Market Overview - The Shanghai Composite Index fell by 0.09% on January 26, with 10 industries experiencing gains, led by non-ferrous metals and petroleum & petrochemicals, which rose by 4.57% and 3.18% respectively [1] - The defense and military industry and the automotive industry saw the largest declines, with drops of 4.47% and 2.31% respectively [1] - Overall, there was a net outflow of 114.32 billion yuan in the main funds across the two markets, with six industries seeing net inflows [1] Non-Ferrous Metals Industry - The non-ferrous metals industry increased by 4.57%, despite a net outflow of 2.85 billion yuan in main funds [2] - Out of 138 stocks in this sector, 92 rose, with 22 hitting the daily limit, while 46 fell, including 1 hitting the lower limit [2] - The top three stocks with the highest net inflow were Northern Rare Earth (8.12 billion yuan), Luoyang Molybdenum (5.34 billion yuan), and China Tungsten High-Tech (3.65 billion yuan) [2] Non-Ferrous Metals Fund Inflow - The top stocks by fund inflow included: - Northern Rare Earth: +2.50%, turnover rate 5.09%, main fund flow 81.18 million yuan - Luoyang Molybdenum: +8.35%, turnover rate 2.71%, main fund flow 53.39 million yuan - China Tungsten High-Tech: +10.01%, turnover rate 6.90%, main fund flow 36.52 million yuan [2] Non-Ferrous Metals Fund Outflow - The top stocks by fund outflow included: - Silver Industry: -10.03%, turnover rate 8.50%, main fund flow -1397.23 million yuan - Tongling Nonferrous Metals: -10.06%, turnover rate 10.02%, main fund flow -857.32 million yuan - Zijin Mining: -5.17%, turnover rate 3.22%, main fund flow -626.08 million yuan [3]

| 序号 | | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | | | 深股通专用 | | 885次 49.27% (7) | 34362.16 | 4.16% | | 2 | 机构专用 | easimoney.com | 1949次 43.36% | 7783.58 | 0.94% | | 3 | 机构专用 | | 1949次 43.36% | 0.00 | 0.00% | | 4 | 机构专用 | | 1949次 43.36% | 3519.49 | 0.43% | | 5 | 机构专用 | | 1949次 43.36% | 0.00 | 0.00% | | | | (买入前5名与卖出前5名)总合计: | | 85323.37 | 10.33% | 铜陵有色(000630.SZ)今日涨停两连板，换手率10.02%，成交额82.57亿元。龙虎榜数据显示，深股通买入3.44亿元，卖出5.27亿元，净卖出1.83亿元；五家机 构买入5.38亿元，卖出9.02亿元，净卖出3.64亿元；游资"曲江池"位列买二席位，净买入74 ...

铜陵有色今日涨停，成交额82.57亿元，换手率10.02%，盘后龙虎榜数据显示，深股通专用席位买入 3.44亿元并卖出5.27亿元，1家机构专用席位净买入4208.00万元，有4家机构专用席位净卖出4.11亿元。 ...

Group 1 - The A-share market saw a total of 79 stocks hitting the daily limit up on January 26, with significant activity in gold and silver sectors, particularly with multiple stocks achieving consecutive limit ups [1] - Silver and colored metals stocks experienced a five-day consecutive limit up, with notable mentions including Baiyin Youse and Zhongguo Jinrong, both achieving two consecutive limit ups [1] - The photovoltaic sector also showed strong performance, with Mingyang Smart Energy achieving three consecutive limit ups, alongside other solar-related stocks like ST Jingji and Tuo Ri Xin Neng, both achieving two consecutive limit ups [1] Group 2 - Other sectors with notable performances included robotics, commercial aerospace, and semiconductor equipment, with stocks like ST Xinhua Jin and Ruihua Tai achieving four and two consecutive limit ups respectively [2] - The data indicates a diverse range of sectors experiencing upward momentum, reflecting investor interest across various industries [2]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the aerospace and consumer electronics sectors, reflecting a bearish sentiment among investors. Group 1: Stock Performance and Fund Flow - Aerospace stocks, such as Aerospace Electronics and China Satellite, experienced the largest fund outflows, with -38.16 billion and -25.95 billion respectively, and declines of -9.98% and -10% in their stock prices [1][2] - Other notable stocks with significant outflows include Xinwei Communication (-18.59 billion, -10.05%), Sanhua Intelligent Control (-17.72 billion, -3.89%), and Goldwind Technology (-17.69 billion, -3.99%) [1][2] - The outflow from Longi Green Energy was -15.87 billion with a stock price decrease of -1.34%, indicating a relatively smaller decline compared to others in the same sector [1][2] Group 2: Sector Analysis - The consumer electronics sector saw major outflows, particularly from companies like Xinwei Communication and Lens Technology, with outflows of -18.59 billion and -12.82 billion respectively [1][2] - The wind power equipment sector, represented by Goldwind Technology, also faced significant outflows, reflecting potential challenges in the renewable energy market [1][2] - The communication equipment sector, including companies like Haige Communication and China Satellite, showed substantial fund outflows, indicating investor caution in this area [1][3]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, driven by high international gold prices and strong performance from leading companies, making it a focal point for investors in 2026 [1][2]. Group 1: Market Performance - The non-ferrous metal sector has outperformed other sectors, with the MSCI Metals and Mining Index rising nearly 90% since the beginning of 2025, surpassing semiconductor and global banking sectors [2]. - Major companies in the sector, such as Zijin Mining, are expected to report substantial profit increases, with projected net profits for 2025 reaching between 51 billion to 52 billion yuan, reflecting a year-on-year growth of 59% to 62% [2]. Group 2: Fund Inflows and ETF Growth - There has been a remarkable influx of capital into the non-ferrous metal sector, with over 36 billion yuan net inflow into non-gold themed ETFs as of January 22, 2026, pushing the total scale of these ETFs to over 100 billion yuan [3]. - The non-ferrous metal ETF (512400) reached a scale of 40 billion yuan, indicating strong investor interest and positioning in this sector [3]. - Public funds have significantly increased their holdings in the non-ferrous sector, with 15 related fund products reported in a short span from early December 2025 to mid-January 2026, indicating a robust investment trend [3]. Group 3: Geopolitical and Economic Factors - The non-ferrous metal sector is transitioning from traditional cyclical characteristics to a new phase characterized by a combination of safe-haven demand, strategic security, and tight supply-demand balance due to rising geopolitical risks [4]. - The recent surge in gold prices, surpassing 5,000 USD per ounce, and silver prices exceeding 100 USD per ounce, reflects a shift in the global monetary system and increased demand for these metals as safe-haven assets [4][5]. Group 4: Specific Metal Insights - Gold and silver are experiencing a "super cycle" driven by geopolitical conflicts, loss of confidence in the US dollar, and ongoing central bank purchases, making them attractive for investment [5]. - Copper prices are showing resilience due to strong pre-holiday stocking, with supply constraints emerging as copper concentrate treatment charges have dropped to negative values, indicating a tight supply situation [6]. - Aluminum prices are expected to rebound due to low global inventories and strong demand driven by investments in power grids and solar exports, despite slight domestic inventory increases [7]. - The strategic importance of metals like cobalt and lithium is being reaffirmed, with supply concentrated in regions like the Democratic Republic of Congo, highlighting their long-term investment potential [8].

Group 1: A-Share Market Performance - The A-share non-ferrous metal sector experienced a strong surge at the beginning of the trading day, with both precious and industrial metals performing well, leading to significant profit-making opportunities [1] - Key stocks such as Shengda Resources, Tongling Nonferrous Metals, Guocheng Mining, and Yuguang Gold & Lead reached historical highs, indicating strong market leadership within the sector [1] - The overall market sentiment was bolstered by rising precious metal prices, escalating geopolitical conflicts, and positive spillover effects from the semiconductor industry, resulting in increased capital allocation to the non-ferrous metal sector [1] Group 2: Semiconductor Industry Developments - The domestic semiconductor equipment localization rate is projected to rise from 25% in 2025 to 35% by 2026, with key equipment like etching and thin-film deposition exceeding 40% localization, supported by a 15% procurement subsidy from the Ministry of Industry and Information Technology [2] - The National Big Fund Phase III has been launched with a total scale exceeding 350 billion yuan, with 40% of the funds directed towards equipment and materials, providing unprecedented financial support for the semiconductor sector [2] - The global semiconductor manufacturing equipment market is expected to reach $145 billion by 2026, with China projected to lead in equipment investment at approximately $39.25 billion, driving demand within the domestic semiconductor industry [2] Group 3: Demand Surge in Semiconductor Sector - The semiconductor demand is anticipated to surge due to a reversal in the storage cycle, with predictions of over 50% increase in DRAM contract prices and over 30% increase in flash memory contract prices by Q1 2026 [3] - SK Hynix has reported that its chip production capacity is fully booked, indicating a persistent supply-demand gap that will further stimulate demand in semiconductor manufacturing and packaging [3] Group 4: Benefiting Industries - The non-ferrous metal equipment industry stands to benefit directly from the surge in semiconductor equipment demand and accelerated non-ferrous metal resource development, with domestic clean extraction technology breakthroughs driving equipment upgrades [4] - The electric vehicle and energy storage sectors are expected to see continued growth in demand for lithium, nickel, and cobalt, with a projected 60% increase in lithium demand in the energy storage sector by 2026 [4] - The AI computing infrastructure sector will also benefit, as copper and tungsten are essential materials, with semiconductor chips enhancing computing power, leading to increased demand for both non-ferrous metals and semiconductors [4]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by multiple factors that are reshaping the pricing logic of non-ferrous metals [1][3]. Group 1: Market Performance - The non-ferrous metal ETF, Huabao (159876), surged by 5.02%, reaching a new high since its listing, with a trading volume of 1.42 billion yuan within the first hour of trading [1]. - The ETF has seen a net subscription of 1.09 million units, accumulating a total of 569 million yuan over the past 10 days [1]. - Key stocks in the sector, such as Steel Titanium Co., Tongling Nonferrous Metals, and Silver Nonferrous Metals, have all reached their daily limit up, with significant increases in trading volumes [4]. Group 2: Driving Factors - The rising U.S. debt and deficit are causing global concerns about sustainability and the credibility of the dollar, leading central banks to diversify their reserves by reducing U.S. Treasury holdings and increasing gold reserves, which supports higher precious metal prices [3]. - The development of the AI industry and the acceleration of global energy transition are driving increased demand for industrial metals like copper and aluminum [3]. - The global supply chain is shifting focus from efficiency to security, prompting countries to increase reserves of critical minerals and energy, thereby boosting demand for bulk commodities [3]. - A long-term contraction in capital expenditure for major non-ferrous metals since 2011 has created a significant output gap, which continues to constrain supply and support prices [3]. Group 3: Industry Outlook - The current high profitability in the non-ferrous metal sector is expected to persist for an extended period, with new demand driving growth and leading to a potential revaluation of the sector [3]. - Domestic non-ferrous metal companies are valued lower compared to their overseas counterparts, despite having similar growth potential and core competitiveness [3]. - Continuous exploration and breakthroughs in core technologies such as exploration, mining, and metallurgy by domestic companies contribute significantly to global mining development [3].

据交易所数据显示，铜陵有色连续两个交易日涨停，晋级2连板。该股今日于10：19封涨停，成交额 49.97亿元，换手率6.11%。金融界App AI线索挖掘：近期 有色金属板块整体表现活跃，宏观经济温和 复苏、全球商品周期持续以及降息预期等多重因素共振，市场对有色板块的关注度提升，板块内相关个 股受到资金关注。 风险提示：连板股波动剧烈，注意追高风险，理性投资！（注：以上由AI基于交易 所等公开数据生成，内容不构成投资建议。） ...

Group 1 - The core viewpoint of the news is the significant rise in the gold industry, with the China Securities Hong Kong-Shenzhen Gold Industry Stock Index increasing by 5.80% and individual stocks like Laopu Gold and Hunan Gold seeing gains of 12.44% and 10.01% respectively [1] - The gold futures price on the New York Commodity Exchange surpassed $5000 per ounce, marking a historic milestone [1] - Goldman Sachs predicts that central banks will purchase 60 tons of gold monthly this year, and with the Federal Reserve's interest rate cuts, the scale of gold purchases by ETFs is expected to increase, leading to a revised year-end gold price forecast of $5400 per ounce [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Hong Kong-Shenzhen Gold Industry Stock Index account for 63.58% of the index, with major companies including Zijin Mining and Shandong Gold [2] - The individual performance of key stocks includes Zijin Mining at 4.77% increase and Shandong Gold at 5.76% increase, with their respective weights in the index being 11.20% and 9.05% [3]