记者丨张嘉钰 吴斌 编辑丨江佩佩 视频丨许婷婷 当地时间1月12日，美股三大指数集体收涨，道琼斯指数涨0.17%，标普500指数涨0.16%，双双创下历 史新高。纳斯达克综合指数涨0.26%。 大型科技股多数上涨，谷歌A收涨1%，收盘市值突破4万亿美元，苹果收涨0.34%，据智通财经，苹果 将与谷歌达成合作，为其今年晚些时候推出的Siri等产品的人工智能功能提供技术支持。这项为期多年 的合作将借助谷歌的Gemini模型和云技术，助力苹果开发未来的基础模型。Meta收跌1.7%，微软跌 0.44%。 沃尔玛收涨3%创历史新高，总市值超过9400亿美元。 纳斯达克金龙中国指数收涨4.26%，热门中概股集体大涨，金山云涨逾21%，知乎涨17%，阿里巴巴涨 超10%创8月29日以来最大升幅，哔哩哔哩、小鹏汽车涨超8%，百度涨6%，蔚来涨5%，网易涨4.7%， 阿特斯太阳能涨4.5%。富时中国A50指数期货夜盘收盘涨0.52%。 | 金山云 | 13.400 | 21.60% | | --- | --- | --- | | KC.O | | | | 知乎 | 4.170 | 17.46% | | ZH.N | | | ...

记者丨张嘉钰 吴斌 编辑丨江佩佩 视频丨许婷婷 当地时间1月12日，美股三大指数集体收涨，道琼斯指数涨0.17%，标普500指数涨0.16%，双 双创下历史新高。纳斯达克综合指数涨0.26%。 大型科技股多数上涨，谷歌A收涨1%，收盘市值突破4万亿美元，苹果收涨0.34%， 据财联 社，苹果将与谷歌达成合作，为其今年晚些时候推出的Siri等产品的人工智能功能提供技术支 持。这项为期多年的合作将借助谷歌的Gemini模型和云技术，助力苹果开发未来的基础模型。 Meta收跌1.7%，微软跌0.44%。 沃尔玛收涨3%创历史新高，总市值超过9400亿美元。 纳斯达克金龙中国指数收涨4.26%，热门中概股集体大涨，金山云涨逾21%，知乎涨17%，阿 里巴巴涨超10%创8月29日以来最大升幅，哔哩哔哩、小鹏汽车涨超8%，百度涨6%，蔚来涨 5%，网易涨4.7%，阿特斯太阳能涨4.5%。富时中国A50指数期货夜盘收盘涨0.52%。 美油主力合约收涨1.22%，报59.84美元/桶；布伦特原油主力合约涨1.41%，报64.23美元/桶。 | 能源化工 | | | | --- | --- | --- | | NYMEX WT ...

市场分析人士表示，地缘政治和经济的不确定性将继续推高投资需求，黄金、白银价格仍有上涨空间。 美联储独立性受到挑战和中东地区地缘政治局势动荡，推动避险需求涌入贵金属市场。纽约商品交易所 2月黄金期价12日一度触及每盎司4630.19美元；3月白银期价一度冲上每盎司86美元，涨幅超过8%，均 创历史新高。 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices, with spot gold reaching a historical high of nearly $4600 per ounce in January 2025, marking a 70% increase for the year, the largest annual gain since the 1979 oil crisis [1] - The upward trend in international gold prices began in the second half of 2019, with an 18% increase that year, and continued with multiple breaches of the $2000 per ounce mark from 2020 to 2023, culminating in a 27% increase in 2024 and a rapid rise in 2025 [1] - Factors driving the strong performance of gold include increased global demand for safe-haven assets and a decline in the credibility of the US dollar, as indicated by rising geopolitical risks and economic uncertainties [2] Group 2 - The weakening of the US dollar and the Federal Reserve's shift to a rate-cutting cycle have reduced the holding costs of gold, making it more attractive to investors [2] - Central banks worldwide have accelerated diversification of reserves, significantly increasing their gold holdings, which has been a crucial factor in driving up gold prices [2] - The rise in gold prices has also positively impacted other precious metals, with silver and platinum prices increasing over 140% and palladium over 100% last year, driven by both investment demand and industrial applications [3] Group 3 - The gold market is expected to enter a new phase of dynamic balance and multiple forces at play by 2026, indicating a complex future for gold prices [3] - Investors are advised to maintain a rational approach to the hot gold market, emphasizing the importance of diversification and a systematic investment strategy to manage risks effectively [3]

1月12日，贵金属市场再度走强，黄金、白银价格齐创新高。价格快速拉升之下，相关产品交易风险开始受 到关注。 近期，个别基金二级市场溢价率持续走高，价格波动加剧，市场对短期交易风险的关注明显上升。在此背景 下，基金端率先作出调整。多家基金公司通过暂停申购、调整申赎对价安排或实施临时停牌等方式，加强产品 运作管理，向市场释放风险提示信号。 与此同时，机构对黄金、白银后市走势的判断也逐步明朗。机构普遍认为，在宏观不确定性与避险需求支撑 下，贵金属中长期配置价值仍在，但短期波动风险需保持警惕。 1月12日晚间， 黄金、白银价格继续大涨， COMEX 黄金期货价格站上4650美元/盎司，日内涨幅一度接近 3%，新年首月累涨逾300美元。纽约期银日内一度涨超8%。 贵金属行情升温，基金端提前"降温" 近期，黄金、白银等贵金属相关基金产品运行机制迎来密集调整。在价格波动加剧、部分产品二级市场溢价率 持续走高的背景下，多家基金公司通过暂停申购、调整申赎对价或实施临时停牌等方式，加强风险管理与投资 者保护。 在此背景下，1月12日，易方达基金发布公告称，因调整黄金现货实盘合约申购、赎回对价安排，旗下易方达 黄金ETF将自1月1 ...

来源：智通财经 黄金首次站上4600美元。 1月12日亚洲交易时间，黄金现货、期货双双突破4600美元/盎司，日内一度大涨约2%，再创历史新 高。截至发稿，现货黄金报4584.725美元/盎司，涨1.68%；COMEX黄金期货价格报4597.6美元/盎司， 日内涨2.15%。 白银同步飙升。白银现货站上84美元/盎司，涨幅超5.5%，再创历史新高。截至发稿，伦敦银现报 84.059美元/盎司，日内涨5.38%，年初至今已涨17.44%；COMEX白银报83.91美元/盎司，日内涨 5.576%，年初至今已涨18.22%。 国内市场同样热情高涨。文华财经数据显示，1月12日，沪金期货主力合约最高触及1031.3元/克，刷新 历史新高，收报1026.28元/克，涨2.57%；沪银期货主力合约表现更为亮眼，最高触及20998元/千克，创 下该合约上市以来的新高，收报20945元/千克，单日大涨14.42%，成功站稳20000元/千克整数关口。 国内黄金饰品价格也普遍上涨，多个品牌足金报价突破1400元/克。其中，周生生、老庙足金饰品报价 1429元/克，老凤祥足金饰品报价1428元/克，周大福足金饰品报价1426元 ...

Group 1 - International precious metal prices surged, with COMEX gold futures rising over 2% to a peak of $4612.7 per ounce, and COMEX silver futures increasing over 5% to $83.905 per ounce [2] - The rise in gold prices is attributed to worsening global geopolitical relations, including explosions in Kyiv, U.S. military considerations against Iran, and increased tensions in the Red Sea [2][3] - The VIX index spiked by 18%, indicating a surge in risk-averse investments flowing into gold [2] Group 2 - The geopolitical tensions have led to increased demand for gold as a safe-haven asset, with analysts predicting significant upward potential for gold prices in the medium to long term due to factors like global debt cycles and geopolitical instability [3][4] - Central banks globally are increasing their gold reserves, with the World Gold Council indicating that they will remain net buyers through 2025 [4] - As of December 2025, China's official gold reserves are reported to be 7.415 million ounces (approximately 2306.32 tons), an increase of 86,000 ounces from the previous year [4] Group 3 - The investigation into Federal Reserve Chairman Jerome Powell may create additional uncertainty in the market, potentially leading to a weaker dollar and further boosting gold prices [5][6] - Concerns about the Federal Reserve's independence and potential political pressures could lead to more dovish monetary policy, impacting interest rates and gold demand [6] Group 4 - Analysts suggest that while gold prices are expected to remain high, there are risks associated with liquidity changes that could lead to significant price adjustments [8] - The current market sentiment is highly bullish, but caution is advised due to the potential for volatility in precious metal prices [9][10]

Core Insights - The investigation by the Justice Department has led to a surge in gold prices, reaching record levels, as indicated by Federal Reserve Chair Jerome Powell's disclosure of grand jury subpoenas issued to the central bank [1][5][6] - Peter Schiff, a long-time advocate for gold, attributes the increase in gold prices to safe-haven demand driven by the DOJ investigation, while also raising concerns about the potential impact on Bitcoin [1][6] Group 1: Gold Market - Gold prices hit an all-time high of over $4,600 per ounce following the announcement of the DOJ investigation [5] - Schiff believes that the investigation is a significant factor contributing to the current rally in gold prices [6] Group 2: Bitcoin Market - Analysts caution that Bitcoin's technical signals indicate potential short-term volatility, creating uncertainty regarding its near-term price trajectory [2] - The investigation's implications for Bitcoin's price remain a topic of discussion among market observers [1][6] Group 3: Federal Reserve and Political Pressure - Jerome Powell stated that the subpoenas are part of a broader effort to influence the Federal Reserve's decisions on interest rates, framing the situation as a test of central bank independence [3][4] - Powell emphasized that the matter is not about congressional oversight but rather about maintaining the integrity of monetary policy against political pressure [4]

Group 1 - The A-share market experienced a significant increase today, with a total transaction volume of 3.64 trillion yuan, setting a new historical high. The Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index increased by 1.75% to 14366.91 points. Over 4100 stocks rose, particularly in the media and computer sectors, with more than 200 stocks hitting the daily limit. The Shanghai Index has recorded 17 consecutive days of gains, indicating a new phase of volume-price resonance in the market, with expectations for further expansion in the future [1]. Group 2 - The gaming sector continues to reflect the "turnaround" logic since 2025, with the gaming ETF (516010) rising by 7.52%. The supply-side environment has significantly improved, with a normalization in the issuance of game licenses and a steady increase in their numbers. The profitability of gaming companies is accelerating due to ongoing cost reduction and efficiency improvement strategies, as well as contributions from high-margin new products. Given the improving macro liquidity expectations and the ongoing positive fundamentals in the industry, the gaming sector still holds high allocation value. However, due to historical volatility, investors are advised to avoid blind chasing and consider phased layouts or regular investments to share in the long-term benefits of the gaming industry's recovery and technological transformation [1]. Group 3 - Recently, the global "gold fever" has surged again, with international spot gold prices breaking through the 4600 USD/ounce mark, setting a new historical high. The current rise in gold prices is primarily driven by "liquidity easing" and "safe-haven demand." Unlike direct purchases of physical gold, investing in gold stocks often has a "Davis double effect" that amplifies returns. When gold prices rise, gold mining companies benefit not only from inventory appreciation but also from non-linear profit margin expansion, making gold stocks typically more elastic than gold prices themselves during a bull market. The gold stock ETF (517400), with its coverage of leading companies across the Shanghai, Shenzhen, and Hong Kong markets, is a strong tool for sharing in the benefits of rising gold prices. Investors may consider phased layouts or regular investments to participate [2]. Group 4 - The software sector is currently driven by a combination of "policy catalysis + accelerated industry trends + spring market enthusiasm." Looking ahead, while the short-term beta remains, caution is advised regarding potential overheating risks. In the medium term, the implementation of "AI + manufacturing" may shift the market from a "computing power competition" to "application realization." The software ETF is projected to have a growth rate of only 1.82% in 2024 and 14.43% in 2025, indicating that it still holds certain allocation value. The recovery of the macro economy, combined with the drive from AI large models, is expected to promote the development of software and applications, making the software industry likely to experience a recovery. Investors are encouraged to continue monitoring the software ETF (515230) and the computer ETF (512720) [2].

周一亚市早盘，现货黄金高开高走，一度涨0.57%至4535.26美元/盎司，距12月26日历史高点4549.69美 元仅一步之遥，主因美伊地缘政治紧张急剧升级。特朗普政府对伊朗抗议活动强硬表态，称"子弹上 膛，随时待发"，计划讨论军事打击等选项，点燃市场避险情绪。美伊对峙升级信号频现：特朗普周二 将听取对伊全面选项简报，伊朗威胁攻击美中东基地，针锋相对加剧"擦枪走火"风险，资金撤离风险资 产转向黄金。此外，伊朗抗议持续两周致超500人死亡，叠加经济崩溃、互联网封锁，地缘风险溢价抬 升；美国周六对叙IS目标打击，进一步推升避险需求，支撑金价短期强势。 摘要周一亚市早盘，现货黄金高开高走，一度涨0.57%至4535.26美元/盎司，距12月26日历史高点 4549.69美元仅一步之遥，主因美伊地缘政治紧张急剧升级。 ...