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].

美股、贵金属，全线回调。 昨夜，美股三大指数集体收跌。中概股普跌，纳斯达克中国金龙指数跌超1%。 美元录得2017年以来最大年跌幅 2025年全年，美元下跌逾9%，而欧元上涨逾13%，英镑兑美元上涨逾7%。 2025年，在经历了一年的降息、财政担忧以及不确定的关税贸易政策后，美元录得自2017年以来最大年度跌幅。这些因素预计在2026年仍将持 续，意味着美元的疲软可能延续，欧元和英镑也将大幅上涨。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 道琼斯工业平均 | 48063.29c | -0.63% | | 纳斯达克指数 | 23241.99c | -0.76% | | 标普500 | 6845.50c | -0.74% | | 纳斯达克100 | 25249.85c | -0.84% | | 万得美国科技七巨头指数 | 66273.63c | -0.61% | | 万得中概科技龙头指数 | 4279.26c | -0.74% | | 纳斯达克中国会龙指数 | 7529.74c | -1.13% | 贵金属全线回调。纽约期金跌超1%，纽约期银更是大跌8.91%，铂、钯均大跌。 ...

（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 ...

ST柯利达（603828）最新公告筹划控制权变更，公司股票自2026年1月5日起停牌。公司股价2025年累计涨幅达189%。 12月31日晚间ST柯利达公告，当日收到公司控股股东苏州柯利达集团有限公司（下称"柯利达集团"）的通知，柯利达集团的全体股东拟转让其持有的 柯利达集团100%股权。截至目前，柯利达集团直接持有公司无限售流通股1.12亿股，占公司总股本的18.74%。若转让完成，将导致公司控制权发生变 更。 鉴于上述事项正处于筹划中，尚存在不确定性。为保证公平信息披露，维护投资者利益，依据有关规定，经申请，公司股票自2026年1月5日（星期一） 起停牌，预计停牌时间不超过2个交易日。 | 间统计 | 不复权 · 显示停牌 | 到价提醒 等码 | | | ST柯利达 | | 8.38 | -0.24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 设置均线。 | | 603828 | | | -2.78% | | | | | | | 已收市 CNY | | | 目洗+ | | | | | | | 委比 | -16.24% ...

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 ...

（原标题：实探丨回望华强北2025：历经浪潮冲刷，方显韧性底色） 华强北的传奇，将以韧性作为底色，一直续写下去。 作为"中国电子第一街"，华强北在2025年就像始终处在"漩涡中心"一般，精准地捕捉并放大着全球科技和经济的每一次脉动：从年初人形机器人 爆火带动租赁价格飞涨，到美国加征关税影响电子设备出口，再到存储价格暴涨成为"黑色金条"以及"百镜大战"掀起了华强北的"白镜大战"…… 在2025年底，证券时报记者重走华强北，回顾其在2025年都经历了哪些浪潮冲刷，回望这片不到3平方公里的区域，在一次次内外部的压力测试 里，都展现出了怎样惊人的学习能力和"转身速度"。从华强北这一小窗口，一窥中国供应链的韧性底色。 跌宕：人形机器人"大降薪" 2025年初，当宇树科技的机器人穿着花棉袄在春晚舞台上扭起了秧歌，一场机器人租赁热潮火速席卷了华强北。在2025年2月，证券时报记者实探 位于华强北的赛格电子市场五楼时，发现机器人租赁店铺占据了中心位置，人形机器人的租金最高涨到2万元/天。 十个多月过去，华强北机器人租赁市场行情发生了怎样的变化？2025年12月31日，证券时报记者又来到赛格电子市场五楼，发现尽管楼层标牌上 还 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape of the IPO market in A-shares for 2025, indicating that leading brokerage firms maintain a strong position while smaller firms find opportunities in niche segments [1] - The top five brokerage firms accounted for nearly half of the total IPO projects in the market, reflecting a high concentration in the industry [1][4] - The dual innovation board is identified as a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total [4] Group 2 - In the 2025 A-share IPO underwriting rankings, CITIC Securities led with 270 projects, followed by Guotai Junan with 19 projects, and CITIC Jianou with 12 projects [2] - For the Sci-Tech Innovation Board, CITIC Securities dominated with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share [4][5] - The top five underwriters for the Growth Enterprise Market included Guotai Junan and China Merchants Securities, with underwriting amounts of 57.61 billion yuan and 45.46 billion yuan, respectively [6] Group 3 - The Beijing Stock Exchange continued to enhance its service for innovative small and medium-sized enterprises, adding 26 new companies to the market in 2025 [7] - The leading underwriters for the Beijing Stock Exchange included China Merchants Securities and Huatai United, with underwriting amounts of 192 million yuan and 14.78 million yuan, respectively [8] Group 4 - The regulatory environment remains stringent, with the China Securities Association publishing the 2025 evaluation results for securities firms' investment banking business quality, reflecting a dynamic optimization of the evaluation system [9][10] - A total of 12 brokerage firms received an A-class rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management capabilities [10] Group 5 - Looking ahead to 2026, the IPO market is expected to remain active with a steady growth rhythm, characterized by structural optimization and an increase in financing for dual innovation enterprises [11][12] - The focus will be on hard technology sectors such as semiconductors, artificial intelligence, and biomedicine, with an anticipated increase in the number of listings from companies in these fields [12]

Core Viewpoint - The release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" marks the completion of the three-phase fee reform in the public fund industry, which is expected to save investors approximately 51 billion yuan annually and reduce the overall fee level by about 20% [1][10]. Group 1: Fee Reform Overview - The third phase of the fee reform is projected to provide annual savings of around 30 billion yuan for investors, contributing to a total of 51 billion yuan in annual savings across all three phases [1][10]. - The comprehensive fee reduction efforts have led to a 34% decrease in overall sales fees across the industry [4]. Group 2: Key Measures of the Regulations - The regulations include six major measures aimed at reducing investor costs, such as lowering subscription and sales service fees, optimizing redemption arrangements, and encouraging long-term holding [3][4]. - Specific fee caps have been established: active equity funds' subscription fees are capped at 0.8%, mixed funds at 0.5%, and index and bond funds at 0.3% [4]. Group 3: Long-term Investment Encouragement - The reform aims to shift the industry focus from short-term trading to long-term investment by eliminating sales service fees for investors holding non-money market funds for over a year [6][9]. - The regulations also promote a healthier sales ecosystem by addressing issues like dual charging in advisory services and ensuring fair treatment of fund shares [9]. Group 4: Optimizations and Adjustments - The final version of the regulations reflects feedback from the industry, optimizing various clauses to better align with practical needs while maintaining the goal of significant investor benefits [8]. - Adjustments to redemption fee arrangements for bond and index funds have been made to protect individual investors and encourage longer holding periods [8].