Core Viewpoint - The article discusses the performance of the Silver Hua ETF (159871) and its major holdings, highlighting a significant decline in share prices on February 6, 2023 [1] Group 1: ETF Performance - The Silver Hua ETF (159871) opened down by 4.35%, priced at 2.067 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 116.34%, with a one-month return of 8.68% [1] Group 2: Major Holdings Performance - Major holdings in the ETF experienced notable declines, including: - Zijin Mining down by 5.07% - Luoyang Molybdenum down by 5.28% - Northern Rare Earth down by 2.71% - Huayou Cobalt down by 3.31% - China Aluminum down by 3.64% - Ganfeng Lithium down by 3.04% - Shandong Gold down by 3.97% - Yun Aluminum down by 1.78% - Zhongjin Gold down by 6.08% - Zhongmin Resources down by 1.79% [1]

2月6日，香港恒生指数低开1.97%，恒生科技指数跌2.42%。 | 名称 | 现价 涨跌幅 | | | --- | --- | --- | | 恒生指数 | 26354.34 -530.90 - -1.97% | 66亿 | | 恒生科技 | 5275.12 | 33亿 | | 恒生生物科技 | 15006.22 -235.76 - -1.55% | 0.8亿 | | 恒生中国企业指数 8922.14 -171.20 -1.88% | | 37亿 | | 恒生综合指数 | -79.10 -1.92% | 54亿 | 科网股全线走低，百度集团跌逾4%，阿里巴巴、 快手、 哔哩哔哩、网易、华虹半导体均跌逾3%，商汤、京东集团、腾讯控股、中芯国际等跌超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 百度集团-SW | 134.800 | -6.100 | -4.33% | | 金蝶国际 | 10.900 | -0.490 | -4.30% | | 京东健康 | 58.250 | -2.400 | -3.96% | | 阿里巴巴-W | 153.50 ...

以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 作者： 邱鑫浩 来源： 邱处机 河南栾川县的崇山峻岭间，洛阳钼业的三道庄矿区里，无人挖矿机正在有条不紊地作业，数十辆无 人驾驶矿卡在蜿蜒的矿道上川流不息。 ----------------------------- 这家全球最大的钴生产商、全球十大铜生产商、巴西领先的磷肥生产商，已成为中国矿企国际化的 典范，市值接近 5000 亿元。 作为洛阳钼业的实控人，于泳在胡润富豪榜最新数据里的身家高达 950 亿。 但有意思的是，这位矿产大佬是一位几乎不在公开场合露面的神秘富豪。他从不担任公司任何职 务，甚至缺席了公司两次上市仪式。 01 捡漏 于泳 1961 年出生于大连瓦房店。他的发家史较为神秘，先是干过造纸厂工人，后面投身证券市场 赚到第一桶金。 2003 年，于泳在上海成立鸿商产业控股集团（下称鸿商），开始进行产业投资和运营。 据达摩财经报道，鸿商集团成立之初，公司股权由于泳、许军分别持股 90% 、 10% ，后者还在 利德投资担任董事。而利德投资被认为是德隆系吸收社会资金的重要平台之一。 鸿商成立一年便迎来一个机遇。彼时洛阳钼业陷入停产困境 ...

Core Viewpoint - The A-share market experienced a decline, particularly in the non-ferrous metal sector, with the Huabao ETF dropping by 4.8%, despite a net subscription of 21 million units, indicating investor confidence in the long-term potential of the sector [1][3]. Group 1: Market Performance - The non-ferrous metal sector faced significant pullback due to a sharp decline in international precious metal prices, with spot gold dropping over 3% [3]. - The Huabao ETF saw a net subscription of 21 million units, reflecting investor confidence despite market volatility [1]. Group 2: Influencing Factors - The decline in precious metal prices is attributed to liquidity issues, with the U.S. leveraged loan index showing increased declines, leading to a stronger dollar that pressures dollar-denominated metals [3]. - Macro factors include former President Trump's comments advocating for interest rate cuts by the Federal Reserve, which could influence market sentiment positively [3]. - Industry actions, such as major mining companies like Luoyang Molybdenum and Zijin Mining acquiring gold mines, indicate strong capital investment in the sector [3]. Group 3: Future Outlook - Institutions like Guosheng Securities predict that the combination of supply-demand mismatch, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous metal sector for the next 3-5 years [4]. - Despite the bullish outlook, caution is advised regarding potential profit-taking by speculative funds, which may increase market volatility [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | ...

2月5日，黄金概念股走势低迷，呈现持续跳水态势。其中，白银有色、湖南黄金、湖南白银、四川黄金 股价触及跌停，晓程科技跌幅超10%，盛达资源、洛阳钼业等亦同步下跌。（央广财经） ...

Core Viewpoint - Luoyang Molybdenum's performance in 2025 is expected to reach a historical high, marking four consecutive years of record-breaking results, driven by increased production, rising prices, and decreased operational costs [4][8]. Financial Performance - The forecast for 2025 indicates a net profit attributable to shareholders of 20 billion to 20.8 billion, representing a year-on-year growth of 47.8% to 53.71%. The non-recurring net profit is projected to be 20.4 billion to 21.2 billion, an increase of 55.50% to 61.60% [4]. - As of February 3, 2026, the market capitalization of Luoyang Molybdenum approached 500 billion, with a static valuation of 25 times earnings [6]. Production and Sales - In the first three quarters of 2025, the production of copper reached 543,376 tons, a year-on-year increase of 14.14%, while cobalt production was 88,000 tons, up 3.84% [11][12]. - The company exceeded its production guidance for all major products, including copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizers [8][9]. Price Dynamics - The price of copper saw a significant increase, with LME copper prices rising by 39.3% to 42.34%, continuing to rise into 2026 [13][15]. - Key drivers for the price increase include tight copper supply due to the reduction of several large copper mines, regional supply-demand imbalances from the U.S. copper 232 investigation, and increased demand from the renewable energy sector [15]. Cost Management - Despite a 2.36% year-on-year decline in revenue, the non-recurring net profit grew by 98%, primarily due to a 13.2% reduction in operating costs compared to the previous year [16]. - The decrease in revenue was largely attributed to a decline in low-margin mineral trading income, while higher-margin mining income increased by 25.6% [17]. Revenue Growth by Product - Revenue from copper and cobalt increased by 29.1%, tungsten and molybdenum revenue grew by 4.7%, and niobium and phosphate revenue rose by 25.1% [19]. Strategic Acquisitions - Luoyang Molybdenum has expanded its gold resource reserves through acquisitions, including the purchase of the Cangrejos gold mine in Ecuador for 580 million CAD (approximately 3 billion RMB) and a deal for 100% equity in several gold mines in Brazil for 1.015 billion USD, which includes significant gold resources [22][23].

【ETF全知道热点收评】下面重点聊聊银行、食品饮料、有色等几个板块的交易和基本面情况。 A股波动加剧，连升两日后再度回调。2月5日，三大指数集体收跌，有色突发重挫，硬科技延续跌势，大金融、大消费齐头并进。临近春节，活跃资金交投 有降温迹象，全市场成交2.19万亿元，连续5日缩量。 银行震荡市突围，连续两日走强，全市场规模最大银行ETF（512800）放量续涨1.67%，值得一提的是，历史上银行板块往往在春节前胜率较高。券商午后 再发力，顶流券商ETF（512000）水下拉起成功连阳。 "史上超长九天春节假期"将至激发消费热情，消费方向全线活跃，消费龙头ETF（516130）三连升，贵州茅台股价再创6个月新高，高"含酒量"食品饮料ETF 华宝（515710）涨1%斩获四连阳！ 金银价格亚太时段跳水引发有色板块大跌，有色ETF华宝（159876）盘中挫逾6%，收跌4.8%，资金无惧波动，逆行加仓，全天净申购2100万份。化工同步 走低，74亿体量化工ETF（516020）回调1.9%。 科技方向延续低迷，硬科技宽基双创龙头ETF（588330）收跌1.8%，"AI双子星"——创业板人工智能ETF华宝（159363 ...

Group 1: Copper - Copper prices remain resilient, with LME copper at $133,370/ton and SHFE copper at $103,680/ton, reflecting a week-on-week increase of +3.5% and +2.3% respectively [1][9] - The import copper concentrate TC is at -$50.0/ton, down by $0.5/ton week-on-week, indicating tight supply in the copper market [1][9] - Southern Copper Corporation anticipates a decline in copper production over the next two years due to lower ore grades, projecting 911,400 tons in 2026 and slightly above 900,000 tons in 2027, both lower than 954,300 tons in 2025 [1][9] Group 2: Aluminum - LME aluminum is priced at $3,110/ton and SHFE aluminum at $24,560/ton, with a week-on-week change of -2.0% and +1.1% respectively [2][10] - The SMM aluminum processing enterprises' operating rate decreased by 1.5 percentage points to 59.4% week-on-week [2][10] - SHFE aluminum inventory increased to 21.7 million tons, up by 2.0% week-on-week, indicating seasonal demand decline influenced by the Spring Festival [2][10] Group 3: Precious Metals - SHFE gold is priced at 1,161.4 yuan/gram and COMEX gold at $4,907.5/ounce, with week-on-week changes of +4.1% and -1.5% respectively [3][11] - The nomination of a new Federal Reserve chairman, who supports lower interest rates, may influence precious metal prices, which have shown volatility [3][11] - The focus is on potential investment opportunities after price stabilization in the precious metals market [3][11] Group 4: Minor Metals - Tungsten concentrate prices rose to 601,000 yuan/ton, reflecting a week-on-week increase of +12.3% [4][12] - The prices for praseodymium and neodymium oxide are at 750,000 yuan/ton, up by +11.3%, while dysprosium oxide decreased by -2.1% [4][12] - The domestic antimony ingot price is at 165,000 yuan/ton, with a week-on-week increase of +1.2% [4][12] Group 5: Steel - SHFE rebar and hot-rolled coil prices are at 3,128 yuan/ton and 3,288 yuan/ton, with week-on-week changes of -0.4% and -0.5% respectively [5][13] - Total steel supply reached 8.2317 million tons, up by 35,800 tons week-on-week, while total inventory increased to 12.7851 million tons, up by 214,300 tons [5][13] - Southern steel mills are adjusting pricing strategies for construction steel to improve profit margins, indicating enhanced industry self-discipline [5][13] Group 6: Investment Recommendations - For the copper sector, companies with rich copper resources such as Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining are recommended [6][14] - In the precious metals sector, companies like Zijin Gold International, Shandong Gold, and China Gold International are suggested for investment [6][14] - The aluminum sector recommends companies such as Shenhuo Co., Yunnan Aluminum, and China Aluminum [7][15] - For minor metals, focus on rare earth companies like Northern Rare Earth and domestic antimony producers [7][15] - In the steel sector, companies with strong product structures like Baosteel and Hesteel are highlighted [7][15]

中金认为，中美均推出铜资源储备计划，战略囤库需求持续增长。产业补库托底铜价，春季旺季补库叠 加供应偏紧或进一步推升铜价。长期看，铜行业牛市主升浪风鹏正举，短期调整迎来布局良机。 中金又指，据Mysteel数据，周一国内铜价短暂回落，下游补库需求环比大幅增长，当日电解铜、铜杆 成交量达3.8、4.3万吨，环比分别增长108%、198%，分别创近三月、2025年3月来新高。 中金维持相关公司盈利预测、目标及评级不变。建议关注铜矿自给率高、有较强增储上产和外延并购潜 力的龙头标的，包括紫金矿业(02899)、洛阳钼业(03993)、西部矿业(601168.SH)、金诚信(603979.SH)、 铜陵有色(000630.SZ)等。 智通财经APP获悉，中金发布研报称，中国有色金属工业协会副秘书长段绍甫周二(3日)在《2025年有色 金属工业经济运行情况》记者会提出完善铜资源储备体系建设。美国亦于周一宣布正启动一项120亿美 元的关键矿产储备计划("Project Vault")，包括稀土、锂、铜等美国地质调查局认定的50多种关键矿产， 以对冲供应链风险。 ...