有色金属行业双周报：钨价大幅上涨，贵金属短期迎方向选择-20260211

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The non-ferrous metals industry index decreased by 5.42% over the past two weeks, underperforming the CSI 300 index and ranking 28th among 31 first-level industries [12]. - Precious metals, energy metals, minor metals, industrial metals, and new metal materials all experienced varying degrees of decline during this period [12]. - The report highlights significant price movements, with tungsten prices rising sharply by 25.09% over the past two weeks, while other metals like silver and tin saw substantial declines [19][38]. Summary by Sections Market Review - The non-ferrous metals industry index fell by 5.42% from January 26 to February 6, 2026, underperforming the CSI 300 index [12]. - Precious metals decreased by 2.49%, energy metals by 11.47%, minor metals by 4.25%, industrial metals by 4.29%, and new metal materials by 9.25% [12]. Precious Metals - As of February 6, COMEX gold closed at $4,988.60 per ounce, up 0.11% over the past two weeks, and up 14.89% year-to-date [20]. - COMEX silver closed at $77.53 per ounce, down 24.92% over the past two weeks, but up 7.28% year-to-date [20]. - The report suggests focusing on companies like Shandong Gold, Zhongjin Gold, and Hunan Gold due to the current market dynamics [21]. Industrial Metals - LME copper settled at $12,840.00 per ton, down 0.62% over the past two weeks, but up 2.14% year-to-date [29]. - Domestic copper prices averaged 99,560 RMB per ton, down 1.68% over the past two weeks [29]. - Companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Tongling Nonferrous [29]. Minor Metals - Black tungsten prices rose to 673,000 RMB per ton, up 25.09% over the past two weeks [38]. - Tin prices on LME fell to $47,155 per ton, down 16.69% over the past two weeks [38]. - The report recommends focusing on companies like Xiyang Tin, Huaxi Silver, and Xingye Silver due to the current market conditions [39]. Rare Earths - The China Rare Earth Price Index reached 265.43, up 11.37% over the past two weeks [52]. - Neodymium oxide closed at 757,500 RMB per ton, up 12.64% over the past two weeks [52]. - Companies to focus on include China Rare Earth, Northern Rare Earth, and Shenghe Resources [53]. Energy Metals - Electrolytic cobalt averaged 420,000 RMB per ton, down 3.89% over the past two weeks [61]. - Lithium carbonate (battery-grade) averaged 134,500 RMB per ton, down 21.35% over the past two weeks [64]. - Companies to monitor include Tianqi Lithium and Ganfeng Lithium due to the evolving market landscape [64].