Group 1 - The core viewpoint of the news highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and expectations of interest rate cuts, with the Penghua Non-Ferrous ETF (159880) rising over 7.3% and 14 constituent stocks hitting the daily limit up [1] - Southwest Securities indicates that both precious metals and industrial copper sectors are showing positive expansion, with resource-advantaged companies continuously increasing reserves and production, and upcoming production from marine gold mining projects [1] - As of January 28, 2026, the Guozheng Non-Ferrous Metal Industry Index (399395) has surged by 6.31%, with significant gains in constituent stocks such as Silver Non-Ferrous (up 10.04%), China Aluminum (up 10.02%), and Yunnan Copper (up 10.02%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metal Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2] - The Penghua Non-Ferrous ETF (159880) closely tracks the Guozheng Non-Ferrous Metal Industry Index, which selects 50 securities from the non-ferrous metal industry based on size and liquidity, reflecting the overall performance of listed companies in this sector [1][2]

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in the market. Group 1: Stock Performance and Capital Inflows - China Aluminum (中国铝业) saw a capital inflow of 1.909 billion, with a price increase of 10.02% [1][2] - Northern Rare Earth (北方稀土) experienced a capital inflow of 1.773 billion, with a price increase of 4.22% [1][2] - Wangsu Science & Technology (网宿科技) had a capital inflow of 1.712 billion, with a notable price increase of 15.14% [1][2] - Tianfu Communication (天孚通信) recorded a capital inflow of 1.546 billion, with a price increase of 4.53% [1][2] - Province Advertising Group (省广集团) attracted a capital inflow of 1.275 billion, with a price increase of 4.9% [1][2] Group 2: Additional Notable Stocks - Invech (英维克) had a capital inflow of 1.116 billion, with a price increase of 6.45% [1][2] - SMIC (中芯国际) saw a capital inflow of 1.037 billion, with a price increase of 3.63% [1][2] - Shannon Chip Creation (香农芯创) experienced a capital inflow of 966 million, with a price increase of 4.54% [1][2] - Luoyang Molybdenum (洛阳钼业) had a capital inflow of 818 million, with a price increase of 9.8% [1][2] Group 3: Other Stocks with Capital Inflows - Changxin Bochuang (长芯博创) recorded a capital inflow of 707 million, with a price increase of 6.18% [3] - Zhongji Xuchuang (中际旭创) had a capital inflow of 703 million, with a price increase of 2.01% [3] - China Telecom (中国电信) saw a capital inflow of 698 million, with a price increase of 3.13% [3] - Zhaoyi Innovation (兆易创新) attracted a capital inflow of 685 million, with a price increase of 5.34% [3] - Shanghai Construction (上海建工) had a capital inflow of 683 million, with a price increase of 10.03% [3] - China Unicom (中国联通) recorded a capital inflow of 682 million, with a price increase of 1.58% [3] - Northern Copper (北方铜业) saw a capital inflow of 603 million, with a price increase of 10% [3] - Huayou Cobalt (华友钴业) had a capital inflow of 581 million, with a price increase of 3.34% [3] - CITIC Securities (中信证券) recorded a capital inflow of 580 million, with a price increase of 0.29% [3]

Market Overview - The A-share market experienced fluctuations on January 28, with the Shanghai Composite Index rising by 0.27% to close at 4151.24 points, while the Shenzhen Component Index increased by 0.09% to 14342.89 points. The ChiNext Index fell by 0.57% to 3323.56 points, and the Sci-Tech Innovation Board Index decreased by 0.47% to 1880.57 points [1][2]. Sector Performance - The gold and non-ferrous metal sectors saw significant gains, with resource stocks leading the market. Notable performances included China Gold achieving four consecutive trading limit increases, Hunan Gold with three consecutive increases, and China Aluminum hitting a 16-year high [1][2][3]. - The precious metals sector rose by 10.75%, oil and gas extraction and services increased by 7.61%, and the gold concept sector grew by 7.54%. Other notable increases included lead and zinc metals, which rose by 6.92% and 6.91%, respectively [3]. Coal Sector - The coal sector also performed well, with Shanxi Coking Coal and Shaanxi Black Cat both hitting the daily limit increase of 10%. Other companies in the sector, such as Lu'an Environmental Energy and Jinko Energy, also saw significant gains [4]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 704 billion yuan compared to the previous trading day. However, over 3600 stocks in the market experienced declines [5]. Capital Flow - Main capital flows showed net inflows into non-ferrous metals, securities, and communication services, while there were net outflows from photovoltaic equipment, aerospace, and automotive sectors. Specific stocks like China Aluminum, N Hengyun Chang, and Northern Rare Earth saw net inflows of 1.909 billion yuan, 1.855 billion yuan, and 1.773 billion yuan, respectively [7][8]. - Conversely, BlueFocus Communication Group, Sungrow Power Supply, and Kweichow Moutai faced net outflows of 2.466 billion yuan, 1.767 billion yuan, and 1.333 billion yuan, respectively [9]. Institutional Insights - Dongfang Securities noted that capital is focusing on price increase logic, with technology and resources alternating in performance. Shanjin Asset Management emphasized that short-term volatility does not alter structural opportunities in high-end manufacturing [10]. - Huatai Securities highlighted that historically, industries with sustained recovery capabilities during earnings forecast disclosures tend to yield excess returns [11].

行业研究丨行业周报丨金属、非金属与采矿 丨证券研究报告丨 [Table_Title] 贵金属领衔，金属全面上行 报告要点 [Table_Summary] 继续推荐铜铝春季行情。商品端，降息预期与美国囤铜共振背景下，铜铝商品短期依然强势， 中期经济底部+供需结构优化，铜铝商品弹性可期：1）短期，尽管 CL 铜价差消失使得套利盘 往美国搬库存动力减弱，但本轮导致美国囤铜的本质动机——关税担忧，并未改变，故目前美 国囤铜趋势未改，叠加下周联储主席人选可能公布，因此，在当前宏观、微观多重催化共振下， 铜价仍易冲高，进而撑开了铝等补涨工业金属更大空间。2）中期，美联储引领全球趋势宽松促 进铜铝周期上行。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 分 ...

Group 1 - The core viewpoint of the news highlights a significant increase in non-ferrous metal prices, with LME three-month aluminum futures rising by 2.7% to $3,293.50 per ton, and spot gold surpassing $5,250 per ounce, reaching a historical high [1] - Standard Chartered Bank forecasts an average copper price of $12,950 per ton for the first half of the year and $11,475 per ton for the second half [1] - Zhongyou Securities emphasizes a strong hold on precious metals, citing increased safe-haven demand and net selling pressure on U.S. Treasuries, which enhances the value of gold allocation [1] Group 2 - The non-ferrous metal industry index (399395) has surged by 6.05%, with component stocks such as silver and aluminum companies experiencing gains of over 10% [2] - The non-ferrous ETF Penghua (159880) closely tracks the non-ferrous metal industry index and reflects the overall performance of listed companies in this sector [2] - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 51.65% of the index, including companies like Zijin Mining and China Aluminum [2]

Core Viewpoint - The non-ferrous metal ETF (512400) has seen significant gains, driven by geopolitical risks and macroeconomic factors, leading to a bullish outlook for precious metals and industrial metals [1][2][3]. Non-Ferrous Metals Sector Overview - The non-ferrous metal ETF (512400) rose by 6.78%, with a trading volume of 3.385 billion yuan, reflecting strong investor interest [1]. - The ETF has experienced continuous net inflows over the past 17 days, indicating robust demand [2]. Precious Metals - Precious metals are entering a historic bull market due to multiple factors, including the sell-off of dollar assets, escalating geopolitical conflicts, and increased central bank gold purchases [3]. - Central banks, including the People's Bank of China, have been increasing gold reserves for 14 consecutive months, providing strong support for gold prices [3]. - Despite expectations of a Federal Reserve rate cut in the second half of 2026, current demand for safe-haven assets is dominating the market [3]. Industrial Metals - Industrial metals are facing seasonal inventory accumulation but are supported by extreme shortages at the mining level and low global inventories [3]. - Copper prices are resilient due to strong pre-holiday stocking by downstream industries, with a significant supply gap expected in the first half of the year [3]. - Aluminum prices are expected to rebound due to low global inventories and strong demand driven by investments in power grids and solar energy [3]. New Energy and Minor Metals - Strategic resource attributes of metals like lithium and cobalt are becoming more prominent due to geopolitical tensions [4]. - The Democratic Republic of Congo's submission of a list of strategic assets, including copper, cobalt, and lithium, underscores the importance of these resources [4]. - Although cobalt prices have slightly declined, the structural supply tightness remains, supporting a long-term bullish outlook [4]. Overall Sector Logic - The logic of the non-ferrous metals sector is shifting from a simple supply-demand dynamic to a focus on macroeconomic risks and strategic resource security [5]. - The index for non-ferrous metals reflects the performance of 50 listed companies in the sector, with major constituents including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5].

2026年1月28日 ，受美元走弱催化，金银铜铝价格齐涨，有色金属概念股集体走强，截至14:25，有色金属ETF基金(516650)上涨6.89%，其持仓股白银有 色、中国铝业、铜陵有色、湖南黄金、华峰铝业等股批量涨停，截至2026年1月27日，有色金属ETF基金今年来累计上涨31.85%。 统计显示，有色金属ETF基金近24天获得连续资金净流入，合计"吸金"147.75亿元。截至1月27日，有色金属ETF基金最新份额85亿份，最新规模198.76亿 元，均创成立以来新高。 截至1月27日，有色金属ETF基金近2年净值上涨172.93%，指数股票型基金排名28/2531，居于前1.11%。从收益能力看，截至2026年1月27日，有色金属ETF 基金自成立以来，最高单月回报为27.00%，最长连涨月数为6个月，最长连涨涨幅为69.57%，上涨月份平均收益率为9.76%。截至2026年1月27日，有色金属 ETF基金近1年超越基准年化收益为2.36%，业绩居同标的指数第一，且规模最大。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 201899 | ...

Group 1 - The core viewpoint of the article highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and the anticipated interest rate cuts by the Federal Reserve, leading to overall strength in the sector [1] - The PCE data is described as moderate, which, along with expected interest rate cuts within the year, supports precious metal prices [1] - The copper and aluminum downstream operating rates have shown a recovery, with an increased acceptance of higher prices [1] Group 2 - Tin prices are being suppressed by high prices, necessitating ongoing attention to demand conditions [1] - Antimony supply remains tight, providing price support [1] - As of January 28, 2026, the National Index for Non-Ferrous Metals (399395) has surged by 5.78%, with individual stocks such as silver and aluminum companies seeing increases of over 10% [1] Group 3 - The Penghua Non-Ferrous ETF (159880) has risen by 5.95%, with a latest price of 2.56 yuan, closely tracking the National Index for Non-Ferrous Metals [1] - The National Index for Non-Ferrous Metals reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges, based on a selection of 50 securities with significant scale and liquidity [1] - As of December 31, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 51.65% of the index, including companies like Zijin Mining and China Aluminum [1]

全球铜矿供给扰动再起，智利Escondida及Zaldívar铜矿关键道路遭工会阻塞，Mantoverde铜矿已因罢工 停产，Lundin Mining同步下调2026年铜产量指引。国泰海通证券认为，在自由港与泰克资源产量预期 下调背景下，2026年铜供需紧张格局将进一步加剧；叠加美联储降息预期强化及财政支出强化预期，铜 价或延续偏强运行态势。 2026年1月28日早盘，有色金属、小金属板块领涨，截至午间收盘，中证工业有色金属主题指数 (H11059)强势上涨5.59%，成份股白银有色、中国铝业、云南铜业纷纷10cm涨停，铜陵有色，南山铝业 等个股跟涨。工业有色ETF万家(560860)上涨5.75%。拉长时间看，截至2026年1月27日，工业有色ETF 万家近1周累计上涨8.95%。 截至2026年1月27日，工业有色ETF万家最新规模达151.94亿元，最新份额达76.66亿份，均创成立以来 新高。从资金净流入方面来看，工业有色ETF万家近4天获得连续资金净流入，最高单日获得2.25亿元 净流入，合计"吸金"4.52亿元。 截至2025年12月31日，中证工业有色金属主题指数(H11059)前十大权重股分 ...

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]