Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On February 9, all four major stock index futures contracts for the current month rose. IF rose 1.39%, IH rose 1.3%, IC rose 1.62%, and IM rose 2.15% [1]. - On the trading day, the total trading volume of stock index futures declined, indicating a decrease in investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 27,523 lots, IH by 14,359 lots, IC by 62,232 lots, and IM by 55,817 lots. In terms of positions, the total positions of IF decreased by 5,583 lots, IH by 5,647 lots, IC by 11,656 lots, and IM by 16,921 lots [2]. - The A - share market had a unilateral sharp rise. The Shanghai Composite Index rose more than 1%, and the ChiNext Index rose more than 3%. More than 4,600 stocks in the market rose. The Shanghai Composite Index closed up 1.41% at 4,123.09 points, the Shenzhen Component Index rose 2.17%, the ChiNext Index rose 2.98%, the Beixin 50 rose 1.36%, the Kechuang 50 rose 2.51%, the Wind All - A rose 1.89%, the Wind A500 rose 1.74%, and the CSI A500 rose 1.85%. The full - day trading volume of A - shares was 2.27 trillion yuan, compared with 2.16 trillion yuan the previous day [8]. - The Hong Kong stock market had a unilateral rise. The Hang Seng Index closed up 1.76% at 27,027.16 points; the Hang Seng Tech Index rose 1.34% to 5,417.6 points; the Hang Seng China Enterprises Index rose 1.52% to 9,168.33 points. The market trading volume on that day was HK$255.142 billion, an increase from HK$247.865 billion in the previous trading day [9]. Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures Contracts**: The closing price of CSI 300 was 4,719.1, up 1.63%. For IF2602, the closing price was 4,722.6, up 1.39%, with a basis of 3.54, a turnover of 24.32 billion yuan, a trading volume of 17,217 lots (down 4,079 lots), and an open interest of 26,451 lots (down 4,885 lots). Similar data are provided for other CSI 300 futures contracts [1]. - **SSE 50 and Related Futures Contracts**: The closing price of SSE 50 was 3,081.8, up 1.45%. For IH2602, the closing price was 3,083.6, up 1.30%, with a basis of 1.82, a turnover of 757 million yuan, a trading volume of 8,201 lots (down 1,889 lots), and an open interest of 11,631 lots (down 2,132 lots). Similar data are provided for other SSE 50 futures contracts [1]. - **CSI 500 and Related Futures Contracts**: The closing price of CSI 500 was 8,311.3, up 2.02%. For IC2602, the closing price was 8,322, up 1.62%, with a basis of 10.72, a turnover of 37.05 billion yuan, a trading volume of 22,324 lots (down 8,525 lots), and an open interest of 30,709 lots (down 4,656 lots). Similar data are provided for other CSI 500 futures contracts [1]. - **CSI 1000 and Related Futures Contracts**: The closing price of CSI 1000 was 8,233.8, up 2.26%. For IM2602, the closing price was 8,256, up 2.15%, with a basis of 22.22, a turnover of 47.6 billion yuan, a trading volume of 28,961 lots (down 9,674 lots), and an open interest of 45,633 lots (down 6,572 lots). Similar data are provided for other CSI 1000 futures contracts [1]. 2. Stock Index Futures Member Position Changes - The document provides the long - position and short - position changes of the top 20 member positions for different stock index futures contracts such as IF, IH, IC, and IM. For example, for IF2601, the long - position change was - 4,680, and the short - position change was - 4,347 [6]. 3. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 indicating the most bearish and 2 indicating the most bullish [7]. 4. Important Drivers - On the morning of February 9, General Secretary Xi Jinping visited the National Information and Technology Innovation Park in Beijing. Apple CEO Tim Cook stated that AI will be the core pillar of Apple's future, and Apple will launch new AI - driven products and services [8]. - In the A - share market, the market was strong. The AI - related sectors such as CPO and AI application end were active, and photovoltaic concept stocks and disperse dye themes also performed well [8]. - In the Hong Kong stock market, the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all rose, and some individual stocks such as Pop Mart, Zijin Mining, and JD Health had significant gains [9].

2026年2月10日星期二 ➢ 英政坛危机；Alphabet发债获热捧。A 股突破上周压力位，强势上行。上证指 数收涨1.41%报4123.09点，深证成指涨 2.17%，创业板指涨2.98%。光伏涨幅居 前。恒指跳空高开，午后走势顽强，香 港恒生指数收涨1.76%报27027.16点，恒 生科技指数涨1.34%，恒生中国企业指数 涨1.52%。保险、半导体、科技等集体反 弹。大市成交额2551.416亿港元。外盘 方面，欧洲三大股指收盘全线上涨，美 国三大股指全线收涨，道指涨0.04%报 50135.87点，续创收盘新高，标普500 指数涨0.47%报6964.82点，纳指涨0.9%。 在得到内阁全员表态支持后，英国首相 斯塔默的执政危机暂时缓解。Alphabet 料通过发行美元债筹资200亿美元。 资料来源：彭博 | 27027.16 | 1.76 | 5.45 | | --- | --- | --- | | 9168.33 | 1.52 | 2.86 | | 5417.60 | 1.34 | -1.78 | | 118.71 | -0.61 | -3.85 | | 4123.09 | 1.41 | 3. ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a decline of 8.51% in the week from February 2 to February 6, ranking last among all primary industries. Precious metals saw a significant drop of 17.38%, while industrial metals fell by 9.49% [1][14] - The market is currently in a low-risk environment characterized by "Wash Trading," with cross-asset sell-offs affecting precious metals, which continue to exhibit high volatility. The report remains optimistic about gold's upward momentum in the context of expansive monetary policies [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, with the non-ferrous metals sector underperforming by 7.24 percentage points [14] - All sub-sectors within non-ferrous metals declined, with precious metals leading the drop [14] Industrial Metals - **Copper**: Prices for copper decreased, with LME copper at $13,060 per ton (down 0.08%) and SHFE copper at ¥100,100 per ton (down 3.45%). Increased inventories across major markets are pressuring prices [2][31][32] - **Aluminum**: LME aluminum prices fell to $3,110 per ton (down 0.81%) and SHFE aluminum to ¥23,315 per ton (down 5.07%). The upcoming Chinese New Year is expected to further suppress demand [3][36][39] - **Zinc**: LME zinc prices increased slightly to $3,383 per ton (up 0.39%), while SHFE zinc prices fell to ¥24,450 per ton (down 5.36%) [40] - **Tin**: LME tin prices dropped significantly to $47,155 per ton (down 6.81%), with SHFE tin at ¥357,000 per ton (down 12.71%) due to increased market supply [46] Precious Metals - **Gold**: COMEX gold closed at $4,988.60 per ounce (up 1.65%), while SHFE gold was at ¥1,090.12 per gram (down 6.14%). Despite weak labor market data in the U.S., the market remains in a low-risk environment, supporting gold's potential for further gains [4][50][51] - **Silver**: The report emphasizes the need to monitor changes in silver positions to assess the impact of physical asset shortages on the futures market [4][51]

关键矿产是长期重资产行业，项目从勘探到建设再到投产通常需要数年的时间。如果在此过程中政策发生变化，最受影响的往往不是美国公司，而是 当地的项目现金流和就业。更现实的是，阿根廷不仅仅需要谁来投资，还需要考虑投资后如何销售、如何回款。因此，阿根廷必须确保有多个买家和 多个资金来源，才能在谈判中拥有更多的选择余地：融资能比价，采购能比价，承购能比价，甚至政治风险也能分散。正因如此，阿根廷外长才会强 调，协议并不排除中国。这句话表面看似外交辞令，实则是给市场、企业乃至自身留出后路：对美国说——我给你优先；对中国说——我没有关门； 对国内说——我们不是在冒险，而是在做套利。这实际上体现了阿根廷的战略智慧：我愿意靠近美国，争取增量，但我不能为此牺牲现有的存量，更 不能提前把未来的谈判空间出卖。 在全球关键矿产供应链竞争愈发激烈的背景下，美国正试图联合其他国家，共同挑战中国在这一领域的主导地位。2026年2月4日，美国在华盛顿召集 了50多个国家，召开了关键矿产部长级会议。在会上，美国副总统万斯提出了建立一个由美国主导的关键矿产贸易集团，并拟定了一套价格底线机 制，旨在为这些大宗商品设定价格底线。会后，阿根廷宣布与美国签署 ...

A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证A500指数(000510)前十大权重股分别为宁德时代、贵州茅台、中 际旭创、中国平安、紫金矿业、招商银行、新易盛、美的集团、长江电力、兴业银行，前十大权重股合 计占比19.39%。 A500ETF基金(512050)，场外联接(华夏中证A500ETF联接A：022430；华夏中证A500ETF联接C： 022431；华夏中证A500ETF联接Y：022979)，相关指数基金(华夏中证A500指数增强A：023619；华夏 中证A500指数增强C：023620)， A500增强ETF基金（512370）。 规模方面，A500ETF基金(512050)近1周规模增长12.46亿元。近5个交易日合计"吸金"12.51亿元，日均 净流入达2.50亿元。 华鑫证券指出，内外同步调整后，风险已有部分释放，情绪边际修复。结合日历效应，近10年春节前5 个交易日到节后20个交易日，A股上涨概率较高，建议A股持股过节， ...

Market Overview - A-shares opened higher with the Shanghai Composite Index rising 1.41% to 4,123.09 points, and the ChiNext Index up 2.98% to 3,332.77 points, with a total trading volume of approximately 22.7 billion yuan[17] - The Hang Seng Index increased by 1.76% to 27,027.16 points, with major tech stocks rebounding, and total market turnover around 255.1 billion HKD[13] - European markets saw collective gains, with the Euro Stoxx 600 index up 0.7% and the DAX index rising 1.19% to 25,014.87 points, supported by positive economic data[11] Economic Insights - The macroeconomic outlook for Q1 highlights two key points: the impact of the longest Spring Festival holiday on consumption and policy direction from local two sessions[6] - Consumer recovery is characterized by a shift towards service alternatives, while commodity prices remain constrained by household balance sheet recovery[6] - The focus of policy has shifted from traditional infrastructure expansion to granular competition in sectors like low-altitude economy and computing power[6] Commodity and Currency Trends - Oil prices rose for two consecutive days, with NYMEX crude oil up 1.27% to $64.36 per barrel, driven by geopolitical tensions in the Middle East[28] - The dollar index fell by 0.8%, leading to a significant increase in gold prices, which rose 1.3% to $5,050.9 per ounce[28] - The Japanese yen initially fell but later gained 0.9% against the dollar, closing at 155.88[28] Fixed Income Market - U.S. Treasury yields fluctuated, with the 10-year yield at 4.20%, down 0.4 basis points, while the 30-year yield rose by 0.7 basis points to 4.86%[31] - Asian credit markets showed a strong sentiment with overall spreads narrowing by 1-2 basis points, as investors remained cautious ahead of the Lunar New Year[31] Sector Performance - In the U.S., the technology sector led gains, with the Nasdaq up 0.9% and the S&P 500 rising 0.5%[11] - The AI sector showed a 40% quarter-over-quarter growth in annual recurring revenue, indicating a positive trend despite initial skepticism[24] - The white liquor sector is expected to perform better than market expectations during the Spring Festival, driven by strong consumer demand[20]

Summary of Key Points from the Conference Call Industry Overview - **Commodity Price Surge**: Commodity prices have increased significantly and are stabilizing at higher levels, impacting various sectors in China positively and negatively [1][11]. Positive Impacts - **Basic Materials Sector**: Beneficiaries include aluminum, copper, and lithium suppliers, with companies like Chalco, Hongqiao, and Zijin Mining receiving Buy ratings [2][1]. - **Gold Jewelry Sector**: Gold jewelers are expected to benefit from rising gold prices, with brands in the high-end segment likely to gain market share [72][73]. - **CCL Players**: Companies in the copper-clad laminate (CCL) sector may see gross margin expansion due to rising copper prices [1][6]. Negative Impacts - **Automakers**: Mass-market battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are projected to face cost increases of Rmb6,565 and Rmb4,310 per vehicle, respectively, due to raw material price hikes [3][23]. - **Battery Industry**: Tier-2 battery makers are under pressure from rising raw material costs, while CATL is better positioned due to its bargaining power [4][27]. - **Energy Storage Systems (ESS) and Solar Equipment**: Companies like Sungrow and Trina Solar are vulnerable to margin cuts due to increased costs of silver and copper [5][45]. - **Industrial & Robotics Firms**: Companies such as Johnson Electric and Hongfa Technology may experience earnings pressure from rising copper and silver costs [6][51]. - **Home Appliances**: Producers like Gree and Midea are facing margin reductions due to increased copper costs in air conditioning units [66][67]. - **Technology Sector**: Xiaomi is expected to see pressure on smartphone margins due to high memory costs, which account for 10-20% of the bill of materials [7][81]. Sector-Specific Insights - **Basic Materials**: The demand for aluminum and copper is driven by infrastructure development and the growth of AI, data centers, and electric vehicles [2]. - **Automotive Sector**: BYD and Geely are better positioned to absorb cost increases compared to smaller players like Xpeng and GAC [3][24]. - **Battery Makers**: Rising lithium prices have increased LFP battery cell costs by Rmb80/kWh, with significant pressure on margins expected [27][29]. - **ESS and Grid Equipment**: Pinggao is identified as the most vulnerable to commodity price increases, with a significant portion of its profits derived from gas-insulated switchgears [41][42]. - **Industrial Sector**: KBL is expected to benefit from the copper upcycle, with projected earnings growth significantly outpacing competitors [55][56]. Additional Considerations - **Market Outlook**: The overall outlook for the PRC stock market in 2026 is optimistic, particularly for sectors like technology, healthcare, and basic materials [13]. - **Insurance Sector**: Gold price increases could benefit insurers participating in gold investment pilots, although current investments remain cautious [101]. Conclusion The report highlights the mixed impact of rising commodity prices across various sectors in China, with certain companies positioned to benefit while others face significant challenges. The insights provided can guide investment decisions in the context of the evolving market landscape.

Production targets (see details in Exhibit 1 ) To be top 3 gold and copper miner by 2030: Zijin was the fourth-largest listed copper miner and fifth-largest listed gold miner globally in 2025, and it plans to become a top 3 miner of these two metals. | M Zijin Mining Group Asia Pacific New 3-year plan announced: strong volume growth for copper, gold and lithium | Morgan Stanley Asia Limited+ Rachel.Zhang@morganstanley.com Chris Jiang Equity Analyst Chris.Jiang@morganstanley.com Hannah Yang, CFA Equity Analy ...

Flash | 08 Feb 2026 22:24:14 ET │ 12 pages Zijin Mining (2899.HK) Three-Year Production Plan (2026-28) Unveiled, Maintain Top Pick CITI'S TAKE Zijin Mining announced its three-year production plan (2026-28) and outline of objectives through 2035 on 9 Feb. For 2026E, the production guidance for mined copper/gold/lithium/zinc/silver/moly is 1.20mnt/105t/120kt/400kt/520t/15kt, +10%/+17%/+380%/flat/+19%/+36% YoY, respectively. For 2028E, the production target for mined copper/gold/lithium/zinc/silver/moly is 1. ...

2016-2025年福建省工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：闽发铝业（002578），紫金矿业（601899），厦门钨业（600549），盛屯矿业（600711）， 坤彩科技（603826），兴业科技（002674），凤竹纺织（600493），垒知集团（002398），万里石 （002785），纳川股份（300198）雪人股份（002639），恒而达（300946），东亚机械（301028），龙 溪股份（600592），国安达（300902） 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-12月，福建省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 ...