湖南白银今日涨停，全天换手率32.28%，成交额106.31亿元，振幅16.01%。龙虎榜数据显示，机构净买 入3.63亿元，深股通净卖出9081.32万元，营业部席位合计净卖出9.32亿元。 深交所公开信息显示，当日该股因日振幅值达16.01%、日涨幅偏离值达9.31%上榜，机构专用席位净买 入3.63亿元，深股通净卖出9081.32万元。 资金流向方面，今日该股主力资金净流出8.27亿元，其中，特大单净流出9.10亿元，大单资金净流入 8305.79万元。近5日主力资金净流出9.13亿元。 融资融券数据显示，该股最新（1月21日）两融余额为11.29亿元，其中，融资余额为11.23亿元，融券余 额为594.16万元。近5日融资余额合计增加1.73亿元，增幅为18.17%，融券余额合计增加487.32万元，增 幅456.13%。（数据宝） 湖南白银1月22日交易公开信息 | 买/卖 | | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | --- | | 买一 | 深股通专用 | | 61596.57 | 70677.90 | | 买二 | ...

| 日期 | comex白银库存量(吨) | 增持/减持（吨） | | --- | --- | --- | | 2026-01-21 | 13135.43 | -129.48 | | 2026-01-20 | 13264.91 | -83.36 | 【要闻回顾】 欧盟执行副主席特蕾莎·里贝拉表示，如果美国总统特朗普兑现其提高关税或吞并格陵兰岛的威胁，欧 盟不应"放弃任何可能对捍卫自身利益所必需的东西"。 1月21日，COMEX白银库存录得13135.43吨，较上一日减少129.48吨；comex白银周三（1月21日）收报 92.38美元/盎司，下跌1.91%，comex白银价格日内最高上探至95.53美元/盎司，最低触及90.15美元/盎 司。 最新comex白银库存数据： 负责欧盟气候和竞争政策的里贝拉称，缓和局势至关重要。但她也表示，欧盟应该做好准备，在"出现 报复性措施"的情况下采取进一步措施。 ...

Group 1 - A total of 94 stocks in the A-share market reached the daily limit on January 22, indicating strong market activity [1] - Jianghua Microelectronics, a photoresist concept stock, achieved a four-day limit increase, highlighting its significant market interest [1] - Other notable stocks include Yingfang Microelectronics and Hunan Silver, both achieving three consecutive limit increases, reflecting investor confidence in storage chips and silver sectors respectively [1] Group 2 - Stocks with two consecutive limit increases include Huayuan Holdings in lithium extraction and Weichai Heavy Industry in data centers, indicating emerging trends in these sectors [1] - The list also features companies like Jushen Co. in commodity logistics and Guohe Technology in server PCBs, showcasing diverse investment opportunities across various industries [1] - The presence of companies in AI, renewable energy, and commercial aerospace further illustrates the broadening scope of investor interest in innovative technologies [1]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides a comprehensive analysis of various commodities in the futures market, including precious metals, base metals, energy, agricultural products, and chemical products. It assesses the market trends, supply - demand dynamics, and price movements of each commodity, and gives corresponding trading suggestions and trend intensities [2][34][73]. Summaries by Related Catalogs Precious Metals - **Gold**: Reached a new high. The prices of domestic and international gold showed an upward trend, and the trading volume and positions had certain changes. Trump's speech and related events had an impact on the market. The trend intensity is 1 [5]. - **Silver**: Subject to tariff expectation fluctuations. The prices had minor changes, and the market was affected by Trump's remarks and geopolitical events. The trend intensity is 1 [5]. - **Platinum**: Traded in a high - level range. The prices and trading data had specific changes, and the trend intensity is 0 [30]. - **Palladium**: Faced upward pressure due to the callback of gold and silver. The prices and related data showed certain characteristics, and the trend intensity is 0 [29]. Base Metals - **Copper**: The risk sentiment slightly recovered, supporting the price. The prices of domestic and international copper, trading volume, positions, and inventory data had changes. The "15th Five - Year Plan" investment of the State Grid and other events affected the market. The trend intensity is 0 [10]. - **Zinc**: Had support at the lower level. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by Trump's speech. The trend intensity is 1 [13]. - **Lead**: The decrease in LME inventory supported the price. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was influenced by Trump's remarks. The trend intensity is 0 [17]. - **Tin**: Attention should be paid to the resumption of production in Myanmar. The prices, trading volume, positions, and inventory data showed certain characteristics. The trend intensity is - 1 [20]. - **Aluminum**: Oscillated around 24,000. The prices, trading volume, positions, and inventory data of electrolytic aluminum, alumina, and aluminum alloy had changes. The market was affected by various factors, and the trend intensities of aluminum, alumina, and aluminum alloy are 1, 0, and 1 respectively [24]. - **Nickel**: The repeated remarks from Indonesia disturbed the sentiment, and the nickel price fluctuated widely. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by Indonesian policies. The trend intensity is 0 [34]. - **Stainless Steel**: The price was supported by the contradiction in the ore end and the increase in nickel - iron prices. The prices, trading volume, positions, and inventory data had corresponding changes. The trend intensity is 0 [34]. Energy - **Crude Oil**: The price was affected by the tense situation in Iran and the uncertainty of the geopolitical situation, showing an upward trend [72]. - **Coke and Coking Coal**: Affected by both macro and micro factors, they oscillated weakly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by coal price trends and steel production. The trend intensities of coke and coking coal are 0 [58]. - **Power Coal**: The market sentiment was weak, and the price had a short - term weak adjustment. The prices showed a downward trend, and the market was affected by production and import data. The trend intensity is not clearly stated [62]. Agricultural Products - **Palm Oil**: Affected by multiple factors, it oscillated strongly in the short term. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by production and demand expectations. The trend intensity is 1 [154]. - **Soybean Oil**: Due to the lack of themes in US soybeans, the rebound height was limited. The prices, trading volume, positions, and inventory data had corresponding changes. The trend intensity is 1 [154]. - **Soybean Meal**: After the overnight rise of US soybeans, the domestic soybean meal might follow the upward trend. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by US - China relations and South American harvest progress. The trend intensity is 1 [159]. - **Soybean**: The market atmosphere improved, and the price might oscillate. The prices, trading volume, positions, and inventory data had specific changes. The trend intensity is 0 [159]. - **Corn**: Oscillated strongly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by spot price trends. The trend intensity is 0 [162]. - **Sugar**: Mainly showed a weak operation. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by production and import data at home and abroad. The trend intensity is - 1 [166]. - **Cotton**: Oscillated strongly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by spot trading and cotton textile enterprise conditions. The trend intensity is 1 [170]. - **Egg**: The sentiment weakened. The prices, trading volume, positions, and inventory data had specific changes. The trend intensity is 0 [176]. - **Live Pig**: The spot price weakened, and the peak - season expectation decreased. The prices, trading volume, positions, and inventory data showed specific changes. The trend intensity is - 2 [179]. - **Peanut**: Oscillated. The prices, trading volume, positions, and inventory data had corresponding changes. The trend intensity is 0 [183]. Chemical Products - **P - Xylene (PX)**: The tense situation in Iran and the rebound of oil prices supported the PX valuation. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and oil price trends. The trend intensity is 1 [69]. - **Purified Terephthalic Acid (PTA)**: Attention should be paid to reducing the processing margin. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and oil price trends. The trend intensity is 1 [69]. - **Monoethylene Glycol (MEG)**: The downward space was limited. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and oil price trends. The trend intensity is 1 [69]. - **Rubber**: Oscillated. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by inventory and supply - demand dynamics. The trend intensity is 0 [75]. - **Synthetic Rubber**: With the stabilization of butadiene, the price rebounded. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by butadiene prices and inventory. The trend intensity is 0 [78]. - **Linear Low - Density Polyethylene (LLDPE)**: The import in December exceeded expectations, and the upstream quotation was loose. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is - 1 [81]. - **Polypropylene (PP)**: The production ratio remained low, and the profit repair was limited. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is - 1 [84]. - **Caustic Soda**: The price still faced pressure. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and cost factors. The trend intensity is - 1 [86]. - **Paper Pulp**: Oscillated. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is 0 [91]. - **Glass**: The price of the original sheet was stable. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics. The trend intensity is - 1 [96]. - **Methanol**: Oscillated. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is 0 [99]. - **Urea**: Oscillated and had support at the lower level. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and inventory. The trend intensity is 0 [104]. - **Styrene**: Oscillated strongly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by export and supply - demand dynamics. The trend intensity is 0 [107]. - **Soda Ash**: The spot market changed little. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics. The trend intensity is - 1 [109]. - **Liquefied Petroleum Gas (LPG)**: Supported by the heating demand, the price was firm. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and international prices. The trend intensity is 1 [112]. - **Propylene**: The spot market maintained a tight balance. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics. The trend intensity is 0 [112]. - **Polyvinyl Chloride (PVC)**: Oscillated weakly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and cost factors. The trend intensity is - 1 [119]. - **Fuel Oil**: Remained strong in the short term, and the fluctuation continued to increase. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and oil price trends. The trend intensity is 1 [122]. - **Low - Sulfur Fuel Oil**: Followed the upward trend mainly, and the price difference between high - sulfur and low - sulfur in the overseas spot market continued to shrink. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and oil price trends. The trend intensity is 1 [122]. Shipping - **Container Freight Index (European Line)**: It was in a temporary oscillating market. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics, geopolitical situations, and export policies. The trend intensity is 0 [124]. Fibers - **Short - Fiber**: It was in a short - term oscillating market, and the processing margin was at a low level. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is 0 [142]. - **Bottle - Chip**: It was in a short - term oscillating market. The prices, trading volume, positions, and inventory data had corresponding changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is 0 [142]. Paper - **Offset Printing Paper**: It was recommended to wait and see. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and raw material prices. The trend intensity is 0 [145]. Aromatics - **Pure Benzene**: Oscillated strongly. The prices, trading volume, positions, and inventory data showed specific changes, and the market was affected by supply - demand dynamics and benzene - related events. The trend intensity is 0 [150].

Group 1: Gold Market Dynamics - Gold prices have surged, with COMEX futures reaching $4,865 per ounce and London spot gold at $4,859.02 per ounce as of January 21, 2026, driven by weakening dollar credit, geopolitical uncertainties, and expectations of Federal Reserve rate cuts [1][2] - The U.S. federal debt reached $38.51 trillion by the end of 2025, with a federal deficit of $1.98 trillion, leading to a decline in global trust in dollar assets [2][20] - In 2025, gold prices set 53 historical records, with global gold ETF inflows totaling $89 billion, and central banks purchasing a net total of 297 tons of gold, providing strong support for prices above $4,000 [3][23] Group 2: Silver Market Dynamics - Silver's intrinsic value is being redefined due to its irreplaceable role in solar energy, electric vehicles, and AI data centers, with industrial demand expected to grow significantly [5][72] - The global silver market is facing supply constraints, with production growth limited by declining ore grades and mining difficulties, leading to a projected supply of 32,100 tons against a demand of 35,700 tons in 2025 [8][57] - As of January 20, 2026, COMEX silver prices reached $94.06 per ounce, reflecting a 216.5% increase since the beginning of 2025, driven by both industrial demand and financial attributes [8][74] Group 3: Macro Environment and Policy Impacts - The Federal Reserve's policy challenges and mixed economic data are key factors influencing short-term gold prices, with expectations of further rate cuts amid economic uncertainty [10][41] - Global economic growth momentum is slowing, with manufacturing PMIs in major economies indicating a deceleration, reinforcing gold's defensive asset appeal [11][42] - The ongoing trend of de-dollarization and the rise of gold in global reserves, which increased to 25.94% by January 2026, highlights gold's role as a hedge against credit risk [22][43] Group 4: Investment Opportunities - Companies like Zijin Mining and Chifeng Jilong Gold are projected to see significant earnings growth, with Zijin's EPS expected to rise from 1.21 yuan in 2024 to 2.31 yuan in 2026, indicating strong investment potential [12] - The performance of silver-focused companies such as Xingye Silver and Jiangxi Copper is also expected to benefit from rising silver prices and sustained industrial demand [12]

但白银价格的预期则更为复杂。Wilson表示，尽管白银价格持续创下新高，但推动2025年白银强劲上涨的实物短缺问题正在解决，预计白银在达到100美 元后不久将遭到抛售。上海期货交易所近期也接连多次上调白银期货合约交易限额和保证金，强化投资者白银投资的风险管控。 黄金白银价格的持续上行也刺激着许多散户投资者加速进场。陆利平认为，普通投资者应明确贵金属作为"避险垫"的配置定位，占比控制在5%-15%。配 置策略上，以黄金为底仓构建防御性组合，适度纳入白银以增强弹性。操作上，可以采用定投模式，通过银行积存金、黄金ETF等工具平滑建仓成本，坚 决避免在历史高位进行一次性重仓买入。需警惕美联储政策超预期转向及地缘局势实质性缓和带来的回调风险。务必定期审视资产组合，严守纪律，理性 参与，方能穿越市场周期，把握长期结构性机会。 贵金属又又又又迎来一波大涨行情。 1月21日，现货黄金和现货白银价格均创历史新高。其中，现货黄金价格突破4800美元/盎司整数关口，一度上探到4887美元/盎司。同日，中国黄金的足 金饰品报价超过1500元/克；现货白银价格也一度突破95美元/盎司关口，折合人民币约每克23元。 2025年年底，有多 ...

Core Viewpoint - The A-share silver sector has shown remarkable performance, with several companies in the industry experiencing significant stock price increases. Group 1: Company Performance - Silver Industry Company (601212.SH) latest stock price: 8.57 yuan, daily increase: +10.01%, noted as a comprehensive production base for various non-ferrous metals [1] - Guocheng Mining (000688.SZ) latest stock price: 27.92 yuan, daily increase: +10.01%, primarily operates in Inner Mongolia, a major area for lead, zinc, and silver mining in China [2] - Hunan Silver (002716.SZ) latest stock price: 13.64 yuan, daily increase: +10.00%, recognized as an important base for silver production and export in China [3] - Chifeng Gold (600988.SH) latest stock price: 38.39 yuan, daily increase: +9.81%, main products include silver minerals, with subsidiaries producing zinc, lead, copper, and molybdenum concentrates [4] - Shengda Resources (000603.SZ) latest stock price: 46.00 yuan, daily increase: +9.58%, a leading silver company with high-margin mining operations [5] - Zhuhai Group (600961.SH) latest stock price: 20.47 yuan, daily increase: +7.91%, main smelting products include silver [6] - Yuguang Gold Lead (600531.SH) latest stock price: 15.10 yuan, daily increase: +6.86%, a leading company in silver production, focusing on silver and other non-ferrous and precious metal smelting and sales [7][8] - Hengbang Shares (002237.SZ) noted for owning Yulong Mining, the largest single silver mine in China [10] - Huayu Mining (601020.SH) daily increase: +4.39%, recognized for its "Guiyan" brand silver ingots [11] - Tongling Nonferrous Metals (000630.SZ) latest stock price: 6.21 yuan, with gold and silver as primary products [12] - Shanjin International (000975.SZ) latest stock price: 34.79 yuan, daily increase: +6.23% [12] - Xingye Silver Tin (000426.SZ) latest stock price: 54.20 yuan, daily increase: +4.73%, with a subsidiary being one of the largest silver production mines in China [12] - Guiyan Platinum Industry (600459.SH) daily increase: +2.81%, main products include cathode copper and silver as a by-product of smelting [13]

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 2026年开年以来，全球贵金属市场迎来"开门红"行情，黄金价格势如破竹，带动白银及相关板块同步走 强，成为全球资本市场中最耀眼的主线之一。1月21日，伦敦现货黄金迎来历史性时刻，盘中首次站上 4800美元/盎司整数关口，创下历史新高，1月以来累计涨幅已突破10%，远超同期全球主要股指表现。 值得关注的是，贵金属价格的持续走强，直接传导至A股市场，贵金属板块迎来估值修复与业绩预期双 重驱动的上涨行情。多家上市公司股价大幅攀升，龙头个股表现尤为亮眼，部分企业更是借着行业东风 加速资产整合。 多名分析人士认为，从市场驱动因素来看，本次贵金属上涨并非单一因素作用，而是地缘政治冲突、美 元信用弱化、全球央行购金潮等多重利好共振的结果。短期来看，避险情绪与资金流入仍将为贵金属价 格提供支撑；长期而言，去美元化趋势与全球经济不确定性，正重塑贵金属的资产配置价值。 创近五年同期最强表现 2026年开年，贵金属市场呈现出"黄金领涨、白银跟涨"的强劲态势，价格涨幅与上涨速度均超出市场预 期。 黄金作为核心避险资产，开启了单边上行通道，从年初的4330美元/盎司左右起 ...

湖南白银今日涨停，全天换手率17.40%，成交额54.42亿元，振幅4.92%。龙虎榜数据显示，机构净卖出 1.02亿元，深股通净买入2.12亿元，营业部席位合计净卖出3.30亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.36%上榜，机构专用席位净卖出1.02亿元，深股通 净买入2.12亿元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 37290.95 | 16080.28 | | 买二 | 华泰证券股份有限公司深圳前海证券营业部 | 8464.73 | 700.99 | | 买三 | 机构专用 | 8382.20 | 6377.67 | | 买四 | 机构专用 | 7280.56 | 8636.16 | | 买五 | 华鑫证券有限责任公司上海徐汇区瑞平路证券营业部 | 6852.65 | 3.37 | | 卖一 | 国泰海通证券股份有限公司广州黄埔大道证券营业部 | 33.38 | 22758.67 | | 卖二 | 深股通专用 | 37290.95 | ...

Group 1 - Gold prices have reached record highs, with silver prices also nearing historical peaks, driven by increased demand for safe-haven assets due to the worsening Greenland crisis and a collapse in Japanese government bonds [1] - The Polish central bank has approved a plan to purchase up to 150 tons of gold, which will increase the country's total gold reserves to 700 tons, positioning Poland among the top 10 countries globally in terms of gold reserves [1] - UBS precious metals strategist Joni Teves indicated that diversification demand is the core driver of the current rise in gold prices, with institutional investors, retail investors, and central banks increasing their gold holdings to address macroeconomic uncertainties [2] Group 2 - Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5,000 per ounce if concerns about the independence of the Federal Reserve continue to rise [2] - Silver is anticipated to benefit from the rise in gold prices and its own narrowing supply-demand gap, with a possibility of challenging $100 per ounce this year [2] - The copper market is expected to tighten due to demand driven by energy transition, leading to an upward shift in price levels [2] Group 3 - Related Hong Kong stocks in the gold and precious metals sector include Zijin Mining International, Chifeng Jilong Gold Mining, Shandong Gold Mining, Zhaojin Mining Industry, Lingbao Gold Company, Tongguan Gold, China Gold International, China Silver Group, and Mount Everest Gold [3]