西南证券表示，贵金属与工业铜板块呈现积极扩张态势，资源优势企业持续增储扩产，海域金矿项目即 将投产，铜矿量增且利润贡献稳定，产能弹性显著，龙头企业多元布局资源，开发与服务业务稳步推 进，行业整体呈现增长潜力。 有色ETF鹏华紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 避险情绪升温叠加降息预期，有色板块今日全线爆发，有色ETF鹏华(159880)收涨超7.3%，14只成分股 今日涨停。 截至2026年1月28日 15:00，国证有色金属行业指数(399395)强势上涨6.31%，成分股白银有色（维权） 上涨10.04%，中国铝业上涨10.02%，云南铜业上涨10.02%，铜陵有色，中金黄金等个股跟涨。有色 ETF鹏华(159880)上涨7.36%，最新价报2.6元。 有色ETF鹏华(159880)，场外联接(A：021296；C：021297；I：022886)。 数据显示，截至2025年12月31日，国证有色金属行业指数(39 ...

工业金属：短期受淡季影响累库，但矿端极度紧缺与全球低库存逻辑支撑价格高位运行。铜方面，下游 节前备货情绪高涨，铜价表现极强抗跌。核心矛盾在于矿端，铜精矿TC跌至负值，长单谈判僵持导致 冶炼厂面临巨大的上半年原料缺口，现货市场出现"踩踏式"抢矿，供应紧张将推升铜价。铝方面，虽国 内小幅累库，但全球库存维持低位，且电力扰动使得供给刚性明显。受"十五五"电网投资及光伏"抢出 口"带动，叠加历史高位的铜铝比带来的替代效应，铝价具备极强的补涨弹性与底部支撑。 新能源金属与小金属：地缘博弈下战略资源属性凸显，锂钴等关键矿产供需格局长期向好。近期刚果 （金）向美国提交包含铜钴锂金的资产名单，再次确认了关键矿产的战略地位，尤其是该国对钴资源的 绝对掌控力将支撑钴价中枢长期维持高位。锂方面，当前虽处需求淡季，但电池出口退税政策调整引发 的"抢出口"效应及节前备货对价格形成短期支撑。供应预计面临紧平衡或缺口，有望支撑价格持续上 涨。钴虽因关注度下降价格微落，但在原料到港前的结构性紧缺格局未变，长线看涨逻辑稳固。 综合来看，有色板块整体逻辑正从单纯的供需博弈转向宏观避险与战略资源安全并重。 有色金属ETF(512400)紧密跟踪中 ...

来源：e公司 1月27日晚，宁波富邦（600768）发布 业绩预告，预计2025年度净利润为5000万元到 7000万元，同比增长3099.59%到4379.43%。 对于业绩预增，宁波富邦表示，报告期内，公司始终聚焦主业、深化经营， 核心电接触 产品业务受银价上涨等因素驱动， 其营业收入与盈利能力均实现较快提升。另外，报告 期内，公司非经常性损益较上年同期大幅增长，主要原因为公司将持有的宁波中华纸业有 限公司2.5%股权以 3.70 亿元的价格转让给金光纸业（中国）投资有限公司，导致公司 所持的宁波中华纸业有限公司2.5%股权公允价值变动产生了较大收益。 宁波富邦主要从事有色金属材料的加工及销售业务，业务板块涵盖电接触产品生产、铝型 材加工及铝铸棒等产品的贸易业务，具备年产30亿粒电触点及5亿粒电接触元件的产能， 产品广泛应用于家用电器、工业控制、汽车、光伏、5G 等领域。 根据智研咨询的研究报告，2024 年我国电接触产品行业市场规模达到203.4亿元人民 币，其中电接触材料约17.9 亿元，电触头约134.8亿元，电接触元件约50.7亿元，2016 —2024年期间年复合增长率为10.06%。 截至1月 ...

Group 1: Company Overview - The company primarily engages in the research, production, sales, and import-export of tantalum and niobium and their products, which are widely used in electronics, communications, aerospace, metallurgy, petroleum, chemical, lighting, medical, and nuclear energy sectors [2][3]. Group 2: Product Capabilities - The company has a complete production line for tantalum powder and wire, with products meeting international standards in technology, quality, and product grade, mainly used in tantalum capacitors and electronic components [3]. - In the field of tantalum and niobium pyrometallurgy, the company has mature production lines for a variety of products, including tantalum and niobium ingots, tantalum-niobium carbides, and various tantalum and niobium bars [3]. Group 3: Capital Increase Progress - As of January 7, 2026, the company received a notice from the Shenzhen Stock Exchange indicating that it meets the conditions for issuing shares to specific investors, pending approval from the China Securities Regulatory Commission (CSRC) [4]. Group 4: Raw Material Security - The company has established a global procurement system for tantalum and niobium concentrates, securing core raw material sources through long-term partnerships with reputable traders [5]. - A strategic acquisition of a stake in Taboca Mining Company in Brazil was completed, with a contract signed to purchase approximately 3,000 tons of iron niobium tantalum alloy raw materials for an estimated amount of 540 million RMB, enhancing the company's control over raw material supply [5]. Group 5: Recycling and Sustainability - The company is implementing a closed-loop recycling model across its production processes, covering all stages from production to recycling of tantalum and niobium metal waste, thereby maximizing resource utilization efficiency [6][7].

Group 1 - The core viewpoint of the news highlights a general increase in non-ferrous metals, with significant price movements observed in various metals such as tin, nickel, and silver [1] - The LME copper price rose by $24, reaching $13,188 per ton, while LME aluminum fell by $12 to $3,186 per ton [1] - The international geopolitical tensions are driving safe-haven investments and central bank allocations towards gold, reinforcing a bullish trend in precious metals [1] Group 2 - The China Securities Non-Ferrous Metals Industry Index (399395) saw a strong increase of 1.55%, with notable gains in stocks such as Huayou Cobalt, which rose by 7.20%, and Yunnan Tin, which increased by 5.32% [1] - The Penghua Non-Ferrous ETF closely tracks the China Securities Non-Ferrous Metals Industry Index, which includes 50 prominent securities in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the index account for 51.65% of the total, including companies like Zijin Mining and China Northern Rare Earth [2]

Core Viewpoint - The non-ferrous metal ETF fund has shown strong performance, with significant inflows and a notable increase in net asset value, driven by rising prices of gold and copper [1][2]. Group 1: ETF Performance - As of January 12, the non-ferrous metal ETF fund has achieved a net inflow of 71.63 billion yuan over the past 13 days, reaching a total size of 105.80 billion yuan, a record high since its inception [1]. - The fund's net value has increased by 135.12% over the past two years, ranking 79th out of 2510 index stock funds, placing it in the top 3.15% [1]. - The fund has recorded a maximum monthly return of 27.00% since its inception, with the longest consecutive monthly gains being 6 months and a maximum cumulative increase of 69.57% [1]. Group 2: Index Composition - The non-ferrous metal ETF closely tracks the CSI Non-Ferrous Metal Industry Theme Index, focusing on metals such as gold, copper, aluminum, rare earths, tungsten, molybdenum, lithium, and cobalt [2]. - The weightings of key metals in the ETF are as follows: copper 33.8%, aluminum 15.7%, gold 11.9%, rare earths 8.9%, and lithium 6.8%, with a total of 61.29% in copper, aluminum, and gold, the highest among all ETFs [2]. - As of December 31, 2025, the top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 52.98% of the index [2]. Group 3: Stock Performance - Key stocks within the ETF include Zijin Mining with a 2.60% increase and a weight of 16.32%, Northern Rare Earth with a 2.80% decrease and a weight of 6.60%, and Ganfeng Lithium with a 4.99% increase and a weight of 3.72% [3]. - Other notable stocks include Shandong Gold with a 3.18% increase and a weight of 3.85%, and Tianqi Lithium with a 3.02% increase and a weight of 2.66% [3].

锌周报 2026 年 1 月 12 日 锌价高位波动加剧 关注市场情绪变化 核心观点及策略 上周沪锌主力期价冲高回落。宏观面，美国经济数据及非农 就业数据喜忧参半，市场对 1 月降息预期降温。美国最高法 院 1 月 9 日并未就总统特朗普实施的关税问题作出裁决，或 延后至 1 月 14 日。国内通胀数据低位改善，上涨指数创近 十年新高，市场做多热情保持高位。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1/ 8 基本面相较当前强势的盘面有所背离。12 月中旬以来沪伦比 价修复，锌矿进口亏损大幅收窄，加工费跌势放缓，叠加锌 价回升后，炼厂利润修复，生产意愿略有改善。1 月前期检 修 ...

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

资金面上来看，2025年12月以来，有色金属行业获融资净买入达到109.7亿元，净流入金额在全行业中 排名第四，紫金矿业、赣锋锂业、西部材料、中国铀业、天齐锂业、兴业银锡融资净买入金额均超过5 亿元。 据数据宝，元旦假期结束以来，有色金属板块持续走高，行业指数2个交易日大涨6.98%，天力复合、 湖南白银、中国铝业等16股累计涨幅均在10%以上。 目前，已有4只有色金属板块个股公布了2025年业绩预告，业绩均为预增，包括赤峰黄金、紫金矿业、 华友钴业、中国铀业。 ...

Group 1 - The core viewpoint of the articles highlights a significant bullish trend in the non-ferrous metals sector, driven by various factors including rising demand and favorable market conditions [1][4][5] - The non-ferrous metals sector is experiencing a "super cycle," with major metals like copper, aluminum, lithium, and cobalt witnessing substantial price increases and investment interest [4][5] - The recent performance of the non-ferrous ETF, Huabao (159876), indicates strong market activity, with a net subscription of 39 million units and a total inflow of 56.48 million yuan over the past four days [1][5] Group 2 - The global replenishment cycle is starting, with manufacturing PMI showing a continuous recovery, leading to increased demand from sectors like new energy vehicles and infrastructure [4] - The Federal Reserve's shift to a rate-cutting cycle is expected to weaken the dollar, enhancing the pricing power of commodities [4] - The demand for "green metals" is surging due to the energy transition, with electric vehicles requiring significantly more copper compared to traditional vehicles [4] Group 3 - The non-ferrous ETF Huabao (159876) and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance [5] - Analysts predict that the non-ferrous metals sector will continue to exhibit strong performance into 2026, driven by structural and cyclical factors [4]