Group 1 - The core viewpoint of the news is that Hong Kong gold stocks are experiencing a rebound, with significant price increases observed in several companies due to favorable market conditions and expectations of a potential interest rate cut by the Federal Reserve [1][2] Group 2 - Zijin Mining International and Lingbao Gold both saw intraday gains exceeding 8%, with Lingbao Gold recording a three-day consecutive rise [1] - Chifeng Jilong Gold increased by 5%, while China Gold International rose over 4%, and Zijin Mining gained 3.5% [1] - Shandong Gold and Zhaojin Mining both saw approximately 3% increases [1] Group 3 - In the Asian early trading session, spot gold rose by 0.4%, reaching $5,042.82 per ounce, driven by the prospect of a Federal Reserve interest rate cut, which enhances the appeal of this non-yielding precious metal [1] - Wells Fargo noted that the recent pullback in gold prices is a healthy correction following a significant prior increase, with spot gold prices down over 10% from the record high set at the end of January [1] Group 4 - The bank raised its 2026 gold price target to between $6,100 and $6,300 per ounce, indicating an upside potential of over 20%, citing geopolitical risks, market volatility, and strong demand from central banks as key reasons [1]

| | i称 | 预告净利润上限 | | | --- | --- | --- | --- | | | | (亿元) | | | 601899. SH | 紫金矿业 | 520 | 62 | | 603993. SH | 洛阳铝业 | 208 | 54 | | 603799. SH | 华友钻业 | 65 | 55 | | 600489. SH | 中金黄金 | 54 | 59 | | 600547. SH | 山东黄金 | 49 | 66 | | 600988. SH | 赤峰黄金 | 32 | 81 | | 600111. SH | 北方稀土 | 24 | 135 | | 002460. SZ | 赣锋锂业 | 17 | 180 | | 002155. SZ | 湖南黄金 | 16 | 90 | | 600392. SH | 盛和资源 | 9 | 339 | | 601020. SH | 华钰矿业 | 9 | 255 | | 002466. SZ | 天齐锂业 | 6 | 107 | | 601069. SH | 西部黄金 | 5 | 93 | | 002716. SZ | 湖南白银 | 4 | 127 | ...

Core Viewpoint - The A-share market experienced fluctuations on February 11, with the non-ferrous sector showing resilience, particularly the ETF Huatai-PineBridge (159652), which rose by 1.84% [1]. Non-Ferrous Sector Performance - The ETF Huatai-PineBridge (159652) saw most of its constituent stocks rise, with Huayou Cobalt increasing over 3%, Luoyang Molybdenum up over 2%, and Zijin Mining and Northern Rare Earth both rising over 1% [2][3]. - The top ten constituent stocks of the ETF include Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, with respective weightings of 15.07%, 7.81%, and 4.38% [4]. International Precious Metals Market - On February 11, international precious metal prices increased, with spot gold reaching $5,050 per ounce and silver rising over 1% [5]. - The unexpected stagnation in U.S. retail sales data has fueled bets on potential interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [5]. Company Developments - Xiamen Tungsten announced plans to acquire a 39% stake in Jiujiang Dadi Mining, aiming to enhance its tungsten and molybdenum resource security [5]. - Luoyang Molybdenum completed the acquisition of a Brazilian gold mine for $1.015 billion, with plans to increase gold production significantly by 2030 [6]. Long-term Trends in Precious Metals - The trend of central banks purchasing gold is strengthening, with gold surpassing U.S. Treasuries as the largest reserve asset globally for the first time in 30 years [8]. - The expansion of fiscal policies and sovereign debt is injecting new momentum into the precious metals market, with gold's monetary properties expected to strengthen further [9]. Copper Market Outlook - The long-term outlook for copper prices remains optimistic due to supply constraints and increasing demand from AI data centers and energy storage [10][11]. - The anticipated supply disruptions in global copper mines could support a long-term upward trend in copper prices [11]. Investment Opportunities - The non-ferrous sector is highlighted as having significant investment value, driven by monetary easing, supply rigidity, and new demand dynamics [11]. - The ETF Huatai-PineBridge (159652) is positioned to benefit from the super cycle in non-ferrous metals, with a high gold and copper content of 49% [13].

交易台 – 高盛香港市场综述 恒生指数 +0.6% 国企指数 +0.8% 科技指数 +0.6% 成交额：2340 亿港元 领涨板块：医疗保健 +2.1%，能源 +1.8%，材料 +1.3% 落后板块：公用事业 -0.5%，地产 -0.5%，信息技术 -0.3% 港股开盘表现强劲，但很快回吐涨幅，收盘仅小幅走高。 恒生指数一度逼近 27400 点关口，随后回落至 27 交易台 – 高盛香港市场综述 恒生指数 +0.6% 国企指数 +0.8% 科技指数 +0.6% 成交额：2340 亿港元 领涨板块：医疗保健 +2.1%，能源 +1.8%，材料 +1.3% 落后板块：公用事业 -0.5%，地产 -0.5%，信息技术 -0.3% 港股开盘表现强劲，但很快回吐涨幅，收盘仅小幅走高。 内地 A 股表现落后于 H 股，收盘仅小幅上涨。 资金流向方面，交易台买入倾向为2.2 倍，零售板块（泡泡玛特）的回补买盘以及保险板块（友邦保险）的部分买 入使交易台倾向偏多。 交易台今日在大型科技股上也获得了不错的买盘，买入阿里巴巴，同时在美团等股票上进行做空以部分抵消。 材料板块买入持续，紫金矿业和 MMG1208 持续有买盘。 除此 ...

Core Viewpoint - The Shanghai 180 ETF Index Fund closely tracks the Shanghai 180 Index, which reflects the overall performance of 180 large-cap and liquid securities in the Shanghai stock market, showing a recent upward trend in both the index and the fund itself [1][2]. Performance Summary - As of February 10, 2026, the Shanghai 180 Index increased by 0.26%, with notable gains from stocks such as China Power (+9.99%) and Dongfang Electric (+8.34%) [1]. - The Shanghai 180 ETF Index Fund rose by 0.24%, with a latest price of 1.26 yuan, and has accumulated a 1.37% increase over the past week [1]. - The fund's trading volume was 23.03 thousand yuan on February 10, with an average daily trading volume of 65.87 thousand yuan over the past week [1]. Fund Size and Growth - The Shanghai 180 ETF Index Fund experienced a significant growth of 622.11 thousand yuan in size over the past year [1]. - The fund has a Sharpe ratio of 1.91 since its inception, indicating a favorable risk-adjusted return [1]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is set at 0.15%, while the custody fee is 0.05% [1]. Tracking Accuracy - As of February 10, 2026, the tracking error of the Shanghai 180 ETF Index Fund over the past three months is 0.019%, demonstrating its effectiveness in tracking the underlying index [1]. Top Holdings - As of January 30, 2026, the top ten weighted stocks in the Shanghai 180 Index account for 24.85% of the index, including major companies like Zijin Mining and Kweichow Moutai [2]. - The top ten stocks by weight are: - Zijin Mining (4.03%) - Kweichow Moutai (4.22%) - China Ping An (2.87%) - Hengrui Medicine (2.46%) - WuXi AppTec (2.08%) - Cambricon (1.97%) - China Merchants Bank (2.04%) - Yangtze Power (1.88%) - SMIC (1.80%) - Industrial Fulian (1.79%) [3].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - Overseas, the US December retail sales were unexpectedly flat, with the consumer pressure increasing and the overseas market risk appetite declining. The US stock market showed a differentiated decline, the US dollar index fell, and the prices of precious metals, copper, and oil weakened. Attention should be paid to the US January non - farm payroll data [2]. - Domestically, the A - share market continued to recover in a narrow range, with a weakening money - making effect and a decline in trading volume. It is still in a slow recovery process, mainly showing a shock - repair pattern with dominant structural opportunities. Attention should be paid to the January CPI [2]. - Precious metals prices are in an adjustment phase, with a possible wide - range shock in the short term. The US January non - farm payroll data should be closely watched [3][4]. - Copper prices are in a short - term shock due to factors such as the Fed's possible long - term interest rate stability and weak US consumption data. The fundamentals show a low - growth rate in the mining end, a continuous mismatch in overseas inventories, and a seasonal inventory accumulation cycle in China, so copper prices are expected to remain high and volatile in the short term [6][7]. - Aluminum trading volume has shrunk significantly, and the market is in a wait - and - see state. With the approaching of the Spring Festival, the supply and demand are both weak, and aluminum ingot inventories are expected to continue to accumulate. Short - term Shanghai aluminum is expected to continue to fluctuate [8][9]. - Alumina supply is stable, and the consumer end is mainly based on long - term contracts. The overall social inventory remains high, and it is expected to fluctuate within a range [10]. - The supply side of cast aluminum has more enterprises on holiday, and the downstream demand continues to shrink. The market is waiting for the guidance of US employment data, and it is expected to follow the range - bound shock [11]. - Zinc prices are under pressure and fluctuate. The US December retail sales stagnated, and the market sentiment is cautious. The domestic Spring Festival is approaching, the trading and procurement are weak, and the social inventory is seasonally accumulating. It is expected that zinc prices will remain under pressure before the festival [12][13]. - Lead prices are difficult to rebound continuously. The downstream battery enterprises are mostly on holiday, the spot procurement has basically stopped, and the inventory is expected to increase. It is expected to maintain a low - level shock pattern before the festival [14][15]. - Tin prices' rebound momentum is weakening. The US retail data is poor, and the market trading enthusiasm has cooled. The downstream enterprises have an earlier holiday and limited inventory preparation. There is an expectation of inventory accumulation in China. Attention should be paid to the resistance of the 10 - day moving average [16]. - Steel prices are mainly in a shock pattern. The central bank will continue to implement a moderately loose monetary policy. Before the festival, the supply and demand in the steel market are both weak, and it is expected to be mainly in a shock pattern in the short term [17]. - Iron ore prices are in a shock pattern. The overseas inventory has decreased, the overseas shipping and arrival volume have decreased this week, the port inventory is at a high level, and the steel mill's inventory replenishment has ended. It is expected to be in a shock pattern in the short term [18][19]. - Coking coal and coke prices are in a shock pattern. The spot market is weakly stable, the downstream demand is mainly for rigid needs, the production of the coking coal market has decreased, and the steel mills and coking enterprises have completed inventory replenishment. It is expected to be in a shock pattern in the short term [20]. - Soybean and rapeseed meal prices are in a shock pattern. The February USDA report has a neutral impact, the US biodiesel policy expectations and the expected increase in Indian soybean oil import demand have boosted the US soybean price. The oil mill's crushing rate is gradually decreasing, and it is expected to be in a shock pattern in the short term [21]. - Palm oil prices are in a shock - decline pattern. The MPOB report's bullish expectations have been realized, and the high - frequency data shows that the export of Malaysian palm oil has declined in early February. It is expected to decline in a shock pattern in the short term [22][23]. 3. Summary by Relevant Catalogs 3.1 Macro - Overseas: The US December retail sales were unexpectedly flat, with the consumer pressure increasing and the overseas market risk appetite declining. The US stock market showed a differentiated decline, the US dollar index fell, and the prices of precious metals, copper, and oil weakened. Attention should be paid to the US January non - farm payroll data [2]. - Domestic: The A - share market continued to recover in a narrow range, with a weakening money - making effect and a decline in trading volume. It is still in a slow recovery process, mainly showing a shock - repair pattern with dominant structural opportunities. Attention should be paid to the January CPI [2]. 3.2 Precious Metals - Prices: COMEX gold futures fell 0.62% to $5047.90 per ounce, and COMEX silver futures fell 2.01% to $80.58 per ounce. Platinum and palladium futures prices also slightly adjusted [3]. - Factors: The Fed officials emphasized the independence of monetary policy and maintaining the current interest rate, and the market's concern about the Fed's hawkish stance eased. Speculative funds left the market, and the weak US consumption data strengthened the market's expectation of two 25 - basis - point interest rate cuts by the Fed this year, but it had limited support for precious metal prices. The outflow of funds from silver ETFs increased the short - term volatility of silver [3]. - Outlook: The adjustment of precious metal prices may not be over, and they may show a wide - range shock in the short term. Attention should be paid to the US January non - farm payroll data [4]. 3.3 Copper - Prices: Shanghai copper's main contract was in a narrow - range shock, and LME copper fluctuated around $13,000. The domestic near - month C structure widened, and the spot market trading improved [6]. - Factors: The Fed may maintain the interest rate for a long time, and the US inflation is still high. The weak US consumption data in December was mainly due to the contraction of low - income groups' consumption. The mining company Harmony Gold's acquisition of the Australian CSA copper mine needs capital injection and strategic re - thinking [6]. - Outlook: The Fed's policy may remain unchanged for some time, and the weak US consumption data has dampened market risk appetite. The rebound and then decline of the US dollar have boosted the metal market. The fundamentals show a low - growth rate in the mining end, a continuous mismatch in overseas inventories, and a seasonal inventory accumulation cycle in China. Copper prices are expected to remain high and volatile in the short term [7]. 3.4 Aluminum - Prices: Shanghai aluminum's main contract closed at 23,515 yuan/ton, down 0.3%. LME aluminum closed at $3,105 per ton, down 0.8% [8]. - Factors: The US December retail sales were unexpectedly flat, and the Fed officials believed that the policy stance was appropriate and may be close to the neutral level. The market is waiting for the non - farm payroll data, and the trading volume has shrunk significantly. The supply and demand are both weak during the Spring Festival, and the aluminum ingot inventory is expected to continue to accumulate [8][9]. - Outlook: Short - term Shanghai aluminum is expected to continue to fluctuate [9]. 3.5 Alumina - Prices: The alumina futures' main contract closed at 2,835 yuan/ton, down 0.49%. The national average spot price of alumina was 2,646 yuan/ton, unchanged [10]. - Factors: The supply is stable, the consumer end is mainly based on long - term contracts, and the overall social inventory remains high. The exchange's warehouse receipts inventory has slightly increased [10]. - Outlook: It is expected to fluctuate within a range, and attention should be paid to the resumption of production of previously减产 enterprises and the transportation situation during the Spring Festival [10]. 3.6 Cast Aluminum - Prices: The cast aluminum alloy futures' main contract closed at 22,040 yuan/ton, down 0.36% [11]. - Factors: More enterprises on the supply side are on holiday, the downstream demand continues to shrink, and the market is waiting for the guidance of US employment data [11]. - Outlook: It is expected to follow the range - bound shock [11]. 3.7 Zinc - Prices: Shanghai zinc's main contract was in a shock, and LME zinc was slightly stronger [12]. - Factors: The US December retail sales stagnated, the market sentiment is cautious, the domestic Spring Festival is approaching, the trading and procurement are weak, and the social inventory is seasonally accumulating. The production plan of Zijin Mining Group's zinc (lead) ore is announced, and the expansion project of a lead - zinc mine in Namibia is in progress [12][13]. - Outlook: It is expected that zinc prices will remain under pressure before the festival [13]. 3.8 Lead - Prices: Shanghai lead's main contract rose first and then fell, and LME lead was in a narrow - range shock [14]. - Factors: The downstream battery enterprises are mostly on holiday, the spot procurement has basically stopped, and some secondary lead enterprises have reduced quotations due to losses [15]. - Outlook: It is expected to maintain a low - level shock pattern before the festival [15]. 3.9 Tin - Prices: Shanghai tin's main contract's shock center moved slightly upward, and LME tin was in a narrow - range shock [16]. - Factors: The US retail data is poor, the market trading enthusiasm has cooled, the downstream enterprises have an earlier holiday and limited inventory preparation, and there is an expectation of inventory accumulation in China [16]. - Outlook: The rebound momentum is weakening, attention should be paid to the resistance of the 10 - day moving average, and light - position participation is recommended before the long holiday [16]. 3.10 Steel (Screw and Coil) - Prices: Steel futures were in a shock. The Tangshan billet price was 2,900 yuan/ton, the Shanghai rebar price was 3,220 yuan/ton, and the Shanghai hot - rolled coil price was 3,240 yuan/ton [17]. - Factors: The central bank will continue to implement a moderately loose monetary policy. Before the festival, the supply and demand in the steel market are both weak, and the steel production has decreased [17]. - Outlook: It is expected to be mainly in a shock pattern in the short term, and attention should be paid to the risks during the long holiday [17]. 3.11 Iron Ore - Prices: Iron ore futures were in a shock. The trading volume of spot trade was 550,000 tons, the PB powder price at Rizhao Port was 763 yuan/ton, and the Super Special powder price was 650 yuan/ton [18]. - Factors: The overseas inventory has decreased, the overseas shipping and arrival volume have decreased this week, the port inventory is at a high level, the steel mill's inventory replenishment has ended, and the iron water production is weakly stable [18][19]. - Outlook: It is expected to be in a shock pattern in the short term [19]. 3.12 Coking Coal and Coke (Double - Coking) - Prices: Coking coal and coke futures were in a shock. The Shanxi main coking coal price was 1,328 yuan/ton, and the Shanxi quasi - first - grade coke price was 1,470 yuan/ton [20]. - Factors: The spot market is weakly stable, the downstream demand is mainly for rigid needs, the production of the coking coal market has decreased, and the steel mills and coking enterprises have completed inventory replenishment. The Dalian Commodity Exchange has adjusted the trading margin and price limit of relevant varieties [20]. - Outlook: It is expected to be in a shock pattern in the short term [20]. 3.13 Soybean and Rapeseed Meal - Prices: The soybean meal 05 contract fell 0.40% to 2,734 yuan/ton, the rapeseed meal 05 contract was flat at 2,244 yuan/ton, and the CBOT US soybean 3 - month contract rose 13.5 to 1,123.5 cents per bushel [21]. - Factors: The February USDA report has a neutral impact, the US biodiesel policy expectations and the expected increase in Indian soybean oil import demand have boosted the US soybean price. The oil mill's crushing rate is gradually decreasing [21]. - Outlook: It is expected to be in a shock pattern in the short term [21]. 3.14 Palm Oil - Prices: The palm oil 05 contract fell 0.69% to 8,940 yuan/ton, the soybean oil 05 contract fell 0.30% to 8,098 yuan/ton, and the rapeseed oil 05 contract fell 0.61% to 9,096 yuan/ton [22]. - Factors: The MPOB report shows that the Malaysian palm oil inventory in January decreased, the export increased, and the production decreased. The high - frequency data shows that the export of Malaysian palm oil has declined in early February [22][23]. - Outlook: It is expected to decline in a shock pattern in the short term [23].

日度报告——综合晨报 美联储再度强调独立性，中国央行继续适度 宽松 [T报ab告le_日R期an：k] 2026-02-11 宏观策略（股指期货） 《求是》发文加快培育未来产业 A 股缩量窄幅震荡，科技股依然领先。港股近期止跌回升，或迎 来右侧配置机会。总体看国内权益风险可控，春季躁动可期。 宏观策略（黄金） 美联储洛根：货币政策独立性是根本 综 金价震荡收跌，白银走弱。节前资金逐渐减仓流出贵金属，美 联储官员讲话捍卫独立性，叠加货币政策短期步入观望阶段， 缺乏增量刺激。美国 1 月零售销售数据意外走弱。 合 宏观策略（国债期货） 晨 央行发布 2025 年第四季度中国货币政策执行报告 报 市场消息面较为平静，股市波动不大，资金面略显收敛，国债 期货窄幅震荡。短期市场存在上涨动力，不过追涨性价比不高， 待市场上涨动力趋缓后关注做空机会。 黑色金属（螺纹钢/热轧卷板） 16 家车企公布 1 月产销数据，12 家销量同比增长 钢价延续弱势震荡，节前基本面压力加大，各品种累库压力上 升，加上订单情况一般，市场情绪疲弱，均对钢价形成压制。 但市场谨慎情绪也降低了节后风险，关注是否有低估机会。 农产品（棉花） 棉纱产销 ...

证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.11） 固定收益研究 净融资额继续增加，信用利差整体走阔——信用债周报 行业研究 春节假期临近，关注节后需求——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/11） 晨会纪要（2026/02/11） 固定收益研究 净融资额继续增加，信用利差整体走阔——信用债周报 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 1、核心观点 本期（2 月 2 日至 2 月 8 日）交易商协会公布的发行指导利率多数上行，整体变化幅度为-1 BP 至 4 BP。本 期信用债发行规模环比增长，企业债保持零发行，公司债、中期票据、定向工具发行金额增加，短期融资 券发行金额减少；信用债净融资额环比增加，短期融资券净融资额减少，其余品种净融资额增加，企业债 净融资额为负，其余品种 ...

沪深两市数据显示，2月10日，融资净买入前十的股票分别为： N电科（4.83亿元）、 寒武纪（3.25亿 元）、 盛和资源（1.91亿元）、 数据港（1.84亿元）、 中国中免（1.47亿元）、 源杰科技（1.32亿 元）、 长飞光纤（1.24亿元）、 亨通光电（1.09亿元）、 江淮汽车（9746.41万元）、 紫金矿业 （8655.56万元）。 ...

Group 1 - Tencent Holdings (00700) had a net inflow of 4.316 billion, representing a 22.17% increase in net inflow ratio [2][3] - Alibaba-W (09988) experienced a net inflow of 1.658 billion, with a net inflow ratio of 13.70% [2][3] - Pop Mart (09992) saw a net inflow of 588 million, with a net inflow ratio of 17.52% [2][3] Group 2 - Kangfang Biotech (09926) faced a net outflow of -285 million, with a net outflow ratio of -33.89% [2][3] - Yingfu Fund (02800) had a net outflow of -248 million, with a net outflow ratio of -1.88% [2][3] - Yum China (09987) recorded a net outflow of -213 million, with a net outflow ratio of -30.90% [2][3] Group 3 - Huaxia Hang Seng Technology (03088) led in net inflow ratio at 89.30% with a net inflow of 54.532 million [2][3] - Southern East Selection (03441) followed with a net inflow ratio of 68.86% and a net inflow of 14.5209 million [2][3] - China Foods (00506) had a net inflow ratio of 59.26% with a net inflow of 4.9995 million [2][3] Group 4 - Jinyuan International (02232) had the highest net outflow ratio at -50.27% with a net outflow of -40.079 million [3] - iFlytek Medical Technology (02506) recorded a net outflow ratio of -49.63% with a net outflow of -15.2262 million [3] - Sinopec Crown (00934) had a net outflow ratio of -45.08% with a net outflow of -5.1472 million [3]