该机构认为，短期关税裁决与地缘冲突对贵金属形成共振驱动，中长期角度来看，去美元化、地缘风险 等因素将支撑黄金重回上行通道。由于工业属性与金融属性共振，短期白银有望延续震荡偏强走势。 工业金属方面，LME锡涨超3%，现报51920美元/吨，锌、铜、铝、镍等不同幅度上涨。 长江证券分析认为，从国内场景看，基建项目加速落地，电网升级、光伏电站建设等工程密集开工，带 动锡镍等工业金属需求刚性增长；新能源汽车、AI算力基础设施等新兴领域产能快速恢复，单台AI服 务器用锡量远超传统设备，成为需求新增长点。海外市场同样传来积极信号，全球央行宽松预期延续， 欧美"再工业化"进程推动制造业复苏，带动金属出口需求稳步回升，为国内下游需求形成补充。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数。当有色金属价格（如铜价、金价、锂价）上涨时，上游企业的利润会直接、快速 地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性十 足。 2月25日，有色板块延续大涨，有色矿业ETF招商（159690）涨3.31%，成份股云南锗业、华锡有 ...

业内分析指出，锌铟等小金属价格上行、镍矿等品种海外供给收缩为有色金属行业提供直接支撑，全球 铝产业合作项目落地与美欧钢铝贸易关系缓和的预期，进一步利好工业金属领域的需求释放，叠加国内 有色金属产量稳步增长夯实行业发展根基，行业整体供需格局持续优化，各细分品种迎来轮动向好的发 展态势。 有色ETF银华（159871）紧密跟踪中证有色金属指数。该指数选取涉及有色金属采选、有色金属冶炼与 加工业务的上市公司，反映有色金属类相关上市公司的整体表现，前十大重仓股包含紫金矿业、洛阳钼 业、北方稀土等龙头企业，权重合计46.48%。 消息面上，2月25日，国内锌铟板块行情走高，24日上海钢联数据显示，国内粗铟中间价报4600元/公 斤、精铟中间价报4700元/公斤，均较节前上涨300元/公斤；印尼莫罗瓦利镍矿中心发生山体滑坡影响 当地镍矿产出，且该国2026年镍矿配额预计2.5-2.6亿吨，较2025年的3.79亿吨降幅超34%，全球镍供给 端收缩态势凸显。2月24日，阿联酋环球铝业与美国铝业、世纪铝业达成合作协议，推进俄克拉荷马州 铝中心建设，当地原铝项目预计于今年年底启动；欧盟官员预计美国将在未来几周降低对含钢铝加工产 ...

Summary of Conference Call Industry Overview - **Steel Industry**: The outlook for the steel industry has shifted from cautious to bullish, primarily driven by supply-side expectations. The current profitability of the industry is low, which is seen as a potential opportunity for investment. The focus is on the supply-side policies that are influenced by the industry's profitability levels. The investment opportunities are concentrated during periods of poor profitability or strong expectations for recovery [1][2]. - **Non-Ferrous Metals**: The overall sentiment towards non-ferrous metals is positive, with a particular emphasis on the strategic importance of reserves. The current market conditions are compared to the 1970s, indicating that traditional supply-demand dynamics may not fully capture the market's behavior. Central bank gold purchases are highlighted as a significant factor influencing prices [3][4]. Key Insights - **Steel Sector Performance**: The steel sector is expected to face challenges in 2024, with a significant downturn anticipated in Q3 and Q4. However, there is a belief that supply-side expectations will strengthen in 2025, particularly in early 2025, before tapering off as profitability improves later in the year. Recommended stocks include Hualing Steel and Baosteel [2]. - **Gold and Silver Market**: The gold and silver markets are expected to maintain their upward trajectory due to concerns over U.S. dollar credit and geopolitical tensions. The current environment is seen as favorable for gold prices, with expectations of continued strength in the short term. Silver is noted for its higher price elasticity compared to gold, with potential for strong performance in March due to seasonal demand [5][6][7]. - **Copper Market Dynamics**: The copper market is currently in a seasonal accumulation phase, with domestic inventories exceeding 500,000 tons. The price of copper has stabilized around 100,000 yuan per ton, with expectations for a gradual recovery as demand from downstream industries increases. The long-term outlook remains optimistic due to ongoing demand from AI and electric grid applications [8][9][10][11]. - **Cobalt and Nickel**: The cobalt and nickel markets are expected to experience upward price movements, driven by supply constraints and strategic demand. Recommended stocks include Huayou Cobalt and Li Hang Resources, which are seen as having strong price elasticity [12]. - **Tin Market Outlook**: The tin market is projected to see price increases due to limited supply growth and strong demand from the semiconductor industry. The recommendation is to focus on companies like Xinyi Silver Tin, which are expanding production capacity significantly [13][14][15]. - **Tungsten Market Trends**: The tungsten market is experiencing a price increase, with strong demand from various sectors. Companies like Xiamen Tungsten and Zhongtian High-tech are expanding their production capabilities, indicating confidence in the market's future [16][17][18][19][20]. - **Rare Earth Elements**: The rare earth market is expected to remain tight, with supply constraints and increasing demand from new energy applications. Companies like Northern Rare Earth and China Rare Earth are recommended for investment due to their strategic importance and growth potential [21][22][23][24]. Additional Considerations - The overall sentiment across various metal markets indicates a cautious optimism, with strategic reserves and geopolitical factors playing a significant role in price movements. The focus on supply-side dynamics and the potential for recovery in profitability are critical themes for investors to consider moving forward [25].

会议助理 1: 大家好，欢迎参加国金金属金属牛市每一天第 22 天，继续看多稀土、钨、锡价或迎拐点。 王钦扬 国金证券金属分析师: 各位领导好，我是国际金属分析师王清扬。现在由我来给大家汇报一下我们这个金属牛市 每一天，第 22 次电话会议。正如我们在更新，刚更新的这个双周报的内容。本次的这个 汇报的观点，就是继续看多稀土和钨板块。锡价或迎拐点。这里可以看出我们首推的几个 品种，稀土和钨，这是我们在重点推荐的。那么锡的话，我们觉得也一直是在推荐，但是 从今往后，我认为锡价也要进入一个新的周期，大家对锡的这个关注度可以，或者说价格 高点的也能进一步的高看一眼这是我们以上的这个，这次主要的一个汇报的观点。 那首先是这个，首先是这个稀土，稀土我们可以看到，在节前这个稀土走出了非常强的一 波这个商品的走势。那股票？其实如果刨掉那个最后一两个交易日的这个股价的波动，其 实稀土最后两天，其实近期的这个股价走势还是非常的强悍，非常的强悍。尤其这个相对 收益，我觉得也是其实也是非常不错的，也是非常不错。大概可能从这个 2 月上旬，比如 说龙头股北溪，也有一个，也大概会有一个这个百百分之接近 20%的这样的一个涨幅，我 觉得也 ...

中信证券：本轮存储周期的上行逻辑为供给优化+AI需求驱动。存储厂商聚焦高利润率的产品，压缩主 流存储的供给，使其价格快速上涨，带来更大的价格弹性。参照存储，本轮电子布需求周期主要由AI 需求驱动，具有更强的增长性和持续性，且AI对于特种电子布的需求更多。在超级周期下，研报认为 7628电子布也有望迎来新的价格高点。考虑到AI需求持续快速增长，研报预测2026年特种布需求增幅 有望达到100%。 转自：新华财经 新华财经北京2月25日电 （胡晨曦）A股三大指数2月25日早间集体高开，随后震荡拉升，三大指数均涨 超1%。沪深两市半日成交额1.52万亿元，较上个交易日放量104亿元。盘面上，磷化工板块延续涨势， 澄星股份、六国化工等均连板；锂矿概念快速拉升，大中矿业涨停；稀土永磁概念表现活跃，北方稀 土、包钢股份涨停。下跌方面，影视院线概念再度下挫，横店影视2连跌停。 截至午间收盘，沪指报4166.72点，涨幅1.20%，成交6577亿元；深证成指报14501.50点，涨幅1.47%， 成交8630亿元；创业板指报3355.66点，涨幅1.43%，成交3898亿元。 热点板块 盘面上，小金属、钢铁、港口航运、磷化工 ...

2月25日，上证指数早盘涨逾1%，钢铁、有色金属、化工板块领涨，市场近4000只个股上涨。小金属板块持续大涨，Wind数据显示，中证稀有金属指数 早盘盘中涨超6%，相关ETF如稀有金属ETF（159608）同步跟涨，盘中交投活跃，涨幅居前。Wind数据显示，稀有金属ETF（159608）最新规模超50亿 元，流动性同类居前；从业绩表现看，该ETF近1年涨幅超114%，在Wind二级分类中排名前2%，期间跟踪指数误差仅0.0326%。 消息面上，美国计划利用五角大楼开发的人工智能项目，为关键矿产制定参考价格，以支撑其构建全球金属贸易集团的计划，首批将聚焦锗、镓、锑、钨 四种金属，随后将逐步扩大覆盖范围。 一键布局稀土+有色，稀有金属ETF（159608，联接A/C类019874/019875）跟踪中证稀有金属主题指数，指数样本聚焦不超过50家业务涉及稀有金属采 矿、冶炼和加工的上市公司证券。截至2月24日，该指数申万三级前10大行业（及权重）分别为稀土（15.1%）、铜（14.1%）、锂（13.4%）、其他小金 属（11.5%）、钨（8.0%）、钴（7.3%）等；前十大权重股覆盖洛阳钼业、北方稀土、华友钴业、盐 ...

盘面上，周期股持续走强，钢铁、有色金属、化工、建筑涨幅靠前；白酒、券商、房地产表现不俗；半 导体、核聚变题材活跃。AI应用、超硬材料、CPO概念股走弱。 | 板块名称 | 张唱 | 涨速 | 张停数 | | --- | --- | --- | --- | | 小金属 | +6.48% | +0.15% | | | 能源金属 | +6.35% | +0.05% | | | 钢铁 | +5.51% | +0.08% | | | 磷化工 | +5.50% | +0.08% | 10 | | 金属锌 | +5.46% | +0.04% | 11 | | 金属铅 | 45.37% | +0.06% | ਰ | | 钛白粉概念 | 45.02% | +0.05% | 3 | | 金属钻 | +4.87% | +0.12% | | | 金属铜 | +4.75% | +0.08% | 11 | | 1 小金属概念 | 44.51% | +0.10% | 19 | | 稀土永磁 | +4.34% | +0.16% | Б | | 工业金属 | +4.24% | +0.06% | A | 沪深两市半日成交额1.52万亿，较上个交 ...

Core Viewpoint - The Tianhong Nonferrous Metals ETF (159157) has shown strong performance, leading the market in trading volume and net inflows, indicating a growing interest in the nonferrous metals sector driven by various market dynamics [1][2][3]. Group 1: ETF Performance - As of February 24, the Tianhong Nonferrous Metals ETF reached a record size of 2.159 billion yuan and a total of 2.173 billion shares, marking new highs since its inception [2]. - The ETF recorded a turnover of 9.37% with a trading volume of 208 million yuan, ranking first among similar products in the Shenzhen market [1]. - Over the past week, the ETF has seen continuous net inflows, with a peak single-day inflow of 269 million yuan, totaling 1.067 billion yuan in net inflows [3]. Group 2: Market Trends - The CSI Industrial Nonferrous Metals Theme Index, which the ETF tracks, surged by 5.40%, with notable increases in constituent stocks such as Chihong Zn & Ge (up 10.01%), Tin Industry Co. (up 10.00%), and Northern Rare Earth (up 9.99%) [1]. - The ETF focuses on key metals like copper, aluminum, and rare earths, covering 30 leading companies in the industry, thus providing a strategic investment opportunity amid AI-driven, strategic resource, and cyclical upturn trends [4]. Group 3: Relevant Events - The Trump administration plans to utilize AI to set reference prices for critical minerals, including germanium, gallium, antimony, and tungsten, aiming to establish a global metal trading group [5]. - This initiative is intended to attract allies and protect domestic mining companies through transparent pricing, although the effectiveness of AI pricing and international cooperation remains under scrutiny [5]. Group 4: Institutional Insights - Citic Securities has noted significant fluctuations in gold prices, attributing them to market concerns over the Federal Reserve's independence and geopolitical uncertainties, which may affect the broader precious and nonferrous metals market outlook [6].

（文章来源：每日经济新闻） 每经AI快讯，2月25日，市场早盘震荡拉升，三大指数均涨超1%。沪深两市半日成交额1.52万亿元，较 上个交易日放量104亿元。盘面上，全市场近4000只个股上涨，受涨价催化影响，稀土、磷化工、航 运、油气等涨价题材股表现强势。从板块来看，锂矿概念快速拉升，大中矿业涨停。磷化工板块延续强 势，澄星股份、六国化工、和邦生物2连板。稀土永磁概念表现活跃，北方稀土、包钢股份涨停。油气 股反复走强，洲际油气2连板。下跌方面，影视院线概念再度下挫，横店影视2连跌停。截至收盘，沪指 涨1.2%，深成指涨1.47%，创业板指涨1.43%。 ...

2月25日，市场早盘震荡拉升，三大指数均涨超1%。沪深两市半日成交额1.52万亿，较上个交易日放量104亿。 盘面上，全市场近4000只个股上涨，受涨价催化影响，稀土、磷化工、航运、油气等涨价题材股表现强势。 从板块来看，锂矿概念快速拉升，大中矿业涨停。磷化工板块延续强势，澄星股份、六国化工、和邦生物2连板。稀土永磁概念表现活跃，北方稀土、包钢 股份涨停。油气股反复走强，洲际油气2连板。下跌方面，影视院线概念再度下挫，横店影视2连跌停。 截至收盘，沪指涨1.2%，深成指涨1.47%，创业板指涨1.43%。 78.00% 封板 68 触及 19 昨涨停今表现 4.14% 高开率 72% 获利率 涨停表现 封板率 ...