Market Overview - A-shares opened significantly higher with the Shanghai Composite Index up 1.17%, Shenzhen Component Index up 1.82%, and ChiNext Index up 1.76% as of midday close [1] - The strong opening is attributed to multiple favorable factors, including a stable and positive external market during the Spring Festival, with Hong Kong stocks and FTSE China A50 Index showing steady gains [1] - Domestic liquidity remains reasonably ample, with effective reverse repurchase operations before the holiday stabilizing the market's funding situation, and increased capital inflow post-holiday providing support for market upward movement [1] - Macroeconomic recovery and ongoing industrial policy implementation have further boosted market risk appetite, leading to optimistic investor expectations for the capital market in the Year of the Rabbit [1] Sector Performance - The non-ferrous metals, oil and gas, and computing power sectors saw the largest index gains, with precious metals leading the charge [2] - Precious metals surged, with Xiaocheng Technology rising nearly 13% and Hunan Silver approaching the daily limit, alongside other gold-related stocks [4] - The oil and gas sector was active, with Tongyuan Petroleum hitting the daily limit and other companies like Intercontinental Oil and Huibo Petroleum also seeing significant gains [5] - Fiber optic stocks continued to perform well, with Hangdian Co. hitting the daily limit and other companies in the sector experiencing substantial increases [7] - The chemical sector showed strength, particularly in phosphate and pesticide areas, with several companies reaching the daily limit [8] Future Outlook - Industrial securities predict that A-shares are entering a high-probability window, with expectations for a new upward trend post-holiday [10] - Dongwu Securities suggests that historical "Spring Festival effect" indicates a potential recovery in trading volume and price, supported by favorable global market conditions [11] - Huaxi Securities expresses optimism for a "red envelope market" post-holiday, driven by external uncertainties and strong performance in technology sectors during the holiday [12] - Guotou Securities highlights the likelihood of a resurgence in technology stocks post-holiday, supported by stable global equity markets and significant domestic catalysts in robotics and AI [13]

2月24日，截止午间收盘，中证500ETF东财（159337）涨1.29%，报1.890元，成交额872.76万元。中证 500ETF东财（159337）重仓股方面，英维克截止午盘跌1.92%，信维通信涨0.29%，巨人网络跌 4.69%，中国卫星涨0.87%，航天电子涨1.50%，中矿资源涨2.96%，先导智能涨0.40%，卧龙电驱涨 1.23%，赤峰黄金涨5.31%，兴业银锡涨6.55%。 来源：新浪基金∞工作室 中证500ETF东财（159337）业绩比较基准为中证500指数收益率，管理人为东财基金管理有限公司，基 金经理为吴逸，成立（2024-09-02）以来回报为86.03%，近一个月回报为2.06%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the non-ferrous metals sector, particularly in the context of the Hong Kong stock market's performance on February 23, 2023, where the Hong Kong Non-Ferrous Metals Index rose by 4.51% [1][1][1] - The overall sentiment in the market is driven by geopolitical factors and tariff responses, with precious metals leading the gains, followed by basic and new energy metals [1][1][1] Core Insights and Arguments Precious Metals - Gold and precious metals are viewed as the strongest performers, with notable increases in stock prices: Tongguan Gold +12%, Chifeng Gold +7%, Zijin Mining International +6%, and China National Gold +6% [2][2][2] - Key drivers include geopolitical risk, gold price recovery, central bank purchases, and expectations of interest rate cuts [2][2][2] New Energy Metals - Lithium and new energy metals are also performing well, with Ganfeng Lithium +8% and Tianqi Lithium +3% [2][2][2] - Factors contributing to this include ongoing inventory depletion, positive demand expectations, and valuation recovery in the sector [2][2][2] Basic Metals - Basic metals like copper and aluminum are following the upward trend, with significant gains from companies such as Minmetals Resources +6% and Jiangxi Copper +4% [2][2][2] - The positive outlook is attributed to a pause in tariff disruptions, rising oil prices, economic recovery expectations, and a weaker dollar [2][2][2] Tariff Policy Changes - On February 20, 2023, the U.S. Supreme Court ruled that previous tariffs imposed by Trump were illegal, leading to the cancellation of approximately $170 billion in tariffs [2][2][2] - A new temporary tariff of 15% on global imports was announced, effective February 24, 2023, for a duration of 150 days, which could impact industrial metals positively while having a neutral effect on precious metals [2][2][2] Geopolitical Tensions - The escalation of U.S.-Iran tensions is noted, with potential sanctions and military actions that could increase demand for safe-haven assets like gold [3][3][3] - The situation is expected to raise inflationary pressures due to increased shipping costs, further benefiting precious metals [3][3][3] Sector-Specific Updates Copper Sector - Major mining companies are revising their production guidance downward due to operational challenges, with Anglo American reducing its 2026 production forecast to 700,000-760,000 tons [7][7][7] - The global supply growth forecast for 2026 has been adjusted down to 2%, indicating a significant supply gap of over 600,000 tons [7][7][7] Lithium Demand - Lithium demand is projected to continue rising, with inventory levels dropping significantly and a notable agreement between Tianhua and PLS for lithium supply [7][7][7] - The agreement highlights the scarcity of lithium resources and the importance of securing supply for major manufacturers [8][8][8] Aluminum Industry - The Mozal aluminum plant is set to transition to maintenance mode by March 15, 2026, which will significantly impact production levels [9][9][9] - Century Aluminum announced an early restart of its Icelandic aluminum plant, which could reduce expected production cuts for 2026 [13][13][13] Additional Insights - The SPDR gold holdings have increased, reflecting a rise in gold prices during the holiday period, with gold reaching $5,173 per ounce and silver increasing by 14.15% [8][8][8] - The U.S. economic data remains mixed, with expectations of two interest rate cuts within the year, which could further influence market dynamics [8][8][8]

（3）新能源及小金属板块：新能源及小金属受假期效应影响交投平淡。锂板块矿端点价相对活跃，下 游已完成部分节前补库，后续方向有赖于电动车及储能终端增速的验证；镍板块受印尼产业政策落地及 矿端紧缺预期影响，成本重心上移形成底部支撑。稀土市场因节假日询报价热度降低，下游磁材需求偏 弱致成交受限，但随着金融属性对该板块的渗透加深，后续价格波动的弹性或将有所放大。 截至2026年2月24日 10:44，有色金属ETF(512400)上涨3.69%，盘中换手2.13%，成交8.02亿元。跟踪指 数中证申万有色金属指数成分股白银有色上涨10.03%，铂科新材上涨8.23%，铜陵有色上涨7.80%，永 兴材料，兴业银锡等个股跟涨。 有色金属ETF(512400)紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金 属及非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证 券的整体表现。指数前十大权重股分别为紫金矿业、洛阳钼业、北方稀土、中国铝业、华友钴业、中金 黄金、山东黄金、兴业银锡、赣锋锂业、赤峰黄金。 春节期间海外有色金属市场整体呈现偏强震荡格局，三方面因素共同重塑 ...

昨日，港股三大指数集体走高。截至收盘，恒生指数涨 2.53%，国企指数涨 2.65%， 恒生科技指数涨 3.34%。 板块方面，光通信板块涨幅显著。其中，长飞光纤光缆 6869.HK 涨 14.43%，剑 桥科技 6166.HK 涨 6.25%，汇聚科技 1729.HK 涨 5.28%。 国际金价格持续上行，全球避险情绪升温，因此黄金股、有色金属、铜矿等板 块也有不错表现。潼关黄金 340.HK 大涨 12.58%，赤峰黄金 6693.HK 涨 7.96%， 五矿资源 1208.HK 涨 6.63%，紫金黄金国际 2259.HK 涨 6.82%，中国黄金国际 2099.HK 涨 6.14%，灵宝黄金 3330.HK 涨 6.23%，紫金矿业 2899.HK 涨 5.35%， 山东黄金 1787.HK 涨 4.6%。 汽车产业链表现优异，浙江世宝 1057.HK 涨 19.97%，知行科技 1274.HK 涨 13.3%， 赣锋锂业 1772.HK 涨 8.48%，中创新航 3931.HK 涨 7.35%，蔚来-SW 9866.HK 涨 5.55%，比亚迪股份 1211.HK 涨 4.87%，耐世特 1316. ...

❤①新年好，本篇内容较多，照旧我们把重要结论放在前面：看好贵金属>能源金属>战略金属=工业金属。以今 日港股为例，市场主要还是对地缘和关税反应，2.23日港股有色板块全线大涨：香港有色金属指数+4.51%，居港 股行业涨幅前列。个股普涨、放量上行，资金流入明显，呈现贵金属领涨、基本金属/新能源金属共振格局。 其中： 1. 黄金/贵金属（最强） 潼关黄金+12%、赤峰黄金+7%+、紫金黄金国际 中国黄金国际+6%+、紫金矿业 万国黄金 招金矿业+5%+ -核心：地缘避险+金价修复+央行购金+降息预期 2. 锂/新能源金属（次强） 赣锋锂业+8%+、天齐锂业+3%+ -核心：节前持续去库+需求预期较好+板块估值修复+大盘反弹 3. 铜铝/基本金属（跟涨） 五矿资源+6%+、江西铜业+4%+、中国宏桥、洛阳钼业+2%–3% -核心：关税扰动暂缓+油价上行+经济复苏预期+美元走弱 标的选择上，经历了春节前的调整，很多标的又出现较好买点，估值差异并不是非常大 1贵金属：1）黄金 紫金黄金国际、山东黄金、招金矿业、万国黄金集团、中国黄金国际、山金国际等2）白银 盛达资源、兴业银锡等 2能源金属：1）核心弹性标的：国城矿业 ...

Core Viewpoint - The non-ferrous metal sector continues to show strong performance, with the non-ferrous ETF (159876) experiencing a price surge of over 3.6% and a net subscription of 7.2 million shares, indicating positive market sentiment towards the sector [1]. Group 1: Market Performance - The non-ferrous ETF (159876) has seen a price increase of 3.44% as of the latest trading session [2]. - Key stocks in the sector, such as Hunan Silver and Silver Nonferrous, have reached their daily limit up, while others like Xinyi Silver Tin and Hunan Gold have increased by over 6% [1]. Group 2: Gold Market Insights - Spot gold prices have returned to $5,200 per ounce, marking the highest level in three weeks, driven by uncertainties in U.S. trade policy and economic outlook [2]. - Peter Schiff predicts gold prices could reach $7,000, driven by central banks increasing gold reserves and rising U.S. fiscal deficits [2]. Group 3: Future Outlook - China International Capital Corporation (CICC) believes that the non-ferrous metal market has not ended, with a potential mid-term recovery expected after short-term adjustments [3]. - Huatai Securities maintains a long-term positive outlook on the non-ferrous metal sector, viewing it as a strategic investment opportunity [3]. Group 4: ETF Characteristics - The non-ferrous ETF covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium, making it an efficient tool for investors to gain exposure to the sector [4].

国信证券最新观点认为，关键矿产的资源属性愈发凸显，由于供给高度集中、地缘风险频发以及新兴需 求刚性增长，多数品种供需将维持紧平衡，价格中枢有望稳步抬升。 在宏观不确定性中，资本市场通过"真金白银"的配置流向，表达了对关键矿产战略价值及资源品安全逻 辑的深度锚定。根据机构统计，2025年，有色和化工相关公募基金资产净值实现大幅扩容，合计规模由 2024年的143亿元增加至2025年的967亿元。其中，有色相关基金规模从2024年111亿元增加至2025年的 666亿元。紫金矿业、云铝股份、天华新能、中矿资源、洛阳钼业等矿产龙头增持金额居前。 华福证券认为，贵金属方面，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， 全球关税政策和地缘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。工业金属方面，随美联储降息加深提振投资和消费，同时打开国内货币政策空间，叠加海外宽财政 带来的通胀反弹将支撑铜价中枢上移，新能源需求强劲将带动供需缺口拉大，继续看好铜价。国内天花 板+能源不足持续扰动，同时新能源需求仍保持旺盛，紧平衡致铝价易涨难跌。 节后首个交易日，有色金属板块集体大涨，贵 ...

Group 1 - The A-share market saw a strong performance in gold-related stocks, with notable increases such as Xiaocheng Technology rising over 12% and Hebang Bio hitting the daily limit of 10% [1] - Recent news indicates that gold and silver prices have strengthened, with spot gold reaching a high of $5249.97, the highest since January 30, and spot silver surpassing $90, a peak since February 5 [1] - UBS maintains a positive outlook on gold, projecting that the international spot gold price could reach $6200 per ounce in the coming months, driven by geopolitical risks and continued monetary easing by the Federal Reserve [1] Group 2 - Analysts predict that global gold demand will exceed 5000 tons by 2025, supported by stronger investment flows and ongoing purchases by central banks [1] - Supply growth appears limited, with Wood Mackenzie estimating that around 80 mines will exhaust their current production plans by 2028, indicating constrained supply elasticity in the short term [1] - The following companies experienced significant stock price increases: Xiaocheng Technology (12.91%), Hebang Bio (10.08%), and Hunan Silver (9.65%), among others, reflecting the bullish sentiment in the gold sector [2]

春节期间，现货黄金重返5200美元/盎司。国际金价周一突破每盎司5200美元整数关口，为三周来最高 水平。消息面上，美国贸易政策和经济前景不明朗引发投资者担忧，美元指数周一下跌，叠加美伊谈 判、俄乌和谈仍存变数，推升黄金、白银等避险资产需求。 "末日博士"彼得·希夫预言金价将冲7000美元，取代美元成新锚定资产，背后驱动力是各国央行增持黄 金、美国财政赤字膨胀等。他认为，金价飙升预示着美国将面临远超2008年的复合型危机，源于主权信 用、美债和美元危机共振。此外，他还称新任美联储主席或沦为特朗普傀儡，建议投资者持续增持黄金 白银。 展望后市，有色金属还能再涨吗？中金公司认为，随着短期情绪释放与交易拥挤度明显下降，相关资源 股行情并未结束，历经短期调整后中期有望重拾升势。华泰证券指出，长期来看，有色金属的宏观逻辑 仍然完整，继续作为战略性品种，坚定看好有色金属板块后市表现。 【有色风口已至，"超级周期"势不可挡】 有色ETF华宝（159876）及其联接基金（A类：017140，C类：017141）标的指数全面覆盖铜、铝、黄 金、稀土、锂等行业，涵盖贵金属（避险）、战略金属（成长）、工业金属（复苏）等不同景气周期 ...