Group 1 - The core viewpoint of the article highlights the introduction of the Invesco Great Wall Hengrui Selected Mixed Fund, managed by Zhou Hanying, in response to the A-share market's wide fluctuations and structural opportunities since 2026 [1] - The fund aims to achieve balanced allocation through multi-dimensional comparisons of individual stocks, industries, and sectors, focusing on cost-effectiveness in investments [1] - Zhou Hanying emphasizes that the essence of investment lies in understanding the business fundamentals and providing reasonable pricing, where cost-effectiveness is a balance of growth potential, valuation, and certainty [1] Group 2 - The recent adjustments in the A-share and Hong Kong stock markets are viewed as providing opportunities for future investments rather than indicating a trend reversal [2] - The fund's stock position is set between 60% to 95%, with a maximum of 50% of the stock assets allocated to Hong Kong Stock Connect targets, allowing for flexible investment opportunities in both A-shares and Hong Kong stocks [2]

曾豪认为，近期市场波动的核心矛盾在外部流动性，虽然关于2026年美联储降息路径和幅度的预期仍有 分歧，但随着美联储新主席的确定，中长期美元流动性有望维持宽松环境，底层逻辑没有变化。往后 看，外部环境有望保持稳定，叠加国内两会召开在即，经济修复预期有望进一步增强。 在他看来，2026年可考虑沿四大方向进行布局。一是新兴产业扩张，既包括人工智能应用、半导体硬件 等已进入规模化应用前夜的领域，也需关注商业航天、量子科技、脑机接口、先进核能等未来产业与前 沿产业。二是资源品与传统产业升级，关注全球供需缺口与能源转型驱动的有色金属、化工资源品，以 及传统产业供需格局改善带来的盈利系统性提升机会。三是出海主线，包括工程机械、电力设备等具备 全球竞争力的高端制造领域。四是内需修复，重视经济复苏预期改善的节奏，对部分盈利修复路径逐步 清晰且具备股息保护的内需消费板块，也应加大关注。 （来源：经济参考报） 博时基金权益投资一部总经理曾豪近期表示，当前市场向下空间有限，春节后市场大概率有望开启春季 行情的下半场。全年来看，2026年美联储大概率会持续降息，国内科技产业趋势向上，PPI同比有望回 正，叠加人民币汇率升值预期，有望共 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 有色金属ETF天弘（159157）紧密跟踪中证工业有色金属主题指数，前三大行业铜（34.43%）、铝 （21.82%）和稀土（13.60%）合计占比近70%，在全市场已有ETF跟踪的有色金属指数中位居第一，市 场稀缺性与配置价值凸显。该ETF还配备了2只场外联接基金（A类：017192；C类：017193）。 近十年工业有色指数PE-TTM为28.26倍，估值处于历史45.46%分位，意味着当前价格低于过去 54.54%的时间。这一水平显示指数具备一定性价比，估值相对合理，处于历史中低位区间。 消息面上，据英大证券与华西证券等机构信息，中东地区地缘政治局势持续紧张，推升了市场对关 键资源供应链安全的担忧，进而强化了工业金属的避险与战略溢价。同时，国内"反内卷"政策持续推 进，稳增长措施持续发力，为有色金属的需求基本面提供 ...

消息面上，今日工业有色板块受到多重消息面因素影响。其一，据东证期货报道，上海出台地产"沪七 条"，通过松绑限购等措施提振房地产市场，直接利好铜、铝等建筑相关金属的需求预期。其二，据银 河期货有色金属衍生品日报披露，美国拟为关键矿产制定参考价格，锗、镓等战略资源首批纳入，引发 市场对稀缺矿产价值的重估。此外，据冠通期货早盘速递消息，津巴布韦宣布暂停锂精矿出口，叠加印 尼、刚果（金）等资源国近期加强矿产管控，加剧了全球供应链的紧张情绪。同时，春节后下游企业复 工复产，补库需求逐步释放，也对金属价格形成支撑。 每日经济新闻 有色金属ETF天弘（159157）标的指数全面覆盖铜、铝、黄金、稀土等行业，涵盖贵金属（避险）、战 略金属（成长）、工业金属（复苏）等不同景气周期，全品类覆盖能够更好把握整个板块的贝塔行情。 该ETF还配备了2只场外联接基金（A类：017192；C类：017193）。 近十年数据显示，工业有色指数PE-TTM为28.5倍，估值处于历史45.6%分位，意味着当前水平低于过去 半数以上时期。从估值角度看，该指数具备一定安全边际和配置价值。 盘面上，两市窄幅震荡，有色金属概念下跌。相关ETF方面，有色 ...

Market Overview - The A-share market continues to show a strong upward trend, with the three major indices collectively rising. The cyclical sectors, including real estate services, non-ferrous metals, and steel, lead the market, while the technology growth sector shows mixed performance [3][6] - As of the market close, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.87 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total market turnover reached approximately 2.48 trillion, indicating a good profit effect with 3742 stocks rising and 1609 falling [2][3] Sector Performance - The cyclical stocks have shown significant strength, with steel, non-ferrous metals, real estate, building materials, and basic chemicals rising by 4.26%, 3.53%, 2.51%, 2.41%, and 2.37% respectively. The recent policy adjustments in Shanghai's real estate sector have further boosted these sectors [6][8] - The rare earth sector also experienced a surge, with prices for various rare earth products increasing significantly post-holiday. For instance, the average price of praseodymium and neodymium oxide rose by 4.16 million yuan/ton, while neodymium metal increased by 8 million yuan/ton [6][8] Investment Themes - The report identifies several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, robotics, consumer sectors, brokerage firms, precious metals, and non-ferrous metals. Each theme has specific core logic and follow-up points for future monitoring [9][10] - The AI application sector is highlighted for its potential growth driven by product application acceleration and technological upgrades. The commercial aerospace sector is supported by the establishment of a commercial aerospace office, while nuclear fusion and quantum technology are gaining traction due to industrialization and policy support [9][10] Market Sentiment and Future Outlook - The report suggests a shift in market sentiment from "concept-driven" to "price-driven" profit enhancement, indicating a balanced allocation between technology and consumer sectors. The upcoming "Two Sessions" may further influence the cyclical sectors, particularly in real estate policy implementation and commodity prices [8][11] - The bond market is experiencing adjustments, with the long-end bonds leading the decline. The report notes that the LPR rates remain unchanged, and the market is expected to maintain a stable liquidity environment in the short term [8][11]

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 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 近5日资金流向一览见下表： 该股为有色金属，地下管廊，一带一路概念热股，当日有色金属概念上涨3.2%，地下管廊概念上涨 2.81%，一带一路概念上涨2.37%。 证券之星消息，中国中铁2月24日涨停收盘，收盘价6.05元。该股于10点4分涨停，10次打开涨停，截止 收盘封单资金为4783.24万元，占其流通市值0.04%。 今日中国中铁（601390）涨停的可能因素有：中标432.92亿元新项目，占2024年营收3.74%，强化业绩 确定性；海外市场收入增速达16.5%，境外业务成新增长极；公司启动8–16亿元股份回购计划，彰显价 值信心；新型能源体系规划即将发布，基建链获政策预期提振；叠加'一带一路'与'钴'概念共振，板块 联动效应显著。 2月24日的资金流向数据方面，主力资金净流入13.08亿元，占总成交额21.24%，游资资金净流出7.19亿 元，占总成交额11.67%，散户资金净流出5.89亿元，占总成交额9.57%。 ...

2月23日，三大指数高开高走集体大涨。截至收盘，恒指涨2.53%，国指涨2.65%，恒生科技指数涨 3.34%。 科网股普涨，美团涨超5%，阿里巴巴、小米涨超3%，腾讯、京东涨超2%。半导体（核心股）、AI芯 片（核心股）股走强，英诺赛科、壁仞科技涨超9%，华虹半导体、中芯国际涨逾4%。光通讯概念走 强。长飞光纤光缆涨14%，剑桥科技涨超5%。 责任编辑：安东 AI大模型、机器人（核心股）板块回落，智谱大跌超22%，海致科技集团跌超21%，MINIMAX-WP跌 超13%，优必选跌超2%。消费股表现弱势，免税龙头中国中免跌超8%，蜜雪集团跌超1%。 恒生指数成分股中83只上涨，5只下跌，其中紫金矿业涨5.4%；美团-W涨5.3%，股价触底反弹，机构称 AI投资有望进入产业趋势下半场，科网股全线回暖；中芯国际涨5.0%。跌幅方面，蒙牛乳业跌1.9%， 美的集团跌0.7%。恒生科技指数成分股中29只上涨，1只下跌，其中蔚来-SW涨5.6%；华虹半导体（核 心股）涨4.5%，机构认为公司新12英寸晶圆厂Fab9A将于今年达到最高产能。 锂电概念股涨幅扩大，瑞银大幅上调国内锂价预测，市场进入第三次锂价超级周期，电动汽 ...

Market Analysis - The A-share market is experiencing a consolidation phase, with the technology sector leading the gains. On February 12, the Shanghai Composite Index rose by 0.05% to 4134.02 points, while the Shenzhen Component increased by 0.86% and the ChiNext Index by 1.32%. The total trading volume for the day was 2.16 trillion yuan, compared to 2 trillion yuan the previous day [6][7]. - The technology sector is showing strong performance, particularly in AI computing concepts, with companies like Dazhi Technology recording four consecutive trading limits. Additionally, the resource sector is also on the rise, with small metal concepts seeing gains due to a decrease in Indonesia's nickel production quota for 2026 [7][8]. Currency and Policy Impact - The continuous strength of the RMB is driving the spring market rally, with the USD/CNY exchange rate breaking through 6.9. This upward trend in the RMB is contributing to a relatively strong market, despite a decrease in trading volume as the Chinese New Year approaches [7][8]. - The report anticipates that the spring market will continue, with a focus on policy and event-driven sensitive themes. Key sectors expected to perform well include photovoltaic technology, commercial aerospace, and non-ferrous metals [8]. Bond Market - The bond market is showing narrow fluctuations, with the 30-year main contract down by 0.03% and the 10-year contract up by 0.02%. The People's Bank of China has conducted a net injection of 448 billion yuan, indicating a stable liquidity expectation [12][9]. - The overall sentiment in the bond market remains positive, supported by a moderately loose monetary policy and ongoing demand for bond investments [12][9]. Commodity Market - The commodity market is mixed, with some prices rising and others falling. Lithium carbonate prices have increased by 3.66%, driven by low inventory levels, while other commodities like palm oil have seen declines [12][13]. - The report highlights that the low inventory of lithium carbonate, currently at 107,056 tons, may provide upward price momentum in the future, especially as demand is expected to grow post-holiday [12][13]. Trading Hotspots - Recent hot trading varieties include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and robotics, all of which are supported by government policies and technological advancements [14][15]. - The report suggests a balanced allocation strategy in technology and consumer sectors, with a focus on low-cost opportunities as the market continues to evolve [16].

Group 1 - The core viewpoint of the news highlights the strong performance and growing interest in the non-ferrous metal ETF Tianhong (159157), which has seen significant capital inflow and price appreciation due to demand driven by the AI and re-industrialization trends [1][2] - The non-ferrous metal ETF Tianhong has achieved a net inflow of 779 million yuan over the last four trading days, reaching a total fund size of 1.873 billion yuan, marking a new high since its listing [1] - The ETF closely tracks the CSI Industrial Non-Ferrous Metal Theme Index, focusing on industrial metals such as copper, aluminum, and rare earths, with analysts suggesting that supply constraints may lead to price increases for these metals [1] Group 2 - The non-ferrous metal theme ETF (159157) has a total subscription size of 1.074 billion yuan, with individual investors holding 1.042 billion shares, accounting for 97.01% of the total [2] - The fund was launched on January 28, and prior to its listing, it attracted 14,134 individual accounts, indicating strong market interest and participation [2] - Tianfeng Securities notes that the industrial added value of non-ferrous metal companies continues to grow, with production exceeding 80 million tons and strong export dynamics, suggesting a positive industry outlook [2]