Group 1 - The core viewpoint of the article highlights the performance of the non-ferrous metal mining ETF, which opened with a gain of 1.94% at 2.254 yuan on February 9 [1] - Major holdings in the non-ferrous metal mining ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others showing positive gains [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index return, managed by China Merchants Fund Management Co., with a return of 121.32% since its establishment on June 21, 2023, and a 5.62% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Silverhua ETF (159871), which opened with a gain of 1.39% at 1.097 yuan on February 9 [1] - Major holdings in the Silverhua ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the sector [1] - The performance benchmark for the Silverhua ETF is the CSI Nonferrous Metals Index return, managed by Silverhua Fund Management Co., with a return of 116.82% since its inception on March 10, 2021, and a 4.72% return over the past month [1]

Group 1 - Precious metals and non-ferrous metals collectively strengthened on February 9, with the non-ferrous metal ETF fund (516650) rising by 2.09%, and stocks like Shenghe Resources increasing by 9.49% [1] - Silver and rare earth stocks also saw significant gains, with silver rising by 5.94%, and companies like China Rare Earth and Northern Rare Earth following suit [1] - The price consumption is relatively flat as the Spring Festival approaches, and the increase in non-ferrous metals is limited compared to precious metals, indicating a potential return to fundamentals after the price surge [1] Group 2 - According to CITIC Securities, copper is testing the key support level of 100,000 yuan/ton, with expectations for downstream inventory replenishment likely to occur after the Spring Festival [1] - Global copper inventory has risen to 1.11 million tons, with 589,000 tons locked in the COMEX market, while aluminum prices are supported at 23,500 yuan/ton despite current inventory accumulation [1] - The prices of non-ferrous metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories remaining relatively low, suggesting improved demand driven by economic recovery and the new energy sector [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI Non-Ferrous Metals Industry Theme Index (000811) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, collectively accounting for 51.85% of the index [2] - The weightings of the top stocks are as follows: Zijin Mining at 15.30%, Luoyang Molybdenum at 7.92%, and Northern Rare Earth at 5.30% [3] - The non-ferrous metal ETF fund (516650) has several off-market connections, including the Huaxia Non-Ferrous Metal ETF Connect A (016707) and C (016708) [3]

Investment Rating - The report assigns an "Overweight" rating for the non-ferrous metals industry [4] Core Insights - The report emphasizes the importance of macroeconomic factors such as monetary policy, macro expectations, geopolitical dynamics, and supply disruptions in influencing metal price trends [2] - The report highlights the need to focus on investment opportunities following stabilization in the market [8] Summary by Sections 1. Industry and Stock Performance - The non-ferrous metals sector experienced a decline of 8.51% last week, underperforming major indices [14][16] 2. Metal Prices and Inventory - Copper prices decreased by 3.45% to 100,100 CNY/ton, while aluminum prices fell by 5.07% to 23,315 CNY/ton [24] - SHFE gold prices dropped by 8.92% to 1,090.12 CNY/gram, while COMEX gold rose by 5.13% to 4,988.60 USD/ounce [26] - SHFE silver prices decreased by 37.17% to 18,799 CNY/kg, with COMEX silver down by 1.28% to 77.53 USD/ounce [26] 3. Macro Data Tracking - The report tracks key macroeconomic indicators, including the U.S. CPI and PCE, which show a year-on-year increase of 2.7% and 2.79%, respectively [29][30] - China's CPI and PPI for December were reported at 0.8% and -1.9%, respectively [30] 4. Precious Metals: Low Inventory Disturbances - The report notes that low inventory levels continue to disrupt precious metal prices, with significant fluctuations observed in both gold and silver markets [52][53] 5. Copper: Price Fluctuations - The report indicates that copper prices are expected to fluctuate, with supply-side adjustments and demand dynamics playing crucial roles [65][72] 6. Aluminum: Price Adjustments - Aluminum prices are under pressure due to macroeconomic sentiment and seasonal demand fluctuations, with a noted decrease in processing rates [10][80] 7. Energy Metals: Strong Demand - The report highlights robust demand for energy metals, particularly lithium, despite some price pressures due to macroeconomic factors [89][92] 8. Rare Earths: Price Trends - Prices for rare earth elements, particularly praseodymium and neodymium oxides, continue to rise, supported by tight supply conditions [11]

河南日报讯（全媒体记者 陈晨 蒋晓芳）日前，河南省鹤壁市统计局发布2025年全市经济运行数 据。数据显示，全年实现地区生产总值1144.12亿元，按不变价格计算，同比增长6.6%，增速位居全省 第一。 数据显示，2025年鹤壁市产业结构持续优化，三次产业结构调整为6.8∶48.8∶44.4。第二产业增加值 558.81亿元，同比增长6.5%，增速居全省首位，拉动GDP增长3.4个百分点，贡献率达51.1%，持续发 挥"压舱石"作用；第三产业增加值507.2亿元，同比增长7.3%，增速居全省第5位，拉动GDP增长3个百 分点，贡献率为44.9%，成为经济增长的重要引擎；第一产业保持平稳增长。 过去一年，面对复杂严峻的外部环境，鹤壁市坚持稳中求进，以科技创新驱动产业升级，推动经济 实现质的有效提升和量的合理增长，发展稳定性、协调性与内生动力不断增强。其中，商业航天先发优 势巩固拓展，功能性新材料产能加速释放，中铝镁基新材料工业试验项目顺利完成；邦维高科特种尼龙 面料、海能达通信指挥车等"鹤壁造"亮相九三阅兵，展现硬核实力；仕佳光子市值一年增长约4倍，资 本市场表现亮眼；"一室两城"建设扎实推进，成为科技创新与产业 ...

Group 1 - Commodity prices have significantly increased and are stabilizing at higher levels, benefiting the basic materials sector, particularly aluminum, copper, and lithium suppliers [1] - Companies such as China Aluminum (02600), China Hongqiao (01378), and Zijin Mining (02899) are rated "Buy," along with pure copper firms like Minmetals Resources (01208), Luoyang Molybdenum (03993), and Jiangxi Copper (00358) [1] - Gold jewelry manufacturers will benefit from rising gold prices, while the increase in copper prices will expand the profit margins of copper-clad laminate (CCL) producers like Kingboard Laminates (01888) [1] Group 2 - Automotive manufacturers will face pressure due to rising material costs, with expected increases of approximately RMB 6,565 for BEVs and RMB 4,310 for PHEVs [1] - Smaller companies like Xpeng Motors (09868) and GAC Group (02238) are more vulnerable due to lower average selling prices, while larger firms like BYD (01211) and Geely (00175) can pass on over 50% of cost increases to upstream suppliers [1] - The battery industry’s second-tier companies are expected to face short-term pressure, while CATL (03750) has pricing power and is more defensive due to the expected resumption of its Jiangxi lithium mica mine in Q2 [2] Group 3 - Sales of energy storage systems are anticipated to experience margin compression, particularly in Q2, initiating a 90-day negative catalyst observation for the industry [2] - In the solar industry, component manufacturers are more susceptible to rising silver costs, which account for about 30% of their production costs, potentially compressing profit margins [2] - Among Chinese power equipment manufacturers, Pinggao Electric (600312.SH) is most sensitive to increases in copper and aluminum costs [2]

Group 1 - Copper prices continue to rise, with domestic commodity futures opening with Shanghai copper up over 2%. Last week, LME metal futures closed higher, with LME copper rising by $91 to $12,994 per ton and LME aluminum rising by $58 to $3,085 per ton [1] - According to Huayuan Securities, in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage. Additionally, the profit cycle for copper smelting is expected to bottom out amid a "de-involution" backdrop, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1] - In the context of copper prices reaching historical highs, the process of "aluminum replacing copper" in the air conditioning and home appliance sectors may accelerate. Furthermore, the policy of replacing old consumer goods with new ones is expected to continue until 2026, which may lead to an increase in demand for electrolytic aluminum [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, and others, collectively accounting for 55.71% of the index [2]

Group 1 - The core index, the National Certificate Free Cash Flow Index (980092), has seen a strong increase of 1.2% as of February 9, 2026, with notable stock performances including Zhejiang Longsheng up 9.7%, Anfu Technology up 5.5%, and Weichai Power up 5.13% [1] - The Free Cash Flow ETF (159201) has also risen by 1%, with the latest price reported at 1.31 yuan, and has achieved a record high in both share count at 10.019 billion and total scale at 12.958 billion yuan [1] - Over the past four days, the Free Cash Flow ETF has experienced continuous net inflows totaling 931 million yuan, indicating strong investor interest [1] Group 2 - The top ten weighted stocks in the National Certificate Free Cash Flow Index as of January 30, 2026, include China National Offshore Oil Corporation, Gree Electric Appliances, SAIC Motor, and others, collectively accounting for 50.3% of the index [2] - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, which are among the lowest in comparable funds [2] - The Free Cash Flow ETF has demonstrated strong performance metrics, with a maximum monthly return of 9.25% since inception and a historical holding period profitability rate of 100% over six months [1]

●全市地区生产总值1144.12亿元 同比增长6.6%，增速位居全省第一 ●第二产业增加值558.81亿元 同比增长6.5% ●第三产业增加值507.2亿元 同比增长7.3% 本报讯（全媒体记者 陈晨 蒋晓芳）日前，鹤壁市统计局发布2025年全市经济运行数据。数据显示，全 年实现地区生产总值1144.12亿元，按不变价格计算，同比增长6.6%，增速位居全省第一。 数据显示，2025年鹤壁市产业结构持续优化，三次产业结构调整为6.8∶48.8∶44.4。第二产业增加值 558.81亿元，同比增长6.5%，增速居全省首位，拉动GDP增长3.4个百分点，贡献率达51.1%，持续发 挥"压舱石"作用；第三产业增加值507.2亿元，同比增长7.3%，增速居全省第5位，拉动GDP增长3个百 分点，贡献率为44.9%，成为经济增长的重要引擎；第一产业保持平稳增长。 过去一年，面对复杂严峻的外部环境，鹤壁市坚持稳中求进，以科技创新驱动产业升级，推动经济实现 质的有效提升和量的合理增长，发展稳定性、协调性与内生动力不断增强。其中，商业航天先发优势巩 固拓展，功能性新材料产能加速释放，中铝镁基新材料工业试验项目顺利完成；邦维高科 ...

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals industry [5] Core Viewpoints - Short-term fluctuations do not alter the long-term positive trend for the non-ferrous metals sector, with a focus on low-position investment opportunities [7][12] - The zinc sector is viewed as an overlooked foundational material in the context of "de-globalization," with improving supply-demand dynamics expected to drive prices upward [13] - The aluminum sector, particularly the electrolytic aluminum industry, is anticipated to enjoy valuation premiums due to its supply chain security and competitive advantages [14] - In the precious metals sector, investors are advised to wait for price stabilization before re-entering positions, despite a long-term bullish outlook for gold [14] Summary by Sections 1. Core Viewpoints - Short-term market volatility is expected, but the long-term outlook remains positive, driven by ongoing demand and supply constraints in the non-ferrous metals market [12] - The zinc market is expected to benefit from increased demand due to re-industrialization in Asia, Africa, and Latin America, despite current domestic construction concerns [13] - The aluminum industry is positioned to gain from enhanced supply chain security and competitive advantages, with domestic production capabilities improving [14] - Precious metals are currently experiencing high volatility, and investors are encouraged to wait for a more stable price environment before making new investments [14] 2. Steel Industry - The steel sector is facing a weak fundamental backdrop as it approaches the Chinese New Year, with expectations for policy measures to support the industry [15] - Steel production has seen a slight increase, but demand for rebar is weakening, with a notable decrease in consumption [20] - Inventory levels for both social and steel mill stocks are rising, indicating potential oversupply concerns [22] - Overall steel prices have experienced a slight decline, reflecting broader market trends [31] 3. New Energy Metals - Lithium production in December 2025 saw a significant year-on-year increase, indicating strong supply growth in the new energy sector [35] - The demand for new energy vehicles remains robust, with production and sales showing significant year-on-year growth [39] - Prices for lithium and nickel have shown notable declines, while cobalt prices have remained stable [44]