北方铜业（000737.SZ）1月28日在投资者互动平台表示，公司产品包括阴极铜、硫酸、金锭、银锭、压 延铜带箔等。有色金属价格上涨对公司业绩有正向影响。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的产品结构，除了铜以外，是否还有别的品 种，可否详细列明？2025年金属涨价，是否对公司的业绩产生影响？ ...

A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于产品价格上涨，相关上市公司股价近期也出现大幅上涨行情，上市公司扎堆提示风险。 以白银为例，1月26日，白银期货、现货双双创下历史新高。受此影响，白银概念股纷纷大涨。 1月26日晚，"5连板"白银有色发布股票交易风险提示公告称，公司股票价格短期涨幅较大，1月20日、1 月21日、1月22日、1月23日、1月26日已连续五个交易日公司股票价格大幅上涨，涨幅累计达61.16%， 存在交易风险。白银有色提到，公司主要业务为铜、锌、铅、金、银等多种有色金属及贵金属的采选、 冶炼、加工及贸易业务。公司白银产品的收入占总营业收入的比重较低。2025年上半年，公司营业收入 445.59亿元，销售白银产 ...

有色行业表现不俗 A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业 上市公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉 矿类上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖， 原材料涨价传导到下游产品较为顺畅。 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归属于上 市公司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司强化市 场研判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计提的存 货跌价准备予以冲回，对上半年利润产生一定正向影响。但下半年，受市场环境、供需调节等因素影 响，部分中重稀土产品价格下行，特别是进入第四季度中重稀土产品价格下跌明显。根据会计准则要 求，第四季度计提存货跌价准备金额环比增加，冲减了公司部分利润。 ...

● 本报记者 董添 A股上市公司业绩预告持续发布。数据显示，截至1月26日19时，A股共有37家有色金属行业上市公司对 外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类上市公 司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材料涨价 传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土（000831）为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归 属于上市公司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司 强化市场研判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计 提的存货跌价准备予以冲回，对上半年利润产生一定正向影响。但下半年，受市场环境、供需调节等因 素影响，部分中重稀土产品价格下行，特别是进入第四季度中重稀土产品价格下跌明显。根据会计准则 要求，第四季度计提存货跌价准备金额环比 ...

公司作为国内主要钨制品及钨材制造商，对钨产品的议价能力提升，原材料价格上涨传导到下游产品较 为顺畅，主要产品毛利率及毛利显著增长。 部分龙头公司持续加码主业，通过并购等方式，扩大业务范围。 ● 本报记者 董添 A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归属于上市公 司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司强化市场研 判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计提的存货跌 价准备予以冲回，对上半年利润产 ...

Group 1 - The global precious metals market continues to show strength, with gold and silver prices reaching new historical records as of January 20 [1] - Since 2025, prices of various non-ferrous metals have surged, significantly enhancing the profitability of listed companies [1] - As of January 20, 16 non-ferrous metal stocks have released their 2025 annual performance data, with 12 stocks expected to report year-on-year growth in net profit attributable to shareholders [1] Group 2 - The average increase in stock prices for 13 companies expected to report profit growth or turnaround in 2026 is 16.39%, outperforming the industry index which rose by 12.73% [1] - Notably, companies like Xianglu Tungsten and China Uranium have seen cumulative increases of over 40% since the beginning of the year [1] - There has been significant institutional interest in the sector, with 17 non-ferrous metal stocks undergoing institutional research since 2026, and 8 of these stocks receiving attention from more than 10 institutions [1]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant market transformation, with strong price increases across various metals, making it a focal point for investment in 2026 [3][26]. Group 1: Market Performance - Non-ferrous metals have shown a strong upward trend in both futures and stock markets, with the non-ferrous mining ETF rising 14.88% in the first nine trading days of 2026 [1][3]. - From mid-2025, metals like aluminum, cobalt, lithium, and rare earths entered a super-upward cycle, with tin futures prices soaring from 261,400 CNY/ton to 443,400 CNY/ton, a nearly 70% increase [4][10]. - In 2025, cobalt and silver prices increased by 173% and 148% respectively, while gold rose by 59.27% [7][8]. Group 2: Price Trends - The price of lithium carbonate futures surged to 174,000 CNY/ton, nearly three times the price in Q2 2025 [8]. - Key industrial metals like copper and aluminum also saw significant price increases, with copper futures rising from 78,000 CNY/ton to 105,600 CNY/ton [10]. - The price of tungsten increased from 122,000 CNY/ton to 455,000 CNY/ton, marking a 272% rise [10]. Group 3: Supply and Demand Dynamics - Geopolitical factors, such as the ongoing Russia-Ukraine conflict, have increased demand for gold as a strategic reserve, with central banks globally increasing their gold holdings [10][11]. - Supply disruptions in metals like copper and tin due to mining accidents and export restrictions have contributed to a widening supply-demand gap [11][21]. - Historical data indicates a strong correlation between precious metals and interest rate cuts, suggesting that monetary easing periods lead to increased prices for both precious and industrial metals [11][12]. Group 4: Investment Trends - The global gold ETF holdings increased significantly in 2025, with a total of 3,985.94 tons, marking the second-largest annual increase since 2004 [14]. - Non-ferrous themed ETFs saw a net subscription of over 51 billion CNY in 2025, with total assets growing nearly ninefold [16]. - Major non-ferrous companies like Zijin Mining and Luoyang Molybdenum reported substantial profit increases, with Zijin's net profit growing by 55.45% year-on-year [20][21]. Group 5: Future Outlook - The non-ferrous metal sector is expected to continue its strong performance due to macroeconomic liquidity, geopolitical tensions, and robust demand from industries like renewable energy and electric vehicles [26]. - The non-ferrous mining ETF is positioned to benefit from rising metal prices, with a historical performance showing significant price elasticity compared to the underlying commodities [23][25].

Core Viewpoint - The lead market is experiencing a price increase driven by a combination of macroeconomic sentiment, industrial policies, and fundamental factors, despite external pressures such as a strong dollar and stock market corrections [2]. Group 1: Market Performance - Today's Shanghai lead futures saw a slight decline, with the main contract closing at 17,315 yuan per ton, down 55 yuan or 0.32% [1]. - The trading volume for the Shanghai lead 2602 contract was 23,509 lots, with open interest decreasing by 4,586 lots to 30,400 lots [1]. - The latest price for London lead is reported at $2,055.5, down $4.5 [1]. Group 2: Price Trends - Domestic spot lead prices showed a slight increase, with the average price for ccmn Longjiang 1 lead at 17,310 yuan per ton, up 10 yuan [1]. - Guangdong's spot 1 lead reported an average price of 17,335 yuan per ton, an increase of 75 yuan [1]. - The current spot lead market quotes range between 17,150 and 17,385 yuan per ton, indicating a discount of 75 to 40 yuan per ton compared to the Shanghai lead 2504 contract [1]. Group 3: Supply and Demand Dynamics - The supply side is experiencing a comprehensive contraction, with domestic high-altitude mines entering winter breaks and smelting plants in Hunan and Yunnan undergoing maintenance, leading to reduced output [3]. - Recycled lead production is hindered by historically low inventory of waste battery raw materials and difficulties in winter collection [3]. - Demand remains robust, particularly from lead-acid battery enterprises resuming operations post-holiday, with traditional demand from automotive and industrial storage sectors stable [3]. Group 4: Industry Structure and Trends - The industry chain structure is optimizing, with profits concentrating upstream; the mining sector remains tight while the smelting industry is transitioning towards green recycling [3]. - Leading companies are demonstrating strong performance, such as Yuguang Group achieving over 100 billion yuan in revenue and accelerating its transition into new materials [3]. - The lead market is expected to maintain a strong price trend in the short term, with a core range of 17,300 to 17,500 yuan per ton, while monitoring the resumption of production at smelters and downstream acceptance of high prices [3].

Group 1: Metal Price Trends - Multiple metal futures prices have surged to historical highs since the beginning of 2026, with aluminum prices breaking the 25,000 yuan/ton mark for the first time [1] - On January 13, the main contract for aluminum reached a peak of 25,075 yuan/ton, while copper prices exceeded 100,000 yuan/ton, marking significant milestones in the market [2] - The demand for aluminum and copper is expected to grow steadily due to the increasing rigid demand from emerging industries such as new energy vehicles, computing power, and energy storage [1][2] Group 2: Market Analysis and Influencing Factors - The recent volatility in the precious metals market is attributed to changes in the Federal Reserve's interest rate policies and geopolitical conflicts, which have affected market sentiment [3] - Analysts indicate that the rise in aluminum prices is driven by three main factors: tightening supply expectations, positive macroeconomic changes, and the substitutability of copper and aluminum in various applications [3] - The copper market has been supported by tight supply expectations and marginal improvements in the macroeconomic environment, leading to sustained price increases [3] Group 3: Mining Company Activities - A-share mining companies are actively pursuing asset acquisitions globally amid a super cycle in non-ferrous metals [5] - On January 12, Shengda Metal Resources announced a cash acquisition of a 55% stake in Guangxi Laibin Jinshi Mining, following a previous acquisition of a 60% stake in another mining company [6] - Companies like Luoyang Molybdenum and Zijin Mining have also been involved in significant acquisitions, with Luoyang Molybdenum planning to acquire 100% interests in several gold mines for approximately $1.015 billion [7]

矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 资金面看，矿业ETF（561330）近10日资金净流入超4.4亿元，有色金属价格普遍上涨。 招商证券指出，2025年12月份制造业和非制造业PMI有所改善，主要得益于节前备货需求推动生产回 暖，采购和库存增加，以及企业生产经营活动预期的修复。具体来看，算力需求旺盛带动核心硬件价格 上涨，高技术制造和新兴领域需求向好，有色金属价格显著上涨，推动基础原材料持续回暖。同时，受 年底部分实物工作量落地影响，建筑业景气度上升，而服务业尽管改善但仍低于荣枯线。展望未来，在 政策支持下，基础设施建设和政府投资有望改善，价格中枢可能持续回升。 风险提示：数据来源：wind，指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承 诺或保证。观点可能随市场环境变化而调整，不 ...