本轮以金银为代表的金属价格的史诗级波动，影响巨大。 金属史诗级波动余波：股期市场被"搅动" 金属价格近日经历史诗级波动，这里面以黄金和白银的价格波动最为典型。 数据显示，伦敦银现价格在短短几个交易日时间里自高位暴跌约40%，而后又一度暴力反弹，今日则再 度跳水；黄金、铂、钯等金属价格也经历类似走势；另外，贵金属的剧烈波动还传导至基本金属市场， 铜、铝、锡等基本金属近期同样"上蹿下跳"，波动加剧。 上述金属价格的剧烈波动直接让一些期货市场投资者感到震撼，一些人直呼"见证历史"。另外，证券时 报记者发现，金属价格的剧烈波动已影响了一些金属期货投资者的持仓意愿。 以沪金期货为例，数据显示，在本轮金价大跌之前，沪金期货合约总持仓量大体保持增长态势。但1月 30日沪金期货各合约均开始大跌，当天总持仓量骤减逾3万手，本周一沪金期货再度暴跌，总持仓量再 度减少约1.48万手，1月30日至目前，沪金期货总持仓量累计已减少逾4.7万手；沪银期货的总持仓量变 动亦非常明显：1月30日单日减少约3.4万手后，2月2日和2月3日再分别减少约0.88万手和6.5万手，1月 30日至目前，沪银期货总持仓量累计已减少逾10万手。 在黄金和 ...

Core Viewpoint - The recent epic fluctuations in metal prices, particularly gold and silver, have had significant impacts across various markets, including stocks, futures, and funds [1][5]. Price Movements - On February 5, international gold and silver prices dropped sharply, with spot gold falling over 3% and spot silver plummeting more than 17%, dipping below $74 per ounce [1]. - The London silver price fell approximately 40% in just a few trading days, followed by a violent rebound, and then another drop [5]. - Other metals like platinum and palladium also experienced similar price movements, with basic metals like copper, aluminum, and tin showing increased volatility [5]. Market Reactions - The fluctuations in metal prices have led to a significant reduction in futures market positions, with the total open interest in Shanghai gold futures dropping by over 47,000 contracts since January 30 [6]. - In the A-share market, financing balances for metal-related stocks have mirrored the volatility in metal prices, with notable fluctuations in stocks like Hunan Silver and Hengbang Shares [7]. Fund Market Impact - The fund market has also reacted to the volatility, with several commodity funds, particularly gold ETFs, experiencing dramatic changes in scale. For instance, 14 gold ETFs collectively shrank by over 60 billion yuan between January 30 and February 2 [10]. - The scale of the Huazhong Gold ETF, which had reached 135.5 billion yuan, saw a reduction of approximately 7.9 billion yuan on January 30 and a further 16.5 billion yuan by February 2 [10]. Future Variables - Current metal prices remain unstable, with further declines observed on February 5, including a drop of over 10% in Shanghai silver futures [12]. - Analysts suggest that the core foundation of the current bull market in precious metals is the contraction of dollar credit, with expectations of a weak dollar providing support for both precious and basic metals [13]. - Future price movements will likely be driven by macroeconomic expectations and supply-side disruptions, with a focus on the Federal Reserve's monetary policy changes [13].

Market Overview - The market experienced a volatile adjustment on February 5, with all three major indices declining over 1%. The Shanghai Composite Index fell by 1.03%, the Shenzhen Component Index dropped by 1.81%, and the ChiNext Index decreased by 1.94% [1] Sector Performance - The consumer sector showed strong performance, particularly in food and beverage, retail, and film industries, with notable gains from companies like Hengdian Film and Television, which achieved five consecutive trading limits, and Hangzhou Jiebai, which had two consecutive trading limits [1] - The banking sector performed well against the market trend, with Xiamen Bank rising over 6% [1] - In contrast, basic metals, precious metals, and iron ore sectors experienced significant declines, leading the downward trend in the market [1] Concept Indices - The film and television concept index increased by 2.24%, while the seasoning concept index rose by 2.19% [2] - Other notable increases included the grain economy at 1.86% and MLOps concept at 1.82% [2] - Conversely, sectors such as rare earth permanent magnets and iron ore saw declines of 4.49% and 2.87%, respectively [2]

Group 1 - The core viewpoint of the article highlights the upward trend in most base metals in London on February 3, with significant increases in prices for tin, copper, nickel, and aluminum [1] Group 2 - LME tin rose by 7.95% to $50,295.0 per ton [1] - LME copper increased by 4.02% to $13,410.0 per ton [1] - LME nickel saw a rise of 3.38% to $17,395.0 per ton [1] - LME aluminum climbed by 1.41% to $3,099.0 per ton [1] - LME zinc experienced a slight decline of 0.02% to $3,323.0 per ton [1] - LME lead decreased by 0.08% to $1,961.5 per ton [1]

Core Viewpoint - The recent volatility in precious and base metal markets indicates a shift from a "liquidity easing narrative" to "policy uncertainty pricing," which has triggered adjustments in crowded positions but has not undermined the long-term bullish fundamentals supporting metal prices [1] Group 1: Precious Metals - The geopolitical risk premium has not materially dissipated, with ongoing conflicts from Eastern Europe to the Middle East continuing to erode market trust in traditional safe-haven assets [1] - Central banks' net purchases of gold over several years have fundamentally reshaped the demand structure for gold, providing a non-speculative underlying support for precious metal prices [4] Group 2: Base Metals - The global energy transition and the infrastructure needs for artificial intelligence are creating a long-term growth curve for base metal consumption, with significant increases in the unit usage of copper and aluminum in electric vehicles compared to traditional fuel vehicles [4] - Demand for copper, aluminum, and tin from emerging sectors is projected to exceed 40% of total consumption within the next five years, indicating a permanent upward shift in the demand curve [4] - The "de-financialization" and "re-strategization" of base metals are ongoing, with macroeconomic sentiment-induced pullbacks providing long-term investors with opportunities to reassess under supply-side constraints and robust demand [4] Group 3: Investment Opportunities - The Huatai-PineBridge ETF (159652) covers a comprehensive index of gold, copper, aluminum, lithium, and rare earths, expected to benefit from a super cycle in non-ferrous metals [5] - The index structure features a dual-drive characteristic of traditional cycles and emerging growth, capturing both macroeconomic recovery and industrial transformation opportunities [5] - The ETF has shown a remarkable two-year return rate of 171.24%, significantly outperforming mainstream indices like the CSI 300, with a lower maximum drawdown, indicating a favorable risk-return profile [7]

Group 1: Gold Market - On February 3, spot gold reached $4,750, increasing by 2.02% during the day [1] - Gold prices have been on a downward trend for three consecutive trading days, nearing the December 31 bottom of $4,319.37, and at one point fell below the 50-day moving average, approaching the 100-day moving average [4] - By the end of trading in New York, spot gold fell by 4.54%, closing at $4,671.58 per ounce, remaining in a downward state throughout the day [5] Group 2: Silver Market - Spot silver reached $80 per ounce, with an increase of over 1% during the day [1] - By the end of trading in New York, spot silver dropped by 6.73%, closing at $79.4438 per ounce, while COMEX silver futures rose by 1.56%, closing at $79.760 per ounce [7] Group 3: Other Metals - COMEX copper futures fell by 1.49%, closing at $5.8345 per pound, with a low of $5.5640 per pound earlier in the day [8] - LME copper closed down by $266, at $12,892 per ton, while LME nickel fell by $1,127, closing at $16,827 per ton, and LME tin dropped by $5,364, closing at $46,591 per ton [9]

每经AI快讯，伦敦基本金属期货集体下跌，LME铜持续走低，现跌超5%；LME镍跌超7%，LME锌、 铝跌近5%。 每经AI快讯，伦敦基本金属期货集体下跌，LME铜持续走低，现跌超5%；LME镍跌超7%，LME锌、 铝跌近5%。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is releasing risks, and silver is falling from a high level. Copper is waiting for guidance with price fluctuations. Zinc is in a range - bound oscillation. Lead has weak supply and demand with price fluctuations. Aluminum's volatility is increasing, and attention should be paid to the equity market trend. Alumina's oscillation is converging, and cast aluminum alloy follows electrolytic aluminum. Platinum should be wary of panic selling, and palladium is following a weak adjustment. Nickel is dominated by macro - sentiment at the margin, with a game between fundamentals and speculative positions. Stainless steel has frequent maintenance and production cuts in February, and the nickel - iron expectation provides support at the bottom [2]. Summary by Related Catalogs Gold and Silver - **Price Performance**: Yesterday, the closing prices of various gold and silver products all declined significantly. For example, the daily decline of Comex gold 2602 was 9.30%, and that of Comex silver 2602 was 26.37%. The night - trading prices also showed large drops, with the night - trading decline of Shanghai silver 2602 reaching 17.00% [4]. - **Trading Volume and Position**: The trading volume of some products increased, while the positions decreased. For example, the trading volume of Shanghai gold 2602 increased by 372,766, and the position decreased by 24,521 [4]. - **Inventory**: The inventory of some products decreased. For example, the inventory of Shanghai silver decreased by 26,940 kg, and the inventory of Comex silver decreased by 3,431,295 ounces [4]. - **Macro and Industry News**: Trump nominated Kevin Warsh as the next Fed chairman, which led to a sharp rise in the US dollar and a sell - off of gold and silver. The US Senate passed a $1.2 trillion government spending bill, but a short - term government shutdown was inevitable. The CME raised the trading margins for gold and silver [4][7]. Copper - **Price Performance**: The closing prices of Shanghai copper and London copper both declined. The daily decline of Shanghai copper's main contract was 4.98%, and that of London copper 3M electronic disk was 4.25% [8]. - **Trading Volume and Position**: The trading volume of Shanghai copper index increased by 606,369, and the position decreased by 29,840. The trading volume of London copper 3M electronic disk decreased by 52,697, and the position increased by 1,459 [8]. - **Inventory and Warehouse Receipts**: The inventory of Shanghai copper increased by 5,223 tons, and the inventory of London copper decreased by 1,100 tons. The注销仓单 ratio of London copper was 23.89%, with a decrease of 0.87% [8]. - **Macro and Industry News**: Trump nominated a new Fed chairman, and some copper mines in Chile had production problems. For example, the Mantoverde copper - gold mine in northern Chile basically stopped production, and Lundin Mining lowered its 2026 copper production guidance [8][10]. Zinc - **Price Performance**: The closing prices of Shanghai zinc and London zinc both declined. The daily decline of Shanghai zinc's main contract was 0.44%, and that of London zinc 3M electronic disk was 2.22% [11]. - **Trading Volume and Position**: The trading volume of Shanghai zinc's main contract increased by 172,422, and the position decreased by 8,962. The trading volume of London zinc decreased by 23,075, and the position increased by 5,365 [11]. - **News**: The US Senate passed a $1.2 trillion government spending bill, but a short - term government shutdown was inevitable [12][13]. Lead - **Price Performance**: The closing prices of Shanghai lead and London lead both declined. The daily decline of Shanghai lead's main contract was 1.86%, and that of London lead 3M electronic disk was 0.77% [14]. - **Trading Volume and Position**: The trading volume of Shanghai lead's main contract increased by 34,910, and the position decreased by 2,608. The trading volume of London lead decreased by 4,770, and the position increased by 3,394 [14]. - **News**: Trump nominated a new Fed chairman, and some candidates called for interest rate cuts [14]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The closing prices of Shanghai aluminum, LME aluminum, Shanghai alumina, and aluminum alloy all showed certain changes. For example, the closing price of Shanghai aluminum's main contract decreased by 1,030 compared with T - 1 [16]. - **Trading Volume and Position**: The trading volume and position of each product also changed. For example, the trading volume of Shanghai aluminum's main contract increased by 254,608 compared with T - 1, and the position decreased by 57,628 [16]. - **News**: The global AI computing power construction has led to a surge in transformer orders, and Wall Street is focusing on Warsh's potential Fed policies [18]. Platinum and Palladium - **Price Performance**: The closing prices of platinum and palladium products all declined. For example, the decline of platinum futures 2606 was 11.70%, and the decline of palladium futures 2606 was 11.88% [19]. - **Trading Volume and Position**: The trading volume of some products increased, and the positions decreased. For example, the trading volume of Guangzhou platinum increased by 12,277, and the position decreased by 2,505 [19]. - **News**: The US federal government entered a partial "shutdown" state, and there were various international news such as Russia - US talks and SpaceX's satellite deployment plan [22]. Nickel and Stainless Steel - **Price Performance**: The closing prices of Shanghai nickel and stainless steel's main contracts both declined. The closing price of Shanghai nickel's main contract decreased by 7,470 compared with T - 1, and that of stainless steel's main contract decreased by 445 [25]. - **Trading Volume and Position**: The trading volume of Shanghai nickel's main contract increased by 229,168 compared with T - 1, and the trading volume of stainless steel's main contract increased by 167,856 [25]. - **Industry Chain**: The prices and spreads of various products in the nickel industry chain changed. For example, the price of 8 - 12% high - nickel pig iron remained unchanged, and the nickel plate - high - nickel iron spread decreased by 20 [25]. - **News**: The Indonesian government has taken a series of measures, such as suspending the issuance of new smelting licenses, revising the benchmark price formula of nickel ore, and adjusting the nickel ore production target. There were also news about steel product export license management and ship accidents [25][26][28].

Market Performance - The Shanghai Composite Index fell by 1.32%, while the ChiNext Index decreased by 1.18% [1] - Significant declines were observed in gold and base metals, with oil, gas, coal, chemicals, and steel sectors also experiencing notable drops [1] - Agriculture, semiconductors, and real estate sectors showed considerable declines [1] Sector Highlights - The ultra-high voltage concept stocks rose against the trend, with active movements in the liquor, cultivated diamond, and AI application sectors [1] - In the ETF market, the New Economy ETF from Yinhua and the Education ETF from Bosera increased by 4.73% and 4% respectively [1] - The electric grid equipment sector saw strong gains, with ETFs from Huaxia, Guangfa, and Guotai rising by 2.72%, 2.28%, and 2.23% respectively [1] - The food and beverage sector also performed well, with the liquor ETF from Penghua and the food and beverage ETF from Huabao increasing by 1.85% and 1.55% respectively [1] - The photovoltaic sector was active, with the photovoltaic ETF from Yifangda rising by 1.15% [1] Declines in Specific Sectors - The metals sector faced a wave of limit-downs, with gold stock ETFs such as ICBC, gold stocks ETF, and gold stock ETF hitting the limit down [1] - The semiconductor sector experienced a downturn, with the China-Korea semiconductor ETF dropping by 7% [1]

上证指数跌0.93%，深成指跌0.54%，创业板指涨0.65%。科创综指跌0.8%。 2026.02.02 本文字数：717，阅读时长大约1分钟 作者 |一财阿驴 09:26黄金、有色金属板块大面积跌停，湖南黄金、晓程科技、西部黄金、四川黄金等多股跌停。消息 面上，受获利回吐和短期期货交易者多头平仓等因素影响，国际黄金和白银价格1月30日继续大幅下 跌，均创下数十年来最大单日跌幅。 | 代码 | 名称 | 涨幅金 | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | -20.00% | 54.00 | | 002237 | 恒邦股份 | -10.02% | 18.59 | | 000506 | 招金黄金 | -10.01% | 23.10 | | 001337 | 四川黄金 | -10.00% | 59.56 | | 600489 | 中金黄金 | -10.00% | 33.21 | | 600988 | 赤峰黄金 | -10.00% | 38.88 | | 002155 | 湖南黄金 | -10.00% | 33.30 | | 601069 | 世部黄金 | ...