1月26日，A股早盘窄幅震荡，截至9:38，沪指涨0.43%，深成指涨0.50%，创业板指上涨0.31%。 1、贵金属概念延续强势 贵金属概念延续强势，豫光金铅2连板，湖南黄金涨停，盛达资源、兴业银锡、赤峰黄金、晓程科技、山金国际、 四川黄金、贵研铂业、湖南白银跟涨。 | | | 贵金属(01801053) 34974.10 +2390.14 +7.34% | + 版块 | | --- | --- | --- | --- | | 股票名称 | 最新价 | 主力净流入 | 涨跌幅 | | 湖南黄金 | 25.27 | 5236.0万 | +10.01% (+) | | sz 002155 | | | | | 恒邦股份 | 18.92 | 1.2亿 | +10.00% + | | sz 002237 | | | | | 晓程科技 | 48.32 | 524.4万 | +9.62% (+) | | 620002 ₪ | | | | | 中金黄金 | 32.56 | 1.3亿 | +8.53% (+) | | SH 600489 | | | | | 湖南白银 | 17.73 | -3.6亿 | +7.85% (+) ...

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views of the Report - Last week, international precious metal futures prices continued to rise, with gold and silver prices hitting new all - time highs. The COMEX gold futures main contract approached the $5,000/ounce mark, and the COMEX silver futures main contract reached a record high of $103/ounce. Platinum and palladium futures prices also followed the upward trend, especially platinum, with the NYMEX platinum futures price surging on Thursday and Friday last week, with a weekly increase of 18.37% [2][5]. - Geopolitical tensions have increased the demand for safe - haven assets, and countries' accelerated "de - dollarization" process and large - scale gold purchases are the main reasons for the continuous record - breaking of precious metal prices. Silver, with higher volatility, has risen by 40% in less than a month this year, and the COMEX gold - to - silver ratio has dropped to 48, a 50 - year low. Given the current volatile geopolitical situation, precious metal prices are expected to remain strong in the short term. The platinum/gold and palladium/gold ratios are still in the low - range, and the platinum/silver and palladium/silver ratios are at historical lows. The catch - up market of platinum and palladium is worth attention [2][8]. - The US is expected to obtain "sovereignty" over the area of the US military base on Greenland, and the US - EU relationship is accelerating the "decoupling". The Fed will hold an interest - rate meeting on January 27 - 28, and the market generally expects the interest rate to remain at 3.50% - 3.75%. Due to the better - than - expected US employment and inflation data recently, the Fed is expected to implement a "dovish pause" or imply a loose tendency in the statement [2][6][8]. 3. Summary by Relevant Catalogs 3.1 Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 1,115.64 | 83.32 | 8.07 | 206,580 | 178,255 | Yuan/gram | | Shanghai Gold T + D | 1,110.35 | 79.26 | 7.69 | 54,268 | 208,322 | Yuan/gram | | COMEX Gold | 4,983.10 | 382.00 | 8.30 | - | - | US dollars/ounce | | SHFE Silver | 24,965 | 2,202 | 9.67 | 522,479 | 634,627 | Yuan/kilogram | | Shanghai Silver T + D | 24,988 | 2,347 | 10.37 | 436,090 | 3,292,636 | Yuan/kilogram | | COMEX Silver | 103.26 | 13.32 | 14.80 | - | - | US dollars/ounce | | GFEX Platinum | 685.90 | 75.85 | 12.43 | 25,095 | 11,348 | Yuan/gram | | Platinum 9995 | 681.50 | 79.04 | 13.12 | - | - | Yuan/gram | | NYMEX Platinum | 2,773.20 | 79.04 | 18.37 | - | - | US dollars/ounce | | GFEX Palladium | 497.95 | 79.04 | 6.09 | 11,027 | 11,348 | Yuan/gram | | NYMEX Palladium | 2,047.00 | 79.04 | 10.86 | - | - | US dollars/ounce | [3] 3.2 Market Analysis and Outlook - Geopolitical events include the US seeking "sovereignty" over the US military base area in Greenland, threatening to retaliate against European countries, and the US dispatching troops to Iran and imposing a 25% tariff on countries trading with Iran. The selection of the new Fed chairman is in the final stage, and the Polish central bank has approved a plan to buy 150 tons of gold, which will support the gold price [6]. - The Fed's interest - rate meeting is expected to maintain the 3.50% - 3.75% interest rate, and the market expects at least two 25 - basis - point interest rate cuts this year. Attention should be paid to the monetary policy clues from the upcoming Fed meeting [8]. 3.3 Important Data Information - The US GDP in the third quarter of 2025 had a final annualized quarter - on - quarter growth of 4.4%, higher than the initial value of 4.3%, the fastest growth rate in nearly two years [9]. - The Fed's preferred inflation indicator, the core PCE price index in November, rose 2.8% year - on - year and 0.2% month - on - month, in line with expectations [9]. - The number of initial jobless claims in the US last week was 200,000, lower than the expected 210,000. The average number of applicants based on the four - week moving average was 201,500, the lowest since January 13, 2024. The number of continued jobless claims, with a one - week lag, slightly decreased to 1.85 million, a decrease of 26,000 from the previous week [9]. - The preliminary value of the US S&P Global Manufacturing PMI in January was 51.9, slightly higher than the previous value of 51.8; the preliminary value of the service PMI remained flat at 52.5, and the preliminary value of the composite PMI slightly rose to 52.8. All three data were slightly lower than expectations [9]. - The preliminary value of the Eurozone's manufacturing PMI in January slightly rebounded to 49.4, still in the contraction range; the preliminary value of the service PMI dropped to 51.9, lower than expectations. The manufacturing and service PMIs in Germany rebounded more than expected. The French manufacturing PMI rose to a nearly four - year high of 51, but the service PMI sharply slowed down to 47.9 [9]. - The Bank of Japan maintained the benchmark interest rate at 0.75% and raised the economic growth and inflation expectations for the 2026 fiscal year. The Bank of Japan governor said that it will closely monitor the impact of the weakening yen and will buy government bonds to stabilize the market if the long - term bond interest rate rises abnormally [10]. 3.4 Related Data Charts - The report provides multiple charts, including the price trends of SHFE and COMEX gold and silver, the inventory changes of COMEX, LBMA, Shanghai Futures Exchange, and Shanghai Gold Exchange gold and silver, the non - commercial net long positions of COMEX gold and silver, the holdings of SPDR gold and SLV silver, the price differences between domestic and foreign gold and silver, the COMEX gold - to - silver ratio, the US inflation expectations, the relationships between gold price and various factors such as the US dollar, copper price, VIX index, crude oil price, US 10 - year Treasury bond yield, US real interest rate, Fed's balance - sheet size, US government debt scale, copper - to - gold ratio, and the NYMEX platinum and palladium inventory and ratio, as well as the non - commercial net positions of platinum and palladium futures and options [14][15][21][29][36][39][41]

Group 1 - The precious metals sector in A-shares opened with significant gains, led by Hunan Gold reaching a daily limit up [1][2] - Other companies such as Sichuan Gold, Hengbang Shares, Xiaocheng Technology, and Hunan Silver also saw increases of over 5% [1][2] Group 2 - The formation of a MACD golden cross signal indicates a positive trend for certain stocks in the market [2]

人民财讯1月26日电，1月26日，三大指数集体高开，上证指数高开0.21%，深证成指高开0.37%，创业 板指高开0.48%。盘面上，贵金属、光伏设备、有色金属、小金属、风电设备、HIT电池概念等板块开 盘活跃；房地产服务、航天航空、家用轻工、船舶制造、酿酒、半导体等板块开盘走低。 ...

行业 贵金属日评 日期 2026 年 01 月 26 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 虽然格陵兰岛风波有所降温但媒体报道美国筹划对古巴和伊朗动手，美元指 数偏弱回落提振贵金属的计价货币因素，而且国际投行高盛将 2026 年黄金目标价 提升至 5400 美元/盎司，贵金属板块在短期回落之后再次集体冲高，伦敦黄金逼 近 5000 美元/盎司大关。我们认为 2025 年 12 月底的回调已经充分释放贵金属内 部积累的调整风险，总体看在国际政经格局重组、美联储宽松货币政策、全球经 济增长前景改善以及银铂对金饰替代需求等因素影响下，20 ...

A股三大股指集体高开，光伏产业链再度走强，太空光伏概念股领涨，贵金属及大宗商品价格大幅攀 升，黄金刷新历史新高。 09:25 A股开盘丨三大股指集体高开 光伏产业链再度走强 三大股指集体高开，沪指涨0.21%，深成指涨0.37%，创业板指涨0.48%。科创综指涨0.04%。光伏产业 链再度走强，太空光伏概念股领涨；黄金、锂矿、人形机器人、AI应用题材活跃。商业航天概念股局 部回调。 太空光伏概念继续大幅高开，明阳智能、拓日新能、协鑫集成、钧达股份、双良节能封涨停，东方日 升、欧普泰、奥特维、连城数控高开超10%。 9:21 港股开盘｜恒指高开0.35% 恒生指数高开0.35%，恒生科技指数涨0.05%。泡泡玛特涨逾4%，紫金矿业涨近3%，腾讯音乐、京东健 康涨幅靠前；百度集团、小鹏汽车、蔚来跌幅靠前。 8:41 现货黄金涨幅扩大1.2%，刷新历史新高至5050美元/盎司，本月累涨730美元。 8:40 现货铂金首次站上2800美元/盎司，今年首月累涨约37%。 7:01 现货黄金首次突破5000美元/盎司，日内涨0.5%。现货白银盘初再创新高，报104.76美元/盎司，涨 幅超1%。 | 名称 | 现价 | ...

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The report highlights a bullish trend in precious metals, particularly silver, which has recently surpassed $100 per ounce, suggesting a continuation of the metal bull market [2]. - The report notes that macroeconomic factors, including geopolitical tensions and supply chain disruptions, are influencing metal prices, with a general upward trend observed across various metals [3][4][5][9]. Summary by Sections Precious Metals - Silver prices have surged, breaking the $100 mark, while gold is approaching $5000 per ounce, driven by increased market risk aversion due to geopolitical tensions [2]. - Key companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [2]. Industrial Metals - Copper inventories have increased, with global copper stocks rising by 69,000 tons, indicating a potential supply-demand imbalance [3]. - The report mentions ongoing labor strikes affecting copper production in Chile, which could exacerbate market tensions [3]. - Suggested companies for investment include Zijin Mining and Western Mining [3]. Aluminum - The aluminum market is experiencing short-term price fluctuations due to macroeconomic policies and supply chain issues, with production capacity remaining stable [4]. - Companies to consider include China Hongqiao and Nanshan Aluminum [4]. Nickel - Nickel prices have risen by 4.7% to 148,010 yuan per ton, influenced by supply disruptions in Indonesia and macroeconomic liquidity [5]. - Recommended companies include Huayou Cobalt and Ganfeng Lithium [5][8]. Tin - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, with demand from the electronics sector showing signs of recovery [8]. - Key companies include Hunan Tin and Yunnan Tin [8]. Lithium - Lithium prices continue to rise, with battery-grade lithium carbonate reaching 177,000 yuan per ton, driven by pre-holiday stockpiling and supply disruptions [9]. - Companies to watch include Ganfeng Lithium and Tianqi Lithium [9]. Cobalt - Cobalt prices have decreased by 3.7% to 437,000 yuan per ton, with supply disruptions easing but demand from downstream sectors weakening [10]. - Suggested companies include Huayou Cobalt and Tianqi Lithium [10].

Core Viewpoint - The weakening of the US dollar has significantly boosted the metal market, leading to record highs in gold and silver prices [1] Group 1: Metal Price Movements - Spot silver surged over 7%, reaching approximately $103 per ounce [1] - Spot gold rose by 1%, peaking at around $4988 per ounce [1] - London copper increased by 3.4%, hitting $13,187.50 per ton, close to its historical high earlier this month [1] - London tin rose by 9.5% [1] - London nickel saw a 4.2% increase [1] Group 2: Investment Recommendations - The Southwest Securities metal research team suggests focusing on four main lines: 1. Expansion on the denominator side: A long-term bullish outlook on gold, with attention to Federal Reserve rate cut expectations and marginal changes in trade wars. The high gold-silver ratio indicates significant upward momentum for silver, making silver-related assets a priority [1] 2. Improvement on the numerator side: A decline in alumina prices by 2025 will lead to a notable improvement in the unit profitability of electrolytic aluminum, with aluminum profits expected to remain high, though short-term demand weakness may lead to price corrections for both copper and aluminum [1] 3. Key advantageous minerals such as rare earths, antimony, and tungsten are expected to perform better [1] 4. Supply-side disruptions due to anti-involution trends may present opportunities in the lithium carbonate sector [1]

贵金属日报 2026-01-26 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 【行情资讯】 沪金涨 1.66 %，报 1121.16 元/克，沪银涨 6.32 %，报 25650.00 元/千克；COMEX 金报 5023.10 美元/盎司，COMEX 银报 104.73 美元/盎司； 美国 10 年期国债收益率报 4.24%，美元指数报 97.17 ； 美国三季度 PCE 物价指数季度环比年化值为 2.8%，低于预期的 3.5%，三季度核心 PCE 物价指 数季度环比年化值为 2.9%，符合预期及前值。美国 11 月核心 PCE 物价指数同比值为 2.8%，符 合预期。美国 1 月标普全球制造业 PMI 为 51.9，低于预期的 52，1 月标普全球服务业 PMI 为 52.5，低于预期的 52.8，综合 PMI 为 52.8，低于预期的 53。当前 CME 利率观测器显示，当前 市场定价联储今年分别在 6 月以及 10 月进行 25 个基点的降息操作。 【策略观点】 金银价格 ...

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Viewpoints - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue, with precious metals likely to set new historical price records in 2026 [12] - Zinc is viewed as an overlooked foundational material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the potential for precious metals to lead industrial metals in price increases, driven by a breakdown in the gold-silver ratio and a late-stage long-term debt cycle [7][12] - Specific investment opportunities include companies like Chifeng Jilong Gold Mining (600988) and others in the precious metals sector [7] Zinc Sector - The report identifies zinc as a critical material in the context of re-industrialization, with supply constraints and increasing demand expected to drive prices higher [13] Aluminum Sector - The report highlights the competitive advantages of China's electrolytic aluminum industry, which is expected to benefit from geopolitical tensions and supply chain security [13] Steel Sector - The steel industry is currently facing weak fundamentals as it approaches the seasonal low period before the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production and consumption metrics indicate a slight increase in iron output but a decrease in rebar demand, reflecting a mixed outlook for the sector [19][26] New Energy Metals - The report notes significant increases in lithium and cobalt prices, with production metrics showing substantial year-on-year growth in lithium carbonate output [37][46] - The demand for new energy vehicles remains strong, with production and sales figures indicating continued growth in the sector [41] Industrial Metals - The report discusses the overall upward trend in industrial metal prices, driven by political policy risks and supply reduction expectations [56] - Specific metrics indicate rising copper production and declining refining fees, suggesting a tightening supply environment [57]