（原标题：你好，2026！） 责编：李丹 校对：许欣 ...

Core Insights - Neuralink, founded by Elon Musk in 2016, plans to launch large-scale brain-machine interface (BMI) operations by 2026, transitioning to nearly fully automated surgeries [2][3] - The company aims to develop a "full brain interface" that allows seamless connection between the biological brain and external machines, potentially addressing neurological diseases and enhancing human cognitive abilities [4] Company Developments - Neuralink has completed the world's first human BMI implantation trial by the end of 2023 and has outlined detailed plans for the coming years, including advancements in chip technology and electrode counts [2][3] - The company currently has three products: "Mind Reading" for motor impairment patients, "Blind Vision" for visually impaired individuals, and "Deep" for neurological disorders and pain management [3] Future Plans - By Q4 2025, Neuralink aims to implant chips in the speech cortex to decode silent "intent speech" [3] - The number of implanted electrodes is expected to increase from 64 to 3,000 by 2026, and further to 10,000 by 2027, with plans to exceed 25,000 electrodes by 2028 for deeper brain areas [3][4] Domestic Developments - In China, significant advancements in BMI technology have been reported, with 24 financing rounds completed in the BMI sector from January to November 2025, marking a 30% year-on-year increase [5][7] - Various Chinese institutions and companies, such as Shanghai Brain Tiger Technology and Beijing Brain Science Institute, are actively developing and testing BMI technologies [5][6] Investment Trends - The investment enthusiasm in the BMI sector is rising, with over 100 capital firms, including Sequoia and Hillhouse, investing in the field, and a total financing amount exceeding 10 billion yuan in the past five years [7][8] - Neuralink raised $650 million in its E round of financing in June 2025, achieving a post-money valuation of $9 billion, setting a record in the BMI sector [7] Government Support - Government funding is becoming a crucial financing channel for BMI companies, with initiatives like the "BMI Special Incubation Fund" established in Beijing, offering up to 50 million yuan per project [8]

Group 1: Core Insights - The core viewpoint of the articles highlights the significant performance of the non-ferrous metals industry in 2025, which achieved an annual index increase of 94.73%, marking it as the top-performing sector in the A-share market [1][4]. - The surge in non-ferrous metal prices, including gold, silver, copper, aluminum, and lithium, is attributed to a combination of rigid supply constraints and structural demand growth, leading to a strong bull market for metals [4][5]. Group 2: Non-Ferrous Metals Industry Performance - By the end of 2025, the A-share market capitalization of the non-ferrous metals industry approached 5 trillion yuan, with 12 stocks surpassing the 1 billion yuan market cap [5]. - Notable stocks such as Zijin Mining saw a remarkable increase of 133.09% in 2025, with its market cap exceeding 710 billion yuan [5]. - A total of 46 stocks in the non-ferrous metals sector reached historical highs in 2025, with key players like Luoyang Molybdenum and Tianshan Aluminum achieving significant gains [4]. Group 3: Technology Sector Activity - The technology sector experienced high trading activity, with an average daily trading volume of 1.73 trillion yuan in 2025, marking a record high [8]. - The electronic industry led the trading activity with an average daily turnover of 266.57 billion yuan, driven by the AI revolution and domestic substitution trends [8][12]. - The market capitalization of the electronic sector reached 13.77 trillion yuan, surpassing the banking sector for the first time, with a year-on-year increase of 5.56 trillion yuan [8]. Group 4: Financing Trends - In 2025, financing funds significantly flowed into the technology sector, with the electronic industry receiving a net buy of 165.53 billion yuan, the highest among all sectors [12][15]. - The financing balance for the electronic industry stood at 382.06 billion yuan, leading the market and indicating a shift in capital towards technology-focused investments [15]. Group 5: Outlook for 2026 - Institutions maintain an optimistic outlook for the A-share market in 2026, focusing on sectors such as technology growth, cyclical reversals, and domestic demand expansion [16][17]. - Key areas of interest for investment include AI applications, resource stocks, and innovative technologies like quantum technology and controlled nuclear fusion [16][17].

Group 1 - The A-share market closed 2025 with significant gains, led by the ChiNext Index which rose 49.57%, followed by the North Star 50 at 38.8% and the Sci-Tech 50 at 35.92% [1] - The total trading volume exceeded 420 trillion yuan, marking a historical high with an increase of over 63% compared to 2024 [1] Group 2 - Nearly 80% of stocks in 2025 experienced price increases, with the non-ferrous metals sector leading at a 97.48% annual increase, followed by the communication sector at 63.64% and the electronics sector at 57.68% [2] - A total of 4,235 stocks rose, accounting for over 79% of all A-shares, with 629 stocks seeing annual gains exceeding 100% [2] Group 3 - The financing net inflow for the year reached over 684.3 billion yuan, setting a new historical record, significantly surpassing the total net inflow of the previous four years [3] - The electronics sector was the most favored by investors, with a net inflow of over 164.6 billion yuan, while sectors like oil and coal saw net outflows [3] Group 4 - Institutions are optimistic about the A-share market in 2026, with terms like "slow bull" and "transformation bull" being prevalent in annual strategy reports [5] - Morgan Stanley upgraded the A-share rating to "overweight," citing a higher probability of significant gains in 2026 due to various supportive factors [6]

联代科技尾盘突然暴拉。 当地时间2025年12月31日（周三），美股三大指数小幅收低，标普500指数录得连续第四个交易日下滑。三大股指在2025年均录得涨幅，其中标普500指数 上涨16.39%。 截至收盘，道指跌303.77点，跌幅为0.63%，报48063.29点；纳指跌177.09点，跌幅为0.76%，报23241.99点；标普500指数跌50.74点，跌幅为0.74%，报 6845.50点。 纳指2025年大涨超20% 标普500指数录得连续第四个交易日下跌。尽管如此，该指数2025年全年仍收获16.39%的涨幅，这是其连续第三年实现两位数的年度涨幅。纳斯达克综合 指数受益于人工智能热潮，2025年累计上涨20.36%。道指在2025年上涨12.97%。 这标志着市场从2025年4月初美国总统特朗普宣布全面提高关税引发暴跌之后实现了显著反弹。2025年4月特朗普突然宣布关税措施后，标普500指数一度 濒临进入熊市，较2025年2月高点下跌近19%，并在2025年4月首次收于5000点下方，随后反弹。 周三经济数据面，美国至2025年12月27日当周初请失业金人数录得19.9万人，为2025年11月29 ...

Core Insights - The year 2025 was characterized as a "differentiated game year" for commodities, with significant movements in gold and silver, disappointing performance in crude oil, and notable rises in platinum and palladium [1][12]. Precious Metals Sector - The precious metals sector experienced a "bull market" in 2025, with gold prices reaching historical highs in the first half and silver following suit in the second half, leading to increased investment interest [3][15][16]. - Analysts predict continued upward potential for the precious metals sector in 2026, driven by factors such as potential interest rate cuts by the Federal Reserve and ongoing global central bank gold purchases [3][17]. - Gold prices are expected to rise due to a decrease in opportunity costs for holding gold, while silver is anticipated to have stronger price elasticity due to its dual role as a precious and industrial metal [3][17]. Non-Ferrous and New Energy Metals Sector - The non-ferrous and new energy metals sector showed significant differentiation in 2025, with lithium carbonate, polysilicon, and international copper leading in price increases, while aluminum oxide and industrial silicon faced declines [3][18][19]. - Analysts foresee copper and tin emerging as leading commodities in 2026, with a focus on the sustainability of lithium demand and the resolution of polysilicon production capacity issues [3][20]. Energy and Chemical Sector - The energy and chemical sector faced challenges in 2025 due to oversupply, with most products under pressure, except for PX and PTA which saw price increases [3][21][22]. - Analysts expect continued pressure on crude oil prices in 2026, with a focus on structurally sound products like the aromatics chain [3][22]. Agricultural Products Sector - The agricultural products sector showed overall weakness in 2025, with some products like apples and cotton performing better than livestock [3][23]. - Analysts predict a potential turnaround in 2026, particularly for live pigs and cotton, driven by supply adjustments and reduced planting areas [3][23]. Black Building Materials Sector - The black building materials sector experienced a "flat" year in 2025, characterized by weak demand and limited cost support, leading to price declines for many products [3][24]. - Expectations for 2026 include potential improvements driven by macro policy changes, with structural differentiation among products becoming more pronounced [3][24]. Stock Index Futures - The stock index futures market saw a "small bull market" in 2025, with expectations for a "slow bull" market in 2026, driven by improving corporate earnings and a shift from valuation-driven to earnings-driven market dynamics [3][25][26]. - Key sectors to watch in 2026 include those benefiting from strong industry trends and policy support, particularly in the AI sector and cyclical stocks [3][26].

（原标题：又一国宣布对中国公民免签） 当地时间12月31日，土耳其《官方公报》发布总统令，宣布自2026年1月2日起，对持中国普通护照的公 民实行免签入境政策。 来源：央视新闻 责编：李丹 校对：许欣 根据规定，在每180天内，免签停留时间累计不超过90天，适用于旅游和过境目的。该决定依据土耳其 《外国人和国际保护法》第18条作出。 ...

（原标题：官宣！巴菲特正式退休！） 官宣退休。 据央视新闻消息，当地时间2025年12月31日，央视记者获悉，著名投资人沃伦·巴菲特正式退休，从知 名投资机构伯克希尔·哈撒韦（简称"伯克希尔"）公司的首席执行官岗位上卸任。 值得一提的是，2025年11月10日，巴菲特发布了谢幕信。他在信中表示，将加快将其1490亿美元的遗产 捐赠给子女基金会的步伐，同时他表达了对即将上任的首席执行官格雷格•阿贝尔，以及公司前景的信 心。 在信中，巴菲特用了大量篇幅回顾了伯克希尔公司的发展历程。自1965年接管伯克希尔哈撒韦公司以 来，巴菲特已将一家陷入困境的纺织厂转变为一家价值1万亿美元市值的大型投资集团，业务涵盖保 险、铁路、公用事业和消费品牌。 当地时间2025年11月1日，伯克希尔公司公布了巴菲特卸任CEO之前发布的最后一份财务报告。财报显 示，伯克希尔公司第三季度的营收为949.72亿美元，同比增长2.13%；归属股东净利润为307.96亿美 元，同比增长17%；三季度运营利润达134.9亿美元，同比大增34%，远超去年同期的100.9亿美元。 截至2025年三季度末，公司的现金储备达到3816.7亿美元，再创历史最 ...

Market Overview - US stock indices opened slightly higher but turned negative, with the Dow Jones down 0.24%, S&P 500 down 0.22%, and Nasdaq down 0.24% [1] - The Nasdaq China Golden Dragon Index fell by 0.98% [2] Economic Indicators - Initial jobless claims in the US dropped to 199,000, the lowest level this year, against an economist median estimate of 218,000 [2] - The recent data fluctuations align with typical holiday patterns, including Christmas and newly announced federal holidays [2] Federal Reserve Insights - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 3.5%-3.75%, with a notable dissent of 3 votes, the highest since 2019 [3] - Most officials believe further rate cuts may be appropriate if inflation decreases as expected, while some argue rates should remain unchanged for a period [3] - Following the December meeting minutes, traders adjusted their expectations to two rate cuts in 2026, down from three [3] Stock Predictions - UBS strategists forecast a 10% year-over-year increase in S&P 500 earnings, predicting the index will rise to 7,700 by the end of next year [5] - Sanctuary Wealth's chief investment strategist anticipates technology stocks will lead the market until 2030, with the S&P 500 potentially reaching between 10,000 and 13,000 by then [5] - GMO's co-head of asset allocation warns that due to high concentration in expensive AI stocks, future returns for the S&P 500 may be disappointing, with a potential negative return in 2026 [5] Company-Specific Developments - Trump Media Technology Group saw its stock rise over 7% before narrowing gains, with a current price of $13.110, reflecting a 4.30% increase [6][7] - The company announced plans to distribute new digital tokens to shareholders, with each shareholder receiving one token per share of DJT stock, potentially offering benefits related to its products [7] - Trump Media Technology Group launched five ETFs focused on "America First" themes, investing in sectors like commercial real estate, energy, defense, and technology [8] - Trump Mobile delayed the delivery of its gold smartphone due to recent government shutdowns, indicating potential supply chain issues [8]

（原标题：程军、石永拴，同日被查！） 银行业反腐。 据中央纪委国家监委驻中国银行纪检监察组、天津市纪委监委消息：中国银行浙江省分行党委书记、行 长程军涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国银行纪检监察组纪律审查和天津市监察 委员会监察调查。 责编：李丹 校对：陶谦 据中央纪委国家监委驻中国建设银行纪检监察组、山东省纪委监委消息：中国建设银行河南省分行原党 委书记、行长石永拴涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国建设银行纪检监察组纪律 审查和山东省聊城市监察委员会监察调查。 综合自：中央纪委国家监委网站 ...