这不是一次简单的周期性反弹。在利润新高的背后，工业有色金属的底层逻辑正在发生深刻重构—— 从"宏观波动率的买单者"转变为"制造业升级的卖铲人"。天弘中证工业有色金属主题指数基金2025年A类 份额过去一年净值增长率达93.08%，C类份额过去一年达92.60%，同期业绩比较基准涨幅为90.05%，正是 这一逻辑变迁的集中映射。 图一：天弘中证工业有色金属主题指数发起A净值表现 2025年，有色金属行业迎来历史性时刻。中国有色金属工业协会数据显示，规模以上有色金属工业企业利 润总额突破5000亿元大关，达到5284.5亿元，同比增长25.6%，创下历史新高。其中，铝、铜两大品种对行 业利润增长的贡献率分别达35%和20%，成为行业盈利增长的核心支柱。 | 阶段 | 净值增长 率(1) | 净值增长 | 业绩比较 基准收益 | 业绩比较 基准收益 率标准差 | (1)-(3) | (2)-(4) | | --- | --- | --- | --- | --- | --- | --- | | | | 率标准差 | | | | | | | | (2) | 率(3) | (4) | | | | 过去三个月 | 18.4 ...

午后小金属概念持续走高，消息面上，美国拟利用国防部开发的AI模型，为全球关键矿产贸易制定参 考价格。将率先制定锗、镓、锑、钨的参考价格。此外，AI人工智能热度不减，推动铜铝等工业金属 走强。 东方证券指出，工业金属供需支撑底线，关注节后去库力度。美国1月SIM制造业PMI大幅回升至 52.6(远高于预期的48.5)，需求托底预期继续增强。国内方面，春节前一周铜铝累库幅度放缓，加工企 业开工率淡季表现尚可，而且跌价后下游接货力度较强。铜铝等工业品现实转强或可期待，重点关注节 后去库力度。拉长时间看，内外政策托底预期下，工业品下方支撑较强，在宏观利好释出，供给扰动增 加背景下，中低库将强化商品的价格弹性。 截至2026年2月27日 14:13，中证工业有色金属主题指数(H11059)强势上涨3.78%，成分股厦门钨业上涨 10.00%，中钨高新上涨10.00%，金钼股份上涨10.00%，锡业股份，驰宏锌锗等个股跟涨。工业有色 ETF鹏华(159162)上涨3.84%，最新价报1.05元。 工业有色ETF鹏华紧密跟踪中证工业有色金属主题指数，中证工业有色金属主题指数选取市值较大的30 只业务涉及铜、铝、铅锌、稀土金 ...

Group 1: Core Insights - The report emphasizes a clearer investment strategy post-Spring Festival, highlighting a global asset rebalancing with industrial, financial, and energy sectors gaining favor while technology stocks show internal differentiation [3][8] - The focus has shifted from whether AI is a bubble to understanding its macroeconomic impacts and identifying key supply-demand dynamics in various industries [3][9] - The report indicates that the U.S. GDP growth for Q4 2025 was below expectations, primarily due to government spending, but investment in AI remains strong, suggesting a broader recovery in manufacturing [9][10] Group 2: Industry and Company Recommendations - **Aluminum Sector**: Yun Aluminum (000807.SZ) is recommended due to favorable export demand driven by overseas monetary easing and structural growth in energy storage and grid sectors, with a positive outlook on aluminum prices [14] - **Petrochemical Sector**: Rongsheng Petrochemical (002493.SZ) is highlighted for its significant scale and integration in refining, with potential for improved margins as product prices recover [15] - **Machinery Sector**: Yingliu Technology (603308.SH) is expected to benefit from a surge in global gas turbine demand, with potential for exceeding client expectations [16] - **Non-Banking Financials**: Guotai Junan (601211.SH) is positioned well for growth due to market activity and expected strong performance in Q1 [17] - **Public Utilities**: Sheneng Co. (600642.SH) is noted for its diversified energy portfolio and stable profitability, with ongoing projects expected to enhance performance [18] - **Aerospace and Defense**: AVIC Heavy Machinery (600765.SH) is recognized for its comprehensive supply capabilities in aviation and military sectors, with growth potential in new engine orders [19] - **Textiles and Apparel**: HLA Corp (600398.SH) is recommended for its strong domestic market position and growth in international collaborations [20] - **Transportation**: China Southern Airlines (1055.HK) is expected to benefit from improving industry supply-demand dynamics and a large fleet size [21] - **Biopharmaceuticals**: Innovent Biologics (1801.HK) is highlighted for its rapid sales growth and international collaborations, with significant revenue potential from new product approvals [22] - **Electronics**: Lante Optics (688127.SH) is positioned to benefit from strong demand in automotive and smart imaging sectors, with growth expected from new product launches [24] Group 3: ETF Recommendations - The report suggests focusing on ETFs such as the Oil ETF (561360.OF), Grid ETF (561380.OF), and Chemical ETF (516220.OF) based on their recent performance and growth potential [13]

有色ETF华宝（159876）业绩比较基准为中证有色金属指数收益率，管理人为华宝基金管理有限公司， 基金经理为陈建华，成立（2021-03-12）以来回报为142.70%，近一个月回报为1.98%。 2月26日，有色ETF华宝（159876）开盘涨0.41%，报1.221元。有色ETF华宝（159876）重仓股方面，紫 金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨1.63%，赣 锋锂业涨4.44%，山东黄金涨0.00%，云铝股份涨1.08%，中金黄金跌0.60%，江西铜业涨0.05%。 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。 ...

有色ETF鹏华（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为138.66%，近一个月回报为3.18%。 2月26日，有色ETF鹏华（159880）开盘涨1.30%，报2.416元。有色ETF鹏华（159880）重仓股方面，紫 金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨1.63%，赣 锋锂业涨4.44%，云铝股份涨1.08%，山东黄金涨0.00%，中金黄金跌0.60%，天齐锂业涨5.91%。 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。 ...

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26日，有色矿业ETF招商（159690）开盘涨0.78%，报2.444元。有色矿业ETF招商（159690）重仓股 方面，紫金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨 1.63%，赣锋锂业涨4.44%，山东黄金涨0.00%，云铝股份涨1.08%，中金黄金跌0.60%，中矿资源涨 0.04%。 有色矿业ETF招商（159690）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为招商基金管 理有限公司，基金经理为王宁远，成立（2023-06-21）以来回报为142.14%，近一个月回报为2.55%。 ...

Group 1: Non-ferrous Metals - The report emphasizes the importance of the supply-demand balance in the non-ferrous metals sector, highlighting that macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal prices [2][3] - In the precious metals segment, a decline in risk appetite has led to price adjustments, with the U.S. Treasury Secretary's comments on a strong dollar and expectations of a reduction in the Fed's balance sheet contributing to this trend [2] - For copper, while macro pressures persist, the establishment of a strategic reserve for copper concentrate by the domestic non-ferrous industry association is expected to provide support against overseas supply disruptions [3] Group 2: Energy Metals - The lithium carbonate market has seen strong demand, with a continuous reduction in inventory over the past four weeks, although there are concerns regarding the resumption of production at key mines in Jiangxi [4] - The cobalt sector is facing high prices due to tight raw material supplies, while companies are extending their reach into the electric vehicle supply chain to enhance competitive advantages [4] Group 3: Rare Earths and Strategic Metals - The price of praseodymium and neodymium oxide continues to rise due to a tight supply-demand balance, with pre-holiday stocking needs supporting price increases [5] - Tungsten prices are experiencing upward pressure driven by supply-demand dynamics, with leading companies raising long-term contract prices significantly [5] Group 4: Automotive Industry - The heavy truck market in January showed strong performance, with a year-on-year increase of 46% in domestic heavy truck sales, driven by the successful implementation of the "old-for-new" policy [14][16] - The report forecasts that heavy truck sales in 2026 will reach 760,000 units, with a slight year-on-year decline of 5.3%, while wholesale sales are expected to grow by 1.5% [15] Group 5: Pharmaceutical Industry - The demand for anticoagulant drugs is expanding, with the global market size reaching $52.9 billion in 2023 and projected to exceed $110 billion by 2033, driven by aging populations and increasing cardiovascular disease prevalence [11][12] - The report highlights the emergence of next-generation anticoagulants targeting Factor XI (FXI) as a promising area for development, with several candidates entering clinical trials [12][13] Group 6: Company-Specific Insights - The report on China Giant Glass indicates that the recent price increases in traditional electronic fabrics are expected to significantly enhance the company's profit margins, with a target price adjustment reflecting this trend [27][30] - 聚杰微纤 is positioned to benefit from its transition to high-end industrial applications, with projections indicating substantial revenue growth driven by technological advancements in the ultra-fine fiber sector [31][32]

有色金属周报 20260219 美国非农超预期+春节来临，金属价格震荡 glmszqdatemark 贵金属：美国 1 月非农数据超预期，降息预期回落，美伊谈判取得阶段性进展但未来变数 较大，长期来看央行购金+美元信用弱化主线难以根本性扭转，继续坚定看好金价上行。 美国 1 月非农新增就业 13 万个，显著高于市场预期的 7 万个，失业率降至 4.3%，低于预 期的 4.4%，降息预期回落，美国和伊朗就核问题进行接触，双方称谈判取得进展，美伊冲 突释放阶段性缓和信号，压制避险需求，但未来双方局势不确定较大，中长期央行购金+美 元信用弱化仍为主线，看好金银价格中枢上移。白银价格可能依然走弱，这轮周期使得光 伏需求承压，银浆成本占比飙升，未来贱金属化成趋势。重点推荐：紫金黄金国际、中国 黄金国际、西部黄金、山东黄金、招金矿业、中金黄金、赤峰黄金、潼关黄金、万国黄金 集团，建议关注灵宝黄金、大唐黄金和集海资源等，白银标的推荐兴业银锡、盛达资源。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3]. Core Insights - The report highlights that the U.S. non-farm payrolls exceeded expectations with an addition of 130,000 jobs in January, leading to a decrease in the unemployment rate to 4.3%. This has resulted in a cooling of interest rate cut expectations [2]. - The report expresses a positive long-term outlook for gold prices, driven by central bank purchases and a weakening U.S. dollar credit [2]. - The report notes that silver prices may continue to weaken due to pressure from photovoltaic demand and rising costs in silver paste, indicating a trend towards cheaper metals [2]. Summary by Sections Industry and Stock Performance - The report indicates that the SW Non-ferrous Index rose by 1.67% during the week, while the COMEX gold price increased by 1.51% and COMEX silver decreased by 0.33% [9]. - The report provides a detailed performance analysis of key stocks, with several companies recommended for investment based on their earnings forecasts and valuations [3]. Base Metals - The report discusses the fluctuations in base metal prices, noting that aluminum prices have been under pressure due to high inventory levels and seasonal demand declines as the Chinese New Year approaches [25][26]. - Copper prices experienced volatility, initially rising but later falling due to strong U.S. employment data and cautious market sentiment ahead of the holiday [45]. Precious Metals and Minor Metals - The report states that gold and silver prices have seen fluctuations, with gold averaging 1101.52 CNY per gram, down 0.83% from the previous week, while silver prices fell significantly [74]. - The report emphasizes the ongoing geopolitical tensions and their impact on precious metal prices, with a focus on the potential for price recovery as market conditions evolve [78]. Energy Metals - The report highlights a clear shortage in the energy metals sector, particularly lithium and cobalt, with expectations for price increases post-holiday as demand recovers [9]. - Nickel prices are anticipated to rise due to the implementation of Indonesia's nickel ore export quota policy [9].

每经AI快讯，有投资者在投资者互动平台提问：目前出口的铝产品主要销往哪些地方？主要类别有哪 些？ 云铝股份（000807.SZ）2月25日在投资者互动平台表示，目前公司以国内市场为主，铝产品大部分在国 内销售，仅有少量铝焊材产品出口欧洲。 （文章来源：每日经济新闻） ...