Group 1: Non-ferrous Metals Industry - The sentiment impact is weakening, and the non-ferrous metal sector is returning to a fundamental phase [1][4] - The China Nonferrous Metals Industry Association announced plans to strictly control new copper smelting projects and promote the construction of a reserve system [4] - Over 2 million tons of copper smelting projects have been halted, effectively curbing the rapid growth of copper smelting capacity [4] Group 2: Market Overview - The North Exchange market saw an average daily trading volume of 20.48 billion yuan, a decrease of 28.7% week-on-week [8] - The number of qualified investors in the North Exchange market has surpassed 10 million, marking a significant milestone [10] - Despite market adjustments, the long-term allocation value of the North Exchange remains recognized by institutions [10] Group 3: Key Developments - The U.S. is launching a $12 billion critical mineral reserve plan to protect manufacturers from supply chain shocks [5] - The People's Bank of China has increased its gold reserves for the 15th consecutive month, with reserves reaching 7.419 million ounces [6] - The nomination of Kevin Warsh as the next Federal Reserve Chairman has led to a reassessment of the dollar's outlook by investors [7]

Group 1 - The non-ferrous metal sector has rebounded across the board, with the Tianhong Non-Ferrous Metal ETF (159157) index rising by 2%, and a net subscription of 46 million units during the trading session [1] - The Tianhong Non-Ferrous Metal ETF closely tracks the CSI Industrial Non-Ferrous Metal Theme Index, with the top three industries being copper (34.43%), aluminum (21.82%), and rare earths (13.60%), collectively accounting for nearly 70% [1] - The ETF is the first in the market among those tracking non-ferrous metal indices, highlighting its scarcity and investment value, and it is supported by two off-market linked funds [1] Group 2 - The US dollar index fell to its lowest level since February 4, leading to a strong rebound in gold and silver prices, which in turn contributed to the rebound in non-ferrous metals [2] - The upcoming "golden three silver four" spring construction peak season, along with policy implementations after the March Two Sessions, is expected to boost resource products and the infrastructure chain [2] - The US has initiated a $12 billion critical mineral reserve plan, covering various key minerals including rare earths, cobalt, and gallium, and has established bilateral and trilateral agreements to strengthen the critical mineral supply chain [2] - The China Nonferrous Metals Industry Association has announced measures to strictly control new copper smelting projects and promote the construction of a reserve system, while the People's Bank of China has purchased gold for the 15th consecutive month [2] - According to Founder Securities, the emphasis on critical mineral resources by major countries indicates a significant revaluation of the strategic attributes of metals, with a tight supply structure expected to maintain upward price trends in the medium to long term [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The US - Iran geopolitical situation is unclear, market risk - aversion and panic persist, and precious metals and non - ferrous metals have performed poorly in recent days. During the demand vacuum period, the fundamentals are temporarily weak. Therefore, Shanghai copper is mainly under pressure and consolidating [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - From February 9, 2026 (Monday) closing settlement, the daily price limit range of listed copper contracts will be adjusted to 10%, the trading margin ratio for hedging positions to 11%, and the trading margin ratio for general positions to 12% [1]. - In January, SMM China's electrolytic copper production was 1.1793 million tons, a month - on - month increase of 0.0012 million tons (0.10%) and a year - on - year increase of 16.32%. In February, no smelters are scheduled for maintenance, but the production in February will still be affected by the end - of - January maintenance of some smelters. It is expected that the output will decrease by 0.0358 million tons (3.04%) month - on - month and increase by 8.06% year - on - year [1]. - The high copper price in January suppressed copper demand. Downstream buyers mainly made rigid purchases, and the pre - holiday stocking was coming to an end. The terminal new energy market performed poorly due to purchase tax issues, while other traditional industries and the power industry remained resilient [1]. 3.2 Futures and Spot Market - Futures: Shanghai copper opened and closed lower, with an intraday decline of more than 2% [1][4]. - Spot: The spot premium in East China was - 10 yuan/ton, and in South China was - 60 yuan/ton. On February 5, 2026, the LME official price was $12,905/ton, and the spot premium was - $83/ton [4]. 3.3 Supply Side - As of February 3, the spot rough smelting fee (TC) was - $50.3/dry ton, and the spot refining fee (RC) was - 5.22 cents/pound [9]. 3.4 Fundamental Tracking - Inventory: SHFE copper inventory was 160,200 tons, a decrease of 507 tons from the previous period. As of February 5, the copper inventory in the Shanghai Free Trade Zone was 89,400 tons, a decrease of 900 tons from the previous period. LME copper inventory was 180,600 tons, an increase of 1,925 tons from the previous period. COMEX copper inventory was 586,400 short tons, an increase of 2,245 short tons from the previous period [13].

Core Viewpoint - Tongling Nonferrous Metals Group did not disclose revenue data for "gold and other by-products" in its Q3 2025 report [2] Company Summary - The company responded to investor inquiries on an interactive platform regarding the lack of separate disclosure for revenue from by-products [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The copper price continued to rise due to news - related stimuli and the rebound of non - ferrous and precious metals. The news of copper resource reserve announced the previous day brought long - term benefits to copper. After market sentiment stabilizes, copper will remain strong at a high level [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - The Shanghai copper futures opened higher and closed with a gain of over 3%. The news that China will improve the copper resource reserve system and the halt of some copper smelting projects, along with the rebound of external precious metals, stimulated the copper price to rise. In terms of fundamentals, the electrolytic copper output in January was 1179300 tons, with a month - on - month increase of 0.10% and a year - on - year increase of 16.32%. The output in February is expected to decrease by 3.04% month - on - month but increase by 8.06% year - on - year. High copper prices in January suppressed demand, and the terminal new energy market was affected by purchase tax [1]. - The Chilean National Copper Commission Cochilco raised the 2026 copper price forecast, expecting the average copper price to reach $4.95 per pound [1]. 3.2 Futures and Spot Market - Futures: Shanghai copper opened higher and closed with a gain of over 3% [4]. - Spot: The spot premium in East China was - 140 yuan/ton, and in South China was - 180 yuan/ton. On February 3, 2026, the LME official price was $13360/ton, and the spot premium was - 65 dollars/ton [4]. 3.3 Supply Side - As of February 3, the spot rough smelting fee (TC) was - 50.3 dollars/dry ton, and the spot refining fee (RC) was - 5.22 cents/pound [9]. 3.4 Fundamental Tracking - Inventory: SHFE copper inventory was 159800 tons, an increase of 751 tons from the previous period. As of February 2, the copper inventory in Shanghai Free Trade Zone was 90300 tons, a decrease of 8600 tons from the previous period. LME copper inventory was 176100 tons, an increase of 1450 tons from the previous period. COMEX copper inventory was 582300 short tons, an increase of 2050 short tons from the previous period [13].

江西铜业股份（00358）盘中涨超3%，截至发稿，股价上涨1.59%，现报46.02港元，成交额4.98亿港 元。 2月3日，在中国有色金属工业协会举行2025年有色金属工业经济运行情况新闻发布会上，中国有色金属 工业协会副秘书长段绍甫表示，将扎实推进铜冶炼产能治理工作，目前国内已叫停了200多万吨铜冶炼 项目，铜冶炼产能过快增长的势头已得到有效抑制。未来，行业协会将继续配合国家有关部门严格管控 新增矿铜冶炼项目，从源头上改善外采比逐年提升的现状。 开源证券指出，公司为国内领先的铜冶炼生产商，在铜以及相关有色金属领域建立集勘探、采矿、选 矿、冶炼、加工的一体化产业链。目前公司主要资产包括国内规模领先的铜冶炼产能和5座在产铜矿 山，整体生产稳健。同时公司积极实践"资源优先"战略，推动第一量子的战略合作关系，并已在中亚、 南美等地区进行资源布局，合作资源项目（艾娜克铜矿、北秘鲁矿业）有望迎来开花结果。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 江西铜业股份（00358）盘中涨超3%，截至发稿，股价上涨1.59%，现报46.02港元，成交额4.98亿港 元。 2月3日，在中国有色金属工业协会 ...

消息面上，2月3日，在中国有色金属工业协会举行2025年有色金属工业经济运行情况新闻发布会上，中 国有色金属工业协会副秘书长段绍甫表示，将扎实推进铜冶炼产能治理工作，目前国内已叫停了200多 万吨铜冶炼项目，铜冶炼产能过快增长的势头已得到有效抑制。未来，行业协会将继续配合国家有关部 门严格管控新增矿铜冶炼项目，从源头上改善外采比逐年提升的现状。 开源证券指出，公司为国内领先的铜冶炼生产商，在铜以及相关有色金属领域建立集勘探、采矿、选 矿、冶炼、加工的一体化产业链。目前公司主要资产包括国内规模领先的铜冶炼产能和5座在产铜矿 山，整体生产稳健。同时公司积极实践"资源优先"战略，推动第一量子的战略合作关系，并已在中亚、 南美等地区进行资源布局，合作资源项目(艾娜克铜矿、北秘鲁矿业)有望迎来开花结果。 江西铜业股份(00358)再涨超3%，截至发稿，涨3.4%，报48.84港元，成交额3.85亿港元。 智通财经APP获悉，江西铜业股份(00358)再涨超3%，截至发稿，涨3.4%，报48.84港元，成交额3.85亿 港元。 ...

开源证券指出，公司为国内领先的铜冶炼生产商，在铜以及相关有色金属领域建立集勘探、采矿、选 矿、冶炼、加工的一体化产业链。目前公司主要资产包括国内规模领先的铜冶炼产能和5座在产铜矿 山，整体生产稳健。同时公司积极实践"资源优先"战略，推动第一量子的战略合作关系，并已在中亚、 南美等地区进行资源布局，合作资源项目(艾娜克铜矿、北秘鲁矿业)有望迎来开花结果。 消息面上，2月3日，在中国有色金属工业协会举行2025年有色金属工业经济运行情况新闻发布会上，中 国有色金属工业协会副秘书长段绍甫表示，将扎实推进铜冶炼产能治理工作，目前国内已叫停了200多 万吨铜冶炼项目，铜冶炼产能过快增长的势头已得到有效抑制。未来，行业协会将继续配合国家有关部 门严格管控新增矿铜冶炼项目，从源头上改善外采比逐年提升的现状。 江西铜业（600362）股份(00358)再涨超3%，截至发稿，涨3.4%，报48.84港元，成交额3.85亿港元。 ...

消息面上，2月3日，在中国有色金属工业协会举行2025年有色金属工业经济运行情况新闻发布会上，中 国有色金属工业协会副秘书长段绍甫表示，将扎实推进铜冶炼产能治理工作，目前国内已叫停了200多 万吨铜冶炼项目，铜冶炼产能过快增长的势头已得到有效抑制。未来，行业协会将继续配合国家有关部 门严格管控新增矿铜冶炼项目，从源头上改善外采比逐年提升的现状。 开源证券指出，公司为国内领先的铜冶炼生产商，在铜以及相关有色金属领域建立集勘探、采矿、选 矿、冶炼、加工的一体化产业链。目前公司主要资产包括国内规模领先的铜冶炼产能和5座在产铜矿 山，整体生产稳健。同时公司积极实践"资源优先"战略，推动第一量子的战略合作关系，并已在中亚、 南美等地区进行资源布局，合作资源项目(艾娜克铜矿、北秘鲁矿业)有望迎来开花结果。 智通财经APP获悉，江西铜业股份(00358)再涨超3%，截至发稿，涨3.4%，报48.84港元，成交额3.85亿 港元。 ...

证券日报网讯 2月3日，湖南裕能在互动平台回答投资者提问时表示，公司持续关注铜冶炼相关行业动 态，具体进展请以公司公告为准。 （文章来源：证券日报） ...