此前，市场担忧白银可能被纳入美国关税范围，引发金属大量紧急运往纽约，并在去年10月于伦敦触发了一次历史性的"逼空行情"。 本周白银的进一步上涨，部分源于美国与欧洲盟友关系出现裂痕；旨在结束俄乌冲突的谈判尚未取得突破；持续的中东紧张局势也进一步推 高了避险需求。 贵金属价格还受到另一重利好支撑——特朗普表示，他已经完成了下一任美联储主席的面试工作，此举重新引发市场对央行独立性的担忧。 今日凌晨， 随着地缘政治风险与美元走弱，贵金属继续狂飙，叠加工业需求， 现货白银涨超7%，最高报约103美元/盎司，再创历史新高记 录， 在去年录得耀眼的147%年度最佳涨幅后今年以来延续涨势，本月迄今已涨超40%，多方势头只增不减。令人惊叹的不只是幅度，更 是神速——纽约白银自2025年4月的28美元起步，仅用9个多月便一举突破100美元大关，涨幅超260%。 随着美国总统特朗普开启第二个白宫任期，围绕贸易、地缘政治以及货币政策的不确定性不断上升，投资者对白银等贵金属的需求明显升 温。 随着价格持续走高，散户买盘明显涌入，投资者将白银视为相对便宜的"黄金替代 品 "；尤其在美国，抢购热潮甚至令部分经销商不堪重 负。 事实上 ， ...

摘要周五贵金属市场延续强势，黄金、白银及铂金价格同步刷新历史高点。现货黄金涨0.63%至4967.13 美元/盎司，现货白银涨3.17%至99.20美元/盎司，现货铂金涨2%至2684.43美元/盎司，主要受地缘政治 不确定性、美元走软及美联储降息预期升温等多重因素推动。 Capital高级市场分析师凯尔·罗达指出，近期市场热议的"断裂"一词，实则反映美国资产信誉面临长期 结构性冲击，这一趋势正推动资金系统性流入贵金属。他分析，白银此轮上涨不仅受黄金带动，更因其 相对黄金更具弹性，叠加工业应用领域的稳健需求，形成"避险+工业"双轮驱动格局。 综合来看，贵金属在政策预期、汇率波动与地缘风险交织下维持强势，但后续走势仍需关注美国经济数 据、美联储政策信号及国际政治局势演变。当前市场对美国及其资产的信心显著下滑，资金持续流向贵 金属避险的特征尤为突出。 周五贵金属市场延续强势，黄金、白银及铂金价格同步刷新历史高点。现货黄金涨0.63%至4967.13美 元/盎司，现货白银涨3.17%至99.20美元/盎司，现货铂金涨2%至2684.43美元/盎司，主要受地缘政治不 确定性、美元走软及美联储降息预期升温等多重因素推动 ...

从短期催化因素看，金价最近三天的快速上涨，与市场避险情绪骤然升温密切相关。此前，美国总统特 朗普威胁对反对美国接管丹麦领土格陵兰的北约盟友加征高额关税，引发投资者大举撤离美国市场和相 关证券，全球主要市场遭遇抛售，资金迅速涌入金属资产，推高金价。尽管特朗普随后淡化相关威胁， 称关税不会实施，投资者的风险厌恶情绪已形成，对黄金价格构成持续支撑。 分析人士认为，金价走强并非仅由短期事件驱动，而是反映出更广泛的商品市场韧性。Stockton指出， 钯金和铂金等贵金属近期也出现"机会性突破"，显示整个贵金属板块正处于趋势性上行阶段。"这是一 个明显处于趋势中的资产类别机会，"她表示，"在趋势被破坏之前，我们都会尊重这种动能。" 展望后市，Stockton认为，虽然难以精确预测年中金价水平，各项技术指标整体仍维持上行态势。"我们 没有办法准确判断金价在年中会处于什么位置，但目前几乎所有指标都显示上升趋势，"她说，"因此我 们倾向于相信，金价仍有继续走高的空间。" 近期金价的强劲上涨显示，贵金属背后的动能明显强于市场此前预期。周四，现货黄金强势站上4900美 元/盎司，较日低反弹近130美元，最高触及4940.79美元， ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating expected performance above the market average [2][15]. Core Insights - The report highlights investment opportunities arising from the increase in domestic copper resource reserves, particularly noting the significant resource addition by Yulong Copper in Tibet, which adds 131.42 thousand tons of copper and 10.77 thousand tons of molybdenum [7][11]. - The aluminum sector is expected to maintain a strong performance due to optimistic macroeconomic expectations, despite a slight price correction [7][11]. - The precious metals market is experiencing mixed investor preferences, with gold demand increasing while silver demand shows a decline [7][11]. - The tungsten supply remains tight, with prices increasing, and there is a rising expectation for restocking post-holiday [7][11]. - The steel industry is poised for growth with new government policies aimed at stabilizing the sector, benefiting from infrastructure investments [8][11]. Summary by Sections Copper - LME copper and SHFE copper prices were reported at 13,000 and 100,770 USD/ton respectively, with a week-on-week decrease of 0.5% and 0.6% [7]. - The processing fee for imported copper concentrate is in negative territory, indicating tight supply [7]. - The operating rate of refined copper rod enterprises increased to 57.47%, up by 9.65 percentage points week-on-week [7]. Aluminum - LME aluminum and SHFE aluminum prices were reported at 3,147 and 23,925 USD/ton, with a week-on-week decrease of 1.0% and 1.7% [7]. - The operating rate of aluminum processing enterprises increased to 60.2% [7]. Precious Metals - SHFE gold and COMEX gold prices were reported at 1,032.3 CNY/gram and 4,601.1 USD/ounce, with week-on-week increases of 2.6% and 1.8% [7]. - SPDR gold ETF holdings increased by 21.1 tons week-on-week, indicating a preference for gold among overseas investors [7]. Tungsten and Rare Metals - Tungsten concentrate prices rose to 507,000 CNY/ton, with a week-on-week increase of 4.3% [7]. - The rare earth industry is experiencing tight supply, with prices for praseodymium-neodymium oxide and dysprosium oxide increasing [7]. Steel - SHFE rebar and hot-rolled coil prices were reported at 3,163 and 3,315 CNY/ton, with a week-on-week increase of 0.6% [8]. - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization policies for the steel industry [8].

The price of gold hits record highs on the back of U.S.-EU trade tensions ...

Market Overview - The three major indices collectively declined, with the ChiNext Index dropping over 2% at one point. The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of 69.4 billion yuan compared to the previous trading day. Over 3,100 stocks in the market fell [1] Sector Performance Chemical Sector - The chemical sector experienced a significant surge, with multiple stocks hitting the daily limit. Key stocks included Hongbaoli, Shandong Heda, and Hongqiang Co. The price of epoxy propylene rose by 7.9% week-on-week, and the prices of organic silicon intermediates also increased. Analysts from Huatai Securities noted that the chemical industry is at a dual turning point in capacity and inventory, with expectations for an upward trend as demand recovers by 2026 [2][2] Precious Metals - Precious metals strengthened in the afternoon, with Hunan Silver and Zhaojin Gold both hitting the daily limit. The spot gold price rose over 1% to exceed $4,700 per ounce, setting a new historical high. COMEX silver futures increased by 6.49%, also reaching a new high [2][3] Real Estate Sector - The real estate sector showed active performance, with stocks like Diyi City and Chengtou Holdings hitting the daily limit. A recent announcement from the Ministry of Finance and other departments extended the personal income tax preferential policy for residents purchasing homes until the end of 2027, which is expected to lower housing costs for residents [4][4] Commercial Aerospace - Commercial aerospace stocks continued to show weakness, with several stocks, including Shenjian Co. and Aerospace Power, hitting the daily limit down. The overall sentiment in the market for this sector remains low, with a reduced likelihood of a rebound in the short term [6] Electric Grid Equipment - Electric grid equipment stocks maintained strength, with stocks like Senyuan Electric and Hancable achieving three consecutive limits up. However, some stocks at high levels showed signs of divergence, indicating potential short-term corrections if there is insufficient new capital to support them [6] Market Outlook - The market continued to adjust, with the Shanghai Composite Index closing near the flat line and the ChiNext Index showing weakness. The overall market sentiment remains in a downward consolidation phase, with over 80 stocks dropping more than 7% at the close. Analysts suggest that for the market to regain strength, it needs to break above the 5-day moving average with increased volume [8]

Market Overview - The A-share market experienced a decline on January 20, with the ChiNext Index dropping nearly 2%. The Shanghai Composite Index fell by 0.01%, the Shenzhen Component Index decreased by 0.97%, and the ChiNext Index dropped by 1.79% [1] - A total of 2,233 stocks rose, while 3,102 stocks fell, with 62 stocks hitting the daily limit up [2][3] Sector Performance - Chemical stocks performed well against the market trend, with companies like Cangzhou Dahua and Xinxiang Chemical Fiber hitting the daily limit up [3] - Precious metals stocks strengthened in the afternoon, with Hunan Silver and Zhaojin Gold reaching the daily limit up [5] - Consumer stocks were active, with Han Commercial Group and Shanghai Jiubai hitting the daily limit up, following the announcement of five fiscal and financial policies aimed at boosting domestic demand [5][6] - Real estate stocks rebounded, with City Investment Holdings and Dayue City hitting the daily limit up, supported by new measures from the Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development [7] Market Sentiment and External Factors - The market sentiment was affected by a recent penalty imposed by the Zhejiang Securities Regulatory Bureau on a prominent figure for market manipulation, leading to caution among speculative investors [10][11] - Concerns over external market pressures were noted, particularly following a significant drop in Japanese government bonds, which triggered a sell-off in Asian and U.S. stock markets [13][14] - The potential for a more aggressive stance from the Trump administration towards global partners raised concerns about overseas capital demand for U.S. assets, contributing to market volatility [14]

Group 1 - International precious metal prices have surged significantly in 2026, with gold prices increasing by over 8% and silver prices by more than 30% within the year [1] - On January 20, 2026, spot gold prices surpassed $4700 per ounce, reaching a new historical high due to tensions in Greenland [1] - Domestic gold jewelry prices have also risen, with brands like Chow Tai Fook and Chow Sang Sang reporting prices exceeding 1450 RMB per gram, approaching the 1500 RMB per gram mark [1] Group 2 - The primary driver of the current price surge is attributed to increased demand for safe-haven assets, influenced by geopolitical tensions and trade uncertainties [3] - U.S. President Trump's announcement of a 10% tariff on Denmark and other European countries, with plans to increase it to 25%, has heightened market concerns regarding international trade [3] - Additionally, renewed military actions in the Middle East have further fueled safe-haven investment in gold [3]

银价格，又爆了！ 昨天，随着国际金价和银价一路飙升并双双再度创下历史新高，贵金属再次成为市场的焦点。 那么，本轮贵金属"牛市"背后的深层逻辑是什么？2026年是"盛宴的尾声"还是新周期的起点呢？下面我们就一起来看看。 去年以来，贵金属市场可以说是"牛气冲天"——黄金领涨，白银后来居上，上演了一场"接力赛"。 2025年，纽约期金和伦敦金现货累计上涨超70%，沪金期货上涨近65%；纽约期银及伦敦银现货累计上涨超170%，沪银期货上涨超155%。 而今年开年以来，金银价格的走势也持续强劲。 昨天（1月19日），国际黄金期货价格一度飙升至每盎司4698美元的历史最高点，现货黄金也站上4690美元。 02宽松货币政策的催化 比黄金更为耀眼的是白银的涨幅。伦敦现货白银价格一举突破每盎司94美元，自今年开年以来已累计飙升31%，创下自1983年以来最强劲的新年开局。 | < 白 | | | 伦敦银现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAGUSDOZ.IDC | | | | | | | | 93,131 | | 昨结 | 9 ...

Group 1 - The core viewpoint of the report indicates a strong upward trend in precious metal prices, particularly gold and silver, over the past two weeks [1][2] - London spot gold increased by 5.93% to $4611.05 per ounce, while the Shanghai Futures Exchange (SHFE) gold rose by 5.60% to ¥1032.32 per gram, with SHFE gold holdings up by 10.39% to 347,100 contracts [1][2] - London spot silver surged by 22.35% to $90.80 per ounce, and SHFE silver climbed by 31.68% to ¥22,483 per kilogram, with SHFE silver holdings increasing by 12.21% to 719,100 contracts [1][2] Group 2 - The recent rise in gold and silver prices is attributed to several factors, including weaker-than-expected U.S. non-farm payroll growth and a stable unemployment rate [3] - The CME's adjustment of margin requirements for precious metal contracts, shifting from fixed amounts to a percentage of contract value, may lead to increased market volatility and liquidity tightening [3] - Geopolitical tensions, such as U.S. military actions in Venezuela, are expected to provide strong momentum for gold prices in the medium term [4] Group 3 - Long-term trends suggest that the combination of "rate cut trades" and "Trump 2.0" will continue to support gold prices, with central bank purchases providing a strong bottom support [5] - The People's Bank of China has increased its gold reserves for 14 consecutive months, reaching 74.15 million ounces by the end of December 2025, indicating a bullish trend for gold [5] - The report maintains a "positive" rating for the precious metals sector and recommends a focus on specific stocks, including Zijin Mining International, Chifeng Jilong Gold Mining, and others [6]