今日（12月30日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内涨幅盘中上探2.27%，现涨 1.55%，值得关注的是，截至发稿，该ETF获资金实时净申购2820万份，昨天亦吸金1536万元，反映资 金看好有色金属板块后市表现，积极进场布局！ | 有色ETF华宇 | | 159876 | | --- | --- | --- | | 0.984 | +0.015 +1.55% | | | SZSE CNY 14:30:09 交易中 | | 1 . . + | | 净值走势 | 华宝中证有色金属ETF | | | 实时申购随回信息 | 曲胸 | 18.0 | | 笔数 | 36 | | | 全额 | 0 | | | 份额 | 3180万 | 360万 | 成份股方面，云铝股份、天山铝业携手创新高，海亮股份、中国铝业、华友钴业涨逾4%，雅化集团、 洛阳钼业、国城矿业等个股跟涨。 | 序号 | 名称 | 服装帽 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].

Core Viewpoint - The A-share market opened lower on December 30, with all three major indices declining, indicating a bearish sentiment in the market [1] Market Performance - The Shanghai Composite Index fell by 0.44% - The Shenzhen Component Index decreased by 0.52% - The ChiNext Index also dropped by 0.44% [1] Sector Performance - The precious metals, energy metals, and other metal sectors led the decline - Other sectors such as trade, solid-state batteries, retail, commercial aerospace, and photovoltaics also experienced losses - Conversely, sectors like beer, outbound tax refunds, facial recognition, digital marketing, and multimodal AI concepts showed strength [1]

2025.12.30 本文字数：579，阅读时长大约1分钟 作者 |一财阿驴 09:27贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% | | | | 赣锋锂业 立即 002460 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | 年0 > 能 理 股 分 0 + | | | 港(1772) | 51.650(-5.75%) H/A:-24.95% | | Wind ESG评级A | | | 详情 | | | 美(GNENY ...

Group 1 - The A-share market experienced fluctuations and adjustments, with the Shanghai Composite Index achieving a nine-day winning streak, indicating strong market enthusiasm for buying [1] - Institutional reallocation demand and capital inflow are expected to improve market liquidity and boost trading activity as the year-end approaches [1] - The focus in the short term is on the selection of the new Federal Reserve chair and the implementation of domestic monetary and fiscal policies [1] Group 2 - The A-share market faced resistance after a rise, with sectors such as banking, petrochemicals, wind power equipment, and software development performing well, while energy metals, pharmaceutical commerce, batteries, and electricity lagged [2] - The domestic monetary policy is expected to maintain a stance of "moderate easing," and there is a general expectation that the Federal Reserve will continue its rate-cutting cycle into 2026, leading to a more accommodative global liquidity environment [2] - The recent strengthening of the RMB has enhanced the attractiveness of RMB assets, which is beneficial for attracting capital inflow [2]

Group 1: Precious Metals Market Overview - Multiple strong metal varieties experienced a sharp decline, with palladium and platinum hitting the limit down, and lithium carbonate also reaching the limit down [1] - NYMEX palladium dropped over 16%, platinum fell over 14%, COMEX gold decreased over 4%, and COMEX silver dropped over 7% [2] - The rapid decline in precious metals followed a period of short-term surges, attributed to technical indicator adjustments, profit-taking by investors, and increased margin requirements by exchanges [4] Group 2: Precious Metals Performance - Shanghai silver saw a peak increase of over 10%, reaching nearly 20,000 yuan/kg, with an annual increase exceeding 140% [5] - Shanghai gold reached new highs, surpassing 1,000 yuan/g, with an annual increase of over 60% [5] - The investment demand for precious metals remains strong, with global central bank gold purchases expected to exceed 1,000 tons for the fourth consecutive year [6] Group 3: Supply and Demand Dynamics - Silver's industrial demand is expected to grow, with projections indicating that global photovoltaic silver usage will exceed 5,200 tons by 2025 [6] - Silver inventories on the Shanghai Futures Exchange have dropped to 715 tons, the lowest level since July 2016, indicating tight supply [6] - Precious metals like silver and platinum have been at historically low prices, contributing to their recent price increases [6] Group 4: Energy Metals Market Overview - Lithium carbonate futures reached a peak of 130,000 yuan/ton before closing below 120,000 yuan/ton, marking a significant increase from under 60,000 yuan/ton earlier in the year [9] - Cobalt prices have risen significantly, reaching 443,500 yuan/ton, with an annual increase exceeding 160% [9] - The surge in energy metal prices is driven by a rebound from historical lows and an explosion in downstream energy storage demand [9][10] Group 5: Supply Constraints in Energy Metals - New regulations on lithium mining in China are expected to tighten supply, with significant reductions in mining rights in key regions [10] - Cobalt imports have declined due to new export quota policies in the Democratic Republic of Congo, leading to low domestic inventory levels [10] Group 6: Industrial Metals Price Trends - Tungsten prices have surged dramatically, with prices increasing from 210,000 yuan/ton at the beginning of the year to 680,000 yuan/ton, a rise of 220% [15] - Copper prices have reached historical highs, with Shanghai copper futures surpassing 100,000 yuan/ton [16] - The pricing logic for copper has shifted, with increasing demand driven by the transition to electric-driven energy systems [16] Group 7: Key Stocks in Precious and Energy Metals - Key stocks in precious metals include Zijin Mining, Shandong Gold, and Zhongjin Gold, with significant annual increases [6][8] - Energy metal stocks include Tianqi Lithium, Ganfeng Lithium, and Jiangte Electric, reflecting the strong performance in the sector [10][11] - Industrial metal stocks such as Xiamen Tungsten, Zhongtung High-tech, and Jiangxi Copper have also shown notable price increases [17][19]

证券之星消息，12月29日能源金属板块较上一交易日下跌3.13%，盛新锂能领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605376 | 博迁新材 | 68.77 | 5.56% | 8.53万 | | 5.81亿 | | 301219 | 腾远钻业 | 66.33 | -1.00% | 6.39万 | | 4.28亿 | | 300618 | 寒锐铝业 | 44.55 | -1.18% | 9.35万 | | 4.20亿 | | 603799 | 华友钻业 | 65.12 | -1.33% | 63.17万 | | 41.61亿 | | 600711 | 盛电矿业 | 14.42 | -2.90% | 146.45万 | | 21.44亿 | | 000408 | 藏格矿业 | 82.57 | -3.23% | 18.49万 | | 15.53 ...

A股三大指数今日集体走弱，沪指尾盘翻红；截至收盘，沪指涨0.04%报3965点录得9连阳，打破今年以来的最长连阳纪录，深证成指跌0.49%， 创业板指跌0.66%。全市场成交额2.16万亿元，较前一交易日缩量234亿元，超3300股下跌。 | 1 1177 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3965.28 | +7.60 | +0.04% | | 399001 | 深证成指 | 13537.10 -66.79 | | -0.49% | | 900666 | 创业板指 | 3222.61 | -21.27 | -0.66% | 盘面上，碳纤维、化纤板块走高，神剑股份、华鼎股份涨停；商业航天概念延续强势，中国卫星涨停；机器人板块活跃，五洲新春涨停；PEEK 材料板块拉升，恒勃股份20CM涨停；数字货币、石油、多元金融及风电设备等板块涨幅居前。另外，锂矿概念下挫，欣旺达跌逾11%；医药商 业板块走弱，漱玉平民跌超18%；氟化工板块回调，漱玉平民跌逾8%；乳业、电池及电力等板块跌幅居前。 | 行业热力图 Y ...

A股三大指数今日涨跌不一，截至收盘，沪指涨0.04%，深成指跌0.49%，创业板指跌0.66%，北证50指 数跌0.45%，沪深京三市成交额21577亿元，较上日缩量234亿元。三市超3300只个股下跌。板块题材 上，碳纤维、脑机接口、多元金融、商业航天、人形机器人、光伏设备板块涨幅居前；医药商业、能源 金属、电池、食品饮料、化工板块跌幅居前。盘面上，商业航天产业链延续强势，神剑股份8连板，大 业股份4连板，泰尔股份3连板，苏州高新、中超控股、航天发展2连板。脑机接口板块表现活跃，三博 脑科、翔宇医疗、创新医疗涨幅居前。跨境支付、数字货币概念股同样表现积极，拉卡拉大涨10%。翠 微股份、四方精创领涨。此外，人形机器人、碳纤维、光伏设备等多个板块盘中轮动。另一方面，能源 金属板块午后下挫，盛新锂能、天齐锂业、赣锋锂业纷纷下跌。食品饮料板块集体走弱，妙可蓝多盘中 跌停，皇氏集团、南侨食品、西部牧业跟跌。 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][51]. Core Views - Precious Metals - Gold: The expectation of monetary easing continues, leading to a sustained increase in gold prices. As of December 26, the COMEX gold futures contract reached $4,562 per ounce, a 4.4% increase month-on-month. The SPDR Gold ETF saw a 1.8% increase to 1,071 tons. The U.S. unemployment rate in November was 4.6%, exceeding the expected 4.5%. The U.S. November unadjusted CPI rose 2.7% year-on-year, below the expected 3.1%, while the unadjusted core CPI rose 2.6%, below the expected 3%. These economic data points enhance expectations for monetary easing, which may drive gold prices higher in the long term due to ongoing U.S. debt issues and weakening dollar credit [3][4][6]. - Industrial Metals: The financial attribute pricing weight is accelerating, and there is optimism for an upward trend in industrial metal prices [4]. Summary by Sections 1. Non-Ferrous Metal Index Trends - As of December 26, 2025, the non-ferrous metal index (000819.SH) closed at 9,309.86 points, a 6.3% increase month-on-month. The precious metal index (801053.SI) closed at 24,539.60 points, up 4.1%. The industrial metal index (801055.SI) closed at 3,433.59 points, up 7.1%. The energy metal index (399366.SZ) closed at 2,752.26 points, up 6.0%. During the same period, the CSI 300 index rose 1.95% [9]. 2. Precious Metals 2.1 Gold - The report highlights the ongoing monetary easing expectations and the resulting upward trend in gold prices, with specific data on price movements and ETF holdings [3][4]. 3. Industrial Metals 3.1 Copper - As of December 26, SHFE copper futures rose 5.95% to 98,720 yuan per ton. Domestic copper social inventory reached 193,600 tons, an increase of 27,800 tons month-on-month. LME copper inventory stood at 157,000 tons. The report indicates that the price elasticity of copper is accelerating due to the increased financial attribute pricing weight and tightening expectations in the fundamental outlook [5][6]. 3.2 Aluminum - As of December 26, SHFE aluminum futures rose 1.0% to 22,405 yuan per ton. Domestic aluminum social inventory reached 617,000 tons, an increase of 39,000 tons month-on-month. The report notes that the macroeconomic environment is supportive of aluminum prices, which are expected to maintain a high-level oscillation [5][6]. 3.3 Tin - As of December 26, SHFE tin futures fell 1.3% to 338,600 yuan per ton. Domestic social inventory increased by 186 tons to 9,378 tons. The report mentions supply concerns due to geopolitical issues affecting the Congo and regulatory tightening in Indonesia, leading to a tightening trend in the tin market [5][6]. 4. Investment Recommendations - The report recommends focusing on the gold, copper, and aluminum sectors. For gold, the ongoing macroeconomic uncertainties enhance its safe-haven attributes. For copper, domestic demand is gradually recovering, and there is a long-term demand space opening up globally. For aluminum, the supply-demand dynamics are expected to accelerate, leading to potential price increases [6][48].