金银铜冲高，矿业股更火！投资者猛挖“铲子股”，涨幅碾压黄金美股

智通财经01-15

随着黄金、白银和铜价周三均创下历史新高，矿业股在今年开局表现强劲。这一涨势延续了由地缘政治紧张局势和避险资产需求复苏推动的行情。2026年至今，纽交所Arca黄金矿业指数已上涨约12%，跑赢了现货黄金6.9%的涨幅和标普500指数0.7%的涨幅。随着美国与伊朗、委内瑞拉之间的风险持续升级，资金加速涌入具备保值属性的大宗商品，不少投资者开始调仓布局矿业股。“黄金是世界的终极储备货币。当前全球局势波谲...

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Investors dig for \"shovel stocks\", and the gains crushed gold and US stocks","themeId":"02deb2558a922d989ce23afde33821ad","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/c8a63d9a1ade954000730472ff82c55c","symbols_score_info":{"AEM":2,"NEM":2},"content_text":"随着黄金、白银和铜价周三均创下历史新高，矿业股在今年开局表现强劲。这一涨势延续了由地缘政治紧张局势和避险资产需求复苏推动的行情。2026年至今，纽交所Arca黄金矿业指数已上涨约12%，跑赢了现货黄金6.9%的涨幅和标普500指数0.7%的涨幅。随着美国与伊朗、委内瑞拉之间的风险持续升级，资金加速涌入具备保值属性的大宗商品，不少投资者开始调仓布局矿业股。“黄金是世界的终极储备货币。当前全球局势波谲云诡，保不齐哪天特朗普一觉醒来就宣称要出兵格陵兰，这种时候持有黄金才是明智之举，”Veritas Investment Research分析师Martin Pradier在接受采访时如此表示。不断上涨的金价正为矿业公司带来更为可观的收益增长，因矿企成本上涨往往滞后于金属价格涨幅。这一市场逻辑在去年已催生超额回报，头部矿企股价涨幅大幅领先于其开采的大宗商品价格。2025年，纽曼矿业(NEM.US)与伊格尔矿业(AEM.US)两家行业龙头股价均实现翻倍，而同期现货黄金涨幅约为65%。据分析师预测，两家公司调整后摊薄每股收益同比增幅均将超过85%。亮眼的业绩预期，正是矿业股在一轮大涨后仍获投资者青睐的核心原因。经历了创纪录的一年，部分投资者对金价后续走势持谨慎态度，质疑上涨行情能否持续。但Pradier指出，矿业股的持续走高恰恰印证了市场需求的强劲韧性。“有人担心金价在刷新纪录后已处高位，纠结涨势能否延续，但从不断走高的股价就能看出，仍有大量资金在入场布局，”Pradier说道。分析师Grant Sporre预测，现货金价有望在年底攀升至每盎司5000美元。不过他同时提醒，2026年上半年，美联储暂停加息、美股表现坚挺以及美元维持强势等因素，都可能对金价上行空间形成制约。白银与铜矿企业同样从中受益。白银本身波动率更高，在金价上涨的带动下涨幅进一步放大;而铜价则受供应中断，以及美国因关税担忧增加库存等因素提振，持续走高。随着矿企利润水涨船高，投资者的目光逐渐聚焦于企业的资金使用规划。此前行业繁荣周期中，成本攀升与盲目并购曾拖累企业表现，这类历史教训若再次上演，或将对矿业股股价形成压力。Pradier强调：“如果矿企选择向股东分红，或是将资金投入业务扩张，那自然皆大欢喜;但要是在行业周期顶部，斥巨资高价收购其他矿企，那麻烦可就大了。”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603963623","isCrawlerRequest":true}