2月25日，有色矿业ETF招商（159690）开盘涨0.34%，报2.337元。有色矿业ETF招商（159690）重仓股 方面，紫金矿业开盘涨0.20%，洛阳钼业涨0.61%，北方稀土涨0.36%，华友钴业涨1.06%，中国铝业涨 0.85%，赣锋锂业涨1.43%，山东黄金跌0.30%，云铝股份涨0.72%，中金黄金跌0.32%，中矿资源涨 0.75%。 来源：新浪基金∞工作室 有色矿业ETF招商（159690）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为招商基金管 理有限公司，基金经理为王宁远，成立（2023-06-21）以来回报为132.85%，近一个月回报为-1.38%。 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。 ...

来源：新浪基金∞工作室 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。 2月24日，有色金属ETF基金（516650）开盘涨3.12%，报2.212元。有色金属ETF基金（516650）重仓股 方面，紫金矿业开盘涨4.53%，洛阳钼业涨4.41%，北方稀土涨2.30%，华友钴业涨1.79%，中国铝业涨 2.52%，赣锋锂业涨4.36%，山东黄金涨4.07%，云铝股份涨1.92%，中金黄金涨4.98%，天齐锂业涨 2.65%。 有色金属ETF基金（516650）业绩比较基准为中证细分有色金属产业主题指数收益率，管理人为华夏基 金管理有限公司，基金经理为单宽之，成立（2021-06-09）以来回报为114.05%，近一个月回报为 1.50%。 ...

来源：新浪基金∞工作室 有色ETF鹏华（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为123.33%，近一个月回报为2.73%。 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。 2月24日，有色ETF鹏华（159880）开盘涨3.44%，报2.314元。有色ETF鹏华（159880）重仓股方面，紫 金矿业开盘涨4.53%，洛阳钼业涨4.41%，北方稀土涨2.30%，华友钴业涨1.79%，中国铝业涨2.52%，赣 锋锂业涨4.36%，云铝股份涨1.92%，山东黄金涨4.07%，中金黄金涨4.98%，天齐锂业涨2.65%。 ...

每经AI快讯，2月23日，港股黄金股走强，中国黄金国际涨近7%，山东黄金涨逾5%。 （文章来源：每日经济新闻） ...

每经AI快讯，2月23日，港股黄金股走强，中国黄金国际涨近7%，山东黄金涨逾5%。 ...

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 腾讯控股(00700) | +13.91亿元 | +266.49万股 | | 小米集团－Ｗ(01810) | +9.83亿元 | +2779.84万股 | | 美团-W(03690) | +9.31亿元 | +1152.98万股 | | 中国石油化工股份(00386) | +3.15亿元 | +5828.20万股 | | 兆易创新(03986) | +3.09亿元 | +76.66万股 | | 金山云(03896) | +2.77亿元 | +3853.80万股 | | 山东黄金(01787) | +2.59亿元 | +653.25万股 | | 联想集团(00992) | +2.31亿元 | +2509.00万股 | | 华虹半导体(01347) | +2.14亿元 | +227.72万股 | | 紫金黄金国际(02259) | +2.07亿元 | +96.45万股 | 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 3、港股通最近 ...

Core Viewpoint - The recent surge in gold and silver prices is attributed to a confluence of monetary cycles, central bank actions, safe-haven demand, and supply-demand dynamics, indicating a robust long-term bullish trend in precious metals [2][3]. Group 1: Market Performance - As of February 20, gold prices reached $5050 per ounce, marking a 2.4% increase during the holiday period, while silver prices rose to $84.35 per ounce, with an 8.19% increase, significantly outperforming gold [1]. - Domestic gold prices also saw a rise, with T+D gold closing at 1108.5 yuan per gram and retail prices surpassing 1550 yuan per gram, reflecting increased physical and investment demand [1]. Group 2: Underlying Factors - The expectation of interest rate cuts by the Federal Reserve has anchored price levels, with market predictions suggesting a reduction of 50 to 75 basis points by 2026, enhancing the appeal of non-yielding assets like gold [2]. - Central bank gold purchases are providing a rigid support, with 95% of global central banks planning to increase their gold reserves, maintaining an average monthly purchase of 60 to 70 tons [2]. - Geopolitical tensions and rising credit risks are driving safe-haven demand, as the U.S. debt exceeds $38 trillion, weakening dollar credit and prompting investments in gold to hedge against uncertainties [2]. - Supply constraints are tightening, with global gold mine production growth below 2% and rising extraction costs, while investment, industrial, and reserve demand continue to expand, leading to a widening supply-demand gap [2]. Group 3: Future Outlook - The bullish trend for gold and silver is expected to persist, although short-term volatility may increase, with institutions like Goldman Sachs projecting gold prices to reach $5400 per ounce, and JPMorgan and UBS raising targets to $6200 to $6500 per ounce [3]. - The A-share market is likely to experience a clear transmission effect from the strong performance of gold and silver, benefiting gold mining companies such as Zijin Mining, Shandong Gold, and Hunan Gold, which are expected to see significant earnings elasticity [3]. - The precious metals sector is anticipated to serve as a defensive asset in the face of increased market volatility, providing a hedge against fluctuations in growth and cyclical stocks [3].

机构对山东黄金维持中性偏积极看法。根据2026年2月20日最新数据，机构综合目标价为59.10元，较当 前股价有约30%上涨空间；40家机构预测2025年净利润同比增100.17%，主因金价高企带动业绩。华泰 证券2025年10月研报曾指出公司资源储备优势，但近期无新研报发布。当前市场关注点集中于金价走势 与公司成本控制能力。 山东黄金A股（600547.SH）在近一周内（截至2026年2月13日）股价表现承压：当日收盘价45.40元，下 跌3.30%，成交额21.04亿元；主力资金净流出3.19亿元，占总成交额15.17%，融资净偿还9789.2万元。 技术面显示，股价处于震荡区间，20日布林带压力位59.17元，支撑位40.73元。同期，港股 （01787.HK）2月20日报39.62港元，微跌0.40%。黄金板块整体调整，贵金属板块近一日跌2.63%，但 金价回升或为后续股价提供弹性。 机构观点 经济观察网 近期黄金市场波动显著，国际金价于2026年2月18日至19日重回每盎司5000美元关口，现货 黄金最高报5004.32美元，日内涨幅超2.5%。这一走势主要受美联储利率政策分歧、地缘政治紧张及技 术 ...

Group 1 - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, Nanhua Futures (02691), Southern East Select (03441), and Oculent (00501) led the market with ratios of 70.54%, 59.14%, and 56.33% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 736 million and a closing price of 548.000, Yingfu Fund (02800) with 423 million and a closing price of 27.480, and Shandong Gold (01787) with 393 million and a closing price of 40.180 [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -524 million and a closing price of 160.100, SMIC (00981) with -391 million and a closing price of 70.000, and Hua Hong Semiconductor (01347) with -199 million and a closing price of 99.600 [2] - The top three stocks by net inflow ratio were Nanhua Futures (02691) at 70.54% with a closing price of 11.230, Southern East Select (03441) at 59.14% with a closing price of 11.650, and Oculent (00501) at 56.33% with a closing price of 103.900 [3] Group 3 - The top three stocks by net outflow ratio included Zhengzhou Bank (06196) at -50.51% with a closing price of 1.150, China Energy Construction (03996) at -49.70% with a closing price of 1.180, and Hongye Futures (03678) at -48.03% with a closing price of 3.220 [3] - Other notable stocks with significant net inflow ratios included China Overseas Macro Yang Group (00081) at 55.30% and a closing price of 2.650, and Xinhua Wenhui (00811) at 50.59% with a closing price of 11.080 [3]

Key Points - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, Nanhua Futures (02691), Southern East Select (03441), and Oculent (00501) led the market with ratios of 70.54%, 59.14%, and 56.33% respectively [1] - In terms of net outflow ratio, Zhengzhou Bank (06196), China Energy Construction (03996), and Hongye Futures (03678) had the highest ratios at -50.51%, -49.70%, and -48.03% respectively [1] Top 10 Net Inflow Stocks - Tencent Holdings (00700) had a net inflow of 736 million with a net inflow ratio of 5.67% and a closing price of 548.000 [2] - Yingfu Fund (02800) recorded a net inflow of 423 million with a net inflow ratio of 5.13% and a closing price of 27.480 [2] - Shandong Gold (01787) saw a net inflow of 393 million with a net inflow ratio of 31.27% and a closing price of 40.180 [2] - Bilibili-W (09626) had a net inflow of 335 million with a net inflow ratio of 27.53% and a closing price of 252.800 [2] - China National Offshore Oil Corporation (00883) recorded a net inflow of 301 million with a net inflow ratio of 22.88% and a closing price of 24.800 [2] Top 10 Net Outflow Stocks - Alibaba-W (09988) experienced a net outflow of -524 million with a net outflow ratio of -6.30% and a closing price of 160.100 [2] - SMIC (00981) had a net outflow of -391 million with a net outflow ratio of -6.39% and a closing price of 70.000 [2] - Hua Hong Semiconductor (01347) recorded a net outflow of -199 million with a net outflow ratio of -15.56% and a closing price of 99.600 [2] - Changfei Optical Fiber (06869) saw a net outflow of -172 million with a net outflow ratio of -5.33% and a closing price of 107.500 [2] - WISCO (01208) had a net outflow of -168 million with a net outflow ratio of -32.19% and a closing price of 10.160 [2] Top 10 Net Inflow Ratios - Nanhua Futures (02691) had a net inflow ratio of 70.54% with a net inflow of 5.40 million and a closing price of 11.230 [3] - Southern East Select (03441) recorded a net inflow ratio of 59.14% with a net inflow of 5.74 million and a closing price of 11.650 [3] - Oculent (00501) had a net inflow ratio of 56.33% with a net inflow of 1.45 million and a closing price of 103.900 [3] Top 10 Net Outflow Ratios - Zhengzhou Bank (06196) had a net outflow ratio of -50.51% with a net outflow of -3.13 million and a closing price of 1.150 [3] - China Energy Construction (03996) recorded a net outflow ratio of -49.70% with a net outflow of -16.96 million and a closing price of 1.180 [3] - Hongye Futures (03678) had a net outflow ratio of -48.03% with a net outflow of -5.22 million and a closing price of 3.220 [3]