每日投行/机构观点梳理（2026-02-05）

Group 1: Gold and Silver Market Outlook - A Reuters survey indicates that gold prices are expected to reach a new high of $4,746.50 per ounce by 2026, driven by geopolitical uncertainties and strong central bank purchases, marking a significant increase from last year's forecast of $4,275 [1] - The average price expectation for silver in 2026 has also been raised to $79.50 per ounce, up from $50 in the previous year's survey [1] Group 2: Currency and Economic Analysis - The strong US dollar is exerting downward pressure on gold and silver prices, with analysts suggesting that if the dollar's rebound continues, it may further impact gold prices negatively [2] - UBS forecasts a 10% increase in global stock markets by the end of the year, with a focus on diversification into markets like China, Japan, and Europe, driven by strategic autonomy and fiscal expansion [3] - Mitsubishi UFJ reports that the Japanese yen has fallen to a near two-week low due to election expectations, with potential for continued selling pressure as confidence in the ruling party's stability grows [4] - Goldman Sachs warns of upward fiscal risks in Japan ahead of the upcoming elections, suggesting that unless the Bank of Japan accelerates interest rate hikes, the yen may weaken further [6] Group 3: Sector-Specific Insights - Zhongtai Securities expresses a positive outlook on the raw material pharmaceutical sector, highlighting innovations in small nucleic acids and ADC toxins as catalysts for growth [7] - CITIC Securities recommends focusing on automotive companies with strong cost transfer capabilities and global layouts, as rising raw material prices are expected to pressure profit margins in the first quarter of 2026 [8] - Galaxy Securities identifies two main paths for AI-driven benefits: enhancing platform efficiency and improving production efficiency through content and tools, suggesting a focus on internet stocks and AI-related applications [9]