《纽约时报》援引美军官员的话报道称，美军在中东地区的指挥官希望"在发起任何潜在打击前，预留更多时间来巩固美军阵地，为伊朗可能发动的报复 性袭击做好准备"。 据悉，特朗普11日说，伊朗方面已与美国政府官员接触并提议进行谈判，"会议正在安排中"。 据央视新闻最新消息，美东时间1月13日，美国国务院通过"虚拟驻伊朗德黑兰使馆"发布全国性安全警告称，敦促美国公民立即离开伊朗，并建议在安全 可行的情况下经陆路前往土耳其或亚美尼亚，同时提醒不要依赖美国政府直接协助撤离。美国国务院12日曾发布紧急安全警示，要求美国公民立即离开伊 朗。 另据新华社消息，俄罗斯外交部发言人扎哈罗娃13日表示，俄方强烈谴责外部势力干涉伊朗内政，美国威胁对伊朗发动军事打击是"绝对不可接受的"。 银价、油价大涨 13日晚，现货黄金、白银价格均刷新历史纪录，同时，WTI原油期货、布伦特原油期货价格也大幅走高。 早上好，先来关注下国际局势。 据CCTV国际时讯消息，美国总统特朗普昨日在其社交媒体"真实社交"上发文称，他已经"取消了与伊朗官员的所有会面"。 图片来源：央视新闻 截至发稿，金银价格均有所回落。伦敦银现货价格涨逾3%，伦敦金现货价格下跌0.2 ...

当地时间1月13日，美股三大指数集体收跌。科技股涨跌互现，谷歌涨超1%。 商品市场方面，白银延续强势表现，伦敦现货白银、COMEX白银期货盘中均创历史新高。黄金温和走弱。 美股三大股指收跌 当地时间1月13日，美股三大指数集体收跌。数据显示，道指跌0.8%，报49191.99点；标普500指数跌0.19%，报6963.74点；纳指跌0.1%，报23709.87点。 美股大型科技股涨跌互现，美国科技七巨头指数跌0.22%。个股方面，谷歌涨超1%，英伟达涨0.47%，苹果涨0.31%，Meta、亚马逊、微软跌逾1%，特斯 拉跌0.39%。 消息面上，高盛将谷歌母公司Alphabet的目标股价从每股330美元上调至375美元，维持对Alphabet的"买入"评级。 截至北京时间1月14日5:21，伦敦现货白银涨2.11%，盘中最高涨至89.12美元的历史新高。COMEX白银期货涨1.87%，盘中也创下89.215美元的历史新 高。伦敦现货黄金跌0.22%，COMEX黄金期货跌0.42%。 华联期货研报称，据世界白银协会发布的最新数据，2025年全球白银市场的供需缺口预计超1亿盎司，白银市场连续第五年处于供应短缺状态 ...

Group 1 - The commodity market experienced a broad rally, with spot gold and silver prices reaching historical highs, while both WTI and Brent crude oil saw significant increases [1] - Spot gold peaked at $4634.58 per ounce, and spot silver surged over 4%, surpassing the $89 per ounce mark. COMEX silver also hit a new high of $89.215 per ounce [1] Group 2 - The U.S. Consumer Price Index (CPI) for December 2025 rose by 2.7% year-on-year, matching the previous month's increase but exceeding market expectations. The core CPI, excluding volatile food and energy prices, grew by 0.2% month-on-month and 2.6% year-on-year before seasonal adjustments [5] - Following the CPI data release, traders increased bets on an earlier interest rate cut by the Federal Reserve, with the probability of a rate cut in April rising to approximately 42% from 38% prior to the CPI announcement [5] - Despite the positive market sentiment from the CPI data, analysts believe it is insufficient to prompt an immediate rate cut by the Federal Reserve, as officials may seek more evidence of stabilizing inflation before making such a decision [5] Group 3 - International oil prices rose significantly, with WTI crude oil increasing by over 3% at one point, and both WTI and Brent crude oil prices up by more than 2% at the time of reporting [5] - President Trump announced a 25% tariff on any country conducting business with Iran, stating that this decision is "final" and "effective immediately" [6]

Group 1: Precious Metals Performance - In 2025, gold prices exhibited a clear upward trend, reaching over $3000 per ounce in Q1 and surpassing $3500 in Q2, with an annual increase of approximately 64% [2] - Silver prices rose significantly, starting from around $29 per ounce at the beginning of the year to over $84 by year-end, resulting in an annual increase exceeding 140% [2] - Platinum prices experienced a dramatic rebound after a slow start, with an annual increase of about 117% driven by demand recovery and supply concerns [3] Group 2: Macro Factors Supporting Precious Metals - Precious metals prices were supported by a nearly 10% decline in the US dollar index and geopolitical tensions, which contributed to rising prices throughout 2025 [4] - The expectation of a weaker dollar and geopolitical risks heightened demand for precious metals, providing new momentum for the market at the end of 2025 [4] Group 3: Central Bank Purchases and Strategic Diversification - Central banks were a dominant force in the gold market, with purchases expected to reach between 900 to 1000 tons in 2025, reflecting a strategic move to diversify reserves and reduce exposure to the US dollar [5] - The increasing focus on gold as a "no-counterparty risk" reserve asset highlights its growing importance among various countries, particularly in Eastern Europe and developing nations [5] Group 4: Silver's Dual Role and Demand Dynamics - Silver's price surge was supported by its dual role as both a monetary metal and an industrial raw material, with significant demand driven by green energy transitions and AI investments [6] - The global silver market faced a notable supply deficit for the fifth consecutive year, with a shortfall estimated between 100 million to 118 million ounces [6] Group 5: Future Market Outlook - Major financial institutions predict that the gold market will continue its structural bull market, with prices expected to remain above current levels due to ongoing central bank purchases and increased safe-haven demand [8] - Predictions for platinum suggest a similar bullish trend, supported by supply shortages and demand from the automotive and hydrogen sectors [8] - The outlook for silver is more cautious, with concerns about increased volatility and potential downward risks despite positive industrial demand and monetary hedging [8]

Market Overview - The A-share market experienced a phase adjustment on January 13, ending a 17-day winning streak, with all three major indices closing lower. Despite this pullback, trading activity remained robust, with a total transaction volume exceeding 3.69 trillion yuan, setting a new historical record [1][3]. Sector Performance - Leading sectors during this period included artificial intelligence and commercial aerospace, with the profit-making effect not yet fully disseminated, indicating a relatively healthy market trend [1]. - The majority of trading volume was concentrated in the first half hour of the morning session, with significant fluctuations observed throughout the day [3]. Stock Movements - Over 1,600 stocks rose, with more than 70 stocks hitting the daily limit up. The precious metals, medical services, mining, and biopharmaceutical sectors showed the most significant gains, while aerospace, communication equipment, computer devices, shipbuilding, semiconductors, and electronic chemicals faced the largest declines [3][4]. Individual Stock Highlights - Several high-performing stocks experienced pullbacks, particularly in the commercial aerospace sector, where multiple stocks hit the daily limit down. Notably, some companies in this sector have issued risk warning announcements recently [4][5]. Analyst Insights - Analysts from various brokerages noted that while the market's overall trend appears healthy, there is concern about potential volatility following the significant increase in trading volume. Historical patterns suggest that increased volume can lead to market fluctuations, especially after a prolonged upward trend [7][8]. - The market may see a rotation between high-performing sectors, which could lead to further volatility. Analysts recommend maintaining a cautious approach to portfolio management during this transition [7][8].

本文源自：金融界AI电报 Endeavour Silver上涨4.4%，Silvercorp Metals上涨4.5%。 ...

1月13日，美股开盘，三大指数小幅波动，道指跌0.04%，纳指涨0.01%，标普500指数涨0.05%。 纳斯达克中国金龙指数开盘跌1.1%，最新报7935.28点。 达美航空跌超3%，2026年全年每股收益指引不及预期。贵金属板块走强，金田涨2.2%、科尔黛伦矿业 涨0.97%、泛美白银涨0.7%。 ...

Group 1 - The core inflation rate in the U.S. for December remained at 2.6%, matching the previous value but lower than the expected 2.7% [1] - Following the CPI data release, U.S. stock index futures rose sharply, with all major indices turning positive [2] - International gold and silver prices saw a quick increase, with spot gold rising by 0.34% and spot silver increasing by 2.5% [3][4] Group 2 - The U.S. dollar index experienced a short-term drop of 20 points, currently reported at 98.95, while non-U.S. currencies collectively strengthened [10] - The market is likely to view the December CPI data as a one-time disturbance, which may not significantly alter expectations for the Federal Reserve's interest rate cuts in 2026 [11]

来源：市场资讯 （来源：FOF老码头） 回顾这一年，全球资本市场并非在一条叙事路径上展开，而是在剧烈的叙事切换中寻找平衡。从年初 对"特朗普经济学"的盲目押注，到年终对AI资本回报率的质疑；从美元信用的动摇，到黄金与白银史诗 级行情的爆发。市场在这一年里，深刻地体验了从"美国例外论"的幻灭到"资产再平衡"的颠簸过程。 第三季度：非理性繁荣与双轨制经济 第三季度市场动荡展示了全球经济与市场的不确定性，从AI信仰的狂热到降息的预期落地，从股市的 投机热潮到黄金的避险需求，市场呈现出多重背离的态势。一些投资者在宽松政策和技术繁荣的支持 下，疯狂追逐科技股，而黄金和债市则成为了"聪明资金"的避风港。随着美联储降息的实施和AI产业链 的持续扩张，市场或将迎来新一轮的调整和再平衡，未来的市场将充满更多不确定性和波动性。 7月：脱敏与亢奋 市场进入了一个非理性的"亢奋期"。尽管非农数据表现强劲，削弱了市场对美联储降息的紧迫预期，但 股市依旧在AI龙头公司的引领下，强势反弹。投资者对关税风险的敏感性减弱，尤其是在特朗普与欧 盟、日本达成贸易协议后，市场投机情绪升温。即使在全球贸易环境尚存不确定性，许多投资者依然处 于高度乐观 ...

Core Viewpoint - The company has limited exposure to fluctuations in precious metal prices due to its hedging strategies, which mitigate risks associated with price volatility [2] Group 1: Company Strategy - The company employs a hedging strategy to minimize the impact of precious metal price fluctuations, primarily using the futures market for hedging [2] - When precious metal prices rise, the company may experience increased operational funding needs, leading to higher financial costs and expenses [2] - Conversely, if precious metal prices decline, the company faces limited losses from the unhedged portion of its precious metals [2]