场内ETF方面，截至2026年2月12日 10:24，中证稀有金属主题指数(930632)强势上涨1.88%，成分股章 源钨业两连板，盛和资源上涨6.70%，云路股份上涨6.38%，中钨高新，东方钽业等个股跟涨。稀有金 属ETF基金(561800)上涨1.83%，盘中最高涨超2%。 数据显示，截至2026年1月30日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、厦门钨业、中矿资源、天齐锂业、中钨高新、中国稀土，前十 大权重股合计占比59.71%。 近期黑钨精矿（≥65%）价格两周大涨25.09%，锑锭报价上涨2.49%，镓、锗价格亦延续上行趋势；叠 加中国稀土价格指数两周上涨11.37%，镨钕氧化物涨幅达12.64%，反映上游资源端在供给约束与下游 高端制造需求共振下正加速提价。国元证券指出，上海期货交易所拟将符合国标的再生铅锭纳入铅期货 交割体系，标志着有色金属行业绿色低碳转型与循环利用政策持续落地，为稀有金属资源的可持续开发 与价值重估提供制度支撑。 中诚信国际认为，在矿端供应偏紧、需求韧性较强的背景下，2026年有色金属行业整体保持较高景气 ...

Group 1 - The core viewpoint of the news highlights the recent performance of the non-ferrous metal sector, particularly the significant inflow of funds into the Tianhong Non-Ferrous Metal ETF, which has reached a new high in scale and is closely tracking the Zhongzheng Industrial Non-Ferrous Metal Theme Index [1] - The Tianhong Non-Ferrous Metal ETF has seen a net inflow of 779 million yuan over the last five trading days, with its latest scale reaching 1.873 billion yuan, marking a record high since its listing [1] - The ETF's top three industries, copper (34.43%), aluminum (21.82%), and rare earths (13.60%), account for nearly 70% of its holdings, with a notable emphasis on rare earths as a strategic resource amid ongoing US-China trade negotiations [1] Group 2 - Indonesia's Ministry of Energy and Mineral Resources has officially announced a significant reduction in nickel ore production quotas for 2026, lowering the target range to 260-270 million tons, a decrease of approximately 30% from the 2025 target of 379 million tons [2] - The approved production quota for the Weda Bay Nickel mine has also been drastically cut from 42 million tons in 2025 to 12 million tons, indicating a shift in global nickel supply dynamics [2] - Tianfeng Securities notes that the recent stabilization and recovery of non-ferrous metal prices, combined with historical high production levels and increased fixed asset investment in the mining sector, suggest a continuous improvement in the industry's fundamentals and strong demand momentum [2]

Group 1 - The mining ETF (561330) opened at 2.280 yuan, experiencing a slight decline of 0.09% [1] - Major holdings in the mining ETF include Zijin Mining (+0.23%), Luoyang Molybdenum (-0.04%), Northern Rare Earth (+0.00%), Huayou Cobalt (+2.25%), China Aluminum (-0.45%), Ganfeng Lithium (+0.05%), Shandong Gold (-0.74%), Yun Aluminum (-0.19%), Zhongjin Gold (-0.72%), and Tianqi Lithium (-0.14%) [1] - The performance benchmark for the mining ETF is the CSI Nonferrous Metals Mining Theme Index return, managed by Guotai Fund Management Co., Ltd., with a return of 127.98% since its establishment on October 19, 2022, and a 9.00% return over the past month [1]

Group 1: Market Performance - The non-ferrous metal sector continues to show strong performance, with the popular ETF, Huabao Non-ferrous ETF (159876), reaching an intraday increase of 1.64% and currently up by 1.38% [1] - The trading volume for Huabao Non-ferrous ETF is reported at 40.17 million, with a turnover rate of 2.03% [1] - Key stocks in the sector include Baotai Co., which surged over 6%, and Shenghe Resources, which rose over 4% [1][2] Group 2: Industry Insights - The global largest nickel mine in Indonesia is facing production limits, with a 70% reduction in quotas, leading to a significant increase in nickel prices [2] - If the nickel quota in Indonesia is fully implemented by 2026, production is expected to decline to 2.6-2.7 million tons, indicating a long-term tightening of supply and potential price recovery for nickel [2] Group 3: Macroeconomic Factors - In January, the U.S. non-farm payrolls increased by 130,000, significantly exceeding market expectations of 70,000, with the unemployment rate dropping to 4.3%, the lowest since August 2025 [3] - The strong labor market data has reduced the likelihood of interest rate cuts by the Federal Reserve, positively impacting the U.S. dollar index and bond yields [3] - Despite geopolitical tensions, the precious metals market has maintained most of its gains, driven by safe-haven demand [3] Group 4: Investment Opportunities - The Huabao Non-ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, providing a comprehensive approach to capturing the beta of the entire sector [4] - The ETF serves as an efficient tool for investors looking to gain exposure to the non-ferrous metal sector [4]

资料显示，有色ETF银华（159871）跟踪的中证有色金属指数，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作为样本，以反映有色金属类相关上市公司的整体表现。 消息面上，2月11日，据长江有色金属网数据显示，镍现货价当日报价区间为137800至147400元/吨，均 价达142600元/吨，单日涨幅高达2950元/吨。 有券商表示，当前镍市整体呈现出"供应偏紧、需求分化"的运行特征，为节前价格走势提供了较强支 撑，持续看好镍板块投资机会。此外，国内基建项目稳步推进，光伏、风电、储能等新能源领域的铜需 求延续增长态势，家电、汽车等传统消费领域订单边际回暖，叠加企业补库需求的阶段性释放，为铜价 提供了坚实的需求支撑。铝方面，铝板带箔需求保持稳健，光伏、新能源汽车轻量化、储能建设及特高 压电网建设等新能源领域的铝需求延续增长，有效抵消了建筑等传统领域的季节性淡季需求下滑压力， 下游刚需采购为铝价提供了底部支撑。 A股早盘走势分化，有色概念股震荡走强。华友钴业涨超4%，寒锐钴业涨超3%，中金岭南、腾远钴 业、西部矿业、铜陵有色涨超2%。 受盘面影响，有色ETF银华（159871）涨近1%。 （文章来源：每 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, with the non-ferrous metal ETF fund (516650) rising by 1.36% and significant gains in individual stocks such as BaoTi Co., Ltd. (5.97%) and Shenghe Resources (5.87%) [1] - The non-ferrous metal ETF fund has seen a net inflow of funds for 15 out of the last 23 trading days, totaling 6.845 billion yuan, indicating a strong interest from leveraged funds [1] - Market analysts suggest that while there is a recovery in bullish sentiment, macroeconomic uncertainties remain, particularly influenced by U.S. economic data and policy expectations [1] Group 2 - The non-ferrous metal ETF fund closely tracks the CSI sub-index for the non-ferrous metal industry, with the top ten weighted stocks accounting for 51.85% of the index as of January 30, 2026 [2] - The top ten weighted stocks in the non-ferrous metal index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, indicating a diversified portfolio within the sector [2] - The performance of individual stocks within the index shows varying degrees of increase, with Zijin Mining at 2.05% and Huayou Cobalt at 3.05%, reflecting the overall positive trend in the sector [3]

Core Viewpoint - The non-ferrous metal sector continues to show strong performance, with the popular ETF, Huabao Non-ferrous ETF (159876), experiencing a rise of 1.38% and recovering key moving averages, indicating a bullish trend in the market [1][7]. Company Performance - Baotai Co. leads the gains with an increase of 6.10%, followed by Shenghe Resources at 4.90%, and other companies like Gangyan Gaona, Xiamen Tungsten, Jintian Co., and Huayou Cobalt also showing positive movements [2][10]. - The trading volume for Baotai Co. reached 4.01 million, while Shenghe Resources had a trading volume of 13.09 million, indicating strong investor interest [2][8]. Industry Insights - The global largest nickel mine in Indonesia is facing production limits, with a 70% reduction in quotas, leading to a spike in nickel prices. If the quota is fully implemented by 2026, Indonesia's nickel output could drop to 2.6-2.7 million tons, suggesting a long-term decline in production growth and a potential recovery in nickel prices [2][8]. - The macroeconomic environment shows strong labor market performance in the U.S., with non-farm payrolls increasing by 130,000 in January, surpassing expectations. This has implications for the non-ferrous metals market, as it may influence monetary policy and investor sentiment [3][9]. Market Outlook - Analysts from Zhongjin Securities and Huatai Securities express optimism about the non-ferrous metals sector, suggesting that the current market dynamics and macroeconomic conditions support a continued bullish outlook for the sector [3][9]. - The Huabao Non-ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, providing a comprehensive tool for investors to capitalize on the sector's performance [3][9].

Group 1 - The overall prices of non-ferrous metals are rising, with COMEX gold futures up 1.53% at $5107.8 per ounce and COMEX silver futures up 4.6% at $84.085 per ounce [1] - LME metal futures closed higher, with LME copper rising by $58 to $13166 per ton, LME aluminum up $10 to $3103 per ton, LME zinc up $12 to $3406 per ton, LME lead up $18 to $1993 per ton, LME nickel up $390 to $17880 per ton, and LME tin up $352 to $49635 per ton [1] - CITIC Securities indicates that since 2026, the investment enthusiasm for commodities has been increasing, and despite fluctuations in precious metal prices, commodities are expected to remain a preferred investment direction in 2026 due to factors like risk aversion and fundamental improvements [1] Group 2 - As of February 12, 2026, the National Securities Non-Ferrous Metal Industry Index (399395) rose by 1.65%, with stocks like Shengtun Mining up 8.96% and Zhongtung High-tech up 6.84% [2] - The Non-Ferrous Metal ETF Penghua (159880) increased by 1.39%, marking its fifth consecutive rise, with the latest price at 2.33 yuan [2] - The top ten weighted stocks in the National Securities Non-Ferrous Metal Industry Index account for 49.87% of the index, including Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth [2]

Core Viewpoint - The non-ferrous metal sector continues to show strong performance, with the popular ETF, Huabao Non-Ferrous ETF (159876), experiencing a rise of 1.38% and recovering key moving averages, indicating a bullish trend in the market [1][3]. Industry Performance - The non-ferrous metal sector is witnessing significant gains, with leading stocks such as Baotai Co. rising over 6%, and Shenghe Resources increasing by more than 4% [1][2]. - The global nickel market is affected by Indonesia's production limits, which could reduce nickel output to 2.6-2.7 million tons by 2026, potentially leading to a price recovery for nickel [2]. Macroeconomic Factors - The U.S. non-farm payrolls increased by 130,000 in January, surpassing expectations, while the unemployment rate fell to 4.3%, the lowest since August 2025 [3]. - The strong labor market data has reduced the likelihood of interest rate cuts by the Federal Reserve, positively impacting the dollar index and U.S. Treasury yields [3]. Investment Outlook - Analysts from Zhongjin Securities and Huatai Securities express optimism about the non-ferrous metal sector, suggesting that the market has not yet reached its peak and may continue to rise after a short-term adjustment [3]. - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, making it an effective tool for investors looking to capitalize on the sector's performance [3].

Group 1 - LME metal futures closed higher, with LME copper rising by $58 to $13,166 per ton, LME aluminum up by $10 to $3,103 per ton, LME zinc increasing by $12 to $3,406 per ton, LME lead gaining $18 to $1,993 per ton, LME nickel up by $390 to $17,880 per ton, and LME tin rising by $352 to $49,635 per ton [1] - Ping An Securities analysis indicates that the domestic aluminum ingot long-term market in 2026 will exhibit characteristics of "stable prices with adjustments, declining signing willingness, and a tight supply-demand pattern," with a positive long-term outlook for aluminum prices supported by macro sentiment recovery and fundamental strengthening [1] - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) surged by 1.18%, with component stocks such as Tungsten High-tech up by 6.70%, Dongyangguang up by 3.97%, and Huayou Cobalt up by 3.75%, while other stocks like Western Mining and Tongling Nonferrous also saw gains [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xinyi Silver Tin, Yun Aluminum, Tongling Nonferrous, Jiangxi Copper, Xiamen Tungsten, Zhongjin Gold, and Western Mining, collectively accounting for 55.71% of the index [2]