供需局面维持稳定，春节期间全球市场窄幅波动 主力合约与基差 ：SHFE主力合约价格在2026年2月24日为101920元/吨，较 春节前小幅上扬1230元/吨，涨幅1.22%。基差方面，现货升贴水走强：升 水铜从2月13日的25元/吨大幅走高至2月24日的320元/吨；平水铜从-25元/ 吨升至170元/吨；湿法铜从-70元/吨升至130元/吨。LME(0-3)贴水在2月23 日为-83.6美元/吨，较前期贴水收窄。 持仓与成交 ：LME持仓在2月23日增加327手至317849手，持仓量略有扩 大。SHFE仓单在2月24日增加80409吨至277089吨，交割量达134600吨。 产业链供需及库存变化分析 供给端 ：供应压力显著增加，主要因进口与国产货源集中到货，以及持货 商受交割驱动积极入库。SMM报告显示，2月24日境内电解铜库存累库15.49 万吨至50.85万吨，创五年新高。全球铜库存升至约102万吨，为近23年最 高水平，自2025年9月起几乎翻倍，部分受关税不确定性和中国季节性需求 放缓影响。长期看，Vale计划2026-2030年投资35亿美元于铜项目，但短期 供给宽松。 需求端 ：需求持续疲 ...

2月25日，A股市场三大指数集体收涨，截至收盘，沪指报4147.23点，涨0.72%；深证成指报14475.86 点，涨1.29%；创业板指报3354.82点，涨1.41%。总体来看，个股涨多跌少，上涨个股超3700只。沪深 两市全天成交额2.46万亿元，较上个交易日放量2600亿元。 盘面上，化工股概念持续大涨，六国化工、赤天化、云天化、川金诺、金正大、澄星股份等涨停；稀 土、小金属板块集体拉升，云南锗业、华锡有色、北方稀土、东方钽业、中钨高新、中色股份、罗平锌 电、章源钨业等涨停；房地产板块午后拉升，我爱我家、皇庭国际、城投控股、华联控股、中天精装等 涨停；光通信概念持续活跃，法尔胜、跃岭股份、凌玮科技、美克家居涨停；下跌方面，影视股持续调 整。 ...

2月25日，A股市场高开高走，午后小幅回落后再度拉升，创业板指、深成指均涨超1%。截至收盘，沪 指涨0.72%，深成指涨1.29%，创业板指涨1.41%。沪深两市成交额2.46万亿，较上一个交易日放量2605 亿。 1、有色金属板块走高 小金属、贵金属等有色板块大涨，东方钽业、华锡有色、中钨高新等多股涨停。 | | | 有色金属(01801050) 10253.53 +344.64 +3.48% | + 板块 | | --- | --- | --- | --- | | 股票名称 | 最新价 | 主力净流入 | 涨跌幅 | | 寒锐钻业 300618 | 53 | -5204.6万 | +13.83% (+) | | 安宁股份 sz 002978 | 41.23 | 7162.6万 | +10.01% (+) | | 华锡有色 SH 600301 | 56.84 | 1.2亿 | +10.01% + | | 云南错业 sz 002428 | 40.35 | 5.1亿 | +10.01% + | | 东方锂业 sz 000962 | 51.32 | 2.3亿 | +10.01% + | 点评：中银证券发布研报称， ...

Group 1 - The core viewpoint of the news highlights a significant rise in the industrial metals sector, particularly with the Tianhong ETF (159157) showing a 4.69% increase and a trading volume of 300 million yuan, indicating strong market interest [1] - The Tianhong ETF has seen a net inflow of 1.067 billion yuan over the last ten trading days, reaching a total fund size of 2.159 billion yuan, marking a new high since its listing and making it the largest in its category in the Shenzhen market [1] - The ETF's core advantage lies in its focus on industrial metals, with copper (34.7%), aluminum (20.2%), and rare earths (12.5%) making up over 70% of its holdings, which are directly linked to the demand from emerging industries such as renewable energy and AI [1] Group 2 - The industrial metals index has a PE-TTM of 27.57, currently positioned at the 44.67% historical percentile, suggesting it is more cost-effective than 55% of the time in the past, indicating potential investment value [2] - Recent news indicates that the U.S. plans to set reference prices for critical minerals like germanium and gallium using AI, which has heightened market attention on strategic resources [2] - The London Metal Exchange reported a significant increase in tin prices by 5.41% and copper prices by 2.54%, with external price movements providing support to the sector [2]

至收盘，上证综指涨0.72%，报4147.23点；科创50指数涨0.54%，报1473.28点；深证成指涨1.29%，报14475.87点；创业板指涨1.41%，报3354.82 点。 Wind统计显示，两市及北交所共3742只股票上涨，1609只股票下跌，平盘有127只股票。 沪深两市成交总额24626亿元，较前一交易日的22021亿元增加2605亿元。其中，沪市成交10860亿元，比上一交易日9386亿元增加1474亿元，深市 成交13766亿元。 据大智慧VIP，两市及北交所共有115只股票涨幅在9%以上，8只股票跌幅在9%以上。 A股三大股指2月25日集体高开。早盘震荡走高，午后震荡回落，全天呈现高位震荡走势。 从盘面上看，周期股延续强势，化工、有色金属、钢铁、建材行业大涨；房地产、环保、半导体板块涨幅靠前；锂电池、商业航天、金融科技概 念股活跃。AI应用、CPO题材走弱，银行、油气板块冲高回落。 周期股继续走强，银行股午后转跌 在板块方面，周期股持续走强，包钢股份（600010）、大中矿业（001203）、安阳钢铁（600569）等涨停，凌钢股份（600231）、酒钢宏兴 （600307）、山东钢铁 ...

Core Viewpoint - The A-share market experienced a strong upward trend, with significant gains across major indices, driven by resource stocks and specific sectors like semiconductors and rare earths [1][2][3]. Market Performance - The Shanghai Composite Index rose by 29.82 points, or 0.72%, closing at 4147.23 points; the Shenzhen Component increased by 184.3 points, or 1.29%, to 14475.87 points; the CSI 300 Index gained 28.34 points, or 0.6%, ending at 4735.89 points; the ChiNext Index climbed 46.55 points, or 1.41%, to 3354.82 points; and the STAR 50 Index rose by 7.91 points, or 0.54%, to 1473.28 points [1]. Sector Highlights - Resource stocks, particularly in rare earths and precious metals, saw significant gains, with companies like Shenghe Resources hitting the daily limit up and achieving historical highs [2]. - The price of praseodymium and neodymium oxide increased to an average of 882,000 yuan/ton, up by 41,600 yuan/ton compared to before the holiday [2]. - The semiconductor sector showed strength, with stocks like Yiyuan Silicon and Fuchuang Precision rising over 10% [3]. Weakness in Certain Sectors - The film and media sector faced continuous declines, with companies like Hengdian Film experiencing consecutive limit downs [4]. - AI application stocks weakened, with some individual stocks in storage chips and optical modules undergoing corrections [4]. Institutional Insights - Dongguan Securities noted a high probability of market gains post-holiday, with historical data indicating a significant increase in A-share prices after the Spring Festival [5]. - China Galaxy Securities highlighted that the market will be driven by policy catalysts around the Two Sessions, with a focus on "hotspot rotation and style switching" [5]. - Zhongyuan Securities observed that the volatility in funds before the Spring Festival is nearing its end, with a rebound in equity fund issuance and significant inflows into overseas mutual funds [5]. Short-term Market Outlook - Caixin Securities suggested that there is still room for improvement in short-term risk appetite, with the market likely to remain volatile [6]. - Huatai Securities emphasized the mid-term value of sectors like robotics and intelligent driving, driven by recent high-profile events [6].

2025年，有色金属板块以94.73%的年度涨幅领跑全球，其背后是"供需重构+技术革命+货币变迁"的三 重驱动。从传统建筑、家电到AI数据中心、航空航天等高精尖领域，有色金属已成为新工业基石，为 投资者提供穿越经济波动的配置价值。 2月25日，三大指数盘中回落，有色黄金相关产品涨幅收窄，截至14点40分，有色金属ETF基金 （516650） 涨幅收窄至3.21%，其持仓股云南锗业、安宁股份、有研新材、北方稀土涨停，驰宏锌锗、 锡业股份打开涨停板。 中银国际证券分析指出，展望后市，我们重申此前观点，一季度为资源品重要配置时点，近期海外不确 定性的升温有望为本轮资源品行情带来新一轮催化。短期来看，美伊局势的演变为油价及贵金属价格重 要影响因素。而美国贸易政策不确定性的重启，或将再度对贵金属价格形成较强支撑。此外，春节复工 后，国内开工情况及两会前夕的宏观政策落地情况对于煤炭为代表的内需资源品行情的持续性有着较为 重要的影响。总体来看，我们认为，一季度资源品配置正当时，而 2026 年内有色为代表的全球资源品 有望持续受益于金融属性与产业趋势的共振催化。 （文章来源：每日经济新闻） ...

Group 1 - The main stocks with significant capital inflow include Northern Rare Earth (30.50 billion), Shenghong Technology (17.73 billion), and Baosteel (17.03 billion) [1] - Northern Rare Earth saw a price increase of 9.99%, while Baosteel increased by 10.15% [2] - Other notable stocks with substantial inflows are Aerospace Development (14.72 billion) and Industrial Fulian (13.75 billion) [1][2] Group 2 - The electronics sector is represented by companies like Shenghong Technology, Industrial Fulian, and Huadian Shares, with inflows of 17.73 billion, 13.75 billion, and 9.39 billion respectively [2] - The defense sector includes Aerospace Development and Feilihua, with inflows of 14.72 billion and 7.25 billion respectively [2] - The non-ferrous metals sector has significant representation with Northern Rare Earth, Shenghe Resources, and China Rare Earth, attracting inflows of 30.50 billion, 5.97 billion, and 5.74 billion respectively [1][3]

铝：基本面表现一般，近期宏观情绪对铝价影响较大，关注节后实际需求恢复 情况和宏观消息影响。 黄金：考虑到近期地缘政治风险不确定性上升，金价或得到支撑。 锂：市场对 3 月下游排产预期乐观，需关注节后下游需求恢复情况，若实际 需求表现较好，锂价或得到支撑。 稀土：考虑到目前氧化镨钕供应依然紧缺，短期氧化镨钕价格有望维持高位。 行 行业周报 静待国内需求复苏，关注宏观情绪影响 ——金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2026 年 2 月 25 日 钢铁 有色金属 证券分析师 张珂 022-23839062 zhangke@bhzq.com 研究助理 投资要点： 行业情况及产品价格走势初判 钢铁：节后下游市场将缓慢复苏，关注实际需求复苏进度、原料价格走势和宏 观消息对钢价影响。 铜：节后需求复苏仍需时间，铜精矿加工费低位下跌，叠加新能源、AI 等需 求预期依旧强劲，预计节后铜价维持高位震荡。 本周策略 （1）钢铁：随着钢铁行业稳增长政策逐步实施，行业竞争格局改善预期下后 续行业盈利水平或得到提升，未来船舶用钢等领域需求有望得到提振。建议 关注工厂设备先进、在船舶钢等高附加值领 ...

来源：新浪基金∞工作室 2月25日，有色ETF银华（159871）开盘涨0.35%，报1.145元。有色ETF银华（159871）重仓股方面，紫 金矿业开盘涨0.20%，洛阳钼业涨0.61%，北方稀土涨0.36%，华友钴业涨1.06%，中国铝业涨0.85%，赣 锋锂业涨1.43%，山东黄金跌0.30%，云铝股份涨0.72%，中金黄金跌0.32%，中矿资源涨0.75%。 有色ETF银华（159871）业绩比较基准为中证有色金属指数收益率，管理人为银华基金管理股份有限公 司，基金经理为谭跃峰，成立（2021-03-10）以来回报为127.80%，近一个月回报为-1.72%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...