机构依然看好今年的贵金属行情。 贵金属市场遭遇黑色星期三，国际金价在触及4500美元关口后遭遇抛售压力，促使投资者在高位进行获 利了结。与此同时，周四（8日）起，彭博大宗商品指数的年度权重调整将正式启动，预计将引发超过 100亿美元黄金和白银期货的多头平仓。受此影响，国际金价日内一度下探近70美元，白银、铂金和钯 金尾盘跌幅均超过4%。不过，受地缘政治、美联储降息等因素提振，机构依然看好今年的贵金属行 情。 指数再平衡引发抛盘 彭博大宗商品指数是大宗商品投资领域广泛使用的基准指数，截至去年10月，跟踪该指数的资产规模已 接近1090亿美元。 今年该指数的年度权重调整期从1月8日至14日。本次权重调整涉及的资金规模相当庞大，当前白银期货 在该指数中的权重占比为9%，而2026年的目标权重被下调至略低于4%，黄金的权重也被大幅下调。 本周已公布的数据显示美国经济动能降温。标普全球PMI调查显示，去年12月美国商业活动增速放缓， 服务业PMI从54.1降至 52.5，综合 PMI从54.2下滑至52.7。鉴于劳动力市场降温及通胀放缓的迹象，市 场预计今年美联储将降息约两次。 摩根大通表示，对于黄金投资者而言，每年1 ...

针对裁决前景，英国杜伦大学法学院副院长、跨国法教授兼全球政策研究所联合主任杜明对第一财经记 者表示，若无意外，仍维持特朗普关税政策大概率被判非法的判断，即其大部分政策都将是"与规则不 符"的。 根据美国海关和边境保护局的数据，如果美国最高法院裁定特朗普政府根据《国际紧急经济权力法》 （IEEPA）征收的关税非法，特朗普政府可能面临向进口商退还超过1335亿美元关税的风险。 本周宣判 特朗普政府2025年1月上台后援引IEEPA，以不经过国会批准、直接颁布行政令的方式出台一系列加征 关税措施。 在美国联邦巡回上诉法院和美国国际贸易法院分别裁定现政府一揽子关税政策违法后，特朗普政府向最 高法院提出上诉，目前案件正在最高法院审理。 目前，特朗普政府援引IEEPA所开征的关税包括所谓"对等关税"和芬太尼关税等。 据央视报道，当地时间1月6日，美国最高法院宣布，将在本周五（9日）就关税问题作出裁决。 具体而言，当前，美国最高法院已将周五定为裁决日，据悉法官们将于当地时间9日上午10点开庭时宣 布可能作出的裁决。 如果届时美国最高法院就关税问题作出不利于特朗普政府的裁决，被认为将削弱特朗普政府标志性的经 济政策，并成为美 ...

谷歌市值超苹果，布油跌破60美元关口。 *三大股指分化，纳指涨0.16%； *中长期美债收益率回落，10年期美债跌4.1个基点； 明星科技股分化，谷歌涨2.5%，市值超越苹果位居美股第二，微软涨1.1%，英伟达涨1.0%，亚马逊涨 0.3%，特斯拉跌0.4%，甲骨文跌0.5%，苹果跌0.7%，Meta跌1.8%。 个股方面，此前因芯片短缺预期将推动价格上涨而走高的存储芯片制造商有所降温。西部数据下跌 8.9%，几乎回吐周二涨幅，闪迪涨1.1%，盘中一度跳水超5%，上一交易日大涨27.6%。 英特尔涨超 6%。作为自动驾驶技术公司Mobileye的最大股东，英特尔批准了Mobileye以现金加股票的 方式收购人工智能人形机器人初创企业Mentee Robotics的交易，该交易估值约为9亿美元。 大型银行股回落，美国银行跌2.8%，摩根大通跌2.2%，高盛跌1.5%。沃尔夫研究将摩根大通的股票评 级从 "跑赢大盘"下调至 "与大盘持平"。 美国总统特朗普周三针对国防行业提出不满，并表示将禁止相关企业派发股息和开展股票回购，受此消 息影响，国防类股应声下跌。诺斯罗普・格鲁曼股价下跌逾3%，通用动力与洛克希德・马丁 ...

Core Viewpoint - The long-term assessment mechanism for pension funds has been officially implemented, aiming to enhance the investment effectiveness of pension funds by extending the evaluation period and focusing on medium to long-term goals [1][2]. Group 1: Long-term Assessment Mechanism - The official guidance specifies that the management contracts for pension funds should have a minimum duration of three years, establishing a new standard for performance evaluation [2]. - The assessment will primarily focus on medium to long-term objectives, with an emphasis on indicators that span over three years [2][4]. - The new mechanism aims to reduce the pressure on investment managers caused by short-term performance rankings, allowing for more stable and long-term investment strategies [3][6]. Group 2: Impact on Pension Funds and Capital Markets - The pension funds are a significant component of the long-term capital market, with the investment scale exceeding 7.7 trillion yuan by September 2025, and generating over 756 billion yuan in investment returns during the 14th Five-Year Plan period [4][5]. - The long-term assessment mechanism is expected to transform pension funds from being reactive to market fluctuations into stable, value-oriented long-term capital [6]. - This policy is seen as a critical upgrade to the infrastructure of China's capital market, addressing the fundamental conflict between the long-term nature of funds and short-term investment behaviors [6].

本文字数：2729，阅读时长大约4分钟 作者 |第一财经齐琦 封图 |AI生成 2026.01.07 "这一轮镍价飙升的关键诱因，来自全球最大镍供应国印度尼西亚的减产计划。"中辉期货基金经理王维芒分析称，作为全球最大镍生产国，印度尼西亚计 划将2026年镍矿产量目标从3.79亿吨大幅下调至2.5亿吨，削减幅度高达34%。同期，淡水河谷印度尼西亚公司暂停采矿活动，进一步放大了市场对镍供应 短缺的担忧情绪。 2026年伊始，全球金属期货市场迎来强劲"开门红"。 全球工业金属涨势再度升级，伦敦金属交易所（LME）铜、铝、锌、镍、锡、铅六大金属期货价格于周二（1月6日）全线飙升，其中，LME铜期货周二 创下了新高；LME镍期货盘中涨幅突破10%，周三再度冲高至18800美元/吨。 国内市场资金同步涌入有色金属赛道，1月7日，国内商品期市收盘跟涨，工业金属品种涨幅居前，沪镍收盘涨停；沪锡、氧化铝分别收涨5.3%、4.97%。 "铜、镍等有色金属因供应担忧价格大涨。"一位金属期货分析师对记者称，短期内金属价格受供应扰动和资金推动持续上涨。这轮工业金属的涨势能否持 续，中长期仍需关注全球经济复苏节奏及供需再平衡进程，若供应 ...

Group 1 - Fenglong Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of over 100% in just eight trading days, leading to potential trading suspension if the abnormal price trend continues [2] - ST Sunshine is undergoing a control change process by its major shareholder, which may lead to a change in the actual controller, resulting in a stock suspension for up to two trading days [3] - Yihuilong's collaboration with Brain Machine Star Chain has not yet received medical device registration, with potential revenue generation not expected before November 2026 [4] Group 2 - Zhuhai Ming Technology's subsidiary has acquired 66,900 shares of Zhipu in Hong Kong, amounting to approximately 7.77 million HKD [5] - Beifang Navigation clarified that it has no business or orders related to commercial aerospace, despite being included in that sector by some online platforms [6] - ST Energy is required to pay a total of 7.59 million CNY to investors due to a court ruling on false statements, with a joint liability for 8% of the compensation by Daxin [7] Group 3 - Heng Rui Medicine's innovative drug, Rilaforpu α injection, has been approved for market release, with no similar products available domestically or internationally [8] - Bibet has not yet achieved profitability and has accumulated losses, with ongoing significant R&D investments required [9] - Chengjian Development reported that its investment in Century Space is currently unprofitable, with no undisclosed earnings expected [10] Group 4 - Guo New Energy anticipates a net loss for 2025 due to industry cycle fluctuations and market changes [12] - Kouzi Jiao expects a 50%-60% decrease in net profit for 2025, primarily due to declining sales of high-end products [13] - CIMC Group's sale of properties is expected to reduce its net profit by approximately 1.08 billion CNY, significantly impacting its 2025 earnings [14] Group 5 - Chuanjinno expects a net profit increase of 144%-173% for 2025, driven by strong market demand and improved production efficiency [15][16] - Zhongke Lanyun forecasts a net profit increase of 366.51%-376.51% for 2025, attributed to significant gains from investments [17] - China Shipbuilding Technology anticipates a net loss for 2025, as per preliminary financial assessments [18] Group 6 - Yijing Optoelectronics expects a net loss for 2025, with projections indicating a potential negative net asset position by year-end [19] - Tuo Jing Technology's major shareholder plans to reduce its stake by up to 1.30% due to funding needs [21] - Yili Group's chairman plans to sell up to 0.98% of shares to repay financing obligations [22] Group 7 - Guangqi Technology's subsidiary has signed contracts totaling 264 million CNY for the production of metamaterials [28] - Metro Design's subsidiary has secured a 311 million CNY contract for comprehensive energy management services with a hospital [29]

思泰克在互动平台表示，思坦科技为公司的参股公司，公司持有其1.94%股权。在此澄清：公司目前并 未与思坦科技共同开发航天专用无掩膜光刻机。关于思坦科技的具体经营情况、产品规划及市场分析， 请以其官方发布的信息为准。 (本文来自第一财经) ...

第一财经正式推出"问海•中企出海新观察"栏目，系统化追踪中企全球化进程。 【问海•中企出海新观察】 全球化发展自2024年开始进入了一个新时期，最显著的变化之一，便是贸易保护主义加剧，一些国家更强调"保护本国"的经贸政策，全球贸易摩擦升级，也 促使关键产业回流本土。与此同时，后疫情时代以来，在地缘政治局势紧张的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球 产业链、供应链的调整，这些都给全球化发展带来更多不确定性。 根据《报告》，中国企业全球化发展进入新常态，呈现出多元化、区域化，且与地缘政治交织的复杂发展状态。贸易方面，以美国为例，在经贸领域推行针 对各个国家的"对等关税"。投资方面，联合国贸发会议（UNCTAD）数据显示，截至2024年底，全球有46个国家设立了专门针对外国直接投资的审查机制， 较十年前（2014年）的水平翻了一倍多，审查范围也从传统的能源、交通基础设施拓展到半导体、数据处理、人工智能等新兴领域。与此同时，科学技术迭 代日益加快，正在快速改变传统生产方式与经营模式，影响着经营主体在全球化方面的决策。 新形势下，中国企业全球化展现出较强韧性。第一财经研究院·中国企业全球 ...

Group 1: Market Overview - The global metal futures market experienced a strong start in 2026, with significant price increases across major metals including copper, aluminum, zinc, nickel, tin, and lead on January 6 [1] - LME copper futures reached a new high, while LME nickel futures saw intraday gains exceeding 10%, hitting $18,800 per ton [1] - Domestic markets also saw a surge in investment in non-ferrous metals, with notable price increases in nickel, tin, and aluminum [1] Group 2: Supply Concerns - The surge in nickel prices is primarily driven by supply concerns, particularly due to Indonesia's plan to cut its nickel production target from 379 million tons to 250 million tons, a reduction of 34% [2] - The International Nickel Study Group (INSG) projects a global nickel demand of 3.82 million tons and a production of 4.09 million tons in 2026, indicating potential oversupply despite Indonesia's production cuts [3] - High inventory levels, with LME nickel stocks at 254,000 tons and domestic stocks in China significantly above the five-year average, are exerting long-term pressure on prices [3] Group 3: Copper Price Dynamics - LME copper prices rose by 1.9% to $13,238 per ton, with a peak of $13,387.5, marking a cumulative increase of over 5% since the beginning of 2026 [4] - The price increase is attributed to structural supply shortages and accelerating demand driven by investments in electrification and data centers [4] - Recent disruptions, such as strikes at Capstone Copper's Mantoverde mine and delays in Ecuador's copper projects, have heightened supply concerns [5] Group 4: Investment Trends - Significant capital inflow into the non-ferrous metals sector has been observed, with various ETFs seeing substantial net inflows, particularly in the first two trading days of 2026 [6] - The non-ferrous metals sector was a standout performer in 2025, with a 94.73% increase in the A-share market and many stocks doubling in value [7] - Analysts suggest that macroeconomic factors, including lower-than-expected U.S. inflation data and geopolitical uncertainties, are driving investment demand in the sector [7]

（文章来源：第一财经） 据报道，智利国家铜业公司2025年铜产量将比2024年多5000吨，预计2026年铜产量将达到134.4万吨。 ...