消息面上，据新华社，美国企业家埃隆·马斯克2025年12月31日在社交媒体上表示，其脑机接口公司"神 经连接"将于2026年开始对脑机接口设备进行"大规模生产"，并转向"更加精简和几乎完全自动化的外科 手术流程"。 湘股方面，上午，商业航天领域板块表现亮眼，截至午间休盘，华曙高科上涨13.87%，飞沃科技上涨 12.95%，航天环宇涨超10%。同时，贵金属方面，湖南白银和湖南黄金分别上涨9.68%和2.7%。智能医 疗领域，可孚医疗、古汉医药和大湖股份涨超6%。 三湘都市报1月5日讯（全媒体记者 仝若楠）1月5日，2026年A股开盘首日高开高走，迎来"开门红"，上 证指数时隔34个交易日重回4000点。截至午间休盘，沪指报4011点，涨幅超1%。深圳成指和创业板指 分别上涨1.87%和2.15%，市场上有超4000只个股上涨。 其中，脑机接口概念表现活跃。截至午间休盘，该板块上涨超13%，成分股中，倍益康30%涨停，三博 脑科、爱朋医疗、狄耐克、谱尼测试、美好医疗、伟思医疗等股20%涨停。 ...

展望2026年，业内普遍认为黄金仍有上涨空间，但交易难度加大。有分析指出，后MMT时代G7主权信 用货币集体走弱、美美元体系在科技军事等领域渐进弱化、央行外储结构优化及国内外机构家庭部门相 对欠配等长期逻辑，支撑黄金长牛趋势，长期来看仍是优质战略性配置资产。 摘要今日周一(1月5日)亚盘时段，黄金T+D目前交投于988.68元附近，截至发稿，黄金T+D暂报988.46 元/克，涨幅1.45%，最高触及993.76元/克，最低下探986.01元/克。目前来看，黄金T+D短线偏向看涨走 势。 从交易维度看，2026年黄金波动率或进一步抬升。因黄金无估值锚定，价格波动主要受资金流向和供需 结构影响，风险资金(如美股、虚拟货币)流动可能加剧波动，白银等贵金属波动也会产生联动效应。此 外，市场对2026年美债、美元汇率走势存在分歧，美联储内部降息路径争议也可能影响黄金市场节奏。 今日周一(1月5日)亚盘时段，黄金t+d目前交投于988.68元附近，截至发稿，黄金t+d暂报988.46元/克， 涨幅1.45%，最高触及993.76元/克，最低下探986.01元/克。目前来看，黄金t+d短线偏向看涨走势。 【要闻速递】 2 ...

Group 1 - The precious metals market has gained significant attention, with gold and silver reaching historical highs in December 2025, with gold surpassing $4500 per ounce and silver peaking at $72.7 per ounce, marking annual increases of over 70% and nearly 150% respectively [1] - The surge in precious metal prices is attributed to multiple macroeconomic factors and changes in industry dynamics, driven by increased risk aversion and accelerated capital inflow into the sector [1][2] - The Federal Reserve's anticipated interest rate cuts, driven by rising unemployment and lower-than-expected core CPI, have weakened the dollar and reduced the opportunity cost of holding precious metals, further supporting price increases [2] Group 2 - Geopolitical risks have intensified, prompting a flight to safety into precious metals, which, combined with the end-of-year asset rebalancing cycle, has accelerated capital allocation into this sector [2] - Industrial demand, particularly for silver due to the expansion of photovoltaic installations and increased AI server demand, has provided strong support for precious metal prices [2] - The market sentiment and capital rotation have played a crucial role in the recent price surge, with speculative and trend-following funds entering the market, amplifying price increases [3] Group 3 - Central banks have continued their gold purchasing trend, with a reported net purchase of 53 tons in October 2025, a 36% month-on-month increase, highlighting the strategic value of precious metals in official reserves [3] - The recent volatility in precious metals has led to increased margin requirements for trading, indicating heightened market risk [3] - Despite short-term volatility, long-term prospects for precious metals remain strong due to ongoing global monetary easing, persistent central bank purchases, and geopolitical risks [4]

年底至春节前为传统消费旺季，叠加前期金价上涨刺激，消费者更倾向选择金饰。分析指出，这既反映 国内消费力提升，也体现黄金在上升周期中更受青睐。 值得关注的是，元旦前夕国际金价大幅跳水。2025年最后三个交易日，金价持续下跌，12月31日一度跌 1.5%失守4300美元/盎司。主因是芝加哥商品交易所（CME）12月26日公告，将黄金初始保证金从2万 美元/手上调10%至2.2万美元/手，白银从2.2万美元/手上调13.6%至2.5万美元/手，相当于黄金杠杆从约 22倍降至20倍，白银从约38倍降至33倍。若机构未及时补充保证金，需减持部分持仓。分析认为，此举 短期影响贵金属价格，但美联储持续降息使杠杆成本下降，CME提高保证金旨在引导理性投资，而非 打压需求。因假期交易员离场，黄金流动性较好，跌幅有限；白银因流动性不足跌幅更大。 【最新黄金期货行情解析】 今日周一（1月5日）亚盘时段，黄金期货目前交投于997.10附近，截至发稿，黄金期货暂989.68元/克， 涨幅0.86%，最高触及997.22元/克，最低下探988.52元/克。目前来看，黄金期货短线偏向看涨走势。 打开APP，查看更多高清行情>> 【要闻速递 ...

每经AI快讯，1月5日，指数走强，创业板指拉升涨逾2.00%，沪指涨0.90%，深成指涨1.57%。脑机接 口、保险、半导体芯片、贵金属等涨幅居前，沪深京三市上涨个股近4000只。 每经AI快讯，1月5日，指数走强，创业板指拉升涨逾2.00%，沪指涨0.90%，深成指涨1.57%。脑机接 口、保险、半导体芯片、贵金属等涨幅居前，沪深京三市上涨个股近4000只。 ...

Core Viewpoint - The survey by the Financial Times indicates that gold prices are expected to continue their historic upward trend into 2026, reaching a new high, although analysts predict a slowdown in the pace of increase after a remarkable surge in 2025 [1] Group 1: Price Predictions - Analysts predict that gold prices, which surged by 64% in 2025, will rise nearly 7% by the end of 2026, reaching approximately $4,610 per ounce [1] - The most optimistic forecast comes from Nicky Shiels of MKS Pamp, who anticipates gold prices could reach $5,400 per ounce, representing a 25% increase [2] - The average predicted price for gold at the end of 2025 was underestimated, with actual closing prices significantly higher at $4,314 compared to the predicted $2,795 [3] Group 2: Influencing Factors - Continued demand from emerging market central banks and investor interest in safe-haven assets are expected to drive gold prices in 2026 [2] - Lina Thomas from Goldman Sachs notes that if investors diversify their asset allocations further, there could be significant upward potential for gold prices, with a potential year-end price of $4,900 [2] - Natasha Kaneva from JPMorgan forecasts that global central bank gold purchases will total around 755 tons in 2026, which, despite being lower than previous years, could still support prices approaching $6,000 by 2028 [3] Group 3: Diverging Opinions - There is a significant disparity between the most optimistic and pessimistic forecasts, with a $1,900 difference between the highest and lowest predictions [3] - The most pessimistic outlook from Rhona O'Connell of StoneX suggests that gold prices could drop to $3,500 due to a crowded market environment [4] - Factors such as declining jewelry demand and the anticipated end of the Federal Reserve's rate-cutting cycle are cited as potential downward pressures on gold prices [4][5]

【市场对委内瑞拉变局的反应：油价"不涨反跌"，黄金重回4400，银价飙涨5%】美国突袭委内瑞拉引发地缘政治巨震，避险情绪推动黄金价格反 弹至4400美元上方，现货钯金涨超3%，白银飙涨5%。然而，油价却意外下跌——分析指出全球供应将创纪录过剩，委内瑞拉产量占比不足1%难 撼大局。特朗普宣布将深度介入委油产业，要求美企业投资重建，但业内警告，政权动荡下的供应恢复或将漫长艰难。 ...

Global Economic Overview - In 2025, global trade tensions intensified, and the Federal Reserve cut interest rates three times during the year, while an AI boom swept across the globe amid escalating geopolitical tensions [1] - The Shanghai Composite Index rose by 18.41% for the year, surpassing 4000 points, marking a ten-year high since 2015 [1] - The Chinese yuan appreciated by 4.43% throughout 2025, achieving its largest annual increase in five years [1] - The yield on China's 10-year government bonds increased by approximately 20 basis points, while the yields on 30-year and 50-year bonds rose by about 40 and 50 basis points, respectively [1] Precious Metals Performance - Precious metals experienced significant gains in 2025, with gold and silver prices reaching record highs; Shanghai gold hit 1024 yuan, and Shanghai silver reached 19998 yuan [3] - Silver outperformed gold with a remarkable annual increase of 128.57%, while gold rose by 58.28% [3] - The price surge was supported by trade wars, U.S. interest rate cuts, and a weakening dollar, alongside strong safe-haven demand due to geopolitical uncertainties [3][4] Base Metals Performance - Base metals saw a robust performance in 2025, with Shanghai copper achieving a 33.17% annual increase, marking its largest annual gain since 2009 [5] - Shanghai copper prices reached a record high of 102660 yuan, driven by macroeconomic factors and supply risks [5] - Tin and aluminum also performed well, with tin rising by 31.88% and aluminum increasing by 15.90% due to supply constraints [5] Lithium Carbonate Trends - Lithium carbonate prices experienced a "V"-shaped recovery in 2025, with an overall increase of 58% for the year [6] - The first half of the year saw prices decline due to oversupply, but a tightening of regulations and increased demand in the second half led to a significant price rebound [6] - By year-end, lithium carbonate prices peaked at 135,000 yuan, driven by a surge in demand from the energy storage market and new energy vehicles [6] Steel Industry Dynamics - The steel industry in China continued to undergo a deep adjustment cycle in 2025, with structural demand differentiation evident [7] - High-end manufacturing steel demand grew, while the real estate sector remained weak, impacting construction steel demand [7][8] - Despite a slight recovery in profitability due to lower coal prices and export support, the overall steel market faced challenges, with significant price volatility [7][8] Agricultural Commodities Overview - In 2025, U.S. soybean prices rose by 3.7%, marking the first increase in three years, primarily driven by improved export prospects following a trade agreement with China [9][10] - Domestic soybean meal and oil prices remained under pressure due to high inventories and abundant global supply, limiting upward price movement [9][10] Oil Market Trends - International oil prices experienced significant declines in 2025, with U.S. crude oil falling over 20% and Brent crude dropping more than 18% [11] - The overall weak trend was influenced by oversupply, economic pressures, and easing geopolitical risks, despite occasional price spikes due to conflicts [11] Chemical Sector Performance - The chemical sector index fell over 10% in 2025, marking the largest annual decline in a decade, with several key products hitting historical lows [12] - Supply pressures and weak demand contributed to the downturn, although some segments like polyester showed relative resilience [12]

Group 1: Stock Market Performance - In 2025, the three major U.S. stock indices achieved double-digit gains, marking the third consecutive year of increases, driven by tariff uncertainties and excitement around AI stocks [3][4] - The S&P 500 index rose by 16.39%, the Nasdaq by 20.36%, and the Dow Jones by 12.97% [4] Group 2: Currency Trends - The U.S. dollar index fell by over 9% in 2025, marking the largest annual decline since 2017, influenced by interest rate cuts and trade policy uncertainties under President Trump [5] - The euro appreciated by over 13% against the dollar during the same period [5] Group 3: Federal Reserve Actions - The Federal Reserve agreed to cut interest rates after extensive discussions on economic risks, with expectations of only one more rate cut in the following year [6][7] Group 4: Precious Metals Performance - Gold experienced its largest annual increase in 46 years, rising approximately 64%, while silver surged by about 147%, marking its strongest annual performance ever [8] - Platinum and palladium also saw significant gains, with platinum increasing over 122% and palladium rising more than 75% [8] Group 5: Commodity Market Trends - LME copper prices rose by 42%, achieving the largest annual increase in 16 years, driven by supply concerns and a weaker dollar [9] - CBOT soybeans recorded their first annual gain in three years, increasing nearly 4% due to China's return to the U.S. market [10] - Oil prices fell nearly 20%, marking the largest annual decline since 2020, influenced by oversupply expectations and geopolitical tensions [11] Group 6: Agricultural Commodities - ICE cotton futures fell by 6% for the fourth consecutive year due to ample global supply and trade uncertainties [12] - ICE raw sugar prices dropped by 22% in 2025, primarily due to increased production leading to a global supply surplus [13]

| 上证指数 | | 4004.12 | +35.28 | +0.89% | | --- | --- | --- | --- | --- | | 000001 | | | | | | 创业板指 | M | 3267.86 | +64.68 | +2.02% | | 399006 | | | | | | 深证成指 | | 13739.89 | +214.87 | +1.59% | | 399001 | M | | | | | 科创50 | | 1389.18 | +44.98 | +3.35% | | 000688 | | | | | | 北证50 | | 1452.48 | +12.05 | +0.84% | | 899050 | | | | | | 沪深300 | | 4696.32 | +66.38 | +1.43% | | 000300 | N | | | | | F证50 | | 3084.01 | +52.89 | +1.74% | | 000016 | | | | | 格隆汇1月5日｜A股主要指数拉升，创业板指涨超2%，深成指涨1.59%，沪指涨0.89%。脑机接口板块 掀涨停潮，保险、半导体芯片 ...