证券日报网讯1月16日，招金黄金（000506）在互动平台回答投资者提问时表示，截至目前，公司未收 到关于山东金都股权注入上市公司的相关信息。若未来涉及此类事项，公司将严格按照法律法规及监管 要求，及时履行审议程序并进行信息披露。 ...

黄金方面： 近期贵金属市场仅在周一和周二出现了较为明确的趋势行情，随后市场陷入震荡，主要推手是当前市场陷入共识疲劳，年初市 场共识一直看涨，而现在市场跌幅有限，是在等待新一轮的市场变化。 虽然特朗普表示，伊朗在镇压抗议活动中的行为正在缓解，暗示可能采取观望态度。但是受到特朗普一贯政策左右改变的影 响，现在市场不敢断定，美国一定不会干预伊朗的局势，仍有变数。 百利好特约智昇研究投资策略师麦东认为，近期伊朗问题的缓解，一定程度上削弱了黄金的避险属性，金价有所回落。但是跌 幅有限，一定程度上又反映了，市场处在共识疲劳期，仍需要等待确定的答案。 技术面分析：昨日收十字线。日线级别，金价维持在4600美元附近震荡。1小时级别，价格跌破60日均线，向下试探120日均 线，市场处于弱转势阶段。今日多空分水岭在4575美元一线，关注市场在此的变化。 原油方面： 随着委内瑞拉原油改革推进，更多的原油供应进入市场。在美国介入后，北美生产商可能会急于通过整合来对冲油价的下行风 险。在当前低油价环境下，规模效应可以降低成本。2026年，全球原油仍会面临过剩压力。 地缘政治对油价的影响是阶段性的，在库存压力逐步走高的背景下，原油大概率 ...

Group 1 - Mark Mobius, a seasoned investor known as the "father of emerging markets," believes that gold has lost its appeal after a historic surge, warning that a potential rebound in the dollar could suppress gold prices [1] - Mobius stated he would only consider investing in gold if prices drop by 20% from current levels, citing economic forecasts that suggest a reversal in the U.S. economy could strengthen the dollar [1] - Despite Mobius's cautious outlook, gold recently experienced its best year since 1979, driven by central bank purchases, declining interest rates, and concerns over high debt levels leading investors to flee from government bonds and fiat currencies [1] Group 2 - Mobius highlighted that China, India, South Korea, and Taiwan are the most favored stock markets among global investors, with China's stock market showing sustainable upward momentum due to advancements in technology [2] - He remains optimistic about the Indian stock market, attributing this to increased government spending and investment, particularly in the technology sector [2] - Recent economic data from the U.S. has suppressed market expectations for short-term interest rate cuts, contributing to a decline in gold prices as geopolitical tensions ease [2] Group 3 - A stronger dollar makes dollar-denominated precious metals more expensive for overseas buyers, while gold, as a non-yielding asset, benefits from a low-interest-rate environment [3] - The SPDR Gold Trust reported a slight increase in gold holdings, reaching 1,074.80 tons, the highest level in over three and a half years [3] - Indian gold demand remains weak due to high prices, while Chinese demand is stable ahead of the Lunar New Year, with spot gold trading at a premium [3]

Core Insights - The total holdings of the world's largest gold ETF, SPDR Gold Trust, reached 1,074.8 tons as of January 15, 2026, reflecting an increase of 0.57 tons from the previous trading day [5] - The spot gold price experienced fluctuations, dropping to a low of $4,581.26 per ounce before closing at $4,615.73, down $10.68 or 0.23% [5] - The significant drop in gold and silver prices was attributed to profit-taking after previous record highs, alongside a temporary halt by the U.S. on new tariffs for key mineral imports [5] Group 1: Market Dynamics - Geopolitical tensions easing contributed to the adjustment in gold and silver prices, reducing the demand for safe-haven assets [5] - Despite the recent price drop, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties [5] - Concerns regarding the independence of the Federal Reserve may continue to support gold's safe-haven demand [6] Group 2: Investment Trends - In 2025, gold prices set a record 53 times, leading to unprecedented inflows into gold ETFs, totaling $89 billion, with assets under management (AUM) reaching $559 billion and total holdings climbing to a historic peak of 4,025 tons [6] - The record performance was driven by three main factors: increased demand for safe-haven assets due to global trade disputes and geopolitical tensions, trend-following buying due to rising gold prices, and reduced opportunity costs from declining U.S. Treasury yields and a weaker dollar [6] Group 3: Technical Analysis - The strong market momentum continued into the end of the year, with global gold ETFs seeing inflows for seven consecutive months, amounting to approximately $10 billion, primarily driven by North America [7] - The technical outlook for gold remains bullish, with the 50-day moving average trending upwards and the relative strength index (RSI) indicating positive momentum without reaching overbought levels [7] - Key resistance levels for gold are identified at $4,643 and $4,660, while initial support is at $4,535 and further at $4,490 [7]

Core Viewpoint - Bank of America Securities predicts that 2026 will be a "Red Horse Year" for the Chinese base metals market, driven by favorable conditions for electrification and AI power infrastructure in 2023 due to factors such as a weak dollar and the US interest rate cut cycle [1] Group 1: Market Drivers - The supply of copper and aluminum remains tight [1] - Demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery production, a 41% increase in energy storage systems, and rising AI power demand [1] - The anti-involution policy is becoming more balanced, although recent enforcement has been weak [1] Group 2: Stock Recommendations - Preferred stocks include aluminum companies as alternative investments for AI power supply, with a forecasted price-to-earnings ratio between 8 to 10 times [1] - Positive outlook on gold, copper, lithium (including battery materials), and cobalt stocks; neutral view on coal; bearish on solar energy and construction materials (like steel) due to weak demand and declining steel profit margins [1] Group 3: Specific Stock Picks - Key stock picks include China Aluminum (601600) (02600), Zijin Mining (601899) (02899), China Hongqiao (01378), Shandong Gold (600547) (01787), and Ganfeng Lithium (002460) (01772) [1] - Underperforming stocks identified include Tongwei Co. (600438) (600438.SH), Xinyi Solar (00968), Ansteel (000898) (00347), and China Resources Cement (01313) [1]

Group 1 - The core viewpoint of the article is that 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to several key factors, including a weak US dollar and a US interest rate cut cycle benefiting metals [1] - Key demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] - Supply constraints for copper and aluminum are expected to continue, contributing to the overall market dynamics [1] Group 2 - The preferred investment stocks include aluminum companies, with a forecasted price-to-earnings ratio between 8 to 10 times, and a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and a bearish outlook on solar energy and construction materials (such as steel) due to weak demand and declining steel profit margins [1] - Key stocks that are expected to underperform the market include Tongwei Co., Ltd. (600438.SH), Xinyi Solar (00968), Ansteel Group (00347), and China Resources Cement Technology (01313) [1]

A股上市公司2025年年报业绩预告持续披露，成为市场洞察企业经营韧性、预判行业景气度的重要窗 口。根据同花顺数据显示，截至1月15日，A股共有243家上市公司对外披露2025年业绩预告，120家预 喜。成都公司当中，盛新锂能和秦川物联也相继发布业绩预告，拉开了成都上市公司业绩披露大幕。 上述披露2025年业绩预告的上市公司中，有142家上市公司预计2025年全年归属于上市公司股东的净利 润同比增幅超过100%。其中，回盛生物、中泰股份、佰维存储、华正新材等公司的增幅居前。 以增幅居前的中科蓝讯为例，公司预计2025年全年实现归属于上市公司股东的净利润为14亿元至14.3亿 元，同比增长366.51%至376.51%；预计实现扣除非经常性损益后的净利润为2.2亿元至2.4亿元，同比下 降9.89%至1.7%，预计实现营业收入为18.3亿元至18.5亿元。 从行业角度看，半导体、生物医药、化工、机械、有色金属等行业上市公司业绩回暖明显。受金价持续 高涨影响，赤峰黄金、紫金矿业等公司业绩大幅增长。 以赤峰黄金为例，公司预计2025年全年实现归属于上市公司股东的净利润为30亿元至32亿元，同比增长 70%至81%，扣 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a strong upward trend, with significant capital inflows and record high ETF performance, indicating a bullish outlook for the industry in the coming years [1][4]. Group 1: Market Performance - The non-ferrous ETF Huabao (159876) saw a peak intraday increase of 2.2%, currently up 1.41%, reaching a new all-time high since its listing [1]. - As of January 15, the latest scale of the non-ferrous ETF Huabao is 1.453 billion, marking a historical high, and it ranks first among three ETFs tracking the CSI Non-Ferrous Metal Index [1]. - The ETF has attracted a net subscription of 50.4 million units, with a total net inflow of 473 million over the past ten days [1]. Group 2: Stock Performance - Key stocks in the non-ferrous sector include Hunan Silver, which surged over 6%, and other companies like Chihong Zn & Ge, Jiangxi Copper, and Jinchuan Group, all rising over 5% [6]. - The total market capitalization of leading stocks in the sector varies, with notable companies like Jiangxi Copper at 196 billion and Chihong Zn & Ge at 48.2 billion [2]. Group 3: Industry Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive due to factors such as global capital expenditure cycles, manufacturing recovery, and improved domestic macro expectations [4]. - China Galaxy Securities suggests that copper prices have significant upward potential, driven by historical trends and the current global economic landscape [3]. - The demand for strategic metals is expected to rise due to new technological revolutions and geopolitical factors, indicating a new cycle for strategic metal demand [3]. Group 4: Investment Opportunities - The non-ferrous ETF Huabao and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance [5]. - The industry is anticipated to benefit from the convergence of AI advancements and global economic shifts, creating a "super cycle" for non-ferrous metals [3][4].

融券方面，西部黄金1月15日融券偿还1.16万股，融券卖出1900.00股，按当日收盘价计算，卖出金额 5.77万元；融券余量6.19万股，融券余额188.05万元，超过近一年80%分位水平，处于高位。 1月15日，西部黄金涨1.78%，成交额10.97亿元。两融数据显示，当日西部黄金获融资买入额1.37亿 元，融资偿还9237.41万元，融资净买入4439.71万元。截至1月15日，西部黄金融资融券余额合计4.42亿 元。 融资方面，西部黄金当日融资买入1.37亿元。当前融资余额4.40亿元，占流通市值的1.63%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，西部黄金股东户数7.94万，较上期增加62.53%；人均流通股11167股，较上期减少 20.19%。2025年1月-9月，西部黄金实现营业收入104.04亿元，同比增长106.21%；归母净利润2.96亿 元，同比增长130.22%。 分红方面，西部黄金A股上市后累计派现2.47亿元。近三年，累计派现9940.96万元。 资料显示，西部黄金股份有限公司位于新疆维吾尔自治区乌鲁木齐市经济技术开发区融合南路501号， 成立日期2002 ...

转自：新华财经 在1月15日国新办举行的新闻发布会上，中国人民银行副行长邹澜释放了今年降准降息有一定空间的信 号。他表示，2026年人民银行将继续实施适度宽松的货币政策，发挥存量政策和增量政策的集成效应， 加大逆周期和跨周期调节力度，为经济稳定增长和高质量发展创造适宜的货币金融环境。同时，邹澜宣 布，人民银行将先行推出两方面政策措施：一方面，是下调各类结构性货币政策工具利率，提高银行重 点领域信贷投放的积极性；另一方面，是完善结构性工具并加大支持力度，进一步助力经济结构转型优 化。对于备受市场关注的降准降息问题，邹澜表示，从今年看还有一定的空间。从法定存款准备金率 看，目前金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。 2026年车市大幕初启，主流车企陆续披露年度销量目标，勾勒出存量竞争下的发展图景。截至目前，已 有吉利、长安、奇瑞、零跑、小米等10余家主流车企明确今年销量目标，总量合计超2155万辆，约相当 于2025年国内汽车总销量的63%。整体呈现显著分化：传统自主车企锁定10%至30%的稳健增速，聚焦 新能源车与出海双引擎；新势力及跨界品牌则以34%至67.5%的激进目标抢占份额，凸显规模 ...