资金流向方面，申万31个一级行业中有27个行业获融资净买入，其中，有色金属行业获融资净买入额居首，当日净买入59.68亿元；获融资净买入居前的行 业还有通信、计算机、建筑装饰、非银金融、医药生物等。 个股方面，64只股获融资净买入额超1亿元。紫金矿业获融资净买入额居首，净买入14.71亿元；融资净买入金额居前的还有天孚通信、中国平安、网宿科 技、恒运昌、长江电力、贵州茅台、江西铜业、寒武纪、北方稀土等。 | 序号 | 证券代码 ◆ | 证券简称 = | 交易日期 = | 融资净买入额(万元) ◆ | | --- | --- | --- | --- | --- | | 1 | 601899.SH | 紫雯贴,亚 | 2026-01-28 | 147,056.65 | | 2 | 300394.SZ | 天孚通信 | 2026-01-28 | 82,518.08 | | 3 | 601318.SH | 中国平安 | 2026-01-28 | 79,295.45 | | ব | 300017.SZ | 网宿科技 | 2026-01-28 | 74,754.02 | | 5 | 688785.SH | 恒运昌 | 2 ...

Market Overview - On January 28, A-share indices showed divergence, with the Shanghai Composite Index rising by 0.27% to 4151.24 points, while the Shenzhen Component Index increased by 0.09%, and the ChiNext Index fell by 0.57% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of approximately 70.4 billion yuan compared to the previous day [1] - Net outflow of main funds amounted to 43.598 billion yuan, with the non-ferrous metals sector seeing the highest net inflow, while the photovoltaic equipment sector experienced the largest net outflow [1] Key Stocks - The top ten popular stocks included Tongling Nonferrous Metals, Silver (core stock), Hunan Silver, China Aluminum, Zijin Mining, China Gold, Luoyang Molybdenum, LEO Technology, Jushi Group, and Intercontinental Oil and Gas [1][2] Non-Ferrous Metals Sector - Tongling Nonferrous Metals is influenced by multiple external factors, including geopolitical tensions driving up precious metal prices and tight global copper supply coupled with surging demand in the new energy sector [3] - The company is advancing resource expansion, with the Ecuador Mirador copper mine phase II project pending approval, which will significantly enhance its resource self-sufficiency [3] Silver Sector - Silver (core stock) performance is driven by both industry and company-level factors, with international precious metal prices rising and the company planning to invest 1.5 billion yuan to establish a gold subsidiary and participate in gold mining rights acquisition [3] - Hunan Silver, as the only A-share listed company focused on pure silver, benefits from external factors such as geopolitical risk and expectations of U.S. Federal Reserve interest rate cuts, which have increased demand for silver [3] Aluminum Sector - China Aluminum is affected by policy, industry, company, and market factors, with the State-owned Assets Supervision and Administration Commission incorporating "market value management" into the assessment of central enterprises [4] - The supply-demand dynamics in the electrolytic aluminum market have reversed, leading to price increases due to supply constraints [4] Gold Sector - Zijin Mining's increased attention stems from significant strategic acquisitions and favorable industry conditions, including a major overseas gold mine acquisition worth 28 billion yuan and rising international gold prices [4] - China Gold is supported by macro and micro factors, including historical highs in international gold prices and domestic gold jewelry price increases, alongside a trend of central banks purchasing gold [4] Molybdenum Sector - Luoyang Molybdenum's market performance is based on strong fundamentals and industry value, with continuous record-breaking net profits and a diverse portfolio of key mineral resources [5] Technology Sector - LEO Technology is gaining attention due to its involvement in popular sectors, particularly AI applications and liquid cooling technologies, with significant partnerships with leading companies like Huawei and NVIDIA [6]

从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中汇通控股、吉贝 尔、光明肉业融资买入额占成交额比重排名前三，分别为33.19%、32.13%、31.96%。 A股1月28日共有3766只个股获融资资金买入，有646股买入金额超亿元。其中，紫金矿业、中际旭创、 新易盛融资买入金额排名前三，分别获买入32.67亿元、25.64亿元、20.84亿元。 从融资净买入金额来看，有64只个股获融资净买入超亿元。其中，紫金矿业、天孚通信、中国平安融资 净买入金额排名前三，分别获净买入14.71亿元、8.25亿元、7.93亿元。 ...

金价再迈新台阶，现货黄金首次突破5500美元／盎司大关，本周金价从略低于5000美元的水平一路狂 飙，连破6道整百关口，周涨幅超500美元。而在黄金价格持续走强的市场环境下，与黄金挂钩的基金产 品也随之迎来空前热度，黄金相关主题ETF成为资金追逐的焦点，展现出极强的吸金能力。 多只黄金ETF涨停 宽基ETF"定时"成交量放大 28日，全市场ETF中，涨幅前十的ETF有9只为黄金股和有色相关ETF，其中3只黄金股相关ETF涨停。 在ETF两融资金下降的态势下，超过百亿"真金白银"逆势抢筹黄金股ETF。截至当日收盘，国泰基金黄 金股票ETF（517400）涨10%，永赢基金黄金股ETF（517520）涨9.99%，平安基金黄金股ETF （159322）涨10.02%。同时，涨势喜人的还有华安基金黄金股ETF（159321）涨9.93%，工银瑞信黄金 股ETF（159315）涨9.67%，华夏基金黄金股ETF（159562）涨9.25%。 | 序号 | 证券代码 A | 证券简称 | A 涨跌停状态 | 1 其余场内简称 | | --- | --- | --- | --- | --- | | | | | [交易日期 ...

宏观与产业形成共振，铜的战略价值持续提升。全球地缘政治冲突加剧，铜作为关键矿产的战略属性凸 显，各国对资源的掌控力度持续加强。美元信用削弱趋势下，铜与贵金属的联动性增强，在避险情绪与 通胀预期的双重作用下，资金对铜的配置需求提升。中长期来看，AI数据中心、新能源汽车、储能等 新兴领域快速发展，将持续打开铜的需求天花板，而供给端的刚性约束难以短期缓解，供需紧平衡格局 将长期维持，铜价中枢有望逐步上移。 据新华社报道，国际黄金期货价格和现货价格29日再创新高，盘中突破每盎司5500美元。 近期工业金属板块表现亮眼，资金关注度持续提升。作为工业金属的核心品种，铜正从传统工业金属升 级为战略资产，这会如何定义其未来的价值？请看机构最新研判。 近期，有色板块中铜品种表现亮眼，资金关注度显著提升。这轮行情的核心支撑，主要来自供需两端的 共振。供给端，全球铜矿资本开支不足，矿端扰动频发，铜精矿供需格局由紧平衡转向短缺；需求端， 国内经济复苏带动下游补库，海外降息周期打开流动性宽松空间，铜的金融属性与商品属性形成正向循 环。 具体来看，供给端约束持续强化，成为铜价的核心支撑。全球铜矿长期资本开支不足，叠加矿山品位下 降、地缘 ...

来源：智通财经 2025年以来，紫金矿业（601899.SH）、洛阳钼业（603993.SH）、江西铜业（600362.SH）、灵宝黄金 （03330.HK）等上市公司加速海外"淘金"。 已跻身全球前5大黄金上市企业之列的紫金矿业，近一年多累计超450亿元连收7个海外金矿。1月26日公 司宣布，旗下紫金黄金国际（2259.HK）拟约280亿元收购加拿大上市公司联合黄金，以获得3个非洲金 矿项目。 洛阳钼业从2025年6月以来累计投入百亿收购金矿：在去年6月收购厄瓜多尔奥丁金矿后，公司今年1月 25日完成第二笔金矿交易，出资约71.62亿元收购加拿大上市矿企Equinox Gold旗下3个巴西金矿项目。 江西铜业在去年年初增资成为伦敦上市公司SolGold最大单一股东后，于12月24日第三次报价约82亿元 收购其余股份，以拿下厄瓜多尔Cascabel大金矿。 灵宝黄金去年12月10日宣布，拟以17.35亿元认购澳大利亚公司St Barbara Mining50%+1股股权，获得巴 布亚新几内亚Simberi金矿。 近一年多累计耗资超450亿元海外买金矿。此前2024年12月，紫金矿业以最高3亿美元收购秘鲁LaA ...

Overview of Public FOF Funds in Q4 2025 - As of Q4 2025, there are 549 FOF products in the market with a total scale of 244.188 billion yuan, an increase of 26.20% compared to Q3 2025 [1][2] - FOFs are categorized into three types based on the proportion of equity assets: bond-type FOFs (less than 30%), balanced FOFs (30% to 60%), and equity-type FOFs (more than 60%) [3] - The scale of bond-type FOFs reached 161.113 billion yuan, accounting for 65.98% of the total market FOF scale, which has been increasing since Q1 2024 [4] FOF Fund Manager Preferences - The top three actively managed equity funds with the most FOF holdings are: 1. Fuquan Stable Growth A (31 FOFs) 2. Boda Jiuhang C (22 FOFs) 3. Zhongou Dividend Enjoyment A (21 FOFs) [20] - The largest FOF holdings by scale are: 1. Xingquan Business Model Preferred A (4.77 billion yuan) 2. Yifangda Information Industry Selected C (3.65 billion yuan) 3. Yifangda Kerong (3.59 billion yuan) [20] Changes in FOF Fund Manager Allocations - In Q4 2025, the most net increased actively managed equity funds by FOFs are: 1. Yifangda Reform Dividend (4 FOFs) 2. Jingshun Longcheng Stable Return C (3 FOFs) 3. Zhongou Small Cap Growth C (3 FOFs) [33] - The largest net increase in scale for actively managed equity funds is for Jingshun Longcheng Stable Return C (0.66 billion yuan) [34] FOF Stock Investment Situation - By Q4 2025, 168 FOFs directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [1] - The top three stocks held by FOFs are: 1. Zijin Mining 2. Ningde Times 3. Hanwujing-U [1] Performance of Different Types of FOFs - In Q4 2025, the median returns for different types of FOFs are: - Bond-type FOFs: 0.33% - Balanced FOFs: -0.64% - Equity-type FOFs: -1.21% [13] - The top-performing bond-type FOFs in Q4 2025 are: 1. Tianhong Pension Target 2030 One-Year Holding (2.92%) 2. Ping An Yingyue Stable Return One-Year Holding A (1.81%) 3. Guotai Ruiyue Three-Month Holding (1.80%) [15][16] FOF Configuration by Fund Managers - The top three fund managers with the most FOF configurations in Q4 2025 are: 1. Yang Meng 2. Fan Yan 3. Liu Jianwei [1] - The most configured bond-type fund is Guangfa Pure Bond A, held by 32 FOFs [27]

吴梓杰告诉期货日报记者，对企业自身而言，这种"以价换量"的扩张逻辑，一方面能通过整合低成本在 产项目有效摊薄整体生产成本，增强抗风险能力；另一方面能通过产量的阶梯式增长直接提振盈利预期 和市场估值，巩固其在全球矿业版图中的领先地位。尽管面临地缘政治风险和市场不确定性，但优质金 矿资产作为抵御通胀和波动的"硬通货"，依然是头部企业实现战略转型与跨越式发展的较优路径。 据记者了解，联合黄金核心资产分布于非洲三大金矿成矿区，包括在产的马里Sadiola金矿、科特迪瓦金 矿综合体（含Bonikro和Agbaou金矿），以及将于2026年下半年建成投产的埃塞俄比亚Kurmuk金矿。截 至2024年年底，联合黄金拥有黄金资源量533吨，平均品位1.48克/吨；保有矿石储量2.37亿吨，黄金金 属量337吨，平均品位1.42克/吨。 产量方面，联合黄金2023年、2024年分别产金10.7吨、11.1吨，预计2025年产金11.7~12.4吨。依托 Sadiola项目改扩建及Kurmuk新项目投产，其2029年黄金产量有望跃升至25吨，届时将成为紫金矿业全 球黄金生产的核心支柱之一。另外，Kurmuk项目投产后全维持成本预 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

导语："资源为王"的时代已经降临，而作为资产定价之锚的黄金价格已经疯了。 "资源为王"的时代已经降临，而黄金则是最好的定价物。 1月26日晚，紫金矿业（2899.HK）公告称，子公司紫金黄金国际（2259.HK）将以约280亿元的价格购买AlliedGoldCorporation（简称"联合黄金"）100%股 权，每股购买价格为44加元。 普通人买金饰，"金王"买金矿。在金价暴涨背景下，金矿的价值算得上直飞冲天，按目前金价来算，这笔280亿元的收购太划算了。 买金矿先看金价，1月28日现货黄金金价已再次上涨，触及5270美元/盎司，纽约期金更突破5300美元/盎司，国内金饰价格也在同日冲破1600元/克，投行 和消费都惊呼"每天都在见证历史"！ 再看看联合黄金的黄金产能，据紫金矿业披露数据，2023年至2025年联合黄金平均年产黄金11吨以上。按此计算，联合黄金每年产金价值约20亿美元，约 合人民币138亿元，"金王"两年左右就回本了。而且，联合黄金预计2029年黄金产能还将提升至25吨。 这波金价大涨当然离不开近期国际"资源争夺战"愈演愈烈的态势，"鹰酱"对委内瑞拉石油、格陵兰岛稀土等资源"动手"，达沃斯论 ...