消息一出，美元应声反弹，美债利率抬升，全球流动性收紧预期升温。而在超买环境下本就刚刚经历了加速上涨的贵金属，则是在短时间内巨幅回撤。笔者 认为，以上是市场典型的"膝跳反应"：交易员们正迅速定价一个更偏紧缩的货币政策未来。 然而，尽管在一夜之间资产价格的运行趋势似乎就发生了巨大偏移，但对于敏锐的投资者而言，市场情绪宣泄过后，此时可能恰恰是甄别优质资产、重新布 局有着长期趋势的品种的绝佳窗口。就拿同为金属，但又具备独特韧性与强大成长逻辑的铝来说，刚性供给约束与持续增长的需求形成的剪刀差有望进一步 扩大，而这也意味着二级市场以中国宏桥（01378）为代表的相关标的将持续受到资金青睐。更不消说，以交易视角看，本轮贵金属尤其是白银品种的调 整，抑或会促使里面的投机性资金转向电解铝等长期看成长性与确定性均更强的方向。 市场"膝跳反应"，电解铝料强者恒强 特朗普提名凯文·沃什执掌美联储引发一系列连锁反应，尽管一时间全球资本市场阴云密布，但智通财经认为愈是在这种时刻，理性的投资者更需要忽略宏 观"噪音"，而更加专注于中观视角下产业自身的基本面与投资逻辑。 1月最后一周，氧化铝价格下跌0.57%至2635元/吨；电解铝方面，沪 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed down 3.71% on February 2, with a trading volume of 472 million yuan [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of January 30, 2024, the fund's latest share count was 6.306 billion, with a total size of 8.691 billion yuan, reflecting a 3.43% decrease in shares and a 3.03% increase in size since December 31, 2025 [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2][3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國宏橋集團有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | 本月底法定/ ...

Investment Rating - The report provides a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and China Hongqiao [9]. Core Views - The macroeconomic sentiment has cooled, leading to a general decline in metal prices, particularly in precious metals where silver and gold experienced significant drops [1]. - The report highlights the ongoing supply constraints in the copper market, with major mining companies reducing their production forecasts due to capacity limitations [2]. - The aluminum market is expected to experience short-term fluctuations due to geopolitical tensions and macroeconomic policies, with demand anticipated to recover as the peak season approaches [3]. - Nickel prices have shown volatility, influenced by macroeconomic sentiment and supply-side cost pressures, with expectations of limited downside due to rising production costs [4]. - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, although demand remains weak ahead of the Chinese New Year [5]. - Lithium prices have retreated from highs due to regulatory impacts and market liquidity tightening, but there is expected support from supply-side maintenance and pre-holiday stocking [6]. Summary by Sections Precious Metals - Significant declines in silver and gold prices were noted, with silver dropping 36% and gold falling over 12% in a single day [1]. - Companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper inventories increased globally, with a notable rise in U.S. stocks, while Chinese inventories decreased [2]. - The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2]. - Aluminum production is stable, but demand is fluctuating due to seasonal factors and geopolitical issues [3]. - Nickel prices fell by 5.4% due to macroeconomic sentiment, with supply-side cost pressures expected to limit further declines [4]. Energy Metals - Lithium prices have decreased, with battery-grade lithium carbonate dropping 5.6% to 160,000 CNY/ton [5]. - The report indicates that companies like Ganfeng Lithium and Tianqi Lithium should be monitored [5]. Cobalt - Cobalt prices have stabilized, with a slight increase in electrolytic cobalt prices [8]. - Companies to focus on include Huayou Cobalt and Liyuan Resources [8]. Company Announcements - Zijin Mining announced a significant acquisition of a gold mining company, which could enhance its resource base [36]. - Huayou Cobalt signed a cooperation agreement for an integrated battery supply chain project in Indonesia [36]. - Tianqi Lithium reported progress on its lithium production expansion project [36].

报告期内，宏桥控股实施重大资产重组，通过发行股份的方式购买山东宏拓实业有限公司(宏拓实 业)100%股权，于2025年12月31日完成资产交割及股权工商变更等相关工作，宏拓实业纳入宏桥控股合 并报表范围。由于宏桥控股与宏拓实业属于同一最终控制方，该交易构成同一控制下的企业合并，根据 相关企业会计准则的规定，宏桥控股已对上年同期财务数据进行了追溯调整。上述调整后的上年同期数 据未经审计。同一控制下企业合并产生的子公司期初至合并日的当期净损益约人民币180–210亿元，计 入非经常性损益项目。 中国宏桥(01378)发布公告，本公司的间接附属公司山东宏桥铝业控股股份有限公司(宏桥控股 （002379）)(002379.SZ)预计2025年度归属于宏桥控股股东的净利润为人民币170亿-200亿元;扣除非经 常性损益后的净利润为人民币3亿-4.1亿元;基本每股收益人民币1.3046元-1.5348元。 ...

报告期内，宏桥控股实施重大资产重组，通过发行股份的方式购买山东宏拓实业有限公司(宏拓实 业)100%股权，于2025年12月31日完成资产交割及股权工商变更等相关工作，宏拓实业纳入宏桥控股合 并报表范围。由于宏桥控股与宏拓实业属于同一最终控制方，该交易构成同一控制下的企业合并，根据 相关企业会计准则的规定，宏桥控股已对上年同期财务数据进行了追溯调整。上述调整后的上年同期数 据未经审计。同一控制下企业合并产生的子公司期初至合并日的当期净损益约人民币180–210亿元，计 入非经常性损益项目。 智通财经APP讯，中国宏桥(01378)发布公告，本公司的间接附属公司山东宏桥铝业控股股份有限公司 (宏桥控股)(002379.SZ)预计2025年度归属于宏桥控股股东的净利润为人民币170亿-200亿元;扣除非经常 性损益后的净利润为人民币3亿-4.1亿元;基本每股收益人民币1.3046元-1.5348元。 ...

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份內容而產生或因依賴該等內容 而引致之任何損失承擔任何責任。 本公司的間接附屬公司山東宏橋鋁業控股股份有限公司（「宏橋控股」，前稱山東宏創鋁業控股股份有 限公司，股票代碼：002379.SZ）已於深圳證券交易所刊發其2025年度業績預告（「業績預告」）。 本公司謹此提供以下業績預告的內容節錄： China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。 就進一步詳情，請參閱宏橋控股於深圳證券交易所網站內披露的業績預告（https://www.szse.cn/ disclosure/listed/bulletinDetail/index.html?b0e8fe6f-b627-495e-b86d-ac0e79eaa655）。 投資者應注意不可過份依賴有關資料，於買賣本公司股份時務請審慎行事。 承董事會命 | 項目 | 本報告 ...

Group 1 - The core viewpoint is that the demand for aluminum is entering a new cycle supported by emerging economies, with a projected CAGR of 2.3% from 2025 to 2030 [1] - Domestic aluminum production capacity has reached its peak, while supply constraints in Europe and the U.S. due to energy shortages are expected to limit recovery, leading to a systematic decline in global supply growth with a CAGR of 1.4% from 2025 to 2030 [1] - The demand side is benefiting from fiscal and monetary easing, with traditional demand expected to be boosted, and new drivers such as energy storage and data centers emerging as new engines for aluminum demand [1] Group 2 - Chinese aluminum companies are accelerating their overseas expansion into regions like Southeast Asia, Africa, and the Middle East due to domestic bauxite shortages and production capacity limits since 2017 [2] - Companies that are first to expand overseas will build a first-mover advantage by securing resources and energy-rich areas [2] Group 3 - The continuous expansion of the supply-demand gap for electrolytic aluminum, combined with global fiscal and monetary policy support, is expected to drive aluminum prices to new highs, with low-cost maintenance leading to increased profit margins per ton of aluminum [3] - Current average valuation for electrolytic aluminum companies is around 10 times, indicating significant upward revaluation potential during price increases, suggesting a favorable environment for the sector [3] Group 4 - Investment recommendations focus on three selection criteria: companies with high capacity and market value that show significant performance elasticity with rising aluminum prices; companies with overseas expansion capabilities and strong growth potential; and prioritizing companies with high self-sufficiency in alumina, especially if alumina prices are at a low point [4] - Recommended stocks include China Hongqiao (01378), Aluminum Corporation of China (601600.SH, 02600), Tianshan Aluminum (002532.SZ), Nanshan Aluminum (600219.SH, 02610), and Huatong Cable (605196.SH) [4]

2026.01. 30 本文字数：438，阅读时长大约1分钟 作者 | 一财 阿驴 09:27 黄金概念股多数低开，白银有色、兴业银锡、豫光金铅、中金黄金、盛达资源等多股跌停价开 盘。 09:25 A股开盘丨三大指数集体低开 上证指数低开0.63%，深证成指低开0.6%，创业板指低开0.09%。科创综指低开0.39%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | how | 4131.99 | -25.99 | -0.63% | | 399001 | 深证成指 | ิ | 14214.14 | -85.94 | -0.60% | | 399006 | 创业板指 | N | 3301.54 | -2.97 | -0.09% | | 000680 | 科创综指 | | 1823.88 | -7.22 | -0.39% | 盘面上，黄金、基本金属板块大跌，个股现跌停潮。半导体、光伏、AI应用题材走弱。 09:22 港股开盘丨恒生指数低开0.65% 恒生指数低开0.65%，恒生科技指 ...