| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 1 | 15.90 | 174亿 | 108.83 | | 605599 | 菜自股份 | 1 | 10.02 | 186亿 | 46.18 | | 002155 | 湖南黄金 | 1 | 10.00 | 572亿 | 73.68 | | 000688 | 国城矿业 | - | 7.55 | 341亿 | 3.45 | | 600711 | 二十四年 | 1 | 7.02 | 481亿 | 2.64 | | 600170 | 上海建工 | 1 | 6.36 | 267亿 | 13.58 | | 601899 | 三十年来 | 1 | 5.98 | 10317亿 | 12.56 | | 603979 | 金诚信 | 1 | 5.47 | 473亿 | -0.49 | | 603077 | 和邦生物 | 1 | 5.17 | 215亿 | 7.96 | | 002266 | 浙富控股 | | 4.72 | 255亿 | 17.3 ...

值得关注的是，今日现货黄金开盘反弹，截至发稿，重回4800美元/盎司，日内涨超3%。分析指出，量 化基金去杠杆化、杠杆ETF和趋势跟踪策略头寸调整所引发的强制抛售潮，其主体部分可能已基本释 放。 消息面上，特朗普称正在与伊朗对话。当地时间2月2日，针对伊朗问题，美国总统特朗普表示，美方已 向相关地区调动大型军舰，同时与伊朗保持沟通，"将观察事态如何发展"。 新湖期货认为，黄金价格中长期支撑仍存，指出沃什获提名及由此引发的汇率波动属于短期扰动，中期 市场焦点仍将集中于地缘政治风险升温与特朗普政府政策的高度不确定性；而长期来看，全球债务可持 续性恶化与去美元化趋势的深化，是支撑黄金结构性走强的核心变量。目前，上述中长期逻辑并未发生 根本性逆转。 中信证券指出，在经历2025年的大涨行情后，有色金属价格与股票行情的上涨动能依然充足，供应扰 动、需求局部高景气和囤货行为为金属价格带来强支撑，流动性宽松带来的交易活跃度上升以及地缘冲 突带来的避险情绪升温有望放大金属的价格弹性。看好贵金属、工业金属、电池金属和战略金属板块的 配置价值。 今日（2月3日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格盘中涨超 ...

Investment Rating - The industry investment rating is "Outperform" [1] Core Views - Gold prices experienced extreme volatility, with a significant rise followed by a sharp decline due to market sentiment and external factors, but the nomination of Waller is not seen as a turning point for the market [2][12] - Copper prices are expected to stabilize after recent fluctuations, supported by strong fundamentals and low inventory levels, suggesting a buy-and-hold strategy for copper mining stocks [3][13] - Lithium prices have been declining, but demand is expected to increase due to new policies and seasonal factors, indicating potential for future price support [4][14] Summary by Sections 1. Weekly Research Insights - Gold: After a rapid increase, gold prices faced a sharp drop, but the overall upward trend remains intact for long-term investors [2][12] - Copper: The extreme market sentiment has subsided, and the fundamentals for copper remain strong, suggesting a hold on copper mining stocks [3][13] - Lithium: Inventory levels are decreasing, and new demand drivers are emerging, indicating a potential rebound in prices [4][14] 2. Sector Performance - The non-ferrous metals index increased by 3.70%, outperforming the market by 4.14%, ranking 4th among 30 sub-industries [16] - Top performers in the non-ferrous metals sector included gold, copper, and lead-zinc, with individual stocks like Hunan Gold showing significant gains [16][22] 3. Metal Prices and Inventory - New energy metals: Cobalt prices increased, while lithium prices decreased significantly [23][24] - Base metals: Domestic prices for copper, aluminum, and zinc rose, while lead prices slightly declined [33][35] - Precious metals: Gold and silver prices fell sharply, with gold down 4.7% and silver down 22.5% [47][48]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The macro sentiment has fluctuated significantly, amplifying volatility in the commodity market. Short-term carbonate lithium prices have surged and then retreated, with inventory adjustments providing support. There remains potential for a rebound before the holiday. In the medium term, lithium salt supply is constrained, and mining costs are rising, maintaining the upward price logic for lithium. The cobalt sector is supported by raw material costs, showing strong price resilience with limited downside [4][12][13]. Summary by Sections 1. Cycle Assessment - The lithium and cobalt sectors are identified as having clear investment value, with recommendations for active positioning. The lithium sector has seen increased price volatility, with futures contracts experiencing significant declines. The price of lithium concentrate was reported at $2,070 per ton, down $144 from the previous week. The carbonate lithium price has significantly corrected, but downstream demand has led to active market transactions [8][12][13]. 2. Company and Industry Dynamics - Various companies have released performance signals, with notable announcements including Pilbara's production advancements and CATL's plans for a new battery manufacturing base in Yunnan. Yongshan Lithium and Yahua Group have provided profit forecasts indicating significant year-on-year growth, while Tianqi Lithium and Ganfeng Lithium have also reported expected turnarounds in profitability [15][16][17]. 3. Core Data on New Energy Materials - December production data shows mixed trends, with carbonate lithium production up 4% month-on-month and hydroxide lithium up 2%. The inventory levels are undergoing structural adjustments, with significant increases in imports of carbonate lithium and hydroxide lithium [18][31][49].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The macro sentiment has fluctuated significantly, amplifying volatility in the commodity market. Short-term carbonate lithium prices have surged and then retreated, with support from inventory adjustments ahead of the holiday. There remains potential for a rebound before the holiday. In the medium term, lithium salt supply is constrained, and mining costs are rising, maintaining the upward price logic for lithium. The cobalt sector is supported by raw material costs, showing strong price resilience with limited downside [4][12][13]. Summary by Sections 1. Cycle Assessment - The lithium and cobalt core targets have clear investment value, suggesting active positioning. The lithium sector has seen increased price volatility, with a divergence in the rhythm between mining and salt ends. Futures contracts have dropped significantly, with the Wuxi 2605 contract down 16.65% to 149,200 CNY/ton, and the Guangxi 2605 contract down 18.36% to 148,200 CNY/ton. Lithium concentrate prices have decreased to 2,070 USD/ton, down 144 USD from the previous week. The carbonate lithium price has significantly corrected due to regulatory cooling and market fluctuations, with downstream demand stabilizing [12][13]. 2. Company and Industry Dynamics - Various companies have released performance signals. For instance, Pilbara is evaluating the potential for increased production capacity at its Ngungaju plant, while CATL plans to build a lithium battery manufacturing base in Yunnan. Yongshan Lithium Industry and other companies have announced significant changes in their profit forecasts, reflecting the impact of lithium price fluctuations and operational adjustments [15][16][17]. 3. Core Data on New Energy Materials - In December, domestic carbonate lithium production increased by 4% month-on-month, while hydroxide lithium production rose by 2%. The inventory showed structural adjustments, with a general increase in prices for lithium and cobalt materials. The average price for battery-grade carbonate lithium rose by 7.15% to a range of 161,000-182,000 CNY/ton, and battery-grade hydroxide lithium increased by 8.12% to 158,000-169,000 CNY/ton [18][19][67].

Core Viewpoint - The article highlights the successful transformation of several small-scale active equity funds into larger funds within a single quarter, driven by strategic investments in high-demand sectors such as energy storage and resource commodities during the structural market conditions of Q4 2025 [1][2]. Group 1: Fund Performance and Growth - Several active equity funds, including GF Carbon Neutral Theme, China Europe Cycle Selection, and Taixin Development Theme, managed to escape the "small fund" predicament by capitalizing on market opportunities in Q4 2025 [2][4]. - As of the end of Q3 2025, these funds were all categorized as "small funds" with sizes below 100 million yuan, with Taixin Development Theme maintaining a size below 10 million yuan since its inception in 2015 [2]. - Taixin Development Theme significantly increased its allocation to energy metals and industrial metals, achieving a return of over 35% in Q4 2025, which led to a surge in its fund size from approximately 5.16 million yuan to 1.547 billion yuan [3]. Group 2: Investment Strategies - The funds successfully adjusted their portfolios in Q4 2025, with GF Carbon Neutral Theme introducing nine new stocks, including major gainers like Tianhua New Energy and Dazhong Mining, while China Europe Cycle Selection updated seven stocks, focusing on resource sectors [3][4]. - The article emphasizes that successful fund managers utilized solid research capabilities to implement differentiated strategies, identifying market gaps and niche areas rather than merely following market trends [1][6]. Group 3: Market Trends and Investor Sentiment - The Q4 2025 market saw significant growth in high-demand sectors such as AI, lithium batteries, and non-ferrous metals, which contributed to the substantial increase in fund net values and investor recognition [5]. - The article notes that smaller fund companies often adopt differentiated competition strategies due to limited resources, focusing on specific niche markets to meet institutional investors' needs [6][7].

Investment Rating - The report indicates a positive outlook for the small metals sector, with expectations of price increases and performance improvements in the coming months [58]. Core Insights - The small metals index rose by 7.49% during the reporting period, outperforming the Shanghai Composite Index by 8.03% [12]. - The report highlights significant price movements in various metals, with rare earth elements showing strong price increases, particularly praseodymium and neodymium oxide, which rose by 11.03% to 748,700 CNY/ton [2][13]. - The report emphasizes the ongoing supply-side reforms and the increasing demand for rare earths, particularly in the context of global inventory replenishment needs [15][17]. Summary by Sections Stock Market and Commodity Price Performance - The small metals index closed at 38,048.84 points, reflecting a 7.49% increase, which is 2.11 percentage points lower than the non-ferrous metals index [12]. - Key commodity prices showed varied trends, with praseodymium oxide increasing by 11.03%, dysprosium oxide decreasing by 10.74%, and tungsten concentrate rising by 19.24% [13]. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide reached 748,700 CNY/ton, driven by supply-side reforms and increased processing fees [2][15]. - The report suggests that the rare earth sector will continue to see valuation and performance improvements, with 2026 being a critical year for resolving competitive issues within the industry [17]. Tin - Tin ingot prices increased by 2.17% to 423,600 CNY/ton, with expectations of continued upward trends due to supply constraints from Indonesia and Myanmar [3][24]. - The demand for tin is anticipated to benefit from the recovery in semiconductors and automotive electronics [24]. Tungsten - Tungsten concentrate prices rose by 19.24% to 600,700 CNY/ton, supported by increased strategic reserves in the U.S. and domestic demand [3][33]. - The report highlights the potential for sustained price increases due to military and civilian demand [33]. Antimony - Antimony ingot prices increased by 1.26% to 164,100 CNY/ton, with expectations of price recovery driven by export improvements [4][40]. - The report notes a significant drop in antimony exports, indicating potential for future price increases as demand stabilizes [40]. Molybdenum - Molybdenum concentrate prices remained stable at 4,010 CNY/ton, with molybdenum iron prices rising by 0.79% to 256,000 CNY/ton [5][43]. - The report suggests that low inventory levels and increased defense spending may support future price increases [43].

证券代码：000688 证券简称：国城矿业 公告编号：2026-006 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 公司控股股东国城集团及其一致行动人建新集团质押股份数量占其所持公 司股份数量比例已超过80%，敬请投资者注意相关风险。 国城矿业股份有限公司（以下简称"公司"）于今日接到控股股东国城控股 集团有限公司（以下简称"国城集团"）一致行动人甘肃建新实业集团有限公司 （以下简称"建新集团"）《关于股票解押情况的通知》（以下简称"《通知》"）， 获悉建新集团将所持有本公司部分股份办理了解除质押，根据《通知》内容，现 将有关情况公告如下： 国城矿业股份有限公司 关于股东部分股份解押的公告 一、股东股份解除质押基本情况 | 股东 名称 | 是否为控股股东 或第一大股东及 | | 本次解除质 押数量(股) | 占其所持股份 比例 | 占公司总 股本比例 | 质押起始日 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | ...

Group 1 - The A-share market saw a collective decline in lithium mining stocks, with notable drops including Nepean Mining falling nearly 12% and several other companies hitting the daily limit down [1] - The main contract for lithium carbonate experienced a limit down, with a decrease of 11%, currently priced at 148,200 yuan per ton [1] Group 2 - Specific stock performances included Nepean Mining down 11.46% with a market cap of 8.152 billion yuan, and other companies like Meiyuan Co. and Tibet Zhufeng both down 10% [2] - Other significant declines included Western Mining down 9.99% with a market cap of 84.8 billion yuan, and Tianqi Lithium down 8.74% with a market cap of 88.5 billion yuan [2]

Group 1 - The industrial metal sector increased by 2.62% on January 29, with Yiqiu Resources leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Notable gainers in the industrial metal sector included Yiqiu Resources, which rose by 10.08% to a closing price of 4.37, and Tongling Nonferrous Metals, which increased by 10.06% to 9.19 [1] Group 2 - The industrial metal sector experienced a net outflow of 7.772 billion yuan from institutional investors, while retail investors saw a net inflow of 6.846 billion yuan [2] - The top losers in the industrial metal sector included Yian Technology, which fell by 6.03% to a closing price of 16.82, and Guocheng Mining, which decreased by 5.63% to 29.14 [2] Group 3 - Major stocks with significant net inflows included Ding Sheng New Materials, which had a net inflow of 138 million yuan, and Yiqiu Resources with a net inflow of 128 million yuan [3] - Conversely, stocks like Yunnan Copper experienced a net outflow of 226 million yuan from speculative funds [3]