有色金属周报 20260219 美国非农超预期+春节来临，金属价格震荡 glmszqdatemark 贵金属：美国 1 月非农数据超预期，降息预期回落，美伊谈判取得阶段性进展但未来变数 较大，长期来看央行购金+美元信用弱化主线难以根本性扭转，继续坚定看好金价上行。 美国 1 月非农新增就业 13 万个，显著高于市场预期的 7 万个，失业率降至 4.3%，低于预 期的 4.4%，降息预期回落，美国和伊朗就核问题进行接触，双方称谈判取得进展，美伊冲 突释放阶段性缓和信号，压制避险需求，但未来双方局势不确定较大，中长期央行购金+美 元信用弱化仍为主线，看好金银价格中枢上移。白银价格可能依然走弱，这轮周期使得光 伏需求承压，银浆成本占比飙升，未来贱金属化成趋势。重点推荐：紫金黄金国际、中国 黄金国际、西部黄金、山东黄金、招金矿业、中金黄金、赤峰黄金、潼关黄金、万国黄金 集团，建议关注灵宝黄金、大唐黄金和集海资源等，白银标的推荐兴业银锡、盛达资源。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） ...

Core Viewpoint - The A-share market has experienced a significant surge, with public equity funds seeing a strong start to the year, as nearly half of these products have reached historical net asset value highs, and over 90% have achieved positive returns [1][2]. Group 1: Market Performance - The A-share market has shown a strong upward trend, with over 3,700 stocks rising and more than 100 hitting the daily limit in the last two days [6]. - The trading volume has increased significantly, surpassing 2 trillion yuan, reaching 2.48 trillion yuan [6]. - The performance of the non-ferrous metal sector has been particularly strong, with a year-to-date increase of 21.94%, and 18 constituent stocks within this sector have seen gains exceeding 50% [3]. Group 2: Fund Performance - Among 4,780 comparable active equity funds, 2,347 have achieved historical net asset value highs this year, representing 49.1% of the total [2]. - Over 90% of active equity funds have recorded positive returns since the beginning of the year, with 149 funds showing gains of over 20% [2]. - The top-performing funds, managed by the same fund manager, have achieved returns of 52.64%, 51.95%, and 46.61% respectively [2]. Group 3: Investment Strategies - Investment strategies are shifting from liquidity-driven to profit-driven, with a recommendation for investors to maintain a contrarian mindset as market leadership may rotate quickly [1]. - The focus on resource-related sectors has provided significant advantages in the current market environment, with many top-performing funds heavily invested in non-ferrous metals and technology stocks [3][4]. - Analysts suggest that the market may stabilize and recover post-Spring Festival, with emerging technologies and value stocks expected to perform well [7].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3]. Core Insights - The report highlights that the U.S. non-farm payrolls exceeded expectations with an addition of 130,000 jobs in January, leading to a decrease in the unemployment rate to 4.3%. This has resulted in a cooling of interest rate cut expectations [2]. - The report expresses a positive long-term outlook for gold prices, driven by central bank purchases and a weakening U.S. dollar credit [2]. - The report notes that silver prices may continue to weaken due to pressure from photovoltaic demand and rising costs in silver paste, indicating a trend towards cheaper metals [2]. Summary by Sections Industry and Stock Performance - The report indicates that the SW Non-ferrous Index rose by 1.67% during the week, while the COMEX gold price increased by 1.51% and COMEX silver decreased by 0.33% [9]. - The report provides a detailed performance analysis of key stocks, with several companies recommended for investment based on their earnings forecasts and valuations [3]. Base Metals - The report discusses the fluctuations in base metal prices, noting that aluminum prices have been under pressure due to high inventory levels and seasonal demand declines as the Chinese New Year approaches [25][26]. - Copper prices experienced volatility, initially rising but later falling due to strong U.S. employment data and cautious market sentiment ahead of the holiday [45]. Precious Metals and Minor Metals - The report states that gold and silver prices have seen fluctuations, with gold averaging 1101.52 CNY per gram, down 0.83% from the previous week, while silver prices fell significantly [74]. - The report emphasizes the ongoing geopolitical tensions and their impact on precious metal prices, with a focus on the potential for price recovery as market conditions evolve [78]. Energy Metals - The report highlights a clear shortage in the energy metals sector, particularly lithium and cobalt, with expectations for price increases post-holiday as demand recovers [9]. - Nickel prices are anticipated to rise due to the implementation of Indonesia's nickel ore export quota policy [9].

证券研究报告 | 2026年02月25日 基金投资价值分析 一键布局有色全赛道——南方中证申万有色金属 ETF 投资价 值分析 一键布局有色全赛道 近期有色板块调整并非趋势终结：有色金属板块近期出现短期波动，但市场 基本已消化了特朗普提名沃什为下一任美联储主席的冲击，降息仍是大方 向，贵金属根本逻辑并未改变，各金属品种的定价有望回归基本面。 宏观、供需、资金维度均支撑贵金属定价：宏观层面，美联储开启降息周期， 全球流动性转向宽松，直接利好有色金属价格；从供需来看，历史上央行购 金与黄金价格存在较强相关性，近年来央行购金快速提升，支撑金价表现； 此外，黄金投资价值的提升吸引了大量投资者涌入以 ETF 计价的黄金市场。 新兴产业的发展为工业金属提供大量新增需求：在产业层面，人工智能、新 能源这些新兴产业的发展远远超出市场预期，新兴领域的发展成为需求增长 的新引擎，比如 AI 数据中心建设、电网升级、新能源转型等，这为铜、铝 等金属带来了需求弹性、打开长期需求增长空间。 南方中证申万有色金属 ETF（512400）是南方基金发行的一只以跟踪中证 申万有色金属指数为目标的 ETF 基金，基金经理为崔蕾女士，是市场上有 ...

证券研究报告 | 2026年02月25日 基金投资价值分析 一键布局有色全赛道——南方中证申万有色金属 ETF 投资价 值分析 一键布局有色全赛道 近期有色板块调整并非趋势终结：有色金属板块近期出现短期波动，但市场 基本已消化了特朗普提名沃什为下一任美联储主席的冲击，降息仍是大方 向，贵金属根本逻辑并未改变，各金属品种的定价有望回归基本面。 宏观、供需、资金维度均支撑贵金属定价：宏观层面，美联储开启降息周期， 全球流动性转向宽松，直接利好有色金属价格；从供需来看，历史上央行购 金与黄金价格存在较强相关性，近年来央行购金快速提升，支撑金价表现； 此外，黄金投资价值的提升吸引了大量投资者涌入以 ETF 计价的黄金市场。 新兴产业的发展为工业金属提供大量新增需求：在产业层面，人工智能、新 能源这些新兴产业的发展远远超出市场预期，新兴领域的发展成为需求增长 的新引擎，比如 AI 数据中心建设、电网升级、新能源转型等，这为铜、铝 等金属带来了需求弹性、打开长期需求增长空间。 中证申万有色金属指数投资价值分析 中证申万有色金属指数（000819.SH）发布于 2012 年 5 月 9 日，指数从沪 深市场申万有色金属及非 ...

记者|杜宇 编辑|何小桃 杜波 校对|段炼 2月25日，黄金、白银，再度拉升！ 2月25日午后，现货黄金价格直线走高。截至发稿，现货黄金涨破5200美元/盎司，涨1.38%。 与此同时，今日A股黄金股普遍上涨。 | | 黄金股ETF | | Ci Q | | --- | --- | --- | --- | | | 2.658 +1.30% | | | | 持仓股 | 资金 | F10 资讯 | 互动 | | 名称 | 持仓占比 ÷ | 最新 = | 涨幅 ÷ | | 铜陵有色 | 3.01% | 7.73 | +2.93% | | 000630 融 | | | | | 弓可波罗 | 0.00% | 24.80 | +2.61% | | 001386 融 注 | | | | | 紫金黄金国际 | 3.32% | 237.000 | +2.07% | | 02259 通 | | | | | 江西铜业股份 | 1.50% | 46.120 | +1.99% | | 00358 通 | | | | | 紫金矿业 | 3.94% | 44.800 | +1.77% | | 02899 通 | | | | | 江西铜业 ...

国投白银LOF大涨超9%。 2月25日，黄金、白银，再度拉升！ （文章来源：每日经济新闻） | < | 黄金股ETF | | G Q | | --- | --- | --- | --- | | | 2.658 +1.30% | | | | 持仓股 | 资金 | 资讯 F10 | 互动 | | 名称 | 持仓占比 ÷ | 最新 = | 涨幅 ÷ | | 铜陵有色 | 3.01% | 7.73 | +2.93% | | 000630 融 | | | | | 马可波罗 | 0.00% | 24.80 | +2.61% | | 001386 融 注 | | | | | 紫金黄金国际 | 3.32% | 237.000 | +2.07% | | 02259 通 | | | | | 江西铜业股份 | 1.50% | 46.120 | +1.99% | | 00358 通 | | | | | 紫金矿业 | 3.94% | 44.800 | +1.77% | | 02899 通 | | | | | 江西铜业 | 1.99% | 58.09 | +1.72% | | 600362 融 | | | | | 南网数字 | 0.00 ...

2月25日，黄金、白银，再度拉升！ 2月25日午后，现货黄金价格直线走高。截至发稿，现货黄金涨破5200美元/盎司，涨1.38%。 与此同时，今日A股黄金股普遍上涨。 每经记者｜杜宇 每经编辑｜何小桃 记者|杜宇 编辑|何小桃 杜波 校对|段炼 | < | | 黄金股ETF | | | .. | | --- | --- | --- | --- | --- | --- | | | | 2.658 +1.30% | | | | | 持仓股 | | 资金 | 资讯 | F10 | 互动 | | 名称 | | 持仓占比 ÷ | | 最新 = | 涨幅 ÷ | | 铜陵有色 | | 3.01% | | 7.73 | +2.93% | | 000630 融 | | | | | | | 马可波罗 | | 0.00% | | 24.80 | +2.61% | | 001386 融 注 | | | | | | | 紫金黄金国际 | | 3.32% | | 237.000 | +2.07% | | 02259 通 | | | | | | | 江西铜业股份 | | 1.50% | | 46.120 | +1.99% | | 003 ...

来源：新浪基金∞工作室 2月25日，有色ETF银华（159871）开盘涨0.35%，报1.145元。有色ETF银华（159871）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%。 有色ETF银华（159871）业绩比较基准为中证有色金属指数收益率，管理人为银华基金管理股份有限公 司，基金经理为谭跃峰，成立（2021-03-10）以来回报为127.80%，近一个月回报为-1.72%。 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 2月25日，有色ETF景顺（560290）开盘跌0.20%，报0.977元。有色ETF景顺（560290）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%，中国铝业涨0.85%，华友钴业涨1.06%，中 金黄金跌0.32%，山东黄金跌0.30%，兴业银锡涨1.49%，赣锋锂业涨1.43%，铜陵有色涨0.13%。 有色ETF景顺（560290）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为景顺长城基金管 理有限公司，基金经理为龚丽丽，成立（2026-01-26）以来回报为-2.34%。 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。 ...