Group 1 - The national production material market prices decreased by 0.3% from February 2 to February 8 compared to the previous week [1] Group 2 - Non-ferrous metal prices slightly declined, with aluminum, zinc, and copper decreasing by 3.8%, 1.4%, and 0.4% respectively [2] - Steel prices continued to fall, with rebar, hot-rolled strip steel, and ordinary medium plate priced at 3350 yuan, 3510 yuan, and 3627 yuan per ton, decreasing by 0.3%, 0.2%, and 0.2% respectively [2] - Coal prices showed a slight decrease, with anthracite, thermal coal, and coking coal priced at 1134 yuan, 776 yuan, and 1048 yuan per ton, decreasing by 0.4%, 0.1%, and 0.1% respectively [2] Group 3 - Rubber prices experienced a slight decline, with synthetic rubber and natural rubber both decreasing by 0.1% [3] - Basic chemical raw material prices showed minor fluctuations, with sulfuric acid increasing by 1.1%, while soda ash, polypropylene, and methanol decreased by 1.2%, 0.8%, and 0.6% respectively [3] - Fertilizer prices saw a slight increase, with compound fertilizer and urea rising by 0.2% and 0.1% respectively [3] Group 4 - Wholesale prices of finished oil slightly increased, with 95-octane gasoline, 92-octane gasoline, and 0-octane diesel rising by 1.8%, 1.7%, and 1.0% respectively [4]

Group 1 - The core viewpoint of the articles indicates a decline in non-ferrous metal stocks, with significant drops in companies such as Xiyeg股份 (over 4%), Northern Rare Earth, and Xiamen Tungsten (over 3%) [1] - Industrial non-ferrous related ETFs have also experienced a decline, with an overall drop exceeding 2% [1] - Despite short-term market fluctuations, brokerages suggest that the long-term outlook for cyclical resource sectors, including industrial non-ferrous metals, remains promising due to industrial structural optimization and sustained demand growth [2] Group 2 - Performance trend models indicate that the current valuation of the industrial non-ferrous sector is reasonable, with potential for a rebound in the future [2] - Investors are advised to focus on the potential performance of these sectors within the supply chain and to seize investment opportunities arising from significant price declines [2]

花旗发布研报称，尽管2026年预期加工费(TC/RC)走低，但考量硫酸价格上涨，预期江西铜业 （600362）股份(00358)的铜冶炼业务仍能维持盈利。若收购SolGold交易顺利完成，预计将自2028年起 推动长期盈利增长。该行将江西铜业H股目标价由39.8港元上调至54.1港元，按现金流折现率及公平市 账率作估值，维持"买入"评级。 ...

2月13日，A股市场低开震荡，受昨夜黄金、白银、铜等金属回调影响，有色板块回调，截至10:29，有色ETF汇添富(159652)跌超2%，资金逢跌持续涌入， 有色ETF汇添富(159652)盘中吸金超3800万元。 有色ETF汇添富(159652)标的指数成分股多数回调，厦门钨业跌超3%，紫金矿业、洛阳钼业等跌超2%，赣锋锂业等回调。 【有色ETF汇添富(159652)标的指数前十大成分股】 | 序号 | 什C45 | 名标 | 申万一级行业 | 涨跌幅 | 估算板重 | | --- | --- | --- | --- | --- | --- | | 1 | 601899 | 三合肥新 | 有色全属 | -2.87% | 14.97% | | 2 | 6668809 | 洛阳領小 | 有色全属 | -2.94% | 7.78% | | 3 | 600111 | 北方稀土 | 有色金属 | -2.86% | 5.55% | | 4 | 603799 | 华友错业 | 有色全属 | -2.61% | 4.59% | | 5 | 601600 | 中国铝业 | 有色全属 | -2.12% | 4.03% | | 6 ...

Group 1: Fund Positioning - In Q4 2025, the overall equity position of actively managed equity funds decreased to 86.45%, down by 0.97 percentage points from Q3 2025[4] - The main board's position decreased by 0.2 percentage points to 58.4%, while the Sci-Tech Innovation Board's position fell by 1.0 percentage points to 16.4%; the ChiNext Board's position increased by 1.2 percentage points to 24.8%[5] - The cyclical sector saw the largest increase in position, rising from 18.2% to 21.5%, an increase of 3.3 percentage points[10] Group 2: Sector Adjustments - Actively managed equity funds increased their positions in non-ferrous metals and communications while reducing their holdings in pharmaceuticals and electronics[10] - The top five sectors by position in Q4 2025 were electronics (23.7%), electric power equipment (11.4%), communications (11.1%), pharmaceuticals (8.1%), and non-ferrous metals (8.0%)[13] - The growth sector's position decreased by 2.5 percentage points to 57.6%, while the consumer sector fell by 1.6 percentage points to 14.7%[10] Group 3: Concentration of Holdings - The concentration of holdings in the top 20 stocks increased, with the top 5, 10, 30, and 50 stocks' holdings rising by 1.3, 0.8, 0.6, and 0.2 percentage points respectively[20] - The top stocks with increased holdings included those in the electric power equipment and non-ferrous metals sectors, while reductions were primarily in electronics and media[23] Group 4: Future Expectations - It is anticipated that holdings in the growth, certain cyclical, and consumer sectors may rebound or remain high in Q1 2026 due to policy support and market conditions[27] - The TMT (Technology, Media, Telecommunications), electric new energy, pharmaceuticals, and certain consumer sectors are expected to attract attention for potential investment[28]

期货市场：美指反弹施压及国内春节最后交易日供需真空 ，隔夜伦锡收跌4.52%；最新收盘报47800， 比前一交易日下跌2265美元，跌幅为4.52%，成交量为628手，持仓量24416万减少737手；国内方面， 夜盘沪期锡全线遭遇抛售，大幅度下跌。主力合约沪锡2603收报376330元/吨，跌16790，跌幅报 4.27%。 伦敦金属交易所（LME）2月13日伦锡库存量7490吨，较前一交易日库存量减少60吨。 长江锡业网讯：今日沪锡期货全线低开，主力月2603合约开盘报383640跌9480，9：10分沪锡主力2603 合约报378280跌14840；沪期锡开盘低开低走，盘面维持弱势震荡；宏观面，隔夜锡价突发跳水，其背 后是 "海外紧缩预期强化"与 "国内节前流动性枯竭"形成的共振冲击。美国远超预期的非农就业数据与 潜在的鹰派美联储主席提名，彻底扭转了市场对提前降息的乐观预期，推动美元与美债收益率走强，从 金融属性上直接压制了以美元计价的金属价格。与此同时，美股科技股引领的暴跌引发了全球风险资产 的抛售潮。国内市场则因春节长假临近而进入"特殊时段"：交易所上调保证金、杠杆资金主动离场形成 了集中的"多杀多" ...

【ccmn.cn摘要】股油双杀重挫市场乐观情绪与美指反弹压制，隔夜伦锌跌超 1%；高盛预测今年全球锌 市将小幅过剩，国内春节临近现货采销清淡，今现锌或下跌。 【ccmn.cn锌期货市场】隔夜伦锌震荡下挫，开盘报3416.5美元/吨，高点报3449美元，低点报3356.5美 元，尾盘收于3482美元，跌36美元，跌幅1.07%；成交量9738手减少1065手，持仓量227792手减少7690 手。晚间沪锌走势先扬后抑，主力2603合约最新收盘价报24435元/吨，跌155元，跌幅0.63%。 长江锌业网（pb.ccmn.cn）今日现货锌价行情预估：股油双杀重挫市场乐观情绪与美指反弹压制，隔夜 伦锌跌超 1%，收报3482美元/吨； 宏观层面，美国1月非农就业岗位新增13万个，12月数据还获上修，与市场此前预期的就业市场降温明 显不符。更意外的是，失业率不升反降至4.3%。虽随后公布的周度初请失业金人数略高于预期，但22.7 万人的数值仍显示劳动力市场状况良好，远未到需美联储干预救助的地步。周四，美国股市因人工智能 引发大跌，纳斯达克指数重挫2%，标普500指数跌超1.5%，道指也未能幸免。市场对AI颠覆效应深度 ...

Group 1 - The core viewpoint of the articles indicates that the current trends in the metals market, particularly in precious and industrial metals, are influenced by liquidity expectations and geopolitical tensions, which are driving prices upward [2][3] - The performance of the Huabao ETF (159876) reflects a comprehensive coverage of various metals including copper, aluminum, gold, rare earths, and lithium, positioning it as an efficient tool for investors to gain exposure to the sector [3] - Recent fluctuations in the market have seen the Huabao ETF experience a decline of over 2.4%, with a current drop of 1.97%, indicating a short-term weakness but not a negative trend overall [1] Group 2 - The report from CITIC Securities suggests that the upward trend in gold prices is not yet over, with expectations of a recovery in both Chinese and global economies in the next 6-12 months, which could boost market demand [2] - The analysis from CICC indicates that the resource stock market has not ended, and after a short-term adjustment, there is potential for a mid-term recovery in prices [2] - Long-term perspectives from Huatai Securities maintain that the macroeconomic logic for non-ferrous metals remains intact, supporting a positive outlook for the sector [2]

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260213 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美股科技抛售加剧，A 股延续分化修复 海外方面，1 月 CPI 发布前夕，市场避险情绪明显升温。围绕人工智能可能引发行业结 构性重塑的担忧加剧，部分资金出现阶段性"反 AI 交易"，一方面担忧 AI 对传统软件与部 分科技子行业形成盈利挤压，另一方面对企业大规模 AI 投入的回报确定性产生疑虑，进而 放大了科技板块的抛售压力，风险偏好快速收缩下，跨资产同步承压：纳指跌超 2%，黄金 下挫逾 3%，白银跌幅超过 10%，铜、油回落超 2%，10Y 美债利率回落至 4.1%。当前市场 仍处于高波动环境，今日重点关注美国 1 月 CPI 数据发布。 国内方面，在中美两国元首预计 4 月会晤及特朗普拟访华背景下，美方暂缓多项针对中 国的关键技术与安全限制措施（涵盖电信、网络设备及新能源商用车等领域），双方就高层 互访保持沟通。春节假期前处于经济数据与政策真空期，A 股周四延续震荡分化格局。中小 盘与成长风格相对占优，科创 50、中证 500 收涨，而沪深 ...

商 品 研 究 2026 年 02 月 13 日 铜：海外扰动增强，价格承压 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 102,330 | 0.15% | 100030 | -2.25% | | | 伦铜3M电子盘 | 12,856 | -2.90% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 243,029 | 49,638 | 560,666 | -7,381 | | | 伦铜3M电子盘 | 22,114 | -4,377 | 322,000 | -3,871 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 187,179 | 8,282 | - | - | | | 伦铜 | 196,650 | 4,550 | 11.01% | -0 ...