"自古金银不分家"，随着金价不断创下新高，白银因价格相对较低而越来越受青睐，消费者对白银 首饰的购买热情持续攀升。但有消费者反映，部分直播间售卖的所谓"纯银"产品，价格远低于国际银 价，收货后却被检测为锌、镍、黄铜等合金，甚至随货附带的"鉴定证书"也疑点重重。作为黄金的"平 替"，白银消费如何才能明明白白？新华每日电讯记者进行了调查。 "包银"冒充"足银" "水贝市场投资银条供不应求""商户加价抢白银"……随着白银价格持续大涨，"抢银"话题近期持续 升温。在多个购物平台的直播间里，"白菜价"的"999足银"、"假一赔十"的银条元宝大量出现，吸引不 少消费者下单。 "看到银价持续上涨，我在去年12月20日至25日期间忍不住直播间的'低价诱惑'，购买了多件宣称 支持检测、并配有证书的'足银999'饰品。"消费者包女士向记者讲述了自己的遭遇。 据包女士回忆，该直播间的银饰价格低于市场上的同类产品，主播反复强调其售卖的产品为"足银 999"首饰且"支持检测"，并在页面标注着每件商品均配有"NGTC珠宝玉石首饰鉴定证书"。 而无意中的一次检测令她大吃一惊。"价格上涨后，我原本是想融掉转卖，结果送到融银的地方就 傻眼了。 ...

Market Overview - The A-share market opened with all three major indices rising: Shanghai Composite Index up 0.25%, Shenzhen Component Index up 0.29%, and ChiNext Index up 0.51% [2][3] - The Hang Seng Index opened up 0.73%, with the Hang Seng Tech Index rising 0.56% [5][6] Precious Metals Sector - The precious metals sector continued to strengthen, with China Gold and Hunan Gold hitting the daily limit [1][3] - Other companies in the sector, such as Zhaojin Mining, Yuguang Gold Lead, Sichuan Gold, and Chifeng Jilong Gold, also opened higher [1] Semiconductor and Computing Power Hardware - Semiconductor stocks showed strong performance, with companies like Qitai Technology, Zhongwei Semiconductor, and Guomin Technology rising over 10% [1] - The computing power leasing concept gained traction, with Meili Cloud hitting the daily limit and companies like Wangsu Science and Technology and Qingyun Technology rising over 10% [1] Company-Specific Developments - Zhenlei Technology opened 3.8% higher, projecting a net profit increase of 530%-642% year-on-year for 2025, capitalizing on opportunities in the satellite communication market [3] - Gaomeng New Materials opened 12.44% lower, Yichang Technology opened 6.17% lower, and Dongcai Technology opened 5.88% lower due to the investigation of their actual controller [3][4]

周二(1月27日)纽约尾盘，现货黄金涨3.4%，报5180.23美元/盎司，创收盘新高，盘中最高触及5190美 元。 与此同时，多家国内品牌金饰价格也有所上调，部分金饰克价站上1580元。截至发稿，周生生报价1577 元/克，周大福报价1585元/克，六福珠宝报价1583元/克，老凤祥报价1576元/克，老庙黄金报价1575元/ 克。 北京时间28日早盘，现货黄金大幅拉涨，盘中首次站上5200美元，再创历史新高。截至发稿报5201.758 美元/盎司，涨0.39%。 消息面上，28日起国内两大金银主题LOF暂停相关申购业务。 1月27日晚间，易方达黄金主题LOF发布公告称，易方达基金决定自1月28日起暂停本基金A类份额的申 购及定期定额投资业务，赎回业务照常办理。基金A类份额恢复办理申购、定期定额投资业务的时间将 另行公告。稍早前，国投瑞银基金管理有限公司也发布公告称，将于1月28日起暂停旗下国投白银LOF 的A类与C类基金的申购及定投业务。 展望后市，花旗发布最新年度商品展望报告称，黄金已从"成本定价"转向由财富再配置与供给刚性决 定，在牛市情景下或上探6000美元/盎司。德意志银行认为，美元走弱、供需结构 ...

Market Overview - The Shanghai Composite Index opened up 0.25% at 4150.22 points, while the Shenzhen Component Index rose 0.29% to 14371.96 points. The ChiNext Index increased by 0.51% to 3359.79 points, and the STAR Market 50 Index gained 0.66% to 1566.19 points. The total trading volume in the Shanghai and Shenzhen markets reached 24.924 billion yuan, with over 2800 stocks declining across the market [1][2]. Precious Metals - Precious metals saw a collective high opening, with China Gold achieving a four-day consecutive rise, and Hunan Gold a three-day consecutive rise. Other gold-related stocks also opened high. The spot gold price broke through $5200 per ounce for the first time, reaching a new high, with a cumulative increase of over $880 in the first month of the year. As of the report, it was priced at $5184.54 per ounce, up 0.05% [2]. Sector Performance - The precious metals sector rose by 3.32%, while oil and gas extraction increased by 1.99%. Other sectors such as communication equipment and services, semiconductors, and industrial metals also showed positive growth, with increases ranging from 0.36% to 1.26% [3]. U.S. Market Performance - In the U.S. market, major indices showed mixed results, with the Dow Jones down 0.83%, the Nasdaq up 0.91%, and the S&P 500 up 0.41%, reaching a new closing high. The Nasdaq China Golden Dragon Index rose by 0.48%. Among the "seven giants," six saw gains, with Nvidia and Apple rising over 1%, and Microsoft and Amazon increasing by more than 2%. The Philadelphia Semiconductor Index rose by 2.4%, also reaching a historical high [4]. International Relations and Trade - British Prime Minister Keir Starmer is set to visit China from January 28 to 31, marking the first visit by a British Prime Minister in eight years. The visit aims to deepen bilateral relations and will include discussions on trade and economic cooperation, with over 50 British business leaders accompanying him [5][6]. Semiconductor Industry - Two semiconductor companies, Zhongwei Semiconductor and Guokai Micro, announced price increases for some of their chip products, with price hikes ranging from 15% to 50% for Zhongwei and up to 80% for Guokai [6]. Investment Strategies - CITIC Securities suggests investors look for low-entry opportunities during market fluctuations, focusing on three main areas: AI application commercialization, commercial aerospace and semiconductors, and undervalued blue-chip stocks. The firm advises avoiding high-flying speculative stocks and instead targeting sectors with strong fundamentals [8]. Cloud Computing and AI - Amazon Web Services (AWS) announced a price increase of approximately 15% for its machine learning capacity blocks, marking a significant shift in its pricing strategy. This change reflects the high demand for AI computing resources and highlights the increasing scarcity of resources in the AI cloud industry [10][11].

Group 1 - The Hang Seng Index opened up 0.73% and the Hang Seng Tech Index rose by 0.56%, indicating a positive market sentiment at the beginning of the year [1] - The precious metals sector showed strong performance, with Zijin Mining rising over 2% and Chifeng Jilong Gold Mining increasing by over 4% [1] - The biopharmaceutical sector also performed well, with CanSino Biologics increasing by over 3%, and Longi Green Energy saw a significant rise of over 14% [1] Group 2 - According to China Merchants International, the Hong Kong stock market is currently in an earnings vacuum period, with high growth expectations for new economy sectors boosting market confidence [2] - The appreciation of the Renminbi is favorable for Hong Kong stocks, and domestic policies focusing on technological innovation and expanding domestic demand are expected to positively influence the market [2] - The market is gradually forming a complete AI industry chain listing system, attracting capital and alleviating IPO fundraising pressure [2] - The first two months of the year will see a reduction in the scale of lock-up releases, easing selling pressure [2] - The combination of early-year profit switching and valuation switching is expected to lead to a "spring rally," favoring growth styles [2] Group 3 - According to Fuguo Fund, the Hong Kong market is likely to maintain a volatile consolidation pattern, driven by global trade tensions, the Federal Reserve's monetary policy, and the strength of domestic economic recovery [2] - Huatai Securities believes that a continued rebound in the Hong Kong market is expected in the first quarter, focusing on space while downplaying slope [2] - Key sectors to watch include the AI chain (semiconductors, software) and innovative pharmaceuticals, with a recommendation to gradually accumulate quality consumer leaders and overweight cyclical and upstream power sectors [2] Group 4 - Zheshang International is optimistic about sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology [2] - The company also highlights the stability of performance and stock price trends in undervalued state-owned enterprises benefiting from policy support, as well as local Hong Kong banks, telecommunications, and public utility dividend stocks that are relatively independent of the economic cycle [2] - The performance of the Hong Kong stock market in spring 2026 is expected to be driven by "AI applications + PPI improvement + expanded domestic demand," with a recommendation to focus on related quality targets [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Due to the approaching Fed interest rate decision, some funds took profits, leading to a price correction in the precious metals sector. As of January 27, 2026, the closing price of the GFEX platinum main contract was 705.7 yuan/gram, with a decline of -4.61%; the closing price of the GFEX palladium main contract was 523 yuan/gram, with a decline of -2.08% [2]. - Platinum: In the short - term, platinum prices may continue to be volatile and on the strong side. There are opportunities for low - buying and long - positions, but investors need to control positions due to short - term uncertainties. In the future, supply in South Africa has risks, and demand in various fields is expanding, with the "rate cut + soft landing" combination amplifying long - term price elasticity. The outlook is for a volatile and strong trend [3]. - Palladium: In the short - term, palladium prices may also continue to be volatile and on the strong side, with opportunities for low - buying and long - positions. However, short - term price fluctuations need to be watched out for. Although long - term supply and demand tend to be loose, short - term spot shortages and the Fed's re - entry into the rate - cut cycle support the price bottom. The outlook is for a volatile and strong trend [4]. 3. Summary by Related Catalogs Precious Metals Market Performance - As of January 27, 2026, the GFEX platinum main contract closed at 705.7 yuan/gram, down -4.61%; the GFEX palladium main contract closed at 523 yuan/gram, down -2.08% [2]. Platinum Analysis - **Supporting Factors**: Geopolitical and trade frictions, and the strengthening of the yen putting downward pressure on the US dollar exchange rate support platinum prices [3]. - **Short - term Outlook**: Volatile and strong, with opportunities for low - buying and long - positions, but need to control positions due to short - term uncertainties [3]. - **Long - term Outlook**: Supply in South Africa has risks such as power supply and extreme weather. Demand in the automotive catalyst field is stable, the hydrogen energy industry is a future growth point, and jewelry and investment demand are expanding. The "rate cut + soft landing" combination will amplify long - term price elasticity [3]. Palladium Analysis - **Supporting Factors**: The weak US dollar, geopolitical disturbances, and the uncertainty of the US Department of Commerce's report on unforged palladium imported from Russia, which has led to a continued shortage of spot goods, support palladium prices [4]. - **Short - term Outlook**: Volatile and strong, with opportunities for low - buying and long - positions, but need to watch out for short - term price fluctuations [4]. - **Long - term Outlook**: Although long - term supply and demand tend to be loose, short - term spot shortages and the Fed's re - entry into the rate - cut cycle support the price bottom [4]. Commodity Index - **Comprehensive Index**: The commodity index was 2499.53, down -0.14%; the commodity 20 index was 2875.98, down -0.12%; the industrial products index was 2357.14, down -0.54% [50]. - **Non - ferrous Metals Index**: On January 27, 2026, the non - ferrous metals index was 2848.63, with a daily increase of +0.65%, a 5 - day increase of +1.35%, a 1 - month increase of +6.43%, and a year - to - date increase of +6.06% [52].

Group 1 - The NYMEX platinum main contract surged by 6%, currently priced at $2,693.2 per ounce [1] - The NYMEX palladium main contract increased by 5%, currently priced at $1,979.0 per ounce [1]

从金银下游消费来看，部分企业表示，市场买涨情绪较浓，近期白银消费量明显增加。 卓创资讯贵金属分析师 黄加奇：投资金条、投资银条的需求更是随着市场的看涨预期而爆发。但对于 光伏、镀金、镀银等产业需求，因为采购成本高企，多寻求采用"去金""去银"的技术路线。 近期，金价、银价连续上涨。1月26日，国际金价突破5000美元/盎司大关；白银同样创出新高，伦敦银 一度突破108美元/盎司，日内涨幅超6%。27日金银价格走势如何？ 截至北京时间27日下午3时，纽约COMEX黄金期货报约5085美元/盎司，较前一交易日收盘的5004.8美 元/盎司继续上涨；COMEX白银报约110美元/盎司，同样较前一交易日收盘价继续上涨。今年以来，国 际黄金期货价格涨幅已超17%，白银涨幅则高达55%。 长江证券金属煤炭联席首席分析师 赵超：进入1月份以来，金银比也跌至50附近，创13年新低，也是因 为近期白银冲高的速度远胜于黄金导致的。 资本市场方面，27日A股贵金属板块也再度走强，单日涨幅近4%。年初以来，板块累计涨幅更是达到 近70%。近期，除了金银，多个金属品种也都出现上涨行情。 责任编辑 吕世成 严云 责任校对 李鸿睿 主编 ...

Group 1 - The core viewpoint of the article highlights the recent volatility in the international precious metals market, particularly the sharp rise and subsequent decline in gold and silver prices, attributed to intense global macroeconomic narratives [1] - The underlying driver of this volatility is the trend of "de-dollarization," which has led to investor skepticism regarding the credibility of the US dollar, prompting a shift of funds towards gold and silver as "hard currencies" [1] - Geopolitical risks and complex expectations regarding Federal Reserve policies have further increased market uncertainty and speculative sentiment, particularly affecting silver due to its irreplaceable demand in key industrial sectors like photovoltaics and artificial intelligence [1] Group 2 - The market frenzy has raised warnings, with regulatory bodies and banks taking measures to alert investors about potential risks [1] - Experts believe that while the long-term support factors for precious metals remain strong, there is significant short-term technical correction pressure [1]

"看到银价持续上涨，我在去年12月20日至25日期间忍不住直播间的'低价诱惑'，购买了多件宣称支持 检测、并配有证书的'足银999'饰品。"消费者包女士向记者讲述了自己的遭遇。 据包女士回忆，该直播间的银饰价格低于市场上的同类产品，主播反复强调其售卖的产品为"足银 999"首饰且"支持检测"，并在页面标注着每件商品均配有"NGTC珠宝玉石首饰鉴定证书"。 而无意中的一次检测令她大吃一惊。"价格上涨后，我原本是想融掉转卖，结果送到融银的地方就傻眼 了。"包女士提供的检测数据显示，这些所谓"足银"饰品中，银含量仅1.4%，镍含量达6.2%，而黄铜成 分高达87%。 中国有色金属工业协会金银分会副秘书长、山东招金金银精炼有限公司副总经理梁永慧表示，在白银价 格进入快速上涨周期时，市场中以次充好、以假充真的风险往往同步上升。低纯度银、镀银、包银冒 充"足银"的违规行为，在这一阶段出现的概率会显著提高。 "自古金银不分家"，随着金价不断创下新高，白银因价格相对较低而越来越受青睐，消费者对白银首饰 的购买热情持续攀升。但有消费者反映，部分直播间售卖的所谓"纯银"产品，价格远低于国际银价，收 货后却被检测为锌、镍、黄铜等合 ...