Group 1 - The industrial metal sector experienced a significant increase of 7.3% on January 28, with Xinweiling leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] - Key stocks in the industrial metal sector showed substantial price increases, with Xinweiling rising by 11.61% to a closing price of 34.04 [1] Group 2 - The industrial metal sector saw a net inflow of 6.491 billion yuan from main funds, while retail investors experienced a net outflow of 3.721 billion yuan [2] - The trading volume for Xinweiling reached 103,900 hands, contributing to a transaction amount of 345 million yuan [1] - The stock performance of various companies in the industrial metal sector included significant gains, with Chang Aluminum and Zinc Industry both increasing by over 10% [1][2] Group 3 - Major stocks such as China Aluminum and Yunnan Copper also reported notable net inflows from main funds, indicating strong institutional interest [3] - The data shows that retail investors were net sellers in the industrial metal sector, with significant outflows from stocks like Yunnan Copper and Zinc Industry [3] - The overall market sentiment in the industrial metal sector appears to be bullish, driven by institutional buying despite retail selling [2][3]

一、行情回顾 市场全天震荡分化，三大指数涨跌互现。资源股全线爆发，黄金股领涨，四川黄金4连板，招金黄金、湖南黄金3连板；油气股集体拉升，通源石油、中曼石 油等涨停，中国海油涨超6%创新高；有色板块走强，白银有色7连板，中国铝业涨停创16年新高；煤炭板块走高，山西焦化、陕西黑猫涨停。下跌方面，医 药医疗股调整，必贝特、百普赛斯跌超10%。个股跌多涨少，沪深京三市近3700股飘绿，今日成交2.99万亿。 二、当日热点 1.贵金属 贵金属板块今日再度爆发，白银有色7连板，四川黄金、招金黄金、中国黄金等多股继续涨停。 催化上，受美国政策不确定性加剧及日元强势反弹影响，隔夜美元指数急速下挫，盘中最低触及95.51，创2022年2月以来新低。 今日，现货黄金站上5290美元/盎司，日内涨2.09%；现货白银向上触及116美元/盎司，日内上涨3.63%。 1月27日，花旗研究在最新发布的《MetalMatters》报告中，将未来0–3个月白银目标价从100美元/盎司大幅上调至150美元/盎司。在此之前，这一100美元目 标仅在两周前刚刚给出，而当前银价已快速突破110美元关口。 | 股票名称 | | 最新价 = | 涨跌幅 ...

黄金板块多股连板，白银有色收获7连板，四川黄金4连板。一图速览今日连板股>> | | 连板服投 1.28 一 | | | --- | --- | --- | | 股票名称 | 连板大数 | 所属概念 | | 白银有色 | 7 | 白银+黄金 | | *ST铖昌 | 5 | 商业航天 | | 四川黄金 | 4 | 黄金 | | 中农联合 | 4 | 化工 | | 豫米金铝 | 4 | 黄金 | | 中国黄金 | 4 | 黄金 | | 招金黄金 | 3 | 黄金 | | 湖南黄金 | 3 | 黄金 | | 美徽股份 | 3 | 有色金属 | | 康强电子 | 2 | 存储芯片 | | 可川科技 | 2 | 消费电子 | | | 能口防接 | 费频 | 1月28日，Wind数据显示，A股市场共计85只个股涨停。其中黄金板块多股连板，白银有色收获7连板， 四川黄金4连板。一图速览今日连板股>> ...

Group 1 - The stock of Silver Industry has surged with seven consecutive trading limits, despite the company projecting a loss of 4.5 to 6.75 billion for the year 2025 [1][2] - The company's silver business only accounted for 4.54% of its revenue, with copper being the main business [2] - The gold business contributed nearly 20% of the revenue, aligning with the recent rise in precious metal prices [2] Group 2 - The macroeconomic instability has made gold and silver attractive as safe-haven assets, leading to increased speculation in stocks related to silver [2] - Despite the stock price rally, the company's financial performance has been poor, with a loss of 2.15 billion in the first three quarters of 2025 [2] - The market sentiment is divided, with some investors believing in further price increases due to the precious metals trend, while others are concerned about high valuations amid ongoing losses [2]

Market Overview - The market experienced fluctuations on January 28, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [2][12]. - A total of 1,739 stocks rose, 84 stocks hit the daily limit up, while 3,640 stocks fell [3][13]. Sector Performance - Resource stocks surged, with gold stocks leading the gains. Sichuan Gold achieved a four-day limit up, while Zhaojin Mining and Hunan Gold saw three consecutive limit ups [4][14]. - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the limit up, and China National Offshore Oil Corporation (CNOOC) increasing over 6% to reach a new high [5][16]. - The non-ferrous metals sector strengthened, with Silver Industry (Wei Quan) achieving seven consecutive limit ups, and China Aluminum hitting the limit up, marking a 16-year high [6][17]. - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat hitting the limit up [7][18]. Declines - The pharmaceutical and medical stocks faced adjustments, with Bibete and Baipusais falling over 10% [8][19]. Trading Activity - Significant trading activity was noted, with the HuShen 300 ETF from Huatai-PB exceeding 30 billion yuan in trading volume, and other ETFs like the HuShen 300 ETF from E Fund and the CSI 500 ETF also surpassing 20 billion yuan [9][20]. - A report from CITIC Securities indicated that in previous bull markets, overheating trading conditions prompted cooling policies to prevent severe consequences, suggesting that the current proactive cooling measures are aimed at regulating market momentum without altering the overall positive policy stance [9][20].

Core Viewpoint - The stock price of Silver Holdings (601212.SH) has surged due to speculation around the "silver" concept, despite the company facing significant losses and a deteriorating financial outlook, indicating a disconnect between market performance and fundamental business health [1][10]. Group 1: Stock Performance - From January 20 to 28, Silver Holdings experienced a seven-day trading limit increase, with the stock closing at 13.81 yuan per share, marking a 95% increase since January 20 and a total market capitalization of 102 billion yuan [2][11]. - The stock's rise is attributed to the booming prices of precious metals, with silver prices expected to increase by nearly 140% in 2025, while the company’s core product, copper, contributes only 4.5% to its revenue [4][13]. Group 2: Financial Performance - The company is projected to report a net loss of 450 million to 675 million yuan for 2025, a significant downturn from profitability in 2024, primarily due to a 314 million yuan provision for a warehouse contract dispute [5][14]. - Despite the overall industry experiencing growth, Silver Holdings reported a stark contrast in its financial results, highlighting its weak profitability and high debt levels [1][10]. Group 3: Operational Challenges - The company has faced multiple internal control issues, including discrepancies in zinc shipments amounting to approximately 388 million yuan and theft incidents that have adversely affected its financial results [6][15]. - The ongoing warehouse contract dispute has led to a significant provision for liabilities, further straining the company's financial position [5][14]. Group 4: Business Structure and Growth Prospects - Silver Holdings has a diverse business model covering various metals, but its revenue structure shows a heavy reliance on low-margin trading activities, with a gross margin of less than 1% for its trading segment [7][16]. - The company is attempting to pivot towards new materials and renewable energy sectors to create a second growth curve, but these new ventures have yet to yield significant profits [8][17]. - As of the third quarter of 2025, the company's debt ratio stands at 65.91%, with interest expenses reaching 355 million yuan, exacerbating its financial pressures [9][17].

Group 1 - The core viewpoint of the news highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and expectations of interest rate cuts, with the Penghua Non-Ferrous ETF (159880) rising over 7.3% and 14 constituent stocks hitting the daily limit up [1] - Southwest Securities indicates that both precious metals and industrial copper sectors are showing positive expansion, with resource-advantaged companies continuously increasing reserves and production, and upcoming production from marine gold mining projects [1] - As of January 28, 2026, the Guozheng Non-Ferrous Metal Industry Index (399395) has surged by 6.31%, with significant gains in constituent stocks such as Silver Non-Ferrous (up 10.04%), China Aluminum (up 10.02%), and Yunnan Copper (up 10.02%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metal Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2] - The Penghua Non-Ferrous ETF (159880) closely tracks the Guozheng Non-Ferrous Metal Industry Index, which selects 50 securities from the non-ferrous metal industry based on size and liquidity, reflecting the overall performance of listed companies in this sector [1][2]

Group 1 - The core viewpoint of the article highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and the anticipated interest rate cuts by the Federal Reserve, leading to overall strength in the sector [1] - The PCE data is described as moderate, which, along with expected interest rate cuts within the year, supports precious metal prices [1] - The copper and aluminum downstream operating rates have shown a recovery, with an increased acceptance of higher prices [1] Group 2 - Tin prices are being suppressed by high prices, necessitating ongoing attention to demand conditions [1] - Antimony supply remains tight, providing price support [1] - As of January 28, 2026, the National Index for Non-Ferrous Metals (399395) has surged by 5.78%, with individual stocks such as silver and aluminum companies seeing increases of over 10% [1] Group 3 - The Penghua Non-Ferrous ETF (159880) has risen by 5.95%, with a latest price of 2.56 yuan, closely tracking the National Index for Non-Ferrous Metals [1] - The National Index for Non-Ferrous Metals reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges, based on a selection of 50 securities with significant scale and liquidity [1] - As of December 31, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 51.65% of the index, including companies like Zijin Mining and China Aluminum [1]

1月28日午后， 现货黄金延续强劲涨势，现突破5260美元/盎司，日内涨近80美元。 A股有色金属板块集体大涨，截至发稿，晓程科技20%涨停，白银有色、中国铝业、招金黄金、北方铜 业、四川黄金等近20股涨停。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 涨跌 | | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 70.60 | 20.01% | 11.77 | | 920634 | 新威凌 | 34.88 | 14.36% | 4.38 | | 301026 | 浩通科技 | 37.73 | 11.10% | 3.77 | | 002160 | 常铝股份 | 6.77 | 10.08% | 0.62 | | 000751 | 锌业股份 | 7.11 | 10.06% | 0.65 | | 601212 | 白银有色 | 13.81 | 10.04% | 1.26 | | 000758 | 中国股份 | 9.00 | 10.02% | 0.82 | | 601600 | 中国铝不 | 14.60 | 10.02% | 1.33 | | 002237 | 恒 ...

Group 1 - The non-ferrous metal sector is leading the market, with the popular ETF, Huabao Non-Ferrous ETF (159876), seeing a price surge of over 6.38%, currently up 5.17%, reaching a historical high [1] - The Huabao Non-Ferrous ETF has attracted significant capital inflow, with a net subscription of 134 million units and a total of 856 million yuan raised over the past 20 days [1][4] - Key stocks in the sector include Silver Non-Ferrous, Hunan Gold, China Aluminum, and others, with several stocks hitting their daily price limits [1] Group 2 - Spot gold prices have surged, breaking through 5200 USD, with a significant increase of over 900 USD since the beginning of 2026 [3] - Analysts predict further increases in gold prices due to factors such as expectations of Federal Reserve interest rate cuts and geopolitical uncertainties, with potential annual increases of 7%, 23%, and 34% in 2026 under different scenarios [3] - The non-ferrous metal industry is expected to enter a resource super cycle, with prices for metals like gold, copper, aluminum, and rare earths likely to rise significantly [3] Group 3 - As of January 27, the Huabao Non-Ferrous ETF has reached a new scale of 2.34 billion yuan, making it the largest ETF tracking the non-ferrous metal index in the market [4] - The ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, and lithium, allowing investors to capture the overall sector's performance [6] Group 4 - The top holdings in the Huabao Non-Ferrous ETF include leading companies in copper, aluminum, rare earths, and lithium, with significant market capitalizations [8]