Core Viewpoint - Silver stocks collectively rose, with notable increases in companies such as Coeur Mining, Endeavour Silver, First Majestic Silver, and Silvercorp Metals, driven by a surge in silver prices and industrial demand [1] Group 1: Market Performance - Silver stocks experienced significant gains, with Coeur Mining rising over 10%, Endeavour Silver and First Majestic Silver increasing over 7%, and Silvercorp Metals up by 3.6% [1] - Spot silver prices increased by more than 1%, surpassing $94 per ounce [1] Group 2: Demand and Supply Dynamics - The World Silver Association's latest report indicates that global industrial demand for silver will continue to grow over the next five years due to increased demand from sectors such as photovoltaics, AI, and electric vehicles [1] - By 2025, global silver supply is projected to be 32,100 tons, while demand is expected to reach 35,700 tons, with industrial silver accounting for 60% of total demand [1] - The global silver market has been in a structural deficit for five consecutive years, leading to a rapid depletion of physical inventories [1]

1月22日，在全球金融市场波动加剧的当下，RadexMarkets瑞德克斯认为，黄金作为避险资产的领头羊 地位已不可动摇。受地缘博弈引发的关税威胁以及主权债务风险的共振驱动，资金正以前所未有的规模 涌入贵金属市场。这种结构性的避险需求不仅推高了价格，更在市场中树立了极强的看涨信心。 当前的债市动荡正成为风险资产的主要压力源。RadexMarkets瑞德克斯表示，日本30年期国债收益率近 期已攀升至十年新高，反映出投资者对提前大选后货币政策走向的深度忧虑。在全球债市高度联动的背 景下，美国、英国及德国的长期国债收益率同步走高，这种融资成本的普遍提升直接抑制了全球股指的 表现，导致道琼斯、标普500及纳斯达克指数近期集体收跌。RadexMarkets瑞德克斯表示，根据最新交 易数据显示，金价已站稳4870美元上方，而美元指数则下探至98中段，这种反向走势进一步巩固了黄金 的溢价基础。 随着市场正式进入"避险模式"，传统信用资产的吸引力正在减弱。RadexMarkets瑞德克斯认为，虽然比 特币等数字资产在回撤至90000美元下方后表现出一定的修复力，但在宏观政策极度不确定的环境下， 实物黄金依然是避险资金的首选目 ...

2026 年 01 月 22 日 证券研究报告 | 金融工程周报 市场降温整固，成长优势延续 市场环境因子跟踪周报（2026.01.16） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524080001 电话：021-20321077 zhangshuai564576@cnhbstock.com 邮箱：zhangjunrui@cnhbstock.com 021-20515355 1、《A 股行情延续，成长风格占优—市场 环 境 因 子 跟 踪 周 报 （ 2026.01.09 ）》 2026-01-14 2、《贵金属行情火热，权益等待春季行情 —市场环境因子跟踪周报（2025.12.19）》 2025-12-24 3、《A 股调整稳固，商品趋势度提升—市 场环境因子跟踪周报（2025.12.12）》 2025-12-18 4、《市场维持震荡，风格轮动提速—市场 环 境 因 子 跟 踪 周 报 （ 2025.11.13 ）》 2025-11-13 5、《市场情绪仍偏高，警惕高位股调整 ...

本文所有内容仅基于公开信息进行客观梳理与解读，不构成任何投资建议。股市有风险，投资需谨慎， 股价短期异动受多重因素影响，投资者应当建立在自身风险承受能力和充分调研的基础之上，审慎做出 决策。 股价的持续走高同步引发市场情绪的升温，当日白银有色股吧讨论量激增。 本次白银有色斩获三连板的核心逻辑可归结为三点：其一，双重属性风口共振，白银兼具的避险属性与 工业属性同时迎来红利期，宏观与产业层面的双重利好形成合力，推升板块整体热度；其二，资金接力 效应显著，主力资金、北向资金、ETF 被动资金协同进场，形成资金合力，短线跟风资金进一步放大 行情；其三，异动公告的情绪加持，公司发布的异动公告未披露利空信息，反而强化了市场的看多信 心，吸引更多短线资金进场，最终推动三连板落地。 2026 年 1 月 22 日，白银有色（601212）延续强势走势，盘中强势拉满涨停板，最终以 10.04% 的涨幅 收盘，单股上涨 0.86 元，收盘价定格在 9.43 元。当日交易数据亮眼，成交量达 616.80 万手，成交额突 破 55.55 亿元，换手率攀升至 8.33%，顺利拿下三连板，在贵金属板块热度持续升温的背景下，成为当 日 A ...

2026 年 01 月 22 日 证券研究报告 | 金融工程周报 市场降温整固，成长优势延续 市场环境因子跟踪周报（2026.01.16） 021-20515355 1、《A 股行情延续，成长风格占优—市场 环 境 因 子 跟 踪 周 报 （ 2026.01.09 ）》 2026-01-14 2、《贵金属行情火热，权益等待春季行情 —市场环境因子跟踪周报（2025.12.19）》 2025-12-24 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524080001 电话：021-20321077 zhangshuai564576@cnhbstock.com 邮箱：zhangjunrui@cnhbstock.com 3、《A 股调整稳固，商品趋势度提升—市 场环境因子跟踪周报（2025.12.12）》 2025-12-18 4、《市场维持震荡，风格轮动提速—市场 环 境 因 子 跟 踪 周 报 （ 2025.11.13 ）》 2025-11-13 5、《市场情绪仍偏高，警惕高位股调整 ...

Core Viewpoint - The article discusses the significant rise in gold prices, driven by various factors including increased demand for gold ETFs and the failure of traditional safe-haven assets like U.S. Treasuries, yen, and Swiss franc to attract investment during times of uncertainty [4][8][12]. Group 1: Gold Price Performance - Since the beginning of 2026, gold prices have continued their strong performance from 2025, with prices rising from $4,300 per ounce to a peak of $4,650 per ounce, marking a historical high [6]. - The price of gold saw a dramatic increase of 90% within a year, from under $3,000 per ounce to over $4,400 per ounce by late October [6][7]. - Gold's long-term performance has been exceptional, with a cumulative increase of over 600% from 2000 to 2025, significantly outperforming major stock indices and bonds [10]. Group 2: Factors Driving Gold Prices - The core logic supporting the current rise in gold prices includes sustained purchases by central banks, steady demand from private investors, and the strengthening of gold's status as a safe-haven asset [12][13]. - In 2025, major economies entered a rate-cutting cycle, historically correlating with rising gold prices due to increased liquidity, reduced opportunity costs for holding gold, and a weakening dollar [15]. - The unusual rise in U.S. Treasury yields during the current rate-cutting cycle has raised concerns about the dollar's credibility, further driving investors towards gold [18]. Group 3: Changes in Market Participation - Gold ETFs have emerged as a significant source of new capital driving gold prices higher, with retail investors increasingly participating through these vehicles due to lower barriers to entry and higher liquidity compared to physical gold [20][22]. - The shift towards gold ETFs has altered the perception of gold, enhancing its financial attributes while diminishing its traditional role as a store of value [22][24]. - The influx of retail investment through gold ETFs has amplified market activity and contributed to the rapid price increases observed in 2025 [20][22]. Group 4: Broader Metal Market Trends - The overall metal market in 2025 has shown strength, with both precious and base metals experiencing significant price increases, driven by concerns over global resource supply chains [26][28]. - The protective trade policies of the Trump administration have heightened global anxieties regarding resource security, prompting countries to stockpile strategic metals like silver, copper, and aluminum [28][29]. - Silver and other precious metals have outperformed gold in 2025, reflecting their dual role as both safe-haven assets and essential industrial materials [29].

分析师：李亭函 登记编号：S0890519080001 分析师：张帅 登记编号：S0890524080001 研究助理：张君睿 投资要点 本报告统计时间为2026.01.12-2026.01.16 A股冲高回落，受政策指导，市场适时降温整固。根据我们宏观策略团队最新一期策略周报观点， 市场在指导下回归理性，短线题材有所调整。中长期视角下，市场整固后更益于慢牛上行，高景 气板块具备投资价值。短期内或许面临一定波动，仍建议优选景气度向上的行业待权重抛压减弱 后继续布局。 权益市场方面， 大小盘风格保持偏向小盘，价值成长风格保持偏向成长，趋势方向不变；市场风 格波动方面，大小盘风格波动和价值成长风格波动水平均上升至近一年高点，风格间收益差的波 动有所放大；市场结构方面，行业超额收益离散度出现反弹上升，行业轮动速度则继续在低位下 降，成分股上涨比例方面300和500出现明显下滑；交易集中度方面，前100个股成交额基本持平， 前5行业成交额占比小幅上升；市场活跃度方面，市场波动率除1000外均呈下降，而市场换手率保 持上升趋势。 商品市场方面， 能化板块和贵金属板块趋势强度上升，其他板块趋势强度有所下降；基差动量方 面 ...

Group 1 - The recent volatility in the gold market is attributed to the easing geopolitical risks surrounding Greenland, as indicated by a statement from U.S. President Trump regarding the non-use of force to acquire the territory [1] - On January 22, spot gold experienced a daily decline of 1.00%, reaching a low of $4777.23 per ounce before rebounding near the $4800 mark, while spot silver fluctuated between $90.79 and $94 per ounce [1] - The European Parliament has indefinitely postponed the vote on the U.S.-EU trade agreement until the U.S. returns to a cooperative stance, which has contributed to the reduction of market risk aversion [1] Group 2 - Analysts predict that the price of gold may rise less aggressively in 2026 compared to 2025, while copper is expected to show strong performance driven by increased investment in the power sector [2] - The price dynamics of gold and copper are influenced by different factors; gold is primarily driven by its safe-haven appeal, whereas copper's demand is linked to industrial applications, particularly in electricity transmission [2] - The relationship between gold and copper is complex; both are affected by U.S. monetary policy, but they respond differently to inflationary pressures, with high inflation favoring gold and moderate inflation benefiting copper [2][3]

黄金方面： 隔夜黄金跌破4800美元一线支撑，直接原因就是特朗普在格陵兰岛问题上态度发生改变，特朗普选择暂 时退让，市场避险情绪下降，进而带动黄金价格下跌。 特朗普取消了此前威胁对欧洲国家加征的关税，声称他已就格陵兰岛与欧洲达成了未来协议的框架，通 过该框架美国基本实现了对格陵兰岛的战略诉求。欧盟也将减轻来自经济方面的压力，欧美之间的关税 战可能因此而避免。 百利好特约智昇研究市场策略师鹏程认为，美欧双方虽暂时达成一致，但已经在欧洲埋下不信任的种 子，双方的矛盾只是被暂时压制，并未消除，地缘风险和经济风险依旧存在。 技术面：黄金日线并未跌破均线支撑，浪形可能延升。1小时周期低点上移，短线已经止跌，可关注下 方4800美元一线的支撑。 日经225方面： 日经225日线收阳线，对前期阴线形成反包，下方箱体支撑明显，上涨浪形可能延伸。1小时周期价格重 新进入前期箱体，已经形成趋势反转，短线可关注下方53180一线的支撑。 近期原油进入调整状态，地缘风险对油价的支撑力度正在减弱，原油供过于求的基本面依旧是困扰油价 的最大问题。 IEA最新月报显示，2026年全球原油需求略有上涨，因是经济前景改善以及原油价格下降，今年 ...

Market Overview - A-shares showed mixed performance last week with major indices fluctuating and trading volume declining from high levels [1][8] Macro Data Analysis - China's exports in December increased by 6.6% year-on-year in USD terms, exceeding market expectations and also showing month-on-month growth [4][13] - For the entire year of 2025, exports are projected to grow by 5.5%, making it the largest contributor to economic growth among the three driving forces [4][13] - The strong export performance in December is attributed to sustained external demand during the global manufacturing cycle and a rush to export due to reduced domestic tax rebates [4][13] - The new export orders index for China's manufacturing PMI rose by 1.4 percentage points to 49.0% in December, while JPMorgan's global manufacturing PMI recorded 50.4%, indicating robust external demand [4][16] - Key export items included computers, integrated circuits, and automobiles, with the latter showing the strongest growth, potentially influenced by the EU's proposed minimum import price policy for Chinese cars [4][16] - ASEAN remains China's largest export destination [4][16] Short-term Market Strategy - The market is experiencing a cooling phase after a period of heightened enthusiasm, with a rapid decline in trading volume and financing levels [8][18] - Factors supporting the market include favorable liquidity conditions, a weak dollar cycle, and a gradual appreciation of the RMB [8][18] - The spring rally is driven by hotspots in commercial aerospace and AI applications, enhancing market risk appetite [8][18] - Regulatory measures have been implemented to cool down the market due to the rapid accumulation of risks from strong momentum [8][18] - The market's trading heat is quickly diminishing, and short-term thematic trends may enter a consolidation phase [8][18] Mid-term Market Outlook - Technology growth remains a favored direction, with expectations of improving economic fundamentals gradually accumulating [9][19] - The current economic fundamentals and technology narratives have not fundamentally changed, and the technology sector remains a priority for allocation [9][19] - Defensive dividend sectors may enter an observation period, with potential for fund allocation if aggressive sectors continue to face pressure [22] Long-term Market Perspective - The long-term dynamics of the US-China struggle are becoming clearer, with increasing skepticism about the US government's governance and institutional credibility [10][20] - Despite uncertainties in the US economic outlook and the Fed's interest rate cuts, the credit of the dollar remains intact [10][20] - The trend of long-term capital inflow into the Chinese equity market is expected to strengthen due to regulatory policies promoting passive investment products [10][20] - The increase in equity market profitability is likely to encourage residents to allocate more of their excess deposits into the stock market [10][20] Industry Insights - For defensive dividend sectors, a short-term observation period is recommended, with attention to potential fund allocation in response to worsening market sentiment [22] - In aggressive sectors, technology remains a key focus, particularly in AI and commercial aerospace, which are expected to continue driving performance [22] - The market should monitor the stabilization of AI applications and aerospace sectors for potential investment opportunities [22]