来源：新浪基金∞工作室 2月25日，有色ETF银华（159871）开盘涨0.35%，报1.145元。有色ETF银华（159871）重仓股方面，紫 金矿业开盘涨0.20%，洛阳钼业涨0.61%，北方稀土涨0.36%，华友钴业涨1.06%，中国铝业涨0.85%，赣 锋锂业涨1.43%，山东黄金跌0.30%，云铝股份涨0.72%，中金黄金跌0.32%，中矿资源涨0.75%。 有色ETF银华（159871）业绩比较基准为中证有色金属指数收益率，管理人为银华基金管理股份有限公 司，基金经理为谭跃峰，成立（2021-03-10）以来回报为127.80%，近一个月回报为-1.72%。 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。 ...

Group 1 - The Trump administration plans to use an AI model developed by the U.S. Department of Defense to establish reference prices for global critical mineral trade, starting with germanium, gallium, antimony, and tungsten [1] - The reference prices are expected to have a limited impact on tungsten, which is already profitable for all, but may boost the prices of germanium, gallium, and antimony, which are currently undervalued [1] - The policy is anticipated to lead to an expansion in equity market value, with improvements in earnings per share (EPS) and price-to-earnings (PE) ratios due to higher expected prices and increased survival rates of companies [1] Group 2 - As of January 30, 2026, the National Securities Nonferrous Metals Industry Index (399395) has a strong performance, with a 4.15% increase, and notable gains in component stocks such as Chihong Zn & Ge and Huaxi Nonferrous, both up by 10.01% [1] - The index reflects the overall performance of listed companies in the nonferrous metals sector, comprising 50 securities with significant scale and liquidity, and the top ten weighted stocks account for 49.87% of the index [2]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metal sector, which opened down by 0.20% at 0.977 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 0.20%, and other companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, showing varied performance with some stocks like Ganfeng Lithium and Xinyi Silver rising by 1.43% and 1.49% respectively [1] - The performance benchmark for the Invesco ETF is the CSI Nonferrous Metals Mining Theme Index, with a return of -2.34% since its establishment on January 26, 2026 [1]

Core Viewpoint - Aluminum stocks continue to rise, driven by increasing concerns over electricity shortages overseas and expectations of reduced production of electrolytic aluminum [1] Group 1: Stock Performance - China Aluminum (601600) increased by 5.3%, reaching HKD 13.91 - Nanshan Aluminum (600219) rose by 4.98%, reaching HKD 64.25 - China Hongqiao (01378) saw a 2.61% increase, reaching HKD 36.96 - Innovation Industry (02788) grew by 2.31%, reaching HKD 24.8 [1] Group 2: Market Conditions - Concerns over electricity shortages abroad have heightened, leading to increased expectations for reduced production of electrolytic aluminum - CCB International notes that China's primary aluminum capacity utilization is nearing the policy limit of 99%, while new overseas capacity is limited, supporting a global aluminum market shortage [1] Group 3: Price Forecast - CCB International forecasts a 15% year-on-year increase in the average aluminum price by 2026 due to the ongoing supply constraints [1] Group 4: Investment Insights - Changjiang Securities highlights the high dividend yield of 5% for electrolytic aluminum stocks as a quality dividend asset - The combination of domestic capacity ceilings and overseas electricity shortages provides a rigid resource attribute, supporting a valuation recovery for the electrolytic aluminum sector from the current 8-10X to a projected 12-15X [1]

长江证券则表示，基于电解铝股息率高达5%的优质红利资产，且国内产能天花板+海外电力紧缺掣肘共 同赋予其资源刚性属性，叠加软着陆降息后全球工业景气底部复苏，三重逻辑共振支撑电解铝板块估值 有望从当前8-10X，逐步修复至12X-15X。 消息面上，海外缺电担忧升温，市场对海外电解铝减产预期上升。招银国际指出，当前中国原铝产能利 用率已接近政策上限的99%，同时海外新增产能释放有限，这将支撑全球铝市维持短缺状态，预计2026 年铝均价同比上涨15%。 智通财经获悉，铝业股继续走高，截至发稿，中国铝业(02600)涨5.3%，报13.91港元；南山铝业国际 (02610)涨4.98%，报64.25港元；中国宏桥(01378)涨2.61%，报36.96港元；创新实业(02788)涨2.31%，报 24.8港元。 本文源自：智通财经网 ...

铝业股午前继续走高，截至发稿，中国铝业（02600）上涨5.38%，报13.92港元；南山铝业国际 （02610）上涨4.41%，报63.90港元；中国宏桥（01378）上涨2.22%，报36.82港元；创新实业 （02788）上涨2.89%，报24.94港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铝业股午前继续走高，截至发稿，中国铝业（02600）上涨5.38%，报13.92港元；南山铝业国际 （02610）上涨4.41%，报63.90港元；中国宏桥（01378）上涨2.22%，报36.82港元；创新实业 （02788）上涨2.89%，报24.94港元。 责任编辑：卢昱君 责任编辑：卢昱君 ...

现金流ETF800鹏华紧密跟踪中证800自由现金流指数，中证800自由现金流指数从中证800指数样本中选 取50只自由现金流率较高的上市公司证券作为指数样本，以反映中证800指数样本中现金流创造能力较 强的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800自由现金流指数(932368)前十大权重股分别为中国海油、格力 电器、上汽集团、中国铝业、中远海控、TCL科技、牧原股份、白银有色、宝钢股份、正泰电器，前十 大权重股合计占比56.31%。 有机构指出，外部冲击基本消化，市场重回周期涨价主线，中盘蓝筹中具备涨价预期的周期品迎来配置 窗口。春节后行情可分三阶段把握：2月底前科技成长修复反弹；3月初至两会业绩与政策博弈；两会后 风格均衡化，现金流等防御板块价值凸显。随着行情从第一阶段向第三阶段演进，或可逐步增配现金流 指数，提前布局两会后的风格均衡行情。现金流指数凭借周期涨价主线暴露与防御属性，是连接节后不 同阶段行情的"转换器"资产。 截至2026年2月25日 10:57，中证800自由现金流指数(932368)强势上涨1.89%，成分股云天化上涨 10.01%，海螺水泥上涨7.26%，辽 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, with significant inflows into the Tianhong Non-Ferrous Metal ETF, which has reached a new high in fund size since its listing [1][2] - The Tianhong Non-Ferrous Metal ETF (159157) has seen a net inflow of 1.067 billion yuan over the last ten trading days, indicating strong investor interest [1] - The ETF closely tracks the industrial non-ferrous index, with a composition that includes 61.93% industrial metals, 22.49% minor metals, and 3.72% precious metals, featuring major stocks like Luoyang Molybdenum and Northern Rare Earth [1] Group 2 - The current PE-TTM for the industrial non-ferrous index is 27.57 times, which is at the 44.67% historical percentile, suggesting that the valuation is relatively reasonable and offers a certain margin of safety for medium to long-term investment [2] - Recent geopolitical tensions in the Middle East and the U.S. Supreme Court's ruling on tariffs have contributed to increased risk aversion, which has positively impacted the financial attributes of non-ferrous metals [2] - Post-Spring Festival, there is a strong demand for inventory replenishment from downstream enterprises, while global copper supply remains constrained due to aging mines, supporting the price structure [2]

长江证券则表示，基于电解铝股息率高达5%的优质红利资产，且国内产能天花板+海外电力紧缺掣肘共 同赋予其资源刚性属性，叠加软着陆降息后全球工业景气底部复苏，三重逻辑共振支撑电解铝板块估值 有望从当前8-10X，逐步修复至12X-15X。 智通财经APP获悉，铝业股继续走高，截至发稿，中国铝业(02600)涨5.3%，报13.91港元；南山铝业国 际(02610)涨4.98%，报64.25港元；中国宏桥(01378)涨2.61%，报36.96港元；创新实业(02788)涨2.31%， 报24.8港元。 消息面上，海外缺电担忧升温，市场对海外电解铝减产预期上升。招银国际指出，当前中国原铝产能利 用率已接近政策上限的99%，同时海外新增产能释放有限，这将支撑全球铝市维持短缺状态，预计2026 年铝均价同比上涨15%。 ...

Group 1 - The A-share market saw a collective surge in rare earth permanent magnet concept stocks on February 25, with notable gains across various companies [1] - San Chuan Wisdom led the gains with a rise of 13.10%, while Baogang Co. and Northern Rare Earth both hit the 10% daily limit [1] - Other companies such as Zhongcai Resources and Xiamen Tungsten also experienced significant increases, with gains exceeding 8% [1] Group 2 - The total market capitalization of Baogang Co. is 132.7 billion, with a year-to-date increase of 23.11% [2] - Northern Rare Earth has a market cap of 218.5 billion and has seen a year-to-date increase of 31.03% [2] - Zhongcai Resources has a market cap of 31.8 billion and a remarkable year-to-date increase of 68.25% [2]