Summary of Key Points from Conference Call Industry Overview - The global economy is experiencing a K-shaped recovery, with rapid capital expansion in technology and renewable energy sectors, while traditional sectors and small to medium enterprises face challenges. This has led to a divergence in prices between non-ferrous metals and traditional energy [1][2] - The overall environment for a comprehensive rise in industrial product prices in 2026 is not favorable, with continued price differentiation between non-ferrous metals and black energy products due to geopolitical risks and low capacity utilization [1][3] Core Insights and Arguments - **Global Demand**: Total global demand remains stable without significant turning points. Despite the Federal Reserve's interest rate cuts and other economic measures, the elasticity of demand is limited, and long-term interest rates remain high, indicating weak real growth [2][4] - **Price Performance**: The poor price performance in 2025 was primarily due to low capacity utilization rates across major economies, which are still 3-4 percentage points below 2012 peaks. This suggests that even with strong demand, supply can be increased by improving capacity utilization, preventing widespread inflation [5] - **Market Divergence**: The current market shows a pronounced K-shaped divergence, with emerging sectors like chips and renewable energy seeing rapid capital expansion, while traditional sectors struggle. Non-ferrous metals are at historical highs, while traditional energy and black metals are at relative lows [6][7] - **Impact of Energy Transition**: The energy transition has led to significant changes in the global commodity market, with traditional energy markets potentially shifting from scarcity to surplus. The decline in energy prices has resulted in substantial capital outflows, some of which have flowed into precious metals like gold [9][10] Additional Important Insights - **Future Trends**: The K-shaped divergence is expected to continue into 2026, with strong demand for non-ferrous metals driven by technology, while black metals face low capacity utilization. The potential for oil to become a surplus commodity could further influence market dynamics [11] - **Gold Market Dynamics**: Gold has performed well due to multiple factors, including central bank purchases, retail demand, and geopolitical risks. However, the market size has expanded significantly, making further large price increases more challenging [12][14] - **Geopolitical Risks**: Rising geopolitical risks have profound implications for global financial markets, increasing demand for safe-haven assets and benefiting defense and high-end equipment sectors [15][16] - **Long-term Liquidity Pressure**: In 2026, long-term liquidity pressure, particularly related to the Japanese yen, may lead to increased volatility in financial markets as interest rates rise and market conditions change [17]

贵金属篇：黄金上行，势不可挡 20260118 摘要 2025 年黄金价格受特朗普政策预期、地缘政治风险、美股波动和关税 影响显著，年初预测黄金牛市持续，实际涨幅超预期。2025 年金价走 势经历数个阶段，受伦敦现货市场利率、地缘政治、美股下跌和关税等 因素影响，呈现先涨后跌再涨的态势。 2026 年贵金属市场需关注美国经济状况（GDP、生产率、核心 CPI）、央行购金行为及货币信用问题、地缘政治与关税。美国经济数据 与居民感受存在差异，消费者信心指数下滑，就业结构性问题显现，统 计数据未能完全反映居民实际生活压力。 美国长期高位债务导致利息支出压力，高利率加剧财政负担，政府发债 应对，资金或流入黄金等避险资产。政府在难民驱逐等方面增加开支， 可能提升部门杠杆水平，进一步推动贵金属需求。 美国政治、货币和贸易体系问题根源于二战后美元霸权，贸易格局变化 加剧矛盾，如政府停摆和马斯克与特朗普争端。这些问题对黄金价格起 边际催化作用，基于美债与黄金关系测算，金价或达 5,000 美元/盎司。 Q&A 2025 年黄金市场表现如何？ 2025 年，COMEX 金价的平均价格约为 3,500 美元，按人民币计算大约为 ...

Core Viewpoint - The precious metals sector, particularly gold and silver, has experienced significant price increases, driven by various economic factors and geopolitical events [1][2][4]. Group 1: Precious Metals Price Movements - London spot gold rose by 5.93% to $4,611.05 per ounce, while the Shanghai Futures Exchange gold increased by 5.60% to ¥1,032.32 per gram, with holdings up by 10.39% to 347,100 contracts [1]. - London spot silver surged by 22.35% to $90.80 per ounce, and the Shanghai Futures Exchange silver climbed by 31.68% to ¥22,483 per kilogram, with holdings increasing by 12.21% to 719,100 contracts [1]. - Other precious metals also saw gains, with London spot palladium up by 6.95% to $1,755 per ounce and platinum up by 7.93% to $2,301 per ounce [1]. Group 2: Economic Indicators Impacting Precious Metals - The U.S. non-farm payrolls added 50,000 jobs in December, below the expected 60,000, with an unemployment rate of 4.4%, slightly better than the anticipated 4.5% [1]. - The annual increase in non-farm employment for 2025 was 584,000, significantly lower than the 2 million increase in 2024, marking the weakest growth since 2010-2019, excluding pandemic years [1]. Group 3: Market Dynamics and Future Outlook - The CME has adjusted the margin requirements for precious metals contracts, which may lead to increased market volatility and liquidity pressures [2]. - Geopolitical tensions, such as the U.S. military actions in Venezuela, could further influence market dynamics and investor sentiment towards precious metals [2]. - The "Trump 2.0" and "rate cut trade" themes are expected to provide strong momentum for gold prices in the medium term, with key upcoming economic indicators to watch [3][4]. - Central banks are expected to continue increasing gold reserves, with China's reserves reaching 74.15 million ounces by the end of December 2025, reflecting a strategic shift towards gold accumulation [4].

Group 1 - The international gold price has shown a strong rebound, currently quoted at 1044.03 CNY per gram, up by 15.10 CNY, representing a 1.48% increase from the previous trading day [1] - The opening price for the day was 1028.73 CNY per gram, with a daily high of 1050.02 CNY and a low of 1028.73 CNY [1] Group 2 - The European Union is considering countermeasures against the U.S. tariffs, proposing to impose tariffs or restrict market access on 93 billion euros worth of U.S. goods in response to U.S. pressure regarding Greenland [2] - The European Parliament's Renew Europe group has called for the activation of the "anti-coercion tool," which allows for retaliation without WTO or UN procedures, including punitive tariffs and market restrictions [2] - The group warns that if the U.S. perceives the EU as weak, it will face consequences, advocating for a shift from passive defense to active countermeasures [2] Group 3 - Gold prices have successfully broken above the key level of 4650 USD, indicating a strong market buying sentiment and a shift to an accelerated upward trend [3] - The effective breakthrough of 4650 USD is significant, as it has turned from a previous resistance level into a solid support level [3] - Current moving averages indicate a bullish arrangement, with prices consistently above short-term averages, although a technical correction may be needed due to the significant deviation from these averages [3]

截至9月30日，赤峰黄金股东户数10.40万，较上期减少14.13%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，赤峰黄金实现营业收入86.44亿元，同比增长38.91%；归母净利润20.58亿元，同比增长 86.21%。 分红方面，赤峰黄金A股上市后累计派现3.87亿元。近三年，累计派现3.87亿元。 机构持仓方面，截止2025年9月30日，赤峰黄金十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股4981.38万股，相比上期减少3604.86万股。黄金股ETF（517520）位居第八大流通股东， 持股2733.19万股，相比上期增加1232.84万股。南方中证500ETF（510500）位居第九大流通股东，持股 2423.72万股，相比上期减少49.31万股。 1月19日，赤峰黄金盘中上涨2.07%，截至09:48，报32.97元/股，成交5.61亿元，换手率1.03%，总市值 626.57亿元。 资金流向方面，主力资金净流入4469.89万元，特大单买入6283.52万元，占比11.20%，卖出4814.10万 元，占比8.58%；大单买入1.65亿元，占比29.39%，卖 ...

摘要今日周一(1月19日)亚盘时段，现货黄金最新报价为1043.49元/克，较前一交易日上涨14.66元，涨幅 1.42%，日内呈现强势反弹走势。当日开盘价报1028.73元/克，盘中最高触及1050.02元/克，最低下探至 1028.73元/克。 今日周一(1月19日)亚盘时段，现货黄金最新报价为1043.49元/克，较前一交易日上涨14.66元，涨幅 1.42%，日内呈现强势反弹走势。当日开盘价报1028.73元/克，盘中最高触及1050.02元/克，最低下探至 1028.73元/克。 【要闻速递】 特朗普关税威胁曝光后，丹麦首相弗雷泽里克森迅速与德、法、英等国领导人紧急通话，明确拒绝接受 此类"勒索"。她在社媒强调，丹麦已获广泛国际支持，问题影响远超本国边界，愿以合作而非冲突解决 争端，并对欧洲统一立场表示欣慰，彰显维护主权的决心，为欧洲凝聚共识注入动力。 【最新现货黄金行情解析】 受周末避险情绪推动，特朗普宣布对欧洲八国加征关税并意图争夺格陵兰岛控制权，市场恐慌情绪升 温，现货黄金从周五4594美元附近开盘直接拉升近100美元。当前金价虽延续强势，但短期急涨后需警 惕回调风险，不宜盲目追高。若行情回归 ...

就董事作出一切合理查询后所深知、全悉及确信，于本公告日期，除潜在卖方的最终实益拥有人之一为 本公司的独立非执行董事李伍波先生的配偶外，目标公司，潜在卖方及其最终实益拥有人均独立于本公 司及本公司的关连人士(定义见香港联合交易所有限公司证券上市规则)，且与彼等概无关连。 消息面上，百德国际发布公告，于2026年1月19日，本公司(作为潜在买方)与一间于坦桑尼亚联合共和 国(坦桑尼亚)成立的公司(目标公司)的主要股东(潜在卖方)订立谅解备忘录，内容有关潜在买卖由潜在卖 方持有的目标公司部份或全部股权(可能收购事项)。根据本集团现时可得资料，目标公司拥有一座营运 中的黄金加工厂及于坦桑尼亚从事黄金勘探及生产项目。 智通财经APP获悉， 百德国际(02668)高开逾11%，截至发稿，涨11.39%，报0.44港元，成交额192.72万 港元。 根据谅解备忘录，(其中包括)本公司拟与潜在卖方就目标公司及其资产进行进一步尽职审查，并就交易 条款进行磋商，以及于谅解备忘录期限(即谅解备忘录日期起三个月期间)内订立正式协议。 ...

当地时间1月18日，欧盟多国正考虑对价值930亿欧元的输欧美国商品加征关税、或限制美国企业进入欧盟市场，以反制特朗普为得到格陵兰岛而对 欧洲8国加征关税。一名欧盟外交官当天透露称，如果欧盟与美国未能达成协议，报复性关税将从2月6日起自动生效。 此外，多名欧洲议会议员当地时间1月17日表示，鉴于美方对格陵兰岛的威胁，去年7月欧美达成的贸易协议将无法获得通过。他们同时呼吁使用反 胁迫工具回应美国加征关税。在此前达成的欧美贸易协议中，欧盟需取消对美国产工业品的关税并为美海产品和农产品提供优惠市场准入，以换取 美国对大多数欧盟输美商品征收15%的关税。据欧洲方面1月17日消息证实，欧洲议会不会推进对该协议的批准程序。这将令欧美贸易战前景充满不 确定性，从而增强了对贵金属的避险需求。 当地时间1月17日，特朗普在社交媒体上宣布，将从2月1日起对来自丹麦、挪威、瑞典、法国、德国、英国、荷兰和芬兰的输美商品加征10%关税， 并宣称加征关税的税率将从6月1日起提高至25%，直到相关方就美国"全面、彻底购买格陵兰岛"达成协议。 值得一提的是，当地时间1月16日，特朗普在白宫一场与格陵兰岛议题无关的农村医疗健康活动上，提到自己曾 ...

"今日金价多少一克？"这看似简单的问题，在2026年1月18日的黄金市场上，却至少有六个不同的答案，价差最高可达400多元。从1022元的基础原料价，到 1436元的品牌饰品价，同一克黄金，在不同渠道身价悬殊。这背后不仅是工艺与品牌的溢价，更是一堂生动的财经实践课，揭示着实物黄金市场的复杂价格 分层与投资消费逻辑。 要理解金价，首先要看清市场存在的三个清晰的价格分层： 第一层：原料与投资基准价（约1022-1035元/克）这是黄金作为大宗商品和金融资产的"出厂价"。核心指标包括上海黄金交易所的Au9999现货价格（约1022 元/克） 和期货市场的沪金主力合约价格（约1035元/克）。这个价格由全球供需、美元指数、利率预期等宏观因素决定，实时波动，是所有黄金衍生价格 的"锚"。银行销售的投资金条（约1045元/克） 最接近这一层，其溢价主要覆盖了铸造、保管和极微薄的利润。 第二层：批发与回收价（约1186元/克与1015元/克）这是产业链的"中间层"。以深圳水贝为代表的批发市场报价（约1186元/克），在基础金价上增加了加工 费和批发商利润，是零售市场的上游。而回收价格（约1015元/克） 则是黄金变现的"退 ...

现货黄金涨破4650美元关口，创历史新高。现货白银涨超2%。此前特朗普就格陵兰岛问题发出关税威 胁。 ...