Market Performance - The A-share market experienced a collective decline, with the Shanghai Composite Index down 0.01%, the Shenzhen Component Index down 0.97%, the ChiNext Index down 1.79%, and the Beijing Stock Exchange 50 Index down 2% [1] - The total trading volume across the three markets reached 28,041 billion yuan, an increase of 720 billion yuan compared to the previous day, with over 3,100 stocks in the three markets showing losses [1] Sector Performance - The top-performing sectors included epoxy propylene, precious metals, glyphosate, cultivated diamonds, real estate, construction materials, banking, and airport shipping [1] - Conversely, the sectors that saw the largest declines were commercial aerospace, military equipment, CPO, copper cable high-speed connections, and photovoltaic equipment [1] ETF Performance - Domestic demand sectors saw a broad increase, with the real estate industry chain leading the gains; notable ETFs included: - Fuguo Fund Construction Materials ETF up 3.96% - Guotai Fund Construction Materials ETF up 3.88% - E Fund Construction Materials ETF up 3.39% - Huabao Fund Real Estate ETF up 3.22% - Yinhua Fund Real Estate ETF up 2.87% [1] - Gold prices reached a new historical high, with Ping An Fund Gold Stock ETF rising by 3.24% [1] - Hong Kong consumer stocks also rose, with the Huitianfu Fund Hong Kong Stock Connect Consumer 50 ETF increasing by 2.8% [1] Declining ETFs - The commercial aerospace sector led the declines, with satellite ETFs such as Satellite ETF, Satellite ETF Penghua, and Satellite ETF Guangfa falling by 4.69%, 4.63%, and 4.58% respectively [1] - The photovoltaic sector experienced a pullback, with the Kexin New Energy ETF down 3.94% [1] - The CPO sector also declined, with the communication equipment ETF down 3.76% [1]

根据金融数据服务商东方财富的统计，贵金属板块当天上涨4.97%，领涨A股所有行业板块；该板块本 月累计涨逾31%，大幅跑赢同期上证指数。个股方面，除了停牌股，当天该板块所有股票全线飘红，湖 南白银、招金黄金股价收获涨停板(涨幅约10%)。 中新社北京1月20日电 (记者 陈康亮)中国A股20日(周二)遭遇调整，主要股指悉数下跌，但贵金属板块 逆势上涨，表现亮眼。 银河证券分析师华立表示，近日，美国总统特朗普对欧洲8国加征关税要求购买格陵兰岛，法国等欧洲 多国强势回应，全球地缘冲突加剧。此外，特朗普政府即将任命美联储新主席，叠加对现任主席鲍威尔 的调查，美联储独立性被质疑提升市场对美联储的降息预期。相关因素推动黄金、白银等贵金属价格上 涨，利好相关上市公司。 就当天A股主要指数的表现而言，截至收盘，上证指数报4113点，跌幅为0.01%；深证成指报14155点， 跌幅为0.97%；创业板指报3277点，跌1.79%。沪深两市成交总额约27778亿元人民币，较上一个交易日 放量约694亿元。(完) 消息面上，美国纽约商品交易所黄金期货价格20日升破每盎司4700美元，白银期货价格突破每盎司95美 元，均创历史新高 ...

A股贵金属概念午后整体走高，湖南白银和招金黄金10%涨停，山金国际、四川黄金涨超5%。消息面 上，1月20日午后，现货黄金盘中直线拉升，首次突破4700美元/盎司大关，再创历史新高。 另外，房地产相关股票集体走强，中华企业、城投控股、合肥城建涨停。消息面上，1月20日，自然资 源部召开例行新闻发布会，联合住房城乡建设部发布《关于进一步支持城市更新行动若干措施的通 知》、推出增强详细规划适应性、优化过渡期支持政策、推进存量土地和空间的临时利用、鼓励资源资 产组合供应整体运营、创新不动产登记服务、妥善处置历史遗留问题等系列举措，着力破解城市更新中 的政策堵点。 消息面上，近期，环氧丙烷市场价格飙升。中银证券研报称，根据百川盈孚数据，截至1月18日，国内 环氧丙烷市场均价为8620元/吨，较上周上涨8.84%，较去年同期上涨9.88%。 三湘都市报1月20日讯（全媒体记者 仝若楠）1月20日，三大指数集体下跌，沪指午后有所回升，尾盘 一度翻红。截至收盘，沪指微跌0.01%，深证成指跌0.97%，创业板指跌1.79%。沪深京三市成交额 28041亿元，较上日放量720亿元，三市超3100只个股飘绿。 盘面上，化工股集 ...

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Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on significant stock transactions, sector performances, and ETF trading volumes, indicating potential investment opportunities and trends in the market [1][2][4]. Group 1: Stock Trading Overview - The total trading volume for the Shanghai and Shenzhen Stock Connect today reached 343.768 billion, with Zijin Mining and CATL leading in transaction amounts for the Shanghai and Shenzhen markets respectively [1]. - The top ten stocks by trading volume in the Shanghai market included Zijin Mining (2.738 billion), Cambricon Technologies (1.828 billion), and Zhaoyi Innovation (1.651 billion) [3]. - In the Shenzhen market, CATL topped the list with 3.193 billion, followed by Xinyisheng (2.824 billion) and Zhongji Xuchuang (2.491 billion) [3]. Group 2: Sector Performance - The banking sector saw the highest net inflow of funds, amounting to 1.303 billion, with a net inflow rate of 4.19% [5]. - Other sectors with significant net inflows included non-bank financials (0.823 billion) and consumer services (0.744 billion) [5]. - Conversely, the new energy sector experienced the largest net outflow, totaling -18.265 billion, with a net outflow rate of -4.86% [6][7]. Group 3: ETF Trading Activity - The A500 ETF Fund (512050) recorded the highest trading volume among ETFs at 14.2451 billion, with a day-on-day increase of 10.51% [12]. - The Sci-Tech Innovation and Entrepreneurship ETF (159781) saw a remarkable increase in trading volume, surging by 417% compared to the previous trading day [13]. Group 4: Institutional and Retail Investor Activity - Institutional investors showed a notable interest in Hunan Silver, purchasing 1.14 billion, while they significantly sold off Sanwei Communication, with a net outflow of 2.11 billion [15][16]. - Retail investors displayed reduced activity, with prominent retail trading seats not engaging in significant purchases, particularly in Sanwei Communication, which faced three consecutive trading halts [17].

Metal Market - As of the afternoon close, domestic base metals showed mixed performance, with tin leading the gains at 3.08%, followed by copper at 0.58% and nickel at 0.36%. Lead led the declines with a drop of 0.2% [1] - Lithium carbonate futures surged to a limit-up increase of 8.99%, closing at 160,500 yuan/ton. Polysilicon rose by 0.91%, while industrial silicon fell by 0.4% [1] - In the external market, base metals generally declined, with only tin showing a slight increase of 0.48%. Nickel fell by 1.3%, and other metals saw declines within 1% [1] Precious Metals - COMEX gold rose by 2.72%, reaching a new historical high of $4,723.7 per ounce. COMEX silver increased by 5.84%, also hitting a historical high of $94.745 per ounce. Domestic gold rose by 1.99%, reaching a peak of 1,061.16 yuan/gram, marking a new historical high, while silver increased by 3.62% [1][2] Macro Environment - The National Development and Reform Commission emphasized the need to strengthen domestic demand and adapt to the upgrading trend of demand structure. A strategic plan for expanding domestic demand from 2026 to 2030 will be developed [5][6] - The Ministry of Finance announced the expansion of support for equipment renewal loans, including a 1.5% interest subsidy for fixed asset loans related to equipment updates, effective until December 31, 2026 [7] - The central bank conducted a net withdrawal of 346 billion yuan through reverse repos, maintaining the operation rate at 1.40% [8]

截至下午收盘，综合衡量市场价格表现的中证商品期货价格指数收报1675.54点，较上一交易日上涨10.84点，涨幅0.65%；中证商品期货指数收报2310.52 点，较上一交易日上涨14.95点，涨幅0.65%。 现货黄金首次突破4700美元碳酸锂尾盘触及涨停 美国和欧洲之间围绕格陵兰岛而产生的关税争端持续升级，美国总统特朗普在得知法国总统马克龙无意加入美国主导、监督加沙地带战后过渡治理的所 谓"和平委员会"后，威胁对法国葡萄酒和香槟加征200%的关税，这令避险情绪再度升温，现货黄金价格应声突破4700美元／盎司大关，并继续上涨至4720 美元上方，带动沪金午后大幅拉升，也支撑了白银、铂金以及钯金价格。 新华财经北京1月20日电国内商品期货市场周二（1月20日）延续偏弱分化震荡。其中，金属板块普遍反弹，除碳酸锂尾盘涨停，以9%的涨幅领涨市场以 外，银、锡也均涨超3%。黄金虽然终盘涨幅不足2%，但在海外金价突破4700美元的提振下，沪金盘中再创上市以来新高。相比之下，能化板块几乎全线走 弱，焦煤、焦炭分别跌超4%和3%，领跌商品市场，玻璃、乙二醇、纯碱等跌幅也均在2%乃至3%以上，另有包括SC原油、丁二烯橡胶、甲 ...

OANDA高级市场分析师Kelvin Wong表示，随着美元走软，黄金也获得支撑。与此同时，欧盟仍有可能 出台非关税措施，欧洲主权财富基金或可借此机会抛售美国资产。Pepperstone研究策略师Ahmad Assiri 表示："在谈判前景明朗之前，贵金属有望继续成为市场当前防御情绪的最直观体现。" 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 来源：金十数据 1月20日，现货黄金价格再创新高，突破每盎司4700美元大关，因特朗普的威胁引发了避险需求。与此 同时，白银价格也接近历史高位。由于美国总统特朗普威胁要对欧洲盟友加征额外关税，这使得全球市 场情绪恶化，并引发了投资者纷纷涌入避险资产的热潮。 KCM Trade首席市场分析师蒂姆·沃特尔表示："特朗普在国际事务中采取的'颠覆性'政策手段以及他希 望降低利率的意愿，对于贵金属而言非常有利，这从黄金和白银的大幅上涨中就可见一斑。""特朗普的 第二个任期迄今为止对贵金属来说是一大利好，因为他独特的政治策略恰好迎合了黄金和白银的需 求。" ...

证券之星消息，1月20日贵金属板块较上一交易日上涨3.47%，湖南白银领涨。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002716 湖南白银 | | 3.28 Z | 6.04% | -1.22 乙 | -2.25% | -2.06 Z | -3.79% | | 600988 | 赤峰黄金 | 2.65 Z | 6.38% | -5742.75万 | -1.38% | -2.08亿 | -5.00% | | 600489 | 中全黄金 | 1.10/Z | 3.93% | 6112.47万 | 2.17% | -1.72亿 | -6.10% | | 601069 | 西部黄金 | 1.10亿 | 7.73% | -197.37万 | -0.14% | -1.08亿 | -7.59% ...

Market Overview - The A-share market opened high but closed lower on January 20, with the ChiNext index dropping nearly 2%. The Shanghai Composite Index fell by 0.01%, the Shenzhen Component Index decreased by 0.97%, and the ChiNext index declined by 1.79% [1]. Stock Performance - A total of 2,233 stocks rose, with 62 hitting the daily limit, while 3,102 stocks declined [2]. - Chemical stocks surged against the market trend, with companies like Cangzhou Dahua and Xinxiang Chemical Fiber reaching their daily limit [3]. - Precious metals stocks strengthened in the afternoon, with Hunan Silver and Zhaojin Gold also hitting the daily limit [4]. - Consumer stocks showed active performance, with Han Commercial Group and Shanghai Jiubai reaching their daily limit [4]. - Real estate stocks rebounded, with Chengdu Investment Holding and Dayue City hitting their daily limit [4]. Policy Impact - On January 20, the Ministry of Finance announced a package of five fiscal and financial policies aimed at boosting domestic demand, focusing on enhancing consumption and expanding private investment [4]. - The policies include optimizing personal consumption loans and service industry loan interest subsidies, aimed at reducing credit costs for residents and service industry operators [4]. Market Sentiment - The decline in the market was attributed to a recent penalty issued by the Zhejiang Securities Regulatory Bureau against a market influencer for manipulating the securities market, which has made speculative investors cautious [7]. - There were also rumors regarding the "Dragon and Tiger List" that could potentially stabilize the market by reducing speculative stocks [8]. - External market pressures were noted, particularly due to a sudden drop in Japanese government bonds, which caused a ripple effect across Asian and U.S. markets, leading to concerns about global asset demand [9].