白银有色(601212)27日盘中强势拉升，截至发稿，该股冲击涨停，成交超60亿元。至此，近6个交易 日，该股已累计涨超77%，其中前5个交易日均涨停。 公司主要业务为铜、锌、铅、金、银等多种有色金属及贵金属的采选、冶炼、加工及贸易业务。公司白 银产品的收入占总营业收入的比重较低。2025年上半年，公司营业收入445.59亿元，销售白银产品收入 20.23亿元，占公司营业收入的比重为4.54%。 2025年1—9月，公司实现营业收入726.43亿元，利润总额9.83亿元，归属于上市公司股东的净利润-2.15 亿元。经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润-6.75亿元到-4.5亿元， 与上年同期相比，将出现亏损。 公司26日晚间提示，公司股票于2026年1月20日、1月21日、1月22日、1月23日、1月26日连续5个交易日 内收盘价格涨幅累计达61.16%，涨幅显著，公司基本面未发生重大变化，可能存在市场情绪过热的情 形，交易风险大幅提升，存在股价下跌的风险，请投资者注意投资风险。 ...

Core Viewpoint - The performance forecasts of A-share listed companies in the non-ferrous metal industry indicate a positive trend, with a significant number of companies expecting improved earnings due to rising metal prices and recovering downstream demand [1][2]. Group 1: Performance Forecasts - As of January 26, 2025, 37 companies in the non-ferrous metal sector have disclosed their earnings forecasts, with 23 companies expecting positive results, resulting in a pre-joy ratio of approximately 62.16% [1]. - Among the 37 companies, 15 expect profit increases, 5 are turning losses into profits, and 3 anticipate slight growth [2]. - For example, China Rare Earth expects a net profit of approximately 143 million to 185 million yuan for 2025, marking a turnaround from losses [2]. Group 2: Price Impact on Earnings - The rise in metal prices has led to significant earnings recovery for many upstream companies in the non-ferrous metal sector [2]. - Xianglu Tungsten Industry forecasts a net profit of 125 million to 180 million yuan for 2025, representing a year-on-year increase of 239.66% to 301.11%, driven by rising tungsten prices and improved market conditions [3]. - Some leading companies are expanding their business scope through mergers and acquisitions to strengthen their core operations [3]. Group 3: Stock Market Reactions - The surge in product prices has resulted in substantial stock price increases for related companies, prompting some to issue risk warnings [4]. - For instance, Silver Industry's stock price increased by 61.16% over five consecutive trading days, leading to a trading risk alert [4]. - The company reported that silver product revenue accounted for only 4.54% of its total revenue, indicating potential volatility in future earnings [4]. Group 4: Downstream Impact - The rising prices of upstream metal raw materials have negatively impacted the earnings of some downstream companies [5]. - For example, Laimu Co. indicated that the tightening pricing strategies of automakers and the historical highs of key metal raw material prices have increased production costs [5]. - Jin Baize expects a net profit of 16 million to 23.5 million yuan for 2025, reflecting a year-on-year decline of 39.84% to 59.04% due to industry pressures and rising raw material costs [5]. Group 5: Strategic Adjustments - Some companies are focusing on developing new customers and increasing the proportion of high-value-added products to enhance profitability [7]. - Zhongyi Technology anticipates a net profit of 60 million to 80 million yuan for 2025, a year-on-year increase of 171.26% to 195.02%, attributed to improved market conditions and strategic customer development [7].

Core Viewpoint - The performance forecasts of A-share listed companies in the non-ferrous metal industry show a positive trend, with a significant number of companies expecting profit growth due to rising metal prices and improved demand in downstream markets [1][2]. Group 1: Company Performance - Among the 37 listed companies in the non-ferrous metal sector, 23 companies are expected to report positive performance, resulting in a pre-joy ratio of approximately 62.16% [1]. - Companies like China Rare Earth anticipate a net profit of approximately 143 million to 185 million yuan for 2025, marking a turnaround from losses, driven by a favorable market environment and strategic adjustments [3]. - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for 2025, reflecting a year-on-year growth of 239.66% to 301.11%, attributed to rising tungsten prices and improved market conditions [4]. Group 2: Market Trends and Risks - The surge in metal prices has led to significant stock price increases for related companies, prompting some to issue risk warnings due to substantial short-term price fluctuations [6][7]. - For instance, Silver Industry reported a cumulative stock price increase of 61.16% over five consecutive trading days, highlighting the volatility and potential risks associated with such rapid price changes [7]. - The rising prices of upstream metal raw materials have also impacted downstream companies, with some reporting decreased profits due to increased production costs [8][9]. Group 3: Strategic Adjustments - Some leading companies are focusing on their core businesses and expanding their operations through mergers and acquisitions [5]. - Companies like Zhongyi Technology expect a net profit of 60 million to 80 million yuan for 2025, driven by increased demand for high-value-added products and successful customer development strategies [9].

A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归属于上市公 司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司强化市场研 判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计提的存货跌 价准备予以冲回，对上半年利润产生一定正向影响。但下半年，受市场环境、供需调节等因素影响，部 分中重稀土产品价格下行，特别是进入第四季度中重稀土产品价格下跌明显。根据会计准则要求，第四 季度计提存货跌价准备金额环比增加，冲减了公司部分利润。 ...

Group 1 - A total of 37 companies in the non-ferrous metal industry have released performance forecasts for 2025, with 23 companies expecting positive results, resulting in a positive forecast ratio of approximately 62.16% [1] - The performance of upstream companies in the non-ferrous metal sector has significantly improved due to rising metal prices, while some midstream and downstream companies have shown notable performance differentiation [1] - Companies like China Rare Earth have forecasted a net profit of approximately 143 million to 185 million yuan for 2025, indicating a turnaround from losses, driven by market conditions and strategic adjustments [2] Group 2 - Companies such as Xianglu Tungsten Industry expect a net profit of 125 million to 180 million yuan for 2025, reflecting a growth of 239.66% to 301.11% due to improved market conditions and pricing power [2] - The surge in metal prices has led to significant stock price increases for related companies, with silver futures and spot prices reaching historical highs, prompting risk warnings from companies like Silver Industry [3] - The rising prices of upstream metal raw materials have adversely affected the performance of downstream companies, with companies like Laimu Co. reporting increased production costs due to high copper prices [4] Group 3 - Companies are actively developing new customers and increasing the proportion of high-value-added products to enhance profit levels, with Zhongyi Technology forecasting a net profit of 60 million to 80 million yuan for 2025, representing a year-on-year increase of 171.26% to 195.02% [5] - The overall market environment has posed challenges for some companies, such as Jin Baize, which expects a net profit decline of 59.04% to 39.84% due to rising raw material costs and industry pressures [4]

Group 1 - 株冶集团触及涨停，涨停价为23.77元，涨幅为10%，总市值为255.02亿元，流通市值为178.71亿元，截止发稿，总成交额为12.32亿元 [1] - 公司公告显示，商品期货和外汇衍生品套期保值业务获股东会全票通过，有助于规避价格和汇率风险，增强了公司的风险管理能力，降低经营不确定性 [2] - 三季度业绩显著增长，净利润同比增长47.51%，经营现金流增长70.69%，良好的业绩表现为股价上涨提供了支撑 [2] Group 2 - 公司集铅锌等有色金属的采选、冶炼、销售为一体，主要产品包括锌及锌合金、铅及铅合金等 [2] - 近期有色金属市场可能存在价格波动和市场需求变化，若市场对有色金属的需求增加或价格上涨，将对公司业绩产生积极影响 [2] - 资金流向方面，1月26日该股超大单呈现净流入状态，表明有主力资金介入 [2]

（文章来源：每日经济新闻） 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，广泛覆盖行业各领域。指数成分股平均市值较 大，行业分布涵盖多种关键金属品种，整体呈现周期性与成长性结合的特点，以反映有色金属相关上市 公司证券的整体表现。 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，部分机构与央行层面的多重利好持续催化。 黄金的避险需求和投资需求或长期持续，价格或长期上行。白银工业属性和金融属性共振，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， 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，且铜铝比处于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。 ...

聚力服务大局，在扛牢使命责任上展现新担当。自觉将嫩江发展置于全省振兴战略中推进。坚决筑牢粮 食安全基石，落实千万吨粮食增产计划，今年将新建高标准农田50万亩，确保粮食播种面积稳定在988 万亩以上、总产超39亿斤，为"中国饭碗"贡献更多优质粮。全力建设区域发展高地，以打造黑龙江省西 北部经济社会发展集聚中心为目标，加快北漠高速、呼嫩公路等交通基础设施建设，提升要素集聚和资 源配置能力。切实守牢安全发展底线，统筹抓好安全生产、风险防范等工作，以高水平安全保障高质量 发展。 记者：赵吉会 省委十三届九次全会暨省委经济工作会议，为龙江振兴发展擘画了蓝图、明确了路径。嫩江市委书记崔 凯接受采访时表示，嫩江市将坚决扛起使命担当，自觉在全省发展大局中找准定位，锚定"冲刺县域经 济总量全省第一、推动地区生产总值向400亿元迈进"的"十五五"目标，抓实产业、抓优环境、抓牢根 基，全力推动2026年经济工作起好步、开新局，为龙江全面振兴贡献嫩江力量。 聚力产业攻坚，在锻造新质生产力上取得新突破。坚持把做实做强做优实体经济作为主攻方向。推动主 导产业集群跃升，围绕打造有色金属、大豆两个百亿级产业集群，今年重点推进总投资超75亿元 ...

Group 1 - The core viewpoint is that industrial metals are entering a strategic allocation phase, particularly with copper prices approaching the 100,000 yuan mark, indicating a favorable time for investment in this sector [1] - Zinc is highlighted as a fundamental material for "de-globalization," with declining smelting fees indicating ongoing supply tightness, driven by re-industrialization demands in Asia, Africa, and Latin America [1] - The demand for galvanized steel is expected to grow both domestically and internationally, supporting the zinc market [1] Group 2 - The copper sector is anticipated to maintain an upward trend despite short-term price fluctuations, supported by a tight supply situation [1] - Expectations of large copper mines resuming production may improve copper smelting fees, enhancing profit margins for copper smelting companies [1] - In the aluminum sector, global supply chain security demands have strengthened post-geopolitical events, giving China's electrolytic aluminum industry a competitive edge due to improved resource supply capabilities [1] Group 3 - The 60ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which reflects the overall performance of listed companies involved in nonferrous metal mining, smelting, and processing [2] - The index comprises companies with large average market capitalizations and covers various sub-sectors, including copper, gold, aluminum, rare earths, and lithium, indicating a balanced overall structure [2]

Group 1 - The core point of the news is that Western Mining Co., Ltd. experienced a stock price increase of 5.05%, reaching 31.83 CNY per share, with a trading volume of 1.773 billion CNY and a turnover rate of 2.40%, resulting in a total market capitalization of 75.851 billion CNY [1] - Western Mining is primarily engaged in the mining, smelting, and trading of non-ferrous metals such as copper, lead, zinc, and iron, with 99.70% of its revenue coming from product sales [1] - The company was established on December 28, 2000, and was listed on July 12, 2007, with its headquarters located in Xining, Qinghai Province [1] Group 2 - Huashang Fund has a significant holding in Western Mining, with its Huashang Upstream Industry Stock A fund (005161) holding 2.7258 million shares, accounting for 3.02% of the fund's net value, making it the seventh-largest holding [2] - The Huashang Upstream Industry Stock A fund has achieved a return of 11% year-to-date, ranking 1130 out of 5546 in its category, and a return of 96.09% over the past year, ranking 118 out of 4261 [2] - The fund manager, Zhang Wenlong, has been in charge for 2 years and 174 days, with the fund's total asset size at 2.99 billion CNY and a best return of 99.4% during his tenure [3]