本报记者李立平 近日，素有"工业维生素"之称的小金属板块，成为资金追捧的焦点。2月27日，小金属板块延续涨势。 同花顺iFinD统计数据显示，截至当日收盘，小金属指数大涨7.69%，板块中12家上市公司股价涨停。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明向《证券日报》记者表示，今年以来小金属受市场 高度关注，主要是供给端受国内配额及海外限产影响，叠加AI算力、新能源、军工、机器人等赛道需 求快速增长，供需缺口持续扩大；同时，小金属被多国列为战略关键矿产，定价权与战略价值被重估。 上海钢联铁合金事业部钨业分析师施佳向《证券日报》记者表示，战略小金属行业正进入一个以资源为 核心的新竞争阶段。上游资源在当前市场环境下已不再是单纯的原材料储备，而是演变为企业抵御市场 风险的"护城河"、保障供应链安全的生命线。 过往，小金属的需求多与传统工业挂钩，周期波动明显。如今，以AI、新能源和军工为代表的产业领 域，正在系统性重塑小金属的战略地位。 对于小金属市场关注度的提升，施佳表示，核心驱动力来自全球"新能源革命"与"智能化浪潮"对特定品 种需求的爆发，而供给端的刚性约束则进一步放大了这一趋势。 在需求爆发的同时，供给 ...

別再被表面的 熱鬧騙了！ Giga Berlin的 工會爭鬥 根本不是勞工 vs老闆的 簡單故事 這是舊汽車帝國 對新能源革命的 最後抵抗！ IG Metall不是 在幫Tesla 員工爭取福利 他們在死守 大眾賓士 BMW的舊規則 而Tesla要的 是矽谷速度 直達員工 零拖延！ 所以這不是 勞資糾紛 這是汽車工業 的範式戰爭 誰贏 誰就能定義 未來十年. ...

值得一提的是，光伏ETF(159857)盘中申购已超1亿份。 | | 光伏ETF द्रे 159857 | | --- | --- | | | FO V 品 照 | | 实时申购赎回信息 | 申购 岐口 | | 筆数 | વેર 40 | | 金额 | O O | | 份额 | 1.05亿 4000万 | 截至2月26日，光伏ETF(159857)近1月规模增长1.18亿元，近1月份额增长1.53亿份，实现显著增长。 资金流入方面，光伏ETF(159857)近13个交易日合计"吸金"3832.41万元。 【产品亮点】 光伏ETF(159857)有望成为投资者把握全球新能源革命、布局光伏产业核心资产的高效工具，在行业周期修复与技术突破中持续受益。 截至2026年2月27日 13:22，光伏ETF(159857)盘中换手10.52%，成交2.58亿元，市场交投活跃。跟踪的中证光伏产业指数(931151)强势上涨1.11%，成分 股聚和材料上涨12.20%，南网能源上涨10.04%，钧达股份上涨10.00%，金开新能，拉普拉斯等个股跟涨。 2月27日，光伏设备概念股走高，太空光伏方向逆势活跃。A股钧达股份涨停，H ...

2026年2月18日，路透社曝出了一则让市场意外的消息。 印度政府官员透露，新德里已经开始放松对购买中国设备的限制，允许国有电力和煤炭企业在无需 政府审批的情况下，有限度地从中国采购关键设备。 这是自2020年边境冲突以来的首次实质性松动，一举为中国企业敞开了规模高达7000亿至7500亿美元 的印度政府采购市场。 一名印度官员的解释很直白：这次豁免是出于"国家利益"，因为继续阻止中国产品进口，将直接损害印度的制造能力。 一个由高级官员组成的小组已经批 准了相关豁免措施，正式命令预计很快发布。 政府部门面临设备短缺和项目延误，已多次提出放宽中国产品准入的要求。 五年了，印度终于承认了一个残酷的现实：想替代中国制造，却必须先买中国设备。 这个曾经在边境冲突后对中国电力设备设下重重关卡的国家，如今主 动打开了政府采购的大门。 不是外交姿态的调整，不是关系缓和的信号，而是一个简单的算术题，未来三年，印度输电项目的变压器和电抗器缺口高达 40%。 没有这些"电力心脏"，新建的工业园区运转不起来，规划的数据中心接不上电，承接全球制造业转移的雄心被卡在了最后一公里。 产业现实面前， 政治意愿不得不低头。 印度电力部门的内 ...

世界黄金协会美洲区首席执行官Juan Carlos Artigas在接受专访时指出，黄金的表现始终是四大关键因素共同作用的结果：经济扩张、风险与不确定性、机会 成本和势能 。而在2026年的当下，这四驾马车正以前所未有的力度共振。 1. 货币属性回归：全球央行用"黄金"对美元"用脚投票" 这可能是近年来黄金定价逻辑最深刻的变化。以往，金价与实际利率（美债收益率）高度负相关，但这个运行了数十年的"铁律"在2022年后悄然失效了 。 地缘冲突、央行购金、美元信用与投机资金的交织博弈 2026年开年，贵金属市场就给所有投资者上演了一部惊心动魄的大片。黄金价格一度冲破5600美元/盎司的历史高位，让无数人高呼"见证历史"，然而紧接 着单日暴跌超9%的行情又让追高者措手不及 。白银更是疯狂，1月份暴涨60%，要知道它在2025年已经上涨了175% 。 这种"过山车"般的行情背后，究竟是谁在操控着黄金白银的价格？ 作为一名财经观察者，我翻阅了近期大量官方资讯和专业机构报告，今天就用一篇文 章，带你穿透市场迷雾，看清2026年贵金属波动的底层逻辑。 一、 四驾马车：驱动金银牛市的"核心引擎" 根本原因在于，全球央行正在持续 ...

Core Viewpoint - Silver has emerged as a significant player in the global financial market in 2025, with its price skyrocketing from under $20 to nearly $120, achieving a 190% increase, far surpassing gold's 70% rise during the same period [1] Supply and Demand Dynamics - Approximately 70% to 80% of silver is a byproduct of mining for other metals like copper, lead, and zinc, limiting its supply response to price increases [3] - The demand for silver is being driven by the renewable energy revolution, particularly in photovoltaic solar panels, which consumed 35% of global industrial silver demand in 2025, nearly one-third of the year's mining output [3] - The silver market has experienced a supply deficit for five consecutive years, with a cumulative shortfall of about 820 million ounces, equivalent to nearly a full year of global mining output [4] Market Imbalances - The inventory of physical silver in major trading markets like London and New York is rapidly declining, with COMEX silver inventory dropping by 26% in just one week in January 2026 [4] - The "paper silver" market, including futures and ETFs, has created a situation where the amount of paper contracts far exceeds the available physical silver, with a ratio of over 8 to 1 in London [4][8] Market Reactions and Speculation - In 2025, industrial players began demanding immediate delivery of physical silver, leading to a panic in the futures market as short sellers struggled to fulfill contracts [5] - The rental rate for physical silver skyrocketed from nearly 0% to 39% in August 2025, indicating a severe shortage and driving up costs for those needing to borrow silver [5] - The futures market experienced a "death spiral," where short sellers were forced to buy silver at any cost to cover their positions, leading to a significant price surge [6] Institutional Involvement - Major market players, such as JPMorgan Chase, faced scrutiny amid rumors of significant losses from short positions, which contributed to market volatility [8] - As of December 2025, the COMEX silver futures open interest reached 1.124 billion ounces, while the deliverable silver inventory was less than 140 million ounces, exacerbating the supply crisis [8] Policy Impacts - U.S. policy considerations to classify silver as a restricted trade commodity intensified the urgency for silver stockpiling, further straining global supply [8] - China, a major supplier of refined silver, implemented strict export quotas, effectively limiting the free flow of silver in the market [8] Market Behavior and Historical Context - The surge in silver prices has led to unusual market behaviors, such as long queues for silver bars in Shenzhen, with reports of businesses unable to fulfill orders due to supply constraints [9] - Historical parallels are drawn to past silver market frenzies, highlighting the cyclical nature of silver price volatility driven by both speculative and industrial demand [10][11]

Group 1 - Critical minerals are essential for new energy, high-end manufacturing, and strategic industries, including lithium, cobalt, nickel, tungsten, and rare earth elements [1] - The global critical minerals market is projected to reach approximately $142 billion by 2025 and $213 billion by 2030, with a CAGR of about 8.5% from 2025 to 2030 [3] - Lithium, cobalt, and nickel account for 55% of the market, driven mainly by the demand from electric vehicle batteries and energy storage [3] Group 2 - China is the most complete supply chain country for critical minerals, with lithium production expected to reach 280,000 tons (lithium carbonate equivalent) by 2025, accounting for about 50% of global production [4] - The demand for critical minerals in downstream applications such as new energy vehicles, energy storage, and smart manufacturing is increasing, leading to higher material content per vehicle or component [4][6] - The global sales of new energy vehicles are expected to reach approximately 22 million units by 2025, with energy storage systems projected to have an installed capacity of 200 GWh [6] Group 3 - The critical minerals industry chain consists of three core segments: upstream (mining and initial beneficiation), midstream (refining and alloying), and downstream (applications) [5] - China holds about 35-50% of global critical mineral reserves and 85-90% of rare earth separation capacity, making it a key processing center [5] - The refining cost of high-nickel battery materials accounts for about 15-20% of the total cost of electric vehicle batteries [5] Group 4 - Major companies in the critical minerals sector include China Northern Rare Earth Group, Rongjie Resources, Tianqi Lithium, and others, with projected revenues for 2025 ranging from approximately 45-48 billion RMB for China Northern Rare Earth Group to 2-3 billion USD for MP Materials [7] - Global efforts are underway to localize critical mineral supply chains, with initiatives from the US, EU, and India to enhance midstream refining and downstream processing capabilities [7] Group 5 - Future industry trends include breakthroughs in high-purity material technology, scaling up critical mineral recycling, and increasing the value of mid-heavy rare earths and high-nickel materials [8] - The strategic importance of critical minerals in high-end manufacturing and new energy industries positions supply chain leaders for competitive advantages in the global market [9] - Companies should focus on enhancing midstream refining technology, developing high-value downstream applications, and exploring recycling and value extraction of mid-heavy minerals for sustainable supply chains [9]

Group 1 - The company has submitted an application for issuing H shares to the Hong Kong Stock Exchange, with the relevant filing materials accepted by the China Securities Regulatory Commission [1] - In the large chemical sector, the company aims to enhance its profitability by extending its upstream and downstream industrial chain, including several strategic investment projects in polystyrene production [1] - The company plans to actively promote the recovery of production capacity at Guoen Chemical (Dongming) and integrate internal resources to establish a complete vertical industrial chain from monomers to end products [1] Group 2 - In the health sector, the company is focusing on the "collagen+" strategy, with its subsidiary Dongbao Biological leading in the collagen field and expanding its hollow capsule production capacity [2] - Dongbao Biological has an annual production capacity of 13,500 tons of gelatin, while Yiqing Biological has a capacity of 39 billion hollow capsules, which is expected to increase significantly after the completion of its new production project [2] - The company anticipates a significant increase in performance due to the expansion of hollow capsule production capacity, entering a growth phase [2] Group 3 - The company expects to achieve net profits of 742 million, 947 million, and 1.095 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 12.57X, 9.84X, and 8.52X, respectively [2]

Group 1: Key Drivers of Volatility in Precious Metals - The sharp fluctuations in the precious metals market in early 2026 are driven by a combination of short-term policy shocks, mid-term supply-demand restructuring, and long-term monetary system changes [1] - Short-term triggers include concerns over policy shifts following the nomination of Kevin Warsh as the new Fed Chair, leading to a rebound in the dollar index and suppressing precious metal valuations [1] - Increased margin requirements by the Chicago Mercantile Exchange (CME) for gold and silver have exacerbated market volatility, forcing high-leverage long positions to liquidate [1] Group 2: Mid-term Structural Contradictions - The industrial demand for precious metals, particularly silver, is experiencing explosive growth due to the deepening of the renewable energy revolution, with silver demand for photovoltaic applications reaching 55% [2] - In contrast, mineral supply growth remains constrained, with South African platinum group metal production down 5% and Russian palladium export quotas reduced by 18.75% [2] - The tightening supply situation has led to a significant reduction in inventories, with LBMA gold stocks falling to 7,200 tons, covering less than 30 days of consumption [2] Group 3: Long-term Underlying Logic - The acceleration of de-dollarization is a core logic supporting the long-term value of precious metals, with global central bank gold reserves expected to rise to 15.1% by 2025 [2] - The deepening debt crisis in the U.S., with federal debt to GDP surpassing 126%, is driving demand for precious metals as a "ultimate trust anchor" [2] - Geopolitical tensions, such as the ongoing Russia-Ukraine conflict and escalating Middle East issues, are normalizing safe-haven demand, contributing 35% to gold price volatility in 2025 [3] Group 4: Characteristics of Precious Metal Volatility - Current market volatility in precious metals shows a high leverage characteristic, with silver futures leverage exceeding 20 times, making price fluctuations more sensitive compared to gold [4] - The sensitivity of the market to events is increasing, with significant impacts from Fed policy meetings and geopolitical conflicts, leading to daily volatility rates exceeding 15% in January 2026 [5] Group 5: Future Trends in Precious Metals - In the short term (Q2-Q3 2026), the precious metals market is expected to enter a phase of consolidation, with gold needing to break through $4,600 per ounce to confirm a trend reversal [6] - In the mid-term (Q4 2026-2027), a structural bull market is anticipated, supported by rigid supply-demand dynamics, with global central bank gold purchases expected to remain above 800 tons annually [8] - UBS forecasts gold prices to reach $6,350 per ounce and silver prices to potentially exceed $150 per ounce by 2027, although potential risks from technological advancements in hydrogen catalysts and photovoltaic materials could impact demand [8] Group 6: Investor Strategies - The core asset allocation strategy suggests positioning gold as a "ballast" in portfolios (5%-10%) and silver as a "satellite" position (3%-5%) [9] - Investors are advised to establish a "gold + oil" hedging strategy to mitigate geopolitical risks and utilize "silver-copper" spread trading to capture industrial demand elasticity [10] - Conservative investors should prioritize gold ETFs and physical gold to avoid leverage risks, while aggressive investors may consider gold mining stocks and silver futures with stop-loss measures [11]

Group 1: Market Performance - Huanghe Xuanfeng (600172) experienced a trading limit increase, with several other stocks in the superhard materials sector, such as Guojijinggong (002046) and Sifangda (300179), also rising [1] - The diamond market has seen a price increase since the third quarter of last year, attributed to the recovery of the cultivated diamond market [1] Group 2: Technological Advancements - Xi'an University of Electronic Science and Technology and the National Space Science Center of the Chinese Academy of Sciences have developed a high-performance single crystal diamond radiation detector, enhancing reliability and performance in deep space environments [1] - Huanghe Xuanfeng has successfully developed the largest 8-inch heat sink that can be mass-produced in China, marking a significant milestone in the commercialization of functional diamonds [1] Group 3: Industry Trends - The superhard materials industry, particularly synthetic diamonds and cubic boron nitride, is transitioning from "industrial teeth" to "semiconductor new stars," driven by demand from semiconductor localization, renewable energy, and high-end manufacturing upgrades [2] - Companies are actively investing in the sector, with Huifeng Diamond announcing a 30.62 million yuan investment in Shenzhen Shenjihongtu Venture Capital Partnership to enhance its strategic layout in high thermal conductivity diamond metal composite materials [2] Group 4: Company Developments - Guojijinggong has successfully overcome key technologies in the chemical vapor deposition method (MPCVD) for diamond synthesis, achieving breakthroughs from R&D to commercial application in defense and military sectors [3] - The company expects to generate over 10 million yuan in revenue from heat sinks and optical window products by 2025, with ongoing tests in the civilian sector [3]