Report Industry Investment Rating No relevant content provided. Core View of the Report - The market sentiment cooled slightly yesterday, with the commodity market weakening significantly and the stock index showing a volatile trend. The trading volume also contracted. After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] - The prices of various commodities are affected by different factors, such as supply and demand, policy changes, and macro sentiment. The report provides trend judgments and trading suggestions for each commodity, including metals, energy, chemicals, and agricultural products. [1] Summary by Related Catalogs Macro Finance - Stock Index: After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. Attention should be paid to capital flows and market sentiment changes. [1] - Treasury Bonds: The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] Non-Ferrous Metals - Copper: The copper price has fallen from its recent high, but there are still disruptions in the mining end. The downside space for the copper price is expected to be limited. [1] - Aluminum: There has been an accumulation of domestic electrolytic aluminum stocks recently, and the industrial driving force is limited. The macro anti-involution sentiment has ebbed, and the aluminum price has fallen from its high. [1] - Alumina: The supply side of alumina still has a large release space, and the industrial side exerts downward pressure on the price. However, the current price is basically near the cost line, and the price is expected to fluctuate. [1] - Zinc: The fundamentals of zinc have improved, and the cost center has shifted upward. The recent macro sentiment has been good, and the zinc price has risen. However, considering the still existing pressure on the fundamentals, caution is advised regarding the upside space. [1] - Nickel: The market's concerns about nickel supply have significantly cooled, and the LME nickel inventory has increased significantly recently. The nickel price has corrected from its high. Since Indonesia has not disclosed the specific amount and said that it is still in the process of accounting, there is still uncertainty about the implementation of the subsequent policy. The short-term volatility risk of the nickel price has increased. Attention should be paid to the implementation of Indonesia's policy, changes in macro sentiment, and changes in futures positions, and risk control should be done well. [1] Precious Metals and New Energy - Gold and Silver: The annual weight adjustment of the BCOM index has officially started, and the exchange has introduced multiple risk control measures for silver to suppress speculative enthusiasm. The prices of precious metals have fallen across the board, with a significant decline in silver. In the short term, gold and silver are expected to continue to be weak and volatile. In the medium and long term, attention can be paid to the opportunity to buy on dips after this round of risk release. [1] - Platinum and Palladium: Platinum and palladium have followed the weakening of precious metals. In the short term, they are expected to be in a wide-range volatile pattern. In the medium and long term, with the still existing supply-demand gap for platinum and the tendency of palladium to have a loose supply, platinum can still be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted. [1] Industrial Products - Industrial Silicon: There is an increase in production in the northwest and a decrease in production in the southwest. The production schedules for polysilicon and organic silicon in December have decreased. [1] - Polysilicon: It is the traditional peak season for new energy vehicles. The demand for energy storage is strong. The supply side has increased production resumption. There is a short-term rapid increase. [1] - Rebar and Hot Rolled Coil: In the short term, sentiment and capital have a greater influence than industrial contradictions. One can try to follow long positions with a stop-loss; for futures-spot trading, participate in positive spread positions. [1] - Iron Ore: There is sector rotation, but the upside pressure on iron ore is obvious. It is not recommended to chase long positions at this level. [1] - Non-Ferrous Metals: There is a combination of weak reality and strong expectations. The current supply and demand situation remains weak, but in terms of expectations, energy consumption double control and anti-involution may have an impact on supply. [1] - Soda Ash: Soda ash follows the trend of glass. In the medium term, the supply and demand situation will be more relaxed, and the price will be under pressure. [1] - Coking Coal and Coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, coking coal may still have room to rise. However, since the current market's "capacity reduction" expectation mainly comes from online rumors, it is difficult to judge the actual upside space. After a significant increase, the volatility will intensify, and caution should be exercised. The logic for coke is the same as that for coking coal. [1] Agricultural Products - Palm Oil: The MPOB December data is expected to be bearish for palm oil, but palm oil will reverse under the themes of seasonal production reduction, the B50 policy, and US biodiesel in the future. Short-term rebounds due to macro sentiment should be watched out for. [1] - Soybean Oil: The fundamentals of soybean oil are relatively strong. It is recommended to allocate more in the oil sector and consider a long Y, short P spread. Wait for the January USDA report. [1] - Rapeseed Oil: The trade relationship between China and Canada may improve, and Australian rapeseed will be imported smoothly. After the rapeseed trade flow is opened up, the trading logic of rapeseed oil will gradually shift from the domestic tight supply situation to the global rapeseed production increase expectation. There is still room for the price to fall. Short-term rebounds due to macro sentiment should be watched out for. [1] - Cotton: There is a strong expectation of a good harvest for domestic new crops, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate remains low, but the inventory of yarn mills is not high, and there is a rigid demand for restocking. Considering the growth of spinning capacity, the demand for cotton in the new crop market year is relatively resilient. Currently, the cotton market is in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding the direct subsidy price and cotton planting area, the intention of cotton planting area next year, the weather during the planting period, and the demand during the "Golden Three and Silver Four" peak season. [1] - Sugar: Currently, there is a global surplus of sugar, and the supply of domestic new crops has increased. The short-selling consensus is relatively strong. If the futures price continues to fall, there will be strong cost support below. However, there is a lack of continuous driving force in the short-term fundamentals. Attention should be paid to changes in the capital side. [1] - Corn: The fundamentals of corn have not changed significantly. The spot price remains firm, and the progress of grain sales at the grassroots level is relatively fast. Most traders have not yet strategically built inventories, and feed enterprises maintain a safe inventory. There is a certain restocking demand before the holiday. The short-term outlook for CO3 is expected to be oscillating and slightly bullish. Attention should be paid to the dynamics of policy grain auctions. [1] - Soybean Meal: The domestic market may restart the auction of imported soybeans; the relationship between China and Canada is expected to ease, and China is expected to suspend the tax on Canadian rapeseed meal; the macro sentiment has cooled, and the domestic market has returned to the fundamentals and shown a significant decline. Recently, it has been greatly affected by policy news. The soybean meal futures price is expected to be mainly oscillating in the short term. Attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium. [1] - Pulp: Pulp has fallen today due to the decline in the commodity macro market. The overall price has not broken through the oscillating range. The short-term commodity sentiment fluctuates greatly, and it is recommended to observe cautiously. [1] - Logs: The spot price of logs has shown a certain sign of bottoming out and rebounding recently. The further downside space for the futures price is expected to be limited. However, the January overseas quotation has still slightly declined, and the log futures and spot markets lack upward driving factors. It is expected to oscillate in the range of 760 - 790 yuan/m³. [1] - Hogs: Recently, the spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet fully cleared, the production capacity still needs to be further released. [1] Energy and Chemicals - Crude Oil: OPEC+ has suspended production increases until the end of 2026. There is uncertainty about the Russia-Ukraine peace agreement. The United States has imposed sanctions on Venezuela's crude oil exports. [1] - Fuel Oil: In the short term, the supply-demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five-Year Plan's rush demand being falsified is high, and the supply of Ma Rui crude oil is not short. The profit of asphalt is relatively high. [1] - BR Rubber: The futures position has declined, and the number of new warehouse receipts has increased. The increase in BR has slowed down temporarily. The spot price has led the rise to repair the basis, and BR continues to focus on the upward momentum above the 12,000 yuan line. The listed prices of BD/BR have been continuously raised, and the processing profit of butadiene rubber has narrowed. The overseas cracking device capacity has been cleared, which is beneficial to the long-term export expectation of domestic butadiene. The tax on naphtha also has a positive impact on the butadiene price. Fundamentally, butadiene rubber maintains high production and high inventory operation, and the trading center is generally average. Styrene-butadiene rubber is relatively better than butadiene rubber. [1] - PX and PTA: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. The fundamentals of PX do have support, and the market is expected to continue to tighten in 2026, driven by the new PTA production capacity in India and the organic growth of demand. Domestic PTA maintains high production. The gasoline spread is still at a high level, which supports aromatics. [1] - Ethylene Glycol: There is news that two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to stop production next month due to efficiency reasons. Ethylene glycol has rebounded rapidly during the continuous decline, stimulated by supply-side news. The current operating rate of the polyester downstream remains above 90%, and the demand performance is slightly better than expected. [1] - Short Fiber: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. Domestic PTA maintains high production, and the domestic polyester load has declined. The short fiber price continues to closely follow the cost fluctuations. [1] - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to lower prices due to continuous losses, while buyers insist on pressing prices due to weak downstream polymer demand and compressed profits. Although the downstream demand is weak, the domestic market has a strong bullish sentiment due to export support. The market is in a weak balance state, and the short-term upward momentum needs to be driven by the overseas market. [1] - Urea: The export sentiment has slightly eased, and there is limited upside space due to insufficient domestic demand. There is support from anti-involution and the cost side below. [1] - PF: Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. There are fewer maintenance activities, the operating load is at a high level, and there are overseas arrivals, so the supply has increased. The downstream demand operating rate has weakened. In 2026, there will be more new production capacity, and the supply-demand surplus will further intensify, and the market expectation is weak. [1] - Propylene: There are fewer maintenance activities, the operating load is relatively high, and the supply pressure is relatively large. The improvement in the downstream is less than expected. The propylene monomer price is at a high level, the crude oil price has risen, and the cost support is strong. Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. [1] - PVC: In 2026, there will be less global new production capacity, and the future expectation is relatively optimistic. Currently, there are fewer maintenance activities, new production capacity is being released, and the supply pressure is increasing. The demand has weakened, and the orders are not good. The differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. [1] - LPG: The January CP has risen more than expected, and the cost support for imported gas is relatively strong. The geopolitical conflicts between the United States, Venezuela, and the Middle East have escalated, and the short-term risk premium has increased. The trend of inventory accumulation in the EIA weekly C3 inventory has slowed down, and it is expected to gradually turn to inventory reduction. The domestic port inventory has also decreased. Domestic PDH maintains high production and deep losses. There is a rigid demand for global civil combustion, and the demand for MTBE from overseas olefin blending for gasoline has declined temporarily. Since January 1, 2026, naphtha has been re-taxed, and the long-term demand expectation for light cracking raw materials such as LPG has increased, and the performance of downstream olefin products is relatively strong. [1] Shipping - Container Shipping - European Line: It is expected to peak in mid-January. Airlines are still relatively cautious in their trial reflights. The pre-holiday restocking demand still exists. [1]

姓名：曹宝琴 邮箱：caobaoqin@nzfco.com 期货从业资格号：F3008987 期货投资咨询从业证书号：Z0012851 姓名：蒯三可 今 日 早 评 重点品种： 【短评-原油】根据欧佩克网站列出伊拉克、阿拉伯联合酋 长国、哈萨克斯坦和阿曼提交的更新后的补偿计划，对去年1-4 月份超产部分进行减产补偿的计划，上述四国到2026年6月份每 日减产82.9万桶，其中伊拉克每日减产10万桶，哈萨克斯坦每 日减产66.9万桶阿联酋每日减产5.5万桶，阿曼每日减产5000 桶；当地时间8日晚，伊朗首都德黑兰互联网服务出现中断；特 朗普当天接受一家电台采访时说，如果伊朗当局对相关人员死 亡事件负有直接责任，"他们将付出惨痛的代价"。评：投资 者在关注委内瑞拉的局势发展的同时，也对俄罗斯、伊拉克和 伊朗的石油供应状况感到担忧，隔夜油价大幅反弹。整体上， 地缘冲突频，短线过渡为佳。 【短评-白银】美国上周初请失业金人数升至20.8万人，略 低于市场预期，仍处于历史低位区间，前值上修1000人至20万 人。美国挑战者报告显示，去年12月裁员人数为35,553人，创 17个月新低。评：初请失业金人数显示，经济依然具 ...

据交易所数据显示，截至8点30分，国内黄金（99.95%）最新报价为1001.82元/克，上涨0.21%。 美国疲软就业数据强化了2026年至少两次降息的市场预期，低利率环境利好无息资产黄金。1月9日即将 公布的12月非农就业报告成为关键节点，市场预期新增就业岗位降至6万个。若数据符合或弱于预期， 将巩固降息预期支撑金价；若超预期强劲，则可能引发短期回调。 地缘冲突持续叠加央行购金托底金价 全球地缘不确定性升温，美国在委内瑞拉的军事行动、特朗普威胁对哥伦比亚动武，推动避险资金流入 黄金。各国央行持续购金支撑金价，中国央行已连续14个月增持黄金，2025年12月末储备环比增3万盎 司至7415万盎司，通过增持优化外储结构成为长期趋势。 国际黄金价格报4479.7美元/盎司，上涨0.43%。 以下是今日对黄金价格走势影响较大的3个主要资讯： 美联储降息预期与非农数据即将揭晓 机构长期看涨叠加短期技术面承压 机构普遍长期看涨金价，汇丰预计上半年金价触及5000美元/盎司，摩根士丹利认为四季度将升至4800 美元/盎司。但短期彭博商品指数权重调整引发基金被动抛售，给金价带来下行压力，高盛提示库存偏 紧或先引发剧烈波动 ...

◼ 品种观点参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 1 月 8 日） 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏强 中期观点：强势 参考观点：观望 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2602 | 震荡 | 强势 | 震荡 偏强 | 观望 | 流动性恢复及地缘冲突利好金价 | | 铜 | 2602 | 震荡 | 强势 | 震荡 偏弱 | 长线看强 | 流动性恢复叠加产业强预期推升 铜价 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 核心逻辑：昨日沪金震荡下行，日内跌破 1000 元关口，夜盘表现 ...

研究所 航运研发报告 航运日报 期货从业证号： F3084078 投资咨询证号： Z0018656 航运日报 2026 年 1 月 7 日 研究所 航运研发报告 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2602 | 1,779.1 | -93.6 | -5.00% | 43,604.0 | 100.79% | 21,811.0 | -12.74% | | EC2604 | 1,182.0 | -41.8 | -3.42% | 22,083.0 | 114.86% | 26,339.0 | 10.07% | | EC2606 | 1,422.9 | 5.9 | 0.42% | 1,686.0 | 83.26% | 2,479.0 | 6.58% ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The supply - demand pattern of iron ore is relatively loose, but the short - term market expects marginal improvement in supply - demand, and the iron ore price is expected to continue to fluctuate strongly [2]. - The current background of crude oil is supply surplus despite frequent geopolitical conflicts, and short - term trading is recommended [3]. - Due to increased supply and reduced demand in the steel market, and unstable cost support, but boosted by macro sentiment, steel prices will fluctuate strongly in the short term [5]. - Silicon iron is expected to fluctuate around the cost valuation due to the double - weak supply and demand in the off - season [5]. - The overall supply of live pigs is loose, and short - term long positions are recommended while paying attention to the slaughter volume and sows culling [6]. - The short - term price of soybean meal is supported by cost and will fluctuate strongly, but may be pressured later [6]. - For palm oil, short - term long positions are recommended as the short - term market is bullish, and attention should be paid to the impact of crude oil on oils [7]. - Copper prices are expected to maintain a volatile and strong pattern in the short term, but the risk of correction should be vigilant [8]. - For PTA, it is advisable to wait and see in the short term after long positions take profits [8]. - For natural rubber, it is advisable to go long at low prices in the short term [9]. - Methanol is expected to run strongly in the short term [10]. - Polypropylene is expected to be under pressure and fluctuate strongly in the short term [11]. - Soda ash is expected to fluctuate slightly stronger in the short term [12]. Summary by Variety Iron Ore - From December 29, 2025 - January 4, 2026, the global iron ore shipment was 3213.7 million tons, a decrease of 463.4 million tons from the previous period. The shipment from Australia and Brazil was 2742.7 million tons, a decrease of 316.9 million tons. The arrival volume at 47 ports in China was 2824.7 million tons, an increase of 96.9 million tons; the arrival volume at 45 ports was 2756.4 million tons, an increase of 155.0 million tons [2]. Crude Oil - As of January 2, 2026, US commercial crude oil inventories decreased by 2.8 million barrels, gasoline inventories increased by 4.4 million barrels, and distillate inventories increased by 4.9 million barrels. The sanctions on Venezuela have affected its oil production and shipping [3]. Steel - On January 6, 2026, the domestic steel market fluctuated weakly. The price of billets in Qian'an, Tangshan was stable at 2930 yuan/ton. The average price of 20mm grade - 3 earthquake - resistant rebar in 31 major cities was 3308 yuan/ton, a decrease of 7 yuan/ton from the previous trading day [5]. Silicon Iron - The weekly demand for silicon iron in five major steel types was 18481.1 tons, a week - on - week increase of 2.27%. The weekly output was 98900 tons, a slight increase of 400 tons. The weekly demand - to - supply ratio rose to 18.69%, a week - on - week increase of 0.34% [5]. Live Pigs - On January 6, 2026, the average wholesale price of pork in national agricultural product markets was 17.99 yuan/kg, a 0.2% increase from the previous day. The national pig price was stronger in the north and weaker in the south [6]. Soybean Meal - On January 6, 2026, the domestic soybean meal spot prices generally increased, with prices in Tianjin, Shandong, Jiangsu, and Guangdong rising by 20 - 40 yuan/ton [6]. Palm Oil - From January 1 - 5, 2026, the yield per unit of Malaysian palm oil decreased by 34.70% month - on - month, the oil extraction rate increased by 0.04%, and the output decreased by 34.48% [7]. Copper - The second - phase project of Mirador Copper Mine is expected to be postponed. Copper prices were driven up by geopolitical turmoil and mine - end disturbances, but the risk of correction should be vigilant [8]. PTA - The PTA load reached 72.5% (- 0.7%). The 1 - quarter inventory accumulation expectation of PTA is enhanced, and the self - driving force is limited [8]. Natural Rubber - The price of Thai raw material rubber latex was 55 Thai baht/kg, and cup rubber was 51.5 Thai baht/kg. As of January 4, 2026, the inventory of natural rubber in Qingdao increased [9]. Methanol - The weekly signing volume of methanol sample production enterprises in the northwest region was 94200 tons, an increase of 15700 tons. The domestic methanol capacity utilization rate was 90.23%, a week - on - week decrease of 0.74% [10]. Polypropylene - The mainstream price of East China drawn - grade polypropylene was 6253 yuan/ton, flat from the previous day. The capacity utilization rate was 74.88%, a decrease of 1.05% from the previous day [11]. Soda Ash - The national mainstream price of heavy - duty soda ash was 1232 yuan/ton, an increase of 2 yuan/ton. The weekly output was 697100 tons, a week - on - week decrease of 2.08% [12].

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 对于下一轮成品油调价预期，业内观点出现一定分歧。隆众资讯成品油分析师李彦告诉记者， OPEC+已经暂停增产，且将延续至3月底，同时俄乌等地缘局势的不稳定性仍存，市场短线对潜在供应 风险的担忧并未消除，叠加新年气氛和北半球寒冷天气提振，局部需求也出现一定改善。整体来看，预 计下一轮成品油上调的概率较大。 美国与委内瑞拉地缘冲突，导致石油储量丰富的委内瑞拉陷入深度不确定，国际油价收盘上涨。金联创 数据显示，纽约商品期货交易所WTI 2月原油即期合约收盘上涨至58.32美元/桶，涨幅1.74%；洲际交易 所布伦特3月原油即期合约收盘上涨至61.76美元/桶，涨幅1.66%。 值得注意的是，尽管美委地缘冲突升级对油价形成短期支撑，但全球供应过剩的大背景仍未改变，下游 贸易商心态普遍谨慎。受此影响，本轮国内成品油计价周期内，国际油价整体呈现震荡偏弱走势，国内 参考原油变化率也随之在正值区间内回落。 卓创资讯成品油分析师戴田东告诉《华夏时报》记者，1月5日收盘，国内第10个工作日参考原油变化率 1.07%，预计汽柴油上调45元/吨，因本周期内原油变化 ...

市场快讯 -- 地缘冲突有外溢风险,甲醇持续偏强运行 地缘冲突有外溢风险,甲醇持续偏强运行。 数据来源: wind 1.盘面情况:截至发稿,甲醇主力合约涨超3%,逼近2300元/吨关口,据市场消息,据美国"战区"网站1月5日报道,开源航班追踪 数据和地面观察员的观测显示,近日有大批美军飞机突然飞往欧洲。此次短时间内出动军机的数量及其起飞地引发了人们对美军未 来可能在该地区执行特种作战任务的猜测。 2. 基本面情况:今日港口甲醇报价2260元/吨。周末美国袭击委内瑞拉,地缘冲突风险升级,委内瑞拉石油设施暂无受冲击,对甲醇 直接影响较为有限,但是地缘冲突仍有外溢风险,主要是关注中东局势。上周港口和内地均累库,1月中旬以后进口到港量预计减少 桑加烯烃装置重启计划,甲醇仍面临弱现实强预期,关注地缘冲突外溢实际影响,建议偏多思路对待。 操作建议: 多单继续持有,不建议追高。需警惕突发事件情绪端冲击。 风险提示:地缘风险事件消除 原油下跌 研究员:吴志桥 从业资格 F03085283 交易咨询: Z0019267 联系方式:wuzhigiao@greendh.com 免费声明。本雅音中的信息就快进行公开登科,我公司对这些 ...

13连阳的市场我们该如何操作呢？和讯投顾孔晓云分析称，今天大盘量能再一次出现了大幅放大，收盘 更是站在最高点两个字，追高当然是不要的，因为我们早已做好埋伏。 今天的盘面已经超越昨天的趋势了，板块之间轮动上涨，资金方面雨露均沾，盘面良好发展，但一直这 样下去也不可能的，所以从指数层面会有阴线出现，但阴线实体不会很大，因为资金还在进行下一步的 抢筹，主线方向出现回落，考虑做加法即可。板块方面，人脑工程、商业航天、智能驾驶、机器人等今 天继续走强，市场最近一直在围绕着老马的言论进行炒作，从市场情绪面看，短期没有结束的迹象可以 继续格局，记住只低吸不追高，但短期冲高后期还是会回调，回落也是下一个阶段的机会。 有色金属板块今天强势崛起，消息面上有地缘冲突，再起引发了晚间黄金白银等有色期货大涨。总的原 则就是证券扛下棋情绪回归，盘面健康，继续躺平不动。 ...

来源：赛博AI实验室 本文基于以下微博话题的智搜结果生成 2026年1月5日，国际金价单日大涨近3%至4451.50美元/盎司，白银期货同步暴涨7.94%至76.657美元/盎 司，地缘冲突激化与美联储降息预期共振触发市场避险需求集中释放。 一、核心价格动态 关键数据 桶），动荡加剧原油供应不确定性。 货币政策预期转向 市场押注美联储2026年将降息约50基点，美元指数跌至三年低位，持有无息黄金的机会成本降低。全球 央行连续13个月增持黄金（2025年中国央行增持7412万盎司），实物买盘形成价格托底。 白银供需结构特殊性 白银兼具金融与工业属性： 黄金：纽约商品交易所（COMEX）黄金期货收盘价4451.50美元/盎司，单日涨幅2.82%；现货黄金突破 4400美元关口，日内最高触及4422美元/盎司。 白银：COMEX白银期货暴涨7.94%至76.657美元/盎司，单日涨幅创近期新高。 国内市场传导：周大福、老庙黄金等品牌足金首饰报价单日跳涨12-18元/克，突破1389元/克，部分定价 类金饰（如转运珠）涨幅达200-1500元。 二、上涨核心动因 地缘政治风险激化避险情绪 美国1月3日对委内瑞拉发起军 ...