Investment Rating - The report maintains a "Buy" recommendation for the metals industry, particularly focusing on non-ferrous metals due to geopolitical tensions and supply-demand dynamics [1][2]. Core Insights - The report highlights that geopolitical conflicts, particularly in Iran, are expected to drive demand for precious metals as a safe haven, while also benefiting metals with high military demand such as tungsten, titanium, and rare earths [1]. - The report emphasizes a long-term bullish outlook on non-ferrous metals, driven by supply-demand narratives and nationalism, recommending a focus on metals like gold, silver, copper, aluminum, and lithium [1]. - Short-term recommendations include focusing on bottom metals and those experiencing accelerated price increases, alongside new materials related to technology growth [1]. Industry Overview - The industry comprises 235 listed companies with a total market capitalization of 8,845.5 billion and a circulating market value of 7,741.8 billion [2]. - The non-ferrous metals index showed a weekly increase of 6.09%, ranking third among various sectors, with energy metals leading at 9.32% [3]. Performance Metrics - The absolute performance of the industry over the past month, six months, and twelve months stands at 5.5%, 54.6%, and 102.0% respectively, indicating strong growth [3]. - The report notes that the largest gainers in the non-ferrous sector include Yunnan Germanium, which saw a weekly increase of 37.77%, while the largest decliner was Haomei New Materials, with a drop of 5.15% [3]. Metal-Specific Insights - Copper production from the top 20 global mining companies is projected at 3,526 thousand metric tons for Q4 2025, reflecting a 2.1% increase quarter-on-quarter but a 10.5% decrease year-on-year [1]. - Aluminum inventories in China reached 1,157,000 tons as of February 26, 2026, marking a 265,000-ton increase from the previous year, which is a significant high for the period [1]. - The report anticipates that geopolitical tensions may disrupt aluminum production in Iran, potentially leading to price increases [1][4]. Price Trends - The report indicates that silver prices have surged by 15.24% due to macroeconomic uncertainties and supply constraints, while silicon metal prices have decreased by 1.24% due to weak demand recovery [3]. - The report maintains a target price of $6,000 per ounce for gold in 2026, supported by geopolitical risks and increased demand for safe-haven assets [4].

今日，有色ETF华安（交易代码：512940）正式上市交易。在有色板块经历短期波动后，站在当前时 点，我们与投资者共同梳理：有色金属板块的长期价值究竟源自何处？聚焦"有矿"企业的差异化价值在 哪里？当前是否是合适的配置时间？ 一、有色金属：工业与科技的基石 有色金属是除黑色金属（铁、铬、锰）以外的各类金属的总称，在现代经济中扮演着不可替代的角色。 它们是电力网络的导体、新能源汽车的心脏、高端装备的"维生素"，更是战略新兴产业的基石。 从大类上看，有色金属主要分为： 工业金属（铜、铝、锌等）：广泛应用于电力、建筑、交通等领域，其中铜因其优异的导电性被称 为"金属黄金"，是AI算力基建的关键材料。 贵金属（黄金、白银等）：兼具商品和金融属性，是对冲货币风险的重要工具。 能源金属（锂、钴、镍等）：现代电池的核心材料，受益于新能源汽车与储能产业高速增长。 稀有金属/稀土（稀土、钨、钼等）：高端制造和尖端技术的"维生素"，战略地位持续提升。 二、三重周期共振，重塑板块价值逻辑 当前有色金属行业正迎来多重驱动因素的叠加，其投资逻辑较以往更为清晰和多元。 宏观维度：流动性环境转向有利 随着全球经济增长放缓压力显现，主要央行 ...

| 2026/02/05 | -2419.70 | -2597.13 | 130 | -21 | 107800 | 13275 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/06 | -2443.91 | -2565.15 | 130 | -22 | 107600 | 13475 | | 2026/02/09 | -2829.45 | -3032.40 | 130 | -24 | 106925 | 12475 | | 2026/02/10 | -3144.42 | -3150.64 | 130 | -20 | 106750 | 11825 | | 2026/02/11 | -3574.97 | -3428.10 | 130 | -18 | 105250 | 10350 | | 变化 | -430.55 | -277.46 | 0 | 2 | -1500 | -1475 | 供应端，国产和进口TC加速下滑，系冬储临近国内治炼厂收货所致，预计年后北方矿复产后有所缓解；目前在硫酸、 贵金属等副产品支撑下利润上课。11月，火烧云锌锭正式投产(月产量预计 ...

一、证券市场回顾 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-0.17%。其中按照不同分类，规模指数ETF中万家中证800自由现金流ETF收益率最高，为0.98%；行业指数ETF中泰康中证 有色金属矿业主题ETF收益率最高，为3.19%；策略指数ETF中汇添富中证800自由现金流ETF收益率最高，为1.36%；风格指数ETF中银华中证500价值ETF 收益率最高，为1.23%；主题指数ETF中嘉实中证稀有金属主题ETF收益率最高，为3.86%。 南财金融终端数据显示，昨日(2月11日，下同)上证综指日内上涨0.09%，收于4131.98点，最高4142.56点；深证成指日内下跌0.35%，收于14160.93点，最高 14250.34点；创业板指日内下跌1.08%，收于3284.74点，最高3324.18点。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：嘉实中证稀有金属主题ETF（3.86%）、工银瑞信中证稀有金属主题ETF（3.79%）、广发中证稀有 金属主题ETF（3.78%）。涨幅前10详情见下表： | 类别 | 代码 | | ...

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, with the non-ferrous metal ETF fund (516650) rising by 1.36% and significant gains in individual stocks such as BaoTi Co., Ltd. (5.97%) and Shenghe Resources (5.87%) [1] - The non-ferrous metal ETF fund has seen a net inflow of funds for 15 out of the last 23 trading days, totaling 6.845 billion yuan, indicating a strong interest from leveraged funds [1] - Market analysts suggest that while there is a recovery in bullish sentiment, macroeconomic uncertainties remain, particularly influenced by U.S. economic data and policy expectations [1] Group 2 - The non-ferrous metal ETF fund closely tracks the CSI sub-index for the non-ferrous metal industry, with the top ten weighted stocks accounting for 51.85% of the index as of January 30, 2026 [2] - The top ten weighted stocks in the non-ferrous metal index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, indicating a diversified portfolio within the sector [2] - The performance of individual stocks within the index shows varying degrees of increase, with Zijin Mining at 2.05% and Huayou Cobalt at 3.05%, reflecting the overall positive trend in the sector [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The non-ferrous metals industry index decreased by 5.42% over the past two weeks, underperforming the CSI 300 index, ranking 28th among 31 first-level industries [12]. - Precious metals, energy metals, minor metals, industrial metals, and new metal materials all experienced varying degrees of decline during this period [12]. - The report highlights significant price movements, with tungsten prices rising sharply by 25.09% over the past two weeks, while other metals like silver and tin saw substantial declines [19][38]. Summary by Sections Market Review - The non-ferrous metals industry index fell by 5.42% from January 26 to February 6, 2026, underperforming the CSI 300 index [12]. - Precious metals decreased by 2.49%, energy metals by 11.47%, minor metals by 4.25%, industrial metals by 4.29%, and new metal materials by 9.25% [12]. Precious Metals - As of February 6, COMEX gold closed at $4,988.60 per ounce, up 0.11% over the past two weeks, and up 14.89% year-to-date [20]. - COMEX silver closed at $77.53 per ounce, down 24.92% over the past two weeks, but up 7.28% year-to-date [20]. Industrial Metals - LME copper settled at $12,840.00 per ton, down 0.62% over the past two weeks, but up 2.14% year-to-date [29]. - Domestic copper averaged ¥99,560 per ton, down 1.68% over the past two weeks [29]. Minor Metals - Black tungsten concentrate (≥65%) price reached ¥673,000 per ton, up 25.09% over the past two weeks [38]. - LME tin price was $47,155 per ton, down 16.69% over the past two weeks [38]. Rare Earths - The China Rare Earth Price Index was reported at 265.43, up 11.37% over the past two weeks [52]. - Neodymium oxide closed at ¥757,500 per ton, up 12.64% over the past two weeks [52]. Energy Metals - Electrolytic cobalt averaged ¥420,000 per ton, down 3.89% over the past two weeks [61]. - Lithium carbonate (99.5% battery grade) averaged ¥134,500 per ton, down 21.35% over the past two weeks [64]. Major Events - The Shanghai Futures Exchange is seeking public opinion on revising lead futures contract rules, which will include recycled lead ingots as alternative delivery items [3]. - The China Nonferrous Metals Industry Association announced the suspension of over 2 million tons of copper smelting projects to control capacity growth [70].

Core Viewpoint - The non-ferrous metals sector is positioned as a strategic resource supporting the green economy and high-end manufacturing, with long-term supply-demand dynamics remaining favorable despite recent market fluctuations [1] Active Management - ICBC Credit Suisse Asset Management has strategically allocated its active management products towards the non-ferrous metals sector, with the ICBC Core Opportunity Mixed Fund heavily investing in this area since Q1 2025, holding 7 out of its top 10 stocks in non-ferrous metals [1][2] - By mid-2025, the non-ferrous metals sector accounted for over half (54.40%) of the fund's stock investment value, demonstrating a sustained focus on this industry [1] - The fund manager reported significant net value growth rates of 48.91% over the past six months and 67.04% over the past year, outperforming benchmarks [2] Passive Tools - ICBC Credit Suisse offers efficient and transparent passive investment options in the non-ferrous metals sector, including a gold ETF that closely tracks domestic gold spot prices and a gold stock ETF that covers the entire gold industry chain [4][5] - The rare metals ETF focuses on rare metals processing and manufacturing, providing a distinct investment tool that emphasizes strategic metals while minimizing exposure to precious and industrial metals [4] Fee Structure - The management and custody fees for the gold ETF are among the lowest in the market at 0.2%, with similar low fees for the gold stock ETF and rare metals ETF, reflecting a commitment to cost efficiency for investors [5][6] Research and Development Strength - ICBC Credit Suisse's diversified approach in the non-ferrous metals sector showcases its robust research capabilities, with a comprehensive research system covering traditional industries and high-growth sectors like technology and healthcare [6][7] - The firm employs a platform-based, team-oriented, integrated, and multi-strategy research system to optimize product offerings and provide investors with a range of professional investment choices [7]

有色ETF银华（159871）紧密跟踪中证有色金属指数（930708.CSI），中证有色金属指数选取涉及有色 金属采选、有色金属冶炼与加工业务的上市公司作为样本，以反映有色金属类相关上市公司的整体表 现。 消息面上，据智通财经，零售"零增速"震惊华尔街，美联储年内降息预期迅速升温。美国商务部人口普 查局周二公布的数据显示，去年12月零售销售额与去年同期持平，大幅不及预期的上升0.4%，亦低于 11月0.6%的增速。美国商务部还下调了去年10月份的零售销售数据，表明在生活成本上升的挑战下， 美国消费者出现了疲态，部分原因归咎于进口关税导致的物价上涨。业内人士表示，"零售销售数据让 市场对在非农就业数据公布前做空（美债）更感不安。关键在于劳动力市场疲软是否足以重燃对经济衰 退的担忧，并推动美联储在未来一年大举宽松。" 2月11日，三大指数涨跌不一，有色金属板块走强。中证有色金属指数(930708.CSI)上涨1.85%，该指数 成分股中，厦门钨业与博威合金上涨超5%，国城矿业上涨超4%，雅化集团与华友钴业上涨超3%。 国泰海通证券指出，关注企稳后的有色金属布局机会。市场风险偏好下行，贵金属价格调整。铜战略收 储预 ...

供应端，国产和进口TC加速下滑，系冬储临近国内治炼厂收货所致，预计年后北方矿复产后有所缓解；目前在硫酸、 贵金属等副产品支撑下利润上课。11月，火烧云锌锭正式投产(月产量预计在8k-1wt)，其他冶炼厂增量有限，当前蓝天 高科、云南振兴、四环锌锗等检修，春节间中小企业五成检修放假，大厂维持最低开工，2月预计环减5-6万吨。需求 端，内需季节性走弱，年底下游谨慎采购，北方部分已放春节假，需求一般;海外，欧洲需求一般，12月出口窗口打开 国内交仓至美国，当前窗口关闭。当前高价下，下游采购为逢低点价，锌锭累库预期下现货开始转贴水，佛山开始有 2000吨左右累库，年底贸易商减少跨区域调货。海外LME低库存有回升，转为贴水。策略方面，锌国内基本面一般， 但长期资本开支投入有限、伊朗锌矿供应存约10万吨扰动下，市场看好锌配置弹性;内外方面，关注反套机会。 有色早报 研究中心有色团队 2026/02/10 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/02/03 ...

有色ETF汇添富（159652）标的指数成分股多数冲高，北方稀土涨超5%，紫金矿业、兴业银锡涨超4%，洛阳钼业、中金黄金等涨超2%，华友钴业、中国铝 业等微涨。 【有色ETF汇添富（159652）标的指数前十大成分股】 | 序号 | 代码 | 名标 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 601899 | 崇舍矿业 | 有色金属 | 4.52% | 14.74% | | 2 | 603993 | 洛阳镇小 | 有色全属 | 2.27% | 7.77% | | 3 | 600111 | 北方稀土 | 有色全居 | 5.57% | 5.10% | | র্ব | 603799 | 华友钻业 | 有色全属 | 0.78% | 4.53% | | ਟ | 601600 | 中国铝业 | 有色全属 | 0.85% | 4.14% | | 6 | 600489 | 中金黄金 | 有色全属 | 2.47% | 3.48% | | 7 | 600547 | 山东黄金 | 有色全居 | 1.49% | 3.37% | | 8 | 0 ...