Group 1 - The core point of the news is that Baiyin Nonferrous Metals has experienced a significant drop in stock price, reaching a limit down at 12.30 CNY per share, with a total market capitalization of 91.079 billion CNY [1] - Baiyin Nonferrous Metals Group Co., Ltd. was established on July 6, 2007, and listed on February 15, 2017. The company is engaged in the mining, smelting, processing, and trading of various non-ferrous metals including copper, lead, zinc, gold, and silver [1] - The main revenue composition of Baiyin Nonferrous Metals includes cathode copper (47.65%), gold (18.67%), zinc ingots (7.39%), copper rods (6.90%), and other products [1] Group 2 - From the perspective of the top ten circulating shareholders, Yongying Fund has a fund that ranks among the top shareholders of Baiyin Nonferrous Metals. The Gold Stock ETF (517520) entered the top ten circulating shareholders in the third quarter, holding 34.0831 million shares, which accounts for 0.46% of the circulating shares [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 12.55 billion CNY. It has achieved a return of 39.65% this year, ranking 3rd out of 5579 in its category, and a return of 150.08% over the past year, ranking 1st out of 4285 [2] - The fund manager of the Gold Stock ETF (517520) is Liu Tingyu, who has been in the position for 2 years and 174 days, with a total fund asset size of 28.048 billion CNY. The best fund return during his tenure is 186.44% [3]

1月30日，有色60ETF（159881）回调超9%，连续5日迎资金净流入，有色行情具备支撑，把握回调布 局机会。 华创证券指出，降息预期和美联储独立性危机强化、地缘冲突下避险升温以及美债或遭抛售等因素，持 续催化贵金属行情。央行购金需求持续对金价形成强支撑，中国央行已连续14个月增持黄金。黄金的避 险需求和投资需求或长期持续，价格或长期上行。白银易受库存挤兑危机与金融政策转向等影响，工业 属性和金融属性共振下，白银价格更具弹性。该机构持续看好电解铝红利属性，预计行业平均利润维持 高位，由于行业未来资本开支强度较低，上市公司普遍具备提高回馈股东的能力和意愿，红利资产属性 逐步凸显。铝短期进入消费淡季，但长期基本面和宏观叙事大逻辑暂未改变，对铝价支撑强。未来几年 供给刚性明显，电力扰动存量项目减产预期持续强化，增量项目释放缓慢；同时市场铝代铜、储能新需 求领域层出；铜铝比历史高位带来铝强大补涨潜力。全球铝库存总体维持低位，铝价支撑强。 有色60ETF（159881）跟踪的是中证有色金属指数（930708），该指数从沪深市场中选取涉及有色金属 采选、冶炼与加工等业务的上市公司证券作为指数样本，覆盖铜、铝、黄金、锂 ...

Group 1 - The core viewpoint of the news is that Shengtun Mining experienced a 5.2% drop in stock price, closing at 16.94 yuan per share, with a trading volume of 550 million yuan and a turnover rate of 1.04%, resulting in a total market capitalization of 52.355 billion yuan [1] - Shengtun Mining, established on January 14, 1997, and listed on May 31, 1996, is located in Xiamen, Fujian Province. The company primarily engages in non-ferrous metal mining and selection, metal industry chain value-added services, and cobalt materials business, with its main business revenue composition being 66.55% from energy metals, 27.88% from basic metals, and 5.56% from metal trading and others [1] Group 2 - From the perspective of fund holdings, one fund under Baoying Fund has a significant position in Shengtun Mining. The Baoying Core Advantage Mixed A Fund (213006) held 1.9 million shares in the fourth quarter, accounting for 5.1% of the fund's net value, making it the ninth largest holding. The estimated floating loss today is approximately 1.767 million yuan [2] - The Baoying Core Advantage Mixed A Fund (213006) was established on March 17, 2009, with a latest scale of 553 million yuan. Year-to-date, it has achieved a return of 10.84%, ranking 1685 out of 8872 in its category; over the past year, it has returned 27.23%, ranking 4694 out of 8126; and since inception, it has returned 293.92% [2]

1月29日，盛屯矿业跌5.09%，截至发稿，报17.33元/股，成交21.60亿元，换手率3.89%，总市值535.60 亿元。 资料显示，盛屯矿业集团股份有限公司位于福建省厦门市思明区展鸿路81号波特曼财富中心A座52层， 成立日期1997年1月14日，上市日期1996年5月31日，公司主营业务涉及有色金属采选业务、金属产业链 增值服务业务、钴材料业务等;铅锌及多种有价金属产品冶炼。主营业务收入构成为：能源金属业务 66.55%，基本金属业务27.88%，金属贸易业务及其他5.56%。 从基金十大重仓股角度 数据显示，中银基金旗下1只基金重仓盛屯矿业。中银宏观策略混合A（001127）四季度持有股数48.71 万股，占基金净值比例为2.59%，位居第六大重仓股。根据测算，今日浮亏损失约45.3万元。 中银宏观策略混合A（001127）基金经理为严菲、郭昀松。 截至发稿，严菲累计任职时间18年339天，现任基金资产总规模3.19亿元，任职期间最佳基金回报 144.87%， 任职期间最差基金回报-17.61%。 郭昀松累计任职时间2年78天，现任基金资产总规模5.41亿元，任职期间最佳基金回报101.03%， ...

1月28日，有色60ETF（159881）收涨超7%，金属价格上行与供需格局变化利好。 每日经济新闻 （责任编辑：刘畅 ） 【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任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东兴证券指出，金属行业已进入弱供给周期，全球矿业供给在2028年前或延续强刚性化特征。从需 求端观察，绿色低碳能源转型、新质生产力发展及算力资本周期的来临或将提振多金属品种需求曲线右 移。流动性周期的切换有助于金属价格的弹性释放，全球央行资产负债表的再扩张或推动本就供需状态 紧平衡的小金属品种获得流动性溢价。具体来看，稀土行业供需结构持续优化，供给端受政策管控增速 放缓，需求端受新能源汽车、机器人等推动持续增长，行业迎来价值重估。锂行业供需关系或持续改 善，供应过剩状况预计持续减缓。锑行业因供需错配进入强景气周期，全球锑供需缺口或持续放大。 镁、钼等品种的供需亦呈现紧平衡状态，有望推动价格中枢上行及行业盈利修复。 有色60ETF（159 ...

Core Viewpoint - The precious metals sector in A-shares has experienced a significant surge, with multiple stocks hitting the daily limit up, driven by strong international gold and silver prices and robust company earnings forecasts [2][3][4]. Group 1: Precious Metals Sector Performance - The precious metals sector has seen a remarkable performance in 2023, with stocks like Sichuan Gold achieving 7 limit-ups in 10 trading days, and Hunan Silver, Sichuan Gold, and Xiaocheng Technology all doubling in value [3][4]. - As of January 28, 2023, the year-to-date gains for Hunan Silver, Sichuan Gold, and Xiaocheng Technology were 180.35%, 139.99%, and 132.54% respectively, significantly outperforming the broader market index [3][4]. - The surge in the sector is attributed to the continuous rise in international gold and silver prices, which have reached historical highs, alongside strong earnings forecasts from listed companies [3][4][12]. Group 2: Company Earnings and Growth - Hunan Silver has shown impressive revenue growth, with projected revenues of 33.94 billion yuan in 2022, 51.39 billion yuan in 2023, and 83.13 billion yuan in 2024, reflecting year-on-year growth rates of 70.59%, 51.43%, and 61.76% respectively [6]. - Sichuan Gold's revenue has fluctuated but is on an upward trend, with a projected revenue growth rate of 49.43% for the first three quarters of 2025 [7]. - Xiaocheng Technology is also performing well, with expected year-on-year growth rates of 47.71% and 59.66% for 2024 and the first three quarters of 2025 respectively [7]. Group 3: Market Dynamics and Future Outlook - The strong performance of the precious metals sector is supported by a dual resonance of capital and fundamentals, with increased market activity and investment interest [7][12]. - The international gold price has shown a significant increase of nearly 70% in 2025, with spot gold prices surpassing 5,250 USD per ounce, marking a historical high [12]. - The price of silver has also reached a record high of over 116 USD per ounce, benefiting from its dual role as both a precious and industrial metal [12].

行业层面的利好，成为推动其股价走高的核心支撑。1月28日，国际金价再度刷新历史高位，一举突破5200美元/盎司关口，日内上涨2.3%，年内已累计 上涨23%。与此同时，国际白银价格也持续上行，伦敦现货白银价格最高达到115.372美元/盎司。 这一涨势背后，得益于美联储降息预期持续升温、全球地缘冲突推高避险情绪，进而带动美元走弱、贵金属资产价值提升。这将直接利好主营贵金属、 有色金属相关业务的上市公司。 白银有色成功站上了风口。1月20日，白银有色首板涨停启动，随后连续上攻，现已走出7连板涨停。2026年以来，该股累计上涨136.07%。截至1月28日 收盘，白银有色报13.81元/股，全天成交金额54.09亿元，最新A股总市值达1023亿元。 在贵金属风口与资金追捧的双重推动下，白银有色（601212.SH）股价迎来一波凌厉拉升，成为近期A股市场的焦点。 截至1月28日收盘，该股已走出7连板涨停，今年以来累计上涨超136%，总市值突破千亿元大关。然而，这看似风光的涨势背后，却暗藏业务认知偏差、 盈利承压及内控漏洞等多重隐忧，股价狂欢与经营基本面的背离，亟待市场理性审视。 白银有色之所以能凭借7连板强势出圈， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财通社 白银这一轮上涨，把市场情绪彻底点燃了。 国际银价一路狂飙，年初至今累计涨幅超过50%。 不少投资者急着上车，希望在这轮行情中分得一杯羹。 在行情刺激下，A股里名字带"白银"的个股被反复点名，股价飞升。 甚至并非以白银为核心产品的白银有色（维权）（601212.SH），也被当成了最直接的白银概念股，成 交额和股价齐升。 同样因为"白银"二字受益、且主业确实围绕白银展开的湖南白银（002716.SZ）股价同样走高。 但有意思的是，在这轮情绪驱动的上涨中，湖南白银表现反而略逊于白银有色。 有人对此感慨道："家里有矿，不如名字带矿。" 01 "白银"个股飞升 白银行情的急剧升温，如今已传导至A股市场。 一些此前存在感并不强的个股，被资金重新点名，股价出现明显异动。 1月26日，湖南白银涨停，收于18.08元/股。 发出公告后，今天上午湖南白银开盘1分钟急速跌停，随后4分钟内迅速修复拉涨。截至下午A股收盘， 该股报17.64元/股，下跌2.43%，总市值497.99亿元。 | 最高:19.18 | 今开:18.08 | 涨停:19. ...

Core Viewpoint - Recent breakthroughs in lithium extraction from salt lakes in China indicate a shift in the industry from "cost advantage" to "technology leadership," potentially leading to a full-chain upgrade from resource development to high-value utilization [1] Group 1: Macro Environment - The overall macro environment is favorable for the non-ferrous metals sector [3][12] - Multiple supportive factors are emerging for the non-ferrous metals sector due to the dual backdrop of global economic restructuring and domestic policy drivers [4][13] Group 2: Global Liquidity and Geopolitical Risks - Expectations for increased global liquidity are rising, with UBS predicting two 25 basis point rate cuts by the Federal Reserve in 2026, lowering the target range for the federal funds rate to 3.00% to 3.25% [5][14] - Heightened geopolitical risks at the start of 2026 are expected to increase market demand for safe-haven assets, benefiting gold prices and supporting demand for key strategic metals like copper, tungsten, molybdenum, cobalt, and rare earths [6][14] Group 3: Domestic Economic Stability - China's manufacturing PMI rose above the neutral line in December, indicating economic stabilization and a potential recovery in manufacturing sentiment [6][14] - Continued government investment and infrastructure improvements are anticipated, alongside constraints on corporate expansion due to "anti-involution" policies, which may sustain price increases in the non-ferrous metals sector [6][14] Group 4: National Strategy and Resource Security - In 2026, China will initiate a new round of mineral exploration strategies and crack down on illegal mining of strategic mineral resources, which is expected to strengthen the long-term stability of the industry [6][15] Group 5: Supply and Demand Dynamics - The overall supply-demand balance for various non-ferrous metals is expected to remain tight, supporting upward price trends [8][18] - Factors such as global monetary easing, geopolitical tensions, supply-side constraints, and steady demand are likely to drive the non-ferrous metals sector in 2026 [10][19] Group 6: Specific Metal Insights - Gold: China's official gold reserves have increased for 14 consecutive months, indicating a trend towards further accumulation by the central bank [19] - Silver: Supply remains tight while industrial demand, particularly from the photovoltaic sector, continues to grow [19] - Copper: Long-term capital expenditure on copper mines is insufficient, leading to a potential shift from a tight balance to a shortage [19] - Aluminum: High copper prices are accelerating the "aluminum substitution for copper" trend, with potential shortages in aluminum supply expected [19] - Lithium: Demand for lithium battery materials remains strong, with expectations for a supply-demand reversal in lithium carbonate prices [19] - Cobalt: Continued export quotas from the Democratic Republic of Congo are expected to maintain structural tightness in cobalt supply [19]

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年1月27日，白银有色（维权）（sh601212）触及涨停，涨停价12.55元，涨幅9.99%，总市值929.30 亿元，流通市值929.30亿元，截止发稿，总成交额67.35亿元。 根据喜娜AI异动分析，白银有色涨停原因可能如下，营业收入增长+黄金业务拓展+金属价格上涨： 1、 白银有色2025年三季度营收同比增长70.72%，主要产品产销量均有提升，这显示公司经营规模在扩 大，为股价上涨提供了一定支撑。此外，公司设立黄金子公司（注册资本15亿）并竞买金矿探矿权，积 极拓展黄金业务，有望培育新的增长点。 2、有色金属及贵金属产品市场价格同比上升，对公司业绩产 生积极影响。 ...