有色金属行业 标配（维持） 有色金属行业双周报（2026/01/30-2026/02/12） 行 业 市场博弈加剧，金属价格涨跌互现 2026 年 2 月 13 日 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2026年2月12日，申万有色金属行业近两周下跌11.23%，跑输 沪深300指数10.51个百分点，在申万31个行业中排名第31名。截至2026年2 月12日，近两周有色金属行业子板块中，小金属板块上涨0.19%，金属新材料 板块下跌2.30%，能源金属板块下跌6.11%，工业金属板块下跌13.51%，贵金 属板块下跌23.49%。 周 报 申万有色金属行业指数走势 小金属。稀土方面，随着供需格局逐步优化，且人形机器人有望在今年打开 稀土需求第二增长极， ...

Group 1 - The core viewpoint of the article highlights a decline in the performance of the non-ferrous metal mining ETF, with a 2.35% drop in opening price to 2.281 yuan on February 13 [1] - Major holdings within the non-ferrous mining ETF experienced significant declines, including Zijin Mining down 3.75%, Luoyang Molybdenum down 2.85%, and Huayou Cobalt down 3.42% [1] - The ETF's performance benchmark is the CSI Non-ferrous Metals Mining Theme Index, managed by China Merchants Fund Management Co., with a return of 133.39% since its establishment on June 21, 2023, and a 7.86% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Nonferrous ETF Taikang (159163), which opened down by 0.88% at 0.900 yuan [1] - Major holdings in the Nonferrous ETF Taikang experienced significant declines, including Zijin Mining down 3.75%, Luoyang Molybdenum down 2.85%, and Northern Rare Earth down 0.70% [1] - The performance benchmark for the Nonferrous ETF Taikang is the CSI Nonferrous Metals Mining Theme Index return, with a return of -9.32% since its establishment on January 27, 2026 [1]

2016-2025年内蒙古自治区工业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：兴业银锡（000426），电投能源（002128），银泰黄金（000975），北方稀土（600111）， 赤峰黄金（600988），伊利股份（600887），骑士乳业（832786），大唐药业（836433），北方股份 （600262），内蒙华电（600863） 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-12月，内蒙古自治区工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011 年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元） 为4346个，和上年同期相比，增加了261个，同比增长6.39%，占全国的比重为0.83%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, highlighting potential investment risks in the affected sectors. Group 1: Stock Outflows - The top stock with the largest outflow is Liou Co., with a fund outflow of 1.17 billion [1] - Zijin Mining follows closely with an outflow of 1.125 billion [1] - Bona Film Group experienced an outflow of 974 million [1] - Jiecheng Co. had a fund outflow of 914 million [1] - BlueFocus Media saw an outflow of 860 million [1] Group 2: Sector Analysis - The internet services sector, represented by Liou Co. and Wangsu Science & Technology, shows notable outflows of 1.17 billion and 596 million respectively [1][2] - The cultural media sector, including Bona Film Group and Jiecheng Co., experienced significant outflows totaling 1.888 billion [1][2] - The battery sector, represented by Ningde Times, had an outflow of 616 million, indicating potential concerns in this industry [1][2] - The photovoltaic equipment sector, with companies like Xiexin Integration and Sunshine Power, also faced outflows of 569 million and 501 million respectively [1][2] Group 3: Performance Metrics - Liou Co. had a slight increase in stock price by 1.21% despite the outflow [2] - In contrast, Jiecheng Co. experienced a significant decline of 11.51% alongside its outflow [2] - The overall trend shows that many companies with high outflows also faced negative stock performance, indicating a correlation between fund outflows and stock price declines [2][3]

Group 1 - The core viewpoint of the articles indicates a decline in non-ferrous metal stocks, with significant drops in companies such as Xiyeg股份 (over 4%), Northern Rare Earth, and Xiamen Tungsten (over 3%) [1] - Industrial non-ferrous related ETFs have also experienced a decline, with an overall drop exceeding 2% [1] - Despite short-term market fluctuations, brokerages suggest that the long-term outlook for cyclical resource sectors, including industrial non-ferrous metals, remains promising due to industrial structural optimization and sustained demand growth [2] Group 2 - Performance trend models indicate that the current valuation of the industrial non-ferrous sector is reasonable, with potential for a rebound in the future [2] - Investors are advised to focus on the potential performance of these sectors within the supply chain and to seize investment opportunities arising from significant price declines [2]

Group 1 - Tungsten prices have surged nearly 50% over the past month, leading to a systematic revaluation of tungsten and related industries due to rigid supply and explosive demand [1][2] - The recent spike in tungsten prices has driven the non-ferrous metal sector's stock prices, with the China Securities Rare Metals Theme Index rising 3.51% as of February 11, 2026, and key stocks like Zhangyuan Tungsten and Dongfang Tantalum hitting their daily limits [2] - The price increases are attributed to stricter safety and environmental regulations in mining, resulting in temporary supply tightness, alongside stable demand from downstream sectors such as PCB tools [2] Group 2 - The current market is evolving from a simple commodity bull market to a "resource revaluation" super cycle driven by multiple long-term logic factors [3] - Tungsten's strategic value is highlighted as a countermeasure metal with highly concentrated global resources and slow new capacity release, alongside rising demand from high-end manufacturing sectors like AI and semiconductors [3] - As of January 30, 2026, the top ten stocks in the China Securities Rare Metals Theme Index accounted for 59.71% of the index, suggesting significant investment opportunities in the sector through rare metal ETFs and related funds [3]

2月13日，A股市场低开震荡，受昨夜黄金、白银、铜等金属回调影响，有色板块回调，截至10:29，有色ETF汇添富(159652)跌超2%，资金逢跌持续涌入， 有色ETF汇添富(159652)盘中吸金超3800万元。 有色ETF汇添富(159652)标的指数成分股多数回调，厦门钨业跌超3%，紫金矿业、洛阳钼业等跌超2%，赣锋锂业等回调。 【有色ETF汇添富(159652)标的指数前十大成分股】 | 序号 | 什C45 | 名标 | 申万一级行业 | 涨跌幅 | 估算板重 | | --- | --- | --- | --- | --- | --- | | 1 | 601899 | 三合肥新 | 有色全属 | -2.87% | 14.97% | | 2 | 6668809 | 洛阳領小 | 有色全属 | -2.94% | 7.78% | | 3 | 600111 | 北方稀土 | 有色金属 | -2.86% | 5.55% | | 4 | 603799 | 华友错业 | 有色全属 | -2.61% | 4.59% | | 5 | 601600 | 中国铝业 | 有色全属 | -2.12% | 4.03% | | 6 ...

Group 1 - The core viewpoint of the news highlights a decline in the China Rare Metals Theme Index by 1.31% as of February 13, 2026, with specific stocks showing varied performance, such as Zhangyuan Tungsten leading gains and Xiyu Co. leading losses [1] - The China Minmetals Import and Export Chamber of Commerce announced a conference on rare earth and rare metal export policies scheduled for March 25, 2026, indicating ongoing regulatory focus in the sector [1] - Nickel prices have surged recently, with the average spot price reaching 142,600 yuan/ton on February 11, 2026, reflecting a daily increase of 2,950 yuan/ton, driven by reduced mining quotas in Indonesia and supply chain disruptions in the Philippines [1] - The analysis from Jianghai Securities suggests that the tightening of global nickel supply, combined with strong demand from the new energy sector for nickel sulfate, is likely to elevate nickel prices systematically [1] - Guotai Junan Securities emphasizes that current macroeconomic conditions, including shifts in monetary policy and ongoing supply disruptions, are key drivers for metal prices, with various rare metals transitioning from cyclical commodities to strategic assets [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the China Rare Metals Theme Index include companies like Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, collectively accounting for 59.71% of the index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient investment tool for exposure to the rare metals sector [2] - Investors can also consider the Rare Metals ETF linked fund (014111) to explore investment opportunities in the rare metals sector [3]

Group 1 - The core viewpoint of the news highlights the decline of the China Rare Earth Industry Index by 1.00% as of February 13, 2026, with mixed performance among constituent stocks, indicating market volatility in the rare earth sector [1] - China Minmetals Import and Export Chamber of Commerce announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, aiming to address challenges faced by enterprises in exports [1] - Huaxi Securities reported that QS Company's solid-state battery technology has achieved delivery of the QSE-5 cell and completion of the Eagle production line, reflecting the urgent global demand for higher-performance batteries, with rare earth-based catalysts and hydrogen storage materials accelerating into next-generation energy technologies [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, Goldwind Technology, Xiamen Tungsten, and others, collectively accounting for 61.43% of the index [2] - The Jiashi Rare Earth ETF (516150) closely tracks the China Rare Earth Industry Index, serving as a convenient tool for investors to access the domestic rare earth industry chain [2] - Investors can also utilize the Jiashi Rare Earth ETF linked fund (011036) to seize investment opportunities in the rare earth sector [3]