今日沪股通总成交金额为1244. 54亿，深股通总成交金额为1451 .88亿。 | | 沖殿運（ | 2月13日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601899 | 紫金矿业 | | 25.26 | | 2 | 600519 | 贵州茅台 | | 21.84 | | 3 | 688256 | 美丽红 | | 18.75 | | 4 | 603986 | 兆易创新 | | 14.25 | | 5 | 601318 | 中国平安 | | 13.57 | | 6 | 600522 | 中天科技 | | 11.44 | | 7 | 603259 | 约明康德 | | 11.15 | | 8 | 600036 | 招商银行 | | 9.33 | | 9 | 688008 | 澜起科技 | | 9.16 | | 10 | 603993 | 洛阳钼业 | | 9.10 | | | 深股通 ( | 2月13日 | ) | | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 ...

Core Viewpoint - The stock price of Lao Pu Gold (06181.HK) experienced a decline of 3.97% on February 13, 2026, amid broader market corrections in the gold sector and concerns over profit quality due to expected margin declines [1][2]. Group 1: Stock Performance - On February 13, 2026, Lao Pu Gold closed at 738.50 HKD, with a daily trading volume of approximately 843 million HKD and a price fluctuation of 6.76% [1]. - The overall gold sector in Hong Kong saw a pullback, with companies like Zijin Mining (601899) dropping over 7%, while the Hang Seng Index fell by 1.72% [1]. Group 2: Reasons for Stock Price Movement - Concerns over gross margin led to a downgrade in target price by Bank of America from 958 HKD to 860 HKD, citing a projected gross margin of 37.1% for the second half of 2025, a decrease of 4 percentage points year-on-year and 1 percentage point quarter-on-quarter [2]. - The international gold price has also seen a downturn, with domestic gold jewelry prices dropping approximately 70 HKD per gram on February 7, 2026, compounded by new regulations from Shenzhen that restrict pre-priced gold and leveraged trading [2]. Group 3: Company Fundamentals - Lao Pu Gold's sales are heavily reliant on consumer expectations of rising gold prices, with plans for three price increases in 2025. However, if gold prices decline, the brand's ability to maintain high pricing and customer loyalty may be challenged [3]. - The luxury goods market in China is expected to shrink in 2025, with consumers increasingly focused on the practicality of high-priced items, posing a risk to Lao Pu Gold's growth as it balances cultural attributes of traditional gold items with everyday wearability [3]. Group 4: Financial and Technical Analysis - On February 13, 2026, there was a net inflow of 30.51 million HKD from institutional investors, but retail investors showed a net outflow of approximately 384 million HKD, indicating selling pressure primarily from retail [4]. - Technically, the stock price fell below the 5-day moving average of 763.4 HKD, and the MACD histogram turned negative at -10.614, suggesting weak short-term momentum [4].

Core Viewpoint - The A-share market is set to experience a long holiday break of 9 days, combined with the regular market closure on February 14, leading to a total of 10 days off, impacting both stockholders and cash holders [1]. Market Overview - On February 13, the last trading day before the holiday, the A-share market saw a total transaction volume of 2 trillion yuan, with 46 stocks hitting the daily limit up. The market's performance showed a structure characterized by strong manufacturing, scattered cycles, and quiet consumption [3]. - The leading sectors included mechanical equipment and the automotive chain, with 7 and 5 stocks respectively hitting the limit up, indicating increased activity driven by exports and domestic substitution logic in the new energy vehicle industry [3]. Market Dynamics - The market exhibited a "strong high-end stocks remain strong, while mid-tier stocks show clear gaps" characteristic. The number of first-limit stocks decreased from 48 to 35, indicating a slight cooling of short-term market sentiment [7]. - Despite this, some funds continued to operate on independent logic, with ST Jinglan achieving 12 consecutive limit-ups and ST Songfa recording 3 limit-ups over 4 days, reflecting a high-risk appetite in the current market [8]. Sector Analysis - The main sectors attracting significant capital inflow included national defense and military, computer, and electronics, with the defense sector receiving the largest inflow of 7.317 billion yuan, indicating strong market interest in national security-related fields [10]. - The computer and electronics sectors followed with inflows of 4.784 billion yuan and 3.767 billion yuan respectively, showcasing ongoing optimism in the technology sector [10]. Stock Performance - Notable stocks with significant capital inflow included Deep Technology and Huasheng Tiancheng, with net inflows of 3.397 billion yuan and 3.255 billion yuan respectively, aligning with the overall sector trends [13]. - Conversely, stocks like Shuangliang Energy faced a trading halt after regulatory warnings regarding insufficient disclosure about a SpaceX order, highlighting the risks associated with speculative trading [16][17]. Market Sentiment - The overall market sentiment was weak, with the three major indices closing down: the Shanghai Composite Index fell by 1.26%, the Shenzhen Component Index by 1.28%, and the ChiNext Index by 1.57%, reflecting a broad retreat in cyclical stocks [19][20]. - Despite the downturn, there are expectations for a stronger market performance in February compared to late January, with potential capital rotation towards sectors with improving fundamentals [18].

智通财经APP获悉，蛇年末最后一个交易日，港股低开低走，午后跌幅略微收窄，尾盘三大指数悉数走 低。截止收盘，恒生指数跌1.72%或465.42点，报26567.12点，全日成交额为2575.78亿港元；恒生国企 指数跌1.55%，报9032.71点；恒生科技指数跌0.90%，报5360.42点。 中金指出，港股近期回调是基本面依然偏弱情况下，市场担忧流动性收紧和港股特色结构吸引力下降的 共同结果。在整体信用周期震荡甚至阶段走弱的情形下，市场指数层面空间有限(恒指基准点位28000- 29000)，机会主要来自景气结构或指数意外回撤。配置方向上，大思路依然是跟随信用扩张方向，在AI 科技、周期、消费和分红四大领域里，仍以AI科技和周期为主线，这也是当前信用扩张的主要方向。 蓝筹股表现 紫金矿业(02899)领跌蓝筹。截至收盘，跌7.64%，报41.58港元，成交额41.31亿港元，拖累恒指33.26 点。近期，避险情绪上升叠加大宗商品风险抛售等市场氛围烘托，有色金属今日全线回落。兴业证券认 为，有色短期将进入商品降波交易，改节奏但不改方向。一季度后端的旺季基本面具备支撑，若年后宏 观预期端不出现方向性扭转的前提 ...

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling by 1.72%, the Hang Seng Tech Index down by 0.9%, and the China Enterprises Index decreasing by 1.55% due to a significant drop in US stocks [1][2]. Sector Performance - Major technology stocks dragged the market lower, with Meituan and Baidu both dropping over 3%, Alibaba down over 2%, and other tech giants like JD.com, Kuaishou, NetEase, and Tencent also declining [2][5]. - Gold-related stocks saw a collective decline, with Zijin Mining falling over 7% [2][6]. - The financial sector weakened, with China Life Insurance dropping over 3% [2][10]. - Oil stocks also faced a downturn, with China Petroleum & Chemical Corporation down over 5% [2][9]. - Semiconductor stocks showed strength, with Aixin Yuan Zhi rising over 17% [2][12]. - The restaurant sector was active, with Jiu Mao Jiu increasing over 5% [2][13]. - Robotics stocks rose, with MicroPort Robotics gaining over 11% [2][15]. Notable Individual Stocks - Aixin Yuan Zhi surged by 17.16%, while other semiconductor stocks like Tian Shu Zhi Xin and Zhaoyi Innovation also saw significant gains [12]. - Jiu Mao Jiu in the restaurant sector rose by 5.09% [13]. - MicroPort Robotics in the robotics sector increased by 11.71% [15]. - Haizhi Technology Group debuted on the Hong Kong stock market with a remarkable increase of over 242% [17]. Capital Flows - Southbound funds recorded a net inflow of HKD 20.219 billion, with HK Stock Connect (Shanghai) net buying HKD 11.476 billion and HK Stock Connect (Shenzhen) net buying HKD 8.743 billion [19]. Future Outlook - Guolian Minsheng Securities suggests that historically, the Hong Kong market tends to show strong upward momentum during the Chinese New Year holiday, coupled with the current tech market catalyst and the inflow of funds due to the appreciation of the Renminbi [21].

1. Report's Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [9] 2. Core View of the Report - As the Spring Festival approaches, downstream demand continues to decline, and the price of precious metals remains volatile. The price of copper may range from RMB 97,800/ton to RMB 106,600/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [9]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On February 12, 2026, the main Shanghai copper contract opened at RMB 103,620/ton and closed at RMB 102,330/ton, a 0.15% decrease from the previous trading day's close. During the night session, it opened at RMB 102,030/ton and closed at RMB 100,030/ton, a 2.58% decrease from the afternoon close [1]. Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of RMB 100 - RMB 20/ton to the 2602 contract, with an average discount of RMB 60/ton, a RMB 10/ton decrease from the previous day. The spot price ranged from RMB 101,840 - RMB 102,240/ton. The 2602 contract showed a W-shaped oscillation and closed at RMB 101,950/ton. With the Spring Festival approaching, the market was quiet, and the supply - demand imbalance was expected to widen the spot discount [2]. Important Information Summary Macro and Geopolitical Aspects - US President Trump is expected to visit China in early April, and President Xi Jinping will meet him. The Sino - US trade "cease - fire" is expected to be extended. Due to investors' concerns about AI eroding corporate profits, the US stock market tumbled, causing copper prices to decline [3]. Mining End - In 2025, Congo (Kinshasa)'s copper exports increased from 3.1 million tons to 3.4 million tons, a 9.7% year - on - year increase, solidifying its status as the world's second - largest copper producer. Chinese - funded enterprises play a major role in Congo's copper production [4]. Smelting and Import - In January, the proportion of Chinese - produced copper in LME's available inventory decreased due to inflows from other countries. The absolute inventory of Chinese - produced copper in LME warehouses increased from 87,475 tons in December to 95,150 tons at the end of January [5]. Consumption - As the Spring Festival nears, spot trading is light. The output and capacity utilization rate of copper rods in January 2026 decreased compared to December. Different regions showed different trends in production volume [6]. Inventory and Warehouse Receipts - LME warehouse receipts changed by 3,000 tons to 196,650 tons. SHFE warehouse receipts changed by 8,282 tons to 187,179 tons. On February 12, the domestic electrolytic copper spot inventory was 353,600 tons, a change of 22,300 tons from the previous week [7][8]

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， ...

Market Performance - The Hang Seng Index closed down by 1.72% [1] - The Tech Index fell by 0.9% [1] Company-Specific Movements - Tencent Music (01698.HK) experienced a decline of over 9% [1] - Zijin Mining (02899.HK) dropped by more than 7% [1] - China Hongqiao (01378.HK) and China Petroleum & Chemical Corporation (00857.HK) both fell by over 5% [1]

Market Overview - The Hong Kong stock market experienced a collective decline across its three major indices, influenced by a significant drop in US stocks overnight [1] - The Hang Seng Index fell by 1.72%, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index decreased by 0.9% and 1.55%, respectively [1] - The Hang Seng Index fell below the 27,000-point mark, erasing previous gains [1] Sector Performance - Major technology and financial stocks dragged the market lower, with Meituan dropping over 3% to a new low, risking a market capitalization of 500 billion HKD [1] - Other notable declines included AIA Group, China Life, Agricultural Bank of China, Bank of China, and CITIC Securities [1] - The gold sector saw significant declines due to a sharp drop in spot gold prices, with Zijin Mining and China Gold International among the hardest hit [1] - Stocks in the oil, heavy machinery, coal, steel, and Apple concept sectors also experienced declines [1] Investment Trends - Despite the overall market downturn, southbound capital saw a net inflow exceeding 20 billion HKD [1] - AI application leading stocks continued to surge, with Zhizhu GLM-5 reaching a new high and a total market capitalization surpassing 210 billion HKD [1] - Semiconductor stocks showed resilience with an upward trend, while the previously declining film sector showed signs of recovery [1]

（文章来源：每日经济新闻） 每经AI快讯，2月13日，港股收盘，恒生指数跌1.72%，恒生科技指数跌0.9%，有色金属板块走弱，紫 金矿业跌超8%，洛阳钼业跌7%，山东黄金跌5.2%，中国铝业跌4.5%，互联网科技股震荡收盘，哔哩哔 哩跌1.54%，阿里巴巴跌1.83%，腾讯跌0.65%。 ...