Group 1 - The three major indices showed mixed performance, with the ChiNext and Sci-Tech 50 indices dropping over 1%, while the Shanghai Composite Index rose by 0.09% [2] - The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, decreasing by 121.3 billion yuan compared to the previous trading day [2] - The ETF market saw significant gains, particularly in the rare metals sector, with notable increases in stocks such as Dongfang Tantalum Industry and Zhongtung High-tech, which hit the daily limit [2] Group 2 - Analysts highlight that the limited reserves and high extraction difficulty of strategic minor metals, combined with rapidly growing demand from sectors like new energy and semiconductors, are intensifying supply-demand conflicts [3] - The collective price increase of minor metals is primarily driven by tight supply and explosive demand, particularly for tungsten, where domestic production is constrained by stricter environmental standards and rising operational costs [3] - Future price trends for rare metals are expected to rise due to resource scarcity, demand structure upgrades, and policy adjustments, benefiting companies with resource advantages and compliance in export channels [3]

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - By 2025, global lithium battery production is expected to reach 2297 GWh, with a growth rate of 34.6% in 2026. The shipment growth rate for energy storage cells is projected to be as high as 70%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production capacity of battery cells and various materials, which poses a challenge for ensuring a stable and efficient supply chain [5]. Group 2: Conference Overview - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on two main topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, and B2B procurement matchmaking to connect top battery manufacturers and material suppliers [6]. Group 3: Key Topics and Participants - The conference will feature specialized sessions on lithium carbonate futures, market volatility responses from lithium battery companies, and the potential of global lithium resources [7][8]. - Notable participants include leading battery companies like CATL and BYD, as well as material suppliers covering the entire supply chain, including cathode materials, anode materials, electrolytes, and separators [6]. Group 4: Strategic Importance - The lithium battery industry is expected to play a crucial role in energy transition and carbon neutrality goals as it enters a new planning phase with the end of the 14th Five-Year Plan and the beginning of the 15th [6]. - The summit aims to provide authoritative data releases, benchmark company rankings, and deep industry connections to help businesses seize growth opportunities and achieve high-quality development [6].

天眼查显示，近日，辽宁心连心化学工业有限公司成立，法定代表人为张帆，注册资本10000万人民 币，由河南心连心化学工业集团股份有限公司全资持股。 经营范围含许可项目：肥料生产；发电业务、输电业务、供（配）电业务；第二、三类监控化学品和第 四类监控化学品中含磷、硫、氟的特定有机化学品生产；食品添加剂生产；饲料添加剂生产。（依法须 经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）肥料销售；食品添加剂销售；饲料添加剂销售；化工产品生产（不含许可类化工产品）；化工产品 销售（不含许可类化工产品）；专用化学产品制造（不含危险化学品）；专用化学产品销售（不含危险 化学品）；货物进出口；技术进出口；土壤与肥料的复混加工；土壤污染治理与修复服务；生物有机肥 料研发；复合微生物肥料研发；基础化学原料制造（不含危险化学品等许可类化学品的制造）；热力生 产和供应；化肥销售；再生资源加工；再生资源销售；装卸搬运；工程和技术研究和试验发展；农业科 学研究和试验发展；新材料技术研发；安全咨询服务；环保咨询服务；信息咨询服务（不含许可类信息 咨询服务）。（除依法须经批准的项目外，凭营业执照依 ...

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]

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]

Core Viewpoint - The cobalt and nickel sector is experiencing a strong performance, with several companies seeing significant stock price increases [1] Group 1: Market Performance - The cobalt and nickel sector has shown strength, with Baichuan Co. and Greeenmei reaching their daily price limit [1] - Companies such as Zhongwei New Materials, Guocheng Mining, Huayou Cobalt, and Hanrui Cobalt have also reported notable stock price increases [1]

Core Viewpoint - The cobalt and nickel sector is experiencing a strong performance, with several stocks reaching their daily limit up, indicating positive market sentiment and potential investment opportunities in this industry [1]. Group 1: Stock Performance - Baichuan Co., Ltd. and Greeenmei have hit the daily limit up, showcasing significant investor interest [1]. - Other notable stocks with substantial gains include Zhongwei New Materials, Guocheng Mining, Huayou Cobalt, Hanrui Cobalt, and Tengyuan Cobalt, reflecting a broader upward trend in the sector [1].

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].

Group 1 - The core point of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metals sector, with a current opening price of 0.948 yuan and a 0.00% change [1] - The major holdings of the Invesco ETF include Zijin Mining, which opened up by 0.91%, and other companies like China Aluminum and Shandong Gold, which also showed positive movements [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, and since its establishment on January 26, 2026, it has recorded a return of -5.23% [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed list of the opening price changes for various stocks within the ETF, indicating a mixed performance among the holdings [1]

Investment Rating - The report maintains a "Positive" rating for the steel industry and the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [8]. Core Insights - The steel market is expected to weaken due to seasonal factors, with a focus on demand recovery after the Spring Festival [19][20]. - Copper prices may rise if demand improves post-holiday, despite current inventory accumulation [40]. - The aluminum sector is influenced by macroeconomic sentiment, with a focus on demand recovery after the Spring Festival [46]. - Gold prices are supported by geopolitical risks, with potential upward pressure from U.S. Federal Reserve policies [52]. - The rare earth market is expected to maintain tight supply conditions, supporting prices for praseodymium and neodymium [66]. Summary by Sections Steel Industry - Steel production is declining as companies prepare for the Spring Festival, with total inventory increasing [19][21]. - As of February 6, the total steel inventory was 13.39 million tons, up 4.36% week-on-week, but down 19.42% year-on-year [28]. - The average price index for steel on February 6 was 3,414.24 yuan/ton, down 0.39% from the previous week [37]. Copper Industry - Copper prices have decreased, but new orders are increasing, indicating seasonal demand characteristics [40]. - As of February 6, LME copper prices were $12,800/ton, down 3.96% from January 30 [43]. Aluminum Industry - Domestic bauxite supply is sufficient, but aluminum processing companies are reducing production due to price volatility and regulatory pressures [46]. - As of February 6, LME aluminum prices were $3,000/ton, down 2.09% from January 30 [47]. Precious Metals - Geopolitical tensions and U.S. economic data are influencing gold prices, which are expected to find support from these factors [52]. - As of February 6, COMEX gold prices were $4,988.60/oz, up 1.65% from January 30 [52]. Rare Earths - The supply of praseodymium and neodymium is expected to remain tight, supporting price stability [66]. - As of February 6, the price of praseodymium oxide was 757,500 yuan/ton, up 1.20% from January 30 [66].