Report Industry Investment Ratings - No information provided in the given content Core Views - The global geopolitical risk is potentially rising due to Trump's consideration of using force to seize Greenland, leading to short - term volatility in the US dollar index [1][15] - Gold prices continue to rise, and there is an increased willingness to go long on commodities. However, there are risks of short - term market fluctuations and precious metal corrections [2][12][13] - A - shares are extremely strong at the beginning of the year, and the market has entered a bullish phase. It is recommended to hold long positions in the short term [3][22][23] - The steel market is expected to continue its range - bound pattern in the short term due to insufficient accumulation of contradictions [4][29][30] - The overall market sentiment for lithium carbonate is more sensitive to bullish information, and the price is expected to remain strong, but caution is needed when chasing long positions [5][46][47] - Oil prices have fallen, with a decline in US API crude oil inventory but a significant increase in gasoline and diesel inventories [6][58][59] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump and his team are discussing plans to acquire Greenland, and Fed official Milan expects data to support further interest rate cuts [11][12] - Gold prices continue to rise, and there is increased enthusiasm for short - term market speculation. The probability of a January interest rate cut is low, and attention should be paid to the next Fed chair selection and the adjustment of the Bloomberg commodity index weights [12] - It is recommended to be aware of the risk of precious metal corrections in the short term and consider going long on the gold - silver ratio [13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US will support Ukraine if it is attacked by Russia again, and Trump warns of potential impeachment if he loses the mid - term elections. Trump is considering using the military to seize Greenland [14][15] - The global geopolitical risk is potentially rising, and the US dollar index will fluctuate in the short term [15] - It is expected that the US dollar will fluctuate in the short term [16] 1.3 Macro Strategy (US Stock Index Futures) - Trump's government is discussing plans to acquire Greenland, and there are differences among Fed officials regarding future interest rate cuts [17][18][19] - Short - term geopolitical risks remain, and the market reaction is limited. Future Fed decisions will mainly depend on data trends [19] - It is expected that the US stock market will fluctuate strongly, and a bullish approach should be maintained [20] 1.4 Macro Strategy (Stock Index Futures) - The central bank will continue to implement a moderately loose monetary policy, and A - shares are extremely strong at the beginning of the year [21][22] - The market has entered a bullish phase, and trading volume is the key indicator. It is recommended to hold long positions in the short term [22][23] 1.5 Macro Strategy (Treasury Bond Futures) - The central bank carried out a 162 - billion - yuan 7 - day reverse repurchase operation, resulting in a net withdrawal of 2963 billion yuan on the day [25] - The bond market is in a headwind situation, and it is recommended not to bet on oversold rebounds. Short - selling opportunities can be considered if there is a rebound [26][27] 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - Handan lifted the emergency response to heavy pollution weather [28] - Steel prices are expected to continue their range - bound pattern in the short term due to insufficient accumulation of contradictions and potential pressure on finished product inventories [29] - A range - bound approach is recommended for steel prices in the short term [30] 2.2 Black Metal (Steam Coal) - The price of steam coal in the northern port market was stable with a slight upward trend on January 6 [31] - Short - term coal prices are expected to continue their weak and volatile pattern, and attention should be paid to daily consumption and pre - holiday start - up changes [31] 2.3 Black Metal (Iron Ore) - Fenix Resources' quarterly iron ore shipments reached a new high [31] - The iron ore price is expected to have strong short - term support but limited upside [32] 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports increased by 31.12% from January 1 - 5, while production decreased by 34.48% [33][34] - There are preliminary signs of supply pressure relief, but there is still high uncertainty. It is recommended to lightly position long on the 05 contract in advance and add positions gradually after clear bullish signals [34] 2.5 Agricultural Products (Sugar) - Sugar production data from different regions in China shows a mixed picture, with overall weak demand [35][36][37] - The Zhengzhou sugar futures main contract is expected to be range - bound. Attention should be paid to the start of pre - holiday stocking demand and sugar mill production and sales progress [38] 2.6 Non - Ferrous Metal (Lead) - On January 5, the LME 0 - 3 lead was at a discount of $45.52 per ton [39] - Lead prices are expected to maintain a volatile and slightly bullish pattern, and it is recommended to wait and see both for single - side and arbitrage strategies [39][40] 2.7 Non - Ferrous Metal (Zinc) - On January 5, the LME 0 - 3 zinc was at a discount of $36.3 per ton, and Vedanta's fourth - quarter zinc concentrate production increased by 8% year - on - year [41] - Zinc prices are expected to maintain a volatile and slightly bullish pattern in the short term. It is recommended to be cautious when chasing long positions and to take partial profits on previous long positions [43][44] 2.8 Non - Ferrous Metal (Lithium Carbonate) - The first batch of price negotiations for lithium iron phosphate in the new year has landed [45] - The lithium carbonate price is expected to remain strong, but caution is needed when chasing long positions [46][47] 2.9 Non - Ferrous Metal (Copper) - Ukraine will ban the export of metal scrap starting from 2026, and Codelco's 2025 copper production increased slightly [48][49] - Macro factors support copper price increases, but short - term fundamentals are weakening. It is recommended to buy on dips for single - side trading and wait and see for arbitrage [50][51] 2.10 Non - Ferrous Metal (Nickel) - Indonesian mining companies can produce 25% of their 2026 planned output in Q1 [52] - It is recommended to pay attention to buying opportunities on dips for single - side trading and continue to hold previously recommended option strategies [54][55] 2.11 Non - Ferrous Metal (Tin) - On January 5, the LME 0 - 3 tin was at a discount of $30.01 per ton [56] - The supply of tin ore remains tight, and demand is weak. Attention should be paid to supply recovery and demand improvement, and beware of price drops due to the fading of capital enthusiasm [57][58] 2.12 Energy Chemical (Crude Oil) - US API crude oil inventory decreased, but refined product inventories increased significantly [58] - Attention should be paid to geopolitical risk disturbances [60] 2.13 Energy Chemical (Carbon Emissions) - On January 6, the CEA closing price was 74.63 yuan per ton [61] - The CEA price is expected to remain volatile [62]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 降准降息可期！央行2026年政策定调 1月5日至6日，2026年中国人民银行工作会议召开，部署全年七大重点工作，围绕货币政策实施、金融 服务实体经济、风险防控、金融改革开放等核心领域，明确行动路径。其中，在货币政策方面，会议强 调，把促进经济高质量发展、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种货 币政策工具。 特朗普称委内瑞拉将向美国移交3000万至5000万桶石油 当地时间1月6日，美国总统特朗普宣布，委内瑞拉临时政府将向美国移交3000万至5000万桶石油。这些 石油将按市场价格出售，而所得资金将由特朗普进行监管，以确保这些资金用于"造福委内瑞拉人民和 美国人民"。特朗普称，已要求能源部长克里斯·赖特立即执行这一计划。石油将由储油船装载，并直接 运送至美国的卸货码头。目前委内瑞拉方面对此暂未做出官方表态。 北欧五国外长就格陵兰岛问题发表联合声明 当地时间1月6日，丹麦、芬兰、冰岛、挪威和瑞典外长发表联合声明。声明称，作为北欧、北极国家及 北约盟国，五国共同致力于维护北极地区安全、稳定与合作，已采取一切措施加强该地 ...

美东时间周二，美国股市迎来一轮强势上涨，道琼斯工业平均指数与标普500指数双双创下历史收盘新 高，道指首次突破49000点大关，收于49462.08点，涨幅0.99%；标普500指数收报6944.82点，上涨 0.62%；纳斯达克综合指数收于23547.17点，涨幅0.65%。市场交投活跃，累计成交187亿股，显著高于 近期均值，反映出投资者情绪高涨。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 49462.08 | 23547.17 | 6944.82 | | +484.90 +0.99% | +151.35 +0.65% | +42.77 +0.62% | 本轮上涨的核心驱动力来自半导体与存储板块，人工智能（AI）乐观情绪再度升温推动资金涌入相关 个股。存储芯片股集体爆发，闪迪股价飙升超过27%，近5个交易日累计涨幅高达43%，创下盘中历史 纪录；美光科技大涨10%，总市值突破3800亿美元；西部数据涨超16%，希捷科技攀升14%，微芯科技 涨幅超过11%。 费城半导体指数当日收涨2.75%，创历史新高，年初以来累计涨幅约8%。这一走势与英伟达CEO黄仁勋 在 ...

2026.01. 07 本文字数：1628，阅读时长大约3分钟 作者 | 第一财经 胡弋杰 Alphabet A类与C类股分别下跌0.69%和0.87%。 中概股整体承压，纳斯达克中国金龙指数收跌0.78%。个股中，中驰车福暴涨70.83%，日月光半导体 上涨3.18%，拼多多逆势收涨2.97%；阿里巴巴下跌3.43%，百度跌2.18%，蔚来跌1.65%，京东跌 0.17%，富途控股跌0.39%，腾讯控股ADR小幅回落0.09%。 Argent Capital驻圣路易斯的投资组合经理杰德·埃勒布鲁克表示："我认为大型科技公司将迎来非常 强劲的财报季。我们听到的资本支出预期仍在被上调，这为AI相关股票提供了持续支撑。" 美国股市周二集体收高，道指和标普500指数均创历史收盘新高。芯片股在人工智能（AI）乐观情绪 再度升温的带动下全线走强。与此同时，莫德纳在美国银行上调目标价后大涨，提振医疗保健板块。 与此同时，市场整体对美国突袭委内瑞拉带来的地缘政治风险反应相对克制，投资者注意力重新回到 AI产业链、即将开启的财报季以及本周密集公布的美国就业数据。 截至收盘，标普500指数上涨0.62%，报6944.82点；纳 ...

Group 1: Core Themes of CES 2026 - The core theme of CES 2026 is "human-centered" AI applications, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, with an exhibition area of 2.6 million square feet [3] - AI has transitioned from a showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles [2][3] - The event highlights a significant shift in AI's role from consumer-level toys to enterprise-level productivity tools, addressing real-world labor shortages in sectors like healthcare, logistics, and manufacturing [2] Group 2: Chinese Companies at CES 2026 - A total of 207 Chinese companies participated in CES 2026, with a net exhibition area exceeding 4,900 square meters, showcasing a strong presence in the global tech landscape [4] - Chinese companies, particularly in the robotics sector, are gaining attention for their global strategies, with firms like Fourier and Yushutech presenting advanced humanoid robots and solutions [4][5] - The participation of Chinese companies reflects a shift from merely showcasing consumer electronics to demonstrating capabilities in AI hardware manufacturing and assembly, indicating a growing confidence in global supply chain management [6][7] Group 3: Supply Chain Trends - An increasing number of electronic supply chain companies are participating in CES, showcasing their full-stack capabilities in AI hardware manufacturing and assembly [6] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service offerings and deepen technical exchanges with global partners [6][7] - The active participation of supply chain enterprises at CES signifies a recognition of their manufacturing capabilities on a global scale, as they aim to expand their market presence [7]

日前，由中国证券报主办的"开放 融合 新机——2025海外投资发展大会"在上海举行，路博迈海外投资 基金管理总经理汝平发表了主旨演讲。展望2026年，汝平围绕宏观政策、人工智能（AI）、长期利 率、股票市场、私募市场五大方面解析投资机遇。 ● 本报记者 王鹤静 四是股票市场。在汝平看来，AI仍是2026年全球股市的核心驱动力之一。目前AI投资收益主要集中在 美国超大型科技企业上，随着AI应用在其他企业迅速扩散，AI驱动带来的生产效率提升已开始显现， 尤其是在医疗保健、金融服务等传统行业，这将使得盈利和投资机会向更广泛的领域扩散。 汝平提示，市场对AI泡沫的担忧正在升温，某些细分领域的估值已明显过高。从大部分数据来看，AI 领域整体估值目前仍处于合理区间，尽管资本支出非常剧烈，但与企业盈利增长能够匹配。汝平建议， 需重点关注在AI大规模投入的同时，电力供给是否充裕等关键指标，在AI投资上需对精选个股的能力 提出更高要求。 五是私募市场。虽然当前交易活动已有所回暖，但汝平认为，融资难度不断增大。流动性压力同时也会 带来解决方案，这将诞生一系列投资机遇。目前，私募市场正在发生结构性变化，私募股权投资需要精 选具有深 ...

Group 1 - The core theme of CES 2026 is the practical application of AI with a focus on "human-centered" technology, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, and covering an exhibition area of 2.6 million square feet [3] - AI has transitioned from being a mere showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles, indicating a significant shift in industry trends [1][2] - The presence of AI in nearly all hardware products at CES 2026 signifies an irreversible trend, with AI now playing a crucial role in decision-making processes across various sectors [2] Group 2 - Chinese companies have become a focal point at CES 2026, with 207 Chinese enterprises participating, covering a net exhibition area of over 4,900 square meters, showcasing their global industry leadership [4] - A notable trend is the increased participation of electronic supply chain companies at CES, demonstrating their capabilities in AI hardware manufacturing, assembly, and solutions, reflecting a shift in the industry's landscape [6] - Companies like Lingyi iTech and OFILM are using CES to showcase their advanced optical solutions and comprehensive services for humanoid robotics, indicating a strategic move towards global market engagement [6]

Core Viewpoint - Nvidia's stock price has dropped 9.1% since reaching an all-time high on October 29, 2022, raising concerns about the sustainability of AI investments and Nvidia's market dominance [1] Group 1: Stock Performance - Nvidia's stock price has seen a significant increase of over 1300% since the end of 2022, with its market capitalization surpassing $5 trillion, but has since lost approximately $460 billion in value [1] - The company's stock performance has lagged behind the S&P 500 index, indicating growing investor concerns [1] Group 2: Competitive Landscape - Nvidia holds over 90% market share in the AI accelerator sector, but competitors like AMD are gaining traction with large data center orders from companies such as OpenAI and Oracle [2][3] - Major tech companies including Alphabet, Amazon, Meta, and Microsoft are developing their own chips to avoid the high costs associated with Nvidia's products, which could impact Nvidia's revenue as these companies account for over 40% of its income [3] Group 3: Profitability and Valuation - Nvidia's gross margin is projected to remain in the mid-70% range for fiscal years 2024 and 2025, but is expected to decline to 71.2% in fiscal year 2026 due to rising costs from the Blackwell chip series [4] - Analysts express concerns that any signs of weakness in Nvidia's pricing strategy could negatively impact its profit margins, prompting increased scrutiny from investors [4] - Some analysts believe that the current valuation of Nvidia suggests an end to the industry cycle, presenting a potential investment opportunity, contrasting with previous market peaks [4]

你的焦虑，不是来自AI，而是来自"旧地图" 过去一年， AI的热潮从未退去。 但对企业家而言，真正的焦虑也从未消失： 风口好像一直在，但我的船，究竟该开向何方？ 我们发现， 90%的企业在AI转型中都陷入了同一个困境： * 买了一堆工具，却不知道从何下手 ，团队每天在 "试用"中空耗，产不出任何实际效益。 * 听了无数道理，却无法形成战略 ，始终停留在 "让子弹飞一会儿"的观望状态，错失先机。 * 看着对手狂奔，却找不到自己的路径 ，只能用战术上的勤奋，掩盖战略上的懒惰。 如果你也有同感，那么 1月12日，在南京，我们想邀请你一起，撕掉"旧地图"，找到属于你的AI增长新大陆。 我们想办一场"增长实战推演" 混沌陪伴创新者走过了十年，我们深知，在时代的巨变面前， 最稀缺的不是道理，而是 "可复制的成功路径"。 因此，此次混沌南京学习中心，将其定义为一场 "AI增长实战推演大会" 。不聊趋势，只做一件事： 把已经验证过的、能打胜仗的 AI增长模型，毫无保留地拆给 你看。 在这场 5小时的推演中，你将得到： * 一套即插即用的 "增长打法" ：从获客、转化到交付，每个环节的 AI落地路径图。 * 一个可供对标的 " ...

北京时间6日上午10点30分，美国拉斯维加斯，在全球"科技春晚"——国际消费电子展（CES）的聚光灯下，继英伟达CEO黄仁勋后，AMD董事长兼CEO 苏姿丰带着AMD的AI全家桶登台亮相。 "自ChatGPT发布以来，使用AI的活跃用户从100万增至10亿，而到2030年使用AI的活跃用户将达到50亿....."，苏姿丰开场大谈AI需求的暴涨，针对这一变 化趋势，AMD的解决方案是最新的MI455X GPU，并且基于72颗MI455X GPU和18颗Venice CPU，打造了一台开放式72卡服务器"Helios"。 苏姿丰强调称，MI455X系列相较于MI355X拥有10倍的性能提升。 AMD同时给出了INSTINCT系列GPU路线图。根据官方说法，2027年要上市的MI500，届时将会导入2nm工艺，采用HBM4e内存，MI500的提升可能是 MI455X的30倍。"未来四年，要实现AI性能1000倍的提升"。 演讲要点： 算力目标： 明确进入 "尧字节级（Yotta-scale）计算时代"，计划未来 5 年将全球 AI 计算能力从 2022 年的 1 泽字节每秒（Zettaflop）提升至10尧字节每秒 ...