1月29日，A股贵金属、黄金板块剧烈震荡，指数早盘大涨后高台跳水，随后再度震荡拉升。个股方 面，中国黄金五连板，晓程科技涨超10%领涨，西部黄金、湖南黄金涨停，招金黄金、四川黄金、中金 黄金等多只概念股跟涨。此前备受市场关注的湖南白银盘中跌超7%后震荡拉升。 策略上，中辉期货认为，地缘、美联储独立性等短期多个问题反复、但又悬而未决。国内黄金短期支撑 在1100元/克。国内白银支撑在25000元/千克。2026年贵金属整体支撑仍然较强，长期做多的逻辑不 变。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 消息面上，COMEX黄金盘中一度突破5600美元，达5626.8美元/盎司，伦敦金现逼近5600美元，均再创 历史新高。随后黄金大幅回落超100美元，盘中再度震荡拉升。美联储主席鲍威尔关于通胀成因与央行 独立性的表态，以及地缘局势的扰动，成为本轮黄金异动的催化剂。 ...

Core Viewpoint - International gold prices have surpassed $5,500, but A-share gold stocks have shown a more subdued response, with several companies issuing risk warnings regarding potential market volatility [1] Group 1: Market Performance - Gold concept stocks experienced a surge followed by a pullback, with companies like Cuihua Jewelry hitting the daily limit down, and others such as Guocheng Mining, Chaohongji, Zhou Dasheng, and Laofengxiang also declining [1] - China Gold, which has seen a four-day stock increase, warned of potential market overheating and the risk of a price drop after significant short-term gains [1] Group 2: Company Announcements - Yuguang Gold Lead announced a low raw material self-sufficiency rate, indicating that a future decline in silver prices could negatively impact its performance [1] - Sichuan Gold highlighted that its gold concentrate product prices are highly sensitive to gold price fluctuations, suggesting that significant volatility in gold prices could adversely affect its operational results [1] Group 3: Earnings Forecasts - Two gold concept stocks released earnings forecasts, with Xiaocheng Technology projecting a 93.32% year-on-year increase in net profit to $179.24 million for 2025, and Hunan Silver forecasting a 67.88% increase to $126.78 million [1] - Both companies attributed their positive earnings outlook to the rising prices of precious metals [1]

Group 1 - Gold T+D trading at approximately 1248 CNY per gram, with a current price of 1241.15 CNY per gram, reflecting a 6.72% increase, and a daily high of 1248.99 CNY per gram and a low of 1177.25 CNY per gram, indicating a bullish short-term trend [1] - The Federal Reserve's first meeting of 2026 concluded with no change in interest rates, which was expected, while Powell avoided sensitive topics such as pressure from Trump and the dollar's fluctuations [1] - The most notable event was Fed Governor Waller voting against the majority for a 25 basis point rate cut, aligning with Trump's low-rate agenda, which increased his nomination probability from 8% to 14% on Polymarket [1] Group 2 - Waller's political maneuvering has drawn criticism, suggesting he may have compromised his reputation for personal advancement, as previous economic data contradicts his rationale for supporting rate cuts [2] - Despite Waller's expertise and previous accurate predictions, his recent political voting behavior has undermined his image as a data-driven decision-maker [2] - The gold T+D market shows strong bullish sentiment, with significant increases in trading volume and a technical breakout pattern, supported by expectations of a shift in Fed policy and weakened dollar credibility [3]

Investment Rating - The report initiates coverage on TBEA Co., Ltd. with a "Buy" rating and sets a target price of 33.31 RMB, corresponding to a 2026 PE of 22X [1][7]. Core Views - The report highlights that TBEA's multiple business segments are entering a phase of upward momentum, with the power transmission and transformation business expected to benefit from global high-pressure equipment shortages, leading to accelerated international expansion [1][17]. - The gold business is experiencing simultaneous increases in both volume and price, while coal and polysilicon sectors are also showing signs of recovery, indicating strong upward profit elasticity for the company in 2026-2027 [1][17]. - The report emphasizes that TBEA is a leading player in the energy equipment sector, with a diversified portfolio that includes power transmission, energy, new energy, and new materials, positioning the company for robust growth [23]. Summary by Sections Power Transmission and Transformation - TBEA is a leading private transformer manufacturer in China, with integrated capabilities in high-voltage cables, accessories, and construction services. The company is witnessing rapid growth in overseas orders, with international market product contracts exceeding 7 billion USD in 2023 and 12 billion USD in 2024, reflecting a year-on-year growth of 65.9% in the first half of 2025 [2][18]. - The domestic market is also expected to see a significant increase in grid investment during the 14th Five-Year Plan, with TBEA's market share in main grid tenders continuing to rise, providing a solid foundation for future growth [2][18]. Resource Products - The gold mining segment is currently in a rapid capacity release phase, with projected production increasing from 2.2 tons in 2024 to 3.6 tons in 2027, potentially generating revenues of 19.8 billion RMB to 46.4 billion RMB during this period, with year-on-year growth rates of 65.9% to 29.2% [3][19]. - TBEA's coal business benefits from low-cost open-pit mining resources, with a production cost of only 177 RMB per ton in the first half of 2025. The company is also developing a coal-to-gas project that is expected to enhance profitability [3][20]. - The polysilicon segment is anticipated to achieve significant cost reductions, with cash costs expected to decrease by approximately 18% in the first half of 2025, allowing the company to return to cash flow breakeven [4][21]. Market Perspective - The report notes a divergence from market perceptions, indicating that TBEA's diverse business segments are now in an upward cycle, contrary to the prevailing view that the company is being dragged down by its renewable energy and coal businesses [5][22]. - The company is positioned to leverage its strengths in various sectors, including power transmission, coal-to-gas, gold production, and polysilicon, to drive future growth and profitability [5][22].

转自：新华财经 新华财经北京1月29日电（王媛媛）市场早盘冲高回落，沪指和创业板指小幅收跌，科创50指数跌超 1%。截至午间收盘，沪指报4147.15点，跌0.10%；深证成指报14344.96点，涨0.01%；创业板指报3322 点，跌0.05%。沪深两市半日成交额2.02万亿元，较上个交易日放量1039亿元。 太空旅游：加快迭代形成亚轨道和轨道太空旅游飞行器产品，完成相关无人或有人飞行验证，建立完善 的太空旅游运营体系，实现亚轨道太空旅游航班化运营，逐步发展轨道太空旅游。 盘面热点 盘面上，贵金属概念反复活跃，西部黄金7天4板，中国黄金5连板，湖南黄金4连板。油气股延续强势， 通源石油涨超10%。AI应用概念表现活跃，浙文互联8天4板，因赛集团、粤传媒涨停。银行板块持续走 高，青岛银行涨停。房地产板块震荡反弹，大悦城、三湘印象、我爱我家涨停。下跌方面，半导体产业 链走势较弱，北京君正、神工股份跌超6%。 个股方面，全市场超2800只个股下跌。 机构观点 中信建投：预计由AI等带来的光纤需求将持续较快增长：一是考虑到全球光模块需求量在2026年仍将 大幅增长，则对应光纤需求也将随之增长（主要为Scale o ...

今日早盘，A股三大指数盘中集体翻绿，沪指窄幅震荡，创业板指冲高回落，科创50指数跌超1%。沪深两市半日成交额2.02万亿，较上个交易日放量 1039亿。盘面上热点快速轮动，全市场超2800只个股下跌。 从板块来看， 贵金属概念反复活跃， 西部黄金7天4板，中国黄金5连板，湖南黄金4连板。油气股延续强势，通源石油涨超10%。 AI应用 概念表现活跃， 浙文互联8天4板，因赛集团、粤传媒涨停。银行板块持续走高，青岛银行涨停。房地产板块震荡反弹，大悦城、三湘印 象、我爱我家涨停。 下跌方面，半导体产业链走势较弱，北京君正、神工股份跌超6%。截至收盘，沪指跌0.1%，深成指涨0.01%，创业板指跌0.05%。 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 准确 快速 权威 专业 ...

黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样本，以反映内 地与香港市场中黄金产业上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证沪深港黄金产业股票指数(931238)前十大权重股分别为紫金矿 业、山东黄金、中金黄金、赤峰黄金、招金矿业、山金国际、山东黄金、紫金矿业、紫金黄金国际、湖 南黄金，前十大权重股合计占比63.58%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基 ...

记者丨曾静娇 编辑丨刘雪莹 视频丨许婷婷 1月29日早盘，亚太股市跌多涨少，A股三大指数涨跌不一，恒生指数盘中拉升翻红， 印尼股市熔断，恢复交 易继续暴跌近10% 。黄金白银价格续刷新高。 据新浪财经报道，印尼金融监管机构和证券交易所将于北京时间14点就近期股市发展情况向媒体发表讲话。 具体来看，A股三大指数开盘涨跌不一，截至午盘，沪指、创业板飘绿，深成指小幅上涨， 科创50指数跌超 1%。全市场超2800股下跌。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4147.15 | 14344.96 | 1863.50 | | -4.08 -0.10% +2.07 +0.01% -17.06 -0.91% | | | | 万得全A | 创业板指 | 北证50 | | 6864.30 | 3322.00 | 1563.78 | | +1.03 +0.01% -1.56 -0.05% +1.33 +0.08% | | | | 沪深300 | 中证500 | 中证A500 | | 4713.50 | 8605.49 | 5950.84 | | -4.49 -0.10% +4 ...

截至2026年1月29日 10:57，中证沪深港黄金产业股票指数(931238)强势上涨2.91%，成分股晓程科技上 涨12.31%，中国黄金上涨10.02%，西部黄金上涨10.01%，湖南黄金，白银有色等个股跟涨。黄金股票 ETF基金(159322)上涨1.16%，最新价报2.53元。 贵金属板块继续大涨，消息面上，现货黄金首次突破5500美元/盎司大关。此外，法兴银行预计年底前 黄金价格将达到每盎司6000美元。 国泰海通证券分析指出，在供需紧平衡格局下，宏观因素对贵金属价格走势更具决定性影响；2026年美 联储降息预期延续、区域博弈加剧及美元信用弱化趋势共同推升避险需求，而全球央行持续增持黄金作 为外汇储备替代资产的行动，叠加黄金ETF资金流入回暖，将持续为金价提供坚实底部支撑。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样本，以反映内 地与香港市场中黄金产业上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证沪深港黄金产业股票指数(931238)前十大权重股 ...

Group 1 - The A-share market showed mixed performance on January 29, with strong rebounds in AI applications and software, while hardware sectors adjusted [1] - The A500ETF fund (512050) remained stable, with a slight decline of 0.16% as of 11:17, while stocks like BlueFocus, Jiejia Weichuang, Hunan Gold, Keda Manufacturing, and iFLYTEK performed well [1] - The Federal Reserve decided to maintain interest rates during its January meeting, which was in line with market expectations, although two voting members opposed the decision, advocating for a 25 basis point cut, indicating internal divisions within the committee [1] Group 2 - Domestic market sentiment continues to recover, with significant capital reductions in various broad-based ETFs, leading to varying levels of support across different industries and stocks [2] - The market confidence is expected to recover further, particularly in sectors that are relatively undervalued and can present a logical narrative, with a focus on the consumer chain and real estate sectors potentially seeing noticeable recovery [2] - The A500ETF fund (512050) offers investors a way to access core A-share assets, benefiting from low fees (only 0.2%), good liquidity (highest average daily trading volume in its category over the past year), and a large scale (over 40 billion) [2]