炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：华泰证券研究所） 节内海外中资股收涨，对投资者情绪影响偏正面，但突发的地缘问题或放大节前分歧，市场走势短期预测难度变大，但我们认为资金及海外地缘扰动大概 率为短期情绪冲击，不影响春季行情的向上趋势，基于PMI数据改善、市场微观流动性仍充裕、政策面也有积极信号，我们认为春季行情大概率继续演 绎。节奏上看，投资者情绪较高、资金供给不弱、经济数据有支撑是已知变量，AI链业绩印证、潜在降准、地缘问题后续走势是待验变量，将在1月下旬 逐步揭晓。 研报《春季行情有望继续演绎》2025年1月4日 何康 分析师 S0570520080004 | BRB318 王伟光 分析师 S0570523040001 03 宏观：浅析委内瑞拉石油产业变局的宏观影响 本文聚焦委内瑞拉石油及能源产业变局的潜在宏观影响。委内瑞拉石油储量占全球的17.5%、位居世界首位，同时拥有大量的其他能源和矿产品储备。短 期内，美委冲突升级可能会加剧全球大宗商品价格波动，推高部分避险资产价格。对于与委内瑞拉原油及其他贸易较为频繁的南美国家而言，短期内美委 冲突升级可能波及区域能 ...

1月7日消息，百度集团宣布，其智能驾驶网约车服务萝卜快跑（Apollo Go）已获得迪拜道路与交通管理局（RTA）颁发的首批无人驾驶路测牌照。该牌 照允许萝卜快跑在指定公开道路开展全无人驾驶路测。 飞行街景免费开放，AI 技术将普惠百万线下商家 1月7日，在高德扫街榜产品升级发布会上，高德宣布启动"百万烟火好店支持计划"，自 2025 年 9 月 10 日以来，主动入驻高德的餐饮商家数超 86 万家， 订单数和营业额环比大幅增长。该计划将投入价值数亿元算力资源，向 100 万商家免费开放飞行街景，开创世界模型规模化应用先河，补齐消费闭环，还 为商家提供展示新方式。2026 年全新升级的扫街榜推出全品类、全季节、全人群榜单体系，高德还将与全国百城合作提供系统性支持。高德 CEO 郭宁表 示要共建线下信用体系，提振消费信任与信心。 雷军：没有规划小米SU3车型 1月7日消息，小米创办人、董事长兼CEO雷军在直播中透露，确实没有规划小米SU3车型。"网上有很多关于我们新车型的各种规划，各种猜测。有真 的，也有假的，但多半都是假的，所以大家也别信。" 百度旗下萝卜快跑获得迪拜无人驾驶测试许可 1月7日消息，现代汽车计 ...

本周（1月5日至1月11日），中国方面，2025年12月（下称12月）CPI数据、12月外汇储备数据将公布；央行公开市场将有13236亿元逆回购到 期；2026（第十六届）中国互联网产业年会将于1月7日至8日在北京召开；沪深两市超1600亿元市值限售股解禁。 国际方面，欧元区发布12月CPI、12月PMI数据，美国12月非农就业报告，国际消费类电子产品展览会（CES2026）将于1月6日至9日在美国举 办。 1月5日（周一） 韩国总统李在明于1月4日至7日对中国进行国事访问 国新办1月5日就长江经济带发展十年工作进展和成效举行新闻发布会 中国央行4823亿元7天期逆回购到期 国内航线燃油附加费1月5日起下调 中证指数有限公司将首次发布中证全债指数（全价）等15条债券全价指数 荣耀Power2手机将发布 华硕向客户发出公告，1月5日起即将调整部分产品价格 1月6日（周二） 欧元区12月PMI数据 国际消费类电子产品展览会（CES2026）将于1月6日至9日在美国举办 国新办将就推进绿色消费有关情况举行新闻发布会 联想集团将与英伟达联合重磅发布一款企业级AI产品 1月7日（周三） 欧元区12月CPI 美国12月A ...

Industry Insights - The geopolitical event involving the U.S. military's actions in Venezuela is expected to lead to a short-term increase in international oil prices due to heightened risk premiums, but long-term implications may include an oversupply in the oil market if the U.S. gains control over Venezuela's oil industry [1] - Shanghai aims to develop its low-altitude economy, targeting a core industry scale of approximately 80 billion yuan by 2028, with a complete industrial chain for new low-altitude aircraft [2] - The upcoming CES 2025 is anticipated to showcase significant advancements, including NVIDIA's potential entry into the AI PC market, new technologies in AI glasses, and innovations in smart home and automotive sectors [3] Company Developments - Yushu Technology has denied reports claiming that its A-share listing green channel has been halted, clarifying that it has not applied for any "green channel" related matters [4] - The domestic chip leader, SMIC, is expected to benefit from increased support from the National Fund, indicating a positive outlook for the domestic semiconductor industry as it moves towards performance realization [11]

刚过去的交易周（12月22日至26日），A股延续前一周的反弹势头，超预期地走强，甚至可以说，提前开启了"跨年红 包"行情。 Wind数据显示，本周有3410家股票累计上涨，为12月以来最好一周。 | 1 日期 | 内地 | | | | --- | --- | --- | --- | | | 上涨家数 | 平盘宝数 | 下跌家数 | | 2025-12-26 | 3.410 | 80 = | 1.976 | | 2025-12-19 | 2.977 | 60 | 2.423 | | 2025-12-12 | 1.781 | 47 | 3.629 | | 2025-12-05 | 2.338 | 74 | 3.043 | | 2025-11-28 | 4.544 | 48 | 862 | | 2025-11-21 | 520 | 9 | 4.922 | | 2025-11-14 | 3.060 | 50 | 2.338 | | 2025-11-07 | 2.977 | 47 | 2,423 | 全A平均股价全周上涨3.15%，周中最高触及27.03元，追平了3个月前——9月18日盘中创下的年内高点，因此下周还有 ...

Core Insights - The recent closure of Hainan has transformed it into a shopping paradise, particularly for gold and luxury goods, attracting a surge of consumers eager to take advantage of tax exemptions and discounts [1][24][54] Group 1: Gold Market Dynamics - The immediate aftermath of Hainan's closure saw a significant increase in demand for gold, with consumers flocking to duty-free stores to purchase gold jewelry at reduced prices, leading to long queues [4][5] - The price of gold in Hainan's duty-free stores is notably lower than in mainland China, with prices around 1194 RMB per gram compared to over 1368 RMB in mainland stores, allowing consumers to save over 160 RMB per gram [15][47] - Many consumers perceive purchasing gold in Hainan as a profitable investment rather than mere consumption, with reports of individuals buying gold at prices significantly lower than in other regions [21][23] Group 2: Luxury Goods and Consumer Behavior - The demand for luxury items, including the latest iPhone models, has surged, with discounts reaching up to 2000 RMB, making them highly sought after among consumers [27][37] - The influx of consumers has led to record sales figures for duty-free stores, with some reporting sales exceeding 100 million RMB over consecutive days [37] - The shopping frenzy is not limited to gold and electronics; consumers are also purchasing a variety of luxury goods at discounted prices, indicating a broader trend of increased consumer spending in Hainan [31][40] Group 3: Economic Implications - Hainan's transformation into a duty-free shopping hub is expected to contribute significantly to its GDP, driven by the influx of consumers and their spending habits [37][45] - The region is positioning itself as an attractive destination for investment, with favorable tax policies for businesses and high-income individuals, further enhancing its appeal as a commercial hub [47][54] - The strategic implications of Hainan's closure extend beyond consumer goods, as it aims to become a center for various industries, leveraging its tax advantages and increased product offerings [54][62]

（原标题：海南封关首日：30克金饰省近万元，居民排长队买榴莲） 来源 | 央视网综合 12月18日，海南自由贸易港全岛封关正式启动，封关首日下午，苹果、华为门店排起长队，免税黄金同 样受欢迎，在周大福品牌门店，不少游客正在选购黄金饰品，一名消费者计划购买一件30克古法黄金饰 品，店内免税金价为1187元/克，享受97折后再叠加政府消费券，对比市场同类产品可节省约9116元。 据"三亚发布"微信公众号消息，12月18日，海南自由贸易港全岛封关运作正式启动。据三亚市商务局统 计，封关首日，三亚全市免税销售额达1.18亿元。其中，三亚国际免税城进店客流超3.6万人次，同比增 长逾60%；销售额同比增长85%。 苹果、华为门店排起长队 在三亚海旅免税城二楼的苹果门店内，消费者已在收银台前有序排队。记者看到，新款iPhone17ProMax 256GB版本标价9299元，比淘宝官方旗舰店便宜700元；iPhone17Pro 256GB免税价8219元，比官网低 780元。 "目前苹果产品虽不能用国家补贴，但可叠加政府消费券。"店员一边介绍，一边协助顾客扫码领券。以 iPhone17Pro 256GB为例，领券后再减30 ...

12月18日，海南自由贸易港正式启动全岛封关。封关对普通人有哪些影响？到海南买买买会不会更爽 快？ 此外，中免海南官方商城的小程序上还有一些性价比单品，如加拿大鹅羽绒服、戴森吹风机等。 （来源：每日经济新闻、极目新闻） （文章来源：21世纪经济报道） 据极目新闻，封关首日，便有消费者排起长队选购苹果产品。店员介绍，免税苹果产品不能使用国家补 贴，但可以叠加政府免税消费券。以售价最贵的iPhone17proMax2TB版本为例，其叠加消费券后，最终 售价为15859元，这比官网售价便宜了2140元。 据每日经济新闻，19日，老庙黄金价格展示牌显示，当天免税金价为1180元/克，有税金价为1356元/ 克，免税价便宜176元/克。 ...

据极目新闻，封关首日，便有消费者排起长队选购苹果产品。店员介绍，免税苹果产品不能使用国家补 贴，但可以叠加政府免税消费券。以售价最贵的iPhone17proMax2TB版本为例，其叠加消费券后，最终 售价为15859元，这比官网售价便宜了2140元。 据每日经济新闻，19日，老庙黄金价格展示牌显示，当天免税金价为1180元/克，有税金价为1356元/ 克，免税价便宜176元/克。 此外，中免海南官方商城的小程序上还有一些性价比单品，如加拿大鹅羽绒服、戴森吹风机等。 （原标题：首饰黄金每克便宜176元，海南封关后，你会去"买买买"吗？） （来源：每日经济新闻、极目新闻） 12月18日，海南自由贸易港正式启动全岛封关。封关对普通人有哪些影响？到海南买买买会不会更爽 快？ ...

Core Insights - The electronic consumer industry is facing a significant price increase driven by a "storage super cycle" triggered by the AI boom, leading to rising costs for PC and smartphone manufacturers [2][5][12] - The price adjustments are not straightforward; manufacturers are employing various strategies to manage consumer perception of price increases [4][5] Group 1: Price Increases and Market Dynamics - The PC industry is experiencing the most immediate impact, with expected price increases of 10% to 20% for laptops and commercial PCs due to soaring DRAM and SSD costs [5] - In the smartphone market, manufacturers are adopting "stealth price hikes" by reducing initial discounts or promotional offers rather than raising official prices [5][10] - The surge in storage prices is attributed to the high demand from AI data centers, which has led to a significant shortage in DRAM supply [7][12] Group 2: Supply Chain and Inventory Strategies - Companies like Xiaomi are warning about the unprecedented BOM cost increases, indicating a high reliance on storage components [9] - Lenovo, on the other hand, has built up inventory levels by 50% above normal to mitigate the impact of rising costs, leveraging long-term supply agreements to maintain price stability [9][12] - Smaller brands with limited inventory and weaker bargaining power are at risk of being forced to raise prices or delay new product launches [10] Group 3: Long-term Industry Trends - The current price surge is fundamentally different from previous cycles, as it is driven by structural shortages due to AI demand rather than traditional consumer electronics sales [7][12] - The shift in production capacity towards high-margin AI-related products is expected to continue, with major manufacturers prioritizing advanced memory types over consumer-grade products [7][12] - Lenovo's acquisition of Infinidat is a strategic move to enhance its control over high-end storage solutions, reflecting a broader trend of viewing storage as a strategic asset rather than just a cost component [12][13]