Group 1 - Precious metals continue to strengthen on the first trading day of the new year, building on a significant rise in 2025, driven by geopolitical tensions and expectations of interest rate cuts in the U.S. [1] - As of Friday's close, spot gold rose by 0.33% to $4,332.88, with a historical high of $4,549.95 per ounce reached on December 26, 2025, marking a cumulative increase of 64% for the year [1] - Market discussions are ongoing regarding potential interest rate cuts in March and further cuts within the year, alongside uncertainties from tariff risks and U.S. debt issues, which are collectively pushing up prices of gold, silver, platinum, and palladium [1] Group 2 - In the physical market, spot gold prices in India and China have shown premiums for the first time in two months, indicating a recovery in end-user demand [2] - Other precious metals have performed even better, with spot silver rising by 1.66% to $72.8 per ounce, and platinum surging by 3.5% to $2,125.80, both reaching historical highs [2] - In 2025, silver and platinum outperformed gold, with silver's annual increase exceeding 147% due to its classification as a critical U.S. mineral, supply tightness, and a combination of industrial and investment demand; platinum rose by 127% [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：山金国际为子公司Osino Mining Investments Limited新增担保金额26,200万元。 公司公告汇总：本次担保后，公司对外担保余额为59,200万元，占最近一期经审计净资产的 4.56%。 公司公告汇总：被担保人OMIL为公司全资子公司，资产负债率为62.54%，未提供反担保。 公司公告汇总 山金国际为子公司Osino Mining Investments Limited提供担保，新增担保金额26,200万元，担保方式为连 带责任保证，担保期限为主合同项下债务履行期届满之日起三年。本次担保后，公司对外担保余额为 59,200万元，占最近一期经审计净资产的4.56%。被担保人OMIL为公司全资子公司，资产负债率为 62.54%，未提供反担保。担保额度在已审批范围内，无需另行审议。 截至2025年12月31日收盘，山金国际（000975）报收于24.33元，较上周的25.04元下跌2.84%。本周， 山金国际12月29日盘中最高价报25.17元。12月 ...

Core Viewpoint - Precious metal stocks showed pre-market gains, with notable increases in companies such as Coeur Mining (CDE.US) and Pan American Silver (PAAS.US), driven by rising gold and silver prices [1] Group 1: Market Performance - Gold prices increased by over 1%, reaching a peak of $4,400 during the day, while silver surged by 3%, surpassing $73 [1] - Major mining companies including Barrick Mining (B.US), Newmont Mining (NEM.US), and Harmony Gold (HMY.US) also experienced gains of over 1% [1] Group 2: Market Influences - The rise in precious metals is attributed to expectations of further interest rate cuts in the U.S. and a weakening dollar, which may lead to strong performance in 2026 [1] - Concerns about broad index rebalancing may exert pressure on prices in the near term [1] Group 3: Historical Context - The year 2025 saw a significant rally in precious metals, with gold prices reaching a series of historical highs due to central bank purchases, Federal Reserve easing policies, and a weaker dollar [1] - Geopolitical tensions and trade frictions led by the U.S. have also contributed to increased demand for safe-haven assets [1]

2026年首个交易日（1月2日），港股迎来开门红，恒生指数涨超700点，涨幅达2.76%，恒生科技指数 涨4%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 万得(港股)中国科技龙头指数 | 9390.99 c | 369.54 | 4.10% | | 恒生科技 | 5736.44 c | 220.46 | 4.00% | | 万得(港股)中国科技指数 | 2626.07 c | 83.72 | 3.29% | | 恒生中国企业指数 | 9168.99 c | 255.31 | 2.86% | | 恒生中国(香港上市)100 | 7517.71 с | 206.21 | 2.82% | | 恒生指数 | 26338.47 c | 707.93 | 2.76% | "港股GPU第一股"壁仞科技上市首日一度涨近120%，收盘涨超75%，总市值达826亿港元。半导体板块 涨幅居前，华虹半导体涨超9%，中芯国际涨超5%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 百度集团-SW | 143.8 ...

Group 1 - Precious metals experienced a collective surge, with spot gold opening high and rising by $55 to surpass $4,370 per ounce, marking a 1.27% increase [1] - Spot silver saw an intraday increase of up to 3%, reaching $73 per ounce, while platinum and palladium also rose by over 2% [1] - Recent silver price spikes are attributed to its industrial properties, economic expectations, and low domestic silver inventories in China, a major manufacturing country [2] Group 2 - Long-term outlook for gold assets remains positive due to factors such as a weak dollar, interest rate cuts, and global geopolitical risks, with no current reasons to be bearish on gold [3] - Silver's strength is driven by expanding demand, tightening inventory structures, and policy expectations, particularly from industrial sectors like photovoltaics and electronics [3] - There is a divergence in market opinions regarding silver's recent performance, with some viewing it as nearing the end of its bull run, while others believe it is leading a new market cycle due to its growing importance in technology [3]

一、国际新闻 国际贵金属市场近日表现活跃，纽约期金价格持续攀升，先后突破4350美元/盎司和4360美元/盎司关 口，日内涨幅分别达到0.22%和0.45%。现货黄金同步走高，突破4340美元/盎司，日内涨幅0.50%。白 银市场同样大幅上涨，纽约期银突破72美元/盎司，日内涨2.21%，现货白银则进一步突破73美元/盎 司，日内涨幅达2.14%。 二、国内新闻 茅台集团近日成立"爱茅台数字科技有限公司"，负责运营i茅台业务，现茅台酒销售有限公司副总经理 王华林将出任该公司总经理。此前i茅台App的运营主体为贵州茅台酒股份有限公司。 政策方面，美国自2026年1月1日起实施新的跨境汇款税收措施，对部分符合条件的汇款交易征收1%的 税款，由汇款服务提供商代收并申报缴纳。此外，白宫宣布特朗普已签署行政令，调整进口至美国的木 材、锯材及其衍生品关税。 企业动态方面，OpenAI正全力推进音频人工智能研发，整合多个工程、产品和研究团队优化音频模 型，以备战首款人工智能驱动的个人硬件设备，该设备预计将以音频交互为核心功能。瑞士警方则通 报，此前发生的火情已排除爆炸装置使用可能，确认为普通意外火灾。美国首席大法官约翰·罗 ...

编者按：近期，贵金属、铂族金属和有色金属板块大幅波动。期货日报邀请多位重磅嘉宾做客"期货大 家谈——对话首席洞见金属新主线"直播间，为大家破译金属市场新主线。 在美元信用受到挑战的背景下，全球央行购金行为从"托底需求"逐渐转变为"主动配置"。喻松称，央行 购金并非始于近期，而是自2008年金融危机后便持续进行，在2022年俄乌发生冲突后进一步加速。央行 购金已经从单纯的资产保值，转向对资产安全的战略性重视。 数据显示，2023年全球央行购金1037吨，占全球黄金需求的23.3%。值得注意的是，在美联储大幅加 息、美元利率高企的2022—2024年，金价仍稳步攀升，央行购金是重要支撑。今年以来，投资需求接棒 成为金价上涨的主力驱动，前三季度黄金投资需求超1500吨，同比大幅增长。 喻松认为，当前贵金属板块内部也存在明显分化。黄金作为货币属性最强的品种，其价格上涨更多由去 美元化趋势、央行配置需求驱动，呈现"台阶式上行"的特征，回调幅度有限。 而白银则在货币属性之外，叠加了强劲的商品属性。特别是新能源产业对白银浆料的需求持续增长，加 上全球库存持续下降、供应弹性有限，共同推动其价格快速上涨。今年白银价格涨幅超过1 ...

Group 1 - The core viewpoint of the article highlights a significant decline in precious metal prices, with gold and silver experiencing notable drops in the market [1][9]. - On December 31, gold futures fell by over 1%, while silver futures plummeted by 8.91%, and the spot price of silver in London dropped by 6.08% [1]. - Domestic gold jewelry prices have also decreased, returning to levels seen about two weeks prior, with specific brands reporting price drops of 10 to 11 yuan per gram [2]. Group 2 - The gold market has seen a surge in consumer demand, with reports of gold bars weighing less than 300 grams selling out quickly, indicating a strong interest in smaller gold investments [2][5]. - Popular items such as the "turning money" series of gold pendants have sold out, reflecting consumer preferences during the holiday season [3]. - Investment gold bars are in high demand, with customers purchasing larger quantities, including transactions involving hundreds of thousands of yuan [7][8]. Group 3 - Experts attribute the recent volatility in gold and silver prices to two main factors: a rapid price increase leading to overbought conditions and a margin increase announced by the Chicago Mercantile Exchange [9]. - The market is expected to experience continued fluctuations, with gold likely to remain in a high-level tug-of-war, while silver may face greater volatility due to its divergence from fundamental values [9]. - Investors are advised to be aware of three key risks during the holiday period: liquidity risk, expectation misalignment risk, and structural risk associated with gold and silver [9].

Core Viewpoint - The commodity market in 2025 shows a clear divergence, with precious metals leading the way while the energy sector faces pressure, particularly highlighted by the significant rise in gold prices which have reached over 50 historical highs [1] Group 1: Precious Metals - Gold prices have outperformed major US stock indices and the US dollar index, driven by factors such as central bank purchases, a favorable environment of Federal Reserve interest rate cuts, renewed currency devaluation trades, and inflows into ETFs [1] - Silver has also seen remarkable performance, with COMEX silver futures increasing more than twice the rate of gold in 2025 [1] Group 2: Energy Sector - The energy sector, particularly crude oil prices, has been under pressure, with both WTI and Brent crude oil futures experiencing declines nearing 20% [1]

元旦假期之前，国际金价和银价剧烈震荡。不过，新年伊始叠加节日效应，深圳水贝黄金珠宝市场的人气依旧高涨。 1月1日，记者来到深圳水贝黄金珠宝市场的多个交易中心，发现现场依旧有不错的人气，黄金饰品还是最受欢迎的品种。 "今天的金价是每克1126元，这个价格已经是含税的价格。"水贝壹号一家黄金饰品店铺的负责人告诉记者，"现在水贝市场的报价已经逐渐 统一，不像之前区分投资金和首饰金。尽管金价处于历史高位，但这几天的生意还不错，消费者已经逐渐适应含税的报价体系，我们也抓紧 机会做多一些生意。"他还表示，买金饰送家人，购金条做投资，还有年轻人继续攒"金豆"，新年黄金消费的热度还在。 （水贝市场依旧有不错的人气。 吴家明/摄) 此外，前桥水基金大宗商品主管、现任Black Snow Capital创始人兼首席执行官的Alexander Campbell警告称，白银当前面临多重短期风 险，这些风险包括税务抛售压力、美元走强、CME上调白银交易保证金要求、白银处于"超买"技术形态，以及潜在的"铜替代"等。有分析人 士表示，目前多种贵金属价格处于历史高位，投资上建议保持谨慎。对于带杠杆的期货投资则应该在足够了解市场特点后谨慎参与 ...