Core Insights - Over 2900 A-share listed companies have released their 2025 earnings forecasts, with high-performing companies attracting significant interest from fund institutions [1][2] - Notable companies with substantial profit growth include Zijin Mining, which is expected to achieve a net profit of 510-520 billion yuan, and Industrial Fulian, projected to reach 351-357 billion yuan [2][3] Company Performance - Zijin Mining is expected to see a net profit increase of 59%-62% in 2025, with 78 fund companies holding its shares, including well-known fund managers [2] - Industrial Fulian anticipates a net profit growth of 51%-54%, with 96 fund companies holding its shares, primarily managed by E Fund [3] - *ST Songfa is projected to turn a profit with a net profit of 24-27 billion yuan, attracting new institutional investors in Q4 2025 [4] - Tonghua Dongbao expects a net profit of 12.42 billion yuan, also turning a profit, with new institutional investors entering in Q4 2025 [4] - Honghe Technology forecasts a net profit of 1.93-2.26 billion yuan, showing a significant growth of 745%-889%, with new institutional investors in Q4 2025 [4] - Baiwei Storage anticipates a net profit of 8.5-10 billion yuan, with 40 fund companies holding its shares and several increasing their positions in Q4 2025 [5] Market Outlook - The release of earnings forecasts and annual reports is expected to lead to a focus on companies' performance, with a potential for market stabilization and upward movement [6] - Fund institutions suggest that the market may return to a structure driven by "profit certainty + industry trends," with opportunities in core technology and manufacturing sectors [6] - External factors may create short-term pressure, but domestic policy support and a stable capital market are expected to mitigate significant downturns [7] - Investment strategies are recommended to focus on growth sectors like AI and semiconductors, as well as areas benefiting from "anti-involution" policies, such as new energy [7]

Investment Rating - The report does not explicitly state an investment rating for the copper industry, but it highlights the strategic importance of copper in clean energy and its expected demand growth due to energy transition initiatives [3]. Core Insights - Copper is recognized as a strategic metal and is essential for achieving global net-zero targets outlined in the Paris Agreement. The share of copper in clean energy applications is projected to increase from 29% to 36% by mid-century [3]. - The supply of copper is highly concentrated globally, with significant declines in major copper discoveries and increasing costs associated with finding new copper deposits. This limited supply, combined with rising demand driven by global GDP cycles and energy transition policies, is expected to push copper prices higher [3]. - China, as the largest producer and consumer of refined copper, is experiencing a declining self-sufficiency rate. The government is implementing policies to enhance domestic resource reserves and improve the quality and efficiency of copper smelting [3]. Summary by Sections Chapter 1: Overview of Copper - Copper is widely used due to its excellent conductivity and versatility, making it a critical material in various applications [10]. - The report emphasizes the strong correlation between copper prices and global economic growth, as reflected in historical data [10]. Chapter 2: Supply of Copper - Global copper supply is highly concentrated, with major production coming from countries like Chile, the Democratic Republic of Congo, and Peru. The report notes that the average copper ore grade is declining, and the discovery of new copper mines is becoming increasingly difficult [30]. - The report indicates that the average time from discovery to production of a copper mine is approximately 16 years, highlighting the challenges in increasing supply [30]. Chapter 3: Demand for Copper - The demand for copper is expected to grow significantly, driven by investments in power grid infrastructure and the rapid development of the electric vehicle market. The average annual investment in China's power grid during the 14th Five-Year Plan was significantly lower than the projected investment for the 15th Five-Year Plan [3][67]. - The report projects that the demand for copper in the renewable energy sector will increase, with the copper consumption in electric vehicles being four times that of traditional vehicles [80]. Chapter 4: Copper Prices - Factors influencing copper prices include supply-demand dynamics, geopolitical issues, and climate-related events. The report notes that significant disruptions in supply from major mines have occurred due to natural disasters [97]. - The report highlights the expected increase in copper prices due to the tightening supply-demand balance in the coming years [3]. Chapter 5: Key ETFs - The report identifies key ETFs focused on the copper industry, such as the Huatai-PineBridge CSI Segmented Nonferrous Metals Industry Theme ETF and the China Asset Management CSI Segmented Nonferrous Metals Industry ETF, which are recommended for investors looking to gain exposure to the copper market [109].

Group 1 - The core viewpoint of the article highlights the resilience of the non-ferrous metal sector, as evidenced by the significant price increase of the Huabao Non-Ferrous ETF (159876), which rose by 6.4% yesterday and an additional 0.26% today, with a net subscription of 15 million units on February 4 [1][11] - The ETF has accumulated a total of 1.3 billion yuan in net subscriptions over the past 20 days, indicating strong investor interest in the sector [1][11] - Key stocks within the ETF include Jinmoly Co., which led with a rise of over 4%, and other notable performers such as Xingye Silver Tin and Huayou Cobalt, which increased by over 3% [3][13] Group 2 - The current spot price of gold has returned to 5,000 USD, following a significant rebound of 6% on February 3, marking the largest single-day increase since 2009 [1][15] - Factors contributing to the rise in gold prices include escalating geopolitical tensions between the US and Iran, which have heightened risk aversion among investors, and statements from Federal Reserve officials suggesting the need for more than 100 basis points in rate cuts this year [5][15] - Analysts from Tianfeng Securities predict that gold may enter a period of wide fluctuations but is expected to return to an upward trend within the year, supported by ongoing demand from global central banks [5][15] Group 3 - The Huabao Non-Ferrous ETF and its linked funds comprehensively cover various sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the beta performance across different economic cycles [7][16] - The ETF serves as an efficient tool for investors looking to gain exposure to the non-ferrous metal sector, being a financing and margin trading target [7][16] - Institutional perspectives suggest that the current "super cycle" in non-ferrous metals is expected to last for 3-5 years, driven by supply-demand mismatches, macroeconomic easing, and industrial upgrades [5][15]

随着2025年度A股上市公司业绩预告披露正式收官，中国经济新旧动能加速转换的图景也愈发清晰。巨灵财经数据显示，截 至2026年1月30日，A股5352家上市公司中（剔除上市未满一年公司），共有2963家发布了2025年年报、快报或业绩预告， 披露率达55.36%。其中，1069家公司实现预喜（含预增、略增、扭亏、续盈），预喜率为36.08%，较2024年的33.38%实现 小幅回升，盈利态势逐步回暖。 从整体数据来看，2025年A股行业分化态势尤为突出。非银金融、有色金属等行业表现亮眼，盈利增速显著；房地产、光伏 等传统行业则深陷调整期，持续承受业绩压力；而以半导体、通信设备为代表的新质生产力相关板块，更是迎来业绩爆发 期。这种行业增减的鲜明对比，不仅直观反映了各行业景气度的差异，更清晰展现出中国经济正逐步摆脱传统要素依赖模 式，向创新驱动的高质量发展稳步迈进。 非银金融、有色金属领衔，优势赛道表现亮眼 从各行业具体表现来看，2025年预喜率排名前五的行业分别是非银金融、有色金属、美容护理、汽车和公用事业。这些行业 凭借自身核心优势或行业周期红利，跻身业绩预喜的核心阵营，其中非银金融板块的集体预增表现最为突出 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 全球铜矿品位下行背景下，供给紧张趋势或持续提升铜关键金属地位。 *ST立方（维权）上演"地天板" 2月4日，*ST立方（300344）开盘股价跌停，开盘后不到1分钟股价迅速翻红，收盘时涨停，全天上演 了"地天板"剧情，振幅高达40.41%。该股曾于1月16日盘中创下历史低点，以最新收盘价与历史低点相 比，该股反弹幅度达到251.52%。 2月3日晚间，*ST立方发布《关于股票交易停牌核查结果暨复牌的公告》和《关于公司股票可能被实施 重大违法强制退市的第十次风险提示公告》。 复牌公告显示，公司股票价格已严重脱离公司基本面情况，存在市场情绪过热、非理性炒作风险。如未 来公司股票价格进一步异常上涨，公司可能再次向深交所申请停牌核查。 公告还显示，公司于2025年11月28日收到中国证券监督管理委员会安徽监管局下发的《行政处罚及市场 禁入事先告知书》（简称《告知书》）。根据《告知书》认定的事实，公司可能触及深交所规定的重大 违法强制退市情形，公司股票可能被实施重大违法强制退市。 铜精矿或纳入储备范围 2月3日，中国有色金属工业协会举行2025年 ...

Core Insights - The article highlights a paradox in the non-ferrous metals sector where despite a significant bull market, very few public funds have captured the top-performing stocks [1][2] - The analysis indicates that institutional investors are generally avoiding stocks with historical governance issues or high uncertainty, even if market expectations are strong [2][3] Group 1: Stock Performance and Fund Holdings - Some non-ferrous metal stocks have seen remarkable price increases, with Zhaojin Gold rising over 540% and Xiaocheng Technology increasing over 362% since 2025 [2] - As of the end of 2025, Zhaojin Gold was held by only 15 funds, Xiaocheng Technology by 3 funds, and Hunan Silver by just 1 fund, indicating a lack of institutional interest in these high-performing stocks [2][4] Group 2: Institutional Investment Behavior - Public funds are constrained by strict compliance frameworks and risk management systems, leading to cautious investment decisions regarding companies with historical flaws or high operational uncertainty [3][4] - The preference for larger, more stable companies is evident, as only 17 non-ferrous stocks are held by over 100 funds, primarily those with market capitalizations exceeding 50 billion [4][5] Group 3: Market Trends and Future Outlook - The current non-ferrous metal market is supported by a multi-dimensional logic, including global liquidity easing and anticipated continued monetary and fiscal stimulus [6][8] - Supply constraints and new demand from sectors like AI and energy transition are focal points for institutional investors, with copper, gold, and aluminum identified as key investment directions [8][9]

- The report does not contain any quantitative models or factors for analysis[1][3][4]

Content: --------- <doc id='1'>融资融券月报 13307 主要指数全部上涨，两融余额继续上升 ――融资融券 2 月月报</doc> <doc id='2'>| 分析师：王雪莹 | SAC NO：S1150525020001 2026 年 2 月 4 日 | | --- | --- | | 证券分析师 | 核心观点： | | 王[Table_IndInvest] 雪莹 | | | | 市场概况 | |  022-23839121 | | | wangxy4430@bhzq.com  | 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 | | | 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外， | | | 上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%， | | | 沪深 上涨 上涨 300 1.65 %，中证 500 12.12%。 | |  | 截至 1 月 30 日，沪深两市两融余额为 27,064.74 亿元，较上月末增加 | | | 1,737.60亿元。其中融资余额为 26,898.76 亿元，较上月末增加 1,736.88 | | | 亿元；融券余额为 165.99 亿元，较上月末增加 0.72 亿元。市场 ETF | | | 融资余额为 亿元，较上月末增加 亿元；融券余额为 1128.80 33.06 73.71 | | | 亿元，较上月末增加 亿元。户均融资融券余额为 元，较 0.94 1,414,996 | | | 上月末增加 35,599 元；有融资融券负债的投资者数量占全体融资融券 | | | 投资者数量的占比为 23.97%，较上月末增加 0.73 个百分点。1 月 1 日 | | | -1 月 30 日每日平均参与融资融券交易的投资者数量为 600,192 名，较 | | | 上月增长 42.73%。 | |  | 板块方面，主板和科创板融资余额占沪深两市 A 股融资余额比例下降， | | | 创业板占沪深两市 A 股融资余额比例上升。融券方面，主板和科创板融 | | | 券余额占沪深两市 A 股融券余额比例上升，创业板占沪深两市 A 股融券 | | | 余额比例下降。 | |  | 标的券情况 | |  | 行业方面，本月有色金属、电子和非银金融行业融资净买入额较多，建 | | | 筑材料、轻工制造和美容护理行业融资净买入额较少；本月融资买入额 | | | 占成交额比例较高的行业为非银金融、通信和电子，较低的行业为纺织 | | | 服饰、轻工制造和建筑材料；本月有色金属、食品饮料和家用电器行业 | | | 融券净卖出额较多，电力设备、电子和医药生物行业融券净卖出额较少。 | |  | 个股方面，本月个股融资净买入额前五名为中国平安（601318）、紫金 | | | 矿业（601899）、天孚通信（300394）、招商银行（600036）、长江电 | | | 力（600900）。本月个股融券净卖出额前五名为贵州茅台（600519）、 | | | 赤峰黄金（600988）、兴业银锡（000426）、美的集团（000333）、洛 | | | 阳钼业（603993）。 | |  | 风险提示：两融业务成本超预期变动风险；两融监管政策超预期变动风 | | | 险。 | | 请务必阅读正文之后的声明 | 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 20 |</doc> <doc id='3'>金 融 工 程 研 究 证 券 研 究 报 告 融 资 融 券 月 报</doc> <doc id='5'>| 1. 市场数据概览 | | 4 | | --- | --- | --- | | 2. 行业融资融券特征 | | 9 | | 3. ETF 标的券 | | 13 | | 4. 个股标的券及重大事项 | | 15 | | 5. 结论 | | 17 |</doc> <doc id='6'>| | |</doc> <doc id='7'>| 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例 4 | | --- | | 图 2：本月融资业务情况 5 | | 图 3：本月融券业务情况 5 | | 图 4：近五年两融余额情况 6 | | 图 5：各板块融资余额情况（亿元） 6 | | 图 6：各板块融券余额情况（亿元） 6 | | 图 7：各指数融资余额情况（亿元） 7 | | 图 8：各指数融券余额情况（亿元） 7 | | 图 9：近一年融资融券机构投资者及个人投资者数量 8 | | 图 10：近一年参与融资融券交易的投资者数量与有融资融券负债的投资者数量 8 | | 图 11：本月申万一级行业涨跌幅及融资买入额占成交额比例（%） 9 | | 图 12：本月行业融资净买入额情况（万元） 9 | | 图 13：本月行业融券净卖出额情况（万元） 10 | | 图 14：近一年 ETF 融资融券余额情况 13 | </doc> <doc id='8'>| 表 1：A | 股市场主要指数本月表现 4 | | --- | --- | | 表 2：本月标的券所属行业融资情况 10 | | | 表 3：本月标的券所属行业融券情况 11 | | | 表 4：本月 ETF 融资净买入前 20 | 名 13 | | 表 5：本月个股融资净买入前 20 | 名 15 | | 表 6：本月融资买入额占成交额比例前 | 20 名 15 | | 表 7：本月个股融券净卖出前 20 | 名 16 |</doc> <doc id='9'>1. 市场数据概览 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大， 上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %， 深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 500 上涨 12.12%。</doc> <doc id='10'>表 1：A 股市场主要指数本月表现 | 指数名称 | 12 月 31 日收盘价 | 1 月 30 日收盘价 | 月涨跌幅(%) | | --- | --- | --- | --- | | 上证综指 | 3968.84 | 4117.95 | 3.76 | | 深证成指 | 13525.02 | 14205.89 | 5.03 | | 创业板指 | 3203.17 | 3346.36 | 4.47 | | 科创 50 | 1344.20 | 1509.40 | 12.29 | | 沪深 300 | 4629.94 | 4706.34 | 1.65 | | 上证 50 | 3031.13 | 3066.50 | 1.17 | | 中证 500 | 7465.57 | 8370.52 | 12.12 | 资料来源：同花顺，渤海证券研究所 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例</doc> <doc id='12'>资料来源：同花顺，渤海证券研究所 1 月 30 日，沪深两市两融余额为 27,064.74 亿元，较上月末增加 1,737.

Core Viewpoint - The 2025 fund quarterly report indicates a shift in investment strategy from emotion-driven to performance-based, emphasizing stability and safety in the market [1] Group 1: Market Activity and Fund Performance - The average daily trading volume in A-shares reached 3.11 trillion yuan, a month-on-month increase of over 10%, indicating active trading despite the approaching Spring Festival [1] - As of December 2025, the net asset value of domestic public funds in China reached 37.71 trillion yuan, nearing the 38 trillion yuan mark, and has set a historical high for nine consecutive months [1] Group 2: Passive vs. Active Funds - By the end of 2025, the market value of stock index funds reached 4.7 trillion yuan, a quarter-on-quarter increase of 3.4%, while active equity funds fell to 3.39 trillion yuan, down 5.2% [4] - The gap between passive and active funds widened from 970 billion yuan in Q3 2025 to 1.31 trillion yuan by the end of 2025, reflecting a growing preference for transparent and cost-effective investment tools [4][5] Group 3: Sector Focus and Investment Trends - In 2025, active equity funds showed a reduction in allocation to TMT sectors, with a notable increase in the communication sector by approximately 1.9 percentage points [7] - Companies in the storage chip sector, such as Baiwei Storage, are expected to see significant profit growth, with projected net profits increasing by 427.19% to 520.22% year-on-year [8] Group 4: Safety and Stability in Investments - Commodity funds saw a surge of over 40% in scale, with gold-related ETFs increasing by over 100 billion yuan, highlighting a shift towards safe-haven assets amid global economic uncertainties [10] - The "fixed income plus" products reached a scale of 2.74 trillion yuan by the end of 2025, growing approximately 60% year-on-year, catering to cautious investors seeking stable returns [11]

行 行业周报 资金情绪回落，多品种价格回调 分析师： 张珂 SAC NO： S1150523120001 2026 年 2 月 4 日 钢铁 有色金属 证券分析师 张珂 022-23839062 zhangke@bhzq.com 研究助理 重点品种推荐 洛阳钼业 增持 中金黄金 增持 华友钴业 增持 紫金矿业 增持 中国铝业 增持 近三月行业指数走势图 投资要点： 行业情况及产品价格走势初判 钢铁：后续随着春节前需求季节性走弱，钢材库存或进一步累积，需关注宏观 情绪对钢价影响。 铜：临近春节假期下游需求将减弱，资金情绪回落，短期铜价或调整后震荡运 行。 铝：资金情绪回落，春节前需求预计将走弱，短期铝价或迎来调整后震荡运 行。 黄金：我们认为金价回调后，后续地缘政治风险以及美国国内政治不确定性 （如政府停摆风险）仍有望为金价提供底部支撑，需警惕风险事件缓和对金 价的压力。另外，我们认为美国总统特朗普提名的新美联储主席未来偏鸽派 的可能性更大，后续美联储政策或超出市场预期，有望支撑金价。 锂：抢出口需求叠加供应偏紧预期，容量电价政策也有望改善需求预期，锂价 调整过后有望获得支撑。 稀土：春节前需求或走弱，但现货供 ...