2月20日，香港特区政府财经事务及库务局副局长陈浩濂在香港黄金交易所农历年黄金启市日暨2026年 新春开市仪式上表示，为进一步多元发展香港的国际金融业务，特区政府正全力推动香港成为国际黄金 交易中心。陈浩濂说，将以三年超越2000吨为拓展在港黄金仓储的目标，打造香港成为区域黄金储备枢 纽。在推动大宗商品交易方面，目前已有15个伦敦金属交易所认可的仓库在香港营运。港交所也会深化 与广州期货交易所及内地其他大宗商品市场的联通发展。（新华社） ...

新华社香港2月20日电（记者郑静霞、林迎楠）在响亮的锣声中，香港交易所农历马年首个交易日 20日拉开帷幕。同日，香港黄金交易所也举办了新春开市仪式。 香港特区政府财政司司长陈茂波在开市仪式上表示，农历蛇年恒生指数累计上升近6500点，升幅达 32%。IPO（首次公开招股）和后续筹资额均表现亮丽，股票市场的流动性显著提升，资金来源也相当 国际化。 陈茂波对马年市况持审慎乐观态度。他认为，今年外部环境仍然复杂多变，但只要香港保持开放公 平的市场环境，不断推动市场改革，做好市场基建和发展，管理和应对好各项风险，市场定能够像骏马 一样，跨越险阻，向前迈进。 港交所数据显示，2025年香港IPO集资额达374亿美元，同比增加231%，居全球新股融资中心榜 首。从行业上看，香港已成为全球顶尖医疗保健及生物科技、TMT（科技、媒体及电讯）和工业及新 能源行业公司上市地。 港交所主席唐家成指出，2026年以来，已有24只新股上市，集资额超过870亿港元，目前排队上市 的企业有488家。他强调，数量增加的同时，港交所在上市审核过程中绝无松懈，将努力确保让香港持 续成为一个备受认可的高质素市场。港交所今年将全力推进各项工作，包括 ...

Group 1: Market Overview - Global gold demand has reached a new high, attracting significant attention in the market [1] - The gold market is experiencing a complex divergence, with international and domestic gold prices showing a synchronized pullback [1] - Young consumers are becoming the main force in gold consumption, reshaping market dynamics with their investment and aesthetic preferences [2] Group 2: Price Trends - Current gold prices are in a high-level correction phase, influenced by geopolitical factors and market sentiment, with expected increased volatility in the coming days [2] - The price of platinum (PT999) is reported at 437 yuan per gram, while palladium (PD999) is at 324 yuan per gram [3] - Silver recovery prices are 17.36 yuan per gram for pure silver and 16.27 yuan per gram for 925 silver [4] Group 3: Trading Data - Shanghai Gold Exchange reports gold T+D at 1108 yuan per gram, down by 15.6 yuan [5] - International spot gold (XAU) is priced at 4975.42 USD per ounce, up by 54.61 USD [6] - COMEX gold futures are at 4995.97 USD per ounce, increasing by 47.57 USD [7] Group 4: Bank Investment Gold Bars - Bank investment gold bar prices are as follows: Industrial and Commercial Bank of China at 1130.41 yuan per gram, China Construction Bank at 1124.50 yuan per gram, and Bank of China at 1124.41 yuan per gram [9][10][12] Group 5: Gold Recovery Market - National gold recovery prices fluctuate between 1050 yuan per gram and 1115 yuan per gram, with Shenzhen's recovery price at 1086 yuan per gram [12] - Regional recovery prices vary, with specific ranges provided for South China, East China, North China, and Southwest China [12] Group 6: Retail Gold Prices - Significant price differences exist among various brands and regions for retail gold prices, with higher prices reported for Lao Feng Xiang and competitive pricing from Cai Bai Jewelry and China Gold [12] - Specific retail prices for gold in major cities are detailed, showing variations among brands [12]

智通财经记者 | 何柳颖 智通财经编辑 | 王姝 对于王馨来说，这不是一个值得期待的新年。 2025年6月，王馨了解到杰我睿这个平台，她也曾到过杰我睿的线下实体店。半年多时间里，王馨在杰我睿买过黄金、参加过免工、团购活动，平时也会将 不喜欢的首饰回收给杰我睿。 信任逐渐建立。王馨在杰我睿的两个账号里留存了173万余额，另外还有611克金条，金料348克。如果按照水贝2月13日的金价1145元/克进行计算，总额超 过280万元。在她的常住地东莞，这笔资金可以让她全款拿下一套房。 意料之外的坍塌打得王馨措手不及。2026年1月19日，王馨本想在年前拿些黄金实物，但账号显示交易异常，那时候她才知道，杰我睿已经出现严重的兑付 危机。 危机逐渐发酵。2026年1月21日左右，多名用户从各地来到杰我睿公司所在地，大家排队登记，彼时杰我睿表示，符合条件的客户可以办理提现，但每日限 额为1克黄金或500元。 目前，杰我睿相关兑付仍在进行。值得关注的是，兑付危机背后，水贝的预定价模式因何而起？投机行为如何滋生？这种类期货平台又如何从商户蔓延至普 通人？ 相关部门近日对黄金经营行为作出规范提示。2月12日，深圳市地方金融管理局等 ...

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau and other departments have issued a public notice to regulate illegal activities in the gold market, prohibiting various forms of illegal gold trading and investment practices by enterprises, individuals, and financial institutions [1][2][3] Summary by Category Prohibited Activities for Enterprises - Enterprises are prohibited from engaging in illegal gold trading activities such as pre-priced trading, leveraged trading, and deferred trading through internet platforms [1] - Illegal fundraising activities under the guise of gold custody, leasing, and repurchase that promise fixed returns are also banned [1] - Enterprises must not promote or sell gold products through unauthorized channels, including live streaming or illegal trading software [1] Prohibited Activities for Individuals - Individuals are not allowed to organize or participate in illegal gold pre-priced trading, illegal fundraising, or gold investment activities [2] - Development and sale of illegal gold trading software or apps by individuals are prohibited [2] - Qualified individual investors can participate in gold ETFs and futures through legitimate channels, and can purchase physical gold from authorized retailers or banks [2] Prohibited Activities for Financial Institutions and Non-Bank Payment Institutions - Financial institutions must not conduct gold business without proper registration or approval from regulatory authorities [2] - They are required to comply with large transaction reporting and suspicious transaction reporting regulations [2] - Financial institutions and non-bank payment institutions are prohibited from providing services to illegal operators and must not facilitate illegal gold activity promotions [2][3]

Group 1: Financial Data and Trends - As of the end of January 2026, the total social financing scale was 449.11 trillion yuan, with a year-on-year growth of 8.2% [1] - The broad money supply (M2) increased by 9.0% year-on-year, significantly outpacing the nominal GDP growth, supporting stable growth in the real economy [1] - In January, resident deposits decreased by 3.39 trillion yuan year-on-year, while non-bank financial institutions saw an increase of 2.56 trillion yuan in deposits [1] Group 2: Robotics Rental Industry - The Chinese robot rental platform, Qingtian Rental, reported over 1,000 orders received for the Spring Festival period, with total orders expected to exceed 5,000, representing an 80% increase in overall GMV [2] - Qingtian Rental is implementing a "City Partner Strategy" to address delivery challenges due to explosive growth and is maintaining a monthly financing rhythm to adapt to market changes [2] Group 3: Beer Industry Performance - Anheuser-Busch InBev's Budweiser Asia and Heineken both reported declines in sales revenue, net profit, and volume for 2025, indicating a common trend of underperformance [3][4] - Heineken's 2025 net revenue was 28.75 billion euros (approximately 235.53 billion yuan), with a net profit of 1.88 billion euros (approximately 15.44 billion yuan), both showing consecutive declines [3] - Budweiser Asia's revenue for 2025 was 5.764 billion USD (approximately 40.31 billion yuan), down about 11.59% year-on-year, with a net profit of approximately 489 million USD (about 3.42 billion yuan), marking a 35.47% decline [3] Group 4: Real Estate Market - In January, the second-hand residential sales prices in first-tier cities decreased by 0.5% month-on-month, with specific declines in Beijing, Shanghai, Guangzhou, and Shenzhen [9] - The price adjustments in the second-hand housing market have been ongoing for over four years, with recent data indicating a narrowing of the decline, suggesting improved price-performance ratios for buyers [9] - Notably, cities like Yangzhou and Zhanjiang experienced a month-on-month increase in second-hand residential prices in January [9] Group 5: Gold Market Regulation - Shenzhen's financial management authorities issued a set of ten prohibitive measures to regulate gold market activities, following previous incidents and market volatility [11] - The Shanghai Gold Exchange also announced adjustments to margin requirements and trading limits for gold and silver contracts to manage risks during the Spring Festival [11] - As of February 13, the spot gold price fluctuated between 4,900 and 5,000 USD per ounce, down approximately 10% from a previous high of 5,595 USD [11]

Core Viewpoint - The Shenzhen government has issued a regulatory notice to curb illegal activities in the booming gold market, particularly focusing on high-leverage and pre-priced trading practices that have proliferated amid rising gold prices [1]. Group 1: Regulatory Measures - The notice outlines six prohibited activities for enterprises, targeting illegal pre-priced trading, leveraged trading, and deferred trading as key areas for rectification [2]. - Enterprises are explicitly banned from using internet platforms to conduct gold transactions without actual physical delivery, including practices like collecting deposits to lock in prices [2]. - The notice prohibits companies from promising fixed returns under the guise of gold custody, leasing, or repurchase, and from engaging in unauthorized gold investment activities [2]. Group 2: Advertising and Conduct Standards - Strict requirements are set for advertising, including prohibitions on misleading claims about gold prices and investment returns, as well as the use of exaggerated language [3]. - Companies are not allowed to misrepresent their affiliation with the Shanghai Gold Exchange or engage in deceptive marketing practices [3]. - The notice also bans the development and sale of illegal gold trading software and applications, as well as the provision of technical support for such activities [3]. Group 3: Individual Investor Guidelines - Individual investors are warned against participating in illegal gold trading activities, including pre-priced trading and unauthorized investment schemes [4]. - The notice emphasizes that individuals must not develop or sell illegal trading software or provide support for such applications [4]. Group 4: Financial Institutions and Payment Services - Financial institutions are required to obtain proper approvals before engaging in gold business and must adhere to reporting regulations for large and suspicious transactions [4]. - The notice warns that financial institutions and non-bank payment service providers must not facilitate illegal gold activities or provide services to unlicensed entities [4]. Group 5: Warning Against Illegal Activities - The Shenzhen government has previously issued warnings about illegal financial activities in the gold sector, highlighting the risks associated with fraudulent schemes disguised as gold transactions [5]. - Specific cases of illegal activities have been documented, illustrating how some businesses lure consumers into fraudulent contracts under the pretense of gold investment [6][7].

Core Viewpoint - Recent difficulties in redemption faced by multiple gold trading platforms, including Jie Wo Rui, have raised significant concerns, prompting Shenzhen to implement stricter regulatory measures against illegal gold trading activities [1]. Group 1: Regulatory Actions - On February 13, Shenzhen's local financial management bureau and ten other departments jointly issued a public notice to further regulate gold market operations, outlining specific requirements and prohibitions for businesses, individuals, and financial institutions involved in gold-related activities [2]. - The public notice establishes several "red lines" for the gold market, which are expected to help control the recent incidents of financial failures at the source [2][7]. - Increased awareness of risks among merchants in the Shui Bei market has been observed, with regulatory authorities enhancing inspection and oversight [2]. Group 2: Market Reactions - Following the redemption issues at Jie Wo Rui, several other platforms have also encountered difficulties, leading merchants to shift towards safer trading practices, such as focusing on spot transactions instead of high-risk pre-pricing models [4]. - A noticeable decrease in foot traffic was reported in the Shui Bei market as the Chinese New Year approached, with many businesses tightening their operations and avoiding pre-pricing activities due to heightened scrutiny [2][6]. - New small-scale gold and silver recycling and exchange shops have opened, although many have already closed for the holiday season, indicating a cautious market environment [6]. Group 3: Industry Perspectives - Industry insiders believe that the enforcement of the public notice will significantly impact private gold platforms, particularly those engaging in illegal activities [7]. - Merchants are transitioning from reactive compliance to proactive adherence to regulations, aiming to restore the reputation of the Shui Bei market [7]. - Consumers are advised to purchase gold from physical stores to avoid potential scams, emphasizing the importance of holding tangible assets [7].

2月13日（农历新年前最后一个交易日），国内黄金市场高位震荡企稳，内外盘联动良好。 本文梳理当日全品类金价、解读行情逻辑，给出普通人变现与配置建议，助力把握市场节奏。 今日金价呈现"国际微涨、国内小幅回调"特征，各品类报价如下（数据更新至14时21分）： （一）国际黄金行情（核心参考） 1. 伦敦金现：4952.76美元/盎司，涨33.8美元（0.69%），日内高低点4912.8-4996.68美元/盎司； 2. 纽约金：4966.7美元/盎司，涨18.3美元（0.37%），高位震荡，美联储降息预期发酵。 （二）国内黄金行情（现货+期货） （三）线下实体报价（普通人最关注） 1. 品牌金店：足金零售价1550-1560元/克，主流品牌报价平稳，溢价稳定； 2. 银行投资金条：1140-1204元/克，无品牌溢价，适配长期配置。 今日国内金价回调系节前获利了结，非趋势反转，核心支撑未变： 1. 全球央行购金潮持续，去美元化锁定金价下行空间； 2. 美联储3月降息预期升温，避险需求激活黄金投资属性，中期上涨逻辑稳固； 3. 历史规律显示，春节前震荡、节后上涨概率超80%，当前高位企稳奠定基础。 1. 上海黄金T+ ...

Core Viewpoint - Shenzhen is implementing stricter regulatory measures to combat the rise of illegal activities in the gold market, as highlighted by a recent public notice from ten departments [1][9]. Group 1: Regulatory Measures - The public notice outlines a total of ten "red lines" for enterprises, individuals, financial institutions, and non-bank payment agencies, with six for enterprises, two for individuals, and two for financial institutions [1][9]. - This is the second warning issued by Shenzhen regarding illegal financial activities in the gold sector within three months, following a previous alert in November [1][9]. Group 2: Prohibited Activities for Enterprises - Enterprises are prohibited from engaging in illegal gold trading activities such as pre-pricing, leveraged trading, and deferred trading through various online platforms [3][11]. - They cannot conduct illegal fundraising activities under the guise of gold custody, leasing, or repurchase agreements that promise fixed returns [3][11]. - Enterprises must not mislead consumers through false advertising or unauthorized use of "Shanghai Gold Exchange member" status [12]. - It is forbidden to use non-precious materials to impersonate pure gold or to charge undisclosed fees [4][12]. Group 3: Prohibited Activities for Individuals - Individuals are barred from organizing or participating in illegal gold trading activities, including illegal fundraising and gold investment [5][13]. - They cannot develop or sell illegal gold trading software or apps, nor provide support for such activities [5][13]. Group 4: Prohibited Activities for Financial Institutions - Financial institutions must not conduct gold business without proper registration or approval from regulatory authorities and must adhere to reporting requirements for large and suspicious transactions [6][14]. - They are also prohibited from providing services to merchants engaged in illegal activities or promoting illegal gold activities [6][14]. Group 5: Previous Illegal Cases - The Shenzhen Financial Office previously identified three illegal cases involving gold businesses that misled consumers and engaged in fraudulent activities [6][15]. - These cases included schemes where consumers were induced to purchase gold without actual delivery, leading to illegal investments and potential financial losses [7][15][16].