Market Performance - A-shares opened high and continued to rise, with the Shanghai Composite Index up 1.17%, the Shenzhen Component Index up 2.07%, and the ChiNext Index up 3.11% as of midday [1][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.5 trillion yuan, with over 4,400 stocks rising [1] Sector Highlights - The computing hardware industry chain experienced a significant surge, with CPO and storage sectors leading the gains [2] - The photovoltaic industry chain showed strong performance, with multiple stocks hitting the daily limit, including GCL-Poly Energy (002506) with four consecutive limits and Shuangliang Eco-Energy (600481) with three limits in five days [2] - AI applications and semiconductor sectors also saw notable increases, driven by breakthroughs in multimodal AI technology, particularly the launch of ByteDance's video generation model Seedance 2.0 [2][3] Stock Performance - Notable stock performances included Tianfu Communication (300394) and Guangku Technology (300620), both hitting the daily limit with a 20% increase [3] - Other significant gainers included Taicheng Light (140.41, up 16.27%), Shijia Photon (89.06, up 13.24%), and Changxin Bochuang (171.72, up 11.72%) [3] Precious Metals - Guotou Silver LOF rebounded after hitting the limit down, with a peak increase of over 8% before settling at over 6% [6] - Internationally, spot gold and silver prices rose sharply, with gold surpassing $5,040 per ounce and silver approaching $81 per ounce, reflecting a strong upward trend in precious metals [6]

Market Overview - A-shares opened high and continued to rise, with the Shanghai Composite Index up 1.17%, the Shenzhen Component Index up 2.07%, and the ChiNext Index up 3.11% as of midday trading [1][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1.50 trillion yuan, with over 4,400 stocks rising [1] Sector Performance - The computing power hardware industry chain experienced a significant surge, with CPO and memory sectors leading the gains [5] - The photovoltaic industry chain also showed strength, with multiple stocks hitting the daily limit, including GCL-Poly Energy, which achieved a four-day consecutive limit-up [5] - AI applications, semiconductors, commercial aerospace, and consumer electronics sectors saw notable increases [5] Notable Stocks - Tianfu Communication reached a 20% limit-up, setting a new historical high, while Guangku Technology and Taicheng Light rose over 15% [5][6] - Other stocks such as Longxin Bochuang and Lian Te Technology increased by over 10% [5][6] AI Applications - The AI application sector saw a collective surge, with companies like Rongxin Culture and Chinese Online hitting the daily limit [7] - The strong performance in this sector is attributed to breakthroughs in multimodal AI technology, with ByteDance's new video generation model Seedance 2.0 being a potential catalyst [7] Precious Metals - Guotou Silver experienced a significant rebound, rising over 6% after previously hitting the limit-down [9] - Internationally, spot gold and silver prices rose sharply, with gold surpassing $5,040 per ounce and silver touching $81 per ounce [9]

Group 1 - The core logic of gold prices has shifted from short-term interest rate speculation to hedging against long-term dollar credit risks and the restructuring of the global monetary system [2] - The recent volatility in precious metals is expected to stabilize, with gold finding a bottom around 4400 USD for London gold and 1000 CNY for Shanghai gold [2] - The significant drop in precious metals prices is primarily driven by technical factors rather than fundamental deterioration, with strong macroeconomic support for gold prices remaining intact [3] Group 2 - The recent decline in tin prices is noted, with a week-on-week decrease of 15.81%, attributed to inventory depletion and ongoing supply issues from Indonesia and Myanmar [3] - The gold ETF from E Fund (159934) offers a convenient investment method for investors with securities accounts, allowing T+0 trading of gold [3]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Gold is expected to oscillate and rebound, while silver is likely to decline from its high level. Copper trading remains cautious with prices oscillating. Zinc will trade in a range, and lead shows weak supply - demand with oscillating prices. Tin will consolidate, and aluminum investors should focus on post - holiday inventory reduction. Alumina will see oscillating convergence, and cast aluminum alloy will follow electrolytic aluminum. Platinum will recover during oscillations, and palladium will rebound following the precious metals sector. Nickel is affected by pre - holiday capital outflows, and the mid - line contradiction lies in Indonesia. Stainless steel will have frequent maintenance and production cuts in February, with the cost support center moving up [2]. 3. Summary by Metals Gold and Silver - **Price Movements**: Shanghai Gold 2602 closed at 1,090.12 with a - 1.41% daily decline and 1114.50 in the night session with a 2.82% increase. Gold T + D closed at 1,091.49 with a - 1.30% daily decline and 1111.00 in the night session with a 2.97% increase. Shanghai Silver 2602 closed at 18799 with a - 6.19% daily decline and 19840.00 in the night session with a 3.51% increase. Silver T + D closed at 18197 with a - 7.16% daily decline and 18848 with a 3.97% increase [4]. - **Macro and Industry News**: China's central bank's gold reserves increased for the fifteenth consecutive month, with a 40,000 - ounce increase in January. The US hopes for a peace agreement between Russia and Ukraine before June [4][6]. Copper - **Price Movements**: The Shanghai copper main contract closed at 100,100 with a - 0.87% daily decline and 101490 in the night session with a 1.39% increase. The LME copper 3M electronic disk closed at 13,060 with a 1.59% increase [7]. - **Macro and Industry News**: The State Council executive meeting plans to make better use of funds. The US and Iran reached a consensus on "maintaining dialogue" in nuclear negotiations. The China Non - Ferrous Metals Industry Association considers including "copper concentrate" in national reserves. Glencore Canada suspended major investments in a smelter, and Anglo American's Q4 2025 copper production decreased by 14% year - on - year. Capstone Copper will resume full production at a mine [7][9]. Zinc - **Price Movements**: The Shanghai zinc main contract closed at 24450 with a 0.23% increase, and the LME zinc 3M electronic disk closed at 3383 with a 2.56% increase [10]. - **News**: China's central bank's gold reserves increased for the fifteenth consecutive month, and the US hopes for a Russia - Ukraine peace agreement before June [11]. Lead - **Price Movements**: The Shanghai lead main contract closed at 16510 with a - 0.27% decline, and the LME lead 3M electronic disk closed at 1965.5 with a 0.59% increase [14]. - **News**: The State Council executive meeting plans to make better use of funds, and the US and Iran reached a consensus on "maintaining dialogue" in nuclear negotiations [15]. Tin - **Price Movements**: The Shanghai tin main contract closed at 357,000 with a - 0.94% decline and 366,450 in the night session with a 1.69% increase. The LME tin 3M electronic disk closed at 47,155 with a 0.35% increase [18]. - **Macro and Industry News**: Zelensky said the US hopes to end the Russia - Ukraine conflict before summer. Trump plans to negotiate with Iran again, and he expects the Dow Jones to reach 100,000 by the end of his term [18][20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Movements**: The Shanghai aluminum main contract closed at 23315 with a - 70 decline, and the LME aluminum 3M closed at 3110 with an 84 increase. The Shanghai alumina main contract closed at 2824 with a 34 increase, and the cast aluminum alloy main contract closed at 21950 with a 35 increase [24]. - **Comprehensive News**: The US and India reached a temporary trade framework, and Trump nominated a new Fed chair [26]. Platinum and Palladium - **Price Movements**: Platinum futures 2606 closed at 506.00 with a - 6.35% decline, and palladium futures 2606 closed at 410.50 with a - 7.27% decline [27]. - **Macro and Industry News**: A US aircraft carrier entered a position for a potential strike on Iran. The semiconductor industry is expected to exceed $1 trillion in 2026. Japan held a parliamentary election, and Iran's foreign minister set red lines in negotiations [29][30]. Nickel and Stainless Steel - **Price Movements**: The Shanghai nickel main contract closed at 131,840 with a - 2,590 decline, and the stainless steel main contract closed at 13,670 with a - 140 decline [31]. - **Macro and Industry News**: Indonesia suspended issuing new smelting licenses, adjusted nickel ore benchmark prices, and planned to cut nickel ore production targets. Some Indonesian mines faced potential fines for illegal land use, and a ship carrying nickel ore sank [30][31][34].

Core Viewpoint - The nomination of Walsh as the new Federal Reserve Chair has raised hawkish expectations in the market, leading to a stronger dollar and short-term negative impacts on the pricing of base and precious metals [1] Group 1: Market Reactions - The market's hawkish sentiment is expected to negatively affect the pricing of base and precious metals in the short term [1] - Observations on U.S. Treasury bond fluctuations indicate that the macro narrative is unlikely to reverse in the short term, with precious metals showing more of a pullback after previous trends and risk release [1] Group 2: Supply and Demand Dynamics - The supply-demand balance for platinum is projected to be tight by 2026, while palladium is shifting from a decade-long supply deficit to a surplus [1] - From a fundamental perspective, platinum is expected to have a stronger upward drive compared to palladium [1] - Upcoming production guidance from platinum group metal mining companies for 2026 will be crucial to monitor for changes in supply [1]

国贸期货 贵金属与新能源研究中心 2026-2-09 白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 投资咨询业务资格：证监许可【2012】31号 【贵金属周报（AU、AG）】 恐慌抛售风险缓解，金银或企稳震荡 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 周度观点摘要 ◆ 上周贵金属价格延续剧烈波动，白银遭遇二次抛售。主要影响因素分析如下：（1）在经历 外盘1月30日的暴跌后，上周一沪金触及跌停，沪银周一、周二连续两日跌停；后在杠杆显 著去化后，市场情绪短期修复，金银略有反弹。但由于美元走强和美国科技股持续遭到抛 售，叠加比特币等加密货币暴跌，市场流动性紧缩风险卷土重来，并再度蔓延至贵金属市 场，金银上周四、周五双双遭到二次抛售，尤其是白银，伴随着CME第6次提保，伦敦现货 白银上周五早盘暴跌至64美元/盎司附近，再创阶段性新低并抹去年内涨幅。（2）直至上 周五，美伊谈判不确定性扰动市场，加上市场流动性恢复，科技股抛压暂缓、美股三大指 数和比特币集体上涨，市场流动性恢复，金银逐步企稳回升。同时，美国2月消费者信心意 外上升至5 ...

Market Performance - Japanese Nikkei 225 index increased by 5% to 57,095.65, while the South Korean KOSPI index rose over 4% to 5,304.93 [1][2] - The Australian S&P 200 index saw a modest increase of 0.45%, closing at 8,850.20, and the Indian market rose by 0.32% to 83,580.40 [2] Precious Metals - Spot gold prices rose to approximately $5,000 per ounce, while spot silver prices surpassed $80 per ounce [1] - London gold and silver prices increased by 1.03% and 2.66%, respectively, with gold at $5,017.534 and silver at $79.851 [3] - COMEX gold futures rose by 0.37% to $4,998.2, while COMEX silver futures increased by over 4% to $80.13 [3] Market Trends and Analysis - The international precious metals market is experiencing significant volatility, with both gold and silver showing sharp price fluctuations [8] - Research from Zhengxin Futures indicates high uncertainty in the market, suggesting a cautious approach, while maintaining a long-term bullish outlook on precious metals due to geopolitical tensions and central bank purchases [8] - China Galaxy Securities notes that the market may continue to experience a consolidation phase, with attention on the U.S. January CPI data to gauge inflation persistence and adjust Federal Reserve policy expectations [8] - The core logic for gold's long-term bullish trend has shifted from short-term interest rate speculation to hedging against long-term dollar credit risks and global monetary system restructuring [8]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Views - The report indicates that the volatility in precious metals has reached its peak, with gold stabilizing around 4,400 USD and domestic gold at approximately 1,000 CNY. The report suggests that the recent fluctuations in precious metals have created a potential buying opportunity for gold [5] - Copper prices have seen a decline of 3.45%, but there is positive feedback from downstream demand, indicating a potential recovery as prices stabilize around 100,000 CNY per ton [6] - Aluminum prices dropped by 5.07%, yet there are signs of improved demand from downstream sectors, suggesting a buying opportunity in the context of supply disruptions and increased storage needs [6] - Tantalum prices have risen significantly due to supply shocks, with prices reaching 3.57 million CNY per ton, reflecting a 6.57% weekly increase and a 26.6% increase year-to-date [7] - Tungsten prices have also increased, driven by supply tightness and pre-holiday stocking, with long-term prices rising significantly [8] Summary by Relevant Sections Industry Performance - The industry index for non-ferrous metals has decreased by 7.58%, ranking 32nd among sectors [17] Prices - Basic metals: LME copper decreased by 0.08%, aluminum by 0.81%, zinc increased by 0.39%, lead decreased by 1.48%, and tin decreased by 6.81% - Precious metals: COMEX gold increased by 1.65%, silver decreased by 9.06%, NYMEX palladium increased by 0.65%, and platinum decreased by 3.71% [20] Inventory - Global visible inventories for basic metals: copper increased by 22,978 tons, aluminum by 5,712 tons, zinc by 220 tons, lead by 33,662 tons, tin decreased by 1,818 tons, and nickel increased by 3,396 tons [34]

（文章来源：每日经济新闻） 每经AI快讯，港股贵金属股盘初拉升，万国黄金涨超5%，中国白银集团涨近5%，潼关黄金、紫金矿业 均涨超4%。 ...

Group 1 - Hong Kong precious metal stocks experienced a significant rise in early trading, with WanGuo Gold (03939.HK) increasing by over 5% [1] - China Silver Group (00815.HK) saw a nearly 5% increase, while Tongguan Gold (00340.HK) and Zijin Mining (02899.HK) both rose by over 4% [1] - Other companies such as Chifeng Jilong Gold Mining and Zijin Gold International (02259.HK) also reported gains of over 3% [1]