本报记者 刘欢 2025年11月份，金川集团铜贵股份有限公司（以下简称"金川集团铜贵公司"）成功获批广州期货交易所 铂、钯期货品牌注册及交割厂库双重资质，成为全国首批获此资质的企业之一，标志着甘肃在贵金属期 货领域取得重要突破，为甘肃省相关产业向高端化、集群化发展提供了强有力的支撑。 金川集团铜贵公司的突破是甘肃深化"期现融合"发展的一个缩影。"十四五"以来，甘肃持续推动期货市 场与实体经济深度融合，逐步构建起"交割库为枢纽、注册品牌为支撑、产融基地为平台、龙头企业为 引领"的"期现融合"发展新格局，为区域经济高质量发展注入强劲的"期货动能"。 优化布局 构建覆盖全域的交割网络 期货交割库不仅是仓储点，更是产业要素集聚的枢纽和价格对接的窗口。近年来，甘肃证监局持续深化 与期货交易所的协作联动，精准引导甘肃省内重点产业对接期货市场，推动期货交割设施从无到有、从 点到网。 截至目前，甘肃证监局已在兰州新区、永登、金昌等重点区域推动设立8家期货交割库和交割厂库，构 建起覆盖铝、硅铁、铂、钯、苹果等多个品种的交割服务体系。 在兰州新区，由甘肃国通运营的铝锭、氧化铝交割库依托区位与设施优势，已发展成为西北地区有色金 属 ...

在贵金属价格持续攀升的背景下，有色金属行业成为港股市场最耀眼的板块。紫金矿业此前发布的业绩 预告显示，公司预计2025年实现归属于上市公司股东的净利润为510亿—520亿元，同比增长约59%— 62%；扣非净利润475亿—485亿元，同比增长约50%—53%。 紫金黄金国际预计2025年度实现归属于母公司股东净利润约15亿—16亿美元，与上年同期相比将增加约 10.2亿—11.2亿美元，同比增加约212%—233%。 赤峰黄金预计2025年度实现归属于上市公司股东的净利润为30亿—32亿元，与上年同期相比，将增加约 12.36亿—14.36亿元，同比增加约70%—81%。 洛阳钼业的业绩预告显示，预计2025年度实现归属净利润为200亿元到208亿元，同比增长47.8%到 53.71%。 有色金属行业公司业绩攀升，主要受金属价格走高影响。比如，紫金黄金国际明确表示，矿产金产量增 加，良好的市场及并购因素，使得公司2025年业绩实现大增。2025年，公司矿产金产量同比增加至约 46.5吨，而2024年度约38.9吨（不含波格拉金矿产量）。2025年，矿产金销售价格同比上涨，加上2025 年度完成并购的两个在产金 ...

Group 1 - The recent volatility in the gold market is attributed to the easing geopolitical risks surrounding Greenland, as indicated by a statement from U.S. President Trump regarding the non-use of force to acquire the territory [1] - On January 22, spot gold experienced a daily decline of 1.00%, reaching a low of $4777.23 per ounce before rebounding near the $4800 mark, while spot silver fluctuated between $90.79 and $94 per ounce [1] - The European Parliament has indefinitely postponed the vote on the U.S.-EU trade agreement until the U.S. returns to a cooperative stance, which has contributed to the reduction of market risk aversion [1] Group 2 - Analysts predict that the price of gold may rise less aggressively in 2026 compared to 2025, while copper is expected to show strong performance driven by increased investment in the power sector [2] - The price dynamics of gold and copper are influenced by different factors; gold is primarily driven by its safe-haven appeal, whereas copper's demand is linked to industrial applications, particularly in electricity transmission [2] - The relationship between gold and copper is complex; both are affected by U.S. monetary policy, but they respond differently to inflationary pressures, with high inflation favoring gold and moderate inflation benefiting copper [2][3]

黄金方面： 隔夜黄金跌破4800美元一线支撑，直接原因就是特朗普在格陵兰岛问题上态度发生改变，特朗普选择暂 时退让，市场避险情绪下降，进而带动黄金价格下跌。 特朗普取消了此前威胁对欧洲国家加征的关税，声称他已就格陵兰岛与欧洲达成了未来协议的框架，通 过该框架美国基本实现了对格陵兰岛的战略诉求。欧盟也将减轻来自经济方面的压力，欧美之间的关税 战可能因此而避免。 百利好特约智昇研究市场策略师鹏程认为，美欧双方虽暂时达成一致，但已经在欧洲埋下不信任的种 子，双方的矛盾只是被暂时压制，并未消除，地缘风险和经济风险依旧存在。 技术面：黄金日线并未跌破均线支撑，浪形可能延升。1小时周期低点上移，短线已经止跌，可关注下 方4800美元一线的支撑。 日经225方面： 日经225日线收阳线，对前期阴线形成反包，下方箱体支撑明显，上涨浪形可能延伸。1小时周期价格重 新进入前期箱体，已经形成趋势反转，短线可关注下方53180一线的支撑。 近期原油进入调整状态，地缘风险对油价的支撑力度正在减弱，原油供过于求的基本面依旧是困扰油价 的最大问题。 IEA最新月报显示，2026年全球原油需求略有上涨，因是经济前景改善以及原油价格下降，今年 ...

供需端现状 在"算力需求爆发"与"供应刚性约束"的双重驱动下，锡价强势突破40万元/吨关口，其背后是产业逻辑 的深刻变革。供应端陷入"多重锁死"困境：刚果金核心矿山因灾停产、缅甸复产不及预期、印尼出口政 策收紧等多重因素叠加，使得全球锡矿供应增长近乎停滞，冶炼端因原料紧缺而开工受限，历史低位的 库存进一步加剧了现货紧张。需求端则迎来"结构性跃迁"，以AI服务器、高端芯片封装为代表的算力基 建，正以数倍于传统设备的用锡强度，成为驱动需求增长的最强引擎，锡的"算力金属"属性被彻底激 活；与此同时，新能源领域的需求保持刚性。产业链利润显著向上游矿端集中，中游高端订单饱满，下 游以AI与新能源为代表的刚需采购构成坚实支撑。 现货交投现状：高价之下，高纯度锡因光伏、半导体等高端需求坚挺，贸易商惜售情绪浓厚，成交集中 于头部企业且议价空间狭窄；而普通锡则受制于中小企业的谨慎采购，呈现"有价无市"的状态，高价对 需求的抑制作用初步显现。走势展望，受矿端扰动、节前备货等支撑，锡价预计维持偏强震荡，价格有 望试探41万元/吨，但需警惕政策监管带来的情绪回调风险。 本观点仅供参考，不做操盘指引（长江有色金属网www.ccmn.c ...

1月22日，知名基金经理谭丽管理的嘉实价值精选股票基金发布2025年四季报。报告显示，2025年四季 度末，嘉实价值精选股票前十大重仓股分别为紫金矿业（601899）(601899.SH)、华鲁恒升（600426） (600426.SH)、赤峰黄金（600988）(600988.SH)、海丰国际(01308)、南钢股份（600282）(600282.SH)、 亿联网络（300628）(300628.SZ)、九号公司(689009.SH)、滨江集团（002244）(002244.SZ)、海信视像 （600060）(600060.SH)、招商银行（600036）(600036.SH)。与2025年三季度末相比，九号公司、滨江 集团新晋该基金前十大重仓股，成都银行（601838）退出前十大重仓股。 | 序号 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净值比例(%) | | --- | --- | --- | --- | --- | --- | | 1 | 668109 | 蒙金矿业 | 8, 499, 950 | 292, 993, 276, 50 | 8.97 | | 2 | ...

Group 1 - The Hong Kong stock market experienced a significant rebound in 2025, with the Hang Seng Index rising by 27.77%, marking the best annual performance since 2017. This recovery was driven by a combination of policy changes, liquidity improvements, and industrial transformations, including a net inflow of 1.3 trillion yuan from southbound funds, a 75 basis point rate cut by the Federal Reserve, and reforms at the Hong Kong Stock Exchange attracting new economy companies to list [1][2][3] - The trend of net inflows from southbound funds is expected to continue into 2026, supported by domestic asset allocation needs, the attractiveness of Hong Kong stock valuations, and a global easing environment. The funding structure is likely to diversify, with insurance and passive funds contributing to investment preferences [2][3][4] - The Federal Reserve's rate cuts and a weaker dollar are beneficial for Hong Kong stocks, enhancing liquidity and boosting valuations, particularly in interest-sensitive sectors like technology. However, fluctuations in US-China relations may impact market sentiment and individual company fundamentals, although the marginal impact has diminished [5][6][7] Group 2 - Industry differentiation in the Hong Kong stock market reflects the transition between old and new economic drivers rather than a short-term cycle shift. Investors are favoring a "barbell" strategy, balancing high-growth sectors like technology and healthcare with high-dividend assets [8][9] - The outlook for the Hong Kong stock market in 2026 is cautiously optimistic, with valuation recovery and profit improvements expected to provide dual support. Key sectors to watch include technology (especially the AI industry), healthcare, resource commodities, and essential consumer goods [10][11][12] - The investment logic for the Hang Seng Technology Index is shifting from "valuation recovery" to "earnings-driven," with a focus on revenue growth and profit margins as key pricing indicators. Investors are advised to pay attention to companies' cash flow generation capabilities rather than short-term speculative trends [13][14][15] Group 3 - The technology sector in Hong Kong is primarily concentrated among a few internet giants, focusing on mature business models and cash flow, while the A-share technology sector encompasses semiconductors and AI, emphasizing growth and policy drivers. This difference in risk-return characteristics allows investors to view both markets as complementary [16][17][18] - The performance outlook for the Hong Kong technology sector in 2026 suggests potential recovery amid volatility, contingent on continued support from domestic policies and the onset of a Federal Reserve rate cut cycle. Profit improvements will be a key driver, although caution is advised regarding potential global AI valuation bubbles [19][20][21] - The core advantages of a dividend strategy include defensiveness and sustained cash flow, with high-dividend companies typically exhibiting strong financial health. This strategy is expected to receive significant policy and market support, making it a reliable component of an investment portfolio [22][23][24]

Group 1 - The main market experienced a net outflow of 29.79 billion yuan in major funds as of January 22 [1] - The top ten sectors with fund outflows included: Semiconductor (-12.56 billion yuan), Battery (-3.91 billion yuan), Power Grid Equipment (-3.54 billion yuan), Consumer Electronics (-2.81 billion yuan), Auto Parts (-2.52 billion yuan), Electronic Chemicals (-2.28 billion yuan), Power Industry (-1.67 billion yuan), Home Appliances (-1.61 billion yuan), Non-ferrous Metals (-1.60 billion yuan), and Precious Metals (-1.54 billion yuan) [1] Group 2 - The semiconductor sector saw a decline of 0.5% with a net outflow of 12.56 billion yuan, led by Zhenlei Technology [2] - The battery sector decreased by 0.71% with a net outflow of 3.91 billion yuan, primarily impacted by Zhenyu Technology [2] - The power grid equipment sector had a slight increase of 0.16% but still experienced a net outflow of 3.54 billion yuan, with Zhongchao Holdings being the most affected [3] - The consumer electronics sector rose by 0.31% despite a net outflow of 2.81 billion yuan, with Xinyi Communication as the major contributor [3] - The auto parts sector had a minimal increase of 0.07% while facing a net outflow of 2.52 billion yuan, led by Xusheng Group [3]

聚焦关键抓手，夯实开局根基 谋新篇 布新局 启新程 站在新起点，2026年东营这么干 新征程承载新使命，新开局呼唤新作为。站在"十五五"开篇的历史节点，东营市坚持以高质量发展 为主题，以推进现代化建设为主线，统筹当前与长远、速度与质量、发展与安全，系统谋划全年经济社 会发展各项工作。2026年，全市经济社会发展的主要预期目标是：地区生产总值增长5.5%左右，一般 公共预算收入增长2.3%左右，居民收入与经济增长同步，城镇新增就业3万人以上，全面完成节能减排 降碳和环境质量改善约束性指标。 立足新起点、聚焦新目标，2026年东营怎么干？1月20日，东营市九届人大五次会议召开，政府工 作报告围绕新一年政府工作部署，从聚焦重点项目、产业转型发展、深化改革与服务、保障和改善民生 等维度，全面展现东营市在关键领域协同发力、奋力谱写高水平现代化强市建设新篇章的坚定决心与务 实路径。 实现"十五五"良好开局的关键一年，做好经济工作至关重要。 项目建设是工业经济的"压舱石"，是将产业蓝图转化为现实的关键载体。新一年，东营把项目建设 作为拼经济、稳预期、强信心、促发展的重要抓手，全力推进总投资6178亿元的346个省市重点项目 ...

美国纽约商品交易所（COMEX）铜库存首次突破50万吨，受明年起或开征进口关税的预期持续发酵影 响，大量铜正持续流入美国市场。 该交易所周三公布的数据显示，截至1月20日，COMEX认证仓库的铜库存为554,904短吨（约合50.34万 吨），较1月16日增长1.3%。 COMEX期铜价格下滑，较LME期铜的套利窗口正在关闭。 1月22日（周四），伦敦期铜区间震荡，进口关税忧虑挥散不去，美国纽约商品交易所（COMEX）铜 库存首次突破50万吨。 北京时间12:27，LME三个月期铜上涨0.2%，至每吨12,833美元。 沪铜主力2603合约午间收盘上涨120元，或0.12%，至每吨100,540元。 美国COMEX铜库存首次突破50万吨 LME位于美国新奥尔良的仓库体系中，铜库存持续走高。 苏克敦金融（Sucden Financials）的分析师在研报中表示，LME铜价已反超COMEX，推动铜流回LME 仓库并带动库存走高，市场供需格局也正从偏紧逐步转向更趋平衡，铜价上涨的驱动紧迫性随之有所减 弱。 特朗普称不会对欧洲加征关税 铜矿生产中断引发供应担忧，加之关税因素推动铜持续流入美国，铜价仍获得支撑，但高价位 ...