记者丨赵阳 庞华玮 2 0 2 5年A股收官之际，天铭科技连续斩获两个3 0 CM涨停 编辑丨梁明 2025年A股交出亮眼答卷，硬科技霸屏涨幅榜，赚钱效应拉满。其中，超重磅牛股惊艳全场， 2只个股全年涨幅超1000%登顶，分别是上纬新材、天普股份。538只个股全年涨幅超100%， 占比10.05%，翻倍牛股数量庞大。 【详见】 板块行情上，2025年最后一周交易，机器人概念股涨幅居前。据南方财经记者统计，2025年 12月29日—12月31日三个交易日，超36%的个股周内实现上涨，76股周涨超15%，27股周跌超 15%。当周哪些个股领涨？哪些个股领跌？ 当周（2025年12月29日—12月31日三个交易日）， 北交所个股天铭科技（920270.BJ）以 65.78%的周涨幅夺魁 ，步科股份（688160.SH）以50.42%的涨幅位居第二，本期牛股榜十只 个股本周累计涨幅均超过33%。 | | | | | | | JEULIU BAN | | --- | --- | --- | --- | --- | --- | --- | | | BSE CNY 15:00:02 交易中 | | | | | 融 > △ ...

1月2日，2026年首个交易日，美国三大股指收盘涨跌不一，道指涨0.66%，标普500指数涨0.19%，纳指跌0.03%。 板块方面，大型科技股跌多涨少，其中，特斯拉连续七个交易日下跌。消息面上，据央视新闻报道，当地时间1月2日，特斯拉公布数据显示，该公司2025 年全球交付汽车163.6万辆，同比下降约8.6%。这是特斯拉有史以来首次在全年电动汽车销量上被中国汽车制造商比亚迪超越。 芯片股表现强劲，费城半导体指数涨4.01%，美光科技涨超10%，阿斯麦涨超8%，英特尔涨逾6%，台积电涨超5%，超微半导体涨超4%。 中概股普遍上涨，纳斯达克中国金龙指数涨4.38%，迎来"开门红"。热门个股方面，百度集团涨超15%，小马智行涨超10%，万国数据涨近10%，老虎证 券涨超9%，晶科能源涨超8%，哔哩哔哩、网易涨超7%，阿里巴巴、阿特斯太阳能涨超6%。 贵金属方面，现货黄金涨0.33%，报4332.5美元/盎司，COMEX黄金期货涨0.02%，报4341.90美元/盎司。现货白银涨1.74%，报72.8美元/盎司，COMEX白 银期货涨2.35%，报72.27美元/盎司。 加密货币方面，多个主要币种集体上涨，比特币 ...

记者丨金珊 庞华玮 编辑丨陈思颖 1月2日，2026年首个交易日，美国三大股指收盘涨跌不一，道指涨0.66%，标普500指数涨0.19%，纳指 跌0.03%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48382.39 | 23235.63 | 6858.47 | | +319.10 +0.66% | -6.36 -0.03% | +12.97 +0.19% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7859.65 | 25396.50 | 6900.75 | | +329.91 +4.38% | -60.25 -0.24% | +8.25 +0.12% | 贵金属方面，现货黄金涨0.33%，报4332.5美元/盎司，COMEX黄金期货涨0.02%，报4341.90美元/盎 司。现货白银涨1.74%，报72.8美元/盎司，COMEX白银期货涨2.35%，报72.27美元/盎司。 国际油价方面，WTI 2月原油期货收跌0.17%，报57.32美元/桶。布伦特3月原油期货收跌0.16%，报 60.75美元/桶。 加密货币方面，多个主要币种 ...

在实物需求层面，Mhmarkets迈汇表示，新兴市场国家央行购金已成为支撑金价的第二大支柱。为了减 少对单一货币的过度依赖，多国央行持续增加黄金储备。同时，东欧与中东局势的反复，使得黄金的避 险属性在2025年得到了充分释放。 值得关注的是，白银与铂金在今年的表现堪称惊艳。Mhmarkets迈汇认为，白银价格飙升近150%，很大 程度上归功于绿色能源转型带来的工业红利，尤其是太阳能(000591)、电动汽车以及数据中心对白银需 求的爆发式增长。铂金则受限于多年矿产投资不足导致的供应短缺，全年涨幅超过110%。虽然白银与 铂金在年末收盘前有所下滑，但其全年的爆发力已远超大多数传统金融资产。 2025年对于贵金属投资者而言是载入史册的一年。Mhmarkets迈汇表示，随着年度交易进入最后阶段， 黄金价格已锁定超过60%的全年涨幅，这一亮眼表现背后是美国利率下行、央行战略储备调整以及地缘 风险溢价共同作用的结果。尽管年末市场出现了正常的利润回吐，但整体牛市格局依然稳固。 从数据来看，黄金在本周创下$4,549.71/oz的历史新高，年度涨幅高达64%， Mhmarkets迈汇表示，这是 自1979年以来黄金表现最强 ...

Core Viewpoint - The photovoltaic industry is currently facing intense competition and widespread losses, but it presents an opportunity for transformation and innovation, as emphasized by the chairman of LONGi Green Energy, Zhong Baoshan [1][3][10]. Industry Challenges - The past 20 years have seen rapid technological iterations and expanding demand in the photovoltaic sector, leading to significant capacity expansion and an influx of new players, resulting in severe supply-demand imbalances [3]. - The industry is experiencing unprecedented competition, with many companies facing losses, which Zhong likens to a chaotic rush rather than a smooth transition towards green transformation and carbon neutrality [3]. Strategic Directions - Zhong advocates for breaking away from path dependence and finding new value coordinates, suggesting that instead of competing on old paths, the industry should focus on creating new ones [3]. - The value of photovoltaic products should not only be measured by price but also by reliability, efficiency, and adaptability to different scenarios, which LONGi has been focusing on through deep industry insights and customer needs [4]. Technological Innovation - Technological innovation is deemed the core engine for breaking through current challenges, requiring both foundational and scenario innovations to progress [6]. - LONGi has invested over 10 billion yuan in research and development for high-efficiency BC technology, achieving significant breakthroughs and establishing a strong technological barrier with 480 related patents as of mid-2025 [6]. - The company has introduced the LONGi Hi ROOF S integrated photovoltaic solution to address long-standing issues in traditional rooftop installations, enhancing safety and expanding the application market [6]. Commitment to Quality - Despite the industry's current pressures, LONGi remains committed to quality and reliability, aiming to win customer trust and market competition through superior products and services [7]. - Zhong expresses confidence in the future of LONGi and the Chinese photovoltaic industry, emphasizing the need for proactive efforts to create opportunities [7]. Future Outlook - The global green energy transition is still in its early stages, and the demand for photovoltaic solutions is expected to grow, indicating a long-term potential for the industry [10]. - Zhong calls for innovation and determination to navigate the challenges ahead, encouraging the industry to embrace the journey of transformation [10].

2025年底，高盛、摩根大通、摩根士丹利、瑞银、汇丰、德勤等多家头部外资组织陆续发布2026年商场 展望，纷繁传递出对我国股票商场的活跃预期。 外资组织的看多立场并非根据短期博弈，而是建立在企业盈余添加提速、微观方针协同发力及人民币增 值等逻辑之上。外资组织普遍以为，驱动我国股票商场上涨的核心动力，正从2025年的"估值修正"转向 2026年的"盈余生长"。 值得一提的是，2025年外资继续扫货我国财物。华泰证券发布的最新陈述显现，截至12月20日，2025年 以来全球出资于我国财物的ETF累计取得831亿美元的资金净流入。就职业分布来看，科技板块获外资 流入最多，到达95亿美元。 看多逻辑从"估值"转向"盈余" 外资组织研判，2026年我国股市将进入由基本面主导的新阶段。 事实上，外资组织对我国上市公司的盈余猜测普遍上调。 12月22日，高盛研究部首席我国股票战略分析师刘劲津及团队发布最新陈述，猜测我国股票商场到2027 年底有望实现38%的涨幅。 高盛估计，这一涨幅的首要驱动力来自企业盈余添加，2026年和2027年我国企业盈余将分别添加14%和 12%。此外，高盛还指出，上市公司海外营收添加估计将推进M ...

2025.12. 29 本文字数：2939，阅读时长大约5分钟 作者 | 第一财经 齐琦 封图 | AI生成 2025年迎来最后一个交易周，金属市场"终极狂欢"暂得喘息。 12月29日，贵金属市场上演"惊魂一日"。暴涨五个交易日的国际白银价格盘中出现两次跳水。截至 北京时间16时55分，伦敦现货白银日内跌超6%，最低触及74.2美元/盎司，日内高位回落10美元/盎 司。伦敦金现货价格冲上4550美元/盎司的历史高位后掉头向下，最低触及4444美元/盎司。 回顾贵金属市场全年的行情，先后经历了关税驱动、降息预期，以及技术回调等几个主要阶段，就在 市场认为全年行情将在高位震荡中收官之际，金、银、铂近日又携手掀起新一轮涨势，价格再创历史 新高。就连铜、镍、铝等有色金属价格也跟着大幅上涨。 中金公司近日发布的报告指出，黄金价格已经脱离基本面指标，2026年不太可能继续走出单边牛 市，会跟随美联储政策与美国经济动向出现波动。 对于其他金属的跟涨，一位贵金属交易人士对第一财经记者表示，除了宏观因素扰动，市场对于"超 级周期"的叙事有所共识，"绿色能源转型、AI算力基建对于工业金属和贵金属的需求出现大幅增 长，而供应端又受 ...

Key Insights - The global commodity market in 2025 shows a clear divergence, with energy and agricultural prices declining while precious metals (like gold and silver) and industrial metals (like copper) continue to rise and reach new highs. This situation is influenced by changes in global demand, geopolitical tensions, monetary policy adjustments, and the development of the new energy industry. This divergence is expected to persist into 2026, with energy prices anticipated to further decline due to oversupply, while precious metal prices are projected to continue rising [1]. Energy - The global crude oil market in 2025 experienced significant volatility, with Brent crude prices fluctuating between $60 and $70 per barrel by year-end. Geopolitical tensions and policy changes were key drivers of price movements, with prices peaking at $83 per barrel early in the year due to U.S. sanctions on Russia [3][5]. - In the second half of 2025, the market shifted from being geopolitically driven to one characterized by oversupply and weak demand, leading to a downward trend in oil prices. OPEC+ adjusted its strategy from production cuts to phased increases, while U.S. production reached historical highs, resulting in rapid inventory accumulation [5][6]. - For 2026, the oil market is expected to face severe oversupply pressures, with Brent crude prices projected to drop further. Analysts predict a price range of $56 to $60 per barrel, with some forecasts suggesting a potential dip to $51 per barrel in early 2026 [7]. Natural Gas - The global natural gas market in 2025 showed a "high then low" pattern, with prices initially rising due to cold weather and geopolitical factors but later declining as new U.S. production came online and demand slowed in Asia [8][10]. - In 2026, the market is expected to transition from a "tight balance" to "periodic oversupply," driven by increased LNG production from the U.S., Qatar, and Canada. Despite ample supply, demand is projected to rise by 2%, providing some price support [10]. Uranium - The uranium market in 2025 transitioned from "de-bubbling" to "structural support," with prices rebounding from a low of approximately $63 per pound to around $81-83 per pound by year-end. This was driven by renewed demand from nuclear power and AI data centers [11][13]. - For 2026, expectations are for uranium prices to accelerate upward, with forecasts suggesting prices could reach $91 per pound, with some estimates as high as $135 per pound due to increasing demand and supply constraints [14]. Precious Metals - Precious metals experienced a "historic rally" in 2025, with gold prices rising approximately 70% and silver prices soaring over 160%. This was fueled by central bank purchases, ETF inflows, and a low-interest-rate environment [15][17]. - For 2026, major financial institutions predict continued bullish trends for gold, with average prices expected to range from $4,500 to $5,000 per ounce, driven by central bank strategies and concerns over U.S. dollar credit [18][19]. Industrial Metals - The industrial metals market in 2025 was characterized by extreme differentiation, with copper prices reaching historical highs due to demand from AI data centers and global grid upgrades. Copper prices exceeded $12,700 per ton [21]. - In 2026, copper and tin are expected to remain strong, with copper potentially reaching $15,000 per ton, while tin prices may rise to $44,000 per ton due to ongoing supply constraints [28]. Agricultural Products - Cocoa prices fell significantly in 2025 after reaching a peak in 2024, while coffee prices exhibited a high-level fluctuation, with expectations for a return to balance in 2026 as supply improves [25][27]. - For 2026, cocoa is expected to see a surplus of about 150,000 tons, leading to price declines, while coffee prices are projected to drop significantly due to increased production in Brazil and Colombia [29][32].

Core Viewpoint - Major foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][3][6]. Group 1: Market Outlook - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [4]. - UBS sets the target for the Hang Seng Tech Index at 7100 points and the MSCI China Index at 100 points by the end of 2026, indicating significant upside potential [4]. - HSBC forecasts the Shanghai Composite Index to reach 4500 points, the CSI 300 Index to 5400 points, and the Shenzhen Component Index to 16000 points by the end of 2026, driven primarily by corporate earnings growth rather than valuation increases [4]. Group 2: Investment Opportunities - Foreign institutions highlight structured investment opportunities, particularly in technology innovation, with a focus on artificial intelligence, semiconductors, and high-end manufacturing [8]. - Traditional industries are also attracting foreign investment, with expectations of valuation recovery and improved profitability in state-owned enterprises [8]. - The influx of foreign capital is primarily directed towards high-quality assets, including technology leaders and high-dividend stocks, emphasizing value investment [8][10]. Group 3: Foreign Capital Inflow - Since the beginning of 2025, global investments in Chinese assets have seen a net inflow of $83.1 billion, with the technology sector receiving the most significant inflow of $9.5 billion [10]. - Active foreign capital is expected to return to the Chinese market, with institutions like Citigroup maintaining an "overweight" rating on China while reducing exposure to other Asian emerging markets [10][12]. - The anticipated return of active funds is supported by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [11][12].

市场狂热：现货断供+商家换道，白银成"香饽饽" 这种"一银难求"的景象在全国蔓延。成都黄金珠宝商家吴先生的朋友圈更新频率被白银业务占据，"白银暴涨50年难遇，黄金市场相对平淡，正好转型做 白银"，他透露目前每天能售出几百千克白银，但库存早已告罄，客户需提前预订才能拿货。 12月26日晚间，白银市场上演疯狂一幕，价格单日暴涨10%，伦敦现货白银价格突破79美元/盎司，纽约商品交易所白银期货更是在28日触及83美元/盎司 历史高位，年内累计涨幅已超175%。这场史诗级行情中，曾经作为黄金"绿叶"的白银成功逆袭，水贝等核心贵金属市场银条"一料难求"，众多黄金商家纷 纷转战白银赛道，贵金属投资格局正被悄然改写。特斯拉CEO埃隆·马斯克罕见发出警告。他在社交媒体平台X上直言："这不好。白银在许多工业过程中 是被需要的。"这一表态瞬间引发了市场对工业原材料成本急剧上升的广泛关注。 "现在全国都在排队订板料，现货基本被预订一空，甚至出现跑单情况。"主营贵金属交易的商家豆豆无奈表示。自10月白银行情启动以来，她每天收到超 100条咨询私信，4天内组建的白银团购群便涌入近300人，如今却因全面缺货只能暂缓业务。 作为国内贵金属 ...