事实上，伴随火热上涨的行情，资金正在积极进场抢筹！数据显示，有色ETF华宝（159876）全天获资 金净申购5580万份！拉长时间来看，近10日狂揽3.11亿元！ 成份股方面，湖南白银一度涨停，午后虽有炸板，但收盘仍涨超7%，海亮股份、中矿资源涨逾5%，山 金国际、中孚实业、白银有色等个股跟涨。权重股方面，紫金矿业、山东黄金涨超2%，洛阳钼业、中 国铝业等个股收红。 | 序号 | 名称 | 涨跌幅 ▼ | 两日間 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 湖南白恨 | 7.64% | Harrison Market | 有色金属 | 贵金属 | 白假 | 2557 | 39.64Z | | 2 | 海亮股份 | 5.90% | 1 | 有色金属 | 工业金属 | 铜 | 3504Z | 16.73亿 | | 3 | 中矿 泡源 | 5.09% | | 有色会屈 | 小舍屋 | 其他小金属 | 6454Z | 33.13亿 | | 4 | 山舍国际 ...

智通财经1月13日讯（编辑 梓隆），今日（1月13日），有色金属龙头股紫金矿业再度拉升，收盘涨幅 近2.63%，盘中股价一度冲至38.90元，创历史新高。同时，其全天成交额118.81亿元，较昨日继续放 量，同时也已连续3个交易日成交额维持在百亿规模。 融资余额持续新高，万亿俱乐部添一员 自去年年末以来，紫金矿业股价持续走高，截至今日收盘，其近20个交易日累计共上涨近21%。受连日 攀升提振，紫金矿业的市值规模不断上升，以收盘数据统计，其今日首次站上万亿市值关口，总市值 （证监会算法）达10044亿元，成为"万亿俱乐部"中的一员。其中，紫金矿业A股市值近7878亿元，在 整个A股市场中位居第十位。 注 1：紫金矿业总市值规模变动情况（截至1月13日收盘） 注2：总市值以证监会算法统计（A股股本*A股股价+其他市场股本*其他市场股价*汇率） 以资金面层面统计，紫金矿业近期持续获融资客加仓。截至1月12日数据，其目前融资余额已达91.59亿 元，不仅为首次突破90亿元关口，同时也创历史新高，其年内累计获增持近10.24亿元，增幅近12.6%。 其中，融资客在12月29日（2025年）、1月7日、1月12日大举增持 ...

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

Summary of Key Points from Conference Call Records Industry Overview - **Metals Sector**: The focus is on precious metals, industrial metals, and energy metals, with a positive outlook for 2026, particularly for gold, silver, copper, aluminum, and lithium [1][2][3][4]. Core Insights and Arguments - **Precious Metals Demand**: Expectations of interest rate cuts and geopolitical risks are driving demand for precious metals, particularly gold. Central banks are increasing gold reserves, and ETF purchases are expected to be a significant source of demand in 2026. Recommended stocks include Zhaojin Mining, Shandong Gold, and others [1][7]. - **Silver Price Volatility**: Silver prices are expected to rise but with greater volatility compared to gold. The potential impact of U.S. tariffs may increase hoarding demand for silver [7][8]. - **Industrial and Energy Metals Outlook**: The outlook for industrial metals like copper and aluminum is positive due to expected recovery in traditional demand and macroeconomic support from interest rate cuts. Recommended stocks include Yun Aluminum and Wanfang [3][4][19][20]. - **Supply Challenges**: The supply side for industrial and energy minerals faces challenges such as declining resource grades, rising extraction costs, and geopolitical instability. These factors are expected to support prices [5][9]. - **Lithium Demand Dynamics**: The cancellation of export tax rebates is leading to a surge in short-term demand for lithium batteries, with prices expected to rise significantly. Long-term impacts are anticipated to stabilize as foreign buyers absorb costs [10][11][12]. - **Nickel Market Dynamics**: Nickel prices are under pressure due to quota adjustments by the Indonesian government, which may limit price increases. However, the market remains worth monitoring [13]. - **Copper Price Trends**: Recent copper prices have shown strength, influenced by U.S. economic data and supply disruptions in South America. Long-term expectations are for price increases driven by macroeconomic conditions [14][15]. - **Tin Price Surge**: Tin prices have risen significantly due to supply constraints and strong demand in AI and PVD applications. Recommended stocks include Xie Co., Huaxi Co., and Xingye Silver Tin [16]. - **Tungsten Price Trends**: Tungsten prices are expected to remain high due to tight supply and increasing demand in strategic sectors. Recommended stocks include Xiamen Property and Jiaxing International Resources [17][18]. - **Aluminum Market Performance**: Aluminum prices have reached new highs, supported by macroeconomic policies and geopolitical risks. The market is expected to remain tight in 2026, with recommended stocks including Yun Aluminum and Tianshan Aluminum [19][20]. - **Rare Earth Market Dynamics**: Rare earth prices have increased due to policy impacts and basic demand recovery. The simplification of export licenses is expected to enhance export efficiency and support demand [21][22][23][24]. Additional Important Insights - **Steel Industry Trends**: The steel industry is experiencing a rise in inventory and production levels, with profitability slightly declining but still above historical lows. The focus is on companies with strong cash flow and dividend yields [25][26][27][28]. - **Geopolitical Impacts**: Recent geopolitical tensions and trade policies are influencing metal prices and demand dynamics, particularly in the context of U.S.-China relations [2][6][8]. This summary encapsulates the key insights and trends discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the metals industry.

来源：中国能源网 东吴证券近日有色金属行业跟踪周报：回顾本周行情（1月5日-1月9日），有色板块本周上涨8.56%，在 全部一级行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中小金属板块上涨11.67%， 金属新材料板块上涨9.02%，工业金属板块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨 6.30%。 以下为研究报告摘要： 投资要点 回顾本周行情（1月5日-1月9日），有色板块本周上涨8.56%，在全部一级行业中排名靠前。二级行业方 面，周内申万有色金属类二级行业中小金属板块上涨11.67%，金属新材料板块上涨9.02%，工业金属板 块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨6.30%。工业金属方面，本周美国劳动力市场 趋势放缓，市场预计26年美联储仍有两次降息空间，市场维持乐观做多情绪，工业金属本周录得普涨。 贵金属方面，根据BCOM规则，大部分调仓将会在1月9日至1月15日完成；此外白银伦敦租赁利率回 落，1个月租赁利率从8.5%回落至3.4%，结构从Back转向Contango，表明海外现货紧张程度有所缓和， 预计下周金银市场的波动将会有效放大。 周观点： ...

贵金属方面，黄金白银双双狂飙刷新高，美联储风波引爆避险交易！周一纽约时段，贵金属价格大幅走强。现货白银一度上涨8%，突破86美元，现货黄金 一度涨2.4%升破每盎司4600美元，均刷新2025年12月的历史纪录。分析认为，贵金属走强最直接的因素或是"特朗普政府加大了对美联储的攻击力度"，使投 资者减少了对美国资产的投资。 【有色风口已至，"超级周期"势不可挡】 | 序号 | 名称 | 两日图 | 涨跌幅 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 第五座殿 | | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74Z | | 2 | 中矿 资源 | | 9.56% | 有色全属 | 小金属 | 其他小金属 | 672亿 | 19.771Z | | 3 | 赣锋舞业 | | 8.55% | 有色会居 | 能源金属 | 键 | 1467亿 | 53.37 Z | | V | 雅化集团 | hant | 8.34% | 草础化工 ...

成份股方面，贵金属龙头和锂业龙头携手领涨！湖南白银涨停，中矿资源涨超9%，赣锋锂业、雅化集 团涨逾8%，盛新锂能、天齐锂业、山金国际等个股大幅跟涨！ 今日（1月13日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格盘中拉升2.9%，现涨 2.63%，继续刷新上市以来的高点，截至发稿，获资金实时净申购4560万份！拉长时间来看，近10日狂 揽3.11亿元！ | 序号 | 名称 | 两日图 | 涨跌幅 ▼ | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 湖南白银 | 1 | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74亿 | | 2 | 中矿资源 | 1 | 9.56% | 有色金属 | 小金属 | 其他小金属 | 672亿 | 19.774Z | | 3 | 條播運业 | 1 | 8.55% | 有色金属 | 能源金属 | स्वा | 1467亿 | 53.37亿 | | 4 | 雅化集团 | name | ...

东吴证券近日有色金属行业跟踪周报：回顾本周行情(1月5日-1月9日)，有色板块本周上涨8.56%，在全 部一级行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中小金属板块上涨11.67%，金 属新材料板块上涨9.02%，工业金属板块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨 6.30%。 以下为研究报告摘要： 铜：供给端扰动再起，宏观做多情绪维持叠加沪铜仓单增长支撑现货走强。截至1月9日，伦铜报收 12,998美元/吨，周环比上涨4.1%；沪铜报收101,410元/吨，周环比上涨3.23%。供给端，截至1月6日， 本周进口铜矿TC下跌至-44.5美元/吨，根据百川盈孚，智利一小型铜矿宣布罢工，铜陵公告其在厄瓜多 尔的米拉多矿二期本计划年初投产，因当局政局变化未能如期签署矿产合同，被迫延期；需求方面，基 本面无明显改善，现货报价维持贴水。本周美国经济数据密集发布，显示劳动力数据维持趋势走弱，26 年降息预期维持2次不变，整体宏观做多情绪仍存；此外，近期BCOM调仓铜将获得增配，以及沪铜临 近交割，冶炼厂大量注册仓单支撑了现货价格，预计短期铜价维持震荡偏强走势。 铝：铜铝比价上行为铝价提供 ...

Group 1 - The core viewpoint of the news is that Zhongyuan New Materials has shown a positive stock performance with a 2.16% increase in price, reaching 11.33 CNY per share, and a market capitalization of 3.591 billion CNY as of January 12 [1] - The company has a main business revenue composition of copper strip and foil products, with copper strip accounting for 90.71%, aluminum foil 3.05%, and copper foil 2.54% [1] - Zhongyuan New Materials is categorized under the non-ferrous metals industry, specifically in industrial metals and copper, and is associated with concepts such as new energy vehicles and lithium batteries [1] Group 2 - As of September 30, the number of shareholders for Zhongyuan New Materials is 23,100, a decrease of 5.88% from the previous period, while the average circulating shares per person increased by 6.24% to 13,703 shares [2] - For the period from January to September 2025, the company achieved an operating income of 7.730 billion CNY, representing a year-on-year growth of 16.29%, and a net profit attributable to shareholders of 100 million CNY, up 9.19% [2] - Since its A-share listing, Zhongyuan New Materials has distributed a total of 344 million CNY in dividends, with 162 million CNY distributed over the past three years [3]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1]. Core Views - The non-ferrous metals sector experienced an 8.56% increase in the week from January 5 to January 9, outperforming the overall market [14]. - The optimism in the market is driven by expectations of two interest rate cuts by the Federal Reserve in 2026, alongside a slowdown in the U.S. labor market [29]. - The report highlights the volatility expected in the gold and silver markets due to BCOM rebalancing from January 9 to January 15 [51]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.82%, with the non-ferrous metals sector ranking fourth among 31 sectors [14]. - All sub-sectors within non-ferrous metals saw gains, with small metals up 11.67%, new materials up 9.02%, industrial metals up 8.52%, precious metals up 7.28%, and energy metals up 6.30% [14]. Industrial Metals - **Copper**: Prices increased, with LME copper at $12,998 per ton (up 4.1%) and SHFE copper at ¥101,410 per ton (up 3.23%). Supply disruptions and macro bullish sentiment support the price [33]. - **Aluminum**: LME aluminum reached $3,136 per ton (up 3.81%) and SHFE aluminum at ¥24,330 per ton (up 6.13%). The copper-aluminum price ratio supports upward price trends [37]. - **Zinc**: LME zinc prices rose to $3,154 per ton (up 0.85%) and SHFE zinc at ¥23,970 per ton (up 2.99%). Inventory levels increased [41]. - **Tin**: LME tin prices surged to $45,560 per ton (up 13.19%) and SHFE tin at ¥352,540 per ton (up 9.17%). Market sentiment is driven by macro expectations and funding emotions [46]. Precious Metals - **Gold**: COMEX gold closed at $4,518.40 per ounce (up 4.07%) and SHFE gold at ¥1,006.48 per gram (up 2.96%). The labor market data indicates a slowdown, maintaining expectations for interest rate cuts [50]. - **Silver**: The report notes a significant drop in London silver leasing rates, indicating a shift in market dynamics and potential for increased volatility [51].