声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2026年1月26日，兴业银锡（sz000426）触及涨停，涨停价63.67元，涨幅10%，总市值1130.55亿元，流 通市值1130.27亿元，截止发稿，总成交额14.40亿元。 根据喜娜AI异动分析，兴业银锡涨停原因可能如下，资源并购+业绩增长+控股股东重整： 1、公司完成 对宇邦矿业85%股权和大西洋锡业100%股权收购，增强了资源储备，国际化资源布局稳步推进。这有 助于提升公司的长期竞争力和可持续发展能力，为未来业绩增长奠定基础。 2、2025年1 - 9月公司营收 40.99亿元，同比增长24.36%，净利润13.64亿元，同比增长4.94%，三季度业绩实现稳健增长。经营活 动现金流净额2 ...

Group 1: Market Trends - Spot silver increased over 7%, reaching approximately 103 USD/ounce [1] - Spot gold rose by 1%, peaking at about 4988 USD/ounce [1] - London copper surged by 3.4%, hitting 13187.50 USD/ton, close to its historical high earlier this month [1] - London tin rose by 9.5% and London nickel increased by 4.2% [1] Group 2: Investment Recommendations - Southwest Securities' metal research team suggests focusing on four main lines: 1. Expansion of the denominator: Long-term bullish outlook on gold, with attention to Federal Reserve rate cut expectations and marginal changes in trade wars. The high gold-silver ratio indicates significant upward momentum for silver, making silver targets a priority [1] 2. Improvement of the numerator: A decline in alumina prices by 2025 will significantly enhance the unit profitability of electrolytic aluminum, with aluminum profits expected to remain high, though short-term demand weakness may lead to price declines for both copper and aluminum [1] 3. Key advantageous minerals such as rare earths, antimony, and tungsten are expected to perform better [1] 4. Supply-side disruptions due to anti-involution trends may present opportunities in the lithium carbonate sector [1] Group 3: Company Developments - Shandong Gold is actively increasing its resource reserves through multiple equity and exploration rights acquisitions since 2023 [2] - Xinyi Silver Tin's subsidiary, Yinman Mining, is one of the largest silver production mines in China, while its tin concentrate output ranks second nationally. Yubang Mining has the largest single silver mine reserves in Asia [2]

Group 1: Copper - The LME copper price increased by 0.25% to $12,840.0 per ton, while the Shanghai copper price rose by 0.57% to ¥101,300 per ton [1] - Copper concentrate processing fees fell to -$49.79 per ton, and national copper inventory increased by 2.9% week-on-week, with a year-on-year increase of 203,000 tons [1][13] - The operating rate of copper cable enterprises increased by 2.72 percentage points to 58.71%, with a year-on-year increase of 15.87% [1][13] Group 2: Aluminum - The LME aluminum price rose by 0.29% to $3,137.5 per ton, and the Shanghai aluminum price increased by 1.53% to ¥24,300 per ton [2][14] - The operating rate of domestic aluminum processing enterprises fell by 6.3 percentage points to 51.1% due to the upcoming Spring Festival [2][14] - Electrolytic aluminum ingot inventory decreased by 6,000 tons to 743,000 tons [2][14] Group 3: Gold - COMEX gold price increased by 6.88% to $4,938.4 per ounce, with SPDR gold holdings rising by 4.86 tons to 1,079.66 tons [3][15] - Geopolitical risks have led to a strong fluctuation in the gold market [3][15] - The 10-year TIPS yield decreased by 0.07 percentage points to 1.95% [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 0.25% to ¥672,700 per ton [4][36] - December exports of rare earth permanent magnets increased by 7% year-on-year, indicating a recovery in exports [4][36] - The rare earth sector is expected to see upward price momentum due to supply constraints and favorable export conditions [4][36] Group 5: Tungsten - Tungsten prices increased by 5.54% this week, supported by tight supply conditions [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may elevate tungsten's priority [4][38] - The price of ammonium paratungstate rose by 6.06% to ¥790,500 per ton [4][38] Group 6: Tin - Tin prices increased by 2.19% to ¥423,700 per ton, with inventory rising by 1.79% to 9,720 tons [4][38] - Supply from Indonesia and Myanmar remains below expectations, supporting an upward price trend [4][38] - The demand outlook is positive due to recovery in semiconductor and photovoltaic sectors [4][38] Group 7: Lithium - The average price of lithium carbonate rose by 0.8% to ¥159,500 per ton, while lithium hydroxide increased by 2.0% to ¥156,900 per ton [4][63] - Lithium production decreased slightly, with total output at 22,200 tons, down by 40 tons [4][63] - The market is experiencing strong demand, with signs of pre-holiday stocking [4][63] Group 8: Cobalt - Cobalt prices decreased by 3.7% to ¥437,000 per ton, while cobalt intermediate prices increased by 1.5% to $25.75 per pound [5][65] - Supply tightness is expected to persist, with domestic prices showing upward momentum [5][65] - The market structure remains tight due to limited liquidity and long transportation cycles [5][65]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

Group 1 - The metal zinc concept has seen a significant increase of 5.01%, ranking fifth among concept sectors, with 38 stocks rising, including Yuguang Gold Lead, Shengda Resources, and Zinc Industry Co., which reached the daily limit [1] - The leading gainers in the metal zinc sector include Yuguang Gold Lead with a 10% increase, followed by Dazhong Mining and Zinc Industry Co. with 9.99% and 10% increases respectively [4][5] - The sector attracted a net inflow of 934 million yuan from main funds, with 26 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows, led by Yuguang Gold Lead with 429 million yuan [2][3] Group 2 - The top stocks by net inflow ratio include Zinc Industry Co. at 21.75%, Yuguang Gold Lead at 19.31%, and Dazhong Mining at 15.50% [3] - The overall performance of the metal zinc sector is supported by strong trading volumes, with Yuguang Gold Lead showing a turnover rate of 11.05% and Dazhong Mining at 4.35% [4] - The sector's performance contrasts with some declines in other sectors, such as the corn and soybean concepts, which saw minor decreases [2]

Core Insights - The industrial metal sector experienced a significant increase of 2.29% on January 23, with Yinbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Group 1: Stock Performance - Yinbang Co., Ltd. (300337) closed at 17.87, with a rise of 13.46% and a trading volume of 1.56 million shares, resulting in a transaction value of 2.701 billion [1] - Huafeng Aluminum (601702) and Yuguang Gold & Lead (600531) both saw a 10% increase, closing at 23.09 and 16.94 respectively [1] - Other notable performers included Zinc Industry Co. (000751) and Shengda Resources (000603), both rising by 10% and closing at 5.72 and 51.50 respectively [1] Group 2: Market Capital Flow - The industrial metal sector saw a net inflow of 2.154 billion in main funds, while retail investors experienced a net outflow of 1.233 billion [2] - The main funds showed a positive trend in several stocks, with Tongling Nonferrous Metals (000630) receiving a net inflow of 6.29 million [3] - Conversely, retail investors showed significant outflows in stocks like Yuguang Gold & Lead (600531) and Zinc Industry Co. (000751), with outflows of 1.73 million and 1.39 million respectively [3]

Group 1 - The company is reportedly considering its first issuance of US dollar bonds [1]

今日，A股有色金属板块延续强势上扬态势，板块内贵金属及基本金属分支多点开花，赚钱效应持续释 放。午后，盛达资源强势封死涨停，成为板块午后拉升的核心标杆；此外，兴业银锡、驰宏锌锗、国城 矿业等多只核心个股同步跟涨，形成板块联动上涨格局。资金面来看，板块受贵金属价格创新高及政策 利好催化，关注度显著提升，核心标的获资金集中追捧，整体呈现强者恒强的强势格局。 有色金属行业1月最新权威利好消息 1. 贵金属价格集体创下历史新高：当地时间1月14日，纽约商品交易所2月交割的黄金期价报收于每盎司 4635.70美元，3月交割的白银期价报收于每盎司91.385美元，均创收盘历史新高；LME铜期货盘中触及 每吨13400美元高点，LME锡价盘中上涨近11%，收于每吨53462美元，四种金属同步刷新历史新高，为 板块提供强力支撑。截至1月23日，现货白银突破99美元关口，现货黄金距5000美元大关不足50美元， 价格强势为A股相关标的赋能。 2. 上海发布政策提升有色金属全球定价权：1月22日消息，上海出台18项措施，目标直指提升有色金属 全球定价影响力，叠加财政支出"只增不减"的宏观基调，政策与市场资金形成共振，为行业注入强 ...

有色金属板块持续上扬， 盛达资源午后涨停， 豫光金铅、 白银有色此前封板， 兴业银锡、 驰宏锌 锗、 国城矿业跟涨。 ...