有色金属ETF（512400）业绩比较基准为中证申万有色金属指数收益率，管理人为南方基金管理股份有 限公司，基金经理为崔蕾，成立（2017-08-03）以来回报为154.70%，近一个月回报为14.07%。 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。 3月3日，有色金属ETF（512400）开盘跌1.80%，报2.453元。有色金属ETF（512400）重仓股方面，紫 金矿业开盘跌1.03%，洛阳钼业跌2.02%，北方稀土跌0.58%，华友钴业跌1.05%，中国铝业涨0.14%，赣 锋锂业跌1.50%，山东黄金跌2.00%，云铝股份涨0.85%，中金黄金跌2.88%，藏格矿业跌1.05%。 来源：新浪基金∞工作室 ...

日度报告——综合晨报 全球五大航运巨头集体封航 [T报ab告le_日R期an：k] 2026-03-03 宏观策略（外汇期货(美元指数)） 特朗普再谈伊朗战争时间表：需要打多久就打多久 特朗普最新的表态不给伊朗战争设置时间框架，但是对于伊朗 政权更迭没有提及，市场风险偏好回升，美元指数继续上涨。 宏观策略（股指期货） A 股放量分化，成交额再破 3 万亿元 综 受美以与伊朗发动战争影响，油气、军工股大涨支撑指数，市 场成交大幅放量表明投机情绪仍浓厚。后续战争局势仍较难预 测，若短期内烈度快速下降，则市场风险偏好将修复。 合 宏观策略（国债期货） 晨 央行开展了 190 亿元 7 天期逆回购操作 报 贵金属、化工等商品在高开低走后再度出现拉升，另外市场对 于两会期间降准降息的预期也略有升温，期债上涨。 有色金属（铜） 能源化工（液化石油气） 卡塔尔能源设施遭袭 液化天然气出口面临中断 卡塔尔的 LPG 主要是在天然气液化（LNG）处理过程中剥离出 的伴生产物，预计该气田 lpg 生产也同步暂停 航运指数（集装箱运价） 全球五大航运巨头集体封航 中东地缘局势升级，市场情绪快速升温，推动欧线期货全合约 涨停。 | ...

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。 3月2日，有色ETF银华（159871）开盘涨2.38%，报1.247元。有色ETF银华（159871）重仓股方面，紫 金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨1.17%，赣 锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，中矿资源跌0.02%。 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142.96%，近一个月回报为0.88%。 ...

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。 来源：新浪基金∞工作室 3月2日，有色金属ETF基金（516650）开盘涨3.57%，报2.435元。有色金属ETF基金（516650）重仓股 方面，紫金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，天齐锂业跌 1.08%。 有色金属ETF基金（516650）业绩比较基准为中证细分有色金属产业主题指数收益率，管理人为华夏基 金管理有限公司，基金经理为单宽之，成立（2021-06-09）以来回报为135.00%，近一个月回报为 0.50%。 ...

Core Viewpoint - The metal market is currently in a state of tight supply-demand balance, with macroeconomic factors being the key drivers of metal price trends, including monetary policy, macro expectations, geopolitical dynamics, and supply disruptions [1][12]. Precious Metals - Geopolitical disturbances, particularly the US-Iran conflict, have led to a steady increase in precious metal prices, supported by ongoing central bank gold purchases. As of the end of January, China's gold reserves reached 74.19 million ounces, an increase of 40,000 ounces from the previous month, marking 15 consecutive months of reserve expansion [2][13]. - Specific price movements include SHFE gold rising by 3.29% to 1,147.90 CNY per gram, COMEX gold increasing by 4.24% to 5,296.40 USD per ounce, and London gold rising by 3.27% to 5,278.26 USD per ounce. Silver prices also saw significant increases, with SHFE silver up 16.34% to 23,019 CNY per kilogram [2][13]. - Recommended stocks in the precious metals sector include Zhongjin Gold, Chifeng Jilong Gold, Shandong Gold, and Zhaojin Mining [3][14]. Base Metals - The copper sector is characterized by a strong supply-demand dynamic, with prices supported by strategic stockpiling and rigid supply. Recent data shows SHFE copper prices increased by 3.53% to 103,920 CNY per ton, while LME copper rose by 2.93% to 13,343.5 USD per ton [4][15]. - In contrast, the aluminum sector faces a "macro positive, inventory pressure" scenario, with SHFE aluminum prices rising by 2.76% to 23,835 CNY per ton, but facing seasonal supply pressures and increasing inventories [5][16]. - Recommended stocks for copper include Jincheng Resources and Luoyang Molybdenum, while for aluminum, recommended stocks include Yun Aluminum and Tianshan Aluminum [4][5][15][16]. Energy Metals - The energy metals sector is experiencing strong demand and declining inventories, with lithium carbonate continuing to deplete. Recommended stocks include Ganfeng Lithium and Tianqi Lithium [7][19]. - The cobalt sector is facing tight raw material supplies, with companies extending their operations into downstream electric new energy sectors to enhance competitive advantages. Recommended stocks include Huayou Cobalt [7][19]. Rare Earth and Strategic Metals - The rare earth sector has seen price increases post-holiday, with prices for praseodymium-neodymium oxide and dysprosium oxide rising significantly. The report highlights the investment value of rare earths as strategic resources [8][20]. - The tungsten sector is benefiting from supply constraints and strategic pricing models, with recommended stocks including Xiamen Tungsten [8][20]. - The uranium sector has seen long-term price increases due to supply rigidity and nuclear power development, with recommended stocks including China Uranium [9][21].

证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 03 月 02 日 上期有色金属指数解析：期货指数 与股票指数有何差异？ 相关研究 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 - ⚫ 有色金属景气回升，政策驱动行业稳增长。2025/8/28，工业和信息化部等八部门印发《有 色金属行业稳增长工作方案（2025—2026 年）》，系列举措将有效改善行业供需结构、 提升产业韧性，为有色金属行业景气度回升注入强劲动力。 ⚫ 工业有色金属的供需维持紧平衡，价格易涨难跌。结合库存数据与行业周期来看，当前 LME 铜、铝、锡的全球库存整体仍处于低位，机器人、新能源汽车以及新能源装机等新 兴产业的快速发展，正在同步推升铜、铝等工业有色金属的需求；而供给端方面，近几年 全球铜矿开采量增速出现放缓，全球铝的产能也已经达到高位，新增产能受限，因此，未 来铜、铝等工业有色 ...

有色矿业ETF招商（159690）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为招商基金管 理有限公司，基金经理为王宁远，成立（2023-06-21）以来回报为149.70%，近一个月回报为0.93%。 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。 3月2日，有色矿业ETF招商（159690）开盘涨2.04%，报2.548元。有色矿业ETF招商（159690）重仓股 方面，紫金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，中矿资源跌 0.02%。 来源：新浪基金∞工作室 ...

股票研究 /[Table_Date] 2026.03.01 避险与通胀，金属迎全面重估 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S08805 ...

来源：新浪基金∞工作室 3月2日，有色ETF汇添富（159652）开盘涨2.64%，报2.136元。有色ETF汇添富（159652）重仓股方 面，紫金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，天齐锂业跌 1.08%。 有色ETF汇添富（159652）业绩比较基准为中证细分有色金属产业主题指数收益率，管理人为汇添富基 金管理股份有限公司，基金经理为董瑾、孙浩，成立（2023-01-16）以来回报为107.95%，近一个月回 报为0.63%。 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。 ...

Investment Rating - The report maintains a "Buy" recommendation for precious metals due to rising geopolitical tensions and increased demand for safe-haven assets [2]. Core Views - The report highlights that the escalation of the Middle East situation, particularly the military actions between the US and Iran, is expected to boost the performance of precious metals as investors seek refuge from market volatility [3]. - It emphasizes that Iran's significant share in global production of certain metals, such as strontium and direct reduced iron (DRI), could lead to price fluctuations in these commodities due to potential supply disruptions [4][6]. - The long-term outlook for precious metals remains positive, with expectations of a super cycle for gold driven by central bank purchases and sustained investment demand [3]. Summary by Sections Industrial Metals - The report notes that Iran's military conflict may impact its production capabilities, particularly in metals where it holds a high global market share, such as strontium (56% of global production) and DRI (24% of global production) [4][5]. - Copper and zinc are identified as critical metals with significant implications for global supply chains, especially in light of potential disruptions in the Middle East [6]. Precious Metals - The report anticipates that geopolitical tensions will enhance the appeal of gold and silver as inflation hedges, with gold prices expected to rise in response to increased demand [3]. - The report also discusses the potential for silver prices to be more volatile due to its dual role as an industrial and financial asset [3]. Aluminum Industry - The report indicates that the ongoing conflict may tighten the global aluminum supply, particularly if Iranian production is affected, which could lead to price increases [11][12]. - It highlights that the aluminum market is currently in a state of tight balance, with potential for price support due to supply constraints [11]. New Energy Metals - The report discusses Zimbabwe's ban on lithium exports, which is expected to tighten the global lithium market and support prices [15][16]. - It suggests that the rise of resource nationalism may lead to increased control over strategic metals, impacting their pricing and availability [15].