Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 Growth ETF (562340), which experienced a decline of 1.80% to 1.367 yuan with a trading volume of 1.51 million yuan as of the midday close [1] - Major holdings in the Zhongzheng 500 Growth ETF showed significant declines, including Giant Network down 0.75%, Western Mining down 5.24%, and Jerry Holdings down 8.91% [1] - The fund's performance benchmark is the Zhongzheng 500 Quality Growth Index return multiplied by 100%, managed by Yinhua Fund Management Co., Ltd., with a return of 39.55% since its establishment on April 25, 2024, and an 8.79% return over the past month [1]

瑞财经 王敏 2月3日，福建省金龙稀土股份有限公司（以下简称"金龙稀土"）在福建监管局启动IPO辅 导，拟北交所上市，辅导机构为华泰联合证券。 金龙稀土致力于为客户提供满意的产品和服务，主要产品有稀土氧化物、稀土金属、磁性材料和发光材 料四类，广泛应用于永磁材料、风力发电、汽车工业、有色金属、工业电机、节能家电、化学化工、照 明等各大领域。 | 辅导对象 | 福建省金龙稀土股份有限公司 | | | --- | --- | --- | | 成立日期 | 2000年3月3日 | | | 壮 贺 资 本 | 247,500万元 法定代表人 | 钟可祥 | | 京 新 申 状 | 福建省长汀县策武镇汀州大道南路 31号 | | | 控股股东及 | 控股股东:厦门钨业股份有限公司 | | | 持 股 比 例 | 持股比例:65.20% | | | 行业分类 | 在其他交易场 计算机、通信和其他电子 所(申请)挂牌 设备制造业(C39) | 新三板(874673.N0) | | | 或上市的情况 | | | 注 备 | 无 | | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | --- | --- | -- ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Group 1 - The small metals sector increased by 4.94% on February 3, with Dongfang Tantalum leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Notable performers in the small metals sector included Dongfang Silver Industry, which rose by 10.01% to a closing price of 43.21, and Zhong Rare Metals, which increased by 8.72% to 83.39 [1] Group 2 - The small metals sector saw a net inflow of 625 million yuan from main funds, while retail funds had a net inflow of 364 million yuan, and speculative funds experienced a net outflow of 989 million yuan [2] - The top stocks by main fund inflow included Beifang Rare Earth with a net inflow of 347 million yuan, and Dongfang Aluminum with 286 million yuan [3] - The overall trading volume for the small metals sector was significant, with stocks like Xiamen Tungsten Industry achieving a trading volume of 715,100 shares and a transaction value of 3.954 billion yuan [1][2]

Group 1 - The core viewpoint of the news highlights the strong performance of rare metal ETFs and the underlying stocks, with the CSI Rare Metals Theme Index rising by 1.05% as of February 3, 2026, and the rare metal ETF fund increasing by 0.84% [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 59.71% of the index, with significant contributors including Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1] - The strategic attributes of minor metals are becoming increasingly prominent, with tungsten prices rising due to supply constraints and strong demand, while uranium prices are expected to continue increasing due to rigid supply and accelerated nuclear power construction [1] Group 2 - Dongfang Securities emphasizes the clear investment value of core lithium and cobalt stocks, suggesting active positioning despite short-term price corrections due to regulatory impacts and market fluctuations [2] - The lithium market is projected to have a significant gap by 2026, with rising raw material costs and limited supply contributing to an upward trend in lithium prices [2] - The rare metal ETF fund tracks the CS Rare Metal Index, which primarily allocates to lithium carbonate, minor metals, and rare earths, making it an excellent investment tool for market participants looking to invest in the rare metal sector [2]

Group 1 - The rare earth permanent magnet index has strengthened, indicating a positive trend in the sector [1] - Key stocks such as Zhong Rare Earth, Shengxin Lithium Energy, Galaxy Magnet, Xiamen Tungsten, and China Nonferrous Metals have shown active performance with notable increases in their stock prices [1] - The respective stock price increases are as follows: Zhong Rare Earth up by 3.91%, Shengxin Lithium Energy up by 3.83%, Galaxy Magnet up by 3.08%, Xiamen Tungsten up by 2.98%, and China Nonferrous Metals up by 2.94% [1]

供给侧，生产已"榨干" 黄金投资者不知道黄金会在技术性熊市的哪个点反弹，就像钨行业也不知道，价格最终要涨到哪里去。而和黄金投资者的分歧不同，钨行业的投资者态度 比较一致地"鸣冤"：都是黄金带崩了钨概念。 2026年2月2日，中钨在线实时播报碳化钨粉价格突破150万元/吨。过去一年，钨产业链上下游全线暴涨，一度把厦门钨业、中钨高新两大龙头带到了千亿 市值。 中钨高新2025年前三季度扣非净利润同比暴涨407.52%，第三季度环比增长超700%；厦门钨业2025年全年收入464.69亿元，同比增长31.37%； 实现利润总额40.81亿元，同比增长28.45%。 金属行业资源就是约束，也代表财富和产业链上的权力。即便是两个冲上千亿的巨头——其中一个已经又跌了下来——其实所走的路径也有很大差异。 这两条路径的背后，是关于如何在资源约束下最大化价值创造的两种解法。钨未来怎么发展？从中可以浅窥。 中国虽然拥有全球六成的钨矿储量，但经过多年开采，高品位矿山越来越少。国内钨矿的平均品位已经从2004年的0.42%降至2024年的0.28%——要生产 同样数量的钨精矿，需要处理的矿石量增加了50%。 品位下降带来的不只是开采 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Investment Rating - The report indicates a positive outlook for the small metals sector, with expectations of price increases and performance improvements in the coming months [58]. Core Insights - The small metals index rose by 7.49% during the reporting period, outperforming the Shanghai Composite Index by 8.03% [12]. - The report highlights significant price movements in various metals, with rare earth elements showing strong price increases, particularly praseodymium and neodymium oxide, which rose by 11.03% to 748,700 CNY/ton [2][13]. - The report emphasizes the ongoing supply-side reforms and the increasing demand for rare earths, particularly in the context of global inventory replenishment needs [15][17]. Summary by Sections Stock Market and Commodity Price Performance - The small metals index closed at 38,048.84 points, reflecting a 7.49% increase, which is 2.11 percentage points lower than the non-ferrous metals index [12]. - Key commodity prices showed varied trends, with praseodymium oxide increasing by 11.03%, dysprosium oxide decreasing by 10.74%, and tungsten concentrate rising by 19.24% [13]. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide reached 748,700 CNY/ton, driven by supply-side reforms and increased processing fees [2][15]. - The report suggests that the rare earth sector will continue to see valuation and performance improvements, with 2026 being a critical year for resolving competitive issues within the industry [17]. Tin - Tin ingot prices increased by 2.17% to 423,600 CNY/ton, with expectations of continued upward trends due to supply constraints from Indonesia and Myanmar [3][24]. - The demand for tin is anticipated to benefit from the recovery in semiconductors and automotive electronics [24]. Tungsten - Tungsten concentrate prices rose by 19.24% to 600,700 CNY/ton, supported by increased strategic reserves in the U.S. and domestic demand [3][33]. - The report highlights the potential for sustained price increases due to military and civilian demand [33]. Antimony - Antimony ingot prices increased by 1.26% to 164,100 CNY/ton, with expectations of price recovery driven by export improvements [4][40]. - The report notes a significant drop in antimony exports, indicating potential for future price increases as demand stabilizes [40]. Molybdenum - Molybdenum concentrate prices remained stable at 4,010 CNY/ton, with molybdenum iron prices rising by 0.79% to 256,000 CNY/ton [5][43]. - The report suggests that low inventory levels and increased defense spending may support future price increases [43].