【主力资金监控：电新行业净流出超103亿】智通财经1月28日电，智通财经星矿数据显示，今日早盘主 力资金净流入工业金属、有色金属、通信等板块，净流出电新行业、电力设备、机械设备等板块，其中 电新行业净流出超103亿元。个股方面，网宿科技一度涨停，主力资金净买入超16.85亿元位居首位，N 恒运昌、中际旭创、中国铝业获主力资金净流入居前；阳光电源遭净卖出超14亿元，蓝色光标、航天电 子、华天科技资金净流出额居前。 转自：智通财经 ...

Core Insights - The total assets of central enterprises have surpassed 95 trillion yuan, with significant increases in A-share "Zhongzi" stocks, including China Gold hitting the daily limit, and China Aluminum and China Nonferrous Metals rising over 9% [1] Group 1: Central Enterprises Performance - By the end of 2025, central enterprises are projected to achieve total profits of 2.5 trillion yuan and complete fixed asset investments of 5.1 trillion yuan, contributing 2.5 trillion yuan in taxes [1] - Central enterprises are expected to invest 1.1 trillion yuan in R&D by 2025, maintaining over 1 trillion yuan in R&D investment for four consecutive years [1] - Investment in strategic emerging industries by central enterprises is anticipated to reach 2.5 trillion yuan by 2025 [1] Group 2: Market Reactions - The announcement led to a notable rise in A-share "Zhongzi" stocks, with China Gold increasing by 10.04%, China Aluminum by 9.12%, and several others seeing gains of over 6% [1] - Analysts suggest that the milestone of "95 trillion" serves as a solid foundation for the "Zhongzi" market, with a focus on future opportunities from "market value management" and "restructuring and integration" policies [1]

有色ETF鹏华紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年12月31日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业、洛阳 钼业、北方稀土、华友钴业、中国铝业、赣锋锂业、云铝股份、山东黄金、中金黄金、天齐锂业，前十 大权重股合计占比51.65%。 有色ETF鹏华(159880)，场外联接(A：021296；C：021297；I：022886) 贵金属概念持续拉升，消息面上，1月28日，现货黄金首次突破5200美元/盎司，年内累计涨幅超过 20%，持续刷新历史系高。现货白银站上113美元/盎司。 华福证券指出，短期而言，美联储降息预期摇摆，整体呈现易涨难跌格局；中长期而言，全球关税政策 和区域政治的不确定性背景下，避险和滞涨交易仍是黄金交易的核心，长期配置价值不改。 截至2026年1月28日 10:40，国证有色金属行业指数(399395)强势上涨3.95%，成分股白银有色上涨 10.0 ...

南方财经1月28日电，电解铝概念盘中持续拉升，中国铝业涨停，创2009年12月以来新高，此前怡球资 源、常铝股份涨停，华峰铝业、云铝股份、天山铝业、新疆众和等跟涨。消息面上，LME期铝主力合 约盘中触及3250美元/吨，创2022年4月以来新高。 ...

从短期行业驱动来看： 近期市场风格持续向顺周期方向演绎，中证全指自由现金流指数以自由现金流为核心筛选指标，兼顾盈利质量与行业景气，该指数重点覆盖汽车、有色金 属、家用电器等顺周期板块，采用季度调仓机制，聚焦具备稳定经营性现金流的实体企业，且不包含金融与房地产行业，整体结构更契合当前宏观经济修复 与产业景气轮动的趋势。 1.有色金属板块：美元指数大跌，"贵金属狂潮"延续，板块景气度持续攀升 1月26日，贵金属集体拉升，现货黄金价格冲高，突破5200美元/盎司的关键心理 整数关口；本轮贵金属上涨受多重因素支撑，全球区域风险发酵推升避险资金配置需求，市场对美联储 2026 年降息预期持续升温，叠加光伏、AI、新能源 等行业对工业有色金属需求激增，供需紧平衡格局进一步强化板块景气度。 2.汽车板块：政策红利叠加需求回暖，行业复苏动能强劲。 2026年开年汽车板块迎多重利好共振，以旧换新国补全国统一落地，报废更新新能源乘用车最高补2万元，置换更新最高补1.5万元，叠加新能源汽车购置税 减半政策延续，车企同步推出购置税兜底、0 息金融等配套优惠。政策带动下市场需求快速释放，据乘联会与海关总署最新数据显示，1月1-17日国 ...

Core Viewpoint - Recent surge in international gold prices surpassing $5200 per ounce has initiated a structural bull market in the non-ferrous metals sector, with significant inflows into the mining ETF (561330) exceeding 1.6 billion yuan over 20 consecutive days [1][3] Group 1: Market Performance - The mining ETF (561330) has seen a broad increase in its constituent stocks, with most of the top ten stocks experiencing gains [3] - The top ten constituent stocks of the mining ETF include Zijin Mining, Luoyang Aluminum, and Northern Rare Earth, with Zijin Mining showing a 3.67% increase and Luoyang Aluminum a 3.68% increase [4] Group 2: Macro Drivers - The current bull market in non-ferrous metals is driven by multiple factors, including de-globalization, de-dollarization, and macroeconomic cycles [5] - De-globalization has led to resource nationalism, with major resource countries implementing export controls and taxes to secure strategic resources, increasing the geopolitical value of these resources [5] - The acceleration of de-dollarization is evidenced by countries like Denmark and Sweden reducing their U.S. Treasury holdings, while nations like India are repatriating gold reserves, indicating a shift away from dollar-denominated assets [6] - The synchronization of macro policy cycles between China and the U.S. is expected to provide support for global industrial metal prices, particularly in 2026 [7] Group 3: Gold Market Insights - Gold's rise above $5200 per ounce reflects a reassessment of its monetary attributes amid the de-dollarization trend, with central banks continuing to accumulate gold [8][9] - The demand for gold is being driven by geopolitical tensions and the increasing appeal of gold as a safe-haven asset [10] - Institutional investors are beginning to allocate gold as an alternative to U.S. Treasury bonds, marking a significant shift in asset allocation strategies [11] Group 4: Industrial and Energy Metals - Industrial metals like copper and aluminum are experiencing a shift in demand from traditional infrastructure to AI and energy revolution, while supply constraints persist due to resource nationalism and insufficient capital expenditure [12] - Copper is facing structural shortages due to increased demand from sectors like AI data centers and electric vehicles, while supply is hindered by declining ore grades and geopolitical disruptions [13] - Aluminum supply is constrained by domestic carbon goals and high energy costs abroad, with demand expanding into high-growth areas like lightweighting for electric vehicles [13] - Lithium demand is surging due to the growth of energy storage markets, leading to a tightening supply-demand balance [13] Group 5: Investment Strategy - The non-ferrous metals market is transitioning from futures prices to equity markets, with a focus on the mining ETF (561330) as a more stable investment option [15] - The mining ETF (561330) has outperformed other non-ferrous ETFs, with a cumulative increase of 296.64% since its inception in 2013, indicating strong historical performance [16] - The mining ETF focuses on upstream resource leaders, providing higher profit elasticity and valuation opportunities during price increases [21]

据了解，有色矿业ETF招商(场内：159690；场外：026477)前三大权重品种铜（31%）、金（14%）、 铝（12%）合计占比近6成，龙头集中度高。还自带"杠杆属性"，被称为"周期放大器"：由于集中投资 上游资源龙头，在矿业公司成本相对固定时，有色金属价格上涨导致涨价部分几乎全是利润。因此形成 利润+估值双提升的"戴维斯双击"行情，净值涨幅数倍于商品本身。 风险提示：基金有风险，投资需谨慎。 消息面，据 Bitget 行情信息，现货黄金站上 5190 美元/盎司，日内涨 0.24%。现货白银向上触及 114 美 元/盎司，日内涨 1.54%。国金证券首席策略分析师牟一凌认为，对于商品而言，资产配置属性驱动了 本轮的上涨且当前定价并不极致，对冲美元风险下黄金储备有望继续上升，且商品计价的黄金股相对其 他资源股较为低估，有修复需求。 1月28日，金银继续上攻！数据显示，截至10时15分，有色矿业ETF招商(159690)放量涨超3%，成分股 白银有色、湖南黄金涨停、西部黄金、山东黄金涨幅居前。 | 官 - | 代码 | 有色型(ETF招商159690成分喜观 | | 估算权重 | | --- | --- | ...

截至2026年1月28日10:10，国证自由现金流指数强势上涨1.51%，成分股白银有色（维权）、浙江龙盛涨停，中国海油、卫星化学，中国铝业等个股跟涨。 自由现金流ETF(159201)上涨1.37%，最新价报1.33元。流动性方面，自由现金流ETF盘中换手1.46%，成交1.75亿元。拉长时间看，截至1月27日，自由现金 流ETF近1周日均成交7.08亿元。 从资金净流入方面来看，自由现金流ETF近8天获得连续资金净流入，合计"吸金"18.53亿元。自由现金流ETF最新份额达90.51亿份，最新规模达118.46亿 元，创成立以来新高。数据显示，杠杆资金持续布局中。自由现金流ETF本月以来融资净买额达272.88万元，最新融资余额达1.36亿元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600938 | 甲国海海 | 6.17% | 10.34% | | 600104 | 上汽集团 | -0.90% | 8.80% | | 000651 | 格力电器 | -1.23% | 8.68% | | eolala | 中远海控 | 1.67% | ...

Group 1 - The non-ferrous metal sector continues to rise, with companies such as Shengda Resources, Tongling Nonferrous Metals, Yuguang Gold Lead, and Huafeng Aluminum reaching new highs during trading [1] - Silver Industry has achieved a seven-day consecutive increase, indicating strong market performance [1] - Companies like Zinc Industry Co., Yiqiu Resources, Electric Alloy, Pengxin Resources, Northern Copper, China Aluminum, and China Nonferrous Metals are also experiencing significant gains [1]

Macro and Strategy Research - The profit growth of industrial enterprises in 2025 is supported by new momentum and anti-involution policies, with a marginal increase in profit growth rate by 0.5 percentage points to 0.6% year-on-year [2][3] - In December 2025, the profit of industrial enterprises increased by 5.3% year-on-year, reversing from negative to positive with an 18.4 percentage point recovery [3] - The industrial added value in December 2025 grew by 5.2% year-on-year, driven by resilient exports and high-tech industries [3] - The revenue profit margin for industrial enterprises in 2025 was 5.31%, a year-on-year decrease of 1.5%, but the decline was less severe than in the previous months [3] - Among 41 industrial sectors, 16 sectors achieved positive profit growth in 2025, with notable growth in black metal smelting, non-ferrous metal mining, and high-tech manufacturing [4] - The end of three consecutive years of negative profit growth for industrial enterprises is attributed to support from new momentum sectors and the implementation of anti-involution policies [4] Fixed Income Research - The issuance scale of credit bonds increased, with corporate bonds remaining stable and other types of bonds seeing growth [6][8] - Credit bond yields generally declined, with credit spreads for medium and short-term notes narrowing [8] - The overall market sentiment remains optimistic, with a focus on adjusting strategies in response to market fluctuations and maintaining a cautious approach to ticket strategies [8] Fund Research - The number of equity funds increased to 7,583 by the end of Q4 2025, with a total scale of 94,572.12 billion, a decrease of 277.04 billion from the previous quarter [11] - Active equity funds saw a slight decrease in positions, with a notable decline in mixed and flexible allocation funds [11][12] - The allocation in the main board decreased significantly, while the allocation in the Sci-Tech Innovation Board and Growth Enterprise Market increased [12] - The top five industries with increased holdings included non-ferrous metals and communications, while electronics and biomedicine saw a decrease [12] Industry Research - The geopolitical situation has led to strong performance in gold prices, with expectations for continued upward pressure due to uncertainties [14][15] - The steel industry is expected to see improved profitability due to steady growth policies and demand in shipbuilding and construction [15] - The copper industry is anticipated to maintain a favorable outlook, supported by supply constraints and demand from key sectors like electric power and new energy vehicles [16] - The aluminum sector is expected to benefit from improved supply dynamics and demand from the new energy vehicle sector [16] - The rare earth industry is projected to see a revaluation of related companies due to China's export control upgrades and strategic importance [17]