国际金银价格走高刺激有色金属板块。 A股市场主要指数今天(1月26日)上午涨跌互现，有色金属板块掀起涨停潮。石油石化、煤炭、非银金融、银行等板块走强，带动上证指数走强。 | P | | | | | | --- | --- | --- | --- | --- | | 15 | 11 | 1 | 10 | Date | A股有色金属板块掀起涨停潮 主要行业板块和赛道方面，多个传统权重板块走强。 有色金属板块领涨，板块涨幅超过4%，板块内个股掀起涨停潮，其中招金黄金（000506）、翔鹭钨业（002842）、湖南黄金（002155）、金徽股份 （603132）、永杰新材（603271）、兴业银锡（000426）等10多股涨停，湖南白银（002716）大涨逾9%。 | | 国际贵金属 | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 伦敦金现 | 5072.360 | 84.190 | 1.69% | | 伦敦银现 | 107.825 | 4.484 | 4.34% | | COMEX黄金 | 5071.5d | 91.8 | 1.84% | | COM ...

Market Overview - The market is experiencing a unique situation where indices are rising, but individual stock sentiment has been lukewarm, indicating a clear cooling of market enthusiasm [1] - Despite maintaining trading volumes above 2 trillion yuan for over 20 consecutive trading days, there are signs of main funds reducing their holdings in broad-based ETFs, suggesting a cautious approach to the current market [1] Precious Metals Sector - The recent surge in the precious metals sector is driven by three core factors: enhanced financial attributes, industrial demand resonance, and supportive funding conditions, alongside geopolitical and policy cycle benefits [1] - Gold and silver have distinct upward trends, with gold's appeal as a "super-sovereign credit asset" becoming more pronounced as global central banks continue to increase their gold reserves [1] - The global central bank gold reserve ratio is projected to rise to 25.94% by January 2026, with China increasing its gold holdings for 14 consecutive months [1] Economic Indicators - Major economies are showing signs of weak recovery, compounded by trade tensions between the US and Europe, which further enhance the safe-haven value of precious metals [3] - The price of gold has surpassed $5,000 per ounce for the first time, with silver futures also experiencing significant gains, reflecting a broader trend of rising commodity prices [3][5] Sector Performance - The rare metals, gold concepts, and insurance sectors are performing strongly, while sectors like sports, aerospace equipment, and military industries are lagging [3] - The solar photovoltaic sector is also seeing substantial gains, with companies like Mingyang Smart Energy and others reaching their daily price limits [3] Index Movements - The Shanghai Composite Index opened high but faced volatility, indicating a mixed performance in individual stocks despite overall index gains [5] - The ChiNext Index showed weakness, with many small and medium-sized stocks struggling, reflecting a challenging environment for growth in this segment [5]

A股市场主要指数今天（1月26日）上午涨跌互现，有色金属板块掀起涨停潮。石油石化、煤炭、非银金融、银 行等板块走强，带动上证指数走强。 A股有色金属板块掀起涨停潮 国际金银价格走高刺激有色金属板块。 A股市场主要指数今天上午涨跌互现，上证指数小幅上涨0.12%，创业板指走低，跌幅达到0.86%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4141.01 | 4.85 | 0.12% | | 399001 | 深证成指 | 14332.86 | -106.80 | -0.74% | | 000680 | 科创综指 | 1864.01 | -35.77 | -1.88% | | 881001 | 万得全A | 6857.67 | -35.44 | -0.51% | | 399006 | 创业板指 | 3320.81 | -28.70 | -0.86% | 主要行业板块和赛道方面，多个传统权重板块走强。 有色金属板块领涨，板块涨幅超过4%，板块内个股掀起涨停潮，其中招金黄金、翔鹭钨业、湖南黄金、金徽股 ...

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index up by 0.12%, while the Shenzhen Component Index, ChiNext Index, and North Star 50 Index fell by 0.74%, 0.86%, and 0.97% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 22,631 billion yuan, an increase of 3,495 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced declines [1] Sector Performance - The sectors that saw the most significant gains included gold, non-ferrous metals, avian influenza, oil and gas, insurance, chemicals, securities, and port shipping [1] - Conversely, the sectors that faced the largest declines were commercial aerospace, military equipment, gaming, photolithography, semiconductors, humanoid robots, and AI mobile phone concepts [1] ETF Performance - International gold prices surpassed $5,000 per ounce for the first time, leading to a surge in gold and non-ferrous resource stocks [1] - The following ETFs saw notable increases: Ping An Fund Gold Stock ETF rose by 7.34%, ICBC Gold Stock ETF by 7.33%, and Guotai Fund Gold Stock ETF by 6.95% [1] - Oil and gas stocks also performed strongly, with Huatai Bairui Oil and Gas ETF increasing by 6% [1] Declines in Specific Sectors - The commercial aerospace sector experienced a widespread decline, with satellite ETFs and related funds dropping significantly: Satellite ETF fell by 6.85%, Satellite Industry ETF by 6.77%, and Guangfa Satellite ETF by 6.6% [1] - The semiconductor equipment sector also saw a downturn, with the E Fund Semiconductor Equipment ETF decreasing by 4% [1]

国际现货黄金价格延续强劲走势，再度刷新历史新高。 《金融时报》记者注意到，1月19日以来，伦敦现货黄金已持续六个交易日呈现上涨趋势，并突破5000 美元/盎司大关，伦敦现货黄金价格一度涨至5085美元/盎司，年内涨幅超17%。截至1月26日10时20分， 现货黄金每盎司报5075.07美元。 积存金价格也同步走高，创下年内新高。截至1月26日10时40分，部分银行积存金实时交易价格突破 1140元/克。 国内实物黄金金饰报价随国际金价走势同步调涨。周生生、周六福、周大福、老庙、潮宏基 （002345）、老凤祥、谢瑞麟等黄金珠宝品牌均已更新售价。截至1月26日9时54分，各品牌足金饰品报 价集体走高，价格在1570元/克—1580元/克。 对于未来走势，鲁政委认为，美国债务周期近尾声、美元本位币地位下降、新旧技术交替以及劳动生产 率低迷等都可能使黄金投资价值上升。 "从短期看，市场情绪和地缘局势变化仍将主要影响黄金价格，波动将可能非常大，大概率会出现技术 性回调。美联储新主席人选、地缘政治事件、美欧贸易关系等是近期关键观察点。从长期看，支撑国际 金价的结构性因素并没有消失。只要全球对美元信用体系的担忧不消除，黄 ...

从长期走势看，本轮黄金"牛市"实则已延续较长周期。自2022年9月伦敦金现从1614美元/盎司启动以来，截至目前累计最大涨幅超215%。在历经 2023年、2024年分别全年上涨13.16%、27.23%后，2025年涨幅明显提速，全年最大涨幅一度达74.06%，最终以64.56%的涨幅收官；进入2026年， 这一涨势持续延续，"黄金牛市"神话不断刷新历史高位，年内涨幅已超17%。 北京商报讯（记者 孟凡霞 周义力）"黄金牛市"神话仍在延续。1月26日上午，伦敦金现价格冲高，首次突破5000美元/盎司关口，截至11:40，盘中 冲至5093.19美元/盎司，日内上涨超1.9%；COMEX黄金期货同步发力，盘中触及5091.5美元/盎司，日内涨超2%。A股贵金属板块同步走强，截至 午间收盘，晓程科技涨超16%，湖南黄金、招金黄金、恒邦股份、盛达资源、四川黄金、中国黄金、豫光金铅等个股涨停。 对于本轮"黄金"牛市的核心驱动原因，中信证券首席经济学家明明表示，本轮贵金属牛市成因复杂，投资者对美联储宽松货币政策的预期是推动 贵金属价格上涨的最重要因素。此外，美国经济下行压力、美国通胀黏性、逆全球化趋势再抬头风险以及全 ...

受益于金价上涨，多家黄金相关企业预计2025年业绩同比增长。 目前，高盛最新报告已经将今年底黄金价格预测由每盎司4900美元上调至5400美元，因私人投资者及央 行的需求不断增强。高盛预计，今年各国央行每月将购买60吨黄金，同时随着美联储降息，ETF所购买 的黄金规模也会增加，进一步推升估值。华西证券最新研报预测，2026年金价涨幅或介于10%—35%， 而杰富瑞集团更是喊出6600美元/盎司的惊人目标。 世界黄金协会美洲CEO兼全球研究负责人安凯表示，展望2026年，黄金市场将进入多重力量交织、动态 平衡的新阶段。一方面，地缘经济不确定性依然高企，美元或将延续弱势，投资者和央行的结构性需求 有望持续为金价提供支撑。另一方面，全球经济复苏的可能性、利率周期的变化以及美元阶段性反弹等 因素，也可能对黄金价格形成一定压力。 1月25日晚，湖南黄金发布业绩预告，预计2025年净利润为12.7亿元—16.08亿元，同比增长50%— 90%。 此前，赤峰黄金曾于1月5日发布2025年度业绩预增公告，预计2025年度净利润为30亿元到32亿元，与上 年同期（法定披露数据）相比增长约70%到81%。主要原因为公司2025年 ...

Core Viewpoint - The surge in gold prices, reaching historical highs, has positively impacted the performance of Lao Pu Gold, with significant consumer interest and sales expected during the upcoming Spring Festival [2][3]. Group 1: Market Performance - Lao Pu Gold's stock price experienced a significant increase, initially rising nearly 14% before closing with a gain of 6.92% at 842.5 HKD per share [1]. - The international gold price has surpassed 5000 USD per ounce, marking a 15% increase since the beginning of the year [2]. Group 2: Consumer Demand - The approach of the Spring Festival has led to increased consumer traffic at Lao Pu Gold's physical stores, with reports of long queues in major cities such as Beijing, Xi'an, Chengdu, and Wuhan [2]. - In Beijing's SKP, consumers began queuing as early as 10 PM the night before the Spring Festival activities, with hundreds waiting by 7 AM on the opening day [2]. Group 3: Company Strategy and Financials - Lao Pu Gold has implemented multiple price increases throughout 2025, with the latest adjustment resulting in price hikes of approximately 18%-25% [4]. - The company reported a revenue of 12.354 billion CNY for the first half of 2025, reflecting a 251% year-on-year growth, and a profit of 2.268 billion CNY, up 285.8% [4]. - Citigroup forecasts a 224% increase in net profit for Lao Pu Gold, projecting it to reach 4.8 billion CNY, with continued improvements in gross margin and net profit expected in 2026 [4].

文 | CFN 王杰 2026年1月26日，国际贵金属市场延续强势行情，伦敦金现价格突破每盎司5000美元整数关口，盘中最高触及5081美元，日内涨幅0.84%，较上周累计上涨 8.5%，创下阶段性暴涨态势。与此同时，贵金属板块集体走强，白银、铂金等品种同步跟涨，市场避险与配置需求持续释放，叠加全球地缘格局重塑与美 元信用弱化等多重因素，推动贵金属市场迎来新一轮上涨周期。 市场全景：贵金属板块全面走强，价格与持仓双升 本次涨势并非黄金单一品种独舞，而是呈现全板块联动特征。截至1月26日早盘，伦敦银现价格报每盎司109.018美元，日内涨幅3.86%，近期累计涨幅显著 跑赢部分大类资产。国内市场同步呼应，上海黄金交易所黄金T+D价格报1139.02元/克，日内上涨3.12%；沪银主连合约价格达27507元/千克，涨幅高达 14.02%，反映国内外市场情绪高度一致。 实物与投资市场需求同步升温。实物端，国内主流金店价格普遍上涨，周大福、老凤祥等品牌黄金零售价格突破1570元/克，单日涨幅均超2%；银行投资金 条价格亦稳步上行，工商银行如意金条价格报1151.45元/克，涨幅1.97%，显示居民配置需求旺盛。投资端 ...

Group 1: Gold and Silver Prices - Gold prices accelerated today, with spot gold breaking through $5,090 per ounce, reaching a historical high of $5,093.18, and increasing over $100 in a single day [1] - Spot silver also surged past $109 per ounce, marking a new historical peak [1] - The decline of the US dollar and rising geopolitical tensions have triggered a new wave of price increases for gold and silver [1] Group 2: Market Dynamics - The US dollar index fell to 96.9360, marking its third consecutive day of decline and reaching the lowest level since September 2025 [1] - Goldman Sachs raised its year-end gold price target from $4,900 to $5,400 per ounce, citing increasing demand from private investors and central banks [1] - Jefferies Group set an even higher target of $6,600 per ounce for gold [1] Group 3: Gold Mining Stocks - Stocks of gold companies such as Hunan Gold and Zhaojin Gold hit the daily limit, with Laopu Gold's stock price soaring nearly 14% to 898 HKD, a new high since July 2025 [2] - Citigroup raised its profit forecasts for Laopu Gold for 2026 and 2027 by 5%, indicating sustained growth in customer traffic leading up to the Lunar New Year [2] - Citigroup also increased its revenue forecast for the company by 6% due to strong demand driven by rising gold prices [2] Group 4: ETF Performance - Gold stock ETFs and gold stock ETFs from ICBC rose over 7%, while other gold stock ETFs increased by more than 6.6% [3] - The performance of gold stock ETFs reflects the overall performance of gold mining and sales companies in the mainland and Hong Kong markets [4] Group 5: Future Outlook - Analysts express concerns about the potential for gold price fluctuations, focusing on two main points: the effectiveness of the narrative surrounding the US dollar and the potential easing of geopolitical risks [5] - Despite short-term volatility, the long-term trend for gold remains positive, with potential upward movement driven by shifts in global order and economic conditions [5]