflecting a growth of 56% to 63% [1] - Keda Xunfei forecasts a net profit of 785 million to 950 million yuan for 2025, with a year-on-year growth of 40% to 70% driven by the scaling of AI applications [2] Group 2: Industry Developments - Industrial Fulian's revenue from 800G high-speed switches is expected to grow by 13 times year-on-year in 2025, with Q4 revenue increasing over 4.5 times [1] - Keda Xunfei's large model projects achieved the highest number and amount of bids in the industry, totaling 2.316 billion yuan, surpassing the combined total of the second to sixth places [2] - Xiaocheng Technology anticipates a net profit of 90 million to 130 million yuan for 2025, a growth of 93.32% to 179.24% due to increased gold production and sales [4] Group 3: Risk and Challenges - Zhongshe Co. expects a negative net profit for 2025, which may lead to a risk warning for delisting due to low revenue [3] - Changjiang Investment forecasts a net profit of negative 30 million to negative 45 million yuan, also indicating potential delisting risks [12] - Macromedia's net profit is projected to decline by 65.61% to 72.48% for 2025, with Q4 performance below expectations [12]

赤峰黄金（600988）(06693)公布，公司A股股票交易连续三个交易日(2026年1月26日、1月27日、1月28 日)内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动情形。经公司自查并向控股股东及实际控制人核实，截至本公告披露日，公司不存在应披 露而未披露的重大信息。公司目前生产经营正常。 ...

智通财经APP讯，赤峰黄金(06693)公布，公司A股股票交易连续三个交易日(2026年1月26日、1月27 日、1月28日)内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。经公司自查并向控股股东及实际控制人核实，截至本公告披露日，公司不 存在应披露而未披露的重大信息。公司目前生产经营正常。 ...

格隆汇1月28日丨赤峰黄金(06693.HK)公告，董事会注意到公司股份价格近期出现不寻常波动。经作出 合理查询后，董事会确认，截至本公告日期，其并不知悉导致股份价格波动的任何原因(除市场已知悉 讯息外)，或为避免公司证券出现虚假市场而须予披露的任何资料，或根据香港法例第571章证券及期货 条例第XIVA部须予披露的任何内幕消息。 截至本公告日期，董事会确认集团的业务经营正常稳定，核心业务进展顺利，并无任何引起董事会和公 司管理层关注的须予披露的重大事项。 ...

今天，最耀眼的两个板块，无疑是黄金和石油化工。 纽约期金突破5300美元/盎司，现货黄金向上触及5270美元/盎司，续创历史新高；WTI原油期货、布伦特原油期货，双双上涨。 黄金ETF易方达(159934)今日大涨3.19%，再创历史新高，年内涨21.37%，近3年涨超175%；低费率的化工行业ETF易方达(516570)涨2.87%。 为何这么强势？ 01 继续狂飙 盘面上，不管是黄金还是原油，都有新的刺激因素。 其中一个，来自美元弱势。 2026年1月27日，美元指数为95.77，跌至近四年最低水平，2026年年初以来，美元指数下跌2.6%。 至此，美元指数和彭博美元现货指数均四连跌，均创去年4月特朗普公布对等关税以来最大四日跌幅。 不过，美国总统特朗普对此却显得云淡风轻，周二被记者问及是否担心美元贬值时，他表示："不，我认为美元表现很棒。我认为美元的价值——看看我 们正在进行的贸易，美元表现出色。" 虽然特朗普不担心美元贬值，但评论认为，美元的跌势还没完。 长期来看，美联储独立性、不断扩大的预算赤字、财政挥霍相关的担忧以及政治两极分化等结构性因素，正对美元构成下行压力。 有忧，自然就有喜。 首先，美元降 ...

Core Viewpoint - The A-share market is experiencing fluctuations, with the Shanghai Composite Index showing resistance at the 4160-4170 point range, indicating a mixed sentiment among investors [6][8]. Market Performance - The A-share market saw 1,736 stocks rise while 3,637 stocks fell, reflecting a continued low profitability environment for investors [7]. - The trading volume in both markets decreased slightly, with a focus on resource and technology sectors, particularly in gold, non-ferrous metals, and oil [9]. Sector Analysis - The gold and non-ferrous metal sectors experienced a surge, while sectors like photovoltaic equipment, medical services, and commercial aerospace faced declines [8]. - Defensive positioning is becoming a consensus among institutions, with a shift from sectors like photovoltaics and pharmaceuticals to safer assets such as gold and oil [11]. Investor Sentiment - Mainstream funds saw a net inflow of 15.9%, while retail investors had a net inflow of 396.2 million [10]. - Retail investors are exhibiting a cautious stance, with 49.5% choosing to hold their positions and a significant portion avoiding small-cap stocks [12][13]. Trading Behavior - The market is characterized by a lack of strong buying momentum, with a notable decrease in short-term speculative trading activities [11].