来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 政府首次系统规范投资基金，明确投向与管理规则 1月12日，国家多部门联合发布《关于加强政府投资基金布局规划和投向指导的工作办法》，首次在国 家层面对政府投资基金布局和投向作出系统规范。《办法》围绕"投向哪、怎么投、谁来管"提出14项举 措，优化布局，引导投向重点产业，还明确了国家级和地方基金功能定位与投资重点。此外，同步制定 评价管理办法强化规范。详情>> 1月12日，A股开盘20分钟成交金额突破1万亿元，盘面出现港股与A50、期货与股票、国债与红利、成 交量与券商股走势四大背离。后市成交若持续放大，调整风险或增加，但当前市场仍处结构性火热，系 统性风险不大，需防范高低切换。详情>> 中欧电动汽车案磋商有进展，有望"软着陆" 成交额破3.6万亿创纪录，A股现三大"景观" 1月12日，A股市场震荡拉升，三大指数涨超1%，成交额超3.6万亿元创历史新高 ...

Group 1 - The price of silver has surged significantly, with the price per gram rising from around 16 yuan to nearly 24 yuan, reflecting a broader trend in precious metals [1] - On January 12, both gold and silver prices reached historical highs, with gold exceeding $4600 per ounce and silver surpassing $84 per ounce [1] - The market in Shenzhen's Shui Bei has seen a shift, with many merchants prominently displaying investment silver bars, indicating a growing interest in silver as an investment [1] Group 2 - Most merchants in the Shui Bei market calculate the price of investment silver bars based on the silver price plus processing fees, with an example showing a price of 25 yuan per gram for a 1000-gram silver bar [2] - While the recovery price for silver has increased, it has not kept pace with the selling price, suggesting caution for consumers looking to invest in physical silver bars [2] - The market currently favors silver bars over silver jewelry, indicating that customers are primarily investors rather than consumers seeking jewelry [2] Group 3 - The rise in precious metal prices is expected to influence other metal assets, with analysts noting that the Federal Reserve's interest rate cuts could drive metal prices higher [3] - The silver market is characterized by smaller scale and lower liquidity, making it more susceptible to large capital movements, which can lead to increased price volatility [2]

"上个月初的银价每克才16元左右，现在都涨到接近24元了。"在深圳水贝从事银饰生意的黄经理 说，"真没想到银价涨得这么猛，但现在我们也不敢再溢价进货"。 1月12日，国际金价和银价再创历史新高。其中，纽约商品交易所黄金期价和伦敦现货黄金价格盘中均 一度突破每盎司4600美元关口，现货白银价格一度突破每盎司84美元。自去年12月起，水贝市场就刮起 了"抢银热"，商家们的反应非常灵敏。如今在价格再创新高的背景下，深圳水贝市场又发生了哪些变 化？ 记者了解到，水贝市场大部分商户出售投资银条，都是以银价加上加工费后再乘以克重这一公式来计算 价格。有商家以克重为1000克的银条为例，克价为25元，以12日的银价计算，也就是相当于每克增加了 1.5元的工费，但回收时按市场的回收价格计算，也就是每克17元左右。 有商家表示，"最近银价涨得猛，回收价格也上涨了一些，但涨幅不及售价"。对此，有业内人士表示， 普通消费者如果纯粹为了投资白银而购买实物银条，还是需谨慎。 关于未来白银的价格走势，多位商户均向记者表示，看涨未来白银价格走势，但高位拿货还是会谨慎。 而且，目前市场青睐的基本是银条而非银饰，这也意味着客户多为投资客。相比 ...

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 12 日 [Table_Title] 资产配置日报：又见天量成交 | | | 1 月 12 日，权益市场放量上涨。万得全 A上涨 1.72%，全天成交额 3.64 万亿元，较上周五（1 月 9 日）放 量 4922 亿元。港股方面，恒生指数上涨 1.44%，恒生科技上涨 3.10%。南向资金净流入 73.06 亿港元，其中快 手、腾讯控股分别净流入 22.45 亿港元和 20.12 亿港元，而中国移动净流出 10.30 亿港元。 成交额创历史新高，市场情绪积极。A 股成交额以 3.64 万亿元创历史新高，突破了 924 行情创下的前高 3.48 万亿元。值得注意的是，隐含波动率大幅上涨。截至 1月 12 日，沪 300ETF IV 指数处于 924 行情以来的 80%分 位数，反映投机情绪迅速升温，驱动行情走强的同时，短期波动的概率放大。本轮隐含波动率的走势与 25 年 8 月 相似，在当时的上涨行情中，隐含波动率的分位数迅速上升至 80%之上后回落，沪深 300 下跌约 3%。 题材方面，AI应用和商业航天为今日主线。AI应用的上 ...

Investment Rating - The report assigns an "Overweight" rating for the non-ferrous metals industry [5] Core Insights - The balance between supply and demand is crucial, but macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal price trends [2] - Precious metals are supported by geopolitical factors, with gold prices expected to be bolstered by central bank purchases and rising ETF holdings [5] - Copper is transitioning from a commodity to a strategic asset, with price fluctuations influenced by macroeconomic resilience and supply disruptions [5] - Aluminum prices are expected to remain strong due to robust macroeconomic performance and easing liquidity [5] - Energy metals like lithium are facing demand preemption due to export tax adjustments, while cobalt prices remain high due to tight raw material supply [5] Summary by Sections Precious Metals - Gold prices have risen, with SHFE gold increasing by 2.57% to 1,006.48 CNY/g and COMEX gold rising by 4.36% to 4,518.40 USD/oz [8][25] - Silver prices also saw significant increases, with SHFE silver up 3.85% to 18,731 CNY/kg and COMEX silver up 12.36% to 79.79 USD/oz [9][25] - Central bank gold reserves in China increased to 7,415 million ounces, marking a continuous expansion over 14 months [8] Copper - Copper prices increased, with SHFE copper rising by 3.23% to 101,410 CNY/ton and LME copper up 4.24% to 12,998 USD/ton [10][22] - Supply disruptions from the Mantoverde copper mine strike in Chile are expected to maintain price strength [10] - The copper market is characterized by low inventory levels, with global visible inventory at 909,000 tons [10][67] Aluminum - Aluminum prices have shown strong performance, with SHFE aluminum increasing by 6.13% to 24,330 CNY/ton and LME aluminum up 4.00% to 3,136 USD/ton [10][79] - The average operating rate for aluminum processing has slightly increased to 60.1% [93] Energy Metals - Lithium production is on the rise, with a weekly increase of 115 tons, although demand is showing signs of weakness [11] - Cobalt prices remain elevated due to tight supply conditions, with companies extending their operations into downstream sectors [11] Rare Earths - Rare earth prices have rebounded, with significant increases in the prices of praseodymium-neodymium oxide and dysprosium oxide [11]

Core Viewpoint - The precious metals industry, including gold, silver, and platinum group metals, is essential for various industrial applications and is experiencing significant growth, particularly in China, which is becoming a key driver in the global precious metals market [2]. Industry Overview - Precious metals are considered one of the most widely used materials in the industrial system, providing thousands of material varieties essential for modern industry [2]. - The industry serves multiple sectors, including aerospace, electronics, energy, chemicals, petroleum, automotive, biomedicine, and environmental protection [2]. - Precious metal catalytic materials are extensively used in petroleum chemistry, pharmaceutical synthesis, fine chemicals, ammonium nitrate fertilizers, and automotive pollution control [2]. - Precious metal chemical materials are crucial for producing high-purity materials, industrial catalytic materials, environmental remediation materials, and surface functional materials [2]. - Special functional materials made from precious metals, such as electrical contact materials and precision alloy materials, find applications in electronics, chemical construction, and metallurgy [2]. - The demand for precious metals is increasing due to advancements in high-tech industries, making them key materials for sustainable development [2]. - The growth rate of China's precious metals industry is generally higher than the global average, positioning China as an important driver of the global precious metals market [2].

Global Capital Markets - The global market is characterized by a simultaneous rise in risk appetite and demand for safe-haven assets, with A-shares experiencing a strong start to the year, as the Shanghai Composite Index returns to the 4000-point mark, driven by technology themes [2][3] - The US stock market sees the Dow Jones and S&P 500 indices reaching historical highs, supported by expectations of interest rate cuts and a rally in technology stocks [5][6] A-Share Market - The A-share market shows a strong performance with the ChiNext 50 Index surging nearly 10%, indicating a significant increase in risk appetite among investors [2][3] - The brain-computer interface concept emerges as a major highlight, with related stocks experiencing substantial gains, driven by technological breakthroughs and domestic industry acceleration [3][4] US Stock Market - The US stock market indices collectively rise, with the Dow Jones and S&P 500 achieving record closing highs, driven by expectations of a stable labor market and potential interest rate cuts [5][6] - Technology stocks, particularly semiconductor companies, are at the forefront of this rally, with significant gains observed in major players like Intel and Micron Technology [7] Commodity Markets - The international precious metals market sees significant price increases, with gold and silver prices rising sharply, driven by geopolitical tensions and expectations of liquidity easing [8][9] - Global official gold reserves surpass the value of overseas US Treasury bonds for the first time in 30 years, indicating a shift in the global reserve asset landscape [9][10] Semiconductor Industry - The semiconductor sector experiences a boom, particularly in storage chips, driven by surging demand from AI servers, with significant price increases reported [16][17] - Advanced process technology sees progress, with Qualcomm and Samsung discussing 2nm chip foundry cooperation, marking a new phase in the semiconductor industry's competitive landscape [18] AI Technology and Applications - The CES 2026 showcases significant advancements in AI technology, with major companies like NVIDIA and AMD unveiling new products that enhance AI capabilities [19][20] - Chinese manufacturers actively participate in the AI wearable sector, demonstrating technological strength and innovation, contributing to the global proliferation of AI devices [21][22] Commercial Space Industry - The commercial space sector witnesses intensified competition for frequency resources, with SpaceX receiving approval for additional Starlink satellites and China submitting large-scale satellite applications [23][24] - The rapid development of the space economy is anticipated, with projections indicating that the market could exceed $1 trillion in the coming years [25] Consumer Electronics - Rising storage chip prices are beginning to impact consumer electronics, leading to increased costs for smartphones, PCs, and electric vehicles, prompting companies to adjust their product strategies [26][27] - The smartphone market exhibits signs of "covert price increases," with manufacturers reducing configurations or shrinking discounts to offset rising costs [27][28] Global Market Interconnectivity - The global market shows enhanced interconnectivity, with the performance of the technology sector influencing asset allocation strategies across different markets [29] - The expectation of US Federal Reserve interest rate cuts is becoming a core variable in global asset pricing, affecting capital flows and investment strategies [29][30]

Core Viewpoint - The company focuses on the precious metals industry, engaging primarily in three core business segments: new materials manufacturing, precious metal resource recycling, and supply services [1] Company Overview - The company provides products and services to various industries, including aerospace, electronics, energy, chemicals, petroleum, automotive, biomedicine, and environmental protection [1] - Precious metal catalytic materials are widely used in petroleum chemistry, pharmaceutical synthesis, fine chemicals, ammonium nitrate fertilizers, and automotive pollution control [1] - Precious metal chemical materials serve as important precursors for high-purity materials, industrial catalytic materials, environmental remediation materials, and surface functional materials [1] - Special functional materials made from precious metals are extensively applied in electronics, construction materials, and metallurgy [1] - Information functional materials from precious metals are commonly used in chip electronic components, thick-film integrated circuits, crystalline silicon solar cells, membrane switches, and flat panel displays [1] Industry Insights - The development of high-tech industries has continuously opened new application spaces and fields for precious metals [1] - The demand for precious metal materials in relevant fields is increasing, positioning them as key materials for sustainable development in human society [1] - The growth rate of China's precious metals industry generally exceeds the global average, making China a significant driving force in the global precious metals industry [1]

Core Viewpoint - The company's gross margin for precious metal products is significantly influenced by the characteristics of the precious metal industry, with fluctuations in precious metal prices having a major impact on profitability [2] Group 1: Company Performance - The company is focused on enhancing profitability through management innovation, new product development, and optimization of processes and technologies [2] - The company adheres to the principle of sharing development results with investors and considers the scientific and continuous nature of dividends when formulating reasonable investor return plans [2] Group 2: Industry Characteristics - The gross margin of the company's precious metal products reflects common characteristics of enterprises in the precious metal industry, indicating a strong correlation with the prices of precious metal raw materials [2]

Group 1 - The core point of the article indicates that the U.S. labor market is showing signs of "weak growth and low unemployment," which has led to a decrease in expectations for the Federal Reserve to cut interest rates in January 2026 [2][3] - In December 2025, the U.S. non-farm employment increased by 50,000, which was below the market expectation of 70,000, while the unemployment rate unexpectedly dropped to 4.4%, lower than the anticipated 4.5% [2] - Analysts suggest that the current economic data and the potential for a change in the Federal Reserve's leadership in 2026 may influence future monetary policy decisions [3][6] Group 2 - Following the release of the non-farm data, gold prices strengthened, with COMEX gold futures rising by 1.29% to $4,518.4 per ounce on January 9, 2026, and continuing to reach historical highs above $4,600 per ounce [3][4] - Factors influencing the rise in gold prices include high geopolitical risks, increasing U.S. fiscal risks, and strong demand from global central banks for gold [4][5] - The World Gold Council reported that gold performed exceptionally well in 2025, continuously setting historical records, and forecasts a potential price increase of 15% to 30% in 2026 [7]