美国可通过该方式获取全球范围内的服装、石油、矿石等实体商品，多国经济总量将出现虚增，同时推 高全球通胀水平，普通劳动者收入将因美元供给增加被稀释，购买力同步下降。 如果美国新增印发两万亿美元并用于全球采购商品，将对全球经济产生多维度连锁影响。 若美国再次大规模投放美元，市场对美元的信任度或将进一步下降，美元购买力可能出现实质性削弱。 若新增美元无法顺利流出美国本土，将直接推高美国国内通胀水平，加重民众生活压力，同时加剧美国 国债发行难度，对本国金融系统稳定性形成冲击。 当前，多国已针对美元超发风险采取应对措施。多国央行开启黄金储备增持操作，贸易结算环节加速推 进本币结算，沙特等产油国已采用人民币开展石油贸易，去美元化进程已进入落地实施阶段。 从生产端来看，制造业大国的原材料价格将率先上涨，铜、铁、铝、锂等工业核心物资将出现抢购潮， 工厂进货成本大幅抬升，企业利润空间被持续压缩，终端消费品价格上涨压力最终将传导至全球消费 者。2021年至2022年间，美国大规模美元投放引发全球原材料价格大幅上涨，终端消费品价格随之攀 升，同期美元购买力出现稀释，劳动者实际收入承压，即为类似传导路径的体现。 金融市场层面，新增投 ...

川观新闻记者 王若晔 2月6日，记者从四川省自然资源厅获悉，该厅日前已发出通知，开启社会资本投入战略性矿产调查试点 项目申报工作。通知明确了相关申报流程与实施要求，项目申报单位须在2026年3月31日前提交材料， 省自然资源厅提供申请项目范围预查询服务。截至目前，已有6家单位提交申报材料，另有十余家单位 有申报意向。 作为社会资本参与战略性矿产调查全国四个试点地之一，此前，四川印发实施方案，明确在省内攀枝花 市、绵阳市、广元市、达州市、巴中市、雅安市、阿坝州、甘孜州、凉山州等9个市（州）开展试点， 试点矿种为铁、铜、镍、金等战略性金属矿产。 试点采用"订单式"和"众筹式"两种地质调查模式。其中，"订单式调查项目"由地勘单位、矿山企业自筹 资金，谁申报、谁实施；"众筹式调查项目"由四川省属国有企业牵头，众筹社会资本，重点攻关镍、 铬、碲、铋等4个国家紧缺矿种。项目需按绿色勘查要求，实施周期原则上不超过1年。 值得一提的是，调查项目形成的出让建议区块，经论证评级等流程后，将纳入出让项目库，3个月内组 织出让。四川建立阶梯式激励补偿机制，根据出让收益成交价，矿业权竞得人将另行给予调查单位阶梯 式激励补偿，最高可达5 ...

Core Viewpoint - The recent significant drop in international gold and silver prices has led to consecutive trading halts for A-share precious metal stocks, resulting in substantial losses for investors. However, the Secretary of the Board of Directors of Xinyi Silver Tin, Sun Kai, took a contrarian approach by increasing his stake in the company during this downturn, which has yielded him considerable returns [1][3]. Group 1: Stock Performance and Investment Actions - On January 30 and February 2, 2026, Xinyi Silver Tin's stock experienced two consecutive trading halts. On February 3, the stock hit a third trading halt, where Sun Kai made his sixth purchase of company shares at the limit price of 49.83 yuan, increasing his total holdings to 240,000 shares, valued at over 12 million yuan [1][4]. - Sun Kai's total investment in the company amounts to approximately 3.572 million yuan across six purchases, with a current floating profit of about 877.6 thousand yuan, reflecting a significant return on investment [7]. - The stock price of Xinyi Silver Tin closed at 53.40 yuan on February 4, 2026, with a market capitalization of 94.8 billion yuan [1]. Group 2: Company Financial Performance - Xinyi Silver Tin's main business includes the mining and smelting of non-ferrous and precious metals, with a strong reserve of mineral resources and leading production capabilities in its sector [8]. - The company's revenue has seen explosive growth, with reported revenues of 2.086 billion yuan, 3.706 billion yuan, and 4.270 billion yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were 174 million yuan, 969 million yuan, and 1.530 billion yuan [8]. - In the first three quarters of 2025, the company achieved a revenue of 4.099 billion yuan, a year-on-year increase of 24.36%, while net profit grew by 4.94% [8]. Group 3: Information Disclosure and Governance - Despite strong financial performance, Xinyi Silver Tin has faced challenges in information disclosure, receiving a C rating for six consecutive years from 2019 to 2024. The company has been subject to regulatory scrutiny, including a warning related to inadequate risk disclosures [9][11]. - The company attributes its low information disclosure rating primarily to the high pledge rate of its controlling shareholder's equity, rather than deficiencies in its disclosure practices [11].

记者|章光日 编辑|程鹏吴永久杜恒峰校对|陈柯名 1月30日和2月2日，兴业银锡股价连续两个跌停。在2月3日开盘后，公司股价继续跌停，兴业银锡董秘孙凯在当日跌停板位置第六次增持公司股份。目前 持股数量达到24万股，持股市值超过1200万元。相较于孙凯的买入总金额，其目前浮盈近900万元。孙凯自2011年开始担任兴业银锡董秘，但2011年至 2024年，公司的信息披露评价不如人意，最近6年连续为C。 截至2月4日收盘，兴业银锡股价收于53.40元，市值达948亿元。 董秘股神级操作： 六次增持浮盈近900万元 2026年2月3日盘后，兴业银锡发布了关于公司董事、高级管理人员购买公司股票的公告。该公告显示，基于对公司未来发展的信心及长期投资价值的认 可，公司董事、副总裁兼董事会秘书孙凯，于2026年2月3日通过集中竞价交易方式买入公司股份4万股，增持均价为49.83元，增持金额为199.32万元。 | 姓名 | 职务 | 增持 | 增持日期 | 增持股数 | 增持均价 | 成交金额(元) | 增持后持股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

Group 1: Historical Price Trends - Historical price trends of commodities follow a sequence: precious metals, industrial metals, petrochemicals, and agricultural products[9] - Since 1970, there have been five significant commodity bull markets, defined by a price increase of over 50%[10] - The typical price increase sequence occurs in less than one quarter for precious metals, about two quarters for petrochemicals, and approximately one quarter for agricultural products[12] Group 2: Current Market Dynamics - Current market dynamics are influenced by domestic industrial transformation and global political changes[28] - Commodities closely tied to traditional industries, such as real estate, are expected to perform poorly due to reduced demand elasticity[30] - Emerging economies are expected to drive future demand growth, with a decoupling from developed economies observed[30] Group 3: Price Increase Pathways - The current price increase is characterized by external rather than internal factors, focusing on two main lines: industrialization in emerging economies and geopolitical tensions affecting import prices[43] - The first main line involves price increases driven by industrialization in emerging economies, which is expected to continue due to China's support[44] - The second main line is influenced by geopolitical risks, which can directly threaten commodity prices and create cost transmission effects[44] Group 4: Investment Outlook - The report is optimistic about the price outlook for the chemical and agricultural sectors while being conservative about commodities closely related to the real estate chain[44] - Risks include market performance falling short of expectations, insufficient pricing of geopolitical risks, and potential underperformance in industry development[45]

国际局势不稳，黄金大涨尚且可以理解。不承担货币责任，扛不起通胀属性的白银也一飞冲天。1月29 日，现货白银日内涨约2.85%，站上纪录新高120美元/盎司，更有人看涨到160美元/盎司。 还有铜，进入2026年，上海期货交易所的铜期货价格一度突破每吨10万元大关。 万万没想到，商业航天之后，黄金、白银等有色又硬气起来了，力压AI应用等，成了新一轮的主线。 2025以来，银行、算力、光模块、芯片......主线换了一批又一批人。你永远猜不到，下一个主线是什 么？ 黄金、白银带头 太猛了！黄金现货从5200美元/盎司一度飙升至5600美元/盎司，多次创纪录，两日涨幅达400美元。 在黄金这条链条上，从期货到现货，再传导到国内市场，金饰品牌纷纷涨价，相关公司股价也大涨特 涨。 这三个算涨得最猛的可谓交替上涨。三者有什么共同性？ 在元素周期表中，它们都属于IB族金属（铜副族），都具有良好的延展性，可以改造成你想要的任何形 象，尤其是黄金。马斯克说过：金银天然是货币。历史上，金银确实都充当过货币的用途，直到今天， 黄金与货币也很难完全割裂。 这背后是宏观环境、供需格局与资金情绪的多重力量共振。 第一，是美元信用弱化与美 ...

山西晋中平遥古城中国票号博物馆日昇昌旧址。 AI修饰生成素描画 承东启西、贯穿南北的独特地理区位，让山西天然成为北方草原牧民和中原地区经济交流的枢纽：草原 牧民急需中原的茶、布等物资，中原地区则渴求草原的牛、马等特产。而山西本地盛产煤、铁、盐、丝 绵等物资，又为商人们的贸易活动提供了物质基础。 向内看，三晋大地上，"左手一指太行山，右手一指是吕梁"，内部的黄土高原，更是被太岳、中条诸山 切割开来。而中部，汾河自北向南，串起一片片盆地，这对当时主要靠牲畜驮运的货物流通是有利的， 河流两岸居民点较为聚集，为人畜的休整提供了不可或缺的水源和休憩地。 得天独厚的地理位置，为晋商的诞生提供了舞台，但他们真正成为"大生意人"，得从明代初期说起。彼 时北部边患未平，"九边重镇"的庞大军事体系需大量的粮草支撑。明王朝推出"开中法"，简单来说，就 是将原本国家专营的"盐引"（就是盐的专卖权）交给商人，作为交换，商人必须运粮和其他军需物资到 北方边疆。山西毗邻北疆，晋南的河东盐池又近在咫尺，双重地理优势让山西商人敏锐捕捉商机，率先 入局，成为兼具粮盐运输、买卖于一身的大商帮，自此奠定了晋商崛起的根基。 清代中后期，耕地不足的压力 ...

几十年来，缺乏新的绿地矿山，尤其是铜矿，一直是全球采矿业的一个问题。 昆士兰大学可持续矿产研究所（Sustainable Minerals Institute）的一项新研究提供了确凿的证据，证明了 问题的严重性，以及全球采矿业对棕地扩张的依赖程度。 为了实现能源转型，对更多铜的巨大需求以及其他许多需求已经获得近乎普遍的共识，而仅靠扩大现有 矿山无法满足需求的观点也是如此。 铜可以占到数据中心项目资本支出的近6%，数万亿美元资金流入电力和智能计算领域，意味着每两年 就需要一座新的Cobre Panama铜矿。 尽管矿石品位越来越低，需要更大、更深、更昂贵的扩建，但铜矿商还是毫不令人意外得转向了棕地开 采。当一个铜项目进入初步经济评估阶段需要近14年的时间，而如果幸运的话，至少还需要四年的时间 才能获得许可证时，情况就不一样了。 "在矿山寿命的'中期'，当矿山活跃时，监督或公众关注往往较少：变化往往是一步一步受到监管的， 但随着时间的推移，这些扩大运营的影响会逐渐累积。" "每座矿山涉及的风险因素都是独特的，没有人真正关注全球棕地开采的增长规模。" 根据研究，铜矿的新矿数量在2015年左右达到峰值，铁矿石在21世 ...

Core Viewpoint - The article discusses the implications of U.S. military intervention in Venezuela, highlighting the geopolitical tensions it may create in Latin America and beyond, particularly in relation to oil interests and regional stability [2][5][11]. Group 1: U.S. Military Intervention - The Trump administration's military actions in Venezuela are framed as a means to combat drug trafficking, but they are criticized as a violation of international law by Latin American leaders [3][5]. - Critics argue that U.S. intervention could lead to further instability in the region, with potential for civil war in Venezuela affecting neighboring countries like Colombia [6][7]. Group 2: Regional Reactions - Latin American leaders, including Mexico's President and Brazil's President, have condemned U.S. military actions, viewing them as threats to regional stability and a step towards violence and chaos [5][6]. - The article notes that the Maduro regime in Venezuela lacks legitimacy, with ongoing allegations of electoral fraud and collusion with criminal organizations [5][6]. Group 3: Resource Interests - The U.S. is accused of pursuing military intervention to regain control over Venezuela's vast oil reserves, which are among the largest in the world [7][11]. - The article emphasizes that South America is rich in various resources, including iron, copper, and lithium, which further complicates the geopolitical landscape [7]. Group 4: Historical Context - The article references the Monroe Doctrine, suggesting that the U.S. is attempting to reassert its influence in the Americas while warning against the encroachment of China and Russia [11]. - It highlights the historical context of U.S. military interventions in Latin America, noting that past actions have often led to increased global military tensions [11].

Group 1 - The core viewpoint of the article is that the company, Zhaojin Gold, is currently focused on its Fiji Vatukoula gold mine project rather than developing its copper mine in Tibet, despite the high copper prices [1] - Zhaojin Gold holds exploration rights for the Jiarima copper-iron mine in Tibet, which is currently in the geological exploration stage [1] - The company will consider further actions based on the results of the geological exploration before proceeding with any development plans for the copper mine [1]