（文章来源：第一财经） 华西证券指出，2026年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春季躁动已提前演绎：一是 宏观政策周期来看，2026年作为十五五开局之年，多部门正密集出台配套产业政策和投资规划，同时财 政货币政策的协同发力，为市场营造了友好的流动性环境；二是资金层面，12月以股票型ETF为代表的 机构资金出现抢跑，后续保险资金"开门红"叠加汇率升值驱动下外资回流，增量资金入市有望强化春季 行情趋势；三是基本面预期与产业周期来看，随着PPI降幅收窄，预计2026年企业盈利进入温和复苏通 道，对盈利拐点的博弈将成为行情的重要支撑。 ...

Group 1 - The core viewpoint is that the cosmetics, gold jewelry, and duty-free sectors are expected to grow due to the recovery trend in high-end consumption [1] - The beauty care sector benefits from the value breakthrough of domestic brands, core technology upgrades, and channel transformations [1] - In the gold jewelry sector, mid-to-high-end gold accessory brands are rapidly emerging and breaking into new markets, with potential for traditional Chinese craftsmanship and culture to go global [1] - The duty-free sector is expected to continue benefiting from domestic policy dividends, which may sustain its favorable market conditions [1]

Group 1: International Relations and Geopolitical Events - China's Foreign Ministry condemned the U.S. for its military actions against Venezuela, emphasizing the violation of international law and the need to respect Venezuela's sovereignty [2] - Venezuelan President Maduro appeared in a U.S. court and pleaded not guilty to charges, with a follow-up court date set for March 17 [3] - The U.S. Secretary of Defense stated that fewer than 200 personnel were involved in the military operation against Venezuela [15] Group 2: Economic and Market Developments - The Chinese government plans to issue over 100 billion yuan in special bonds to support ecological projects along the Yangtze River [7] - The China Passenger Car Association forecasts a 25% growth in the sales of new energy vehicles by 2025, with total sales expected to reach 15.33 million units [10] - Goldman Sachs recommends overweighting Chinese stocks, predicting annual growth of 15% to 20% in the Chinese stock market for 2026 and 2027 [20] Group 3: Corporate News - Gree Electric Appliances announced that it will not raise air conditioner prices and has no current plans to replace copper with aluminum in its products [17] - The China Securities Regulatory Commission is enhancing measures to combat financial fraud in the capital market, aiming to improve the quality of listed companies [8]

（文章来源：第一财经） 开源证券指出，建议关注新游上线及老游运营活动，积极把握供需共振下景气度向上、且即将迎来寒假 春节旺季、估值性价比突出的游戏板块投资机会。 ...

马杜罗夫妇的辩护律师曾帮助阿桑奇获释。 据新华社报道，当地时间1月5日，委内瑞拉总统马杜罗夫妇抵达纽约曼哈顿联邦法庭。 针对美方所有指控，马杜罗表示，拒不认罪。 "我是无辜的，我没有罪，我是一个正派的人，我仍然是委内瑞拉的总统。"马杜罗说。 外交部发言人林剑5日表示，中方支持联合国安理会就美国对委内瑞拉发动军事打击召开紧急会议，支 持安理会根据自身职责发挥应有作用。 庭审记录显示，主审法官海勒斯坦（Alvin Hellerstein）首先确认了马杜罗的身份。马杜罗用西班牙语回 答确认。 马杜罗随后通过翻译表示，他是委内瑞拉总统，并称自己是在家中被捕。 法官表示，马杜罗的辩护律师"会在适当时机"陈述案情，但目前他只需要马杜罗确认身份。 针对美国政府所有指控，马杜罗表示，全部不认罪。随后，马杜罗的妻子也通过翻译发言，否认有 罪。"无罪，完全清白。" 弗洛雷斯说。 庭审记录显示，马杜罗在整个听证过程中都做了笔记。起初，马杜罗在起诉书副本上写下一些评论。马 杜罗表示，这份起诉书是他到法院后才第一次看到的。 庭审全程 据现场公布的视频，1月5日清晨，63岁的马杜罗由直升机和装甲车从布鲁克林的一所联邦监狱运送到曼 哈顿。 ...

中期选举、地缘政治等在内的不利因素让不确定性有所上升。 随着2025年结束，美股以连续第三年实现两位数百分比涨幅的成绩收官。本轮牛市如今进入第四个年 头，想要再现业绩斐然的年份，在市场人士眼中，这需要企业盈利表现强劲、美联储采取宽松政策，同 时人工智能领域维持高额投入作为支撑。但包括中期选举、地缘政治等在内的一些不利因素，也令美股 今年前景的不确定性有所上升。 机构预测谨慎 尽管美国总统特朗普的关税政策令市场在上半年大幅下挫，标普500指数随后探底回升收盘涨幅达到 16.8%。不过，这也意味着冲击 "连续三年涨幅超20%"的里程碑失败。历史上，该指数仅在1995年开启 的一轮由科技股驱动的牛市中达成过这一成就，而那轮牛市最终在2000年初随着互联网泡沫破裂而终 结。 随着财政刺激政策和宽松货币政策发力，为经济增长与消费支出提供支撑，企业盈利增长的驱动力预计 将从少数科技及科技相关巨头，扩散至更广泛的企业群体。以英伟达、苹果和亚马逊为代表的 "科技七 巨头"在去年实现了37%的盈利增幅，而标普500指数其他成分股公司的盈利增幅仅为7%。到2026年， 这一盈利差距有望大幅收窄，伦交所汇总机构预测后表示，"七巨头 ...

Core Insights - The rise of open-source models has become a catalyst for global innovation in the AI industry, as highlighted by NVIDIA CEO Jensen Huang during a presentation in Las Vegas [1][1] - The introduction of Deepseek R1 has unexpectedly driven transformation across the industry, showcasing the rapid advancements in open-source model performance [1][1] - Several open-source models are emerging globally, with their capabilities increasingly approaching those of leading frontier models [1][1] - The presentation featured images of multiple open-source models, including three from China: Kimi K2, Qwen, and Deepseek V3.2 [1][1]

在美国对委内瑞拉采取军事行动之后，欧洲市场出现连锁反应。 当地时间周一（5日），军工股等权重板块走势强劲，推动欧洲主要股指全线上扬。截至收盘，欧洲基 准股指欧洲斯托克600指数涨5.62点，涨幅0.94%，报601.76点，首次突破六百点关口，创下历史新高。 德国军工巨头莱茵金属收盘大涨9.4%，德国伦克集团收涨8%，瑞典萨博集团涨6.6%，意大利军工企业 列奥纳多涨6.3%，英国贝宜系统涨5.5%，法国泰雷兹涨4.7%。 德国DAX指数涨329.35点，涨幅1.34%，报24868.69点，同样收于纪录高位。英国富时100指数涨53.43 点，涨幅0.54%，报10004.57点，历史上首次收于一万点上方。 整体来看，欧洲市场避险情绪相对有限。尽管地缘政治风险骤然上升，但投资者并未大规模撤离风险资 产，欧股延续了去年以来的上行趋势。 英国研究机构凯投宏观（Capital Economics）在最新报告中表示，委内瑞拉经济体量在全球范围内占比 有限，其政治形势变化对全球经济和金融市场的直接冲击相对可控。该机构认为，美国此次行动短期内 不太可能对全球增长、贸易格局或金融稳定构成系统性风险。 一位不愿具名的市场人 ...

Market Overview - The overall market is still in a positive expansion phase, indicating a favorable environment for investment opportunities [6]. Stock Market Performance - Major U.S. stock indices opened higher, with the S&P 500 recovering above 6900 points. The Dow Jones increased by 1.23%, reaching a historical high of 49000 points, while the Nasdaq rose by 0.69% and the S&P 500 by 0.64% [3]. - The energy sector showed strength, with companies like Chevron and ExxonMobil benefiting from the anticipated reconstruction of Venezuela's oil infrastructure, with Chevron up 5.1% and ExxonMobil up 2.2% [3]. - Oilfield service companies such as Halliburton and Schlumberger also performed well, rising by 7.8% and nearly 9%, respectively [3]. Commodity Prices - Gold prices surged significantly due to increased risk aversion, with COMEX gold futures rising by 2.84% to $4436.90 per ounce, and silver futures increasing by 7.95% to $76.15 per ounce [4]. Corporate Actions - Tianpu Co. received regulatory warnings from the Shanghai Stock Exchange [7]. - Tianqi Lithium plans to conduct maintenance on its 150,000-ton liquid hexafluorophosphate production line at the Longshan North base [7]. - Weigao Medical intends to acquire 100% equity of Weigao Purui for a transaction price of 8.511 billion yuan [7]. - Three Gorges New Materials plans to acquire a 40% stake in Lingang New Materials for zero yuan [9]. - Fulin Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [9]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the comprehensive prevention and punishment system for financial fraud in the capital market, emphasizing the need for enhanced regulatory measures and collaboration among departments [5].

Core Viewpoint - NVIDIA's CEO Jensen Huang showcased the new generation Rubin GPU, highlighting significant performance improvements over the previous Blackwell architecture [1] Performance Metrics - The NVFP4 inference computing power is 50 PFLOPS, which is five times that of Blackwell [1] - The NVFP4 training computing power is 35 PFLOPS, which is 3.5 times that of Blackwell [1] - The HBM4 bandwidth is 22 TB/s, which is 2.8 times that of Blackwell [1] - The transistor count is 336 billion, which is 1.6 times that of Blackwell [1]