有色金属行业 行业研究 | 行业周报 流动性预期回摆，错杀品修复可期 ——有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期回摆，错杀品修复可期。近日特朗普提名沃什为下一任美联储主 席，短期贵金属乐观预期的回摆导致金属价格大幅波动，建议关注错杀品种的修复机 会。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 02 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 兰洋 | 执业证书编号：S0860525120002 | | | lanyang@orientsec.com ...

有色金属行业 行业研究 | 行业周报 流动性预期回摆，错杀品修复可期 ——有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期回摆，错杀品修复可期。近日特朗普提名沃什为下一任美联储主 席，短期贵金属乐观预期的回摆导致金属价格大幅波动，建议关注错杀品种的修复机 会。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 02 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 兰洋 | 执业证书编号：S0860525120 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

以下是第一财经对一些重要公告的汇总，供投资者参考。 ST开元公告称，公司预计2025年度经审计的期末净资产为负值，根据《深圳证券交易所创业板股票上 市规则》，在披露2025年年度报告后，公司股票交易可能被深圳证券交易所实施退市风险警示。 长飞光纤：全球光纤光缆行业市场环境正常 与数据中心相关的新型产品占需求总量的比例较小 长飞光纤发布异动公告，公司注意到近期市场对电信市场光纤光缆产品供需结构和价格波动，及算力数 据中心相关产品关注度较高。当前全球光纤光缆行业市场环境正常，产品单价波动对公司未来业绩的影 响需结合未来市场环境及公司业务情况进行综合判断。而与数据中心相关的新型产品占全球光纤光缆市 场需求总量的比例较小，敬请广大投资者注意投资风险，理性决策，审慎投资。 2连板利通电子：液冷产品研发尚处于前期探讨阶段 无星云算力调度平台、马来西亚波德申AI数据中心 项目 利通电子发布异动公告，关于网传的"液冷技术突破:自研浸没式液冷模组适配英伟达H100/B100芯片， PUE值低至1.09，运维成本下降42%。"、"利通电子拥有自研的液冷技术（PUE值低于行业平均），能 帮助解决数据中心高能耗的痛点，提升资源利用率 ...

格隆汇2月2日丨金诚信(603979.SH)公布，公司承接云南迪庆有色金属有限责任公司普朗铜矿一期采选 工程北部矿段(N14-N25穿脉)掘砌工程和安装工程施工并于近日取得了经双方签字盖章的合同文件。合 同工期：工期总日历天数2557天，预计自2026年2月6日至2033年2月5日，实际开工日期以发包人批准的 开工报告为准。合同价格：本合同为综合单价合同，根据工程量预估总价款约2.02亿元(不含税)，最终 以实际验收完成工作量及结算款为准。 ...

| 证券代码：603979 | 证券简称：金诚信 | | 公告编号：2026-010 | | --- | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | | | 转债代码：113699 | 转债简称：金 25 | 转债 | | 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 金诚信矿业管理股份有限公司（以下简称"公司"）承接云南迪庆有色金属 有限责任公司普朗铜矿一期采选工程北部矿段（N14~N25 穿脉）掘砌工程和安 装工程施工并于近日取得了经双方签字盖章的合同文件，项目主要情况如下： 2、工程地点：云南省迪庆藏族自治州香格里拉市格咱乡普朗铜矿 3、工程承包范围及内容：普朗铜矿一期采选工程北部矿段（N14~N25 穿脉 段）掘砌工程和安装工程（溜井振动放矿机、风机、配电柜等设备设施安装）。 4、合同工期：工期总日历天数 2557 天，预计自 2026 年 2 月 6 日至 2033 年 2 月 5 日，实际开工日期以发 ...

金诚信公告称，公司承接云南迪庆有色金属有限责任公司普朗铜矿一期采选工程北部矿段掘砌和安装工 程，近日取得签字盖章的合同文件。工程地点在云南迪庆，工期2557天，预计2026年2月6日至2033年开 工，以发包人批准为准。合同为综合单价合同，预估总价款约2.02亿元（不含税），最终以实际结算为 准。该合同履行将对业绩有一定影响，但因期限长，存在履约、不可抗力、高危作业等风险。 ...

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting a positive outlook for gold and silver prices in the medium to long term [2][4]. Core Views - The new Federal Reserve Chairman's policies have raised concerns, leading to a correction in gold and silver prices. However, the long-term trend remains bullish due to central bank gold purchases and a weakening dollar credit [2][8]. - The report emphasizes the importance of geopolitical factors and macroeconomic policies in influencing metal prices, particularly in the context of expanding domestic demand in China [8][24]. Summary by Sections 1. Industry and Stock Performance - The SW Non-ferrous Index increased by 3.37% during the week, while the Shanghai Composite Index fell by 0.44% [8]. - Key companies recommended for investment include Zijin Mining, China Molybdenum, and Yunnan Aluminum, among others, with a focus on their earnings forecasts and valuations [2][8]. 2. Base Metals - Aluminum prices are influenced by geopolitical tensions and domestic production adjustments, with a notable increase in aluminum inventory [24][28]. - Copper prices are expected to remain stable, supported by a weak dollar and increased import activity, despite a generally subdued demand environment [45][48]. - Zinc prices have shown volatility due to external factors and domestic supply disruptions, with a recent increase in prices observed [49][50]. 3. Precious Metals and Minor Metals - Gold and silver prices are projected to rise in the medium term, driven by central bank purchases and a weakening dollar [2][8]. - The report highlights the potential for price increases in cobalt and nickel due to supply constraints and geopolitical factors [2][24][63]. 4. Rare Earths - The report does not provide specific insights into rare earths, focusing instead on the broader non-ferrous metals market [10].

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Viewpoints - The report is optimistic about the upward trend of copper prices in 2026, driven by tight supply and improving demand [4][10] - As of January 30, 2026, the SHFE copper closing price was 103,680 CNY/ton, up 2.31% from January 23, while the LME copper closing price was 13,071 USD/ton, down 0.44% [1][17] - The report highlights a decrease in domestic copper social inventory by 2.2% and an increase in LME copper inventory by 2.6% [2][25] Supply Summary - In January 2026, China's electrolytic copper production was 1.1793 million tons, a 0.1% increase month-on-month and a 16.3% increase year-on-year [3][65] - The TC spot price was -50.30 USD/ton, remaining at a low level since September 2007 [3][60] - Domestic copper concentrate inventory at major ports was 673,000 tons, down 6.8% from the previous week [2][46] Demand Summary - The cable industry's operating rate increased by 0.8 percentage points to 59.46% as of January 29, 2026 [4][74] - Air conditioning production for February to April 2026 is projected to decline by 31.6%, 6.5%, and increase by 4.0% year-on-year [4][92] - The report indicates that the cable sector accounts for approximately 31% of domestic copper demand [4] Investment Recommendations - The report recommends investing in Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while also paying attention to Tongling Nonferrous Metals [4]