上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今天上午，A股调整，从盘面看，三大板块下跌，对市场影响较大。 首先，受大宗商品市场巨震的传导， 有色金属、油气开采、化工、大豆、玉米等板块上午大跌 ， 紫金矿业、洛阳钼业、"三桶油"等龙头股下跌。 其次，受相关业务的增值税税率调整， 三大运营商上午集体下跌。 最后， 科技股上午调整，存储芯片板块大跌 。有机构调研显示，上周DRAM现货价数月来首跌。 对此，业内人士表示，存储整体景气度仍在上行，DRAM价格数月来首次下跌，主要归因于现货价 格与期货价格巨大的价差。目前高价现货市场基本处于有价无市，市场的合约价格仍处于持续上涨 趋势中。也有分析称，可能是市场上的囤货，临近春节，出现部分抛售。 电力基建产业链上涨 今天上午，电力基建产业链上涨，电网设备板块大涨，个股掀起涨停潮，双杰电气、亿能电力、安 靠智电等个股涨幅居前。智能电网、特高压等板块上涨。 | | V | 电网设备 | | | | --- | --- | --- | --- | --- | | | | 7137.09 3.46% | | | | 成分股 | 基金 ...

数据显示，截至2026年1月30日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、厦门钨业、中矿资源、天齐锂业、中钨高新、中国稀土，前十 大权重股合计占比59.71%。 资金流入方面，拉长时间看，截至2026年1月30日，稀有金属ETF基金近5个交易日内有4日资金净流 入，合计"吸金"3964.99万元。 场内ETF方面，截至2026年2月2日午间收盘，中证稀有金属主题指数(930632)下跌3.16%。成分股方面 涨跌互现，西部材料领涨9.49%，东方钽业上涨5.25%，雅化集团上涨3.52%；中金岭南领跌，株冶集 团、锡业股份跟跌。稀有金属ETF基金(561800)换手13.97%，半日成交3494.57万元，市场交投活跃。 近期，稀土板块进入击球区，氧化镨钕价格环比上涨11.03%，中钇富铕矿加工费进一步升至4.1万元/ 吨，反映冶炼环节出清与格局优化持续兑现；12月我国稀土永磁出口量创历史同期新高，叠加海外补库 需求仍存及越南将稀土列为国家战略资源并禁止原矿出口，全球稀土供给收紧预期强化。 稀有金属ETF基金（561800）跟踪的CS稀金属指 ...

Market Overview - The A-share market experienced a decline this morning, with all three major indices falling: the Shanghai Composite Index down 1.32%, the Shenzhen Component Index down 1.41%, and the ChiNext Index down 1.18% [3] Sector Performance - Significant declines were observed in the commodities sector, including non-ferrous metals, oil and gas extraction, chemicals, soybeans, and corn, influenced by turbulence in the commodity market [1] - The three major telecom operators collectively dropped due to adjustments in the value-added tax rate, with China Mobile and China Telecom falling over 3%, and China Unicom down over 4% [9] - The storage chip sector saw a notable drop, with a recent survey indicating a decline in DRAM spot prices for the first time in months, attributed to a significant price gap between spot and futures markets [2] Notable Stocks - The electric power infrastructure chain saw gains, particularly in the grid equipment sector, with stocks like Shuangjie Electric, Yinen Power, and Ankao Zhidian experiencing substantial increases, with Shuangjie Electric rising by 19.97% [5][6] - A report highlighted that global AI computing power construction is entering a boom phase, leading to increased demand for power equipment, with some transformer factories already operating at full capacity and orders extending to 2027 [7] Company Announcements - Jerry Holdings announced a significant contract worth $181.5 million (approximately 1.265 billion RMB) for gas turbine generator sales, drawing market attention [8] - The adjustment in the tax rate for telecom services is expected to impact revenue and profit for the three major operators, with analysts adjusting their earnings forecasts for 2026 [9][10]

Core Viewpoint - The A-share market is witnessing a rise in commercial aerospace stocks, with several companies experiencing significant gains in their stock prices [1] Group 1: Stock Performance - Tongguang Cable has increased by over 14% [1] - Tianyin Electromechanical has risen by more than 12% [1] - Western Materials and Zhongchao Holdings have both seen increases of over 9% [1] - Dinggu Jichuang and Liujin Technology have both gained over 8% [1] - Heshun Electric has risen by more than 7% [1] - Paker New Materials has increased by over 6% [1] - Jiangshun Technology, Changjiang Communication, Guoji Precision, Dongfang Molybdenum, and Tongyu Communication have all seen gains of over 5% [1]

Group 1: Lithium Market Insights - The supply of lithium is experiencing short-term disruptions and long-term growth limitations, leading to a mid-term supply gap expected to persist until 2026-2027 [1][2] - Demand for lithium is being driven by the growth of energy storage and the commercialization potential of solid-state batteries, which may increase lithium consumption per unit [2] - From the second half of 2025, supply disruptions in Jiangxi, China, combined with strong downstream demand, are expected to lead to a rebound in lithium prices, maintaining a tight market through 2026-2027 [2] Group 2: Cobalt Market Dynamics - The supply of cobalt is significantly influenced by the export quota system in the Democratic Republic of Congo, resulting in a clear supply gap and strong price support [3] - Demand for cobalt products is currently weak due to high prices, and the potential recovery in demand hinges on the adoption of solid-state batteries [3] - The Congolese government's strong price control and willingness to maintain prices, along with slower-than-expected export rhythms, suggest that cobalt prices are likely to remain strong in the mid-term [3] Group 3: Market Feedback Mechanisms - In an upward cycle, it is crucial to consider the self-reinforcing and cross-reinforcing attributes between stock prices and commodity prices, alongside fundamental factors [4] - The sequence of "stocks → futures → spot" illustrates how stock prices often react first to anticipated turning points, followed by futures and then spot prices, creating a positive feedback loop [4] - Investment recommendations include lithium-related companies such as Yongxing Materials, Ganfeng Lithium, and Tianqi Lithium, as well as cobalt-related companies like Huayou Cobalt and Luoyang Molybdenum [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the mining equipment and process automation industries, highlighting trends in capital expenditure and technological advancements in artificial intelligence (AI) [1][2]. Key Insights and Arguments - **Mining Equipment Industry**: - Global mining capital expenditure is on the rise, driven by increasing metal prices, which benefits the mining equipment sector [1]. - Chinese mining companies expanding overseas present investment opportunities in equipment, with both short-term and long-term value [1][15]. - **Process Automation and AI**: - Rapid development of generative AI in process industries is benefiting companies like Zhongkong Technology, which aims for 200 million RMB in revenue from AI-related initiatives by 2026 [1][7]. - Major automation firms like Emerson, Siemens, and Honeywell are making significant strategic adjustments and innovations in AI, with Emerson's software-related revenue reaching 1.2 billion USD in 2025 [5]. - **Metal Prices**: - Metal prices are driven by multiple factors, including AI demand, energy transition, and supply constraints. Notably, copper prices are influenced by AI and new energy demands, while tungsten prices are rising due to supply tightening in China [1][14]. - The overall trend for metal prices is upward, supported by inflation and declining resource reserves [13]. Additional Important Content - **Market Dynamics**: - The rigid mining truck market is dominated by Caterpillar and Komatsu, which hold 80% market share, benefiting from substantial aftermarket revenues [1][11]. - The electric vehicle adoption rate for wide-body trucks is expected to exceed 50% by 2026, with Chinese companies expanding into overseas markets [12]. - **Company Performance**: - Nepe Mining Machinery has seen significant growth in new orders, particularly overseas, with a 60% increase in international orders [1][20]. - Oke Yi is benefiting from rising tungsten prices and supply-side constraints, with a projected 150% increase in tungsten powder prices from 2025 to 2026 [4][20]. - **Investment Recommendations**: - Investors are advised to focus on companies with strong exposure to rising metal prices, high overseas market shares, and those in the consumables sector, which show greater elasticity compared to equipment manufacturers [19]. - **Market Characteristics**: - A-share listed companies in the mining equipment sector typically have a high revenue share from coal mining, around 70%-80% [17]. - The export of mining machinery from China significantly exceeds imports, indicating a strong domestic manufacturing capability [18]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the mining equipment and process automation industries, along with investment opportunities and market dynamics.

Group 1 - The core viewpoint of the news highlights a significant decline in the performance of non-ferrous metal stocks, with companies like Shandong Gold and Zhongjin Gold hitting the daily limit down, and Northern Rare Earth dropping over 5% [1] - Mining and non-ferrous related ETFs have also seen a decline of over 5% due to market influences [1] Group 2 - Recent reports indicate that not only precious metals like gold and silver have risen significantly, but industrial metals such as copper and aluminum, as well as energy metals like cobalt and lithium, have also shown good growth, with multiple metals reaching historical or phase highs [2] - The super cycle of non-ferrous metals is attributed to three main factors: the weakening trend of the dollar due to the Federal Reserve's interest rate cuts, supply-demand gaps caused by declining ore grades and rising marginal costs in major mines, and domestic policies aimed at optimizing excess capacity [2]

股票研究 /[Table_Date] 2026.02.02 鹰派扰动，价格巨震 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S088052504 ...

2025 年 A 股业绩前瞻：结构分化加剧，资源与制造板块领跑 证券研究报告/策略专题报告 2026 年 02 月 01 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 一、业绩预告全景：整体偏弱，分化显著 截至 2026 年 1 月 31 日共有 2963 家上市公司披露业绩预警，整体喜忧参半，但以"报 忧"为主基调。"报喜"类（预增、续盈、略增、扭亏）公司共 1095 家，占比约 37%； "报忧"类（预减、略减、续亏、首亏）公司则有 1867 家，占比约 63%。整体来看， 2025 年上市公司盈利整体呈现企稳回升趋势，但整体仍处于弱通道。另外，不少企业 盈利同比有所改善，但分化明显，仍有大批公司未能实现盈利增长。 相关报告 行业方面，2025 年出现集中"报喜"的行业有非银金融，有色金属，美容护理，汽车 与公用事业。集中"报忧"的行业有煤炭，房地产，轻工制造，食品饮料和建筑装饰。 非银金融板块集体预增，业绩预警表现远好于其他行业， ...

我们看好洛阳钼业的价值提升。1）看好铜、金价上行周期；2）公司是铜矿行业国内龙头、成长性较 好；3）公司新增重点布局品种-黄金，或迎来"铜"估值向"铜+金"估值的转变。我们维持"买入"评级。 刚果金铜矿25 年产量兑现超预期，扩产规划清晰据公司公告《2025 年度业绩预增公告》、《第七届董 事会第九次临时会议决议公告》（26-1-16）：公司25Q4 实现归母净利57-65 亿元，较25Q3 56亿元环比 有所增长，或与铜等金属价格环比上涨有关，25Q4 LME 铜价环比+13.2%至11092 美元/吨。公司通过技 改提升生产效率，铜产量连续4 个季度上升，25Q1-4 分别为17.1/18.3/19.0/19.8 万吨，全年铜产量达74 万吨，显著超过公司指引60-66 万吨；公司规划26 年铜产量进一步提升76-82 万吨。公司亦积极推进 KFM 二期建设，预计27 年投产后新增铜产量10 万吨/年，亦规划TFM 扩产项目，向28 年实现铜产量 80-100 万吨目标迈进。 转型"铜+金"双轮驱动，加速布局黄金板块 看好铜、金价上行周期 黄金方面（参考华泰金属《供需改善或成金属行业26 年主基调》（25 ...