注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 以下为2026年2月以来三大交易所铜库存数据：（单位：吨） 伦敦金属交易所（LME）公布数据显示，春节假期期间伦铜库存明显累积，最新库存水平为241,825吨，增至近一年新高。 上海期货交易所最新公布数据显示，2月13日当周，沪铜库存继续累积，周度库存增加9.47%至272,475吨，增至近一年半新高。国际铜库存增加2277吨至 20,625吨。 上周，纽铜库存继续累积，最新库存水平为600,436吨，再创阶段性新高。 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 SMM联合制作联系人 刘明康 156 5309 0867 liumingkang@smm.cn 2023年以来三大交易所铜库存对比 | - Eit | COMEX | LHE | SHIB | | -- ...

1. Industry Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - The speculation sentiment in Shanghai nickel still exists, and continuous attention should be paid to the contradictions in nickel ore [1] - The cost support center of stainless steel has moved up, but inventory accumulation in the off - season restricts its elasticity [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - The closing price of the Shanghai nickel main contract was 135,190, down 4,420 from T - 1; the closing price of the stainless - steel main contract was 13,860, down 110 from T - 1 [1] - The trading volume of the Shanghai nickel main contract was 379,528, down 54,310 from T - 1; the trading volume of the stainless - steel main contract was 223,883, up 3,871 from T - 1 [1] - **Industrial Chain Data**: - The price of 1 imported nickel was 135,500, down 5,250 from T - 1; the ex - factory price of 8 - 12% high - nickel pig iron was 1,052, unchanged from T - 1 [1] - The price of red clay nickel ore 1.5% (Philippines CIF) was 65, unchanged from T - 1; the price of battery - grade nickel sulfate was 31,950, unchanged from T - 1 [1] 3.2 Macro and Industry News - Indonesia has suspended issuing new smelting licenses through the OSS platform for projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1] - Indonesia will revise the benchmark price formula for nickel ore products in early 2026 and start levying royalties on cobalt as an independent commodity [2] - Some Indonesian mining companies face potential fines of about 80.2 trillion Indonesian rupiahs for illegal occupation of forest land, and the final amount may be lower [2] - The KPPU found monopoly behavior in the port warehousing and logistics of the IMIP park in Indonesia, and the park is in consultation [3] - Indonesia has started approving the 2026 mining work plans and budgets (RKAB), and the approved nickel ore production quota is between 2.6 and 2.7 billion tons [3][4] - A Swiss investment group plans to restart its nickel mine business in Guatemala in a few months due to the rebound in nickel prices and the lifting of restrictions [3] - Philippine miners say the export volume of Indonesian nickel ore may double [4] - A landslide occurred in a tailings area of the IMIP park in Indonesia, causing one death and suspending operations in the affected area [5] 3.3 Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0, indicating a neutral view [6]

马年首个交易日，A股早盘三大指数集体高开。 截至9:59，上证指数上涨0.59%，深证成指上涨0.93%，创业板指上涨0.67%，科创综指下跌1.26%。 盘面上，周期股早盘领涨，受外围地缘政治事件影响，油气开采、有色金属、港口航运等板块大涨，"三桶油"集体上涨，截至9:59，中国海油（600938） 涨超7%。洛阳钼业（603993）、紫金矿业（601899）等龙头股大涨。 东方证券表示，受地缘冲突影响，市场对油气供应减少的担忧上升，导致油价回升。而全球的油气资本开支正处于较低水平，存在向上恢复的空间。但 是，考虑到油气项目的建设周期较长，预计下游业主将更重视油气服务和装备企业的长期竞争力，因此看好具有高竞争力的油服装备企业的投资机会。 港口航运板块中，中远海能（600026）、招商轮船（601872）等个股大涨。消息面上，上期所欧线集运主力合约早盘一度涨超12%。 | | 油气开采及服务 2001.96 9.75% | | G | | --- | --- | --- | --- | | 基金 成分股 | 简况(F10) | 资金 | 板块分析 | | 名称代码 | 最新 | 涨幅 ◆ | 流通市值 | | ...

消息面上，春节假期内中东局势出现新的变局，成为影响市场的短期不确定因素。假期伊始，美伊 地缘冲突发酵引发黄金、白银价格深度调整，而后半周避险情绪卷土重来，国际金价强势反弹。2月23 日，黄金、白银开盘直线拉升。现货黄金向上突破5170美元，日内涨超1%。现货白银涨超3%，升破87 美元。 中信证券，展望2026年全年，维持对贵金属和有色金属价格的乐观预期。 （责任编辑：王治强 HF013） A股迎来马年首个交易日，三大指数集体高开。 盘面上，有色金属领涨，白银有色涨超9%，兴业银锡、铜陵有色涨超6%，带动带动有色金属ETF 天弘(159157)标的指数大涨3.15%。 有色金属ETF天弘(159157)持续获得资金净流入，近10日资金净流入10.52亿元；其标的指数全面覆 盖铜、铝、黄金、稀土等行业，涵盖贵金属（避险）、战略金属（成长）、工业金属（复苏）等不同景 气周期，全品类覆盖能够更好把握整个板块的贝塔行情。该ETF场外联接基金（A类：017192；C类： 017193）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供 ...

Group 1 - Precious metals prices have been rising during the Spring Festival, with spot gold reaching $5,200 per ounce, marking a nearly 2% increase since January 30 [1] - The main silver contract on the Shanghai Futures Exchange surged by 13%, reaching 22,366 yuan per kilogram [1] - The U.S. macroeconomic data, including resilient employment figures and hawkish comments from Federal Reserve officials, have weakened market expectations for interest rate cuts, pushing the anticipated first rate cut from June to July [1] Group 2 - The China Nonferrous Metals Industry Index (399395) has risen by 3.44%, with component stocks such as silver and copper showing significant gains, including a 9.40% increase in silver and a 6.59% rise in Xinyi Silver [2] - The Nonferrous Metals Industry Index reflects the overall performance of listed companies in the nonferrous metals sector, based on a selection of 50 securities with strong scale and liquidity [2] - As of January 30, 2026, the top ten weighted stocks in the index accounted for 49.87% of the total, including major companies like Zijin Mining and China Aluminum [2]

Core Viewpoint - The article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 3.44% on February 24, 2023, indicating a positive trend in the nonferrous metals sector [1] Group 1: ETF Performance - The Penghua Nonferrous ETF (159880) opened at 2.314 yuan, reflecting a 3.44% increase [1] - The fund's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd. [1] - Since its inception on March 8, 2021, the fund has achieved a return of 123.33%, with a monthly return of 2.73% [1] Group 2: Major Holdings - Key stocks in the Penghua Nonferrous ETF include: - Zijin Mining, which rose by 4.53% [1] - Luoyang Molybdenum, which increased by 4.41% [1] - Northern Rare Earth, up by 2.30% [1] - Huayou Cobalt, gaining 1.79% [1] - China Aluminum, which rose by 2.52% [1] - Ganfeng Lithium, increasing by 4.36% [1] - Yun Aluminum, up by 1.92% [1] - Shandong Gold, which rose by 4.07% [1] - Zhongjin Gold, gaining 4.98% [1] - Tianqi Lithium, which increased by 2.65% [1]

Market Performance - The A-share market experienced a decline, with major indices falling over 1%, and the Shanghai Composite Index closing at 4082.07, down 1.26% [2][4] - The Shenzhen Component Index closed at 14100.19, down 1.28%, while the CSI 300 Index ended at 4660.41, down 1.25% [2][4] - The ChiNext Index and the STAR 50 Index also saw declines of 1.57% and 0.72%, respectively [2] Sector Performance - The top-performing sectors included Comprehensive (+2.06%) and Defense Industry (+0.65%), while the worst-performing sectors were Non-ferrous Metals (-3.36%) and Building Materials (-3.10%) [3] - Concept sectors that performed well included Digital Watermarking (+1.09%) and Ride-hailing (+0.80%), whereas F5G Concept (-2.56%) and Special Steel Concept (-2.47%) lagged [3] Future Outlook - The report indicates that despite the recent market downturn, the long-term outlook for the A-share market remains positive due to reasonable valuations and supportive policy signals [4][5] - The macroeconomic recovery is expected to strengthen, with potential for the market to stabilize and rebound as favorable factors materialize [5] - Investors are advised to maintain rational judgment and adopt a balanced strategy, focusing on core assets with solid fundamentals and high profit certainty [5]

Group 1: Market Overview - LME copper prices fell by $95.5, or 0.74%, closing at $12,868.50 per ton, after reaching a one-week high of $13,050 [1] - Despite a 3% rebound over the past four trading days, copper prices remain significantly below the historical peak of $14,527.50 set on January 29 [1] Group 2: Inventory and Demand - LME copper inventory increased by 6,675 tons, or 2.84%, reaching 241,825 tons, the highest level since March 2025, with a 70% surge year-to-date [3] - The increase in inventory outside the U.S. suggests potential weakness in demand, although it remains unclear whether this is due to a shift from off-exchange warehouses or overall demand softness [3] Group 3: U.S. Tariff Uncertainty - The U.S. Supreme Court overturned a tariff order from former President Trump, leading to increased uncertainty in the metals, dollar, and stock markets [3] - Trump announced plans to raise the import tariff on global goods from 10% to 15%, with new legal tariffs to be determined in the coming months [3] Group 4: Future Supply Predictions - JPMorgan forecasts a supply deficit of 130,000 tons in the copper market by 2026, with expectations of a mild surplus in 2027 due to increased copper scrap supply and recovery of major mines [4] - The projected copper price for Q2 2026 is $13,500 per ton, decreasing to $13,000 per ton in Q3 2026 [4] Group 5: Market Sentiment - Traders are awaiting the resumption of trading on the Shanghai Futures Exchange, with market sentiment hinging on potential additional domestic demand from China [5]

肃北工业发展势头劲 【跑好"第一棒" 力促"开门红"】 "目前每天产量稳定在2400吨，达到设计指标的80%，1月预计能完成6万吨产量，一季度朝着20.2万吨 的目标全力冲。"运营改善部主任李洪明介绍，技改升级让企业在首季攻坚中更有底气、更有冲劲。 作为工业经济的"压舱石"，煤炭产业同样势头正劲、干劲十足。在德丰矿业吐鲁东露天煤矿采矿区，大 型挖掘机挥舞铁臂精准作业，重型运输车穿梭往来、忙而有序。 2026年是"十五五"开局之年，肃北县锚定工业主导的发展方向，有色金属、黑色金属、煤炭等核心产业 拧成一股绳、齐头并进，全力打响一季度生产攻坚的"第一枪"。 责任编辑：杨晨雨 新甘肃·甘肃日报记者 董文龙 通讯员 董新龙 机器轰鸣声此起彼伏，浮选槽内矿浆翻滚，工人们在生产线上忙碌……走进肃北县霍勒扎德盖北东矿业 选厂，扑面而来的是争分夺秒的紧迫感，涌动的是实干快干的热潮。 "我们提前排好了春节期间的班次，备足各类物料，确保节日期间生产不断档、产能不掉线。"公司常务 副总经理马斌语气坚定。北东矿业作为肃北县有色金属产业的"排头兵"，这条高速运转的生产线，正是 肃北工业经济加速快跑的生动写照。 技术升级正成为黑色金属领 ...

来源：证券时报 开年以来，多家外资公募密集发声，对中国权益市场的中期前景释放出积极信号。 在全球流动性环境趋于宽松、美元走弱预期升温的背景下，外资机构普遍认为，A股市场正迎来资金结 构与基本面共振的新阶段。一方面，养老金、保险资金等长期资金占比提升，有助于优化市场投资结 构；另一方面，居民资产配置重心出现边际转向，权益类资产吸引力正在提升。 与此同时，中国经济正在走向内生修复，企业盈利改善与产业结构升级成为中长期支撑。在此背景下， A股市场或呈现更具结构性的机会格局。 看好增量资金入市 施罗德基金副总经理安昀表示，随着2025年全球经济逐步走出疫情后的调整期，2026年权益市场正迎来 新的发展格局。从宏观经济环境、政策导向到市场结构变化，在多重因素交织下，A股市场有望呈 现"长周期、结构性牛市"特征，为投资者提供丰富的配置机会。 安昀认为，资金流向方面最值得关注的是长钱占比增加和居民资产再配置两大趋势。一方面，机构投资 者占比持续提升，养老金、保险资金等长期资金入市步伐加快，这些资金更注重价值投资和长期持有， 有助于稳定市场。 对于市场较为关注居民存款搬家，摩根资产管理也认为，这一进程有望在2026年逐步展开 ...