短期来看，金银价格或延续震荡上行走势。长期来看，受美联储降息周期延续、美元信用下降、地缘政 治风险升温以及各国央行持续购金等因素影响，金银"牛市"格局并未改变。白银在工业和战略资源储备 属性的加持下，表现可能优于黄金。 转自：期货日报 编辑：张瑶 2026年伊始，美国对委内瑞拉发动大规模军事打击，强行控制马杜罗夫妇并将他们带到美国。美国总统 特朗普随后宣称将"管理"委内瑞拉，并宣布美国石油企业将进入委内瑞拉进行大规模投资。 委内瑞拉拥有约3500吨的黄金资源潜力储藏量，2024年其黄金生产量为31吨，在全球处于中游水平。更 重要的是，美国对委内瑞拉实施军事打击凸显了其对拉美资源国的强硬姿态，可能威胁关键矿产的贸易 流动，从而提升金银价格的地缘风险溢价。 虽然地缘政治风险升温将继续为金银价格提供支撑，但是国内外交易所为了抑制过度投机行为、平抑市 场异常波动、维护正常交易秩序，相继出台风控措施，昨日金银价格出现技术性回调。另外，未来一 周，美国新一期非农就业数据公布、美联储公布经济状况褐皮书等事件，都可能带来阶段性的抛售压 力，压制金银价格。 美国此次行动的公开理由虽指向打击毒品犯罪，但其具体行动明显与委内瑞拉的 ...

今天早盘，金银价格大反弹，现货黄金向上突破4400美元，现货白银突破75美元。美油、布油双双短线 跳水。国内贵金属期货开盘集体上涨，钯主力合约涨超12％，铂涨近12％。A股贵金属板块涨幅达 2%。湖南白银、晓程科技、中金黄金、西部黄金等涨幅居前。消息面上，据新华社报道，美国总统特 朗普4日对委内瑞拉代理总统罗德里格斯发出威胁，称她如"不做正确的事"，将付出"沉重代价"。特朗 普还称，美国或继续对外干预，美国"绝对需要格陵兰岛"。特朗普还表示，美国需要全面获取委内瑞拉 的石油及其他资源。当地时间1月4日，委内瑞拉外长希尔发布代总统罗德里格斯致世界及美国的信息。 信中称，委内瑞拉重申其追求和平与和平共处的信念，渴望在国际尊重与合作的环境中，免受外部威胁 地生活。委内瑞拉相信，全球和平的构建首先要保障每个国家的和平。 ...

在每日经济新闻App举办的掘金大赛中，第81期比赛将于1月5日开始，多位选手报名，准备开始冲锋。对于年初的行情，参赛高手怎么看呢？今日， 他们对此做了一些分享。 大赛为模拟炒股，模拟资金50万元。报名时间为2026年1月1日到1月16日，比赛时间为2026年1月5日到1月16日。每期比赛结束，正收益就获现金奖 励！报名就拿福利！冲刺月度积分王大奖！ 每经记者｜吴永久 每经编辑｜闫峰峰 元旦节期间，中国资产大爆发，在周五，恒生指数涨2.76%，恒生科技指数涨4%，纳斯达克中国金龙指数大涨4.38%。2026年A股能否迎来"开门 红"？高手看好哪些主线？ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的 税前现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 目前，大盘震荡蓄势，为便于参赛选手提高交易胜率，只要成功报名掘金大赛，就能获得每日经济新闻App私人订制的"火线快评"6个交易日的免费 阅读权限。此外，每期 ...

Market Performance - On the first trading day after Christmas, the three major U.S. stock indices showed mixed results, with the Nasdaq rising by 0.14%, the S&P 500 increasing by 0.08%, and the Dow Jones decreasing by 0.03% [1] Company Developments - Nvidia's stock rose nearly 1% as reports indicate the company plans to deliver its H200 AI chips to China before the Lunar New Year, boasting a performance increase of six times and a price increase of 30% [1] Commodity Prices - Gold and silver prices reached new highs, leading to gains in gold and silver stocks, with companies like Gold Resources and Coeur Mining rising over 3%, Pan American Silver increasing over 2%, and Newmont and Harmony Gold gaining over 1% [1] Storage Sector - Stocks in the storage sector experienced a collective rise, with SanDisk increasing by 3.5%, Micron Technology by 1.3%, and Western Digital by 1.5%. Market research firm Omdia anticipates a 40% price increase in NAND memory next year driven by AI demand [1]

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile [2] - Rebar and hot-rolled coils: Volatile [2] - Glass: Volatile [2] - Soda ash: Volatile [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - Gold: Volatile and bullish [6] - Silver: Volatile and bullish [6] - Logs: Volatile [6] - Pulp: Volatile [8] - Offset paper: Weakly volatile [8] - Soybean oil: Rebound [8] - Palm oil: Rebound [8] - Rapeseed oil: Rebound [8] - Soybean meal: Volatile and bearish [8] - Rapeseed meal: Volatile and bearish [8] - Soybean No. 2: Volatile and bearish [8] - Soybean No. 1: Volatile and bearish [8] - Live pigs: Volatile [9] - Rubber: Volatile [12] - PX: Widely volatile [12] - PTA: Widely volatile [12] - MEG: Volatile [12] - PR: On the sidelines [12] - PF: On the sidelines [12] Core Views - The iron ore market features loose supply, low demand, and rising port inventories. The new global mine production in 2026 is expected to reach 64 - 65 million tons, with growth far exceeding that of crude steel. The current hot metal output is decreasing, and steel mills' maintenance expectations are rising. The implementation of the steel export license management system is a definite negative for raw materials [2]. - The coking coal and coke markets are supported by capacity inspections, safety supervision, and anti - involution policies. However, the steel export license management system has shifted market expectations from supply - side policy benefits to demand - side negatives [2]. - The steel market has seen improved sentiment due to the emphasis on expanding domestic demand. The implementation of the steel export license management system requires a downward adjustment of next year's steel export expectations, and attention should be paid to whether it matches the crude steel production control policy [2]. - The glass market has a supply - demand contradiction. With the decline in absolute prices, there are expectations of production line cold repairs, but the supply contraction is less than expected, and demand is weak due to the continuous decline in real - estate completion [2]. - The financial market shows short - term volatility and medium - term upward trends. High - tech industries continue to grow. The implementation of local special bond balance limits has supported year - end general fiscal expenditures [4]. - The precious metals market is supported by central bank gold purchases, geopolitical risks, and increased physical gold demand in China. Although the Fed's interest rate policy and risk - aversion sentiment may cause short - term fluctuations, the long - term upward logic remains unchanged [6]. - The logs market has a weak supply - demand pattern. Supply pressure is gradually weakening, and demand is relatively soft, so prices are expected to be volatile [6]. - The pulp market has a loose supply - demand situation. Although cost supports prices, paper mills' low acceptance of high - priced pulp due to high inventory and low profitability may keep prices volatile [8]. - The oil and fat market has seen a short - term rebound driven by strong crude oil prices. However, demand prospects are uncertain, and attention should be paid to weather in South American soybean - producing areas and palm oil production and sales in Malaysia [8]. - The meal market is generally volatile and bearish. Global soybean inventories are relatively loose, and the weak performance of US soybeans and abundant domestic supplies may lead to a downward trend [8]. - The live pig market is expected to be volatile. The average trading weight may decline, and the slaughtering rate may fall after the Winter Solstice [9]. - The natural rubber market is affected by weather in major producing areas, and demand support is insufficient. With inventory accumulation, prices are expected to be volatile [12]. - The PX and PTA markets are affected by geopolitical factors and oil price fluctuations. PX prices are currently strong, while PTA may face cost - side instability [12]. - The MEG market has long - term inventory pressure, and prices are expected to be volatile with upward pressure [12]. - The PR and PF markets are affected by raw material prices, but terminal demand is weak, and processing fees may be compressed [12] Summary by Related Catalogs Black Industry - **Iron ore**: In 2026, global mine production will increase by 64 - 65 million tons. Current demand is weak, and the steel export license system is negative for raw materials. Short - term rebounds can be used to enter short positions [2] - **Coking coal and coke**: Supported by policies but affected by the shift in steel export expectations. Short - term, the disappearance of export orders may impact raw material demand and prices [2] - **Rebar and hot - rolled coils**: Market sentiment has improved, but export expectations need adjustment, and attention should be paid to production control policies [2] - **Glass**: Supply - demand contradiction is prominent. Cold repairs are expected, but demand is weak due to real - estate factors [2] - **Soda ash**: No significant information provided other than being grouped as volatile [2] Financial - **Stock index futures/options**: Previous trading day's index performance varied. Central enterprise policies and infrastructure investment are positive for the market [4] - **Treasury bonds**: The yield of 10 - year Treasury bonds is down, and market trends are slightly rebounding. The implementation of local special bond balance limits supports fiscal expenditures [4] Precious Metals - **Gold and silver**: Prices are volatile and bullish, supported by central bank purchases, geopolitical risks, and increased physical demand in China. The Fed's interest rate policy and risk - aversion sentiment are short - term factors [6] Light Industry - **Logs**: Supply pressure is weakening, demand is soft, and prices are expected to be volatile. Spot prices are stable, and to - port volumes are expected to decrease [6] - **Pulp**: Supply - demand is loose. Cost supports prices, but paper mills' low acceptance of high - priced pulp may keep prices volatile [8] - **Offset paper**: Supply is stable, and demand from publication orders provides some support, but social orders are average. Prices are expected to be weakly volatile [8] Oilseeds and Oils - **Oils**: Short - term rebound driven by crude oil, but demand prospects are uncertain. Attention should be paid to South American weather and Malaysian palm oil production and sales [8] - **Meals**: Volatile and bearish. Global soybean inventories are loose, and domestic supplies are abundant [8] Agricultural Products - **Live pigs**: Average trading weight may decline, and the slaughtering rate may fall after the Winter Solstice. Prices are expected to be volatile [9] Soft Commodities - **Rubber**: Affected by weather in major producing areas, demand support is insufficient. With inventory accumulation, prices are expected to be volatile [12] Polyester - **PX**: Geopolitical factors drive oil price increases, and PX supply is high. PXN spreads are temporarily stable, and prices are strong [12] - **PTA**: Oil price fluctuations may loosen the cost side. Although short - term supply - demand has improved, seasonal weakening is inevitable [12] - **MEG**: Long - term inventory pressure exists, and prices are expected to be volatile with upward pressure [12] - **PR and PF**: Affected by raw material prices, but terminal demand is weak, and processing fees may be compressed [12]

12月22日，港股三大指数集体收涨，市场情绪表现平稳，大市或呈现持续反弹行情。恒生科技指数早盘一度涨超1.3%，最终收涨0.87%，恒生指数、国企指 数均上涨0.43%。 | 名称 | | 最新价 | 涨跌额 涨跌幅 | | --- | --- | --- | --- | | 恒生科技指数 | | 5526.83 | +47.79 +0.87% | | 800700 | wrigh | | | | 恒生指数 | want | 25801.77 | +111.24 +0.43% | | 800000 | | | | | 国企指数 200100 | What | 8939.68 | +38.45 +0.43% | 盘面上，大型科技股普遍上涨但波动相对较小，半导体芯片股、光通讯板块上涨明显，龙头中芯国际盘中涨超8%；免税概念股持续活跃，免税龙头中国中 免大涨近16%领跑；黄金白银股全天活跃，铜等有色金属股跟涨。 奢侈品股走低，生物医药股集体弱势。此外，三只新股上市均破发：明基医院暴跌超49%，印象大红袍暴跌超35%，华芢生物大跌超29%。 | | | 具体来看： 大型科技股普遍微涨，快手、京东、阿里巴巴、腾讯涨幅在 ...

来源：滚动播报 港股上午盘三大指数集体上涨，恒生科技指数涨势相对较强，午间收涨0.89%，恒生指数、国企指数分 别上涨0.2%及0.27%。大型科技股走势分化，百度、阿里巴巴上涨，小米跌超2%，腾讯飘绿；金银价格 再创新高！黄金白银股集体上涨，国家大基金三期布局IC载板领域，半导体芯片股强势，龙头中芯国际 涨超7%。另外，生物医药股、家电股、煤炭股走势低迷。印象大红袍上市首日午间收跌25%破发。 ...

港股黄金白银股集体拉升走强，其中，中国白银集团涨近6%领衔，中国黄金国际、珠峰黄金涨超4%， 赤峰黄金、招金矿业、紫金矿业涨近3%，山东黄金、紫金黄金国际涨2%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00815 | 中国白银集团 | 0.730 | 5.80% | | 01812 | 珠峰黄金 | 2.380 | 4.39% | | 02099 | 中国黄金国际 | 157.700 | 4.02% | | 02489 | 集海资源 | 1.090 | 2.83% | | 06693 | 赤峰黄金 | 31.300 | 2.89% | | 01818 | 招金矿业 | 31.260 | 2.69% | | 02899 | 紫美矿业 | 34.440 | 2.50% | | 02259 | 紫金黄金国际 | 149.100 | 2.05% | | 01787 | 山东黄金 | 34.980 | 1.98% | | 03330 | 灵宝黄金 | 18.080 | 1.97% | | 00340 | 漳关黄金 | 2.790 | 1.45% | ...

"此外，白银现货的紧张也导致期现结构的变化。"顾佳男表示，10月前后，伦敦现货白银较期货一度出 现高升水，显示现货极端紧张。 12月10日，COMEX白银期货和沪银均创历史新高！COMEX白银期货价格最高突破62美元／盎司；截 至当日收盘，沪银期货主力合约报收于14373元／千克，涨幅达5.44%。 随着贵金属价格的上涨，港股市场上相关个股多数走强。截至发稿，灵宝黄金涨9.36%、中国白银集团 涨7.46%、珠峰黄金涨3.78%、赤峰黄金涨1.32%。 海通期货研究所总经理助理顾佳男表示，近日白银价格在黄金高位盘整的状态下大幅飙升，金银比已降 至70附近，接近2023年的低点，但当前全球经济增长势头远不及2022—2023年，仅用经济增长这一因素 无法完全解释金银比的下降。 "白银价格大幅上涨的主要原因是需求端的结构性变化。"顾佳男分析称，今年以来，白银需求端出现了 两个极为重要的变化。一是美国年初加征关税，并把白银列入关键矿物，导致很多贸易商从年初开始大 幅从海外进口白银至美国。白银隐含租赁利率在10月一度飙升超过35%，尽管近期仍维持在6%左右， 但已远超短期融资成本，这表明现货市场出借意愿极低，库存紧张 ...

Core Viewpoint - Recent developments in the Russia-Ukraine conflict have led to significant market reactions, including a sharp drop in oil prices and fluctuations in gold and silver prices, as a potential peace agreement is being discussed between Ukraine and the U.S. [2][5] Group 1: Market Reactions - Oil prices experienced a sharp decline following the news of potential peace negotiations [2] - European and American stock markets saw a short-term increase in response to the developments [4] - Gold and silver prices initially dropped but later rebounded [5] Group 2: Peace Negotiations - A U.S. official indicated that the Ukrainian delegation has reached an agreement on a potential peace agreement with the U.S., which has been revised from a 28-point plan to a 19-point plan [5][6] - Key provisions removed from the revised plan include terms related to wartime amnesty and limitations on the future size of the Ukrainian military [6] - Ukrainian President Zelensky emphasized that while progress has been made, there is still significant work ahead [6]