Core Insights - The refined copper industry in China is experiencing steady development driven by policies promoting clean production, recycling, and industrial upgrades, transitioning towards safety, green practices, and high-end development [1][5][6] - The industry is characterized by a supply-demand gap, with production expected to reach 14.72 million tons and demand at 17.66 million tons by 2025, indicating a narrowing but still existing supply-demand imbalance [1][8][9] - Future trends in the industry will focus on raw material restructuring, technological upgrades, and optimization of the industrial landscape to achieve high-quality development [1][10][12] Industry Overview - Refined copper is a high-purity copper product obtained through various refining processes, essential for electrification and the new energy era [1][3] - The industry is segmented based on refining processes, product forms, and raw material sources, including primary and recycled copper [3][4] Policy Analysis - China's refined copper industry is heavily influenced by a comprehensive policy framework aimed at green transformation, recycling, and industrial upgrades, with multiple initiatives launched to support these goals [5][6] Industry Chain Analysis - The upstream segment focuses on copper ore mining and scrap copper recycling, with a high dependency on foreign copper ore resources exceeding 78% [6][8] - The midstream sector, while globally leading in smelting capacity, faces profit pressures due to international processing fees and raw material costs [6][8] - The downstream demand is characterized by traditional sectors stabilizing and emerging sectors driving growth, with the power industry being the largest consumer [7][8] Current Development Status - China's refined copper production is projected to reach 14.72 million tons by 2025, marking a 10.4% increase, maintaining its position as the world's largest producer [8] - The demand for refined copper is expected to grow to approximately 17.66 million tons by 2025, with emerging sectors like new energy and AI data centers becoming key growth drivers [8][9] Price Trends - Global refined copper prices have remained high, with LME copper futures rising from $8,801 per ton at the beginning of 2025 to $12,496.5 per ton by year-end, reflecting a 41.99% annual increase [9] Future Development Trends - The industry will see a restructuring of raw material supply, with recycled copper becoming a core component, supported by policies promoting circular economy practices [10][11] - Technological innovation will drive the industry towards high-end transformation, focusing on low-energy smelting and high-performance copper materials [12] - The industry structure will continue to optimize, enhancing supply chain resilience and concentration, with a focus on integrating small and medium enterprises into specialized niches [13]

Macro Dynamics - In January 2026, the social financing scale increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 4.9 trillion yuan, a decrease of 317.8 billion yuan year-on-year [2] - Net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] - Government bonds net financing reached 976.4 billion yuan, an increase of 283.1 billion yuan year-on-year [2] Financial Institutions - The People's Bank of China and the National Financial Regulatory Administration have identified 21 systemically important banks in China, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [3] Market Data - On February 13, A-shares saw all three major indices drop over 1%, with the Shanghai Composite Index falling 1.26% to below 4100 points [10] - The Hong Kong stock market closed with the Hang Seng Index down 1.72% and the Hang Seng Tech Index down 0.9% [11] Company Dynamics - Zhengyuan Wisdom's actual controller, Chen Jian, was sentenced to three years in prison for manipulating the securities market, but the company's operations remain normal [12] - CATL, Luoyang Molybdenum, and Laopu Gold will be included in the Hong Kong Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [13] - Sinopec announced the resignation of Li Yonglin from his positions as executive director and senior vice president [14][15] - Zongshen Power plans to swap its motorcycle engine business with Longxin General's general machinery business, which is expected to constitute a major asset restructuring [16]

Group 1 - The core viewpoint of the article highlights a decline in the performance of the non-ferrous metal mining ETF, with a 2.35% drop in opening price to 2.281 yuan on February 13 [1] - Major holdings within the non-ferrous mining ETF experienced significant declines, including Zijin Mining down 3.75%, Luoyang Molybdenum down 2.85%, and Huayou Cobalt down 3.42% [1] - The ETF's performance benchmark is the CSI Non-ferrous Metals Mining Theme Index, managed by China Merchants Fund Management Co., with a return of 133.39% since its establishment on June 21, 2023, and a 7.86% return over the past month [1]

来源：新浪基金∞工作室 有色ETF泰康（159163）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为泰康基金管理有 限公司，基金经理为魏军，成立（2026-01-27）以来回报为-9.32%。 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13日，有色ETF泰康（159163）开盘跌0.88%，报0.900元。有色ETF泰康（159163）重仓股方面，紫 金矿业开盘跌3.75%，洛阳钼业跌2.85%，北方稀土跌0.70%，华友钴业跌3.42%，中国铝业跌1.82%，中 金黄金跌2.03%，山东黄金跌2.71%，兴业银锡跌3.57%，赣锋锂业跌2.72%，云铝股份跌1.34%。 ...

有色概念股走低，锡业股份跌超4%，北方稀土、厦门钨业跌超3%，洛阳钼业、中国铝业、兴业银锡等跌超2%。 受盘面影响，工业有色相关ETF跌超2%。 有券商表示，工业有色等周期资源类品种尽管面临短期市场波动，但长期收益前景依然可观，受益于工业结构优化和 持续的需求增长。此外，基于业绩趋势模型分析，工业有色板块当前估值合理，未来有望迎来反弹机会，建议重点关 注其在产业链中的潜在表现，把握超跌带来的投资窗口。 （文章来源：每日经济新闻） | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | | 159162 | 工业有色ETE鹏华 | 0.971 | -0.024 -2.41% | | 159168 | 有色ETF富国 | 1.020 | -0.025 -2.39% | | 560860 | 工业有色ETF万家 | 1.887 | -0.043 -2.23% | | 159157 | 有色金属ETF天弘 | 0.985 | -0.021 -2.09% | ...

Group 1 - The 800 Cash Flow ETF managed by Huatai-PineBridge opened at 1.317 yuan, experiencing a decline of 1.42% [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 2.93%, SAIC Motor Corporation down 0.14%, and China Aluminum Corporation down 1.82% [1] - The ETF's performance benchmark is the CSI 800 Free Cash Flow Index, with a return of 33.50% since its inception on April 30, 2025, and a return of 5.17% over the past month [1]

（文章来源：证券日报） 证券日报网讯 2月12日，中国铝业在互动平台回答投资者提问时表示，氧化镓作为第四代超宽禁带半导 体代表材料，公司正在开展相关研究工作。 ...

证券日报网讯2月12日，中国铝业（601600）在互动平台回答投资者提问时表示，公司围绕高端镓基新 材料开展了基础性、前瞻性技术攻关，持续推动镓产业链向下游延伸。 ...

证券日报网讯2月12日，中国铝业（601600）在互动平台回答投资者提问时表示，公司有部分氧化铝产 品向欧盟国家出口。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Huatai-PineBridge ETF (159652) in the non-ferrous metals sector, showing a stable opening price and mixed performance among its major holdings [1] - The ETF opened at 1.954 yuan with a 0.00% change, indicating stability in the market [1] - Major holdings in the ETF include Zijin Mining, which rose by 0.23%, and Huayou Cobalt, which increased by 2.25%, while other stocks like China Aluminum and Ganfeng Lithium experienced slight declines [1] Group 2 - The performance benchmark for the Huatai-PineBridge ETF is the CSI Sub-Industry Non-Ferrous Metals Theme Index return rate [1] - Since its establishment on January 16, 2023, the ETF has achieved a return of 95.20%, with a monthly return of 7.27% [1] - The fund is managed by Huatai-PineBridge Fund Management Co., Ltd., with managers Dong Jin and Sun Hao overseeing its operations [1]