| 有色及贵金属日度数据简报 | 2026/1/28 | 李先飞 | 刘雨萱 | 王营 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | wangrong2@gtht.com | liuyuxuan@gtht.com | 色及责金属组 | 王宗源(联系人) | 张再宇 | F03142619 | Z0021479 | | | | | | | | | zhangzaiyu@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 前一交易日 | 今天 | 上周 | 上月 | | | | | | | | | | | 指标名称 | 2026/1/28 | 2025/12/29 | 2026/1/27 | 2026/1/21 | 沪金主力收盘价(元/克) | 37.82 ...

Group 1 - The industrial non-ferrous metal sector is experiencing significant gains, with the CSI Industrial Non-Ferrous Metal Theme Index (H11059) rising by 3.28% as of January 29, 2026, and individual stocks like Shenghe Resources and Yunnan Copper seeing substantial increases [1] - The Industrial Non-Ferrous ETF Wan Jia (560860) has reached a new high in scale at 16.478 billion yuan and a total of 7.784 billion shares, with a recent net inflow of 696 million yuan over the past five days [1] - Tight copper supply and declining processing fees for copper concentrate, combined with strong long-term demand from AI and power grid construction, are expected to support copper prices, with the State Grid's fixed asset investment projected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [1] Group 2 - The global base metals market is undergoing a structural reshaping due to strong demand from green industries such as electric vehicles, photovoltaics, and wind power, while supply is constrained by insufficient long-term investment and declining resource grades [2] - Despite the strong performance of the non-ferrous sector reflecting high growth over the past two years, core non-ferrous metal varieties have not seen significant valuation premiums, indicating potential for future price increases as domestic fundamentals may experience mild recovery [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Industrial Non-Ferrous Metal Theme Index (H11059) account for 56.18% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

1. 新能源汽车轻量化：单车用铝量激增133% 在"双碳"目标驱动下，全球新能源汽车产业进入爆发期。2026年全球新能源汽车销量预计突破2250万 辆，单车用铝量达187公斤（较传统燃油车增长133%），仅此一项就将拉动400万吨原铝需求。特斯拉 Model Y采用的一体化压铸技术，更将单车用铝量推高至250公斤以上，成为行业标杆。 2026年1月29日，伦敦金属交易所（LME）铝价一举突破3300美元/吨，创下2022年4月以来新高，较 2025年9月低点累计涨幅达27%。这场由新能源需求爆发、全球库存见底、资金情绪外溢共同推动的铝 价狂欢，正在重塑全球工业金属的定价逻辑。本文将从供需基本面、资金博弈、地缘政治三重维度，解 析本轮铝价上涨的核心逻辑，并探讨其可持续性。 长江有色金属网数据显示，长江现货A00伦敦报价每吨24860元，单日上涨600元/吨，现货市场追高力度 在增强，持货商挺价惜售情绪浓烈，但由于高价货源难出，跟随市场逐步调价，早间交投氛围偏暖带动 成交活跃度。 一、新能源革命：铝从"工业配角"到"新经济核心"的蜕变 2. 光伏产业：每GW装机消耗2万吨铝型材 全球光伏装机量持续攀升，2026年 ...

2026.01. 29 本文字数：1325，阅读时长大约2分钟 作者 | 一财 阿驴 11:28 沪深两市成交额突破2万亿，较上一日此时放量近1000亿。 10:53 银行板块短线拉升，青岛银行涨停，齐鲁银行、渝农商行、成都银行、江阴银行、苏州银行跟 涨。 10:41 沪深两市成交额突破1.5万亿，较上一日此时放量近1000亿。 10:34 光伏设备板块震荡走高，钧达股份涨停，连城数控涨超10%，TCL中环、捷佳伟创、双良节 能、晶盛机电、高测股份跟涨。消息面上，工信部指出，推动光伏行业回归良性竞争、理性发展的轨 道。 10:22 有色金属持续跳水回吐盘初涨幅，新金路此前跌停，中钨高新、厦门钨业跌超8%，锡业股 份、湖南白银、兴业银锡纷纷跳水。 10:13 AI应用端持续走高，光云科技、因赛集团、人民网、引力传媒等多股涨停，流金科技、卓易信 息、天龙集团、蓝色光标、易点天下均涨超10%。 11:31 A股午盘丨创业板指冲高回落微跌 截至午盘，沪指跌0.1%，深成指涨0.01%，创业板指跌0.05%。科创综指跌0.91%，科创50指数跌 超1%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 ...

协同推进经济高质量发展和生态环境高水平保护，广西面对这一时代考题，"题眼"何在？如何突 围？ 2025年5月以来，自治区党委、政府高度重视，成立涉重金属环境安全隐患排查整治工作领导小组 （由自治区党政主要领导担任组长，下设的8个工作组由自治区领导同志担任组长），把标本兼治解决 好涉重金属污染问题作为重大政治任务抓紧抓实，统筹建好政治生态、自然生态"两个生态"，全面推进 涉重金属污染整治和有色金属关键金属产业高质量发展，目前这项工作已取得了阶段性成效。 "以前下雨不敢开门窗，雨水裹着矿渣流进河里，鱼虾都不见了。现在河清了，白鹭也飞回来 了！"近日，崇左市大新县下雷镇仁惠村村民农志远站在村旁的黑水河畔，对记者讲述家乡的新变化。 广西是著名的"有色金属之乡"，是中国关键金属的关键地区，经过多年打造，有色金属已成为广西 重要的支柱产业和传统优势产业，在国内占据着重要的一席之地。由于历史原因，所形成的"小散乱"问 题和由此衍生的涉重金属环境污染，成为人民群众对美好生态环境需求的"拦路虎"。 党中央、国务院高度重视广西生态环境保护工作，2025年对广西涉重金属污染防治提出明确要求。 高位推动： 五级联动织密整治"责任网" ...

Market Performance - The Hang Seng Index closed at 27,827, up 2.58% for the day and 8.57% year-to-date [1] - The Hang Seng Tech Index rose by 2.53%, with a year-to-date increase of 6.96% [1] - The Shanghai Composite Index saw a modest increase of 0.27%, with a year-to-date rise of 4.60% [1] - The US markets showed mixed results, with the Dow Jones up 0.02% and the S&P 500 down 0.01% [1] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index increased by 2.62%, while the Hang Seng Real Estate Index rose by 3.03%, reflecting strong performance in these sectors [2] - The Chinese stock market saw gains in materials, energy, and telecommunications, while consumer staples, utilities, and healthcare lagged [3] Company Insights - New Oriental (EDU US) reported a 15% year-on-year revenue growth to $1.19 billion, exceeding Bloomberg consensus estimates by 3% [5] - The company’s non-GAAP operating profit surged by 207% to $89.13 million, driven by improved operational efficiency and utilization in its education business [5] - New Oriental raised its revenue guidance for FY26E to a range of $5.29 billion to $5.49 billion, indicating a year-on-year growth of 8%-12% [5] Economic Indicators - The USD/CNY exchange rate fluctuated around 6.94, indicating stability in the currency market [3] - The US Federal Reserve maintained interest rates, with indications of a hawkish stance in future meetings, suggesting economic activity is expanding steadily [3][4]

（注：本文为原创分析，以上观点仅供参考，不做为入市依据 ）长江有色金属网 新浪合作大平台期货开户 安全快捷有保障 期货市场：美联储利率维稳及地缘溢价共振引涨，隔夜伦锡收涨3.52%；最新收盘报56795，比前一交 易日上涨1930美元，涨幅为3.52%，成交量为652手，持仓量25050万增加232；国内方面，夜盘沪期锡 弱势震荡，尾盘小幅收跌。主力合约沪锡2603收报442800元/吨，跌2070，跌幅报0.47%。 伦敦金属交易所（LME）1月28日伦锡库存量7060吨，较前一交易日库存量减少25吨。 长江锡业网讯：今日沪锡期货低开为主，主力月2603合约开盘报443800跌1070，9：10分沪锡主力2603 合约报444060跌810；沪期锡开盘震荡开盘后盘面维持窄幅震荡；宏观面，锡市呈现"外盘走强、内盘震 荡"格局。隔夜伦锡上涨，主要受宏观与地缘双重驱动：美联储暂停加息虽支撑美元短期反弹，但此前 弱势格局未改，降低大宗商品持有成本；美股AI与半导体板块表现强劲，强化了锡作为"算力金属"的需 求预期；同时，全球重要锡矿供应地刚果金局势动荡，引发供应收紧担忧，推升价格风险溢价。然而， 锡价进一步上行面临 ...

连续上涨后，有色板块今日震荡调整后拉升，资金逢低布局，有色ETF鹏华(159880)盘中净申购2150万 份，冲刺连续6天净流入。 截至2026年1月29日 10:45，国证有色金属行业指数(399395)下成分股方面涨跌互现，湖南黄金领涨 10.01%，西部黄金上涨9.49%，白银有色上涨7.46%；厦门钨业领跌。有色ETF鹏华(159880)最新报价 2.57元。 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。 中信建投证券指出，区域局势紧张，驱动避险资金及央行对黄金的配置继续，强化贵金属牛市格局。特 朗普通过非常规手段获得石油、关键矿产等战略资源的做法，威胁着全球资源的供应安全，驱使各国及 各生产环节抬升合意库存以应对潜在的供应中断风险，金属资源的战略地位得以提升，助力商品价格和 权益端估值进一步走高。 数据显示，截至2025年12月31日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业、洛阳 ...

北京时间1月29日，伦敦金属交易所(LME)铜期货价格继续上升，开盘报13201美元/吨，现报13207.5美 元/吨，涨幅0.67%，盘中最高触及13225美元/吨，最低下探13162.5美元/吨。 LME铜期货行情回顾： 1月28日伦敦金属交易所(LME)铜期货行情 品种 开盘价 最高价 最低价 收盘价 LME铜 13105.0 13247.0 13045.0 13120.0 0.74% 【铜市场消息速递】 1月28日，伦敦金属交易所（LME）：铜注册仓单129225吨。注销仓单44700吨，减少375吨。铜库存 173925吨，增加1575吨。 俄罗斯诺里尔斯克镍业：四季度铜产量为112,015吨，环比增长12%。 1月28日，电解铜现货沪伦比值为7.76，进口盈亏：-428.98元/吨，上一交易日进口盈亏：-655.13元/吨。 ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a significant upward trend, driven by a combination of the "AI leap" and the "century change" narrative, suggesting a super cycle for non-ferrous metals [1] - The popular ETF, Huabao Non-ferrous ETF (159876), saw a peak increase of 4% before a quick decline, followed by a V-shaped recovery, currently up by 0.3% [1] - There has been a substantial inflow of funds into the Huabao Non-ferrous ETF, with over 1.1 million shares net subscribed recently, and a total net inflow exceeding 1.4 billion yuan over the last 20 trading days, bringing the fund's total size to 2.68 billion yuan [1] Group 2 - Historical data indicates that each commodity cycle lasts approximately 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years, suggesting a long-term bullish outlook for the non-ferrous metal sector [2] - Institutions generally agree that the non-ferrous metal sector is likely to continue its bullish trend, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [2] - The Huabao Non-ferrous ETF (159876) and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles [2]