恒生指数开平，恒生科技指数涨0.38%。盘面上，锂矿、贵金属跌幅靠前，赣锋锂业跌5.75%，紫金矿 业跌2.23%；新能源汽车活跃，蔚来涨5.21%；科网股强势，百度集团涨3.11%。 关于港股后市 银河证券表示，假期临近，市场交投活跃度较低，预计港股持续窄幅震荡。建议关注以下板块：（1） 科技板块仍是中长期投资主线，经历前期调整后估值回落，在多重利好因素提振下，有望反弹回升。 （2）消费板块有望获得较大力度政策支持，且当前估值处于相对低位，中长期上涨空间较大，后续需 关注政策落地力度及消费数据改善情况。 本文转载自"腾讯自选股"，智通财经编辑：黄晓冬。 中信证券认为，2026年投资全景图指出，港股方面，受益于内部的"十五五"催化以及外部主要经济体 的"财政+货币"双宽松，港股2026年有望迎来第二轮估值修复以及业绩进一步复苏的行情，建议关注科 技、大医疗、资源品、必选消费、造纸和航空板块。 ...

09:21 港股开盘丨恒生科技指数涨0.38% 09:27 贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1m | 3947.87 | -17.41 | -0.44% | | 399001 | 深证成指 | Vh | 13466.30 | -70.79 | -0.52% | | 399006 | 创业板指 | VW | 3208.32 | -14.29 | -0.44% | 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% ...

Group 1 - The A-share market experienced fluctuations and adjustments, with the Shanghai Composite Index achieving a nine-day winning streak, indicating strong market enthusiasm for buying [1] - Institutional reallocation demand and capital inflow are expected to improve market liquidity and boost trading activity as the year-end approaches [1] - The focus in the short term is on the selection of the new Federal Reserve chair and the implementation of domestic monetary and fiscal policies [1] Group 2 - The A-share market faced resistance after a rise, with sectors such as banking, petrochemicals, wind power equipment, and software development performing well, while energy metals, pharmaceutical commerce, batteries, and electricity lagged [2] - The domestic monetary policy is expected to maintain a stance of "moderate easing," and there is a general expectation that the Federal Reserve will continue its rate-cutting cycle into 2026, leading to a more accommodative global liquidity environment [2] - The recent strengthening of the RMB has enhanced the attractiveness of RMB assets, which is beneficial for attracting capital inflow [2]

周一（12月29日），美国三大股指全线收跌，道指跌0.51%，标普500指数跌0.35%，纳指跌0.5%。 0:00 国际贵金属大跌，COMEX黄金期货跌4.45%，报4350.2美元/盎司；COMEX白银期货跌7.2%，报71.64 美元/盎司。现货白银大跌近9%，一度跌至70美元关口附近，现货钯金跌超15%，现货铂金跌超14%。 ...

上周五，银价创下历史最大单日美元涨幅，但周一呈现出 "急涨急跌" 的过山车走势：现货银从最高上 涨近6%，到一度下跌近11%，日内振幅超过16个百分点。周二亚市交易时段，银价交投在72美元附 近。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：智通财经 智通财经12月30日讯（编辑 卞纯）就在白银价格高位震荡之际，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。 尽管如此，到目前为止，白银在2025年已经实现了约150%的回报率，仅12月以来，该贵金属就上涨了 约25%。 今年2月，Campbell曾指出，太阳能领域的需求已推动白银市场进入结构性短缺状态。 五重短期风险 Campbell日前在Substack上发文表示，白银市场面临的短期障碍是严峻的。他指出，对于交易员而言， 首要风险是税务相关的抛售压力。一旦新年交易开始，那些持仓超过12个月的头寸可能会因税务目的而 遭抛售。 对于持有大量浮盈头寸的投资者，在12月31日前卖出将面临短期资本利得税，这促使交易者持仓至年后 以享受 ...

华西证券刘郁称，昨日商品市场风险偏好午后急剧回落，贵金属板块波动率快速放大。百亿资金避险离 场，贵金属大幅流出。据文华财经，商品指数净流出高达102亿元，流出方向高度集中于贵金属与新能 源板块，其中沪金、碳酸锂、沪银分别净流出57亿元、51亿元和50亿元，位居流出榜前三。相比之下， 工业金属内部略有分歧，沪铜流出10亿元而沪铝微幅流入2亿元。黑色系表现则最为抗跌，铁矿石净流 入超10亿元，成为资金避风港，位居商品资金流入首位。 ...

Market Overview - The global precious metals market experienced significant volatility, with spot silver fluctuating from a +6% increase to a -8% decrease, and spot gold dropping over 4%. Shanghai silver futures closed down more than 8% [1] - The Chicago Mercantile Exchange's announcement of a comprehensive increase in metal futures contracts has drawn market attention amid this substantial adjustment [1] Digital Currency Developments - The People's Bank of China has introduced a major upgrade to the digital yuan, set to be implemented on January 1, 2024. Key features include interest payments on digital yuan wallet balances and the inclusion of digital yuan in the reserve requirement framework for banking institutions [2] Regulatory Environment - The State Administration for Market Regulation has outlined key tasks for 2026, focusing on enhancing fair competition governance, strengthening antitrust enforcement, and addressing "involution" competition. The aim is to improve the quality of business entities and protect intellectual property rights [3] Tariff Adjustments - China will implement a temporary import tariff lower than the most-favored-nation rate on 935 items starting in 2026. This includes reductions on key components, advanced materials, and certain medical products [4] Investment Insights - CITIC Securities indicates that a year-end market rally has begun, emphasizing the importance of sectors with growth catalysts, particularly non-ferrous metals and AI computing [5] - Everbright Securities notes that while the market shows signs of overheating, there are no clear signals of a bull market peak [5] - Dongfang Securities observes that the market is gradually building upward momentum, with emerging hotspots, suggesting the year-end rally may continue [5] Policy Focus in Healthcare - Shanghai has announced plans to expand service consumption by promoting advanced technologies such as cell therapy and brain-machine interfaces, with a positive outlook for the pharmaceutical sector driven by innovation [6] Robotics Industry Insights - Huawei is increasing investment in the humanoid robot sector, with institutions optimistic about the supply chains in the robotics industry, particularly in embodied intelligence applications [7] Passive Component Market Trends - Major passive component manufacturers are set to raise prices on certain products starting next year, indicating a potential improvement in industry conditions driven by AI advancements in the PCB sector [8]

Core Viewpoint - Silver experienced extreme volatility on December 29, reaching a historical high of $83.971 per ounce before plummeting to a low of $74.215, resulting in a daily fluctuation of 12.3% [1]. Despite this, silver has shown an impressive year-to-date increase of over 160%, significantly outperforming gold's approximately 70% rise [1][2]. Price Movements - On December 29, London silver was reported at $75.177, down 5.23% for the day, while year-to-date it has increased by 160.25% [2]. COMEX silver also saw significant fluctuations, peaking at $82.67 and dropping to $73.71 [3]. Shanghai silver futures experienced a 10% rise before closing with only a 0.51% gain [3]. Market Dynamics - The volatility in silver prices is attributed to a combination of factors, including a recent increase in margin requirements by the Chicago Mercantile Exchange and the Shanghai Futures Exchange, which raised trading costs and prompted profit-taking among investors [3]. Analysts noted that the significant price movements were driven by a supply-demand imbalance, with strong physical silver demand leading to panic buying [4][5]. Supply and Demand Factors - The silver market is facing a structural supply issue, as production has not kept pace with demand, leading to a situation where demand has exceeded supply for five consecutive years [5]. Concerns about potential tariffs on silver and the depletion of inventories in major trading centers like London have further exacerbated the situation [5]. Future Outlook - Analysts remain optimistic about the long-term prospects for silver, citing factors such as anticipated interest rate cuts by the Federal Reserve and increasing industrial demand for silver [4][5]. However, short-term risks are accumulating, with indications of market overheating and potential profit-taking ahead of the New Year [6][7]. The upcoming risk events in January, including Federal Reserve decisions and tariff investigations, could significantly impact market sentiment [7].

Market Data - As of December 29, the Shanghai Composite Index rose by 0.04% to 3965.28 points, while the Shenzhen Component Index fell by 0.49% to 13537.1 points and the ChiNext Index decreased by 0.66% to 3222.61 points [1] - In the U.S. market, all three major indices closed lower, with the Dow Jones down by 0.51%, the Nasdaq down by 0.5%, and the S&P 500 down by 0.35% [1] - International oil prices increased, with light crude oil futures for February 2026 rising by $1.34 to $58.08 per barrel (up 2.36%) and Brent crude oil futures for February rising by $1.30 to $61.94 per barrel (up 2.14%) [1] Economic News - The State Council Tariff Commission announced a tariff adjustment plan effective January 1, 2026, which includes a temporary import tariff rate lower than the most-favored-nation rate for 935 items to enhance the linkage between domestic and international markets [2] - From January to November 2025, state-owned enterprises in China reported a total operating revenue of 7,562.576 billion yuan, a year-on-year increase of 1.0%, while total profits decreased by 3.1% to 371.945 billion yuan [2] - The asset-liability ratio of state-owned enterprises was reported at 65.2% as of the end of November, an increase of 0.3 percentage points year-on-year [2] Regulatory Developments - The State Administration for Market Regulation has set key tasks for 2026, focusing on fair competition governance, breaking administrative monopolies, and enhancing the quality of business entities [3] - The Ministry of Finance and the State Taxation Administration announced new tax deduction rules for advertising and business promotion expenses, effective from January 1, 2026, allowing certain companies to deduct up to 30% of their annual sales revenue [3] - A new regulation on food entrusted production management will take effect on December 1, 2026, aimed at clarifying responsibilities and preventing food safety risks [4] Corporate Developments - The restructuring plan for 38 companies under Suning Electric Group has been approved, with total debts amounting to 238.73 billion yuan, including 18.807 billion yuan of confirmed debts [6] - Airbus secured a significant order from domestic airlines for 55 A320 series aircraft, with a catalog price exceeding $8.2 billion, to be delivered between 2028 and 2032 [6]

Group 1 - The article discusses a reported drone attack by Ukraine on Russian President Putin's residence, which Russia claims involved 91 drones, while Ukraine's President Zelensky denies the allegations, calling them fabricated [2][5]. - Russian Foreign Minister Lavrov stated that all incoming drones were destroyed and there were no casualties or damage reported, emphasizing that Russia will respond to Ukraine's actions [3]. - Lavrov indicated that Russia will reassess its negotiation stance with the U.S. regarding the Ukraine issue due to Ukraine's alleged actions [4]. Group 2 - The article highlights a significant drop in global precious metal futures prices, with COMEX gold futures down 4.45% to $4,350.2 per ounce and COMEX silver futures down 7.2% to $71.64 per ounce [8]. - Other precious metals also experienced substantial declines, with spot silver prices falling nearly 9%, palladium down over 15%, and platinum down over 14% [8]. - The article notes that the A-share market in China has shown a strong upward trend, with the Shanghai Composite Index experiencing a "nine consecutive days of gains," raising questions about whether this is a temporary rebound or an early indication of a spring market rally [13][14]. Group 3 - Analysts attribute the recent rise in the Shanghai Composite Index to clear industrial policy catalysts, particularly support for commercial rocket companies to meet the Sci-Tech Board listing standards, which has boosted the commercial aerospace sector [14]. - There is a noted improvement in market fundamentals, with increased investor risk appetite and trading sentiment, supported by liquidity and expectations of long-term capital inflows [14]. - The article mentions that while the index is rising, the number of declining stocks exceeds that of advancing stocks, indicating a concentrated flow of funds into specific sectors, particularly those with strong industrial logic [15].