1月26日午间，A股半日下来共有49只涨停股、20只跌停股。贵金属板块活跃，四川黄金8天5板，招金 黄金6天4板，盛达资源2连板，兴业银锡、湖南黄金等涨停。 连板股方面，天地在线6天3板，红宝丽5天3板，明阳智能、*ST铖昌3连板，运机集团、*ST云网3天2 板，豫光金铅、协鑫集成等2连板，长飞光纤、钒钛股份等涨停。 *ST奥维连续12日跌停，*ST万方连续10日跌停，*ST岩石、*ST恒久等跌停。 ...

今日，现货黄金历史首次突破5000美元/盎司整数大关，白银涨破108美元续刷新高。 截止发稿，现货黄金涨幅扩大至1.87%，刷新历史新高至5081美元/盎司，本月累涨超730美元。现货白 银涨超5%，刷新历史高点至每盎司108.962美元，月内暴涨超50%。现货铂金首次站上2890美元/盎司， 今年首月累涨约40%。 | 代码 名称 | | 米幅 | 派进失 | 现价 | | | --- | --- | --- | --- | --- | --- | | 002155 湖南黄金 | | +10.01% | +2.30 | 25.27 | | | 002237 恒邦股份 | | +10.00% | +1.72 | 18.92 | | | 300139 晓程科技 | | +9.37% | +4.14 | 48.22 | | | 600489 中全黄金 | | +8.33% | +2.50 | 32.50 | | | 002716 湖南白银 | | +7.85% | +1.29 | 17.73 | | | 000506 招令黄金 | | +7.70% | +1.50 | 20.98 | | | 001337 四 黄 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index fluctuating and overall presenting a "W" shape, while the Shenzhen Component and ChiNext Index experienced declines [1] - As of midday, the Shanghai Composite Index rose by 0.12% to 4141.01 points, while the Shenzhen Component fell by 0.74% to 14332.86 points, and the ChiNext Index dropped by 0.86% to 3320.81 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, with over 3700 stocks declining [1] Key Sectors Precious Metals - The precious metals sector continued to perform strongly, with significant gains in stocks such as Hunan Gold and Shengda Resources, both hitting the daily limit [2] - Spot gold prices surpassed $5000 per ounce for the first time, and the main silver contract on the Shanghai Futures Exchange hit a limit up, trading at 28226 yuan per kilogram, reflecting a 17.0% increase [2] - Analysts predict that gold prices may rise between 10%-35% by 2026 due to factors such as anticipated interest rate cuts by the Federal Reserve and geopolitical uncertainties [2] Oil and Gas - The oil and gas sector saw a strong performance, with China National Offshore Oil Corporation (CNOOC) rising over 5% to reach a historical high [3] - The surge in U.S. natural gas prices, which exceeded $6 per million British thermal units for the first time since 2022 due to winter storms, contributed to the sector's strength [3] Alcohol Industry - The liquor sector faced declines, with Yanghe Co. dropping over 7%, marking its lowest point since November 2017 [4] - Yanghe Co. projected a net profit decline of 62.18%-68.30% for 2025, leading to expectations of a loss of 1.451 billion to 1.859 billion yuan in Q4 2025 [4] - Analysts suggest that the liquor industry has entered a phase of "squeezed growth," shifting investment focus towards certainty rather than broad-based increases [4] Institutional Insights - CITIC Securities emphasizes the ongoing recovery of market confidence, suggesting that sectors with logical narratives at relatively low valuations may see recovery, particularly in the consumer chain leading up to the Two Sessions [6] - CITIC Jiantou advocates for a dual focus on "technology + resource products," highlighting sectors such as AI semiconductors, new energy, and materials as key areas of interest [5] - Dongfang Securities notes that the market is gradually regaining upward momentum, driven by policy catalysts and industry trends, particularly in commercial aerospace and AI computing sectors [8]

风险提示：基金有风险，投资需谨慎。 1月26日，沪深两市呈现震荡走势，贵金属板块涨幅位居前列。截至11点00分，金ETF(159834.SZ)上涨 2.48%。 国泰海通证券分析认为，当前地缘政治局势受相关因素影响呈现复杂态势，黄金的避险属性进一步凸 显。全球地缘政治的不确定性有所上升，叠加各国央行持续增持黄金，对黄金价格中长期中枢形成支 撑；尽管投机资金的流入加大了价格波动，但若美国国际信用预期走弱，黄金价格仍具备较强韧性。同 时，美联储降息周期已开启、美债的风险回报比处于低位，进一步提升了黄金的配置价值，建议增配黄 金资产，可关注金ETF(159834.SZ)把握相关配置机会。 ...

Core Insights - Recent geopolitical tensions have led to a surge in gold prices, surpassing the $5000 mark, with gold stock ETFs experiencing significant inflows [1][3][6] Geopolitical Context - The former Canadian central bank governor, Mark Carney, announced at the World Economic Forum that the "rules-based international order" is over, indicating a shift towards unrestrained geopolitical competition [3] - Concerns over U.S. credit risk have prompted major pension funds, including Denmark's and Sweden's Alecta, to sell off U.S. Treasury bonds [3] Gold Market Dynamics - The Polish central bank has approved a plan to purchase 150 tons of gold, emphasizing gold's role as a risk-free asset and a stabilizer for the economy [4] - Analysts predict that the current rise in gold prices may be just a precursor to a more significant upward trend, with expectations for an average gold price of $4741.97 by 2026, a 38% increase from the previous year [5] Future Price Predictions - Analysts have varying predictions for gold prices, with some forecasting a peak of $7150 this year due to geopolitical risks and increased retail demand from Latin America [5] - The overall sentiment remains bullish, with expectations that gold will continue to rise amid a backdrop of U.S. monetary policy changes and geopolitical tensions [6] Investment Opportunities - Investors are encouraged to consider gold ETFs, particularly those tracking gold mining stocks, as a means to capitalize on the current market conditions [7]

Market Overview - A-shares experienced a sudden shift in style and risk preference, with major indices turning from gains to losses, particularly the ChiNext index which fell nearly 1% [1] - The number of rising stocks decreased to less than 2000, indicating a market trend towards defense [1] Risk Preference Changes - Two significant variables affecting risk appetite emerged: escalating geopolitical risks and a sharp decline in the US dollar index, leading to a surge in gold and silver futures [1][4] - Popular stocks collectively plummeted, with satellite ETFs dropping nearly 5%, signaling a retreat from speculative trading [1] Sector Performance - A notable increase in the number of declining stocks was observed, particularly in sectors like semiconductor chips, commercial aerospace, robotics, and AI applications, with nearly 4000 stocks declining and 17 hitting the daily limit down [3] - Precious metals surged, with silver futures reaching a limit up with a 17% increase, and gold prices exceeding $5088.39 per ounce, marking a rise of over 2% [3] Capital Flow Dynamics - Recent data indicated a significant outflow of approximately 450 billion yuan from stock ETFs over the past two weeks, with broad-based ETFs seeing outflows exceeding 570 billion yuan [6] - In contrast, thematic ETFs related to TMT and cyclical resources saw inflows of around 50 billion yuan and 40 billion yuan respectively, highlighting structural differentiation in capital flows [6] Market Sentiment and Future Outlook - The market is experiencing increased volatility, with external factors weakening the narrative logic in capital markets and stock valuations appearing less attractive [6] - Analysts suggest that sectors at relatively low valuations with strong narratives may see recovery, particularly in consumer chains and real estate, as the market anticipates upcoming events [6][7] - The current market environment is characterized by a slow bull trend, with a focus on "technology + resource" as the dual mainline for investment strategies [7]

港、A股贵金属股集体走强。A股中，湖南黄金、恒邦股份涨停，晓程科技涨超9%，中金黄金、招金黄金涨超8%；港股中，中国白银集团涨超10%，中国 黄金国际、赤峰黄金涨超6%。 | 贵金属 了 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 5081.358 | 108.962 | 5087.6 | | +93.188 +1.87% +5.621 +5.44% +107.9 +2.17% | | | | COMEX白银 | SHFE黄金 | SHFE自银 | | 108.460 | 1144.36 | 27531 | | +7.127 +7.03% | | +41.50 +3.76% +3406 +14.12% 三格隆汇 | 今日，现货黄金历史首次突破5000美元/盎司整数大关，白银涨破108美元续刷新高。 截止发稿，现货黄金涨幅扩大至1.87%，刷新历史新高至5081美元/盎司，本月累涨超730美元。现货白银涨超5%，刷新历史高点至每盎司108.962美元，月 内暴涨超50%。现货铂金首次站上2890美元/盎司，今年首月累涨约40%。 受国际金价影响，国 ...

1月26日，A股三大指数集体高开。截至发稿，三大指数飘绿。 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。 港股方面，恒生指数和恒生科技指数飘绿。截至发稿，泡泡玛特涨超2%，中国海洋石油涨近3%。中芯 国际跌逾2%，小米集团跌近2%，美团、阿里巴巴等微跌。 贵金属板块走强 贵金属板块开盘领涨，中国黄金（600916）涨停，较为少见地走出2连板，湖南黄金、福达合金、豫光金 铅一字涨停，四川黄金、恒邦股份、晓程科技、湖南白银等涨幅居前。 现货黄金延续涨势，截至发稿，报5080.60美元/盎司，创历史新高，涨幅近2%。现货白银报108美元/盎 司，日内涨幅近5%。 港股黄金概念也走强，截至发稿，老铺黄金涨近8%，灵宝黄金、赤峰黄金、紫金黄金国际、山东黄金涨 幅居前。 据报道，在SKP迎春活动首日，北京、西安、成都、武汉SKP的老铺黄金门店排队盛况超过去年。1月24 日上午，记者在北京SKP现场了解到，在1月23日晚间就有数十人开始彻夜排队；到1月24日10点北京 SKP营业时间开始，商场已停止发放老铺黄金的 ...

1月26日，现货黄金价格盘中直线拉升，史上首次突破每盎司5000美元心理大关，创出历史新高。截至发稿，金价报每盎司5082.97美元，日内涨幅达 2.02%。 国际实时金价。 此次突破是长期趋势的加速显现。回顾2025年，贵金属已成为全球表现最亮眼的资产类别之一。金价全年呈"震荡上行"格局，除年中及四季度有两段横盘与 回调外，整体维持强势。进入2026年，上涨趋势得到进一步延续和强化。 近期，多家国际投行相继上调金价预期，为市场注入强烈信心。其中，高盛在最新研报中将2026年底的金价目标从每盎司4900美元大幅上调至5400美元。摩 根大通的预测更为乐观，预计2026年第四季度金价均值将达5055美元每盎司，并指出其长期价格有望上探6000美元关口。机构观点共同指向，在全球宏观经 济不确定性、央行持续购金以及货币政策预期转向的背景下，黄金正从传统的避险资产转变为重要的战略性配置资产。 国际金价的里程碑式突破，直接反映在国内黄金消费市场。1月26日，各大主流金饰品牌零售金价应声上调，单日涨幅显著。具体来看，周大福足金价格由 1542元/克上涨至1578元/克；老庙黄金价格从1548元/克涨至1575元/克；周生 ...

Core Viewpoint - The ongoing geopolitical tensions, particularly the Greenland sovereignty dispute, are causing European investors to withdraw from US dollar assets, leading to a surge in gold demand as a safe-haven alternative [2][3]. Group 1: Gold Market Performance - As of January 26, the international gold price reached 1135.38 yuan per gram, marking an increase of 20.94 yuan, or 1.88%, from the previous trading day [1]. - Gold has shown a strong upward trend, with a weekly increase of 8.4%, representing its best performance in nearly six years [2]. - The price of gold has approached 5000 USD per ounce, with predictions suggesting it could reach 5400 USD per ounce by the end of 2026 [3]. Group 2: Investor Behavior and Market Trends - European investors are increasingly concerned about the political risks associated with US assets, prompting a shift towards gold as a safer investment [2][3]. - Major European pension funds, such as Sweden's Alecta and Denmark's AkademikerPension, are selling US Treasury bonds, reflecting a broader trend of reducing exposure to American assets [3]. - The global gold ETF market has seen record inflows, with a net inflow of 890 billion USD in 2025, doubling year-on-year [3]. Group 3: Economic Implications - The decline of the US dollar, with a nearly 9.5% drop since the beginning of 2025, is contributing to the rising gold prices and investor interest [2]. - The geopolitical crisis has led to a trust crisis in US assets, reminiscent of historical events that triggered significant shifts in monetary policy and asset valuation [2][4]. - Analysts suggest that gold is transitioning from an investment option to a strategic necessity as confidence in the dollar wanes [4].