智通财经获悉，中集集团(02039)涨超8%再创新高，截至发稿，涨7.63%，报12.41港元，成交额9366.36 万港元。 本文源自：智通财经网 公开资料显示，中集自2013年起深耕模块化数据中心。2024年，中集数能成功交付全球首个超大型模块 化数据中心。中集数能依托集团强大的装备制造与全球交付能力，已在全球累计交付规模超1000兆瓦、 模块超17000个。同时，公司正为超过300MW的AI、云计算的客户提供预制化数据中心的技术与制造交 付服务。 消息面上，据中集集团消息，在全球AI算力基础设施需求激增的背景下，中集集团旗下中集数能凭借 其全链条一体化能力，正通过预制模块化数据中心方案，引领行业快速部署新范式，助力破解算力供给 瓶颈。 ...

Core Viewpoint - CIMC Group (02039) has seen its stock price rise over 8%, reaching a new high, driven by the increasing global demand for AI computing power infrastructure [1] Group 1: Company Performance - As of the latest report, CIMC Group's stock is up 7.63%, trading at HKD 12.41, with a transaction volume of HKD 93.66 million [1] - CIMC's subsidiary, CIMC Digital Energy, is leading the industry in rapidly deploying new paradigms through prefabricated modular data center solutions [1] Group 2: Industry Context - The demand for AI computing power infrastructure is surging globally, creating opportunities for companies like CIMC to address supply bottlenecks [1] - Since 2013, CIMC has been focusing on modular data centers, and in 2024, it successfully delivered the world's first ultra-large modular data center [1] Group 3: Operational Achievements - CIMC Digital Energy has delivered over 1,000 megawatts and more than 17,000 modules globally [1] - The company is providing technical and manufacturing delivery services for prefabricated data centers to clients in AI and cloud computing, with a capacity exceeding 300 megawatts [1]

消息面上，据中集集团消息，在全球AI算力基础设施需求激增的背景下，中集集团旗下中集数能凭借 其全链条一体化能力，正通过预制模块化数据中心方案，引领行业快速部署新范式，助力破解算力供给 瓶颈。 中集集团（000039）(02039)涨超8%再创新高，截至发稿，涨7.63%，报12.41港元，成交额9366.36万港 元。 公开资料显示，中集自2013年起深耕模块化数据中心。2024年，中集数能成功交付全球首个超大型模块 化数据中心。中集数能依托集团强大的装备制造与全球交付能力，已在全球累计交付规模超1000兆瓦、 模块超17000个。同时，公司正为超过300MW的AI、云计算的客户提供预制化数据中心的技术与制造交 付服务。 ...

有色商品日报 有色商品日报（2026 年 2 月 26 日） 一、研究观点 | 品 | | 点评 | | --- | --- | --- | | 种 | | | | | 隔夜内外铜价震荡偏强，国内精炼铜现货进口窗口关闭。宏观方面，昨晚美国总统特朗 | | | | 普在国会发表其第二任期的首次国情咨文演讲，他表达了对最高法院裁决表达不满，同 | | | | 时重申将使用其他法律授权来实施新关税，并传达出对股市和通胀的乐观态度。美贸易 | | | | 代表称，美国对部分国家加征的"全球进口关税"税率将从新近实施的 10%升至 15%或 | | | | 更高。国内方面，美贸易代表称继续推进中美第一阶段经贸协议情况 301 调查，并可能 | | | | 采取关税措施，商务部回应。库存方面，LME 铜库存增加 6475 吨至 249650 吨，LME 美 | | | 铜 | 洲仓库继续涌入；Comex 铜库存下降 479 吨至 545257 吨；SHFE 铜仓单增加 10717 吨至 | | | | 287806 吨，BC 铜仓单下降 700 吨至 14218 吨。需求方面，关注节后开工情况。节后铜 | | | | 价 ...

隔夜LME镍涨0.73%报18045美元/吨，沪镍涨0.11%报141680元/吨。库存方面，LME库存增加480吨至 287808吨，SHFE 仓单增加1253吨至53177吨。升贴水来看，LME0-3月升贴水维持负数；进口镍升贴水 维持50元/吨。节前ESDM部矿产和煤炭总干事Tri Winarno透露，批准的镍矿生产配额在2.6亿吨到2.7亿 吨之间，与上年RKAB的生产目标大幅缩水；根据铁合金在线，受镍矿供应紧张及炉子检修影响，印尼 某镍铁工厂产量下降，预计影响产量3-4万实物吨/月；根据路透社报道，再次发生尾矿滑坡后，印尼环 境部长Hanif Faisol Nurofiq称正考虑取消青美邦新能源有限公司的环境许可。基本面来看镍矿升水再度 走强，根据铁合金在线报道，节后报价在35-40不等（不含奖励）美元/吨。根据SMM数据显示印尼火 法、湿法镍矿库存指数下降，分别主要受到监控系统延迟和新项目投产所致，叠加印尼配额收紧的预 期，后续或仍存在资源供给偏紧的担忧，推动边界成本支撑继续抬升。阶段性需求环比转弱，但成本支 撑依旧坚实，叠加印尼消息面多有扰动，持续关注成本线附近轻仓试多机会，后续显性库存如能明显 ...

"这次英伟达的第四财季财报尤其重要，因为人们对AI算力基础设施支出前景非常担忧——担忧我们是 否正处在AI泡沫之中。"Spear Invest首席投资官Ivana Delevska表示。 智通财经APP获悉，周三，英伟达(NVDA.US)盘前涨近1%，报194.55美元。消息面上，有"地球最重要 股票"称号的"AI芯片霸主"英伟达将在美东时间周三美股收盘后(北京时间周四晨间)公布季度业绩，根 据LSEG汇编的华尔街分析师预期数据，华尔街预计英伟达将报告截至1月的季度利润同比激增逾62%， 意味着将较上一季度65.3%的增速有所放缓，因为其将面对更严苛的同比比较基数。 英伟达2026财年第四财季总营收料跃升逾68%至661.6亿美元。华尔街分析师们预计英伟达管理层将预 测2027财年第一季度营收将再增长64.4%至724.6亿美元。值得注意的是，该芯片巨头在过去13个季度的 业绩数据均超出分析师营收预期，但超预期的幅度已收窄，主要因随着英伟达市值触及史无前例的5万 亿美元大关且经历3年多大幅上涨，分析师对于英伟达的增长预期愈发苛刻。 ...

该机构认为，短期关税裁决与地缘冲突对贵金属形成共振驱动，中长期角度来看，去美元化、地缘风险 等因素将支撑黄金重回上行通道。由于工业属性与金融属性共振，短期白银有望延续震荡偏强走势。 工业金属方面，LME锡涨超3%，现报51920美元/吨，锌、铜、铝、镍等不同幅度上涨。 长江证券分析认为，从国内场景看，基建项目加速落地，电网升级、光伏电站建设等工程密集开工，带 动锡镍等工业金属需求刚性增长；新能源汽车、AI算力基础设施等新兴领域产能快速恢复，单台AI服 务器用锡量远超传统设备，成为需求新增长点。海外市场同样传来积极信号，全球央行宽松预期延续， 欧美"再工业化"进程推动制造业复苏，带动金属出口需求稳步回升，为国内下游需求形成补充。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数。当有色金属价格（如铜价、金价、锂价）上涨时，上游企业的利润会直接、快速 地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性十 足。 2月25日，有色板块延续大涨，有色矿业ETF招商（159690）涨3.31%，成份股云南锗业、华锡有 ...

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated and trended stronger, and the spot import window for refined copper in China was briefly opened. The Trump administration's global tariffs are set to be imposed on Tuesday, with the possibility of the tax rate rising to 15%. LME copper inventories increased by 1,350 tons to 243,175 tons, Comex copper inventories increased by 1,024 tons to 545,736 tons, and domestic social inventories increased by over 150,000 tons to 508,500 tons. Short - term copper prices face high - level wide - range fluctuations, with the risk of a second callback due to the combination of fading macro sentiment and inventory pressure. However, the core logic driving copper price increases remains unchanged. If copper prices experience a short - term deep correction, it will be a good opportunity to lay out long - term long positions [1]. - **Aluminum**: On the first trading day after the holiday, alumina, Shanghai aluminum, and aluminum alloy all trended weakly. Overseas alumina prices rose, and domestic electrolytic aluminum plants carried out raw material winter storage, causing the alumina futures price to rise against the trend. However, social inventory backlog and the pressure of expiring warehouse receipts cancellation suppressed the upward trend. After the holiday, Shanghai aluminum may have a short - term price increase, but the overall space is limited. The subsequent price increase position of aluminum will be determined by the inventory accumulation amplitude of aluminum ingots [1][2]. - **Nickel**: Overnight, LME nickel rose 3.64% to $17,915 per ton, and Shanghai nickel rose 1.65% to 140,330 yuan per ton. LME nickel inventories decreased by 378 tons to 287,328 tons, and SHFE nickel warehouse receipts decreased by 534 tons to 51,924 tons. The fundamentals show that nickel ore premiums are strengthening, and nickel iron prices are oscillating at a high level. There are concerns about tight resource supply, and the boundary cost support continues to rise. Although the phased demand has weakened month - on - month, the cost support is still solid. Pay continuous attention to the opportunity of lightly testing long positions near the cost line [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Macro uncertainties from the US tariff policy and inventory increases are factors affecting copper prices. The long - term upward logic of copper prices remains due to supply shortages and demand growth. Short - term risks exist, but price dips may present long - term investment opportunities [1]. - **Aluminum**: The price trend is affected by overseas price increases, domestic raw material storage, social inventory, and overseas macro factors. The post - holiday price increase space is limited, and inventory accumulation is a key factor [1][2]. - **Nickel**: Price increases are accompanied by inventory decreases. Fundamental factors such as supply shortages and cost support drive the price. Pay attention to long - position opportunities near the cost line [3]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 1,195 yuan/ton from February 13th to February 24th. LME and Comex inventories increased, while domestic + bonded area social inventories decreased by 0.5 million tons [1][5]. - **Lead**: The average price of 1 lead decreased by 30 yuan/ton. LME inventories remained unchanged, while SHFE inventories increased [5]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum increased. LME inventories decreased, while SHFE inventories and social inventories increased [6]. - **Nickel**: The price of Jinchuan nickel increased by 2,450 yuan/ton. LME inventories increased slightly, while SHFE nickel warehouse receipts decreased [6]. - **Zinc**: The主力结算 price increased by 0.9%. Social inventories increased by 3.62 million tons [8]. - **Tin**: The主力结算 price increased by 1.5%. SHFE inventories increased by 2,264 tons [8]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [10][11][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [15][19][21]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [23][25][27]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [29][31][33]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [35][37][39]. - **Smelting Profit**: Charts show the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2026 [42][44][46]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional titles in the field of non - ferrous metals research, and have received many industry awards [49][50].

长江证券分析认为，从国内场景看，基建项目加速落地，电网升级、光伏电站建设等工程密集开工，带 动锡镍等工业金属需求刚性增长；新能源汽车、AI算力基础设施等新兴领域产能快速恢复，单台AI服 务器用锡量远超传统设备，成为需求新增长点。海外市场同样传来积极信号，全球央行宽松预期延续， 欧美"再工业化"进程推动制造业复苏，带动金属出口需求稳步回升，为国内下游需求形成补充。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数。当有色金属价格（如铜价、金价、锂价）上涨时，上游企业的利润会直接、快速 地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性十 足。 2月25日，有色板块延续大涨，有色矿业ETF招商（159690）涨3.31%，成份股云南锗业、华锡有色涨 停，锡业股份、北方稀土、驰宏锌锗等涨幅居前。 商品市场看，贵金属价格持续上涨，现货黄金日内涨幅扩大至1%，现报5183.62美元/盎司。现货白银站 上88美元/盎司，日内涨1.3%。 申万宏源分析认为，近期贵金属表现偏强，核心驱动源于三重逻辑：一是市场对美国财政可 ...

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 铜： （展大鹏，从业资格号：F3013795；交易咨询资格号：Z0013582） 隔夜内外铜价震荡偏强，国内精炼铜现货进口窗口一度打开。宏观方面，特朗普政府10%全球关税周二 即将征收，税率是否进一步升至15%待定，但美国政府不确定性关税行为加剧了全球经济的不确定性。 国内方面，中国商务部回应美国关税调整，将适时决定调整针对美方原芬太尼关税和对等关税的反制措 施。库存方面，LME铜库存增加1350吨至243175吨，值得注意的是假期期间LME美洲仓库大量涌入， 或因Comex-LME价差大幅收窄所致；Comex铜库存增加1024吨至545736吨；SMM周二统计节假日期间 全国主流地区境内社会库存增加超15万吨至50.85万吨，关注后续累库情况。需求方面，关注节后开工 情况。短期铜价面临高位宽幅震荡，不排除宏观情绪退潮与库存压力共振带来的二次回调风险。但驱动 铜价上行的核心逻辑——全球铜矿资本开支不足导致的供给缺口，以及新能源、AI算力基础设施的需 求增量，并未发生根本性转变，因此节后若铜价因宏观与基本面现实趋弱出现短期深度回调，将是布局 中长 ...