周四（1月29日）开盘后，国际贵金属市场牛市行情再迎极致演绎，现货黄金开盘后延续冲高态势，历 史首次突破5500美元/盎司整数关口，国内期货市场同步狂飙，沪金主力合约日内暴涨8.00%，强势突破 1200元/克整数关口，续创历史新高，本月累涨超25%。国际期货端同样亮眼，COMEX黄金期货价格首 次触及每盎司5600美元大关，刷新历史新高，目前回落至5545美元/盎司附近。自本周一突破5000美元 以来，金价在四天内累计涨幅已超500美元。 受此影响，部分国内品牌金饰价格也创历史新高，单日上涨百元左右，首次站上1700元。1月29日周大 福报价1706元/克，上涨88元/克；老庙黄金报价1722元/克，上涨104元/克；周生生报价1708元/克，上涨 94元/克；老凤祥为1713元/克，上涨93元/克。 1月28日上海黄金交易所发布通知，对白银延期合约交易保证金水平和涨跌停板比例进行调整，自2026 年1月30日（星期五）收盘清算时起，Ag（t+d）合约的保证金水平从19%调整为20%，下一交易日起涨 跌幅度限制从18%调整为19%。 此外，芝加哥商品交易所（CME）当地时间27日发布通知，对部分白银、铂金和 ...

28日，上海黄金交易所通知，对白银延期合约交易保证金水平调整为20%，涨跌幅限制调整为19%。另外， 上期所也调整黄金白银、镍等期货相关合约涨跌停板幅度和交易保证金比例。 随着美元指数持续下跌，国际金价已连续7个交易日拉升，连续突破5000美元/盎司、5100美元/盎司、5200美 元/盎司、5300美元/盎司。面对贵金属的飙升和资金的不断涌入，国内金融机构正在加强风控和投资者风险提 示。 除了上金所和上期所，芝商所当地时间27日发布通知，对部分白银、铂和钯期货合约的保证金参数进行调整。 其中，部分白银合约的新保证金比例高于此前水平，约为名义价值的11%。 除了门槛提高，投资者适当性管理也在加强。2025年来，中信银行、宁波银行、中原银行等多家先后采取类似 措施，将黄金相关业务准入等级上调至C3（平衡型）或与之对应的级别，这反映出银行业在黄金市场高位震 荡背景下，加强风险提示和投资者保护的力度。 进入2026年，更多银行加入。1月6日，工行将对个人客户积存金业务风险承受能力等级进行调整，从此前 的"取得C1－保守型及以上的评估结果"提升至"取得C3-平衡型及以上的评估结果"。1月26日，农行发布公告 称，自1 ...

【导读】农业银行对个人积存金业务增加风险承受能力测评准入 中国基金报记者 忆山 继工行之后，又一家国有大行调整个人积存金业务准入门槛。 1月26日，农业银行发布《关于存金通黄金积存业务增加风险承受能力测评要求的公告》，宣布自1月30 日起，取得谨慎型及以上评估结果的个人投资者方可办理积存金业务。 二、已签约客户的卖出、提货，有效期内定投计划的执行和终止，以及解约等操作，不受上述条件的限 制。 三、建议客户提高风险防范意识，基于自身财务状况和风险承受能力理性办理存金通黄金积存业务。 此前，个人客户在农业银行办理存金通黄金积存业务时，并无强制风险评估的要求。最新公告的落地， 意味着该行积极响应监管要求，强化投资者适当性管理。 多家上调准入门槛 目前来看，国有大行对个人客户积存金业务普遍设置了风险承受能力准入等级门槛。 其中，工商银行自2026年1月12日起，要求C3（平衡型）及以上的个人客户方可办理积存金业务，成为 开年以来首家提高个人积存金业务准入门槛的国有大行。 增加风险承受能力测评准入 农业银行表示，为落实监管要求，进一步保护金融消费者权益，该行将对个人客户参与存金通黄金积存 交易增加风险承受能力测评准入。 ...

Core Viewpoint - The recent surge in gold and silver prices is driven by geopolitical factors, expectations of interest rate cuts by the Federal Reserve, and increased industrial demand, leading to a positive outlook for precious metals in the medium to long term [2][3][8]. Price Movements - As of January 12, gold reached a record high of $4610.68 per ounce, with a daily increase of over 2%, while silver rose more than 7% to surpass $85 per ounce, also setting a new historical record [2][3]. - International gold and silver futures hit historical highs of $4612.7 per ounce and $84.69 per ounce, respectively, with daily increases of 2% and 5% [3]. ETF Performance - Gold ETFs collectively rose, with the Guotou Silver LOF increasing by 7.11% [3]. - In the first seven trading days of 2026, gold ETFs saw net subscriptions exceeding 400 million shares, with the Huazhang Gold ETF approaching a scale of 100 billion yuan [3]. Institutional Insights - UBS Wealth Management raised its price forecast for gold, increasing target prices for March, June, and September 2026 from $4500 to $5000 per ounce, with a slight decline expected to $4800 by the end of 2026 [4]. - Analysts from various institutions express optimism about the long-term performance of gold and silver, citing a shift in investment logic towards strategic hedging against long-term structural risks [8][9]. Banking Sector Response - In response to high gold prices, banks are tightening risk management for gold-related businesses, raising the entry threshold for gold accumulation business to a balanced investment level [5][6]. - Several banks have launched structured deposits linked to gold, offering varying expected annual returns based on gold price fluctuations [6][7]. Industrial Demand - Increased demand for gold from central banks and industrial sectors such as photovoltaics, electric vehicles, and AI infrastructure is contributing to rising gold and silver prices [3][9].

Core Viewpoint - The gold jewelry market is experiencing a price surge, with brands like Chow Sang Sang and Chao Hong Ji announcing significant price increases for their products as the new year begins [3][18]. Price Increases - Chow Sang Sang has recently raised prices on certain gold jewelry items, with increases ranging from 200 to 1500 yuan [18]. - Chao Hong Ji is set to implement its first price adjustment of the year next week, with some popular items seeing price hikes of nearly 20,000 yuan [3][12]. - For example, a specific necklace from the "Sheng Sheng You Xi" series has increased by 15,200 yuan, reflecting a significant price trend over the past year [6][11]. Historical Price Trends - The "Sheng Sheng You Xi" series necklace, weighing 53.1 grams, now costs 2,560 yuan per gram, marking a nearly 100,000 yuan increase over the past year and a sevenfold increase over the last decade [6]. - A buyer who purchased a similar necklace in April 2024 for 45,000 yuan noted the drastic price changes, while another buyer from around 2016 reported an initial price of 20,000 yuan [6]. Market Dynamics - As of January 9, major gold jewelry brands are reporting prices close to 1,400 yuan per gram, with Chow Sang Sang and Chao Hong Ji pricing at 1,398 yuan per gram [18][21]. - The international gold price has seen a strong start to 2026, with a nearly 200 USD increase in the first three trading days, reaching 4,500.640 USD per ounce [21]. Consumer Sentiment - There is a growing perception among consumers that gold jewelry is increasingly becoming a luxury item [19].

Group 1 - The core viewpoint of the articles highlights the mixed performance of international precious metal futures, with COMEX gold futures rising by 0.57% to $4487.90 per ounce, while COMEX silver futures fell by 1.19% to $76.69 per ounce. This fluctuation is attributed to the easing signals from U.S. fiscal and monetary policies, alongside rising geopolitical risks and economic data that have heightened risk-averse sentiment, thereby increasing the asset allocation value of gold and other precious metals [1][4] - Analysts note that gold has experienced historic price increases in recent years, repeatedly setting price records, which has drawn investor attention as they seek stability amid persistent inflation concerns, changing interest rate expectations, and global uncertainties. In contrast, silver prices are also rising, but for different reasons, with factors extending beyond mere risk aversion [1][4] Group 2 - For investors considering adding gold or silver to their portfolios in January, the choice between the two metals is not solely based on their recent performance. Gold is favored for its stability and long-standing role as a defensive asset during uncertain times, while silver offers more volatility, industrial influence, and potential for higher returns, albeit with greater risks [4] - Recent reports indicate a sustained interest in gold investments domestically, with banks focusing on gold accumulation. Starting January 12, the Industrial and Commercial Bank of China will raise the risk admission level for personal gold accumulation business to C3 (balanced type) and above. Previously, several banks have adjusted their rating admission thresholds, meaning that low-risk investors who do not meet the threshold will be unable to engage in related business [4]

Group 1 - The restructuring of two major energy state-owned enterprises, China Petroleum & Chemical Corporation and China Aviation Oil Group, has been approved by the State Council, aiming to enhance supply chain efficiency and reduce costs [3] - Vanke A announced the retirement of its representative manager Yu Liang after 35 years, with the board set to complete the director replacement process soon [3] - Gold has officially surpassed U.S. Treasury bonds to become the largest reserve asset globally for the first time in 30 years, with a value of $3.93 trillion compared to $3.88 trillion for U.S. bonds [3] Group 2 - The Ministry of Commerce held a press conference addressing recent hot topics, including the evaluation of Meta's $2 billion acquisition of AI platform Manus, which must comply with Chinese laws [4] - The Vice Minister of Finance expressed confidence in China's economic growth, welcoming deeper cooperation with the London Stock Exchange Group [4] - The U.S. President has agreed to promote a bill aimed at strengthening sanctions against Russia, impacting countries like China and India regarding cheap Russian oil purchases [4] Group 3 - Guangzhou has introduced a plan to build a strong advanced manufacturing city, focusing on five strategic industries including AI, semiconductors, and new energy [5] Group 4 - The A-share market showed slight fluctuations, with the Shanghai Composite Index down 0.07% and the Shenzhen Component down 0.51%, while the total market turnover reached 2.83 trillion yuan [6] - The Hong Kong stock market experienced a decline, with the Hang Seng Index down 1.17% [6] - The margin financing balance in the A-share market reached a historical high of 2.6047 trillion yuan, marking a significant increase [6] Group 5 - Ping An Life announced its fourth stake increase in China Merchants Bank H-shares, holding 20% of the total share capital [7] - HSBC and Hang Seng Bank announced the approval of HSBC's proposal to privatize Hang Seng Bank, with shares expected to be delisted [7] - There are reports that Bawang Tea Princess is considering an IPO in Hong Kong, potentially raising several hundred million dollars [7] Group 6 - The market regulator has warned major polysilicon companies against monopolistic practices, emphasizing the need for fair competition [9] - The Ministry of Industry and Information Technology held a meeting addressing irrational competition in the battery industry, calling for better capacity management [9] - The Chinese automotive market has seen a wave of promotions from various manufacturers, indicating a positive growth outlook for 2026 [9] Group 7 - The Sichuan Provincial Medical Insurance Bureau has set the costs for invasive brain-computer interface procedures at various public medical institutions [10] - The AI search market is undergoing significant changes, with Google Gemini's daily web visits increasing by 24% while ChatGPT's visits decreased by 9% [10] Group 8 - Tether has launched a new unit called Scudo, representing one-thousandth of a gold ounce, aimed at lowering transaction barriers [11] Group 9 - NVIDIA has requested full prepayment for its H200 AI chips from overseas customers amid regulatory uncertainties, with orders exceeding 2 million units [12] - Apple announced that CEO Tim Cook's total compensation for 2025 will be $74.3 million, and JPMorgan will replace Goldman Sachs as the issuer of Apple's credit card [12] - Glencore confirmed discussions with Rio Tinto regarding a potential business merger, which may involve a full stock merger [12] Group 10 - Geopolitical tensions have led to a significant increase in Venezuelan assets following a U.S. military raid, with the Caracas stock index soaring by approximately 124% [18] - Samsung Electronics reported a 208.2% year-on-year increase in operating profit for Q4 2025, driven by rising storage chip prices [18]

Core Viewpoint - The precious metals investment market is experiencing regulatory changes as banks tighten access to gold accumulation services, with expectations of rising gold prices continuing among institutions [1][5]. Group 1: Regulatory Changes - Industrial and Commercial Bank of China (ICBC) announced an increase in the risk tolerance level for personal gold accumulation services to C3-Balanced and above, effective January 12, 2026, making it the first major state-owned bank to raise the entry threshold this year [1][3]. - The adjustment requires new customers to undergo a risk assessment and achieve a C3-Balanced rating or higher to participate in new gold accumulation activities, a significant increase from the previous requirement of C1-Conservative [3][5]. - Existing customers are not affected by this change and can continue to manage their accounts normally, but any new investments will need to meet the new risk level [3][5]. Group 2: Industry Trends - Other banks have followed suit, with several institutions raising the entry requirements for gold accumulation services since the second half of 2025, indicating a clear trend of enhanced risk control across the industry [5][6]. - Citic Bank and Zhongyuan Bank have also implemented similar measures, requiring customers to achieve a C3-Balanced rating for new agreements and investments [5][6]. - The tightening of access is seen as a necessary step for banks to fulfill their responsibilities in investor suitability management and to mitigate compliance risks [6]. Group 3: Market Outlook - Despite the tightening of access, international gold prices have been on the rise, with spot and futures gold prices surpassing $4,400 per ounce as of January 5, 2026 [7]. - Institutions like Goldman Sachs and UBS have optimistic forecasts for gold prices, predicting potential increases to $4,900 and $5,000 per ounce, respectively, by the end of 2026 [9]. - The volatility of gold prices is influenced by various factors, including the U.S. dollar exchange rate and geopolitical events, highlighting the need for investors to consider their risk tolerance when investing in gold-related assets [9].

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced adjustments to the risk assessment requirements for personal clients' accumulation gold business, aiming to enhance the protection of individual investors' rights amid recent market instability [1] Group 1: Risk Assessment Changes - The risk tolerance level for personal clients' accumulation gold business has been raised from C1 (conservative) to C3 [1] - Previously, clients were required to pass a risk assessment and sign a risk disclosure statement to engage in the accumulation gold business [1]

Core Viewpoint - Nanjing Bank announced adjustments to its personal gold accumulation business trading hours due to the closure of domestic and international gold markets during certain holidays in 2026 [1]. Holiday Trading Adjustments - **New Year**: Trading will be suspended from December 31, 2025, at 15:00 until January 4, 2026, reopening on January 5, 2026, at 9:30 [2]. - **Spring Festival**: Trading will be suspended from February 13, 2026, at 15:00 until February 23, 2026, reopening on February 24, 2026, at 9:30 [3]. - **Qingming Festival**: Trading will be suspended from April 3, 2026, at 15:00 until April 6, 2026, reopening on April 7, 2026, at 9:30 [4]. - **Labor Day**: Trading will be suspended from April 30, 2026, at 15:00 until May 5, 2026, reopening on May 6, 2026, at 9:30 [5]. - **Dragon Boat Festival**: Trading will be suspended from June 18, 2026, at 15:00 until June 21, 2026, reopening on June 22, 2026, at 9:30 [6]. - **Mid-Autumn Festival**: Trading will be suspended from September 24, 2026, at 15:00 until September 27, 2026, reopening on September 28, 2026, at 9:30 [7]. - **National Day**: Trading will be suspended from September 30, 2026, at 15:00 until October 7, 2026, reopening on October 8, 2026, at 9:30 [8]. - **Christmas**: Trading will be suspended from December 25, 2026, at 15:00 until December 28, 2026, reopening on December 28, 2026, at 9:30 [8].