在此行情下，大赛选手们表现亮眼。数据显示，2025年"招财杯"ETF实盘大赛报名人数近八万。 从重仓板块来看，排名居前的选手们主要在宽基ETF与生物医药、通信设备、半导体芯片等行业 主题ETF中灵活轮动，体现了对市场热点的关注与配置调整。 2025年，A股市场呈现震荡上行格局，上证指数一度突破4000点。在此背景下，ETF凭借其透明度高、费率 低、流动性强等核心优势，成为投资者进行资产配置、捕捉结构性机会的重要工具。 Wind数据显示，截至2025年12月31日，我国ETF市场年内净流入额接近1.18万亿元，境内交易所挂牌上市 的ETF数量增至1402只，总规模由上年末3.7万亿元攀升至6.0万亿元，相较年初增长超60%。 从宽基指数到细分赛道，从境内布局到跨境配置，ETF产品线日益丰富，为投资者提供了捕捉市场机遇的 多层次工具箱。 赛事盛启，共筑活力ETF生态圈 为了让更多投资者领略ETF投资的魅力，自2023年起，招商证券已连续三年举办"招财杯"ETF实 盘大赛，累计吸引近27万名选手报名参赛，投教及赛事相关内容累计触达投资者超过千万人次， 逐步构建起良性循环的ETF投资生态圈。 2025年"招财杯"ET ...

证券研究报告 2026 年 01 月 30 日 湘财证券研究所 行业研究 钨行业月度跟踪 1 月钨价延续强势上涨，矿端供应紧张短期难改 相关研究： 核心要点： ❑ 本月钨行业市场表现强势，估值大幅提升 20250628 据 Wind 数据，本月1钨行业累计大幅上涨 60.78%，大幅跑赢基准（沪深 300）58.11 pct。行业估值（市盈率 TTM）自月初 37.25x 上升至 57.61x， 当前处于 93.57%2历史分位。 ❑ 本月国内钨产业链价格受资源端推动强势上行，不断创历史新高，国际 钨价同步上行 1 本月行业涨跌幅及价格统计时间区间为 2026/01/01 至 2026/01/29，下同。 2 估值历史分位数计算使用数据区间为 2019/12/2 至 2026/01/29，下同。 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 敬请阅读末页之重要声明 《供给约束加强，战略价值凸显》 行业评级：增持（下 ...

Core Viewpoint - The article discusses the recent volatility in the global risk asset market, particularly focusing on the surge in demand for precious metals and the performance of the Huabao ETF amid geopolitical tensions and macroeconomic factors [1][3]. Group 1: Market Dynamics - Geopolitical risks have led to a significant drop in global risk assets, prompting some investors to take profits, which has resulted in a sharp decline in gold and silver prices [1]. - Despite the market downturn, the Huabao ETF saw a net subscription of 142 million units, indicating a counter-trend investment in the non-ferrous metals sector [1]. - The demand for non-ferrous metals is supported by macroeconomic factors such as the Federal Reserve's ongoing easing policies, rising geopolitical uncertainties, and concerns over the sustainability of U.S. debt and deficits [3]. Group 2: Industry Outlook - The non-ferrous metals sector is expected to maintain a high profitability state for an extended period, driven by new demand from emerging industries such as renewable energy, AI, and aerospace [4]. - Domestic non-ferrous metal companies are valued lower compared to their international counterparts, despite having similar growth potential and core competitiveness [4]. - The industry is experiencing a significant output gap due to a long-term contraction in capital expenditures since 2011, which continues to support prices and highlight the strategic value of these metals [3]. Group 3: Performance Indicators - As of January 28, 2025, 24 out of 60 listed companies covered by the non-ferrous ETF have released earnings forecasts, with 21 companies expected to be profitable, indicating a positive outlook for the sector [3]. - The Huabao ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance effectively [5].

Core Viewpoint - The recent geopolitical risks have led to a significant drop in global risk assets, yet there is a notable increase in investment in the non-ferrous metals sector, particularly in the Huabao ETF, which saw a net subscription of 142 million units despite a market downturn [1][9]. Group 1: Macro Factors - The Federal Reserve is still in a rate-cutting cycle, creating a loose monetary environment [3][11]. - Rising geopolitical uncertainties are increasing demand for safe-haven assets [3][11]. - Concerns over the sustainability of U.S. debt and deficits are prompting central banks worldwide to reduce U.S. Treasury holdings and increase gold reserves, leading to a diversification of reserve systems [3][11]. Group 2: Industry Dynamics - Emerging industries such as renewable energy, AI, and aerospace are continuously driving demand for non-ferrous metals [3][11]. - Capital expenditures for major non-ferrous metal types peaked in 2011 and have since entered a prolonged contraction phase, resulting in a significant output gap in the industry [3][11]. - Supply constraints persist, providing price support and highlighting the strategic value and scarcity of these metals [3][11]. Group 3: Performance Outlook - As of January 28, among the 60 listed companies covered by the non-ferrous ETF, 24 have released earnings forecasts for 2025, with 21 expected to be profitable, indicating a positive outlook for nearly 90% of the companies [3][11]. - The high profitability of the non-ferrous metals sector is expected to continue for an extended period, with the sector gradually gaining growth attributes and deserving of a value reassessment [4][12]. - Domestic non-ferrous metal companies are valued lower compared to their overseas counterparts, despite having comparable growth potential and core competitiveness [4][12]. Group 4: Investment Strategy - The Huabao ETF and its linked funds cover a wide range of non-ferrous metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the entire sector's beta performance [5][13]. - It is recommended to allocate 10%-20% of investment portfolios to the non-ferrous metals sector to benefit from price increases while diversifying risk [4][12].

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].

Group 1 - The core viewpoint is that the expectation of interest rate cuts by the Federal Reserve has led to a collective strengthening of the non-ferrous metal sector, with significant movements in related ETFs and stocks [1] - As of December 10, the non-ferrous metal ETF (516650) rose by 0.76%, with stocks like Shengxin Lithium Energy increasing over 7%, and other companies such as Guocheng Mining and Yahua Group also showing notable gains [1] - The macroeconomic outlook is positive due to rising expectations for a December rate cut, while the supply side remains tight, with risks of contraction persisting [1] Group 2 - Looking ahead to 2026, multiple institutions remain optimistic about the continued strength of non-ferrous metals, highlighting a shift in demand towards emerging sectors such as new energy, new materials, AI, and aerospace [2] - The current non-ferrous metal market is compared to the 2006 cycle, noting that the demand in 2025 is directed towards "new productive forces" rather than traditional real estate and infrastructure [2] - The strategic value and scarcity of strategic metals are becoming more pronounced in the context of great power competition, with demand elasticity significantly higher than that of traditional industrial metals [2]

Market Overview - The A-share market experienced a "downward inertia, bottoming rebound, and volume contraction with broad gains" after last week's significant drop, indicating a technical rebound in market sentiment [1] - As of the close on November 24, the Shanghai Composite Index rose by 0.05% to 3,836.77 points, the Shenzhen Component Index increased by 0.37% to 12,585.08 points, and the ChiNext Index gained 0.31% to 2,929.04 points, with total trading volume at 1.7 trillion yuan, a decrease of 243.3 billion yuan from the previous Friday [2][3] Technical Analysis - The Shanghai Composite Index formed a small bullish candlestick above the 3,800-point level, indicating a typical technical resistance after a sharp decline [3] - Despite the broad gains in individual stocks, heavyweight stocks showed weak performance, and the lack of volume support suggests that the rebound may not be solid [3] - Key observations include whether the volume-contracted rebound can continue, if AI applications can take over from hardware as the new mainline, and whether the 3,865-point resistance can be broken [3] Industry and Hotspot Capture - A significant style switch occurred in the market, with funds abandoning lithium battery resources and computing hardware in favor of AI applications and military aerospace, marking a shift from supply-side speculation to demand-side investment [4] - AI applications saw a collective surge, with companies like BlueFocus, Shengrui, and others experiencing significant gains, driven by Alibaba's "Qianwen" app surpassing 10 million downloads and strong performance in US AI application stocks [5][6] - The military and commercial aerospace sectors also saw strong performance, driven by geopolitical tensions and policy expectations, with companies like Jianglong Shipbuilding and others benefiting from these trends [7] Forward Strategy - The current market shows a technical rebound after a sharp decline, with a focus on two signals: whether the 3,865-point resistance can be broken and if the AI application sector can maintain its momentum [8] - Mid-term strategies should focus on new mainlines such as AI applications and military aerospace while avoiding high-position hardware and pure resource themes [9] - Short-term strategies should consider low-position sectors with event-driven catalysts, employing a strategy of "mainline rotation, high-low switching, and rhythm management" to navigate the volatile market [10][11]

Core Viewpoint - The strong rebound of the Nonferrous Metal Industry Leader ETF (159876) indicates significant capital inflow and optimism about the sector's future performance [1][6]. Group 1: ETF Performance - The Nonferrous Metal Industry Leader ETF saw a price increase of nearly 1.7% during intraday trading, currently up by 1.02% [1]. - Over the past three days, the ETF has attracted a total of 196 million yuan in investments, reflecting a positive outlook from large investors [1]. Group 2: Component Stocks - Key stocks such as Zhongfu Industrial, Zhongkuang Resources, and Tibet Mining led gains of over 3%, while several others, including Xinye Silver and Ganfeng Lithium, saw increases exceeding 2% [2][3]. - Major weighted stocks like Zijin Mining, China Aluminum, and Shandong Gold also experienced gains of over 1% [2][3]. Group 3: Performance Drivers - In terms of earnings, the Q3 2025 report shows that 56 out of 60 component stocks of the ETF reported profits, with 44 companies experiencing year-on-year net profit growth. Notably, Chuanjiang New Materials saw a 20-fold increase in net profit [5][6]. - The current bull market in nonferrous metals is driven by new demand from sectors such as renewable energy, AI, and aerospace, contrasting with the previous market driven by real estate and infrastructure [6]. - Policy support includes a joint plan from eight departments to stabilize growth in the nonferrous metal industry and optimize supply structures [6]. Group 4: Macroeconomic Factors - The Federal Reserve's interest rate cuts are expected to boost nonferrous metal prices, as lower rates reduce borrowing costs for companies, thereby increasing demand for industrial metals like copper and aluminum [7]. - The ongoing global monetary easing cycle and the strategic importance of resources are anticipated to create a new supply-demand equilibrium in the nonferrous metals market [7]. Group 5: Future Outlook - Analysts from Dongfang Securities and CITIC Securities predict that the nonferrous metals market will continue to see price increases, particularly for copper and cobalt, driven by supply constraints and unexpected demand in energy storage [7]. - The investment interest in commodities is expected to persist due to liquidity easing and increased efforts by countries to secure critical resources [7][8].

Core Viewpoint - The company is actively engaged in the low-altitude economy and military aerospace sectors, focusing on the development of data service platforms for air traffic management [1] Group 1: Low-altitude Economy Initiatives - The company has developed a "Low-altitude Airspace Declaration Platform" and a "Low-altitude Comprehensive Monitoring Platform" to support low-altitude operations [1] - The Low-altitude Airspace Declaration Platform offers integrated declaration services, covering the entire process from airspace application to monitoring and usage [1] - The Low-altitude Monitoring Platform addresses the need for comprehensive monitoring in various scenarios, enhancing visibility and accuracy in low-altitude target monitoring [1] Group 2: Data Value Enhancement - The company is leveraging its expertise in air traffic management and data analysis to unlock the value of air traffic data [1] - Efforts are being made to improve the application capabilities of air traffic data, providing technical support for the company's growth in the low-altitude industry [1]