Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, with significant inflows into the Tianhong Non-Ferrous Metal ETF, which has reached a new high in fund size since its listing [1][2] - The Tianhong Non-Ferrous Metal ETF (159157) has seen a net inflow of 1.067 billion yuan over the last ten trading days, indicating strong investor interest [1] - The ETF closely tracks the industrial non-ferrous index, with a composition that includes 61.93% industrial metals, 22.49% minor metals, and 3.72% precious metals, featuring major stocks like Luoyang Molybdenum and Northern Rare Earth [1] Group 2 - The current PE-TTM for the industrial non-ferrous index is 27.57 times, which is at the 44.67% historical percentile, suggesting that the valuation is relatively reasonable and offers a certain margin of safety for medium to long-term investment [2] - Recent geopolitical tensions in the Middle East and the U.S. Supreme Court's ruling on tariffs have contributed to increased risk aversion, which has positively impacted the financial attributes of non-ferrous metals [2] - Post-Spring Festival, there is a strong demand for inventory replenishment from downstream enterprises, while global copper supply remains constrained due to aging mines, supporting the price structure [2]

2026 年 2 月 25 日 行业研究 SPDR 黄金 ETF 持仓量春节期间总体微幅增加 ——金属周期品高频数据周报（2026.2.9-2026.2.15） 要点 流动性：SPDR 黄金 ETF 持仓量春节期间总体微幅增加。（1）BCI 中小企业 融资环境指数 2026 年 2 月值为 48.66，环比上月-3.20%；（2）M1 和 M2 增速差与上证指数存在较强的正向相关性：M1 和 M2 增速差在 2026 年 1 月 为-4.1 个百分点，环比+0.6 个百分点；（3）本周伦敦金现价格为 5042 美元 /盎司。 基建和地产链条：1-2 月高炉产能利用率或将处于 5 年同期最高水平。（1） 本周价格变动：螺纹+0.00%、水泥价格指数-0.73%、橡胶+3.14%、焦炭 +0.00%、焦煤-0.43%、铁矿-1.04%；（2）本周全国高炉产能利用率、水 泥、沥青开工率环比-0.16pct、+0.00pct、-1.3pct。 地产竣工链条：钛白粉、玻璃价格处于低位水平。本周钛白粉、玻璃的价格 环比分别+0.00%、+1.14%，钛白粉毛利润为-1880 元/吨，平板玻璃本周开 工率 73.89%。 ...

Core Insights - The report emphasizes that the current environment is favorable for allocating resources in cyclical sectors, particularly in the first quarter of 2026, due to rising overseas uncertainties and the expected resumption of domestic activities after the Spring Festival [1][2]. Group 1: Market Performance - The cyclical sector performed well, with significant gains in industries such as oil and petrochemicals, construction materials, basic chemicals, non-ferrous metals, and coal, driven by geopolitical tensions, U.S. tariff policy uncertainties, and domestic supply-demand expectations [2]. - The escalation of the U.S.-Iran situation has led to rising oil prices, with global crude oil prices reaching a six-month high during the Spring Festival, positively impacting the domestic oil and petrochemical sector [2]. - Uncertainties surrounding tariffs have provided strong support for precious metal prices, with international gold prices continuing to rise amid renewed global trade uncertainties [2]. Group 2: Supply Constraints and Price Expectations - Coal prices are expected to recover due to supply constraints, with domestic coal inventories at major ports dropping to low levels and signals of reduced coal supply from Indonesia, which may create price space for domestic coal [2]. - The resumption of work after the Spring Festival is anticipated to boost demand expectations, further supporting coal prices [2]. Group 3: Strategic Outlook - The report reiterates that the first quarter is a critical time for resource allocation, with the recent rise in overseas uncertainties likely to catalyze a new round of resource price movements [2]. - The evolution of the U.S.-Iran situation will be a significant factor influencing oil and precious metal prices, while the restart of U.S. trade policy uncertainties may provide strong support for precious metals [2]. - Domestic construction activity and macroeconomic policy developments ahead of the Two Sessions will significantly impact the sustainability of the coal sector and other domestic resource prices [2].

信期货有限公司 IC Futures Company Limited 2026年02月24日 铝产业链日度数据跟踪 一、氧化铝 (1) 据我的钢铁网,2月24日国产矿价格为491元/吨,环比0元/吨; 24日几内亚进口矿价格61美元/干吨,环比0美元/干吨; (2) 据我的钢铁网,2月24日现货价格指数为2647元/吨,环比+1元/吨。 (3) 据上期所,2月24日期货库存为327928吨,环比+18053吨。 图表 2: 几内亚铝土矿价格 美元/吨 2026 -- 2025 -- 2024 -- 2023 120 110 100 02 01/30 02/27 03/26 04/24 05/25 06/22 07/20 08/17 09/14 10/19 11/16 图表 5:氧化铝-仓单库存 世 2026 - 2025 -- 2024 350000 F 300000 250000 2000000 150000 1000000 50000 01/02 01/31 03/03 04/08 05/16 06/20 07/24 08/27 09/28 11/03 12/02 12/31 图表 3:氧化铝现货汇总均价 ...

Group 1: Steel Industry - The steel sector has shown significant growth, with major stocks like Baosteel and Lingang Steel experiencing increases of over 10% [1][2] - The overall market for steel is reported at 10,530.34, reflecting a 5.27% increase [1] - Notable performers include Angang Steel with a 9.92% rise and Shandong Steel with a 9.76% increase [1] Group 2: Rare Earth and Permanent Magnet Sector - The rare earth permanent magnet concept has gained strength, with stocks like Baogang and Zhongse reaching their daily limit [2] - Significant increases were noted in stocks such as San Chuan Wisdom, which rose by over 10%, and Northern Rare Earth, which increased by over 7% [2] - The overall market for rare earths is reported at 4,007.45, with a 3.35% increase [2] Group 3: Nonferrous Metals Sector - The nonferrous metals sector has seen a substantial rise, with companies like Huaxi Nonferrous and Yunnan Zhenye hitting their daily limits [3] - The market for nonferrous metals is reported at 31,769.06, reflecting a 3.02% increase [3] - Key stocks include Huaxi Nonferrous and Yunnan Nonferrous, both showing a 10.01% increase [3] Group 4: Precious Metals - Precious metals have shown positive movement, with gold priced at 5,189.29, reflecting a 0.88% increase, and silver at 89.11, with a 2.21% rise [4]

Group 1 - The rare earth permanent magnet concept is rising, with significant price increases in heavy rare earths; Yttrium has reached $850 per kilogram and Dysprosium $1,100 per kilogram, marking the highest levels since 2015 due to ongoing supply concerns [1] - Precious metals and industrial metals prices are generally increasing, driven by multiple factors including the reshaping of monetary credit patterns, rising U.S. fiscal deficit rates, and low gold reserves in China, which are expected to push gold prices higher in the long term [1] - The copper price is expected to remain strong in the short term due to solid fundamental support, with significant production disruptions in copper mines and tight non-U.S. inventories, alongside initiatives to expand national copper strategic reserves in China [1] Group 2 - As of January 30, 2026, the National Securities Nonferrous Metals Industry Index (399395) includes 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - The top ten weighted stocks in the National Securities Nonferrous Metals Industry Index account for 49.87% of the index, including companies like Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth [2]

华泰证券认为，主题投资和景气策略仍优于高股息，主题投资关注出口链、服务型消费、机器人应 用等，景气投资关注通信设备、小金属、稀有金属、电池、建材等。 国盛证券表示，有四大变量或成影响节后市场走势的关键。一是美国关税政策仍存不确定性，意味 着贸易摩擦将长期化，短期内将对市场风险偏好形成压制，但出口链企业的韧性已经显现；二是国内人 工智能（AI）大模型与机器人借春晚实现全民出圈，京东等平台销量数据更是提供了业绩验证，上周 五港股相关板块大涨，A股智能机器人、算力设备、AI应用等板块有望迎来资金追捧；三是以人民币计 价资产的吸引力将提升，尤其是权益市场，外资净流入中国资产已成为大趋势；四是地缘政治不确定性 加剧，推升全球避险情绪。 刚刚结束的马年春节假期可谓"马力十足"。交通运输部发布的数据显示，2026年春节前20天，全社 会跨区域人员流动量超50亿人次，创下了新的历史纪录。同时，国家移民管理局预计今年春节假期全国 口岸日均出入境人员同比增长14.1%，日均超205万人次，比2023年春节增长近5倍。此外，消费也迎来 了"开门红"。今年春节首批以旧换新补贴提前下达，叠加地方政府的消费补贴资金共同为假期消费注入 动 ...

Group 1 - The core viewpoint of the news is the strong performance of the non-ferrous metal industry, particularly the non-ferrous metal ETF fund, which has seen significant increases in both stock prices and net inflows [1][2]. - As of February 25, 2026, the CSI Non-Ferrous Metal Industry Theme Index (000811) rose by 3.39%, with notable increases in individual stocks such as Yunnan Tin Industry (10.01%) and Chihong Zn & Ge (8.49%) [1]. - The non-ferrous metal ETF fund (516650) has experienced a year-to-date increase of 20.76% as of February 24, 2026, with a recent net inflow of 206 million yuan [1]. Group 2 - The top ten weighted stocks in the CSI Non-Ferrous Metal Industry Theme Index account for 51.85% of the index, with major companies including Zijin Mining and China Aluminum [2]. - The highest monthly return for the non-ferrous metal ETF fund since its inception was 27.00%, and it has achieved a maximum consecutive monthly gain of 69.57% [1]. - The fund has outperformed its benchmark with an annualized excess return of 2.00% since inception, indicating strong performance relative to market standards [1].

2月25日，A股市场延续开门红，两市超4000股上涨，截至9:59，有色ETF汇添富（159652）震荡上冲，当前大涨1.99%，冲击两连阳！资金持续涌入有色板 块，此前已连续三日大举吸金超1.8亿元！ | 分时 多日 1分 5分 15分 30分 = 综合屏 F9 前复权 超级叠加 画线 工具 令 2 » | | | | | | 有色ETF汇 | | --- | --- | --- | --- | --- | --- | --- | | 159652.SZ[有色ETF汇添富] 2026/02/25 收 1.999 幅 1.99%(0.039) 开 1.961 高 1.999 低 1.958 均 四 | | | 1 999 +0.039 +1.99% | | | 159 | | MA51 1.7951 MA120 1.5751 MA250 1.2581 2025/10/28-2026/02/25(79日)▼ ■ | | | SZSE CNY 10:07:54 交易中 查看L2全景 | | | | | 2.315 | 2.315 | 净值走势 | 汇添富中证细分有色金属 | | 交生 | 19.41% 120F ...

上期所沪锡主力合约大涨5%，报406190元/吨。LME锡主力合约涨超3%，现报51920.0美元/吨。 ...