Group 1 - The China Nonferrous Metals Industry Association is working on improving the copper resource reserve system, which includes expanding the national copper strategic reserve and exploring commercial reserve mechanisms through financial subsidies for state-owned enterprises [1] - Huaxin Securities indicates that the copper downstream operating rate is recovering, leading to a domestic destocking trend, with prices expected to remain strong [1] - The aluminum supply side continues to see production increases in domestic and Indonesian electrolytic aluminum, while demand shows a mixed picture, with construction material demand declining [1] Group 2 - As of February 3, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 3.04%, with significant gains in constituent stocks such as Dongyang Sunshine (up 10.02%) and Shenghe Resources (up 7.31%) [1] - The CSI Industrial Nonferrous Metals Theme Index tracks 30 large-cap companies involved in copper, aluminum, lead-zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index account for 55.71% of the index, including companies like Luoyang Molybdenum and Northern Rare Earth [2]

3日，A股贵金属板块强势反弹。晓程科技涨超17%，湖南黄金涨停，山金国际、赤峰黄金、中金黄金 均涨超2%，山东黄金、恒邦股份跌幅均收窄至2%以内，西部黄金、招金黄金、四川黄金等个股跌幅收 窄。 截至发稿，现货黄金站上4875美元，涨超4.6%。 来源：中新经纬 ...

四川黄金、招金黄金双双跌停，中金黄金跌超8%，恒邦股份、山东黄金、西部黄金等跟跌；湖南黄金 逆市走强涨超5%。 ...

每经AI快讯，2月3日，黄金珠宝指数跌3%，多只个股跌停。具体来看，豫光金铅、四川黄金、招金黄 金、中国黄金跌停，中金黄金跌8%。 ...

2月3日，有色板块持续回暖，湖南黄金冲击涨停，盛和资源、云南锗业、北方稀土、中国稀土等涨超 4%，有色矿业ETF招商（159690）涨超2%。 上周，贵金属出现历史性行情，受交易拥挤、新任美联储主席和美股科技股下跌压制，贵金属整体出现 暴跌，尤其是前期涨幅过高的白银，单日最大跌幅超过30%，黄金最大跌幅超过10%。今日盘中，金银 现货价格反弹，截至发稿，伦敦银现涨超5%，伦敦金现涨超3%。 中邮证券指出，短期来看，由于获利盘出清导致价格可能会出现剧烈震荡，不排除进一步下跌可能性， 但伦敦金可以在4800-4900盎司之间寻找低位筹码。长期来看，去美元化的进程不会转向，此次调整不 是贵金属行情的结束，耐心等待价格转向的时点。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数，当有色金属价格（如铜价、金价、锂价）上涨时，上游矿产公司的利润会直接、 快速地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性 十足。 数据来源:Wind_截至2026.1.30。 了 指数介绍 主流有色主题指数历史行情 388%- 3 ...

Core Viewpoint - The recent surge in the non-ferrous metals sector, particularly driven by precious metals, has led to a strong market performance, but a short-term correction is anticipated due to market sentiment reaching a peak [1][2]. Group 1: Market Performance - The Southern Fund's non-ferrous metals ETF (512400) rose by 5.13%, with a turnover of 29.53 billion yuan and a trading volume of 7.65% [1]. - Key stocks in the index, such as Hunan Gold, rose by 9.97%, while other stocks like Zhong Rare Metals and Shenghe Resources increased by 7.73% and 6.65%, respectively [1]. Group 2: Market Drivers - The strong performance since late December is primarily attributed to the acceleration in the precious metals sector, particularly the volatility of silver at historical highs, which has significantly influenced the risk appetite across the sector [1]. - The first phase of the commodity bull market may be nearing its end, but the fundamental basis for the next phase remains solid, particularly for copper and aluminum, which have favorable supply-demand dynamics [1]. Group 3: Future Outlook - Short-term opportunities may require waiting for clearer signals post-holiday, with a focus on whether gold prices stabilize at key support levels and the overall valuation recovery of the sector [2]. - Investors with strong trading capabilities may consider seizing institutional opportunities, while those with lower risk tolerance should gradually position themselves for potential post-holiday market movements [2]. Group 4: Index Composition - The CSI Shenwan Non-Ferrous Metals Index includes 50 listed companies to reflect the overall performance of the non-ferrous metals sector in the Shanghai and Shenzhen markets [2]. - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, among others [2].

中国银河证券指出，市场担忧凯文·沃什降息缩表、改革强调美联储货币纪律的理念将引发强势美元与 动摇美元信用贬值这一黄金价格中长期上涨的逻辑基础。但从近期的表态看2025年凯文·沃什更倾向于 降息更偏鸽派，在特朗普提名凯文·沃什为新任而美联储主席后市场仍旧定价2026年美联储将会进行2次 降息；而在美国财政扩张与稳定美债市场流动性压力下，美联储短期内很难进行大规模缩表。此外，区 域政治不稳定下资金配置黄金资产的需求仍在增加，在市场过度的美联储独立性丧失流动性溢价预期与 短期过大的涨幅回落整固后，美联储的流动性边际宽松与全球区域冲突加剧仍有望推动金价上涨。 截至2026年2月3日 13:47，国证有色金属行业指数(399395)强势上涨1.43%，成分股湖南黄金上涨 9.97%，东阳光上涨8.62%，中稀有色上涨7.93%，盛屯矿业，盛和资源等个股跟涨。有色ETF鹏华 (159880)上涨4.02%，最新价报2.23元。 贵金属概念回暖，湖南黄金逼近涨停，消息面上，现货黄金今日一度涨超3%，重回4800美元。 数据显示，截至2026年1月30日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业、洛阳 ...

2026年2月3日午后，工业金属板块持续走强，工业有色ETF万家(560860)上涨4.15%。中证工业有色金 属主题指数(H11059)成分股东阳光上涨8.65%，盛和资源上涨6.86%，北方稀土上涨4.60%，中国稀土上 涨4.25%，紫金矿业上涨3.77%。 近期，工业金属价格呈现冲高回落态势，但基本面支撑仍存。东吴证券指出，工业金属板块上周上涨 5.74%，其中铜、铝等品种虽受美国通胀数据超预期及新联储主席提名引发的市场风偏下降影响而回 调，但供给端持续承压——进口铜矿TC已跌至-49.5美元/吨，南方铜业预计2026年铜产量将下滑至91.14 万吨。 海外宏观预期边际变化加剧工业金属波动，但供给瓶颈与政策托底逻辑未改。平安证券指出，SHFE 铜、铝主力合约虽受贵金属情绪拖累冲高回落，但基本面韧性凸显：铜精矿TC持续下行至-49.84美元/ 吨，南方铜业明确提示未来两年产量下滑；铝社会库存虽环增3.9万吨，但长单签单意愿下滑、供需格 局偏紧特征延续。叠加国内"全方位扩大内需"政策定调，工业金属中长期价格支撑坚实。 数据显示，截至2026年1月30日，中证工业有色金属主题指数(H11059)前十大权重股 ...

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月3日，有色金属ETF（512400）开盘涨3.99%，报2.189元。有色金属ETF（512400）重仓股方面，紫 金矿业开盘涨3.36%，洛阳钼业涨3.12%，北方稀土涨2.41%，华友钴业涨2.33%，中国铝业涨2.99%，赣 锋锂业涨2.91%，山东黄金跌7.33%，云铝股份涨2.70%，中金黄金跌8.16%，藏格矿业涨3.34%。 有色金属ETF（512400）业绩比较基准为中证申万有色金属指数收益率，管理人为南方基金管理股份有 限公司，基金经理为崔蕾，成立（2017-08-03）以来回报为123.28%，近一个月回报为13.45%。 ...

Group 1 - The non-ferrous sector is experiencing a rebound, with companies like Hunan Gold and Northern Rare Earth seeing significant gains, while the non-ferrous mining ETF is also up over 2% [1] - Precious metals faced a historic downturn due to trading congestion and external pressures, with silver and gold experiencing maximum daily declines of over 30% and 10% respectively [1][14] - Short-term volatility is expected in precious metal prices due to profit-taking, but long-term trends indicate that the de-dollarization process will continue, suggesting that the current adjustment is not the end of the precious metal rally [1][18] Group 2 - The non-ferrous mining index has shown a strong performance over the past year, with a return of 146.48% and a maximum drawdown of -13.76% [3] - The index focuses on the upstream mining segment of the non-ferrous metal industry, with copper, gold, and aluminum making up over 58% of its composition [5] - Historical performance indicates that the non-ferrous mining index has a cumulative increase of 353.53% over the past decade, with an annualized return of 16.83% [10][12] Group 3 - The market outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices, while copper prices are expected to find support amid supply disruptions [19] - The aluminum market is facing downward pressure due to seasonal factors and a decline in processing activity, with a reported drop of 1.5 percentage points in aluminum processing [19]