Group 1 - The Hong Kong stock market's non-ferrous metal sector is experiencing significant declines, with several companies showing notable drops in their stock prices [1] - Shandong Gold (01787.HK) has decreased by 13.38%, trading at 38.36 HKD [1] - Chifeng Jilong Gold Mining (06693.HK) has fallen by 12.63%, with a current price of 34.86 HKD [1] - Jiangxi Copper (00358.HK) has seen a decline of 10.16%, now priced at 42.64 HKD [1] - China Nonferrous Mining (01258.HK) has dropped by 9.62%, currently at 14.19 HKD [1] - Aluminum Corporation of China (02600.HK) has decreased by 7.22%, trading at 12.85 HKD [1]

前海开源中证A500指数增强A（024650）成立日期2025年9月16日，最新规模1.07亿。今年以来收益 7.69%，同类排名1828/5579；成立以来收益11.92%。 前海开源中证A500指数增强A（024650）基金经理为杨德龙。 截至发稿，杨德龙累计任职时间15年164天，现任基金资产总规模23.65亿元，任职期间最佳基金回报 82.77%， 任职期间最差基金回报-23.23%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月2日，江西铜业跌停，截至发稿，报57.08元/股，成交2.27亿元，换手率0.19%，总市值1976.53亿 元。 资料显示，江西铜业股份有限公司位于江西省南昌市高新开发区昌东大道7666号，成立日期1997年1月 24日，上市日期2002年1月11日，公司主营业务涉及铜和黄金的采选、冶炼与加工;稀散金属的提取与加 工;硫化工以及金融、贸易等领域。主营业务收入构成为：阴极 ...

Group 1 - The article highlights the top short-selling ratios for various companies, with JD Health-R, Anta Sports-R, and Lenovo Group-R leading the list at 100.00%, 89.98%, and 89.87% respectively [1][2] - The top three companies by short-selling amount are CSPC Pharmaceutical Group at 1.268 billion, Zijin Mining Group at 1.031 billion, and Xiaomi Group-W at 1.014 billion [1][2] - The highest deviation values in short-selling are recorded for Kuaishou-WR at 36.02%, Xiaomi Group-WR at 30.00%, and Heptagon Pharmaceuticals-B at 26.77% [1][2] Group 2 - The top ten short-selling ratios include JD Health-R at 100.00%, Anta Sports-R at 89.98%, and Lenovo Group-R at 89.87%, with Kuaishou-WR and Xiaomi Group-WR also featuring prominently [2] - The top ten short-selling amounts show CSPC Pharmaceutical Group leading with 1.268 billion, followed by Zijin Mining Group and Xiaomi Group-W [2] - The top ten deviation values indicate significant short-selling activity, particularly for Kuaishou-WR and Xiaomi Group-WR, suggesting potential volatility [2]

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]

Market Performance - The Hong Kong stock market indices collectively rose this month, with the Hang Seng Index increasing by 6.85% to close at 27,387.11 points, the Hang Seng Tech Index rising by 3.67% to 5,718.18 points, and the China Enterprises Index up by 4.53% to 9,317.09 points [2] - The Hang Seng Index showed resilience, climbing from a low of 26,498.35 points at the beginning of the month to a recent high of 28,056.10 points before a slight pullback [3] Sector Performance - High-performing sectors this month included AI, consumer goods, and real estate, driven by favorable policies and strong earnings [4] - Notable stock performances included: - Zhizhu (02513.HK) surged by 94.66%, recognized as the "first global large model stock" with strong market confidence in its AGI technology [4] - Woan Robotics (06600.HK) also rose by 94.67%, benefiting from AI and smart manufacturing policies [4] - Mingming Hen Mang (01768.HK) increased by 73.71%, supported by impressive revenue growth of 75.2% year-on-year [4][5] - Changfei Optical Fiber (06869.HK) saw a 61.90% increase, driven by rising demand for optical fiber due to AI computing infrastructure [5] Declining Stocks - Declining stocks included: - Zhu Feng Gold (01815.HK), which fell by 22.13% due to fluctuations in international gold prices [8] - Ganfeng Lithium (01772.HK) decreased by 16.46% as lithium carbonate futures prices dropped significantly [9] Institutional Insights - Institutional perspectives suggest a continuation of the spring market rally, focusing on dual drivers of policy and earnings [10] - Everbright Securities noted that the Hong Kong market is transitioning from being driven by funds to being driven by earnings, with a structural rebound expected in Q1 [10] - CITIC Securities highlighted three key investment directions: "14th Five-Year Plan" policies, sectors benefiting from policy reversals, and areas likely to gain from the spring rally [10] Education and Technology Sector - The education sector saw significant gains, with China Spring (01969.HK) rising by 22.76% due to AI integration in educational applications [11] - Longfei Optical Fiber (06889.HK) also experienced a slight increase, reflecting ongoing high demand for computing power [13] Commodity Market Impact - The commodity market faced volatility, with gold and other precious metals experiencing significant price fluctuations, impacting related stocks negatively [15][18] - The Chicago Mercantile Exchange announced margin adjustments to curb excessive speculation, which may further influence market stability [17]

国泰海通表示，宏观情绪调整叠加英伟达修正数据中心铜需求量，短期铜价震荡承压。然铜矿供给仍旧 紧张，现货铜精矿加工费持续下跌，AI和电网建设带来的需求逻辑仍在，近期国家电网表示十五五期 间固定资产投资预计为4万亿，较十四五增长40%。同时海内外流动性宽松的趋势未变，为铜价提供有 力支撑。 铜业股跌幅居前，截至发稿，中国有色矿业(01258)跌12.45%，报15.96港元；江西铜业（600362）股份 (00358)跌9.2%，报47.94港元；五矿资源(01208)跌8.71%，报10.38港元；洛阳钼业（603993）(03993)跌 6.84%，报22.62港元。 消息面上，近日，微软公布第二财季财报显示，该公司季度资本支出飙升至历史新高，同时云业务销售 增速放缓，引发投资者担忧其在人工智能领域的大规模投入可能需要比预期更长的时间才能见效。银河 期货市场观点认为，前期金银快速拉涨后，铜价跟随相对缓慢，铜矿扰动成为本轮上涨的导火索，在情 绪的资金的加持下，夜盘国内最高触及114160元/吨。之后由于微软、甲骨文等AI股暴跌，多头资金快 去离场，铜价收回日内全部涨幅，最低跌至104550元/吨。 ...

智通财经APP获悉，铜业股跌幅居前，截至发稿，中国有色矿业(01258)跌12.45%，报15.96港元；江西 铜业股份(00358)跌9.2%，报47.94港元；五矿资源(01208)跌8.71%，报10.38港元；洛阳钼业(03993)跌 6.84%，报22.62港元。 消息面上，近日，微软公布第二财季财报显示，该公司季度资本支出飙升至历史新高，同时云业务销售 增速放缓，引发投资者担忧其在人工智能领域的大规模投入可能需要比预期更长的时间才能见效。银河 期货市场观点认为，前期金银快速拉涨后，铜价跟随相对缓慢，铜矿扰动成为本轮上涨的导火索，在情 绪的资金的加持下，夜盘国内最高触及114160元/吨。之后由于微软、甲骨文等AI股暴跌，多头资金快 去离场，铜价收回日内全部涨幅，最低跌至104550元/吨。 国泰海通表示，宏观情绪调整叠加英伟达修正数据中心铜需求量，短期铜价震荡承压。然铜矿供给仍旧 紧张，现货铜精矿加工费持续下跌，AI和电网建设带来的需求逻辑仍在，近期国家电网表示十五五期 间固定资产投资预计为4万亿，较十四五增长40%。同时海内外流动性宽松的趋势未变，为铜价提供有 力支撑。 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable declines in share prices across multiple sectors, particularly in the rare metals and non-ferrous metals industries [1][2][3] Group 1: Stock Performance and Fund Outflows - BlueFocus Media experienced a fund outflow of 1.638 billion yuan, with a share price decline of 3.59% [2] - Northern Rare Earth saw a fund outflow of 1.321 billion yuan, with a share price drop of 8.72% [2] - Zijin Mining reported a fund outflow of 1.256 billion yuan, with a decrease in share price of 8.33% [2] - Tongling Nonferrous Metals had a fund outflow of 1.232 billion yuan, with a share price decline of 10.01% [2] - Luoyang Molybdenum experienced a fund outflow of 1.128 billion yuan, with a share price drop of 9.21% [2] Group 2: Sector Analysis - The rare metals sector, represented by Northern Rare Earth and Luoyang Molybdenum, is facing significant fund outflows and price declines [2][3] - The non-ferrous metals sector, including companies like Zijin Mining and Tongling Nonferrous Metals, is also experiencing substantial outflows, indicating potential challenges in this industry [2][3] - The energy metals sector, represented by Tianqi Lithium and Ganfeng Lithium, shows notable fund outflows, with share price declines of 8% and 7.46% respectively [2][3]

共52只个股出现了机构的身影。 | 阴用共亚 | 1 V.V 1 /0 | 61 JU.VV | | --- | --- | --- | | 潜能恒信 | 20.00% | -3028.65 | | 准油股份 | 10.04% | -3334.69 | | 锌业股份 | 7.45% | -3425.86 | | 晓程科技 | 19.52% | -6443.25 | | 火炬田子 | -10.01% | -6700.45 | | 洲际油气 | 10.06% | -6948.66 | | 北方铜业 | 10.00% | -9979.30 | | 铜陵有色 | 10.06% | -14094.42 | | 北化股份 | -9.99% | -14498.79 | | 萃华珠宝 | -10.03% | -16479.46 | | 招金黄金 | 9.99% | -19436.77 | | 五粮液 | 10.00% | -29093.00 | | 振石股份 | 121.65% | -32296.93 | | 江西铜业 | 9.56% | -50507.89 | | 白银有色 | 9.99% | -69502.27 | 第□ ...