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1月7日，在新的一年拉开序幕之际，全球市场依然被浓厚的不确定性迷雾所笼罩。ZFX山海证券 观察 到，被市场视为"避险天堂"的黄金与白银表现尤为亮眼，其总市值一度重返全球资产排行榜的前两名， 力压一众科技巨头。在当前避险情绪升温的环境下，实物资产的价值存储功能再次得到了市场的广泛公 认，而加密资产如比特币目前则维持在第八位。 根据 CompaniesMarketCap 最新的统计数据，黄金以 31.1 万亿美元的庞大市值稳坐全球资产头把交椅。 ZFX山海证券 表示，白银与半导体巨头英伟达（Nvidia）之间的次席争夺战已进入白热化阶段。尽管英 伟达受益于人工智能算力需求的激增而势头强劲，但白银在近期多次反超英伟达，展现出贵金属在动荡 局势中的强劲爆发力。投资者在应对全球性贸易争端与潜在地缘冲突时，倾向于将资金撤出高风险板 块，转而配置具有长久历史背书的贵金属。 宏观层面的政策转向也是驱动这一现象的关键。美联储新管理团队领导下的降息预期，是促使金银价格 屡创新高的核心动能。目前，金价与银价已分别触及 4500 美元和 80 美元附近的历史高点。尽管这股资 金流尚未完全涌入加密货币市场，但ZFX山海证券 认为，随着 ...

Group 1 - Global stock markets showed signs of a pause in their upward trend on January 7, 2026, after a previous surge driven by AI hype and expectations of interest rate cuts by the Federal Reserve [1] - Asian stock markets entered a technically overbought zone, leading to profit-taking and declines, with Japan's Nikkei 225 index falling over 1% [1] - U.S. stock index futures displayed mixed performance, with the Nasdaq 100 futures down more than 0.2%, indicating a cautious market sentiment [1] Group 2 - The commodities market experienced significant volatility, particularly in precious metals, with spot gold prices dropping below $4,450 per ounce and silver prices declining by over 3% in a single day [1] - The declines in precious metals were partly attributed to a key funding event, as the Bloomberg Commodity Index (BCOM) was set for annual weight rebalancing from January 8 to 14, leading to expected large-scale mechanical selling [1] - The anticipated sell-off could involve silver futures facing sell orders equivalent to 9% of total open interest, while gold futures could see sell orders around 3% of total open interest, exerting direct pressure on short-term market sentiment and prices [1] Group 3 - The oil market faced downward pressure following U.S. President Trump's announcement that the Venezuelan interim government would transfer 30 to 50 million barrels of oil to the U.S., raising concerns about a potential increase in global oil supply [2] - Federal Reserve officials provided policy clues, with Governor Milan stating that core inflation levels have returned close to the Fed's 2% target, suggesting further rate cuts may exceed 100 basis points this year [2] - The focus of investors is on the upcoming U.S. non-farm payroll report for December 2025, as the Fed's policy direction is increasingly influenced by concerns over a weak labor market [2]

摘要周三（1月7日）贵金属市场整体呈现冲高回落态势，尤其是午后外盘大幅跳水，带动内盘承压走低。现货黄金一度失守4450美元/盎司关口，日内跌超 1%，现货白银跌破79美元/盎司，日内跌幅扩大至3.00%。截至北京时间17:13，现货黄金最新报4464.49美元/盎司，跌幅0.65%，现货白银最新报79.31美元/ 盎司，跌幅2.35%。 12月"小非农"ADP就业人数与11月JOLTs职位空缺将于北京时间今晚21:15、23:00先后公布。同样将公布的还有ISM服务业数据。不过，本周市场的关键焦点 仍是周五发布的美国非农就业报告。若进一步显现劳动力市场走弱迹象，可能促使市场提前预期下一次降息的时间。LSEG数据显示，市场目前对3月降息的 定价概率约为五五开，但直到6月才完全计入一次降息。 中国央行数据显示，中国黄金（600916）储备规模在12月底达到3194.5亿美元，高于11月底的3106.5亿美元；中国12月末黄金储备报7415万盎司（约 2306.323吨），环比增加3万盎司（约0.93吨），为连续第14个月增持黄金。 （来源：国家外汇管理局） 据外媒报道，受过去一年金价暴涨和各国央行积极购入的推动， ...

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese stock markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [2][4][6]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a drop in the A50 index by nearly 1% [2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [3]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index declined by over 2% [3]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share [4]. - This downgrade occurred despite Alibaba reporting quarterly earnings that exceeded expectations, with cloud services being a key growth driver [5]. - Concerns were raised regarding the rapid increase in capital expenditures related to the cloud business and the relatively moderate growth of its retail business compared to competitors [5]. Group 3: Precious Metals Decline - Precious metals prices fell as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [5]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [5]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to pressure on the Shanghai Composite Index [5]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations and increased government debt financing, which could tighten liquidity in the banking system [6]. - The central bank's actions, including reverse repos and medium-term lending facilities, will determine whether the liquidity situation will trend towards tightening [6]. - The ongoing foreign exchange settlement by commercial banks may consume excess reserves in the banking system, leading to structural liquidity pressures [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 TIMELESS RESOURCES HOLDINGS LIMITED 天時資源控股有限公司 （於香港註冊成立的有限公司） （股份代號：8028） 本公告旨在向股東及潛在投資者提供有關根據戰略合作備忘錄開發、部署及發行白銀 代幣之近期進展之最新資訊。 董事會欣然宣佈，據艾德證券於二零二六年一月六日所告知，證監會確認對實體白銀 資產的代幣化及本集團擬發行白銀代幣一事並無進一步意見。本集團將儘快推進白銀 代幣之發行事宜。 為籌備發行白銀代幣，本集團已收購相關白銀資產以作為白銀代幣之實體資產組成部 分。截至二零二五年十二月三十一日，本集團以平均成本約為每盎司 46 美元持有約 54,000 盎司白銀庫存。本集團亦自二零二五年十一月起開始實體白銀資產銷售業務， 作為其貴金屬銷售業務中的一部分。 本公司將適時透過刊發進一步公告，持續向股東及潛在投資者通報重大進展，包括與 白銀代幣相關籌備工作之進展。 1 本 公 司 ...

Group 1 - The core viewpoint of the report is that the global economy is entering a dual easing cycle of fiscal and monetary policies in 2026, which will create new development opportunities for cyclical sectors [1] - The report highlights that developed countries are accelerating their re-industrialization processes through fiscal expansion, driven by trends in energy security and industrial chain security, which will support commodity prices [1] - Market expectations indicate that the Federal Reserve may implement 2 to 3 interest rate cuts in 2026, further promoting global monetary easing [1] Group 2 - The report emphasizes the potential for price increases in the copper and aluminum industries due to tight supply and steady demand growth, presenting good investment opportunities [1] - The long-term allocation value of precious metals, particularly gold, is highlighted as increasingly significant in the context of global instability and rising debt, reinforcing its role as a safe-haven asset [1] - The Chinese Central Economic Work Conference's focus on deepening supply-side reforms and price recovery is seen as a positive signal for the midstream cyclical sector, indicating a potential bottoming out and recovery space [2] Group 3 - The "anti-involution" policy constraints combined with demand-side support policies are expected to significantly improve the supply-demand dynamics in cyclical industries such as new energy and chemicals [2] - The acceleration of real estate sales is seen as reducing negative factors in the industry chain, suggesting a potential for recovery by the end of the year [2] - Overall, the cyclical sector in 2026 is anticipated to benefit from the dual expectations of "expansive fiscal" and "expansive monetary" policies globally, along with domestic policy support, providing numerous investment opportunities [2]

在美联储货币政策转向宽松、全球地缘政治风险加剧以及央行持续购金的多重驱动下，摩根士丹利大幅上调金价预期，预计这一传统避险资产将 在2026年继续刷新历史高点，直至冲刺每盎司4800美元大关。 摩根士丹利在1月5日发布的研究报告中指出，黄金价格正受到宏观经济和政策转变的强力支撑。这些因素包括美联储预期的宽松周期、美联储领 导层的变动，以及各国央行和投资基金持续买入。此前，现货黄金已在2025年创下历史性涨幅，年终收涨64%，创下自1979年以来的最强年度表 现。 但在1月7日，贵金属市场遭遇重挫，现货黄金一度失守4450美元/盎司关口。据华尔街见闻，彭博商品指数（BCOM）即将于1月8日至14日启动年 度权重再平衡，市场正面临被动基金"技术性抛售"带来的流动性冲击压力，黄金面临短期看跌反转风险。 长期方面，地缘政治的不确定性进一步点燃了市场对避险资产的需求。据央视新闻报道，当地时间1月3日中午（北京时间1月4日凌晨），美国总 统特朗普、国防部长赫格塞思在佛罗里达州海湖庄园就美军对委内瑞拉动武、将委内瑞拉总统马杜罗控制并移送出境举行记者会。 随着委内瑞拉局势升级，包括美国军事力量介入及该国领导人被捕的消息传出，不 ...

记者丨刘雪莹 编辑丨曾静娇 1月7日午后，A股冲高回落， 沪指微涨录得14连阳。 贵金属突变，黄金、白银全线跳水，国 内商品期货大面积上涨。沪深两市成交额2.88万亿，较上一个交易日放量493亿，成交额连续2 个交易日超2.8万亿，全市场3188只个股下跌，2164股上涨。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4085.77 | 14030.56 | 1746.72 | | +2.11 +0.05% +8.01 +0.06% +26.32 +1.53% | | | | 万得全A | 创业板指 | 北证50 | | 6654.10 | 3329.69 | 1496.28 | | +12.34 +0.19% +10.40 +0.31% +3.24 +0.22% | | | | 沪深300 | 中证500 | 中证A500 | | 4776.67 | 7875.08 | 5860.25 | | -14.03 -0.29% +60.95 +0.78% +0.05 0.00% | | | | 中证1000 | 深证100 | 中证红利 | | 7906.42 | 5 ...

【1月7日南非基准股指市值升至2019年以来最高】因南非兰特走强、金属价格飙升，南非基准股指市值 升至2019年以来最高。富时/约翰内斯堡证券交易所非洲全股指数总市值升破5000亿美元，超挪威、马 来西亚和土耳其等国去年同期市场规模。 约翰内斯堡股市去年涨38%，创2005年以来最佳年度表现， 贵金属和矿业股指数领涨。兰特兑美元升值14%，使股指以美元计涨幅扩至57%。 今年以来，该指数已 涨逾2%，兰特随金价走高继续升值。周二，南非兰特一度升至1美元兑16.31兰特，创逾三年新高。 贝 莱德国际主题投资主管称，大宗商品或继续支撑股市，货币购买力走弱下，金价有望延续涨势。 扫码查看原文 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 FOL hexun.com 和而不同 迅达天下 ...