2月初，中国黄金、菜百股份先后公告，在上海黄金交易所非交易日（周末及法定节假日）暂停贵金属 回购，并在营业日对单笔、单日回购总量实施限额。业内人士表示，回购若集中在非交易日，金店无法 通过交易所及时锁价对冲，易造成价格与资金敞口风险累积。 广州金店回购业务规则未改 "近期金价波动较大，我们一线员工几乎连轴转。"受金价剧烈波动影响，广州多家百货金店的黄金回购 业务量明显攀升，现场办理窗口"排长龙"。记者走访本地市场了解到，目前市民较为信赖的百货商场贵 金属回收服务暂未调整。其中，东百黄金、广百黄金因春节假期安排，2月15日至23日暂停服务，2月24 日起恢复正常营业。 广东省黄金协会监事长兼首席分析师朱志刚认为，本轮金价大幅波动后，黄金市场呈现买卖两旺格局。 他建议投资者及时调整策略，从追求收益转向以防范风险为主，理性参与黄金投资。 值得注意的是，有品牌金店计划于3月中旬上调黄金产品价格，主要针对"一口价"产品，预计涨幅15% —30%，具体以门店标价为准。 黄金进入盘整期市场不确定性上升 多家金店近期集中调整回购规则，公告中均提及受贵金属价格波动加剧、市场不确定性上升影响。券商 机构分析指出，本轮金价大幅波动 ...

Group 1 - The latest spot gold price is reported at 1105.36 yuan per gram, reflecting an increase of 1.16 yuan, or 1.16% from the previous trading day, indicating an upward trend during the day [1] - The opening price for the day was 1093.09 yuan per gram, with a daily high of 1107.71 yuan per gram and a low of 1085.77 yuan per gram [1] Group 2 - The U.S. Department of Homeland Security is facing a potential shutdown due to a political deadlock over immigration enforcement issues, compounded by the expiration of temporary funding on February 13 [2] - The House of Representatives passed a funding bill on February 3, but the Senate is expected to vote on the funding bill on February 12, with insiders indicating that the bill is likely to fail [2] - Republican plans include attempting to push at least one continuing funding resolution, favoring a temporary funding bill lasting 4 to 6 weeks, although specific proposals have not been finalized [2] - The key obstacle is that any temporary funding measures require support from Senate Democrats, who have expressed unwillingness to cooperate, making a shutdown increasingly likely [2] Group 3 - In terms of gold price support levels, the focus should be on the key level of 4878 USD, which is the low point reached during the recent market crash, serving as a critical defense line [3] - The next important support level is at 4850 USD, and if this level is breached, the market may likely seek the psychological threshold of 4800 USD [3] - From a medium to long-term perspective, strong support for gold prices is concentrated at 4655 USD (corresponding to the February 6 low) and 4340 USD (located at the 100-day moving average), which are crucial points for assessing potential trend reversals [3] - On the resistance side, the immediate focus for gold prices is the 5000 USD mark; a successful breakthrough could target the resistance zones of 5055 USD and 5100 USD, which are significant dividing lines from previous market fluctuations [3]

2026年的第一声资本惊雷，并非源于人工智能（AI）或是机器人等科技创新，而是来自黄金、白银等有色金属。 国际金价以一种近乎癫狂的姿态连创历史新高，最高触及5626.8美元/盎司，带动A股有色金属板块"脱离地心引力"般暴涨22.59%；随后金价在1月30日上演 "高台跳水"，创下近40年来最大单日跌幅，部分热门有色个股暴跌20%…… 这不仅是策略，更是原则。所谓"三股七债"，即穿透后股票类资产占30%，债券类资产占70%。这个比例既源于"100–年龄"的经典公式，也结合了他对A股 剧烈波动的清醒认知。"62岁，理论可配38%的股票，因为A股波动比较大，我主动降至30%。"他说。 回顾过去几年的投资经历，2022年至2024年，A股持续下跌，上证指数从3700点跌至2700 点附近，其间虽有阶段性反弹，但整体处于熊市周期，他的股票类 资产的仓位持续低于27%，于是他不断用投资债基获得的收益补仓；2024年，在政策利好推动下，"9·24"行情启动，他的股票类资产的仓位很快突破33%。 于是，他按纪律卖出部分权益类资产，恢复"三股七债"的比例。 当被问及最近是否会盯黄金、有色这类狂热与动荡的板块时，62岁的吴凯说： ...

为进一步规范深圳市黄金市场经营秩序，防范化解市场风险，保护消费者合法权益，促进黄金市场健康 发展，根据《中华人民共和国刑法》《中华人民共和国中国人民银行法》《中华人民共和国期货和衍生 品法》《中华人民共和国反洗钱法》《中华人民共和国金银管理条例》《防范和处置非法集资条例》 《国务院关于清理整顿各类交易场所切实防范金融风险的决定》等法律法规和有关规定，现就企业、个 人、金融机构及非银行支付机构从事黄金业务禁止性行为公开提示如下： 一、企业黄金业务禁止性行为 1．不得违规开展黄金预定价交易、杠杆交易、延期交易等非法黄金交易活动，如通过微信群或小程 序、APP、网站等互联网平台，以黄金回收和预定价买卖料名义，允许客户缴纳一定金额保证金锁定一 定重量黄金的价格，后随金价波动按价差结算，允许平仓离场，未实际开展黄金实物交割。 2．不得违规开展以黄金托管、租赁、回购等为名义约定给予客户固定收益回报"保本付息"的非法集资 活动。 3．不得违规开展黄金委托投资等活动，如诱导消费者购买黄金实物后，不提取实物转而开展黄金委托 投资等非法金融活动。 4．不得利用互联网直播等渠道违规宣传、开展黄金产品销售业务，不得通过各类软件、AP ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the non-ferrous metals industry, focusing on lithium, rare earths, copper, aluminum, and strategic metals [2][3][4][8][9]. Core Insights and Arguments Lithium Market - The lithium market shows strong fundamentals, with short-term supply weakness and strong demand. Inventory levels are low, with a significant price tolerance for lithium at 200,000 CNY/ton, yielding an IRR of over 8% [2][5]. - The impact of regulatory changes in Yichun and strict requirements for tailings storage may delay the resumption of production [2][5]. - Demand for lithium remains robust, with production in March expected to increase by 23% month-on-month and over 50% year-on-year [5]. Rare Earths - The rare earth sector demonstrates resilience, with prices continuing to rise, particularly in Wuxi where prices exceed 900,000 CNY. The market has not fully reflected the improvements in the fundamentals of rare earth prices [2][8]. - Supply tightness is expected to continue, with the overall price center projected to reach 800,000 CNY or higher in 2026 [8]. Copper Market - The outlook for the copper sector is optimistic, supported by macroeconomic trends and structural demand increases from AI data centers and strategic reserves [4][15]. - Supply remains rigid, with several companies lowering their production guidance for 2026 due to various constraints, leading to a projected supply gap of over 650,000 tons [16][17]. Aluminum Sector - The aluminum supply is expected to increase by approximately 70,000 tons this year, with global demand growth projected at 2.5% [21]. - The cost of alumina is anticipated to decrease, enhancing the profitability of Chinese electrolytic aluminum enterprises [24]. Strategic Metals - Investment in strategic metals is recommended due to their industrial applications and low cost ratios, with potential candidates including tungsten, oil, and antimony [10][11][12]. - The strategic metal sector is expected to benefit from geopolitical tensions and military applications, making it a compelling investment opportunity [9][10]. Additional Important Insights - The gold market is viewed as undergoing a technical correction, with expectations of a narrative consolidation period ahead [9]. - The copper market is influenced by China's actions to enhance its copper resource reserve system, which may increase demand and valuation [19]. - Companies to watch include major players in the non-ferrous metals sector such as Zijin Mining, Jiangxi Copper, and others that are expected to benefit from the current market dynamics [20][30]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the non-ferrous metals industry.

2月13日金融一线消息，深圳市地方金融管理局发布进一步规范黄金市场经营行为的公开提示。在企业 黄金业务禁止性行为中，深圳市地方金融管理局表示，不得冒用"上海黄金交易所会员"身份，或对商品 销售状况等进行虚假或引人误解的商业宣传，欺骗、误导消费者或其他经营者；严禁使用"黄金会大 涨""买金赚大钱"等绝对化用语，不得夸大产品价值或投资回报。 责任编辑：王馨茹 责任编辑：王馨茹 2月13日金融一线消息，深圳市地方金融管理局发布进一步规范黄金市场经营行为的公开提示。在企业 黄金业务禁止性行为中，深圳市地方金融管理局表示，不得冒用"上海黄金交易所会员"身份，或对商品 销售状况等进行虚假或引人误解的商业宣传，欺骗、误导消费者或其他经营者；严禁使用"黄金会大 涨""买金赚大钱"等绝对化用语，不得夸大产品价值或投资回报。 ...

本文源自：金融界AI电报 金银价下挫，拖累港股市场黄金概念股走低。其中，灵宝黄金、中国黄金国际、紫金矿业跌超3%，紫 金黄金国际、赤峰黄金、潼关黄金、山东黄金跌超2%。 ...

Core Viewpoint - The international gold price has stabilized above $5000 per ounce, marking a significant increase compared to the previous month, driven by various economic and geopolitical factors [1][3]. Price Trends - On January 26, the international gold price first surpassed the psychological barrier of $5000, reaching a record high of $5111.17 per ounce before experiencing a brief decline and rebounding above $5000 in early February [3]. - In 2025, the international gold price increased by 67%, the best annual performance since 1979, with a rapid rise from $3000 in March to over $5000 by January 2026, reflecting a total increase of over 215% since September 2022 [3]. Influencing Factors - Key factors driving the rise in gold prices include investor expectations regarding the Federal Reserve's monetary policy, ongoing inflation issues, and downward pressure on the U.S. economy [3]. - Geopolitical events, such as U.S. tariffs on Canada and military movements in the Middle East, have heightened market tensions, prompting investors to seek refuge in gold [5]. - Central banks globally have been consistently purchasing gold, with annual purchases exceeding 1000 tons from 2022 to 2024, and China's gold reserves reaching 7415 million ounces by the end of 2025 [5]. Market Dynamics - The gold ETF market has seen significant inflows, with approximately 112 billion yuan entering China's gold ETFs in 2025, leading to a total management scale of 242 billion yuan by the end of the year [5]. - The price of gold varies significantly across different sales channels, with bank investment gold bars priced between 1135-1141 yuan per gram, while brand jewelry prices exceed 1570 yuan per gram [7]. Future Outlook - Analysts have differing views on future gold prices, with Goldman Sachs raising its 2026 year-end target to $5400 per ounce, while Jefferies Group suggests a target of $6600 per ounce [7]. - Technical analysis indicates key support levels at $5000 and $4800, with resistance levels at $5150 and $5200 [8]. - Factors supporting future price increases include the Federal Reserve's potential interest rate cuts, ongoing central bank demand for gold, geopolitical uncertainties, and the expanding U.S. fiscal deficit [10].

2026.02. 13 作者 | 一财阿驴 09:44 全市场超3300只个股上涨 09:36 港股智谱盘初快速拉升涨超13%再创上市来新高，此前Coding Plan连续包月、连续包季、连 续包年套餐全部售罄。 09:34 双良节能盘初触及跌停，消息面上，双良节能发布关于海外订单的说明，间接参与相关商业 航天项目，未直接与SpaceX合作。此外，上交所决定对双良节能系统股份有限公司及时任董事会秘 书杨力康予以监管警示。 | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | | F9 盘前盘后 叠加 九转 画线 工具 @ 2 >> | | | | | | | 双良节能 ① 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 11.78 | | | 600481[双良节能] 09:34 价 9.64 涨跌 -1.07(-9.99%) 均价 9.90 成交量 6.41万 成交金额 6187万 | | | | 202 ...

Core Viewpoint - The decline in gold and silver prices has negatively impacted Hong Kong's gold-related stocks, with significant drops observed across various companies due to widespread market sell-offs triggered by investor concerns over AI's impact on corporate earnings [1] Group 1: Market Impact - Gold prices fell sharply, with spot gold dropping to $4,878 and spot silver to $74.4 [1] - The sell-off was exacerbated by commodity trading advisors (CTAs) using computer models to bet on price trends, leading to increased market volatility [1] - Investors are closely monitoring upcoming U.S. inflation data, which could influence expectations regarding the Federal Reserve's next actions [1] Group 2: Company Performance - Lingbao Gold (03330) saw a decline of 3.80%, with a latest price of 23.800 and a market cap of 30.638 billion [2] - China Gold International (02099) decreased by 3.67%, with a latest price of 191.600 and a market cap of 75.953 billion [2] - Zijin Mining (02899) fell by 3.69%, with a latest price of 43.360 and a market cap of 1.15 trillion [2] - Other notable declines include Zijin Gold International (02259) down 2.79%, Chifeng Jilong Gold Mining (06693) down 2.68%, and Shandong Gold (01787) down 2.44% [2]