Group 1 - The core viewpoint of the articles highlights the significant growth of initiation funds in the "tech bull" market, where many funds have not only increased their net value but also overcome size challenges, transforming from several million to tens of billions in scale due to investments in sectors like artificial intelligence [1][2] - Several initiation funds, such as the China Europe Information Technology fund, have seen remarkable growth, with the fund's size increasing from 24.4 million to 7.433 billion within nine months, demonstrating the potential for rapid expansion in favorable market conditions [2][3] - The "slow bull" market has alleviated the pressure on fund launches, allowing for larger initial fundraising amounts, such as the Penghua Qihang Quantitative Stock Selection fund, which raised 2.98 billion, compared to previous smaller fund sizes [3][4] Group 2 - Despite the favorable market conditions, some initiation funds have struggled to meet the 200 million threshold, leading to several funds announcing their exit after three years due to insufficient scale [6][7] - The operational costs associated with smaller funds can hinder their growth, making them reliant on institutional investments, which may affect their investment strategies [6] - Some funds have managed to "rescue" themselves by temporarily surpassing the 200 million threshold through increased subscriptions, indicating a dynamic market environment where fund performance can fluctuate significantly [7]

Core Viewpoint - The article discusses the performance of various initiated funds in the context of a "technology bull market" in 2025, highlighting their significant growth in both net value and scale, particularly those focused on artificial intelligence and semiconductor sectors [1][3]. Fund Performance and Growth - Many initiated funds have successfully increased their scale from initial amounts of several million to tens of billions, driven by strong performance in the technology sector [1]. - For instance, the fund "Zhongou Resource Selection" grew from approximately 82 million to 2.649 billion by the end of the year due to its heavy investment in stocks like Zijin Mining and Luoyang Molybdenum [3]. - The "Zhongou Information Technology" fund, launched with 24.4 million, saw its scale rise to 7.433 billion within nine months, while "Yongying Pioneer Semiconductor" grew from 91 million to 9.326 billion in just over a quarter [3]. Market Dynamics and Fund Strategies - The "slow bull" market has alleviated pressure on fund launches, allowing for larger initial scales compared to previous years, with some funds like "Penghua Qihang Quantitative Stock Selection" starting at 2.98 billion [5]. - Fund managers are increasingly adopting initiated fund structures to capture emerging trends in sectors like AI, healthcare, and new energy, reflecting a strategy to avoid missing out on investment opportunities [6]. Challenges and Fund Closures - Despite the overall positive market conditions, some funds have struggled to meet the 200 million threshold for survival, leading to closures, including several pension-type funds [2][7]. - The high operational costs associated with smaller funds often hinder their growth, making them reliant on institutional investments, which can limit their investment strategies [7]. - Some funds have shown signs of "self-rescue," temporarily surpassing the 200 million mark through significant inflows, despite previously low performance [8].

行 业 及 产 业 有色金属 2026 年 02 月 09 日 相关研究 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 价格波动较大，向好趋势不改 看好 ——金属&新材料行业周报 20260202-20260206 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 - ⚫ 一周行情回顾：据 iFind，环比上周 1）上证指数下跌 1.27%，深证成指下跌 2.11%，沪深 300 下跌 1.33%，有色金属（申 万）指数下跌 8.51%，跑输沪深 300 指数 7.18 个百分点。2）分子板块看，环比上周，贵金属下跌 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing a significant increase in gold production and is strategically expanding its operations in the precious metals sector, while also maintaining a strong position in various metal markets [2][3]. Group 1: Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, smelting, and deep processing of precious metals such as molybdenum, tungsten, and gold, and has a comprehensive integrated industrial chain [2][7]. - The company is one of the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer, and a leading copper producer [2][3]. - The company is also the second-largest producer of phosphate fertilizer in Brazil, with a complete phosphate industry chain [3][7]. Group 2: Production and Financial Performance - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold production guidance for 2023 set to increase by 56% to 69% compared to 2022, reaching between 25,000 to 27,000 ounces [2]. - For the first nine months of 2025, Luoyang Molybdenum achieved a revenue of 145.49 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [8]. - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed in the last three years [8]. Group 3: Market Activity and Stock Performance - On February 9, Luoyang Molybdenum's stock rose by 1.96%, with a trading volume of 4.236 billion yuan and a market capitalization of 479.66 billion yuan [1]. - The stock has seen a net outflow of 117 million yuan from major investors, indicating a reduction in holdings over the past three days [4][5]. - The average trading cost of the stock is 18.69 yuan, with the current price approaching a resistance level of 22.70 yuan, suggesting potential for upward movement if this level is surpassed [6].

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]

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 - The rare metals sector experienced a strong rally, with the Zhongzheng Rare Metals Theme Index rising by 1.88% as of 10:27 AM on February 9, 2026, driven by significant gains in stocks such as Shenghe Resources (+9.93%), Yunlu Co. (+5.81%), and China Rare Earth (+5.76%) [1] - Recent price increases in antimony ingots (+2.49%) and antimony concentrates (+1.40%) are attributed to supply disruptions caused by a fire at Hunan Zhenqiang Antimony Industry, which is expected to reduce production by over 2,000 tons [1] - The demand for antimony is anticipated to rise post-Spring Festival due to the traditional peak season for flame retardant materials, alongside expectations of improved capacity utilization in photovoltaic glass and a recovery in exports [1] Group 2 - CITIC Securities maintains a positive outlook on strategic metal investment opportunities characterized by resource scarcity and supply rigidity, emphasizing the importance of these metals in the context of global technological revolutions and strategic resource nationalism [2] - The demand for strategic metals is expected to increase significantly due to changes in the demand structure driven by new technologies, with sectors such as new energy, new materials, and artificial intelligence leading this demand surge [2] - As of January 30, 2026, the top ten weighted stocks in the Zhongzheng Rare Metals Theme Index accounted for 59.71% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [2] Group 3 - The Rare Metals ETF (562800) tracks the Zhongzheng Rare Metals Theme Index, providing a convenient tool for investors looking to gain exposure to the rare metals sector [3] - Investors can also consider the Rare Metals ETF linked fund (014111) to explore investment opportunities in the rare metals sector [4]