贵金属板块再次大涨，万国黄金集团、紫金黄金国际涨超9%，灵宝黄金涨超7%，赤峰黄金涨近6%。 | 名称 | 涨跌幅 ▼ | 现价 | | --- | --- | --- | | 月国黄金集团 | 9.33% | 17.460c | | 紫金黄金国际 | 9.06% | 228.800c | | 灵宝黄金 | 7.75% | 25.300c | | 赤峰黄金 | 5.95% | 37.760c | | 山东黄金 | 4.42% | 40.180c | | 龙资源 | 4.24% | 10.820c | | 中国黄金国际 | | 3.40% 201.000c | | 中国白银集团 | 3.17% | 0.650c | | 紫金矿业 | 2.84% | 43.520c | | 梦会同 | 2.56% | 16.000c | | 漳关黄金 | 2.20% | 3.250c | | 周大福 | 1.24% | 14.650c | | 招金矿业 | 0.86% | 32.880c | 编辑丨瑜见 | 名称 | 现价 | 涨跌 涨跌幅 | | --- | --- | --- | | 恒生指数 | 27266.38 | 83 ...

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].

2月11日，港股收盘， 恒生指数收涨0.31%，恒生科技指数收涨0.9%。 有色金属、稀土永磁板块上涨，赤峰黄金涨近6%，山东黄金涨4.4%，金力永磁涨5%，赣锋锂业涨5.5%。 | 黄金珠宝 | 水泥 | 雄安新区 | 智能建筑 | 贵金属 | | --- | --- | --- | --- | --- | | 6.02% | 4.70% | 4.58% | 4.34% | 4.28% | | 智能家居 | 智能终端 | 电讯设备 | 充电桩 | 燃料电池 | | 4.27% | 3.70% | 3.53% | 3.48% | 3.38% | | 芯片 | 工业4.0 | 令日头条系 | GEO | 文化传媒 | | -1.68% | -1.73% | -1.87% | -1.90% | -1.93% | | 彩票 | 成电路产业基 | 中资保险 | 影视传媒 | 恋宴 | | -2.01% | -2.05% | -2.11% | -2.72% | -3.42% | 光通信、cpo等板块回落，长飞光纤光缆跌近6%，剑桥科技跌5.7%。 在一般的"唱高散货"骗局中，骗徒会冒充为知名投资专家，集中推介及"唱高" ...

每经记者｜马原 每经编辑｜程鹏 记者|马原 编辑|程鹏 杜恒峰 校对|许绍航 2月11日，港股收盘， 恒生指数收涨0.31%，恒生科技指数收涨0.9%。 有色金属、稀土永磁板块上涨，赤峰黄金涨近6%，山东黄金涨4.4%，金力永磁涨5%，赣锋锂业涨5.5%。 | 黄金珠宝 | 水泥 | 雄安新区 | 智能建筑 | 贵金属 | | --- | --- | --- | --- | --- | | 6.02% | 4.70% | 4.58% | 4.34% | 4.28% | | 智能家居 | 智能终端 | 电讯设备 | 充电桩 | 燃料电池 | | 4.27% | 3.70% | 3.53% | 3.48% | 3.38% | | 芯片 | 工业4.0 | 令日头条系 | GEO | 文化传媒 | | -1.68% | -1.73% | -1.87% | -1.90% | -1.93% | | 彩票 | 成电路产业基 | 中资保险 | 影视传媒 | 恋宴 | | -2.01% | -2.05% | -2.11% | -2.72% | -3.42% | 光通信、cpo等板块回落，长飞光纤光缆跌近6%，剑桥科技跌5.7 ...

Market Overview - The Hong Kong stock market experienced a mild increase, with the Hang Seng Index closing at 27,266.38 points, up 83.23 points, a rise of 0.31% [1] - The Hang Seng Tech Index closed at 5,499.99 points, increasing by 48.96 points, a rise of 0.90% [3] Sector Performance - Gold stocks showed strength after previous adjustments, with Zijin Mining International (HK02259) rising over 9%, Lingbao Gold over 6%, Shandong Gold over 4%, and Zijin Mining over 3% [5] - Wells Fargo noted that the recent pullback in gold prices is a healthy correction after significant increases, with spot gold prices down over 10% from record highs at the end of January, primarily due to profit-taking after a rise of over 30% above the 200-day moving average. The bank raised its 2026 gold price target to $6,100 to $6,300 per ounce, indicating over 20% upside potential due to geopolitical risks, market volatility, and strong central bank demand [7] - In the building materials sector, China National Building Material (HK03323) rose over 11%, China Resources Cement over 5%, and Western Cement over 3% [5] Future Outlook - Zhongyou Securities believes that the building materials sector will see significant valuation elasticity by 2026, with industries like waterproofing, coatings, and cement entering a phase of improvement. Price turning points are expected for gypsum boards, pipes, and glass as real estate and economic conditions improve. Short-term demand is currently weak, with a focus on post-Spring Festival demand and price increases [9] - According to招商证券, the recent volatility in the Hong Kong tech sector, represented by the Hang Seng Tech Index, is due to liquidity shocks, but the fundamental and bullish logic remains unchanged. A series of favorable factors are accumulating, and if the US dollar index begins to decline, the Hong Kong market will benefit from improved liquidity expectations [11] - 广发证券 anticipates a peak in lock-up stock releases from late February to early March, which could impact market liquidity. If the market adjusts before these releases, it may create a temporary bottom, suggesting potential investment opportunities following the Spring Festival [11]

2月11日，港股三大指数延续反弹行情，恒生科技指数一度冲高至1.3%，最终收涨0.9%，恒生指数、国企指数分别上涨0.31%及0.28%，三者均实现3连升。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 个 | | --- | --- | --- | --- | --- | | 国企指数 | Anthur | 9268.18 | | +25.43 +0.28% | | 800100 | | | | | | 恒生指数 | Ampu | 27266.38 | +83.23 | +0.31% | | 8000000 | | | | | | 恒生科技指数 | in min | 5499.99 | +48.96 +0.90% | | | 800700 | | | | | 具体盘面上，大型科技股持续回暖，黄金板块涨幅居前，建材水泥股、AI应用概念股上涨。影视股集体回调，半导体股多数弱势，保险股、航空股、餐饮 股集体走低。 | 行业热力图 Y | 领涨板块 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

| 名称 | 涨跌幅 ▼ | 现价 | 涨跌 | | --- | --- | --- | --- | | 哔哩哔哩-W | 5.16% | 252.800c 12.400 | | | 腾讯音乐-SW | 4.64% | 66.500c | 2.950 | | 小米集团-W | 4.27% | 37.100c | 1.520 | | 金蝶国际 | 4.11% | 11.650c | 0.460 | | 比亚迪股份 | 3.50% | 99.150c | 3.350 | | 商汤-W | 2.87% | 2.510c | 0.070 | | 理想汽车-W | 2.75% | 74.800c | 2.000 | | 金山软件 | 2.18% | 28.140c | 0.600 | | 名称 | 涨跌幅 ▲ | 现价 | 涨跌 | | 中本国际 | -2.17% | 70.000c -1.550 | | | 华虹半导体 | -1.68% | 99.600c -1.700 | | | 腾讯控股 | -0.54% | 548.000c -3.000 | | | 携程集团-S | -0.53% | 446.200c -2. ...

Group 1 - The Hang Seng Index closed up by 0.31% [1] - The Hang Seng Tech Index increased by 0.9% [1] - The non-ferrous metals and rare earth permanent magnet sectors saw significant gains, with Chifeng Jilong Gold Mining rising nearly 6%, Shandong Gold up 4.4%, Jinli Permanent Magnet increasing by 5%, and Ganfeng Lithium up 5.5% [1] Group 2 - The optical communication and CPO sectors experienced declines, with Yangtze Optical Fibre and Cable falling nearly 6% and Cambridge Technology down by 5.7% [1]

Market Performance - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising by 83.23 points, or 0.31%, closing at 27,266.38 points [1] - The Hang Seng Tech Index increased by 48.96 points, or 0.9%, to 5,499.99 points, while the National Enterprises Index rose by 25.43 points, or 0.28%, to 9,268.18 points [1] - Significant market divergence was observed, with new stocks surging and some older stocks experiencing sharp declines, supported by continuous inflow of southbound funds [1] Individual Stock Movements - Newly listed stock Lexin Outdoor surged by 48.51% on its second day of trading, reaching HKD 36.8, marking an increase of over 220% from its IPO price [2] - Bilibili-W saw a rise of 5.16% to HKD 252.8, with expectations of a nearly 60% year-on-year growth in game licenses by 2026, potentially boosting advertising revenue [2] - Kingsoft Cloud experienced a significant increase of 9.12%, benefiting from Xiaomi's projected AI investment of approximately HKD 10 billion in 2026 [2] Sector Performance - Resource stocks performed strongly, with Ganfeng Lithium rising over 4% due to an 8% increase in lithium carbonate futures [2] - Coal stocks continued their upward trend, with Mongolian Coal and Yancoal both rising over 4%, following Indonesia's announcement of significant production cuts [2] - Real estate stocks saw a late surge, with Vanke Enterprises and Country Garden rising by 3.76% and 3.57%, respectively, amid easing concerns over corporate debt risks [3] Market Sentiment and Outlook - Analysts noted that the recent market pullback was driven by three main pressures: hawkish Fed expectations, doubts about AI capital expenditure returns, and lower-than-expected manufacturing PMI [4] - Despite the inflow of southbound funds, overall trading volume in the Hong Kong market has decreased, indicating a cautious sentiment among investors [4] - The market is expected to see a potential short-term recovery, with a focus on essential retail and tech hardware sectors, while maintaining a defensive strategy due to high volatility risks [4]

Group 1: Market Overview - The A-share market showed mixed performance on February 11, with the ChiNext Index falling over 1% and total trading volume in the Shanghai and Shenzhen markets reaching 2 trillion yuan, a decrease of 123.7 billion yuan from the previous trading day [1] - Over 3,200 stocks in the market experienced declines, indicating a broad-based sell-off [1] Group 2: Chemical Industry Insights - UBS recently released a report raising expectations for the Chinese chemical industry, predicting a new upward cycle from 2026 to 2028 due to multiple positive factors, with expectations for profit recovery and valuation increases [1] - The chemical sector has shown resilience, with companies like Jihua Group and Taihe New Materials experiencing significant stock price increases [1] Group 3: Fiberglass Sector Performance - The fiberglass manufacturing sector saw a collective surge, with nearly all stocks hitting the daily limit, a rare occurrence in the market [1] - Notable stocks included International Composite Materials, which hit a 20% limit up shortly after market open, and others like Changhai Co., Honghe Technology, and China Jushi also saw significant gains [1][2] - The fiberglass sector's revaluation is linked to price increases and demand driven by AI, with major manufacturers indicating price hikes and low inventory levels [3] Group 4: Lithium Battery and Precious Metals - Lithium battery stocks were active, with Zhongcai Technology hitting the limit up and reaching a historical high [4] - The domestic commodity futures market saw most prices rise, with lithium carbonate increasing over 9% [4] - Precious metals also experienced volatility, with silver futures rising over 4% and gold prices recovering above $5,050 per ounce [5]