有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

Core Insights - The article highlights the rapid development of the clean energy industry in Zhaotong, driven by wind, water, and solar energy, aiming for a multi-energy complementary system and integrated development of "source, grid, load, and storage" [1][5][11] Group 1: Hydropower Development - The Baihetan Hydropower Station, the second-largest in the world, is a key component of China's "West-to-East Power Transmission" project, contributing to the world's largest clean energy corridor [4] - The Baihetan Hydropower Station has a total installed capacity of 16 million kilowatts, with each unit capable of generating 150 kilowatt-hours of electricity, sufficient for a typical household's monthly consumption [4][5] - Zhaotong's three major hydropower stations have a combined installed capacity of 13.86 million kilowatts, with the Xiluodu Hydropower Station alone generating over 700 billion kilowatt-hours since its commissioning [4][5] Group 2: Wind and Solar Energy Integration - Zhaotong is expanding its wind and solar energy capacity, with the Qiaojia County Laishishan Wind Farm having an installed capacity of 223,500 kilowatts and generating over 5.499 billion kilowatt-hours to date [6][9] - The Baigoulin Photovoltaic Power Station has a total installed capacity of 200 megawatts, expected to generate over 250 million kilowatt-hours by 2025, benefiting from Zhaotong's high solar irradiation [9][11] Group 3: Industrial Integration and Economic Impact - The integration of clean energy has significantly benefited local industries, with Yunnan Yun Aluminum Haixin Aluminum Co., Ltd. projected to consume approximately 9.5 billion kilowatt-hours of electricity by 2025, achieving a high operating rate of up to 90% [11][14] - The company has produced 3.3545 million tons of green aluminum, generating an industrial output value of 59.712 billion yuan and paying 2.171 billion yuan in taxes [14][16] - The presence of abundant green electricity and a complete upstream supply chain has enabled local manufacturers to meet stringent supply chain requirements from global high-end clients [16]

Group 1 - The core viewpoint of the article highlights a significant decline in the performance of the non-ferrous metal mining ETF, with a drop of 3.81% on February 6, 2023, closing at 2.120 yuan [1] - Major holdings within the non-ferrous mining ETF experienced notable declines, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index, managed by China Merchants Fund Management Co., with a return of 120.70% since its inception on June 21, 2023, and a monthly return of 9.84% [1]

Group 1 - The core point of the article highlights the significant decline in the performance of the Penghua Nonferrous ETF (159880), which opened down by 5.31% at 2.070 yuan on February 6 [1] - Major holdings within the Penghua Nonferrous ETF experienced notable drops, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The performance benchmark for the Penghua Nonferrous ETF is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.31% since its inception on March 8, 2021, and a recent one-month return of 9.33% [1]

Core Viewpoint - The article discusses the performance of the Silver Hua ETF (159871) and its major holdings, highlighting a significant decline in share prices on February 6, 2023 [1] Group 1: ETF Performance - The Silver Hua ETF (159871) opened down by 4.35%, priced at 2.067 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 116.34%, with a one-month return of 8.68% [1] Group 2: Major Holdings Performance - Major holdings in the ETF experienced notable declines, including: - Zijin Mining down by 5.07% - Luoyang Molybdenum down by 5.28% - Northern Rare Earth down by 2.71% - Huayou Cobalt down by 3.31% - China Aluminum down by 3.64% - Ganfeng Lithium down by 3.04% - Shandong Gold down by 3.97% - Yun Aluminum down by 1.78% - Zhongjin Gold down by 6.08% - Zhongmin Resources down by 1.79% [1]

Group 1 - The core point of the article highlights the performance of the Belt and Road ETF managed by E Fund, which experienced a decline of 1.95% to 1.709 yuan as of the midday close on February 5, with a trading volume of 4.9066 million yuan [1] - The major holdings of the ETF include companies such as Xiaogoods City, which fell by 0.07%, Goldwind Technology, which dropped by 9.46%, and China Aluminum, which decreased by 6.77% [1] - The ETF's performance benchmark is the CSI State-Owned Enterprises Belt and Road Index, with a return of 74.37% since its inception on November 6, 2019, and a return of 9.89% over the past month [1] Group 2 - The fund is managed by E Fund Management Co., Ltd., with Liu Shurong as the fund manager [1] - The article provides a snapshot of the performance of various stocks within the ETF, indicating mixed results with some stocks like Dong'a Ejiao increasing by 0.20% and others like Nanjing Energy decreasing by 7.89% [1] - The article emphasizes the importance of cautious investment, noting that market risks exist [1]

Core Viewpoint - The 2025 fund quarterly report indicates a shift in investment strategy from emotion-driven to performance-based, emphasizing stability and safety in the market [1] Group 1: Market Activity and Fund Performance - The average daily trading volume in A-shares reached 3.11 trillion yuan, a month-on-month increase of over 10%, indicating active trading despite the approaching Spring Festival [1] - As of December 2025, the net asset value of domestic public funds in China reached 37.71 trillion yuan, nearing the 38 trillion yuan mark, and has set a historical high for nine consecutive months [1] Group 2: Passive vs. Active Funds - By the end of 2025, the market value of stock index funds reached 4.7 trillion yuan, a quarter-on-quarter increase of 3.4%, while active equity funds fell to 3.39 trillion yuan, down 5.2% [4] - The gap between passive and active funds widened from 970 billion yuan in Q3 2025 to 1.31 trillion yuan by the end of 2025, reflecting a growing preference for transparent and cost-effective investment tools [4][5] Group 3: Sector Focus and Investment Trends - In 2025, active equity funds showed a reduction in allocation to TMT sectors, with a notable increase in the communication sector by approximately 1.9 percentage points [7] - Companies in the storage chip sector, such as Baiwei Storage, are expected to see significant profit growth, with projected net profits increasing by 427.19% to 520.22% year-on-year [8] Group 4: Safety and Stability in Investments - Commodity funds saw a surge of over 40% in scale, with gold-related ETFs increasing by over 100 billion yuan, highlighting a shift towards safe-haven assets amid global economic uncertainties [10] - The "fixed income plus" products reached a scale of 2.74 trillion yuan by the end of 2025, growing approximately 60% year-on-year, catering to cautious investors seeking stable returns [11]

来源：新浪基金∞工作室 2月4日，有色ETF华宝（159876）开盘涨2.15%，报1.188元。有色ETF华宝（159876）重仓股方面，紫 金矿业开盘涨1.78%，洛阳钼业涨3.98%，北方稀土涨0.35%，华友钴业涨1.70%，中国铝业涨1.75%，赣 锋锂业跌0.29%，山东黄金涨0.39%，云铝股份涨1.17%，中金黄金涨0.18%，江西铜业涨3.00%。 有色ETF华宝（159876）业绩比较基准为中证有色金属指数收益率，管理人为华宝基金管理有限公司， 基金经理为陈建华，成立（2021-03-12）以来回报为132.74%，近一个月回报为16.91%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月3日，有色金属ETF（512400）开盘涨3.99%，报2.189元。有色金属ETF（512400）重仓股方面，紫 金矿业开盘涨3.36%，洛阳钼业涨3.12%，北方稀土涨2.41%，华友钴业涨2.33%，中国铝业涨2.99%，赣 锋锂业涨2.91%，山东黄金跌7.33%，云铝股份涨2.70%，中金黄金跌8.16%，藏格矿业涨3.34%。 有色金属ETF（512400）业绩比较基准为中证申万有色金属指数收益率，管理人为南方基金管理股份有 限公司，基金经理为崔蕾，成立（2017-08-03）以来回报为123.28%，近一个月回报为13.45%。 ...

2月3日，云铝股份盘中下跌2.02%，截至10:42，报31.57元/股，成交15.20亿元，换手率1.36%，总市值 1094.83亿元。 资金流向方面，主力资金净流出5371.31万元，特大单买入1.63亿元，占比10.70%，卖出1.64亿元，占比 10.79%；大单买入4.91亿元，占比32.29%，卖出5.43亿元，占比35.73%。 云铝股份今年以来股价跌3.87%，近5个交易日跌4.42%，近20日跌9.54%，近60日涨24.68%。 分红方面，云铝股份A股上市后累计派现60.69亿元。近三年，累计派现38.84亿元。 机构持仓方面，截止2025年9月30日，云铝股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2.69亿股，相比上期增加7209.36万股。华泰柏瑞沪深300ETF（510300）位居第五大流通 股东，持股3538.20万股，相比上期减少163.84万股。易方达沪深300ETF（510310）位居第八大流通股 东，持股2561.00万股，相比上期减少80.43万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现 ...