在机构看来，小金属价格的集体上涨，核心在于供给偏紧而需求爆发导致的。拿领涨品种钨来说，江海 证券表示，国内因资源开发环境日趋严苛，环保标准提升与运营成本攀升共同制约了产能释放，国外新 增项目推进普遍迟缓，全球范围内具备规模潜力的新建钨矿项目极为有限，导致全球钨矿产量增长极为 乏力。2024年全球钨矿产量约为8.28万吨，即便考虑到现有项目的稳产与小幅扩能，2026年产量预计仅 微增至8.55万吨，年均复合增长率不足2%。 消息面上，节前备货叠加产业链挺价，长单价格再度大涨。本周钨价继续上涨，根据SMM，崇义等钨 企业发布新一轮长单价格，其中崇义某钨企业2月上半月55%钨精矿长单采购价格环比上调14.7万元/标 吨至66.9~67万元/标吨，APT环比上调30万元执行97万元/标吨，长单价格大幅上调再度引爆市场。 在券商看来，战略小金属储量有限、开采难度大且供给弹性不足，同时新能源、半导体、军工等下游需 求快速增长，供需矛盾加剧。在资源稀缺性持续凸显、需求结构升级及政策调控下，未来稀有金属价格 有望延续上行趋势，具备资源储量优势、技术壁垒及合规出口渠道的企业将持续受益。 2月11日，三大指数涨跌不一，创业板指、 ...

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in specific sectors such as energy metals, rare metals, and technology [1][2][3] Group 1: Stock Performance and Capital Inflows - The top stock with capital inflow is Greeenmei, attracting 1.312 billion yuan with a price increase of 9.84% [2] - Northern Rare Earth follows closely with 1.305 billion yuan inflow and a 4.94% rise [2] - Zijin Mining received 0.809 billion yuan with a 1.6% increase [2] - Zaiseng Technology saw a capital inflow of 0.763 billion yuan, marking a 10% rise [2] - Wangsu Technology attracted 0.701 billion yuan with a notable increase of 10.22% [2] Group 2: Sector Analysis - The energy metals sector is represented by Greeenmei and Huayou Cobalt, both showing strong capital inflows and positive price movements [2] - The rare metals sector includes Northern Rare Earth and Zhongtung High-tech, both experiencing significant inflows and price increases [2] - The technology sector is highlighted by Wangsu Technology and Zaiseng Technology, both of which have seen substantial capital inflows and notable price gains [2][3]

A股三大指数早盘走势分化，有色金属概念股走强，稀土板块表现亮眼。北矿科技、格林美涨停，厦门 钨业涨超7%，北方稀土涨超5%。 有分析认为，国内稀土价格未来上涨预期持续攀升，当前氧化镨钕价格突破70万元/吨关口，2026一季 度稀土产业有望保持业绩高增。长期看，稀土行业供需关系持续改善，供给方面，开采与冶炼分离实行 总量调控，国内指标增速放缓，供给增长滞后于需求扩张；需求方面，机器人、低空经济、军工等产业 快速发展拉动需求释放。此外，海外冶炼成本高企等因素也对价格形成支撑，稀土战略价值有望迎来重 估。 资料显示，稀土ETF（159713）跟踪中证稀土产业指数，该指数选取涉及稀土开采、稀土加工、稀土贸 易和稀土应用等业务相关上市公司证券作为样本，以反映稀土产业上市公司证券的整体表现。 （文章来源：每日经济新闻） 受盘面影响，稀土ETF（159713）涨超3%。 消息面上，美国计划启动关键矿产储备项目"金库计划"，强化了稀土作为"战略金属"的长期溢价逻辑。 ...

Group 1 - The non-ferrous metal sector is leading the market, with companies like Zhongtung High-tech, Xiamen Tungsten, and Northern Rare Earth seeing significant stock price increases of 7.98%, 6.72%, and 6.34% respectively, contributing to a nearly 3% rise in the Tianhong Non-ferrous Metal ETF (159157) [1] - The Tianhong Non-ferrous Metal ETF has attracted substantial capital inflow, with a total of 890 million shares purchased in a single day and a cumulative net inflow of 614 million yuan over three days, indicating strong investor interest [1] - The ETF covers a wide range of sectors including copper, aluminum, gold, and rare earths, allowing it to capture various market cycles effectively [1] Group 2 - On February 10, prices for mainstream rare earth products such as praseodymium and neodymium oxides have risen due to tight supply conditions and strong demand from downstream buyers [2] - The non-ferrous sector is expected to perform well in 2025, with companies like Zijin Mining and Luoyang Molybdenum projected to see net profit increases of over 60% and 50% respectively, while Shenghe Resources and Huayu Mining are expected to see even higher profit growth [2] - Following price adjustments by tungsten companies, Zhangyuan Tungsten has also raised its long-term procurement prices for black and white tungsten concentrates by 28.1% [2] - The U.S. has initiated a $12 billion strategic metal reserve plan, and the Non-ferrous Metals Industry Association has suggested commercial interest subsidies for copper and copper concentrates to enhance resource value [2]

Group 1 - The core viewpoint is that the non-ferrous metals sector is experiencing short-term pressure due to pre-holiday sentiment, but there are structural opportunities in specific sub-sectors [2] - The global non-ferrous metals industry is expected to enter a "recovery cycle with supply constraints" from 2026 to 2027, with copper and aluminum prices shifting from supply constraints and loose liquidity in 2026 to demand recovery in 2027 [2] - The supply growth of electrolytic aluminum is projected to be only 1.7% in 2026, with a supply gap of over 800,000 tons; electrolytic copper supply growth is 2.4% while demand growth is 3.3%, indicating a shift from surplus to shortage [2] Group 2 - Tungsten is expected to see a continued supply-demand shortage due to China's mining control policies, leading to sustained price increases from 2026 to 2027 [3] - Rare earth permanent magnets are experiencing tightening supply-side integration, with improving demand expectations for exports, indicating a fundamental improvement [3] - Cobalt is projected to face a global shortage due to supply reduction policies in the Democratic Republic of Congo, with strong upward momentum in the short term [3] Group 3 - Lithium is benefiting from the rising demand for energy storage batteries and domestic supply disruptions, potentially at the bottom of its cycle [3] - Nickel is expected to clear supply issues from the second half of 2026 to 2027 due to Indonesia's quota policies, with prices likely to rise if economic recovery boosts stainless steel demand [3] - Magnesium is gaining traction in the lightweighting sector of new energy vehicles due to its higher cost-effectiveness compared to aluminum, indicating improved industry sentiment [3] Group 4 - The non-ferrous metals ETF (512400) closely tracks the CSI Shenyin Wanguo Non-Ferrous Metals Index, which selects 50 listed companies to reflect the overall performance of the non-ferrous metals sector in the Shanghai and Shenzhen markets [3] - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, China Aluminum, and Huayou Cobalt, among others [3]

投资稀土相关股票的美国主流ETF自年初以来不到一个月市值曾大涨7成，但短短一周内便大跌2成。中 国厦门钨业同样在大涨6成后，下跌20%。此前在地缘政治风险升温的背景下，稀土股曾持续走高。浇 灭这波上涨行情的是贵金属价格的暴跌…… 该ETF持仓权重靠前的个股中，全球锂业大企业美国雅保(Albemarle)在1月下旬较年初上涨4成，随后一 周内大跌2成。钨业龙头中国厦门钨业同样在大涨6成后，下跌20%。 此前稀土关联股价大涨的背后是地缘政治风险的不断加剧。年初美国对委内瑞拉发动军事打击，美国总 统特朗普又表现出有意拿下蕴藏着世界级稀土矿床的丹麦自治领格陵兰岛。对高科技产品不可或缺的稀 稀土相关股票价格出现下跌。投资稀土相关股票的美国主流ETF(交易型开放式指数基金)自年初以来不 到一个月市值曾大涨7成，但短短一周内便大跌2成。此前在地缘政治风险升温的背景下，稀土股曾持续 走高，而眼下同为矿产资源的黄金、白银价格下跌，对其造成连锁影响。持续上涨的稀土相关股票也显 露出暂歇态势。 土资源争夺日趋激烈，市场预期参与开采、精炼的相关企业需求将大幅提升，资金因此大举涌入相关个 股。 浇灭这波上涨行情的是贵金属价格的暴跌。特 ...

受盘面影响，稀土相关ETF涨超3%。 | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▼ | | | --- | --- | --- | --- | --- | | 159715 | 稀土ETF易方达 | 1.391 | 0.045 3.34% | | | 159713 | 稀土ETF | 1.515 | 0.049 | 3.34% | | 516150 | 稀土ETF嘉实 | 2.104 | 0.063 | 3.09% | | 516780 | 稀土ETF | 2.034 | 0.061 | 3.09% | 有券商表示，稀土作为高端制造与战略新兴产业的核心资源，正呈现供需两端共振格局。在供给集中度提升与需求结构升 级的背景下，稀土产业链的战略地位有望进一步巩固，为高端制造发展注入长期驱动力。 每经记者｜叶峰 每经编辑｜肖芮冬 稀土概念股走强，格林美涨停，北方稀土涨超6%，厦门钨业涨超5%。 ...

Core Viewpoint - The A-share market experienced fluctuations on February 11, with the non-ferrous sector showing resilience, particularly the ETF Huatai-PineBridge (159652), which rose by 1.84% [1]. Non-Ferrous Sector Performance - The ETF Huatai-PineBridge (159652) saw most of its constituent stocks rise, with Huayou Cobalt increasing over 3%, Luoyang Molybdenum up over 2%, and Zijin Mining and Northern Rare Earth both rising over 1% [2][3]. - The top ten constituent stocks of the ETF include Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, with respective weightings of 15.07%, 7.81%, and 4.38% [4]. International Precious Metals Market - On February 11, international precious metal prices increased, with spot gold reaching $5,050 per ounce and silver rising over 1% [5]. - The unexpected stagnation in U.S. retail sales data has fueled bets on potential interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [5]. Company Developments - Xiamen Tungsten announced plans to acquire a 39% stake in Jiujiang Dadi Mining, aiming to enhance its tungsten and molybdenum resource security [5]. - Luoyang Molybdenum completed the acquisition of a Brazilian gold mine for $1.015 billion, with plans to increase gold production significantly by 2030 [6]. Long-term Trends in Precious Metals - The trend of central banks purchasing gold is strengthening, with gold surpassing U.S. Treasuries as the largest reserve asset globally for the first time in 30 years [8]. - The expansion of fiscal policies and sovereign debt is injecting new momentum into the precious metals market, with gold's monetary properties expected to strengthen further [9]. Copper Market Outlook - The long-term outlook for copper prices remains optimistic due to supply constraints and increasing demand from AI data centers and energy storage [10][11]. - The anticipated supply disruptions in global copper mines could support a long-term upward trend in copper prices [11]. Investment Opportunities - The non-ferrous sector is highlighted as having significant investment value, driven by monetary easing, supply rigidity, and new demand dynamics [11]. - The ETF Huatai-PineBridge (159652) is positioned to benefit from the super cycle in non-ferrous metals, with a high gold and copper content of 49% [13].

南方2月11日电，有色·钨概念反复活跃，翔鹭钨业逼近涨停，章源钨业、中钨高新、厦门钨业跟涨。 消息面上，2月5日，章源钨业发布2026年2月上半月长单采购报价，55%黑钨精矿长单采购报价为67.00 万元/标吨，环比上行28.1%；55%白钨精矿长单采购报价为66.90万元/标吨，环比上行28.2%；仲钨酸铵 （国标零级）长单采购报价为97.00万元/吨，环比上行27.6%。 华源证券表示，近两周，黑钨精矿价格上涨25.19%至67.10万元/吨，仲钨酸铵价格上涨24.68%至98.50万 元/吨。供给端，矿山安全管控、环保管控趋于严格，部分矿山年尾开工及出货均呈现下降状态，钨矿 阶段性供应紧张明显。需求端，国内需求基本保持稳定，刚需采购为主，PCB刀具需求景气。近期，矿 山保守生产，市场增量预期弱，部分企业一月长单价进一步上调。建议关注：中钨高新、厦门钨业、翔 鹭钨业、章源钨业。 ...

每经AI快讯，2月11日，有色·钨概念反复活跃，翔鹭钨业涨停，章源钨业、中钨高新、厦门钨业跟涨。 （文章来源：每日经济新闻） ...