Market Overview - In December, the U.S. non-farm payrolls increased by less than expected, but the unemployment rate fell to 4.4%[9] - The U.S. stock market saw all three major indices rise, driven by the latest employment report, indicating a "low hiring, low layoffs" state in the labor market[9] - The Hang Seng Index closed at 26,232, up 0.32% for the day, while the Shanghai Composite Index rose by 0.92%[3] Sector Performance - Gold stocks surged, with Shandong Gold rising over 6% and Zhaojin Mining up more than 4%, as spot gold prices exceeded $4,470 per ounce[9] - AI-related stocks performed strongly, with MINIMAX-WP listing and gaining 109% on its debut, and iFlytek Medical Technology rising 20.58%[9] - Solar stocks declined, with New Energy Technology dropping over 8% amid regulatory concerns regarding industry monopolies[9] Economic Indicators - The CME FedWatch tool indicates a 5% probability of a Federal Reserve rate cut in the next meeting, down from 11% the previous day, with expectations for at least two cuts this year[9] - Japan's household spending rose by 2.9% year-on-year in November, exceeding market expectations of 0.9%[13] Company Highlights - Nvidia saw a slight decline of 0.1%, while Intel surged by 10.8%, marking its largest single-day gain since September[10] - Fast Retailing, the parent company of Uniqlo, reported a 34% increase in operating profit, leading to a nearly 11% rise in its stock price[13]

1月12日，金价再创新高。伦敦现货黄金价格一度突破4600美元/盎司。COMEX黄金期货价格同步上 扬，站上每盎司4600美元，时隔两周再度刷新历史新高。 国内贵金属期货同样走高，沪金期货主力连续合约一度涨超3%，报1031元/克。 首先，地缘政治"黑天鹅"事件频发。近期，全球地缘政治局势动荡加剧。周末，伊朗国内局势升级，同 时，委内瑞拉事件仍在发酵。 其次，市场对美联储政策预期发生微妙变化。上周五公布的美国2025年12月非农就业数据显示，新增就 业人数低于市场预期，且前两个月数据遭遇大幅下修，加剧了市场对美国劳动力市场结构脆弱性的担 忧。 此外，美联储主席鲍威尔因总部翻修事项受到刑事调查的报道，进一步引发了市场对美联储独立性和政 策稳定性的担忧。 除了短期事件的刺激，支撑黄金长期走强的深层结构性逻辑正日益稳固，黄金的角色正在发生深刻转 变。 其中，央行持续的购金行为构成了金价最坚实的"压舱石"。 根据中国人民银行最新数据，2025年12月 末，中国黄金储备环比增加0.93吨，为连续第14个月增持。这并非个例，世界黄金协会数据显示，2025 年1月至11月，全球央行累计购金量达297吨，整体动能依然强劲。 ...

Core Viewpoint - Recent significant fluctuations in the international commodity market have led to a synchronized increase in oil and precious metal prices, driven by geopolitical risks, expectations of a weaker dollar, and adjustments in supply-demand dynamics [1][3][4] Geopolitical Risks - The escalation of geopolitical risks, particularly the U.S. military actions in Venezuela, has raised concerns about the stability of global energy supply chains, prompting investors to reassess the uncertainty surrounding oil supply and triggering a rebound in oil prices [3] - The changing global security environment has increased demand for safe-haven assets, with gold and silver becoming preferred choices for investors [3] Dollar Weakness - The weakening of the U.S. dollar index, exacerbated by concerns over the independence of the Federal Reserve following investigations into its chairman, has provided support for dollar-denominated oil and precious metal prices [3] - Historical data indicates a significant negative correlation between the dollar and commodities, with a weaker dollar reducing holding costs and attracting global capital to increase positions in commodities [3] Supply-Demand Dynamics - Structural adjustments in supply-demand dynamics are reinforcing the upward trend in prices, with OPEC+ deciding to maintain production cuts until early 2026, alleviating concerns about oversupply in the oil market [4] - In the precious metals market, continued purchases by global central banks, with a reported net purchase of 45 tons in November 2025, have bolstered demand, contributing to a solid foundation for rising gold and silver prices [4] Differentiated Price Drivers - The logic behind price increases varies between commodities, with oil prices primarily driven by short-term geopolitical risks, while gold and silver are more influenced by concerns over monetary credibility and the ongoing "de-dollarization" process [4] - Fund flows indicate this differentiation, with the oil market seeing short-term speculative inflows, while the precious metals market is characterized by a combined increase in holdings from both institutions and retail investors, evidenced by significant growth in gold ETF and physical gold bar sales [4]

Group 1: Rare Earths - The report from Guotai Junan indicates that rare earth prices have rebounded due to a combination of policy support and pre-holiday inventory demand recovery, with significant increases in medium and heavy rare earth prices [1] Group 2: Precious Metals - Geopolitical factors in Venezuela and the Middle East are supporting gold prices, alongside strong U.S. unemployment data. The outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices [2] - Silver prices are expected to follow gold trends, influenced by a decrease in London silver leasing rates and rising inventories. Platinum prices are also expected to strengthen due to anticipated U.S. tariffs [2] Group 3: Copper - Despite mixed U.S. employment data, the resilience of the U.S. economy and ongoing strikes at the Mantoverde copper mine in Chile are contributing to a strong copper price outlook. The report highlights the need to monitor the impact of Trump's nomination for the next Federal Reserve chair on copper prices [3] - Supply constraints and low inventories in non-U.S. regions, combined with a strategic reserve logic under the "Monroe Doctrine," are expected to amplify upward price elasticity for copper [3] Group 4: Aluminum - Strong macroeconomic expectations, liquidity easing, and a rebound in aluminum prices are noted. Daily production rates are increasing due to new electrolytic aluminum projects in China and Indonesia, while demand is rising as environmental controls in central China are lifted [4] - The operating rate of domestic aluminum processing leading enterprises has slightly increased by 0.2 percentage points to 60.1% [4] Group 5: Tin - Supply bottlenecks persist in the tin market, with delays in the resumption of mining in Myanmar and uncertainties regarding Indonesian approvals. Despite adjustments in the Federal Reserve's interest rate path, tin prices remain supported by liquidity expectations and strong demand from the semiconductor industry [5] Group 6: Energy Metals - Lithium inventory has accumulated, and production has increased, although demand is showing marginal weakness. The reduction in export tax rebates for battery products may lead to front-loaded demand, with lithium production rising by 115 tons last week [6] - The cobalt sector is facing high prices due to tight upstream raw material supplies, while cobalt companies are extending their reach into the electric new energy sector to enhance competitive advantages [6]

摘要今日周一(1月12日)亚盘时段，国际黄金目前交投于1030元/克附近，截至发稿，国际黄金最新报 1027.22元/克，涨幅1.56%，最高上探至1031.66元/克，最低触及1011.08元/克。目前来看，国际黄金短 线偏向看涨走势。 从技术面来看，黄金正处于单边上涨阶段。前期经过修正后突破关键压力区域，尤其是上周五对4480- 85美元的成功突破，在非农数据公布后及时跟进多单，有效捕捉了这波上涨行情。今日早间冲高后出现 回踩，但回调幅度不宜过大，关键的大阳线多空分界点仍具备支撑作用。 美国总统特朗普于11日表示，伊朗方面已主动与美国官员取得联系，并提出进行谈判的建议，目前相关 会议正在安排之中。他同时警告称，鉴于伊朗国内死亡人数持续上升，伊朗政府似乎"正在开始"跨越美 方设定的红线，因此美国政府"可能需要在会议召开之前采取行动"。 特朗普的言论凸显出当前美伊关系的紧张与复杂性。一方面，伊朗主动寻求谈判，可能意在缓解国内外 压力，争取外交空间;另一方面，美国对伊朗国内局势的发展保持高度警觉，尤其是人员伤亡的增加， 被美方视作局势升级的信号。特朗普并未明确说明可能采取的具体行动，但强调在会议安排完成前，不 ...

Group 1 - The core viewpoint of the news is that the gold industry is experiencing a strong upward trend due to geopolitical tensions and macroeconomic factors, leading to increased gold prices and a positive outlook for gold-related stocks and ETFs [1] - The China Securities Index for gold industry stocks (931238) rose by 1.09%, with notable increases in individual stocks such as Mingpai Jewelry (up 10.05%) and Hunan Silver (up 5.19%) [1] - International spot gold prices have historically surpassed $4600 per ounce, prompting domestic gold prices to follow suit, with local gold jewelry prices reported between 1420-1430 yuan per gram [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for gold industry stocks account for 63.58% of the index, with major companies including Zijin Mining and Shandong Gold [2] - The macroeconomic environment, particularly weak U.S. non-farm payroll data, is reinforcing market expectations for a potential interest rate cut by the Federal Reserve in 2026, which could support the upward movement of precious metals [1]

1月12日早间，现货黄金首次站上4600美元大关，日内涨幅一度扩大至2%。COMEX黄金同样突破4600 美元大关创历史新高，日内涨超2%。 | < W | 伦敦金现 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | 4566.580 | 昨结 | 4508.980 | 总量 | | | 0 | | +57.600 | +1.28% 开盘 | 4517.365 | 现手 | | | 0 | | 最高价 | 4601.380 持 色 | 0 | 外 | 盤 | | 0 | | 最低价 | 4505.655 播 合 | 0 | 内 | 盟 | | 0 | | 分时 | 五日 日K 国K | | 月K | | 电器 | 0) | | 预加 | | | 均价:0.000 | | | | | 4601.380 | | | 2.05% | | 4567.210 | | | | | | | | 4566.580 | | | | | | | | 10:15 4567.070 | 0 | | | ...

湖南黄金（002155）(002155.SZ)公告，公司正在筹划发行股份购买资产并募集配套资金暨关联交易事 项，公司股票自2026年1月12日开市时起开始停牌，预计停牌时间不超过10个交易日。本次交易的标的 公司为湖南黄金天岳矿业有限公司("黄金天岳")及湖南中南黄金冶炼有限公司("中南冶炼")。 ...

智通财经APP讯，湖南黄金(002155.SZ)公告，公司正在筹划发行股份购买资产并募集配套资金暨关联交 易事项，公司股票自2026年1月12日开市时起开始停牌，预计停牌时间不超过10个交易日。本次交易的 标的公司为湖南黄金天岳矿业有限公司("黄金天岳")及湖南中南黄金冶炼有限公司("中南冶炼")。 ...

格隆汇1月12日丨湖南黄金(002155.SZ)公布，公司正在筹划发行股份购买资产并募集配套资金暨关联交 易事项。因有关事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成重大影响，根据深 圳证券交易所的相关规定，经公司申请，公司股票(证券简称：湖南黄金，证券代码：002155)自2026年 1月12日开市时起开始停牌，预计停牌时间不超过10个交易日。 ...