证券研究报告 | 2026年02月25日 基金投资价值分析 一键布局有色全赛道——南方中证申万有色金属 ETF 投资价 值分析 一键布局有色全赛道 近期有色板块调整并非趋势终结：有色金属板块近期出现短期波动，但市场 基本已消化了特朗普提名沃什为下一任美联储主席的冲击，降息仍是大方 向，贵金属根本逻辑并未改变，各金属品种的定价有望回归基本面。 宏观、供需、资金维度均支撑贵金属定价：宏观层面，美联储开启降息周期， 全球流动性转向宽松，直接利好有色金属价格；从供需来看，历史上央行购 金与黄金价格存在较强相关性，近年来央行购金快速提升，支撑金价表现； 此外，黄金投资价值的提升吸引了大量投资者涌入以 ETF 计价的黄金市场。 新兴产业的发展为工业金属提供大量新增需求：在产业层面，人工智能、新 能源这些新兴产业的发展远远超出市场预期，新兴领域的发展成为需求增长 的新引擎，比如 AI 数据中心建设、电网升级、新能源转型等，这为铜、铝 等金属带来了需求弹性、打开长期需求增长空间。 中证申万有色金属指数投资价值分析 证券分析师：张欣慰 证券分析师：杨昕宇 截至 2026 年 2 月 11 日，中证申万有色金属指数的市盈率为 3 ...

记者|杜宇 编辑|何小桃 杜波 校对|段炼 2月25日，黄金、白银，再度拉升！ 2月25日午后，现货黄金价格直线走高。截至发稿，现货黄金涨破5200美元/盎司，涨1.38%。 与此同时，今日A股黄金股普遍上涨。 | | 黄金股ETF | | Ci Q | | --- | --- | --- | --- | | | 2.658 +1.30% | | | | 持仓股 | 资金 | F10 资讯 | 互动 | | 名称 | 持仓占比 ÷ | 最新 = | 涨幅 ÷ | | 铜陵有色 | 3.01% | 7.73 | +2.93% | | 000630 融 | | | | | 弓可波罗 | 0.00% | 24.80 | +2.61% | | 001386 融 注 | | | | | 紫金黄金国际 | 3.32% | 237.000 | +2.07% | | 02259 通 | | | | | 江西铜业股份 | 1.50% | 46.120 | +1.99% | | 00358 通 | | | | | 紫金矿业 | 3.94% | 44.800 | +1.77% | | 02899 通 | | | | | 江西铜业 ...

2月25日，沪深两市成交额合计2.46万亿元，较上一交易日放量约2604.86亿元。其中，沪市成交额1.09 万亿元，深市成交额1.38万亿元。胜宏科技成交额居首，为174.92亿元。其后是北方稀土、新易盛、中 际旭创、紫金矿业，成交额分别为165.48亿元、128.8亿元、119.99亿元、115.05亿元。 ...

Group 1 - The main stocks with significant capital inflow include Northern Rare Earth (30.50 billion), Shenghong Technology (17.73 billion), and Baosteel (17.03 billion) [1] - Northern Rare Earth saw a price increase of 9.99%, while Baosteel increased by 10.15% [2] - Other notable stocks with substantial inflows are Aerospace Development (14.72 billion) and Industrial Fulian (13.75 billion) [1][2] Group 2 - The electronics sector is represented by companies like Shenghong Technology, Industrial Fulian, and Huadian Shares, with inflows of 17.73 billion, 13.75 billion, and 9.39 billion respectively [2] - The defense sector includes Aerospace Development and Feilihua, with inflows of 14.72 billion and 7.25 billion respectively [2] - The non-ferrous metals sector has significant representation with Northern Rare Earth, Shenghe Resources, and China Rare Earth, attracting inflows of 30.50 billion, 5.97 billion, and 5.74 billion respectively [1][3]

Group 1 - The core viewpoint of the news is that the gold industry is experiencing a strong upward trend, driven by various factors including geopolitical tensions and economic concerns, leading to increased demand for gold as a safe-haven asset [2] - The China Securities Index for gold industry stocks (931238) has risen by 1.35%, with significant gains in individual stocks such as WanGuo Gold Group (up 6.97%) and Zhuye Group (up 5.90%) [1] - The gold stock ETF (159322) has also seen an increase of 1.28%, with the latest price reported at 2.13 yuan [1] Group 2 - Spot gold prices have reached $5,200, reflecting a daily increase of 1.16% [2] - The strong performance of precious metals is attributed to three main factors: a U.S. Supreme Court ruling impacting dollar credibility, ongoing tensions in Iran raising geopolitical risk, and lower-than-expected GDP growth in the U.S. alongside higher inflation, reinforcing gold's anti-inflation properties [2] - The China Securities Index for gold industry stocks includes 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 61.69% of the index [2]

铝：基本面表现一般，近期宏观情绪对铝价影响较大，关注节后实际需求恢复 情况和宏观消息影响。 黄金：考虑到近期地缘政治风险不确定性上升，金价或得到支撑。 锂：市场对 3 月下游排产预期乐观，需关注节后下游需求恢复情况，若实际 需求表现较好，锂价或得到支撑。 稀土：考虑到目前氧化镨钕供应依然紧缺，短期氧化镨钕价格有望维持高位。 行 行业周报 静待国内需求复苏，关注宏观情绪影响 ——金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2026 年 2 月 25 日 钢铁 有色金属 证券分析师 张珂 022-23839062 zhangke@bhzq.com 研究助理 投资要点： 行业情况及产品价格走势初判 钢铁：节后下游市场将缓慢复苏，关注实际需求复苏进度、原料价格走势和宏 观消息对钢价影响。 铜：节后需求复苏仍需时间，铜精矿加工费低位下跌，叠加新能源、AI 等需 求预期依旧强劲，预计节后铜价维持高位震荡。 本周策略 （1）钢铁：随着钢铁行业稳增长政策逐步实施，行业竞争格局改善预期下后 续行业盈利水平或得到提升，未来船舶用钢等领域需求有望得到提振。建议 关注工厂设备先进、在船舶钢等高附加值领 ...

现货白银同步走强，截至发稿，现货白银突破90美元/盎司，盘中涨幅超4%。上期所沪银主力合约大涨 5%，报23138元/千克。 国投白银LOF大涨超9%。 | < W | | | 国投白银LOF(161226.SZ) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 交易中 02-25 13:47:30 | | | | | 3.401 | | 昨收 | 3.103 | 流通盘 | | 36.33亿 | | +0.298 +9.60% | | 升营 | 3.199 | 流通值 | | 124亿 | | 最高 | 3.402 | 成交量 | 4.3亿 | 换手率 | | 11.76% | | 最低 | 3.145 | 成交额 | 14.10 亿 | 均价 | 3.301 | | | IOPV | 0.0000 | 溢折率 | 0.00% | 贴水率 | 38.06% | | | | | 净值走势 国投瑞银白银期货A(161226.OF) 2.4634 +11.44% | | | | | | 十月日 | HH | 日K | 周K | 月K | 中文 ...

Group 1 - The price of spot gold surged, breaking the $5200 per ounce mark with an increase of 1.38% as of the report time [1] - A-shares of gold-related stocks generally rose in response to the increase in gold prices [1] Group 2 - Spot silver also experienced a strong rise, surpassing $90 per ounce with an intraday increase of over 4% [3] - The main contract for silver on the Shanghai Futures Exchange rose by 5%, reaching 23138 yuan per kilogram [3] - The Guotou Silver LOF saw a significant increase of over 9% [3] Group 3 - Gold stock ETFs showed a positive trend, with a 1.30% increase to 2.658 [2] - Notable gold stocks included: - Zhongjin Gold with a 9.12% holding ratio, increasing by 1.41% to 31.54 [2] - Zijing Mining with a 3.94% holding ratio, increasing by 1.77% to 44.800 [2] - Shandong Gold with a 4.18% holding ratio, increasing by 0.68% to 41.580 [2]

Core Viewpoint - On February 25, both gold and silver prices experienced significant increases, with gold surpassing $5200 per ounce and silver exceeding $90 per ounce, indicating a strong bullish trend in precious metals [1][3]. Group 1: Gold Market - As of the report, the spot gold price rose by 1.38%, breaking the $5200 per ounce mark [1]. - A notable increase in A-share gold stocks was observed, reflecting positive market sentiment towards gold investments [1]. - Key gold stocks such as Zijin Mining and Zhongjin Gold showed respective increases of 1.77% and 1.41% [2]. Group 2: Silver Market - The spot silver price surged over 4%, reaching above $90 per ounce, with the Shanghai Futures Exchange's main silver contract rising by 5% to 23138 yuan per kilogram [3]. - The National Investment Silver LOF saw a significant increase of over 9%, indicating strong investor interest in silver [4].

Group 1 - The core viewpoint of the article highlights the performance of the Silver ETF (159871) and its major holdings in the non-ferrous metal sector, indicating a mixed performance among its key stocks [1] - The Silver ETF opened with a slight increase of 0.35%, priced at 1.145 yuan, reflecting a stable market interest in non-ferrous metals [1] - Major holdings within the ETF include Zijin Mining, which rose by 0.20%, and Ganfeng Lithium, which increased by 1.43%, showcasing a generally positive trend among several key stocks [1] Group 2 - The ETF's performance benchmark is the CSI Non-Ferrous Metals Index return, managed by Silver Fund Management Co., Ltd., with a return of 127.80% since its inception on March 10, 2021 [1] - Over the past month, the ETF has experienced a return of -1.72%, indicating some short-term volatility despite its strong long-term performance [1]