2026.01. 29 本文字数：4546，阅读时长大约9分钟 作者 | 第一财经 王方然 金价接连猛涨，用金企业租赁需求大涨，手握大量黄金用于出租的"金主"，这回可能赚翻了。 近期，黄金价格再创新高。Wind数据显示，1月29日，国际金价再度刷新历史高位，突破5500美元/ 盎司关口，年内累计涨幅已接近30%。随着金价持续上涨，下游用金企业的租赁需求，也在水涨船 高。相较前些年，一些黄金首饰企业去年的黄金租赁规模，已经以"吨"为单位增长。 黄金租赁，是指机构、企业向银行或其他租赁企业申请租用黄金。黄金租赁本来是一个相对成熟的产 业，参与者包括上游的采冶企业、中游的银行、租赁公司等出租方，以及下游的用金企业。 按照现有规定，只有银行能向非金融机构借出黄金。在这个过程中，银行将金库中的黄金"借"给企 业，企业或将其投入生产，或通过金融工具组合，将其变为一种高效的融资手段。 据第一财经初步统计，2025年以来，包括潮宏基、迪阿股份、宝鼎科技、周大生、湖南黄金、山东 黄金等多家企业均在银行办理了黄金租赁业务。 在黄金租赁产业链中，谁在称霸江湖？用金企业如何通过租赁降低成本？又有哪些不为人知的风险与 故事？且看第一财 ...

谁在称霸江湖？用金企业如何通过租赁降低成本？ 金价接连猛涨，用金企业租赁需求大涨，手握大量黄金用于出租的"金主"，这回可能赚翻了。 近期，黄金价格再创新高。Wind数据显示，1月29日，国际金价再度刷新历史高位，突破5500美元/盎司 关口，年内累计涨幅已接近30%。随着金价持续上涨，下游用金企业的租赁需求，也在水涨船高。相较 前些年，一些黄金首饰企业去年的黄金租赁规模，已经以"吨"为单位增长。 黄金租赁，是指机构、企业向银行或其他租赁企业申请租用黄金。黄金租赁本来是一个相对成熟的产 业，参与者包括上游的采冶企业、中游的银行、租赁公司等出租方，以及下游的用金企业。 按照现有规定，除了银行，只有银行能向非金融机构借出黄金。在这个过程中，银行将金库中的黄 金"借"给企业，企业或将其投入生产，或通过金融工具组合，将其变为一种高效的融资手段。 在黄金租赁产业链中，谁在称霸江湖？用金企业如何通过租赁降低成本？又有哪些不为人知的风险与故 事？且看第一财经揭开黄金租赁产业的全貌。 租金需求大涨，产业链玩家多 据第一财经初步统计，2025年以来，包括潮宏基、迪阿股份、宝鼎科技、周大生、湖南黄金、山东黄金 等多家企业均在银行办 ...

"租珠侠"展示的金饰。记者 杨子晏 摄 金饰租赁业务热度如何？ ◎记者 杨子晏 曾庆怡 1月27日上午，部分黄金珠宝品牌上调境内足金饰品价格，当前足金金饰价格处于历史高位。在此背景 下，金饰消费品租赁（下称"金饰租赁"）进入大众视野。日前，上海证券报记者实地探访全国最大的黄 金珠宝集散地深圳水贝的多家卖场发现，金饰租赁主要针对婚庆这种特殊场景，仍是一种较为小众的业 务模式。法律人士提醒，这类业务存在资质与超范围经营等四重风险，消费者要警惕格式条款陷阱等。 地方婚庆习俗等需求催生金饰租赁业务 1月23日下午，记者来到位于水贝国际珠宝交易中心的足金首饰租赁商家"租珠侠"店铺，这里主要展示 凤冠、龙凤镯等婚庆场景所使用的金饰，其线上商铺及视频号所展示的也均是婚庆场景。 现场工作人员介绍，该店主要针对有结婚需求的客群，租金饰类似于租婚纱。"租珠侠"的金饰租赁价格 并不会随金价的波动有太大变化，主要以"克重×工费"来计算，不同款式工费不同，在每克30至50元这 一区间，租赁一次可使用七天。该店主要为线上交易，消费者通过支付宝平台下单，可使用信用免押 金，商家会为金饰购买商业险。 金饰租赁需求缘何产生？上证报记者走访中发 ...

Core Viewpoint - The traditional pricing framework of the gold market has been disrupted, and under new driving forces, gold prices still have upward potential, presenting both opportunities and challenges across different segments of the industry [1][8]. Group 1: Market Dynamics - The market has entered a new paradigm where the time required for gold prices to break the $1,000 mark has decreased from decades to months, indicating a shift away from traditional pricing logic dominated by real interest rates or the dollar [2][9]. - Geopolitical factors, the global central banks' reshaping of reserve assets, and the new normal of gold moving in sync with risk assets contribute to a more complex pricing model [2][9]. Group 2: Industry Impact - The rise in gold prices has led to a rapid increase in the consumption of investment-grade gold products and a surge in gold buyback businesses, benefiting physical enterprises, although they face challenges such as rising transaction costs and pressure on profit margins [3][10]. Group 3: Financial Services Evolution - Commercial banks are transitioning from simple product providers to comprehensive service solution providers, emphasizing the role of gold in cross-border financial transactions [4][12]. - The long-term value of gold as an asset class is highlighted, with recommendations for investors to view gold as a stabilizing asset in their portfolios [4][12]. - Accumulated gold and gold ETFs are expected to remain mainstream investment options for individuals and institutions in 2026, with physical gold bars being advantageous for long-term holding [4][12]. Group 4: Price Outlook - The consensus among experts is that gold prices are expected to remain strong in 2026, with potential to challenge a new high of $4,750 per ounce in the first half of the year, followed by a moderate trend but with strong support around $4,500 per ounce [6][13].

Core Viewpoint - The Shenzhen Municipal Financial Committee Office issued a warning regarding illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][2]. Summary by Relevant Sections Illegal Activities - Recent fluctuations in gold prices have led to the emergence of illegal activities, including unauthorized "gold entrustment," "gold leasing," and "gold investment" schemes, which may involve illegal fundraising, fraud, gambling, and other unlawful behaviors [1]. - Case examples illustrate how gold jewelry dealers are misleading consumers into signing contracts that promise fixed returns without the actual transfer of physical gold [1][2]. Case Examples - Case One: A gold jewelry dealer (A) lured consumers into signing a physical gold purchase contract, then encouraged them to enter into a gold entrustment contract with a related third party (B), promising fixed returns [1]. - Case Two: Another dealer (C) used a similar tactic with "gold leasing," where consumers were misled into signing contracts that promised rental returns without actual gold possession [1]. - Case Three: A dealer (D) established an illegal gold trading app, promoting misleading offers such as "1,000 grams of gold for a 10,000 yuan deposit," with a high leverage ratio, exposing investors to significant risks [2]. Regulatory Warning - The warning emphasizes that gold jewelry dealers and stores are not financial institutions and lack the necessary licenses from national financial management authorities to engage in gold asset management or public fundraising activities [2]. - The public is urged to be vigilant and to avoid falling for enticing phrases like "guaranteed returns" and "low investment, high returns," which are often associated with illegal financial activities in the gold investment sector [2].

Core Viewpoint - The Shenzhen Municipal Financial Committee has issued a warning regarding illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][2]. Regulatory Framework - China implements a licensing system for financial businesses, prohibiting any organization or individual from engaging in financial activities without approval from national financial regulatory authorities [2]. - Relevant laws and regulations specify that futures trading must occur on legally established exchanges, and only qualified financial institutions can conduct gold asset management [2]. Industry Concerns - Various gold jewelry dealers and stores are not recognized as financial institutions and lack the qualifications to engage in gold asset management or public deposit solicitation [3]. - The public is urged to be cautious and avoid falling for misleading investment pitches that promise guaranteed returns or high interest rates [3]. Recent Incidents - In mid-September, reports emerged of over ten gold merchants in Shenzhen's Shui Bei area facing operational issues, with some having disappeared, raising concerns about their business practices [3][4]. - On October 11, the Shenzhen Gold Jewelry Association issued a warning about three companies involved in illegal gambling activities disguised as gold trading, leading to criminal charges against their executives [4].

Core Viewpoint - The article highlights the risks associated with illegal financial activities in the gold trading sector, particularly in Shenzhen, urging the public to be vigilant against fraudulent schemes disguised as legitimate gold investment opportunities [2][4]. Summary by Sections Illegal Financial Activities - The Shenzhen Municipal Financial Committee warns that with fluctuations in gold prices, some individuals and companies are engaging in illegal activities under the guise of gold trading, such as "gold entrustment," "gold leasing," and "gold investment," which may involve illegal fundraising, fraud, and gambling [2][3]. Regulatory Framework - China has a licensing system for financial businesses, and any organization or individual must obtain permission from national financial regulatory authorities to engage in financial activities. Relevant laws and regulations specify that futures trading must occur on legally established exchanges, and only qualified financial institutions can conduct gold asset management [3][4]. Public Awareness and Warnings - The article emphasizes that gold jewelry dealers and stores are not financial institutions and lack the qualifications to engage in gold asset management or public deposit solicitation. The public is advised to avoid misleading investment pitches promising guaranteed returns or high interest rates [4][5]. Recent Incidents - In mid-September, reports emerged of over ten gold merchants in Shenzhen's Shui Bei area facing operational issues, with some having disappeared. Investigations revealed that these merchants were involved in high-leverage betting transactions disguised as gold trading, which deviated from normal business practices [4][5]. Legal Consequences - On October 11, the Shenzhen Gold Jewelry Association issued a warning regarding three companies involved in illegal gambling activities under the pretense of gold trading. The authorities have taken legal action against the responsible individuals, highlighting the serious legal repercussions for such fraudulent activities [5].

Core Viewpoint - The Shenzhen Municipal Financial Committee warns about illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][3]. Group 1: Illegal Activities - Recent fluctuations in gold prices have led to the emergence of fraudulent schemes, including "gold entrustment," "gold leasing," and "gold investment," which are often linked to illegal fundraising, fraud, and gambling [1]. - Case examples illustrate how gold dealers mislead consumers into signing contracts that promise fixed returns while failing to deliver actual gold [1][2]. - A specific case involves a gold trading app that promotes high returns with low investment, misleading investors into believing they can secure significant gold amounts with minimal upfront costs [2]. Group 2: Regulatory Framework - The warning emphasizes that financial activities related to gold must be conducted by licensed financial institutions, as per Chinese regulations [3]. - It is illegal for any organization or individual to engage in financial activities without proper authorization from national financial regulatory bodies [3]. - The document specifies that only banks, trusts, securities, funds, futures, and insurance asset management institutions are qualified to manage gold assets, and any unauthorized entities lack the necessary qualifications [3]. Group 3: Public Awareness - The public is urged to remain vigilant and choose legitimate investment channels, avoiding enticing offers that promise guaranteed returns or low-risk investments [4]. - Individuals are encouraged to report any suspicious activities related to gold investment schemes to relevant authorities [4].

Core Viewpoint - The Shenzhen Municipal Financial Committee Office warns about illegal financial activities in the gold trading sector, particularly as gold prices fluctuate, leading to fraudulent schemes disguised as legitimate gold investment opportunities [1] Group 1: Illegal Activities - Recent fluctuations in gold prices have led to the emergence of illegal activities such as "gold entrustment," "gold leasing," and "gold investment," which are associated with illegal fundraising, fraud, gambling, and illegal operations [1] - These activities disrupt the economic and financial order and pose significant risks to public property safety [1] Group 2: Regulatory Framework - China implements a licensed operation system for financial businesses, prohibiting any organization or individual from engaging in financial activities without approval from national financial regulatory authorities [1] - Various gold and jewelry dealers and stores are not classified as financial institutions and lack the qualifications to manage gold assets or engage in futures and derivatives trading [1] Group 3: Public Advisory - The public is advised to be vigilant and choose legitimate investment channels, avoiding enticing phrases such as "guaranteed returns," "high interest from gold leasing," and "low investment with high returns" that may lead to illegal financial traps [1] - Individuals are encouraged to report any suspicious activities related to "gold entrustment," "gold leasing," or "gold investment" to relevant authorities [1]

Core Insights - The establishment of the designated gold warehouse by ICBC in Sanya marks a significant shift in the competitive landscape of the gold market, indicating a transition from retail-focused strategies to core industry chain engagement [1][3] - This move reflects the growing demand for gold in southern China, driven by the free trade port policies, and is expected to enhance service experiences and cost structures for investors and industry clients [1][7] Group 1: Infrastructure Enhancement - The designated gold warehouse is a critical infrastructure within the Shanghai Gold Exchange system, responsible for the storage, clearing, and delivery of physical gold, thus serving as a "safety base" for gold circulation [3] - ICBC's position as a leading player in the gold market is reinforced by this development, allowing the bank to leverage its capabilities in gold leasing, pledge financing, and processing, thereby enhancing its pricing strategies and client base in southern China [3][5] Group 2: Competitive Dynamics - The focus of competition in the gold banking sector has shifted from retail sales to controlling the industry chain, with core capabilities in supply, delivery, and clearing becoming critical for institutional competitiveness [5] - The establishment of the Sanya warehouse enhances the regional functionality of the domestic gold market, positioning Sanya as a dual-node for consumption and industrial strategy, filling a gap in the gold delivery network in southern China [5][7] Group 3: Strategic Location - ICBC's decision to establish a core infrastructure in Sanya is driven by the dual forces of consumer trends and regional policy advantages, particularly the success of the Hainan duty-free policy which has boosted gold and jewelry sales [7] - The new warehouse will facilitate local supply and rapid delivery, significantly reducing costs and time for industry clients and retail investors, thus unlocking the potential for gold consumption in the region [7][8] Group 4: Industry Implications - The opening of the Sanya designated warehouse signifies a broader transformation in the gold market, moving towards a comprehensive service model that integrates the entire industry chain [8] - As major banks like ICBC enhance their core capabilities, the infrastructure of the gold market will continue to evolve, leading to a profound adjustment in competitive dynamics and an elevated role for gold in asset allocation [8]