| 交易日期 证券简称 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 026-02-26 | 北方稀土 | 600111 | 59.1 770.66 | 13.04 | 去會任킬繫是嘉豐 | 用意表前送藝股份 | 190 | 2月26日，北方稀土大宗交易成交13.04万股，成交额770.66万元，占当日总成交额的0.07%，成交价59.1 元，较市场收盘价59.1元持平。 ...

Group 1 - Nvidia's Q4 performance has exceeded expectations, leading to a surge in AI hardware stocks in the A-share market, with semiconductor ETFs in China and South Korea nearing their daily limit up, and electricity-related ETFs rising by 3% and 2.9% respectively [1] - A significant shift is occurring where technology growth is increasingly reliant on physical assets, marking a departure from the previous dominance of financial assets over physical assets [2][3] - The HALO concept, which combines heavy assets with low obsolescence, is gaining traction, indicating a paradigm shift in investment strategies towards assets that are less susceptible to technological changes [2][3] Group 2 - The rise in physical asset values is driven by geopolitical tensions and resource nationalism, which have made these assets more valuable as a safe haven compared to software and light asset industries [4] - The South Korean stock market has seen unprecedented growth, with the composite index surpassing 6000 points for the first time and achieving a year-to-date increase of 49.67% [4][5] - A-share market trends reflect a similar "physical asset supremacy," with significant gains in sectors such as construction materials, non-ferrous metals, and petrochemicals [7] Group 3 - ETFs with high physical asset content have dominated the performance charts, with several indices, including semiconductor and oil and gas resources, showing gains of over 25% year-to-date [10] - In the first two trading days of the year, A-share financing clients purchased a total of 57.5 billion yuan, indicating strong capital inflow into physical assets [13] - The top sectors for net buying include electronics, non-ferrous metals, and power equipment, highlighting investor interest in HALO stocks [17][18] Group 4 - High inflows into HALO-focused ETFs have been observed, with significant net purchases in gold, semiconductor materials, and electricity equipment ETFs [20] - The macroeconomic environment is favoring heavy asset industries, as manufacturing PMI has rebounded, surpassing service sector PMI [22] - Tech giants are projected to spend approximately $1.5 trillion on capital expenditures from 2023 to 2026, with $650 billion expected this year alone, indicating a strong focus on infrastructure investments [22]

有色金属 2026 年 2 月 26 日 氧化镨钕价格已至 85 万元/吨，近一个月涨 26%、近三个月涨 56% ——金属新材料高频数据周报（20260209-20260215） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 42.30 万元/吨，环比 +0.7%。本周电解钴和钴粉价格比值 0.74 ，环比+0.7%；电解钴和硫酸钴价 格比值为 4.31 ，环比+0.7%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格上涨。（1）本周碳酸锂和氢氧化锂价格分别 为 14.38 、13.76 万元/吨，环比+6.9%、+3.9%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、18.73 万元/吨，环比+0%、+4.1%。（4）本周氧化镨钕价格 849.82 元/公斤，环比+12.2%。 光伏新材料：价格持平。（1）本周光伏级多晶硅价格 6.19 美元/千克，环比 +0%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年来较低位 置。（3）本 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable amounts in the energy, materials, and financial sectors [1][2][3] Group 1: Stock Outflows - The stock with the highest outflow is 阳光电源, with a total of -20.02 billion yuan [1][2] - 宁德时代 follows closely with an outflow of -18.87 billion yuan [1][2] - Other significant outflows include 北方稀土 at -14.76 billion yuan and 兆易创新 at -11.52 billion yuan [1][2] Group 2: Sector Analysis - The electric equipment sector shows substantial outflows, with 阳光电源 and 宁德时代 leading [2] - The non-ferrous metals sector is also impacted, with 北方稀土 and 紫金矿业 experiencing notable outflows [2][3] - The financial sector, represented by 中国平安 and 中信证券, also shows significant fund outflows [2][3] Group 3: Additional Notable Stocks - 贵州茅台 has an outflow of -9.42 billion yuan, indicating a decline in investor interest [1][3] - 立讯精密 and 恩捷股份 also report outflows of -8.23 billion yuan and -6.35 billion yuan respectively, reflecting trends in the electronics and energy sectors [1][3] - 比亚迪, a key player in the automotive sector, shows an outflow of -5.95 billion yuan, suggesting potential shifts in market sentiment [1][3]

消息面上，2026年2月14日，官方宣布自5月1日起，对非洲53个建交国家原产的商品实施100%税目零关 税，同步升级通关绿色通道。非洲是我国铜、钴、铝土矿、锂矿石等战略矿产资源的重要来源地，此次 政策将直接降低国内有色企业原材料进口税费负担，提升通关效率，长期有利于企业扩大海外资源布 局、提升资源自给率，对在非洲有重资产布局的龙头企业形成持续利润增厚支撑。 2月25日，津巴布韦矿业部发布锂矿出口禁令，宣布立即暂停所有原矿及锂精矿出口（含在途货物）， 未来仅持有效采矿权及获批选矿厂的企业具备出口资格，禁止代理及第三方贸易商出口。旨在加强矿产 监管，推动矿产品深加工发展。2025年中国19%的进口锂精矿来自津巴布韦，预计2026年津巴布韦锂资 源产量占全球12%，该国的锂矿出口禁令将导致碳酸锂短期供应愈发紧缺，有望推动锂价大幅上涨。 中信证券表示，2025年金属行业供应端扰动的频度和烈度加剧，钴、锡、锂、铜、镍等品种受扰动影响 价格显著上涨。需求侧，电网投资、储能电池、AI服务器等领域需求有望延续高景气，结构性的需求 韧性依然较强。且贸易争端下的囤货诉求也带来了需求的放大效应，铜、锂、稀土等品种有望受益于需 求 ...

摘要 ■ 投资逻辑 基于大模型对券商年度展望的全面解析 每年的年底到年初，各券商会密集发布关于总量、行业等年度报告。对投资者而言，难以整合大量研报信息从而提取共识点，此外分歧点也同样缺乏量化 对比。大模型工具的出现解决了这一难点，大模型可以帮助分析师快速完成研报数据预处理、观点精准抓取与分类；大模型通过确定共识点与分歧点的判 定规则，系统整合分散观点，量化呈现各券商对板块不同观点的支持率，清晰核心分歧维度。本次研究以大模型为核心分析工具，全面剖析2026年各大板 块年度展望，梳理宏观、策略、固收及七大细分行业的共识与分歧，为投资者提供高效精准的决策参考。 总量观点总结 对于总量观点，我们分别从宏观经济、年度策略、固定收益三个方面分别剖析了各券商分析师的年度展望。 在宏观经济方面，大多数券商认为随着"十五五"政策发力，2026年GDP目标为5%左右；CPI、PPI从低位逐步修复，国内通货膨胀的压力得到缓解；货币 政策维持适度宽松基调，流动性保持合理充裕；财政政策延续积极取向，赤字率维持合理高位；出口保持稳健，贸易顺差维持历史较高水平；国外环境虽 然出现波动，但整体风险可控。 作者：高智威、许坤圣 在年度策略方面 ...

Group 1 - The industrial non-ferrous metals sector is experiencing fluctuations, with related ETFs showing a decline, specifically the Tianhong Non-Ferrous Metals ETF (159157) which fell by 0.68% during trading, with a transaction volume of 204 million yuan and a turnover rate of 9.07% [1] - The Tianhong Non-Ferrous Metals ETF has seen a net subscription of over 70 million units during the trading session, marking it as the top performer in the Shenzhen market. Over the past eight trading days, it has attracted a net inflow of 1.075 billion yuan, reaching a total fund size of 2.265 billion yuan as of February 25, 2026, a new high since its listing [1] - The ETF covers a wide range of sectors including copper, aluminum, gold, and rare earths, providing exposure to precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery), which allows for better capturing of the beta trends across the entire sector [1] Group 2 - The industrial non-ferrous metals sector is influenced by multiple news factors, including the Shanghai government's new real estate policies aimed at boosting the market, which is expected to positively impact the demand for copper and aluminum [2] - The U.S. plans to set reference prices for critical minerals, including germanium and gallium, leading to a reassessment of the value of scarce minerals in the market [2] - Zimbabwe's announcement to suspend lithium concentrate exports, along with increased mineral controls in countries like Indonesia and the Democratic Republic of Congo, has heightened global supply chain tensions, while post-Spring Festival recovery in downstream enterprises is gradually releasing inventory demand, supporting metal prices [2]

有色ETF华宝（159876）业绩比较基准为中证有色金属指数收益率，管理人为华宝基金管理有限公司， 基金经理为陈建华，成立（2021-03-12）以来回报为142.70%，近一个月回报为1.98%。 2月26日，有色ETF华宝（159876）开盘涨0.41%，报1.221元。有色ETF华宝（159876）重仓股方面，紫 金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨1.63%，赣 锋锂业涨4.44%，山东黄金涨0.00%，云铝股份涨1.08%，中金黄金跌0.60%，江西铜业涨0.05%。 来源：新浪基金∞工作室 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。 ...

有色ETF鹏华（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为138.66%，近一个月回报为3.18%。 2月26日，有色ETF鹏华（159880）开盘涨1.30%，报2.416元。有色ETF鹏华（159880）重仓股方面，紫 金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨1.63%，赣 锋锂业涨4.44%，云铝股份涨1.08%，山东黄金涨0.00%，中金黄金跌0.60%，天齐锂业涨5.91%。 来源：新浪基金∞工作室 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。 ...

Core Viewpoint - The A-share market experienced fluctuations, with the non-ferrous sector showing mixed performance, particularly influenced by recent geopolitical tensions and policy changes affecting lithium exports from Zimbabwe [1][5][6]. Group 1: Market Performance - As of February 26, the A-share market saw the Shanghai Composite Index retreat, with the non-ferrous ETF Huatai-PineBridge (159652) down by 0.74% [1]. - The non-ferrous ETF's key components showed varied performance, with small metals and lithium stocks leading gains, while major players like Zijin Mining and Luoyang Molybdenum experienced pullbacks [1][2]. Group 2: Lithium Market Impact - Zimbabwe's Ministry of Mines announced an immediate ban on all lithium ore and concentrate exports, significantly impacting global lithium supply dynamics [5][6]. - This ban is expected to drive lithium prices up, as Zimbabwe accounted for approximately 12% of global lithium production in 2026, with China being a primary importer [6][7]. Group 3: Precious Metals Outlook - Precious metals, including gold and silver, saw price increases due to heightened geopolitical tensions and inflation expectations, with Morgan Stanley projecting gold prices to reach $6,300 per ounce by the end of 2026 [3]. - The recent rise in lithium stocks in the U.S. market reflects the immediate market reaction to Zimbabwe's export ban, with lithium carbonate futures surging over 4% [3][5]. Group 4: Strategic Metal Policies - The trend of resource nationalism is likely to continue, with countries implementing stricter export controls on strategic metals like lithium, cobalt, and nickel, which may lead to further supply disruptions [7]. - Analysts suggest that the recent policy changes in Zimbabwe are part of a broader strategy to enhance local processing capabilities and retain more value from mineral resources [5][6]. Group 5: Investment Opportunities - The non-ferrous sector is viewed as having significant investment potential, driven by macroeconomic factors, supply constraints, and emerging demand from new industries such as AI and renewable energy [8][10]. - The Huatai-PineBridge non-ferrous ETF is highlighted for its comprehensive exposure to various metal sectors, including gold, copper, aluminum, and lithium, making it a favorable investment vehicle [10][12].