Core Insights - The prices of various commodities, including precious metals, minor metals, storage chips, and electronic fabrics, have significantly increased this year, leading to a surge in related stock prices [1][2][3] - Analysts indicate that macro liquidity easing supports commodity prices, with the metal sector expected to have higher upward elasticity, making price increases a key investment theme for the first quarter [1][5] Price Increases Across Various Commodities - Multiple commodities have seen price hikes this year, driven by strong AI demand for storage chips and electronic fabrics, as well as increases in resource-based products like gold and silver [1][2] - As of February 27, 2023, spot gold has risen nearly 20%, spot silver over 25%, and LME tin contracts have increased by over 40% [2] - Chemical giants like BASF and Wanhua Chemical have announced price increases for their products [2] Stock Performance - The surge in commodity prices has positively impacted related stocks, with the Wind storage chip index up over 27%, the Wind glass fiber index up over 46%, and the Wind minor metals index up over 42% this year [3] - Specific stocks such as Xianglu Tungsten and Zhangyuan Tungsten have seen increases of over 180%, while Zhongtung High-tech has risen over 130% [3] Positive Impact on Company Performance - Price increases are expected to have a positive effect on the performance of related listed companies, with companies like Zinc Industry Co. indicating that rising indium prices will benefit their earnings [4] - Zhangyuan Tungsten has forecasted significant revenue and net profit growth due to tight supply and increased demand for tungsten raw materials [4] Investment Trends - The trend of price increases is seen as a core investment theme, with significant capital inflows into price-sensitive stocks [4][5] - As of February 26, 2023, Zijin Mining has seen a net capital inflow of over 4.6 billion yuan, with several other companies also experiencing substantial net purchases [4] Broader Market Implications - Price increases are becoming a critical trading theme across various sectors, not limited to specific industries, with 25 out of the top 30 concept indices related to price increases [5] - The expansion of price increases from non-ferrous metals to oil, chemicals, construction materials, and technology is anticipated to be a significant market driver this year [5]

本报记者 舒娅疆 全球锂供应链再生变数。2月25日，全球第四大锂矿生产国津巴布韦宣布，即日起全面暂停锂精矿及原矿出口。此举无疑 将加速全球锂资源格局重构，也让"白色石油"的战略博弈迈入新阶段。 近10年来，锂价虽经历数次"过山车"行情，但全球对锂资源的竞争与布局从未停歇，资源国政策收紧、供需阶段性失衡、 技术迭代提速，共同构成锂产业的复杂格局。 中国作为全球最大锂电生产与消费国，已建成完整产业链、培育出具备全球竞争力的龙头企业。面对外部供给扰动与内部 转型需求，中国锂矿产业正从资源突围转向生态构建，以技术创新提升供给弹性，以全球布局增强供应链韧性。这场关乎能源 安全与产业未来的跃迁，正在深刻改写全球新能源版图。 提升锂资源自主保障能力 根据海关数据统计，2025年，我国进口锂精矿约775.1万吨，同比增长约39.4%，主要来源为澳大利亚、津巴布韦、巴西等 国；净进口碳酸锂23.7万吨，同比增长约2.8%。 万创投行研究院院长段志强在接受《证券日报》记者采访时表示："全球的锂资源分布非常不平衡，其中南美'锂三角'、澳 大利亚、非洲等地具有锂资源优势。我国新能源汽车、锂电产业蓬勃发展，带动了关键的资源勘探、开发开 ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | YENNERSE THE PERFEL | | | --- | --- | --- | --- | --- | | 1 | 前海开源沪 ... C | 6.1930 | 6.30% | | | | 003305 | 2026-2-27 | | | | 2 | 前海开源沪 ... A | 6.2570 | 6.29% | 7 | | | 003304 | 2026-2-27 | | | | 3 | 东方创新成 ... A | 1.3543 | 5.16% | | | | 014352 | 2026-2-27 | | | | 4 | 东方创新成 ... C | 1.3260 | 5.16% | | | | 014353 | 2026-2-27 | | | | 5 | 同泰慧盈混合A | 1.6619 | 4.98% | 8 | | | 008178 | 2026- ...

前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 中远海控(01919) | 5.26 亿股 | 5.20 亿股 | 18.86% | | 宁德时代(03750) | 2605.32 万股 | 2600.64 万股 | 16.68% | | 中国平安(02318) | 11.52 亿股 | 11.53 亿股 | 15.48% | | 舜宇光学科技(02382) | 1.64 亿股 | 1.64 亿股 | 15.24% | | 东方电气(01072) | 6239.12 万股 | 6166.94 万股 | 15.12% | | 中兴通讯(00763) | 1.10 亿股 | 1.10 亿股 | 14.53% | | 万科企业(02202) | 3.14 亿股 | 3.13 亿股 | 14.16% | | 紫金矿业(02899) | 8.00 亿股 | 8.08 亿股 | 13.50% | | 恒瑞医药(01276) | 3468.60 万股 | 3439.41 万股 | 13.32% | | 药明康德(02359) ...

智通财经2月27日讯（编辑 冯轶）今日港股2月行情正式收官。据Wind数据显示，2月南向资金累计净流入约905.75亿港元，为近3个月以来的单月新高。 需要指出的是，考虑到春节假期影响，本月港股通仅有14个交易日，日均流入达64.69亿港元，环比1月增长近9成，实际呈现爆发式流入。 其中，有5个交易日单日净买入规模超过百亿，且频频刷新阶段性纪录。 可以看到，尽管港股大市行情2月震荡走弱，但在恒指中枢下移过程中，南向资金仍在主动加仓。 | | 南向资金2月流向 | | | --- | --- | --- | | 所属行业 | 净买卖金额(亿) | 占行业总市值 | | 资讯科技业 | 393.72 | -1.1 | | 非必需性消费 | 211.96 | -1.04 | | 地产建筑业 | 99.4 | 0.35 | | 要鄙亦 | 97.62 | 0.95 | | 能源业 | 61.57 | 0.75 | | 必用事业 | 26.96 | 50'0 | | 工业 | 26.06 | 0.46 | | 医疗保健业 | 18.04 | -0.5. | | 综合企业 | 1.82 | 0.01 | | 必需性消费 ...

恒生科技指数今日也小幅反弹，最终收盘报5137.84点，上涨28.51点，涨幅0.56%。二月以来，恒生科 技指数累计下跌10.15%。 热点方面，老铺黄金（HK06181）今日涨超3%。消息面，公司近日发布调价通知称，将于2026年2月28 日进行产品价格调整。 交银国际发布医药行业周报称，本周2026年ASCO GU大会常规摘要公布，此次大会将于近日召开，共 有超过70项我国专家主导的研究入选，荣昌、翰森、科伦博泰、映恩生物等中国创新药企将携重磅数据 亮相，临床数据密集释放有望阶段性催化板块行情。该机构认为，2026年板块稳中向好态势或将延续， 但仍有短期波动的可能，在选股时应重回基本面和估值、关注在震荡中被错杀的低估标的。 今日（2月27日），港股市场二月行情正式收官，最终各类指数总算止跌反弹。 截至收盘，恒生指数报26630.54点，上涨249.52点，涨幅0.95%。整个二月行情，恒生指数累计下跌 2.76% 除了老铺黄金外，今日其他黄金股普涨。其中，潼关黄金涨超3%，招金矿业、紫金矿业等涨超1%。此 外，梦金园（HK02585）涨超11%。梦金园官网显示，公司主打高纯度和轻奢款式的黄金钻石珠宝，是 ...

A股2月收官！沪指月线斩获3连阳，春节后市场交投持续活跃，"日成交超万亿"已成常态。从板块来看，热点聚焦度显著提升，涨价题材大放异彩，化工、 有色金属表现突出。 2月最后一个交易日（2月27日），A股三大指数涨跌不一，全市场超3200只个股上涨，沪深京三市成交额2.51万亿元，较昨日小幅缩量504亿元。 盘面上，小金属狂飙突进，稀土持续涨价，湖南黄金等9股狂掀涨停潮，有色ETF（159876）场内涨幅最高上探3.82%。磷化工风口叠加TDI行情催化，化工 ETF（516020）斩获4连阳，继续刷新2022年1月以来的阶段高点。 算力方向继续活跃！中国AI调用量首超美国，国产算力有望受益，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格拉升2.03%；云计算进入 密集涨价周期，大数据ETF（516700）场内价格劲涨2.05%；华为云码道公测，盘古生态再扩容，重仓软件开发行业的信创ETF基金（562030）场内价格上 涨1.76%，收复5日、10日均线。 全球AI发展驱动电力需求激增，叠加"HALO交易"加持，电力ETF（159146）场内再涨2.64%连创上市新高，基金经理曹旭辰指出，伴随A ...

| . | | --- | | 战略储备需求增加，铜价偏强震荡 | 2 | | | --- | --- | --- | | 第一部分 | 铜市场综述 2 | | | 2 | | | | 2 | | | | 2 | | | | 第一部分 | 铜市场综述 3 | | | 3 | | | | 3 | | | | 第二部分 | 地缘局势紧张，战略储备需求增加 | 5 | | 第三部分 | 供应端 7 | | | 第四部分 | 消费面分析 15 | | | 15 | | | | 18 | | | | 21 | | | | 24 | | | | 26 | | | | 第五部分 | 供需平衡表 27 | | | 免责声明 | | 28 | 有色金属研发报告 铜 3 月报 2026 年 2 月 27 日 战略储备需求增加，铜价偏强震荡 第一部分 铜市场综述 邮 箱 银河期货 第 2 页 共 29 页 有色金属研发报告 铜 3 月报 2026 年 2 月 27 日 第一部分 铜市场综述 第 3 页 共 29 页 铜 3 月报 2026 年 2 月 27 日 图 1：铜价走势图 图 2：沪铜隔月价差（连一-连三）（元/吨） 图 ...

在私募行业蓬勃发展的几十年中，公募基金经理"奔私"潮持续涌动，这背后既有个人在职业天花板的突围，亦有平台派系更迭引发的变动。从早年王亚伟、 邱国鹭开风气之先，到近年董承非、周应波等人自立门户，"公奔私"基金经理已经成为私募行业的一个重要派系，甚至不少是自身私募机构的核心人物，掌 舵着公司的整体投研方向。 私募排排网数据显示，截至2026年1月底，"公奔私"基金经理共有859位。其中，头部私募旗下的"公奔私"基金经理共有87位，占比10.13%。 接下来，笔者将划分百亿私募（规模100亿以上）、准百亿私募（规模50-100亿）两个规模组，为大家盘点头部私募（规模50亿以上）旗下"公奔私"基金经 理的代表人物。 | 8 | 崔童 | 股票 | 18 | | --- | --- | --- | --- | | 9 | 邓晓峰 | 股票 | 25 | | 10 | 董承非 | 股票 | 24 | | 11 | 杜昌勇 | 股票 | 30 | | 12 | 杜骐臻 | 股票 | 14 | | 13 | 归江 | 股票 | 28 | | 14 | 韩冬 | 股票 | 18 | | 15 | 韩海峰 | 组合基金 | 12 ...

Core Viewpoint - Zimbabwe's sudden ban on all raw mineral and lithium concentrate exports has triggered a significant market reaction, with lithium carbonate futures surging over 11% to exceed 160,000 yuan/ton, indicating a potential new cycle in the lithium market driven by supply disruptions and surging demand from energy storage batteries [1][2][3]. Supply Side - The ban from Zimbabwe is expected to have a short-term impact, with current compliant export capacity limited to 25,000 tons of lithium carbonate equivalent (LCE) in 2026, increasing to 60,000 tons in 2027 [3][5]. - The global lithium supply is projected to be approximately 202,000 tons of LCE in 2026, with demand expected to reach around 201.7 million tons, indicating a tight supply-demand balance [22]. - The recovery of lithium production in Australia is anticipated to take at least a quarter, with many projects still in the planning stages, which limits immediate supply response to rising prices [8][12]. Demand Side - The demand for lithium is increasingly driven by energy storage, with global shipments of storage batteries expected to reach 900 GWh in 2026, translating to a demand for approximately 540,000 tons of LCE, a 50% year-on-year increase [16][18]. - Despite a temporary slowdown in demand for power batteries due to policy changes, the overall demand for lithium is expected to rebound significantly in 2026, with projections of 1.9 million electric vehicles sold in China, a 15.2% increase year-on-year [16][18]. Pricing Dynamics - The current low inventory levels, with social stocks of lithium carbonate dropping to around 10,300 tons, have significantly amplified price elasticity, leading to a market that is trading on "shortage driven by restocking" rather than waiting for supply-demand equilibrium [18][24]. - The pricing logic in the lithium market is shifting from "current period looseness" to "future period tightness," as financial attributes of lithium are becoming more pronounced, with market participants pricing in future scarcity [25][26]. Geopolitical Factors - The emergence of a "Lithium OPEC" in South America, involving Argentina, Bolivia, and Chile, aims to regain pricing power over lithium resources, which could further complicate supply dynamics [6][7]. - Geopolitical and policy variables, such as nationalization efforts in Chile and Mexico's strategic designation of lithium, are expected to layer additional pricing options that could influence market dynamics over time [6][7]. Future Outlook - Analysts predict that lithium carbonate prices could exceed 200,000 yuan/ton in the short term, supported by low inventory, concentrated supply disruptions, and the upcoming demand peak [26]. - The long-term outlook remains uncertain, with differing views on whether prices above 200,000 yuan/ton will be sustainable or if they represent a temporary window before supply increases catch up [26].