摘要北京时间周二(1月27日)亚市盘中，美元指数交投于97.079附近，现货黄金开盘于5011.10美元/盎 司，目前交投于5066.89美元/盎司附近，黄金t+d交投于1137.81元/克附近，沪金主力交投于1142.80元/克 附近。 北京时间周二(1月27日)亚市盘中，美元指数交投于97.079附近，现货黄金开盘于5011.10美元/盎司，目 前交投于5066.89美元/盎司附近，黄金t+d交投于1137.81元/克附近，沪金主力交投于1142.80元/克附近。 上一交易日美元指数收跌0.43%，报97.048，现货黄金收涨0.47%，报5010.08美元/盎司。在现货黄金下 跌之际，其他贵金属涨跌不一：现货白银收涨0.95%，报103.90美元/盎司；现货铂金收跌6.76%，报 2584.70美元/盎司；现货钯金收跌3.66%，至1949.00美元/盎司。 【最新数据一览】 【要闻速递】 1、特朗普：韩国国会仍未批准两国贸易协议，将韩国对等关税税率从15%提高至25%。 2、美媒：特朗普认为伊朗希望达成协议。 3、特朗普将于周二就美国经济发表演讲。 4、预测平台显示1月底前美国政府停摆的概率约为8成。 ...

所长 早读 国泰君安期货 2026-01-27 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2026-01-27 今 日 发 现 贵金属市场剧烈波动，交易所出手降温 观点分享： 周一贵金属市场剧烈波动。COMEX 白银一度大涨超 16%，现货白银一度涨近 14%，双 双站上 117 美元/盎司关口，但随后大幅回落，上演"过山车"行情，COMEX 白银涨幅收窄 至 2.5%，现货白银转跌。COMEX 黄金现货黄金一度连续突破 5000 美元、5100 美元两道 关口，但随后涨幅持续回落，COMEX 黄金收涨 0.5%，现货黄金涨幅收窄至 0.5%，双双徘 徊于 5000 美元附近。现货钯金一度大涨 7%，最终收跌逾 3%。交易所出手为商品期货市场 降温。上期所上期能源发布通知，将白银、锡期货合约单日开仓交易限额分别下调至 800 手 和 200 手，对 16 名客户限制锡、白银期货开仓 1 个月并限制出金；将铜、国际铜、铝期货 合约涨跌停板幅度调整为 9%，套保、一般持仓交易保证金比例调整为 10%和 11%。广期所 也发布风险提示函，强调将严肃查处各类违规行为。 | 所 | 长 | 首 | ...

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 现货黄金冲破5000美元/盎司，资金面看，黄金基金ETF（518800）近20日资金净流入超43亿元 ，黄金 价格中枢仍有望上行。 相关机构表示，近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场 对美国资产信心产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力。目前黄金波动率有所提 高，但市场结构或仍相对健康。展望后市，美联储降息周期、海外不确定性加剧、全球去美元化趋势、 央行和Tether等发行商购金等，黄金的长逻辑仍然 ...

黄金股盘初多数调整，湖南白银跌停，曼卡龙、山金国际跌超5%，西部黄金、赤峰黄金、中金岭南纷 纷跟跌。 ...

Core Viewpoint - Gold has entered a historic phase with prices surpassing $5,100 per ounce, driven by systemic concerns over the stability of sovereign currency credit systems, evolving from traditional safe-haven trading to a "currency devaluation trade" [1][3] Group 1: Gold Price Trends - International gold prices have seen a significant increase, with a 70% rise in 2025, marking the largest annual increase since the 1979 oil crisis, and a further 15% increase in 2026 [2] - The speed of gold price increases has accelerated, with the time taken to rise from $4,000 to $5,000 being just over three months, compared to longer durations for previous price increases [2] - Analysts indicate that the current gold price dynamics are challenging traditional valuation models, as the dollar's credit foundation is being undermined [5][6] Group 2: Market Drivers - Three main factors are driving the current rise in gold prices: ongoing geopolitical risk premiums, increased uncertainty in U.S. policies, and a weakening dollar due to selling pressure on U.S. Treasuries [3] - The trend of de-dollarization is accelerating, with the dollar's share in global foreign exchange reserves dropping significantly, indicating a shift in global capital markets [4] Group 3: Company Performance - Gold mining companies are experiencing substantial profit increases due to rising gold prices, with companies like Zhaojin Gold and Hunan Gold projecting significant profit growth for 2025 [4] - Major gold mining firms are seeing their stock prices rise sharply, driven by both valuation recovery and performance expectations [4] Group 4: Analyst Predictions - Analysts are raising gold price forecasts, with Goldman Sachs increasing its year-end target from $4,900 to $5,400 per ounce, and Bank of America projecting a target of $6,000 per ounce [6] - Historical patterns suggest that gold prices could continue to rise significantly, with potential targets reaching $6,600 per ounce by 2026 [6] Group 5: Investment Strategy - The current market environment suggests that high volatility in precious metals may become the norm, with prices reflecting strategic capital behavior rather than just fundamental supply and demand [8] - Investors are advised to maintain a cautious approach, particularly in light of potential market corrections and the need for strategic asset allocation [8]

Market Overview - The Hong Kong stock index opened slightly higher on January 27, with the Hang Seng Index rising by 0.36% to 26,863.15 points, the Hang Seng Tech Index increasing by 0.16% to 5,734.9 points, and the National Enterprises Index up by 0.28% to 9,173.2 points [1] - Major tech stocks mostly rose, with Alibaba up by 0.97%, Tencent Holdings up by 0.08%, and JD.com down by 0.17% [1] - Automotive stocks were active, with BYD rising by over 1%, while gold stocks saw some increases, with Zijin Mining up by over 4% [1] Company News - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.73105 million MWh for December 2025, a decrease of 2.31% year-on-year, with an annual cumulative total of approximately 126 million MWh, down by 1.27% year-on-year [2] - Harbin Electric (01133.HK) expects a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year [2] - Singularity National Peak (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [3] - East Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for an AI-driven drug research and development platform [4] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [5] - Kexin Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [6] - Zhenghong Pharmaceutical (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [7] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [8] - Aobo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Trading Co., Ltd. [9] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [10] - Haowei Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuan Zhi's initial public offering [11] Institutional Insights - Huatai Securities noted that foreign and southbound capital continues to flow in, with public fund positions in Hong Kong stocks dropping to 23% in Q4, significantly reducing potential selling pressure [12] - Goldman Sachs has raised its year-end gold price forecast from USD 4,900 to USD 5,400 per ounce due to increasing demand from private investors and central banks [12] - CITIC Securities recommends focusing on cloud computing service providers and continuing to recommend AI computing power sectors and AI applications, highlighting the ongoing AI industrial revolution [12]

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 26, 2026 [1][6] - China Gold (600916.SH) leads with a daily increase of 9.98% and a year-to-date increase of 24.42%, with a dividend yield of 3.80% [1][6] - Nanshan Aluminum (600219.SH) follows with a daily rise of 8.26% and a year-to-date rise of 36.43%, offering a dividend yield of 5.75% [1][6] Group 2 - Other notable performers include Tian Guo Hai Tan (600938.SH) with a daily increase of 6.66% and a year-to-date increase of 10.97%, and Cai Zi Co., Ltd. (605599.SH) with a daily rise of 6.26% and a year-to-date rise of 26.57% [1][6] - The index also features China Petroleum (601857.SH) with a slight daily increase of 5.70% but a year-to-date decline of 0.19%, and China Shenhua (601088.SH) with a daily rise of 4.13% and a year-to-date increase of 2.84% [1][6] - The data indicates a mix of performance among the top 20 stocks, with some showing significant year-to-date gains while others are experiencing declines [1][6]

点击图片▲立即报名 2025年广东省GDP增长3.9% 1月26日，广东省十四届人大五次会议在广州召开。省政府工作报告显示，2025年广东地区生产总值增长3.9%，总量连续37年居全国首位。地 方一般公共预算收入增长3%。货物进出口总额9.5万亿元，增长4.4%，贡献了全国24.1%的增量。服务贸易增长12.5%。实际使用外资增长 11.3%，农林牧渔业总产值增长4.9%。规上工业企业达7.6万家、增加值增长3%。 报告指出，2026年经济社会发展的主要预期目标是：地区生产总值增长4.5%—5%，地方一般公共预算收入增长3%左右，居民收入增长与经济 增长同步。（广州日报） ｜点评｜ 作为全国经济第一大省，在高基数下，去年广东GDP还能实现3.9%的正增长，表现出较强韧性。去年全年，广东继续发挥全国外 贸"压舱石"作用，贡献了近四分之一的外贸增量。实际使用外资增长显著，构成其创新与开放的根基。不过，3.9%的增速略低于全国水平以及 年初预期，广东省经济增长仍面临一定挑战。 当前，广东处于新旧动能转换的关键期，转型阵痛客观存在。房地产深度调整，波及上下游关联行业；全球产业链重构，部分出口加工业面临 下行压力，都对 ...

Core Viewpoint - Gold prices have surged, with COMEX gold surpassing $5000 per ounce, leading to significant increases in gold ETFs and mining stocks [1][2]. Group 1: Market Performance - Gold Fund ETF (518800) increased by 2.61%, while Gold Stock ETF (517400) rose by 8.4% [1][2]. - The Gold Stock ETF (517400) is currently priced at 2.245, reflecting a rise of 0.174, or 8.40% [2]. - The Mining ETF is priced at 2.471, with an increase of 0.145, or 6.23% [2]. - The Nonferrous 60 ETF is at 2.342, up by 0.117, or 5.26% [2]. Group 2: Central Bank Activities - Global central banks continue to purchase gold, with Poland's central bank approving a plan to buy 150 tons of gold [2]. - Poland's central bank aims to increase its gold holdings from 550 tons to 700 tons [2]. - Several European countries have announced the sale of U.S. Treasury bonds, contributing to rising market risk aversion and increased demand for precious metals [2]. Group 3: Market Outlook - Short-term outlook indicates active trading in precious metals due to ongoing geopolitical conflicts, providing support for gold prices [3]. - The recent rise in gold prices may lead to short-term volatility or corrections after reaching new highs [3]. - The long-term outlook remains positive for gold prices due to factors such as potential Federal Reserve rate cuts, increasing global uncertainties, and a trend towards de-dollarization [3]. - The steady rise in gold prices is expected to benefit the valuation recovery of gold stocks, making Gold Stock ETF (517400) potentially more resilient [3]. - Investors are encouraged to monitor investment opportunities in Gold Fund ETF (518800) and Gold Stock ETF (517400) [3].

A股1月26日共有3477只个股获融资资金买入，有706股买入金额超亿元。其中， 航天电子、 紫金矿 业、 特变电工融资买入金额排名前三，分别获买入24.34亿元、20.14亿元、19.91亿元。 ...