早上好！先来看重要资讯。 美政府被曝正酝酿征收新关税 铂强、钯稳格局延续，行业重塑铂前景 据央视消息，近日，美国最高法院裁定美国政府的大规模关税政策非法，多家美国媒体日前披露说，美 国政府正准备援引其他法律条款对多个行业产品加征新的关税。 有知情人士披露，美国商务部正着手依据《1962年贸易扩展法》第232条对大型电池、铸铁和铁配件、 塑料管道、工业化学品以及电网和电信设备等行业产品启动新调查，也就是"232调查"。该条款允许美 国政府基于所谓"国家安全风险"征收关税。《华尔街日报》称，暂不清楚美国商务部何时正式宣布调 查，以及相关关税何时正式征收。 另外，美国贸易代表办公室也在着手依据《1974年贸易法》第301条启动新的贸易调查，也就是所 谓"301调查"，后续同样可能出台关税措施。该条款允许美国政府对所谓"不公平贸易行为"征收关税。 美国贸易代表贾米森·格里尔2月25日表示，美国对部分国家加征的"全球进口关税"税率将从新近实施的 10%升至15%或更高，但他未透露任何具体的贸易伙伴或其他细节。 美财政部发布涉伊朗最新制裁名单 据新华社报道，美国财政部25日宣布，对30多个实体、油轮及个人实施制裁，以打击 ...

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去年黄金产量同比增1.09% 2月5日，中国黄金协会最新统计数据显示：2025年，国内原料产金381.339吨，同比增加4.097吨，同比增长 1.09%。我国黄金消费量950.096吨，其中金条及金币504.238吨，同比增长35.14%。上海黄金交易所全部黄金品种 累计成交量单边3.14万吨（双边6.29万吨），同比上升1.02%。 黄金投资量价齐涨 2025年，上海黄金交易所全部黄金品种累计成交量单边3.14万吨（双边6.29万吨），同比上升1.02%；累计成交额 单边24.93万亿元（双边49.86万亿元），同比上升43.89%。上海期货交易所全部黄金期货期权累计成交量单边 14.22万吨（双边28.45万吨），同比上升56.10%；累计成交额单边88.97万亿元（双边177.94万亿元），同比上升 111.93%。2025年12月底，伦敦现货黄金定盘价为4307.95美元/盎司，较年初2644.60美元/盎司上涨62.90%；上海 黄金交易所Au9999黄金收盘价为974.90元/克，较年初开盘价614.00元/克上涨58.78%。 11月底，广州期货交易所上市铂钯期货、期权品种，进一步丰富我国贵金 ...

智通财经APP获悉，据中国黄金协会最新统计数据显示：2025年，国内黄金ETF全年增仓量为133.118 吨，较2024年全年增仓量53.266吨增长149.91%。至12月底，国内黄金ETF持仓量为247.852吨。全球央 行持续增持黄金。从2024年11月至2025年12月，我国已连续14个月增持黄金。其中，2025年全年我国增 持黄金26.75吨，截至12月底，我国黄金储备为2306.32吨。 受金价高企、税收新政落地等多重因素叠加影响，市场需求呈现多元化发展态势，涵盖高端化、轻量 化、高性价比等不同定位的黄金产品，可精准匹配各类消费群体的差异化需求偏好；与此同时，消费者 对黄金投资属性的认知不断深化，2025年我国金条及金币消费量首次超越黄金首饰消费量，标志着黄金 市场消费结构迎来阶段性转变。此外，随着电子、新能源等新兴产业的快速迭代发展，工业领域对黄金 的需求稳步释放。 2025年，上海黄金交易所全部黄金品种累计成交量单边3.14万吨(双边6.29万吨)，同比上升1.02%；累计 成交额单边24.93万亿元(双边49.86万亿元)，同比上升43.89%。上海期货交易所全部黄金期货期权累计 成交量单边 ...

Group 1: Gold Production and Consumption - In 2025, domestic gold production reached 381.339 tons, an increase of 4.097 tons or 1.09% year-on-year. Imported gold production was 170.681 tons, up by 13.817 tons or 8.81% year-on-year, leading to a total gold production of 552.020 tons, which is an increase of 17.914 tons or 3.35% year-on-year [1] - The overseas gold production of major Chinese gold groups steadily increased, achieving approximately 90 tons, a year-on-year growth of 25% [1] - Gold consumption in China was 950.096 tons, a decrease of 3.57% year-on-year. Notably, gold jewelry consumption fell by 31.61% to 363.836 tons, while gold bars and coins saw a significant increase of 35.14% to 504.238 tons [1] Group 2: Market Activity and Price Trends - By the end of December 2025, the London spot gold fixing price was $4307.95 per ounce, up 62.90% from the beginning of the year, while the Shanghai Gold Exchange Au9999 closing price was 974.90 yuan per gram, an increase of 58.78% [2] - The Shanghai Gold Exchange reported a total trading volume of 31,400 tons (62,900 tons double-sided) for all gold varieties, a year-on-year increase of 1.02%, with a total trading value of 24.93 trillion yuan (49.86 trillion yuan double-sided), up 43.89% [1] - Domestic gold ETF saw an annual increase in holdings of 133.118 tons, a growth of 149.91% compared to 53.266 tons in 2024, bringing total holdings to 247.852 tons by the end of December [2] Group 3: Regulatory Responses and Central Bank Activities - In response to significant fluctuations in precious metal prices, exchanges like the Shanghai Gold Exchange and the Guangzhou Futures Exchange quickly adjusted trading limits, margin ratios, and transaction fees to stabilize market expectations and maintain orderly market operations [2] - Global central banks continued to increase their gold reserves, with China adding 26.75 tons of gold in 2025, marking 14 consecutive months of increases, bringing total reserves to 2306.32 tons by the end of December [2]

据中国黄金协会最新统计数据显示：2025年，国内原料产金381.339吨，同比增加4.097吨，同比增长 1.09%。进口原料产金170.681吨，同比增加13.817吨，同比增长8.81%。国内原料和进口原料共计生产 黄金552.020吨，同比增加17.914吨，同比增长3.35%。 2025年12月底，伦敦现货黄金定盘价为4307.95美元/盎司，较年初2644.60美元/盎司上涨62.90%；上海 黄金交易所Au9999黄金收盘价为974.90元/克，较年初开盘价614.00元/克上涨58.78%。11月底，广州期 货交易所上市铂钯期货、期权品种，进一步丰富我国贵金属衍生品市场体系。针对贵金属价格大幅波动 的市场情况，上海黄金交易所、上海期货交易所、广州期货交易所快速响应市场变化，通过调整涨跌停 板幅度、保证金比例、交易费用及限额、风险提示等措施，引导市场预期，筑牢风险防线，切实维护贵 金属市场的平稳有序运行。 2025年，国内黄金ETF全年增仓量为133.118吨，较2024年全年增仓量53.266吨增长149.91%。至12月 底，国内黄金ETF持仓量为247.852吨。 全球央行持续增持黄金。从2 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年2月3日，早盘开盘，国内期货主力合约跌多涨少，沪银跌近20%，沪锡跌超11%，SC原油跌超 4%，燃料油、铂跌超3%，低硫燃料油、沪镍跌超2%。涨幅方面，集运欧线、氧化铝、PVC涨超1%。 责任编辑：赵思远 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年2月3日，早盘开盘，国内期货主力合约跌多涨少，沪银跌近20%，沪锡跌超11%，SC原油跌超 4%，燃料油、铂跌超3%，低硫燃料油、沪镍跌超2%。涨幅方面，集运欧线、氧化铝、PVC涨超1%。 | 序号 | 合列名称 | 层新 | 现手 | 天仍 | 变化 | SANEW T | 大量 | 英重 | 成交量 | 薄味 | 持创量 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1 集运欧线2604 M | 1198.0 | 55 | 1193.0 | 1198.2 | 1.83% | 10 | 1 | 55 | 21.5 | ...

Group 1 - The closing price of Shanghai gold futures on January 30 was 1161.42 CNY per gram, reflecting a decrease of 4.71% with a trading volume of 894,024 lots and an open interest of 187,299 lots [1] - The spot price of gold in Shanghai was quoted at 1164.00 CNY per gram, indicating a premium of 2.58 CNY per gram over the futures price [3] - The market sentiment for gold remains bullish, but there are risks of profit-taking among long positions, leading to increased volatility in the short term [4] Group 2 - U.S. political developments include Trump's announcement of a new Federal Reserve chair next week, advocating for a significant interest rate cut of 2 to 3 percentage points [3] - Geopolitical tensions are highlighted by a temporary ceasefire agreement in Ukraine and military exercises by Iran in the Strait of Hormuz, which may impact market stability [3] - The gold-silver ratio has dropped below 50, indicating increased market divergence, with expectations of significant price fluctuations for silver in the short term [4]

Report Industry Investment Rating - Not provided Core Viewpoints - In the short term, due to the approaching Spring Festival holiday in February, market sentiment may be more cautious, and capital reduction may bring correction pressure. Geopolitical situations in the Middle East and South America, the announcement of the Fed Chair candidate, and the release of US economic data may cause uncertainty in precious metals. With reduced liquidity, market fluctuations may be more intense, and investors are advised to operate cautiously and use options to protect long - position profits. In the long term, although the Fed's monetary policy is short - term cautious, the long - term easing expectation remains unchanged. Trade frictions, geopolitical risks, and the "de - dollarization" trend will support the price of precious metals [7][10]. Summary by Related Catalogs Market Performance - This week, driven by macro - geopolitical concerns and capital sentiment, precious metal prices rose significantly. However, due to tightened market liquidity caused by US stock fluctuations, concentrated long - position stop - profits led to a sharp short - term decline in precious metals. On Friday, the main contract of Shanghai gold AU2604 ended its "five - consecutive - day rise" with a 4.71% drop, and the main contract of Shanghai silver AG2604 dropped 6.03%. Platinum and palladium futures were more affected by the decline in commodity and stock markets, with the main contract PT2606 dropping 11.79% and PD2606 dropping 11.87% [1]. Driving Factors Impact of US Stock Market - The release of Q4 2025 earnings reports of US technology companies showed that Microsoft's large AI capital expenditure without corresponding business growth led to concerns about the mismatch between high valuations and investment returns. Its stock price dropped over 10% on Thursday, with a market value loss of $420 billion. This triggered a chain reaction in the financial market, causing a general decline in US stocks. Precious metals and other commodities experienced a "flash crash" due to concentrated long - position stop - profits. International gold prices dropped over 8% and international silver prices dropped over 12% [2]. Physical Delivery and Supply - The previous sharp rise in silver prices was related to the tight physical supply. The industrial and investment demand for silver increased, causing the visible inventories in New York and Shanghai to reach new lows. However, after the COMEX silver January contract expired with a 50 - million - ounce physical delivery on Thursday, the delivery demand for the February contract decreased. In the London spot market, the silver ETF holdings decreased, and the market lending rate dropped to a recent low, indicating a temporary withdrawal of long - position forces. In China, the silver inventories in the two Shanghai exchanges continued to decline, with the SHFE silver inventory decreasing by 26.4 tons on Friday, reaching a new low in over 10 years [5]. Market Outlook - In 2025, global gold demand reached a record high of 5002 tons, with investment demand becoming the largest source. Central bank gold purchases slowed down by one - fifth to 863 tons, while investment demand increased by 84% to 2175 tons. Gold ETF holdings increased by 801 tons, and the purchase of gold bars and coins rose by 16% to 1374 tons, a 12 - year high [7].

Group 1 - The precious metals market has regained investor attention, with gold and silver reaching historical highs in December 2025, driven by a surge in investment and geopolitical risks [2][3] - Gold prices surpassed $4500 per ounce and silver reached $72.7 per ounce, with annual increases of over 70% for gold and nearly 150% for silver [2] - The market experienced a significant correction on December 29, 2025, with silver prices dropping by 9.08% in a single day, highlighting the volatility and risks in the market [2] Group 2 - Key catalysts for the rise in precious metals include expectations of interest rate cuts by the Federal Reserve, driven by high unemployment rates and lower-than-expected core CPI, which weakened the dollar and reduced the opportunity cost of holding precious metals [3] - Ongoing geopolitical risks have accelerated capital inflows into the precious metals market as a safe haven, further supported by the asset rebalancing cycle at the end of 2025 [3] - Structural demand imbalances, particularly in silver due to increased industrial consumption from solar energy and AI server demand, have also bolstered prices [3] Group 3 - Market sentiment and capital rotation have played significant roles in the recent price surge, with speculative and trend-following funds entering the market, amplifying price increases [4] - Central banks have continued their gold purchasing trend, with a reported net purchase of 53 tons in October 2025, a 36% increase month-over-month, indicating a strategic value in precious metals [4] - The rapid price increases have led to heightened volatility, prompting exchanges to raise margin requirements for trading precious metals [4][5] Group 4 - Short-term volatility in precious metal prices is expected to persist due to profit-taking by investors and potential underperformance of monetary policy easing [5] - Long-term prospects for precious metals remain strong, supported by ongoing global monetary easing, central bank gold purchases, and persistent geopolitical risks [5] - The structural support for gold prices is reinforced by the clear direction of the Federal Reserve's interest rate cuts, which will lower the cost of holding precious metals [5] Group 5 - The complexity of factors influencing gold prices has increased, with U.S. monetary policy and inflation remaining key determinants [6] - Silver prices are closely correlated with gold but exhibit greater volatility due to its industrial applications, making it more sensitive to market fluctuations [6] - Investors are advised to approach precious metal investments with caution due to the inherent market volatility [6]