国际金价续涨再创新纪录，港股市场黄金股走强，其中，招金矿业、赤峰黄金、山东黄金涨超4%，潼 关黄金涨近3%，万国黄金集团、灵宝黄金、港银控股涨超2%，紫金矿业、龙资源、坛金矿业、中国白 银集团、紫金黄金国际涨超1%。值得注意的是，赤峰黄金、山东黄金、灵宝黄金均创出历史新高。 消息面上，受美国政策不确定性上升及日元强势反弹影响，隔夜美元指数暴跌，一度跌至95.51，创 2022年2月以来新低。美元下跌进一步刺激金价走强。现货黄金今日盘中升至5224美元/盎司，再创历史 新纪录。 相关事件 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 01818 | 招金矿业 | 4.58% | 40.180 | 1423.33亿 | 30.71% | | 06693 | 赤峰黄金 | 4.70% | 43.660 | 829.72 Z | 46.71% | | 01787 | 山东黄金 | 4.33% | 49.160 | 2266.24亿 | 42.08% | | 00340 | 滝关黄金 | 3.72% | ...

作者：萤火虫 导语：2026年在金价从"暴涨"转向"狂飙"的当下，普通投资者通过黄金基金ETF（518800）进行布局， 已不再是选择题，而是必修课。 1月28日，现货黄金价格在早盘首次冲破 5200 美元/盎司大关，续创历史新高。国内上海金（Au99.99） 也已强势站上 1150 元/克。 2026年1月28日，黄金市场情绪彻底沸腾。自开年以来，国际金价涨幅已超过 16%。在当前"去美元 化"进入深水区、地缘政治博弈常态化的背景下，黄金作为"终极信用资产"的价值正在被全球资金重定 价。 一、 今日行情复盘：为何金价"脱缰"？ 截至2026年1月27日，黄金基金ETF（518800）规模已突破 372亿元，日均成交额极高。作为交易员， 我们最看重的是滑点成本。在大波动行情下，518800 充足的买卖深度确保了投资者能以最接近净值的 价格实时成交。 2. T+0 交易：捕捉日内波动 该产品支持场内 T+0 交易，这意味着你可以利用今日黄金震荡剧烈的特性，进行日内差价操作，或者 在突发地缘利好时第一时间切入，反应速度远超实物黄金。 3. 持仓零负担：100% 实物背书 从交易员视角看，今日金价的急涨主要受三重逻 ...

摘要周三（1月28日）亚市早盘，国际贵金属市场再迎里程碑时刻，现货黄金强势拉升，历史首次突破 5200美元/盎司整数关口，新年首月累计涨幅超20%，累计上涨超880美元。现货白银同步走高，向上触 及114美元/盎司，日内涨幅达1.54%。 从资金流向来看，贵金属ETF持仓呈现分化态势。全球最大黄金ETF--SPDR Gold Trust持仓较上日增加 0.85吨，当前持仓量为1087.38吨。全球最大白银ETF--iShares Silver Trust持仓较上日减少126.86吨，当 前持仓量为15847.54吨。 今年以来，金价在2025年大幅上涨的基础上再添动力，累计涨幅达18%，地缘政治紧张、美联储降息预 期以及全球央行持续购金，成为支撑金价上行的三大核心推手。多家机构对贵金属后市延续乐观态度， 进一步强化市场上涨预期。德意志银行和法国兴业银行均预测，2026年底金价将触及6000美元/盎司。 BMO Capital Markets的分析师更是抛出激进观点，其通过看涨思想实验指出，黄金在2026年首月突破 5000美元大关，远超此前市场预测。在"新世界秩序"形成的背景下，若央行季度平均购金量达800万 ...

打开APP，查看更多高清行情>> 美国国务卿马可·鲁比奥27日为周三国会听证会准备的发言稿中称，特朗普政府已准备好在必要时动用 武力，以确保委内瑞拉临时总统德尔茜·罗德里格斯最大程度配合美国——包括向其开放能源行业、给 予生产优先准入权，并将石油销售收入用于采购美国商品。 今日周三(1月28日)亚盘时段，黄金期货目前交投于1175.58附近，截至发稿，黄金期货暂1176.20元/克， 涨幅2.70%，最高触及1177.50元/克，最低下探1134.70元/克。目前来看，黄金期货短线偏向看涨走势。 【要闻速递】 罗德里格斯本周早些时候回应称，面对国内对石油改革的不满，委已"受够"美国干涉。 值得注意的是，美国缉毒局数据显示，多数毒品致死案源于芬太尼(主要在墨西哥生产)，委仅为可卡因 贩运通道，但去年美仍在其周边军事行动。民主党议员指责特朗普政府"借毒品之名行夺油之实"，称行 动本质是为石油。 【最新黄金期货行情解析】 沪金(AU99.99)于2026年1月27日收于1143.50元/克，日内最高触及1154.46元/克，涨幅约1.77%，成交量 超40万手，市场交投活跃。价格突破1140元/克后逼近1150–1 ...

Core Insights - The total assets of central enterprises have surpassed 95 trillion yuan, with significant increases in A-share "Zhongzi" stocks, including China Gold hitting the daily limit, and China Aluminum and China Nonferrous Metals rising over 9% [1] Group 1: Central Enterprises Performance - By the end of 2025, central enterprises are projected to achieve total profits of 2.5 trillion yuan and complete fixed asset investments of 5.1 trillion yuan, contributing 2.5 trillion yuan in taxes [1] - Central enterprises are expected to invest 1.1 trillion yuan in R&D by 2025, maintaining over 1 trillion yuan in R&D investment for four consecutive years [1] - Investment in strategic emerging industries by central enterprises is anticipated to reach 2.5 trillion yuan by 2025 [1] Group 2: Market Reactions - The announcement led to a notable rise in A-share "Zhongzi" stocks, with China Gold increasing by 10.04%, China Aluminum by 9.12%, and several others seeing gains of over 6% [1] - Analysts suggest that the milestone of "95 trillion" serves as a solid foundation for the "Zhongzi" market, with a focus on future opportunities from "market value management" and "restructuring and integration" policies [1]

Summary of Key Points from Conference Call Records Industry Overview - The records cover various sectors including cloud computing, AI applications, semiconductor equipment, precious metals, and advanced materials [1][2][3][4][5][6]. Core Insights and Arguments - **Gold and Silver Prices**: - Gold prices increased by 3.3% to $5180.2 per ounce, while silver rose by 7.92% to $112.16 per ounce due to a weakening dollar [1][2]. - Morgan Stanley predicts that gold prices could reach $5700 per ounce in the second half of the year, with potential for further increases [6]. - Citigroup raised its silver price target to $150 per ounce, indicating bullish sentiment in precious metals [6]. - **Semiconductor Industry Developments**: - A company plans to acquire 60% of Guangdong Changxing Semiconductor for 520 million yuan, expecting significant revenue contributions from storage chip business [2]. - Price increases for semiconductor products have been announced, with ranges from 15% to 100% for various chips, indicating strong demand and supply constraints [2]. - Micron Technology is investing approximately $24 billion in a new NAND flash manufacturing facility in Singapore, expected to be operational by mid-2028 [2]. - **Cloud Computing Pricing Changes**: - Google Cloud and Amazon Web Services (AWS) have announced significant price increases for their services, with AWS raising prices by about 15% for EC2 machine learning capacity blocks [2][4]. - Analysts suggest that these price hikes may trigger a chain reaction among cloud service providers, impacting the overall market dynamics [4]. - **AI and Data Center Growth**: - The demand for AI-driven data centers is projected to boost the optical module market revenue to over $18 billion by 2025 [5]. - The semiconductor equipment market is expected to grow significantly due to AI computing demand, storage chip cycles, and advanced packaging technology [5]. Other Important Insights - **Geopolitical Risks**: The geopolitical landscape and central bank strategies are influencing market conditions, particularly in the precious metals sector [6]. - **Technological Innovations**: - New AI models and breakthroughs in technology are emerging, such as the Clawdbot AI project and advancements in visual language models [4]. - A collaboration between Xi'an University of Electronic Science and Technology and the Chinese Academy of Sciences has led to the development of high-performance diamond radiation detectors, enhancing reliability and stability in extreme conditions [6]. - **Commercial Space Initiatives**: - Musk's plans for satellite deployment and data center construction through Starship are set to significantly impact the space and technology sectors [6][7]. This summary encapsulates the critical developments and insights from the conference call records, highlighting trends and potential investment opportunities across various industries.

Core Viewpoint - The gold industry is experiencing a significant surge, driven by a decline in the US dollar index and increasing demand for gold from private investors and central banks, with gold prices potentially reaching new highs [1][2]. Group 1: Market Performance - As of January 28, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 5.98%, with notable increases in constituent stocks such as Xiaocheng Technology (up 18.09%), Mankalon (up 13.89%), and China Gold (up 10.04%) [1]. - The Gold Stock ETF (159322) increased by 6.02%, with the latest price reported at 2.41 yuan [1]. Group 2: Economic Indicators - On January 27, the US dollar index fell significantly, reaching its lowest point in nearly four years, with the euro to dollar exchange rate surpassing the 1.2 mark for the first time since 2021 [1]. - US President Trump expressed confidence in the current performance of the dollar, stating he does not believe it has depreciated excessively, which contributed to the dollar's rapid decline [1]. Group 3: Future Projections - UBS Wealth Management's investment office indicated that if regional tensions escalate, gold prices could rise to $5,400 per ounce [1]. - Goldman Sachs raised its year-end gold price target from $4,900 to $5,400 per ounce, citing growing demand from private investors and central banks, with expectations of central banks purchasing 60 tons of gold monthly [1].

在站上5000美元历史关口后，国际金价继续上攻。1月28日，国际金价大涨。截至北京青年报记者发稿时， COMEX黄金期货、黄金现货双双涨超5200美元/盎司。 但分析人士仍认为，支撑黄金上涨的核心逻辑仍在，全球格局的不确定性或许导致黄金价格依旧易涨难跌，但短 期而言，金价波动率恐将放大，投资者需警惕技术性回调风险。 分析人士表示，各国央行的战略性资产配置需求是本轮黄金上涨的核心支撑。此外，美联储处在降息周期，意味 着持有美元资产的吸引力下降，而黄金作为"无利息资产"的机会成本变低。近期金价暴涨还与地缘政治风险反复 密切相关。 自1月12日以来，国际金价频频上涨，黄金迎来新一轮的行情。今年刚刚过去20余天，金价已经累计涨超20%。 近期随着黄金价格的持续上涨，银行密集调整积存金业务，除了下调黄金积存利率外，还有多家银行增设风险测 评准入门槛，上调起购金额等。 对于未来金价走势，高盛的最新报告已经将金价上调至5400美元。而华西证券最新研报预测，2026年金价涨幅或 介于10%—35%区间，杰富瑞集团更是喊出6600美元/盎司的惊人目标。 1月26日，国际黄金市场迎来历史性时刻。现货黄金接连突破5000美元、51 ...

2026 年 01 月 27 日 铜铝下游开工率有所回升，高价接受度提升 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 有色金属(申万) 24.5 37.5 131.2 沪深 300 1.1 -0.2 23.3 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 有色金属 沪深300 相关研究 1、《有色金属行业周报：1 月美联 储进一步降息的概率较高，黄金上 行动力较足》2026-01-20 2、《有色金属行业周报：美国非农 就业人数不及预期，贵金属进一步 上行》2026-01-13 3、《有色金属行业周报：LME 铜库 存注销，推动铜价走高》2025-12- 09 ▌贵金属：PCE 数据温和叠加年内仍将降息，支撑贵 金属价格 价格方面，周内伦敦黄金价格为 4946.25 美元/盎司，环比 1 月 16 日+335.20 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/1/28 隔夜夜盘市场走势 1. COMEX 黄金期货上涨 1.91%报 5179.60 美元/盎司，COMEX 白银期货跌 2.73%报 112.34 美元/盎司。市场对美联储政策不确定性及降息阻力的担忧，叠加各国央 行持续增持黄金储备，支撑黄金需求，推动金价上涨。 2. 国际油价集 ...