Company Developments - Qianwen extended the validity period of its Spring Festival free card from February 23 to February 28, allowing purchases not only for milk tea but also for meals, eggs, vegetables, and snacks, with integration into Hema stores nationwide [5] - Xiaoma Zhixing and Moer Thread reached a strategic cooperation, marking the large-scale application of domestic AI computing power in key training and simulation processes, indicating the entry of Moer Thread's full-function GPU into the core field of autonomous driving [5] - Major A-share listed pig companies, including Muyuan, New Hope, and Wens, reported January sales figures, showing year-on-year growth in pig product sales, although Wens and New Hope experienced a month-on-month decline while Muyuan saw a slight increase [5] Industry News - In January, the futures market in China saw a significant increase in total funds, exceeding 400 billion yuan, reaching a historical high of 2.57 trillion yuan, with client equity rising to approximately 2.39 trillion yuan, a 19% increase from the end of 2025 [3] - Jinglin Hong Kong Company significantly reduced its holdings in Nvidia in Q4 2025, elevating Alphabet to its largest position and initiating a new purchase of Broadcom, while maintaining a positive outlook on China's consumer and e-commerce sectors by increasing its stake in Pinduoduo by 61,130 shares [3] - As technology and software stocks faced heavy selling, short sellers gained floating profits of up to 24 billion USD (approximately 166 billion yuan), with hedge funds increasing their short positions in large tech stocks despite significant price corrections [3]

Core Viewpoint - The recent changes in gold buyback policies by major companies in China, including China Gold Group and Caibai Jewelry, are significantly impacting investors' ability to liquidate their gold investments, particularly during weekends and holidays [1][3]. Group 1: Policy Changes - China Gold Group announced that starting February 7, all offline and online gold buyback services will be adjusted, with buyback operations suspended on weekends and public holidays [1]. - Caibai Jewelry also issued a similar announcement on February 2, halting buyback services on non-trading days and implementing dynamic limits on buyback amounts [3]. - Industrial and Commercial Bank of China (ICBC) announced on January 30 that it would implement limit management for its gold accumulation business starting February 7 [3]. Group 2: Market Reactions - The spot gold price experienced a significant drop of over 2% on February 6, followed by a rebound that pushed it above $4,950 per ounce, marking a nearly 4% increase in a single day [3]. - Year-to-date, international gold prices have risen by nearly 15% [3]. - A surge in customer traffic was observed at Caibai's buyback counters, with queues reaching nearly 200 people, indicating high demand for gold liquidation [3]. Group 3: Buyback Pricing and Costs - China Gold's buyback price is approximately 2 yuan per gram lower than the daily price set by the Shanghai Gold Exchange for its branded gold bars, while non-China Gold products incur a deduction of 5 yuan per gram [5]. - Caibai's buyback standard deducts 3.8 yuan per gram for investment gold bars and 5 yuan per gram for gold jewelry or ornaments [5]. - The purchase of investment gold bars from China Gold incurs an additional fee of 8 yuan per gram, meaning gold prices must rise by more than 10 yuan for investors to recover their costs [5]. Group 4: Market Dynamics and Consumer Behavior - As of January 2026, China's gold reserves stood at 74.19 million ounces, reflecting an increase of 40,000 ounces from the previous month, marking the 15th consecutive month of gold accumulation by the central bank [5]. - Consumers are increasingly cautious, with many comparing prices across different counters and considering the costs associated with gold purchases and sales [5][7]. - The gold buyback market is becoming more complex, with limited channels for non-China Gold products and higher depreciation fees imposed by some gold investment companies [7]. Group 5: Regulatory and Industry Standards - The China Gold Association has previously released standards to regulate the gold recycling market, aiming to enhance service quality and consumer protection [9]. - The recent announcements from China Gold Group emphasize the need for consumers to rationally assess market fluctuations and enhance risk awareness [9].

2026.02. 07 本文字数：793，阅读时长大约2分钟 来源 | 长 安街知事 中国黄金集团黄金珠宝股份有限公司6日于微信公众号"中国黄金"发布《关于贵金属风险提示及调整贵金属回购业务规则的公告》。 公告称，近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。中国黄金集团黄金珠宝股份有限公司（以下简称中金珠宝公司）提示广 大消费者理性看待贵金属市场波动，提高风险防范意识，理性投资黄金。 二、业务交易限额管理 自2026年2月7日起，在业务办理时间内，对回购业务实施限额管理，包括但不限于单一客户单日累计回购上限、单笔回购总量上限等，并实施预约 制。 据央广网专家解读，贵金属市场波动加剧，部分投资者缺乏风险意识，这一规则调整有助于稳定市场，保护投资者利益。此次规则调整并非为了限制消 费者权益，而是企业结合当前市场现状作出的审慎操作，也是对业务规范的完善。 此类做法在银行业及大型金店中已有先例，属于行业内通行的风险管 理手段。 除中国黄金外，头部金店 菜百股份 也宣布调整贵金属回购业务。 菜百股份官微显示，自2026年2月6日起，在周六、周日及法定节假日等上海黄金交易所非交易日期间，公司将暂停办理贵 ...

Core Viewpoint - The company emphasizes the need for consumers to approach the volatile precious metals market with caution and to enhance their risk awareness when investing in gold [2]. Group 1: Business Adjustments - Starting from February 7, 2026, the company will suspend its precious metals repurchase business on weekends and public holidays when the Shanghai Gold Exchange is closed [2]. - The company will implement limit management on repurchase transactions, including daily repurchase limits per customer and total limits per transaction, effective from February 7, 2026 [2]. - The repurchase limits will be dynamically adjusted based on market conditions, with specific details to be announced through the company's channels [2]. Group 2: Customer Service and Communication - The company will closely monitor market dynamics and make timely adjustments to the repurchase business rules as necessary [3]. - Any discrepancies between previously published repurchase rules and the current announcement will be resolved in favor of the current announcement [3]. - The company is committed to optimizing service processes to provide a more comprehensive and high-quality service experience for customers [3].

Core Viewpoint - China Gold Group Jewelry Co., Ltd. has announced adjustments to its gold repurchase business rules in response to significant fluctuations in precious metal prices and increasing market uncertainty [1][2]. Group 1: Business Adjustments - From February 7, 2026, the company will suspend gold repurchase services on weekends and public holidays when the Shanghai Gold Exchange is closed [1]. - The company will implement limit management on repurchase transactions, including daily limits for individual customers and total limits per transaction, with a reservation system in place [2]. - The limits will be dynamically adjusted based on market conditions, and any discrepancies with previously published rules will be resolved in favor of this announcement [2]. Group 2: Market Trends - Since the beginning of the year, international gold prices have increased by nearly 15%, while silver prices have risen over 8% [4]. - On February 6, gold prices experienced significant volatility, dropping over 2% before rebounding to above $4,950 per ounce, with a nearly 4% increase; silver prices dropped nearly 10% before rising above $77 per ounce, with an increase of over 9% [4]. - In 2025, domestic gold production reached 381.339 tons, a year-on-year increase of 1.09%, while imported gold production was 170.681 tons, up 8.81% year-on-year, leading to a total gold production of 552.020 tons, a 3.35% increase [4]. - The China Gold Association noted a diversification in market demand for gold products, reflecting consumer preferences for high-end, lightweight, and cost-effective options, with gold bar and coin consumption surpassing jewelry consumption for the first time in 2025 [4].

公告 原文如下： 中国黄金于公告中表示， 近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。 公司提示广大消费者理性看待贵金属市场 波动，提高风险防范意识，理性投资黄金。为适应贵金属市场风险管理要求，提升业务运营效能与客户服务水平，公司将对"中国黄金"品牌 所有渠道（包括线下门店及线上渠道）的贵金属回购业务规则进行调整。 近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。中国黄金集团黄金珠宝股份有限公司（以下简称中金珠宝公司）提示 广大消费者理性看待贵金属市场波动，提高风险防范意识，理性投资黄金。 为适应贵金属市场风险管理要求，提升业务运营效能与客户服务水平，中金珠宝公司将对"中国黄金"品牌所有渠道（包括线下门店及线上渠 道）的贵金属回购业务规则进行调整，具体安排如下： 一、业务办理时间调整 自2026年2月7日起，在周六、周日及法定节假日等上海黄金交易所非交易日期间，暂停办理贵金属回购业务。 中国黄金发布关于贵金属风险提示及调整贵金属回购业务规则的公告提到，自2026年2月7日起， 在周六、周日及法定节假日等上海黄金交 易所非交易日期间，公司暂停办理贵金属回购业务。 准确 快速 权威 ...

Core Viewpoint - China Gold announced the suspension of precious metal repurchase services during non-trading days starting February 7, 2026, due to significant price volatility and rising uncertainty in the precious metals market [1]. Group 1: China Gold's Announcement - Starting February 7, 2026, China Gold will suspend precious metal repurchase services on weekends and public holidays when the Shanghai Gold Exchange is not trading [1]. - The company emphasized the need for consumers to approach the precious metals market with caution and to enhance risk awareness [1]. - China Gold will implement limit management on repurchase transactions, including daily limits for individual customers and total limits per transaction, with a reservation system in place [1]. Group 2: Industry-Wide Adjustments - Other leading gold retailers have also announced adjustments to their precious metal repurchase services [4]. - Cai Bai Co., Ltd. will similarly suspend repurchase services on non-trading days starting February 6, 2026, and will implement limit management during business hours [5]. - Several banks, including Industrial and Commercial Bank of China, will adjust their gold-related rules, including limit management for gold accumulation and redemption services starting February 7, 2026 [5].

Core Viewpoint - China Gold (600916.SH) will suspend its precious metal repurchase business during non-trading days starting from February 7, 2026, due to significant price volatility and rising uncertainty in the precious metals market [1][2]. Group 1: Business Adjustments - The company aims to align its repurchase business with market price mechanisms, avoiding pricing disputes by only conducting transactions on trading days when fair market prices are available [2][4]. - The adjustments include implementing limit management on repurchase transactions, such as daily repurchase limits per customer and total repurchase limits per transaction, which will be dynamically adjusted based on market conditions [4][7]. - The company will also unify the rules for online and offline repurchase channels to enhance service consistency and operational efficiency [2][4]. Group 2: Market Context - Recent fluctuations in gold prices have been notable, with the latest price for gold T+D at 1111 CNY per gram, up by 32.01 CNY (2.97%) from the previous trading day, but down 11.47% from a recent high of 1255 CNY per gram [2][5]. - The overall sentiment in the precious metals market has shifted from risk aversion to speculation, exacerbating trading volatility and valuation risks [7]. Group 3: Industry Trends - Other leading gold retailers, such as Caibai Co. (605599.SH), have also announced similar adjustments to their repurchase business, indicating a broader industry trend towards managing operational risks amid market volatility [7]. - Banks, including Industrial and Commercial Bank of China, are also implementing limit management on gold-related services during non-trading days, reflecting a comprehensive approach to risk management across the sector [7].

据中国黄金官网公告，自2026年2月7日起，在周六、周日及法定节假日等上海黄金交易所非交易日期 间，公司暂停办理贵金属回购业务。在业务办理时间内，对回购业务实施限额管理，包括但不限于单一 客户单日累计回购上限、单笔回购总量上限等，并实施预约制。 责任编辑：钟离 近期，黄金市场出现大幅波动。东方财富网显示，黄金T+D最新价为1111元/克，较前一交易日上涨 32.01元，涨幅达2.97%。但相较近期1255元/克的高点，跌了11.47%；国内期货市场中，沪金主连最新 价为1114.5元/克，相较近期1258.72元/克的高点，跌了11.46%。 财经频道更多独家策划、专家专栏，免费查阅>> 中国黄金表示，近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。公司提示广大消 费者理性看待贵金属市场波动，提高风险防范意识，理性投资黄金。为适应贵金属市场风险管理要求， 提升业务运营效能与客户服务水平，公司将对"中国黄金"品牌所有渠道（包括线下门店及线上渠道）的 贵金属回购业务规则进行调整。 ...

Domestic News - China's gold reserves increased by 40,000 ounces in January, marking the 15th consecutive month of accumulation, bringing the total to 74.19 million ounces (approximately 2,307.567 tons) [2] - As of January 2026, China's foreign exchange reserves rose to $33,991 billion, an increase of $41.2 billion (1.23%) from December 2025 [2] - The State Taxation Administration announced that taxpayers can make appointments for the 2025 individual income tax reconciliation starting February 25, with the reconciliation period set from March 1 to June 30, 2026 [2] Industry Developments - A reusable experimental spacecraft was successfully launched on February 7 from the Jiuquan Satellite Launch Center, aimed at validating reusable spacecraft technology for peaceful space utilization [3] - The coastal bulk cargo transportation market in China is experiencing a downturn, with the coastal bulk cargo composite index dropping by 4.5% to 968.98 points due to decreased demand as the Spring Festival approaches [3] - The China National Railway Group reported that on February 7, the national railway is expected to send 13.8 million passengers, with 1,249 additional passenger trains planned [3] - Shanghai aims to establish 500 advanced intelligent factories and increase the density of industrial robots to 600 units per 10,000 people during the 14th Five-Year Plan period [3] Investment Initiatives - The "Green Beauty Fund," focusing on forestry industry investments, has been established in Guangdong, marking a significant advancement in the province's forestry financing mechanism [4] International Trade - A temporary trade agreement framework between the U.S. and India was announced, with India reducing tariffs on U.S. industrial and agricultural products, while the U.S. will lower its "reciprocal tariff" rate from 25% to 18% [5] - France's exports to the U.S. saw a significant decline in Q4 2025, with a 13% year-on-year drop, particularly in the spirits and wine sectors, which fell by 47% and 39% respectively [5]