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].

【黄金强势拉升！金饰克价涨58元，有色金属股集体反弹！分析师：做多黄金仍是正确策略】2月3日， 国际金价强势反弹，现货黄金拉升涨超4%，再度站上4800美元/盎司上方。在#A股#市场上，有色金属 股集体反弹，石英股份涨超6%，湖南黄金、国城矿业涨超5%，中稀有色、紫金矿业涨超3%。消息方 面，现货金银亚盘回暖，其中国际金价涨超4%，报4852.81美元/盎司。国内品牌足金饰品价格跟涨。周 生生足金饰品标价涨至1542元/克，较前一日涨58元/克；老凤祥足金饰品报1518元/克，较前一日涨20 元。金砖汇通资深策略师赵相宾认为，此次黄金价格走高是其避险属性回归的表现，虽然在极度投机影 响下近期多次突破历史纪录直至暴跌，但其避险属性并未受影响；此外，目前全球贸易去美元化趋势以 及央行等购金需求仍在支撑金价。瑞银贵金属策略师Joni Teves明确表示，做多黄金仍是当前的正确策 略，支撑黄金战略性配置的逻辑依旧充足，相关指标也显示，从平均水平来看，投资者仍有进一步加仓 的空间，但同时需警惕短期调整风险升温。你最近抄底黄金了吗？对于这次反弹，你怎么看？（注：本 文不构成任何投资建议）#金银价格又反转##周生生情况通报 ...

Group 1 - The solar sector is experiencing a significant rise, with the solar ETF (159857) seeing a 4.02% increase and a trading volume of 102 million yuan [1] - Key stocks in the solar ETF include JunDa Co., Foster, and others, with several stocks rising over 5% [1] - The solar ETF has seen a net inflow of 195 million yuan over the last ten trading days, with over 60 million shares subscribed today, bringing its total size to 2.177 billion yuan [1] Group 2 - The solar industry index (931151) tracks companies involved in various stages of solar production and operation, reflecting the overall performance of the solar industry in China [1] - The China Electricity Council predicts that by 2026, solar power capacity will surpass coal power for the first time, with new renewable energy installations expected to exceed 300 million kilowatts [1] - Zhejiang Securities notes that solar equipment companies are benefiting from multiple technological advancements, including PERC, TOPCon, HJT, and perovskite, creating structural opportunities despite potential risks from technological uncertainties and price fluctuations [2]

截至2026年2月3日 10:05，有色金属ETF(512400)上涨3.23%，盘中换手3.56%，成交13.79亿元。跟踪指 数中证申万有色金属指数成分股石英股份领涨6.66%，湖南黄金上涨5.68%，国城矿业上涨5.46%。 消息面上，2月3日早盘，贵金属价格显著反弹，现货黄金重回每盎司4800美元上方，COMEX黄金日内 涨超4%，COMEX白银强势涨超10%，突破85美元。 有色金属ETF(512400)紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金 属及非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证 券的整体表现。指数前十大权重股分别为紫金矿业、洛阳钼业、北方稀土、中国铝业、华友钴业、中金 黄金、山东黄金、兴业银锡、赣锋锂业、赤峰黄金。 有色金属ETF(512400)，场外联接(A类：004432；C类：004433)。 展望未来，摩根大通预测，黄金仍是一种灵活多元的投资组合对冲工具，当前投资者需求仍高于其此前 预期。今年各国央行与投资者的黄金需求规模足以推动金价在2026年底前升至每盎司6300美元。 东方证券认为，流动性预期回摆 ...

Group 1 - The core focus of the company is on the research, manufacturing, and sales of semiconductor-grade high-purity quartz materials [1] - The main products include various types of high-purity quartz tubes, rods, cylinders, and ingots [1] - The production lines for the company's core semiconductor products are primarily concentrated in the parent company [1]

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

Market Overview - The non-metal materials sector declined by 1.58% on January 30, with Bingyang Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers included: - Lianrui New Materials (688300) with a closing price of 66.79, up 2.60% and a trading volume of 64,200 shares, totaling 422 million yuan [1] - Changjiang Materials (001296) closed at 29.29, up 2.48% with a trading volume of 80,100 shares, totaling 236 million yuan [1] - Significant decliners included: - Bingyang Technology (920675) closed at 11.55, down 4.55% with a trading volume of 94,500 shares, totaling 113 million yuan [2] - Strength Diamond (301071) closed at 39.90, down 4.52% with a trading volume of 231,400 shares, totaling 906 million yuan [2] Capital Flow - The non-metal materials sector experienced a net outflow of 180 million yuan from institutional investors, while retail investors saw a net inflow of 258 million yuan [2] - The detailed capital flow for selected stocks showed: - Lianrui New Materials had a net inflow of 19.19 million yuan from institutional investors [3] - Bingyang Technology faced a net outflow of 9.72 million yuan from institutional investors [3] - Quartz Shares (603688) had a net outflow of 39.90 million yuan from institutional investors [3]

Market Overview - The non-metal materials sector experienced a decline of 2.95% compared to the previous trading day, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Key stocks in the non-metal materials sector showed varied performance, with Lianrui New Materials closing at 65.10, down 8.05%, and other notable declines including Tianma New Materials down 3.06% and Longgao Co. down 2.67% [2] - The trading volume and turnover for major stocks included: - Quartz Co. with a closing price of 40.88 and a turnover of 750 million [1] - Strength Diamond with a closing price of 41.79 and a turnover of 1.08 billion [2] Capital Flow - The non-metal materials sector saw a net outflow of 264 million from institutional investors, while retail investors had a net inflow of 137 million [2] - Detailed capital flow for specific stocks indicated that: - Quartz Co. had a net inflow of 12.1 million from retail investors, despite a net outflow of 8.29 million from institutional investors [3] - Lianrui New Materials experienced a significant net outflow of 15.05 million from institutional investors [3]

环球市场动态 美 国 关 税 通 胀 见 顶 时 间 后 移 股 票 周三亚太股市个别发展，MSCI 不 排除将印度尼西亚降级至前沿市 场，拖累股市大跌 7.3%。港股高开 高走，A 股涨跌不一。奢侈品股受 压，欧股下跌。美联储一如预期维 持利率不变，美股个别发展，变动 不大。 外 汇 / 商 品 特朗普警告伊朗尽快达成核协议， 美伊局势紧张，周三纽约期油升至 四个月高位，国际金银价格续创新 高；贝森特关于美国绝没有入市干 预日元的表态也为美元带来支撑， 在美联储维持利率不变之后美元指 数触及日内高点。 固 定 收 益 美联储维持利率不变在 3.50%– 3.75%。美国国债持稳，收益率曲线 略微走平。声明称就业风险减弱， 并不急于进一步降息。日本 40 年 期国债拍卖结果较好推动市场企 稳。贝森特否认将干预日元汇率。 亚洲债市企稳，债券利差普遍收窄。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 29 日 ▪ 美联储 2026 年 1 月议息会议维持政策利率不变，符合市场预期。议息会议声明和鲍威尔发言均表示美国失业 率出 ...