Market Performance - The A-share market saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index by 2.17%, and the ChiNext Index by 2.98% [1] - The North China 50 Index increased by 1.36% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 22,494.73 billion yuan, an increase of about 1,037.54 billion yuan compared to the previous trading day [1] Shanxi Sector Analysis - The Shanxi sector performed steadily, with an overall increase of 0.61% and a trading volume of 120.25 billion yuan, indicating a positive market sentiment [1] - Among the 41 stocks in the Shanxi sector, 28 stocks rose, 12 fell, and 1 remained flat [1] Individual Stock Performance - Notable gainers included Jinlihua Electric and Huaxiang Co., both rising over 3%, while Dongjie Intelligent, Luhua Technology, and Huayang New Materials increased by over 2% [1] - Other stocks such as Beifang Copper Industry, Kexin Development, and Shitou Co. saw increases of over 1% [1] - Decliners included Jinkong Power and Lanyan Holdings, both dropping over 2%, while Shanxi Coking Coal and Qianyuan Pharmaceutical fell by more than 1% [1] - Several stocks, including Jinkong Coal Industry, Lu'an Environmental Energy, and Jinbo Biological, experienced milder declines, with losses contained within 1% [1]

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Views - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend in copper prices in 2026 due to ongoing supply-demand tightness [1][4] - The TC spot price continues to hit historical lows, indicating tight procurement of copper concentrate [1][3] - The report recommends specific companies for investment: Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4] Supply and Demand Summary - **Supply**: - As of February 6, 2026, domestic copper concentrate inventory at major ports is 638,000 tons, down 5.2% from the previous week [2][46] - The TC spot price is at -51.23 USD/ton, a decrease of 0.9 USD/ton from January 30, 2026, marking a low since September 2007 [3][57] - **Demand**: - Cable manufacturing utilization rate increased by 0.7 percentage points to 60.15% as of February 5, 2026 [4][70] - Air conditioning production is projected to decline by 31.6% in February, 6.5% in March, and increase by 4.0% in April 2026 [4][87] Inventory Summary - Domestic copper social inventory increased by 4.0% week-on-week, while LME copper inventory rose by 4.9% [2][24] - Global inventory across major exchanges reached 1,021,000 tons, up 3.6% from January 30, 2026 [2][24] Price Trends - As of February 6, 2026, SHFE copper closed at 100,100 CNY/ton, down 3.45% from January 30, 2026, while LME copper closed at 13,060 USD/ton, down 0.08% [1][17]

文 | 张阳阳 2月5日，A股三大指数集体下跌，截至收盘，上证指数跌0.64%，深证成指跌1.44%，创业板指跌 1.55%；北证50跌2.03%。沪深两市成交额约21762.2亿元，较前一个交易日缩量约3047.52亿元。 山西板块今日整体表现疲软，指数下跌1.52%，成交额为167.59亿元，显示市场活跃度偏低且情绪偏谨 慎。 个股涨跌层面，山西板块41只股票，8只上涨、33只下跌，下跌个股占比超八成。 上涨个股中，仟源医药涨5.62%；锦波生物涨3.18%；科新发展、狮头股份涨逾1%；广誉远、大秦铁 路、山西证券和派林生物涨幅均不到1%。 下跌个股中，北方铜业跌达7.25%；安泰集团、山煤国际、华阳股份等6只个股跌逾4%；山西焦煤、太 钢不锈跌超3%；兰花科创、科达自控、美锦能源等6只个股跌超2%；蓝焰控股、潞化科技、跨境通等 11只个股跌逾1%；壶化股份、晋控煤业、华翔股份等7只个股跌幅较温和，均在1%以下。 ...

| 序号 | 代码 名称 | | 涨幅% ↑ | | --- | --- | --- | --- | | 1 | 600916 中国黄金 | 11.42 | -6.16 | | 2 | 601212 白银有色 | 10.66 | -6.16 | | 3 | 002716 湖南白银 | 14.55 | -5.76 | | র্ব | 300139 晓程科技 | 61.90 | -5.47 | | 5 | 001337 四川黄金 | 48.58 | -4.84 | | 6 | 600089 特变电工 | 27.97 | -3.88 | | 1 | 000737 北方铜业 | 17.17 | -3.49 | | 8 | 000506 招会黄金 | 20.32 | -3.47 | | 9 | 000688 国城矿业 | 26.79 | -3.46 | 2月5日早盘，黄金概念股持续走低，截至9时40分，中国黄金、白银有色跌超6%，湖南白银、晓程科技 跌超5%，四川黄金等跟跌。 上证报中国证券网讯 2月5日早盘，黄金概念股持续走低，截至9时40分，中国黄金、白银有色跌超 6%，湖南白银、晓程科技跌超5%，四川黄金等跟跌。 ...

Group 1 - The article discusses the potential catalysts for the non-ferrous metal industry, particularly focusing on copper resources and strategic reserves [1][5]. - The Non-Ferrous Metals Industry Association emphasizes the need to improve copper resource reserves and expand national strategic reserves, suggesting the inclusion of copper concentrate in reserve considerations [5]. - Key companies involved in copper mining and processing are listed, including Zijin Mining, Luoyang Copper, Jiangxi Copper, and others, indicating a competitive landscape in the copper sector [6].

Group 1 - The core viewpoint of the news is that despite a rebound in gold and silver prices, the A-share market's gold concept stocks mostly experienced declines, with several stocks hitting the daily limit down for three consecutive days [1] - The spot gold price fell to $4,402.38 per ounce before rebounding to $4,855.81 per ounce during the trading session [1] Group 2 - The following gold-related stocks experienced significant declines: - Yuguang Gold Lead: -10.01% with a market cap of 21.9 billion [2] - Sichuan Gold: -10.01% with a market cap of 22.5 billion [2] - Zhaojin Gold: -10.00% with a market cap of 19.3 billion [2] - Silver Nonferrous: -10.00% with a market cap of 82 billion [2] - Shengda Resources: -10.00% with a market cap of 34.1 billion [2] - China Gold: -9.99% with a market cap of 20 billion [2] - Hunan Silver: -9.98% with a market cap of 43.6 billion [2] - Other notable declines include: - Zhongjin Gold: -8.16% with a market cap of 147.8 billion [2] - Cuixue Jewelry: -7.53% with a market cap of 2.738 billion [2] - Hengbang Shares: -7.42% with a market cap of 24.6 billion [2] - Shandong Gold: -7.33% with a market cap of 209.8 billion [2]

Group 1 - The A-share market saw a significant decline in gold-related stocks, with over 20 stocks hitting the 10% limit down, including notable companies like Xiaocheng Technology, Tongling Nonferrous Metals, and China Gold [1] - Gold prices continued to retreat, with spot gold dropping to $4,586.16 per ounce, a decrease of 18% from last week's historical high of $5,595.44 [1] - Spot silver also experienced a substantial decline, falling to $76.967 per ounce, which is a 36.7% drop from last week's peak of $121.6485 [1] Group 2 - Xiaocheng Technology reported a decline of 17.08%, with a total market value of 15.3 billion [2] - Tongling Nonferrous Metals saw a decrease of 10.04%, with a market capitalization of 99.8 billion [2] - Other companies like Baijin Nonferrous Metals and Hengbang Shares also faced declines of 10.02% and 10.02%, respectively, with market values of 91.1 billion and 26.6 billion [2]

Core Viewpoint - Northern Copper Industry (000737.SZ) has confirmed that its own mining resources can sustain a copper production capacity of 9 million tons per year for over 28 years [1] Group 1 - The company is actively advancing exploration and resource expansion in its own mining operations [1] - There is potential for further extending the service life of the mines through these efforts [1]

Group 1 - The core message from China Gold Coin Group emphasizes the significant rise in precious metal raw material prices, urging collectors to invest rationally and manage risks [1] - The non-ferrous metal sector has shown volatility, with copper and precious metals leading the gains. Notable performances include Western Gold with four consecutive trading limits and China Gold with five consecutive trading limits [4] - The World Gold Council's report indicates that Chinese investors are expected to purchase a total of 432 tons of gold bars and coins in 2025, marking a 28% increase from 2024 and setting a new annual record [7] Group 2 - On January 29, international gold prices surged significantly, with spot and futures prices both exceeding $5,500 per ounce. Gold futures even surpassed $5,600 per ounce at one point [8] - Domestic gold jewelry prices have also risen sharply, reaching historical highs. Major brands reported prices for pure gold exceeding 1,700 RMB per gram, with increases ranging from 88 to 94 RMB per gram compared to the previous day [10] - Investment experts advise investors to approach gold price fluctuations with caution, emphasizing the importance of understanding risks and aligning investments with personal risk tolerance and long-term goals [12]

（编辑 楚丽君） 证券日报网讯 1月29日，北方铜业发布公告称，公司股票（证券简称：北方铜业，证券代码：000737） 于2026年1月28日、2026年1月29日连续2个交易日收盘价格涨幅偏离值累计超过20%，根据《深圳证券 交易所交易规则》的有关规定，属于股票交易异常波动的情况。公司近期经营情况及内外部经营环境未 发生重大变化。公司的主要产品阴极铜、黄金、白银等产品的市场价格大幅上涨，系本次股价异动的主 要原因。 ...