Group 1 - The A-share market showed a mixed performance with the Shanghai Composite Index rising by 0.05% to 4134.02 points, while the Shenzhen Component and ChiNext Index increased by 0.86% and 1.32% respectively, with the total trading volume reaching 2.14 trillion yuan, an increase of 157.5 billion yuan from the previous trading day [1] - The computing power industry chain experienced a collective surge, with significant gains in computing power leasing concepts, highlighted by Dazhi Technology achieving four consecutive trading limits and companies like Capital Online and Yuke Technology hitting the daily limit [1] - The CPO (Optical Module) concept saw rapid growth, with Tianfu Communication and other companies reaching historical highs, supported by a report from CITIC Securities indicating that Lumentum has secured several hundred million dollars in CPO-related orders, predicting an industry boom by mid-2027 [2] Group 2 - The electric grid equipment sector collectively strengthened, with companies like Siyuan Electric and Sifang Co. reaching historical highs, driven by the State Council's issuance of guidelines to establish a unified national electricity market by 2035 [3] - The non-ferrous metals sector showed repeated activity, with Xianglu Tungsten and Zhangyuan Tungsten achieving consecutive trading limits, influenced by a significant reduction in nickel ore production quotas from the world's largest nickel mine, leading to a rebound in nickel and cobalt prices [3] - The commercial aerospace concept stock, Jili Rigging, faced a sharp decline, hitting the daily limit down due to a clarification that it had not signed a significant project, reflecting a broader weakness in the commercial aerospace and media sectors [4]

2026年02月12日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：震荡反弹 | 2 | | --- | --- | | 白银：高位回落 | 2 | | 铜：原料端扰动，支撑价格 | 4 | | 锌：区间震荡 | 6 | | 铅：缺乏驱动，价格震荡 | 8 | | 锡：小幅震荡 | 9 | | 铝：高位震荡 | 10 | | 氧化铝：过剩格局未改 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：交投清淡，横盘整理 | 12 | | 钯：持续震荡 | 12 | | 镍：印尼消息扰动再现，关注投机属性风险 | 14 | | 不锈钢：二月检修减产频出，成本支撑重心上移 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 12 日 产 业 服 务 研 究 所 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 请务必阅读正文之后的免责条款部分 1 2 期货研究 黄金：震荡反弹 白银：高位回落 贵金属基本面数据 | | | ...

Group 1 - The core viewpoint of the news highlights the strong performance and growing interest in the non-ferrous metal ETF Tianhong (159157), which has seen significant capital inflow and price appreciation due to demand driven by the AI and re-industrialization trends [1][2] - The non-ferrous metal ETF Tianhong has achieved a net inflow of 779 million yuan over the last four trading days, reaching a total fund size of 1.873 billion yuan, marking a new high since its listing [1] - The ETF closely tracks the CSI Industrial Non-Ferrous Metal Theme Index, focusing on industrial metals such as copper, aluminum, and rare earths, with analysts suggesting that supply constraints may lead to price increases for these metals [1] Group 2 - The non-ferrous metal theme ETF (159157) has a total subscription size of 1.074 billion yuan, with individual investors holding 1.042 billion shares, accounting for 97.01% of the total [2] - The fund was launched on January 28, and prior to its listing, it attracted 14,134 individual accounts, indicating strong market interest and participation [2] - Tianfeng Securities notes that the industrial added value of non-ferrous metal companies continues to grow, with production exceeding 80 million tons and strong export dynamics, suggesting a positive industry outlook [2]

周三（2 月 11 日）大盘缩量震荡，走势分化。截至收 盘，上证综指收于 4131.99 点，上涨 0.09%；深成指 收于 14160.93 点，下跌 0.35%；科创 50 下跌 1.11%； 创业板指下跌 1.08%，万得全 A 成交额共 20010 亿元， 较前一日有所下降。 1. 国务院办公厅印发《关于完善全国统一电力市场体 系的实施意见》 国内市场综述 缩量震荡 走势分化 行业方面，30 个中信一级行业有 13 个上涨，其中建 材、有色金属及石油石化涨幅居前，而通信、传媒及 国防军工则跌幅较大，概念方面，玻璃纤维、稀有金 属精选及钴矿等指数表现活跃。 海外市场综述 美国三大股指小幅收跌，IBM 跌超 6% 周三（2 月 11 日），美国三大股指小幅收跌，道指跌 0.13%，标普 500 指数基本持平，纳指跌 0.16%。IBM 跌超 6%，赛富时跌逾 4%，领跌道指。万得美国科技七 巨头指数跌 0.57%。纳斯达克中国金龙指数跌 0.65%。 新闻精要 2. 长征十号与梦舟飞船首次飞行试验任务成功 3. 20.5 亿元"新春礼包"将在春节期间惠及消费者 4. 国家统计局：1 月份 CPI 环比上涨 ...

Core Viewpoint - The launch of the metal ETF by FuGuo (159168) has seen a positive market response, with a peak increase of 1.74% and a current increase of 1.64%, driven by rising prices in the non-ferrous metal sector and strong performance from key index constituents [1] Group 1: Market Performance - The non-ferrous metal prices are generally rising, reflecting strengthened market expectations regarding supply constraints and demand expansion [1] - Key index stocks such as Dongyangguang reached the daily limit, while Zhongwu High-tech and Shenghe Resources saw increases exceeding 6%, contributing to the overall index rise [1] Group 2: Future Outlook - Research institutions indicate that the upward momentum in non-ferrous metal prices is expected to continue after a significant rally in 2025, supported by supply disruptions, localized high demand, and inventory accumulation [1] - Increased trading activity due to loose liquidity and heightened risk aversion from geopolitical conflicts are anticipated to amplify price elasticity in metals [1] Group 3: Investment Opportunities - Investors interested in the non-ferrous metal sector can consider the FuGuo ETF (159168), which closely tracks the Industrial Non-Ferrous Index (H11059.CSI) [1] - The ETF selectively includes 30 large-cap listed companies involved in industrial metals such as copper, aluminum, rare earths, lead, zinc, tungsten, and molybdenum, with copper and aluminum accounting for over 50% of the index weight [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The non - ferrous metals sector has recovered. If the non - ferrous metals sector stabilizes and rebounds, it will drive the CSI 500 index to rise further, and its sustainability should be monitored [3]. - Before the holiday, trading tends to be cautious, and the market is expected to maintain a pattern of volume - shrinking repair [3]. 3. Summary by Relevant Catalogs 3.1 Macro Economy - In January, China's CPI rose 0.2% month - on - month and 0.2% year - on - year, with the core CPI up 0.8% year - on - year; PPI rose 0.4% month - on - month, rising for four consecutive months, with the year - on - year decline narrowing by 0.5 percentage points to 1.4% [1]. - In the US in January, the non - farm payrolls increased by 130,000, far exceeding the market expectation of 70,000. The unemployment rate was 4.3%, the lowest since August 2025, and the hourly wage increased by 0.4% month - on - month. However, job growth was concentrated in a few industries, with the healthcare sector adding 124,000 jobs [1]. 3.2 Spot Market - A - share major indices fluctuated. The Shanghai Composite Index rose 0.09% to close at 4131.98 points, and the ChiNext Index fell 1.08%. Sector indices showed mixed performance. Building materials, non - ferrous metals, and petroleum and petrochemical industries led the gains, while communication, media, and social services industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets was less than 2 trillion yuan [2][13]. - Overseas, the three major US stock indices closed slightly lower, with the Nasdaq down 0.16% at 23066.47 points [2]. 3.3 Futures Market - In the futures market, the basis of IC and IM rebounded, with near - month contracts at a premium. In terms of trading volume and open interest, the trading volume and open interest of IH and IM increased simultaneously [2][14]. - The trading volume of IF was 62,400, a decrease of 2,853; the open interest was 281,980, a decrease of 464. The trading volume of IH was 30,833, an increase of 1,354; the open interest was 101,315, an increase of 254. The trading volume of IC was 101,790, an increase of 7,140; the open interest was 294,295, a decrease of 1,888. The trading volume of IM was 133,571, an increase of 401; the open interest was 380,005, an increase of 1,372 [14]. - For the basis of futures contracts: for IF, the basis of the current - month contract was 2.38, a decrease of 1.52; for IH, it was 3.14, a decrease of 2.25; for IC, it was 16.59, an increase of 14.03; for IM, it was 20.69, an increase of 16.39 [41]. - For the inter - delivery spread of futures contracts: for the spread between the next - month and the current - month contracts, the spread of IF was - 1.40, an increase of 2.80; the spread of IH was - 0.20, a decrease of 1.00; the spread of IC was - 6.00, an increase of 12.20; the spread of IM was - 19.20, an increase of 6.40 [45].

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index up by 0.12%, the Shenzhen Component Index up by 0.81%, and the ChiNext Index up by 1.18% [2] Sector Performance - The market's focus was primarily on the non-ferrous metals and computing hardware sectors, with significant gains observed in computing hardware stocks such as CPO, liquid-cooled servers, optical chips, and optical circuit switches [4] - Notable performers included Tianfu Communication, which surged by 11.61% to reach a historical high of 322 CNY per share, bringing its market capitalization to 250.33 billion CNY [4] - The non-ferrous metals sector also showed strong activity, with Xianglu Tungsten Industry achieving "3 boards in 5 days" and Zhangyuan Tungsten Industry achieving "2 consecutive boards" [4] Computing Industry Developments - The computing industry chain experienced a significant rise, with multiple stocks in the sector showing strong performance. Tianfu Communication led the charge with an 11.61% increase, while other stocks like Yimikang and Kexin Innovation Source rose over 10% [4][6] - The State-owned Assets Supervision and Administration Commission held a meeting emphasizing the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [7] - Meta announced the construction of a $10 billion data center in Indiana, which will support its AI development needs, with an expected operational capacity of 1 GW by late 2027 or early 2028 [7][8] Financial Market Insights - Moody's recently assigned a AAA rating to a portion of asset-backed securities issued by Compass Datacenters, marking a significant milestone for data center financing [8] - Major tech companies, including Amazon, Microsoft, and Alphabet, are leveraging the credit market for financing, with Morgan Stanley predicting that spending on data centers and AI will exceed $5 trillion over the next five years [8] Company-Specific News - Zhiyu Technology's stock price surged over 33%, reaching a historical high with a market capitalization exceeding 170 billion HKD following the announcement of its new flagship model GLM-5 [10] - The company reported a tenfold increase in user flow in a short period, prompting it to expand its capacity to meet demand [10]

Market Performance - The Shanghai Composite Index experienced a slight increase of 0.12% during the morning session, while the Shenzhen Component Index rose by 0.81% and the ChiNext Index increased by 1.18% [1] - The electric grid equipment sector showed strong performance, with stocks like Sifang Co. and Wangbian Electric reaching their daily limit [1] - The non-ferrous metals sector was active, highlighted by a surge in Quartz Co. stock, which also hit the daily limit [1] Sector Analysis - The CPO concept saw a resurgence, with Tianfu Communication's stock rising over 10% [1] - In contrast, the film and television sector faced declines, with stocks such as Huanrui Century, Hengdian Film, and Bona Film hitting their daily limit down [1] Index Performance - The East Finance Concept Index showed varied performance, with the highest gainers including the electric power transmission and transformation equipment sector at 6.87% [2] - The film and television concept index recorded the most significant decline at -7.05%, indicating a challenging environment for this sector [2]

智通财经APP注意到，尽管春节假期前中国买家有所减少，但受供应前景趋紧和美元走软的提振，铜价仍延续涨势。 咨询机构上海钢联的调研数据显示，中国精炼铜现货交易量在周三降至13400吨，低于2月2日超过38000吨的峰值。上海期货交易所的未平仓合约和交易量已 降至去年11月以来的最低水平。 在全球制造业需求、绿色转型和人工智能发展推动需求增长的预期下，投资者持续看好铜价。与此同时，矿山供应正因矿石品位下降而受限。包括中国资金 在内的投机资金助力了近几个月的涨势。美元走弱使得以其他货币计价的商品更便宜，也为涨势提供了支持。 截至发稿，伦敦金属交易所铜价上涨0.5%，至每吨13,166.50美元。在印度尼西亚全球最大镍矿减产行动的推动下，镍价上涨0.6%，连续第五个交易日上 涨。新加坡铁矿石价格上涨0.3%，至每吨100.25美元。 五矿期货有限公司有色金属研究负责人Wu Kunjin表示，尽管中国买家在下周假期前的采购已放缓，但海外的风险偏好依然存在。 ...

光大期货金融期货日报 光大期货金融期货日报（2026 年 2 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日市场全天窄幅震荡，三大指数涨跌互现。个股跌多涨少，沪深京三市近 | | | | 3000 股飘绿，今日成交 2.12 万亿。截止收盘沪指涨 0.13%，深成指涨 0.02%， | | | | 创业板指跌 0.37%。近期各部位密集出台经济调控政策，对指数形成基本面 | | | | 支撑。近日，发改委召开国新办发布会，表示：（1）研究设立国家级并购基 | | | | 金 加强政府投资、基金布局规划；（2）综合整治"内卷式"竞争，将进一步 | | | | 规范地方经济促进行为；（3）正在谋划推进一批"十五五"时期高技术产业 | | | | 标志性引领性重大工程等内容。上周，央行将下调各类结构性货币政策工具 | | | 股指 | 利率 25BP。结构性货币政策工具以定向支持社会特定融资需求为主，科技 | 震荡 | | | 创新、普惠养老、碳减排等近期股市热点题材均涵盖其中。本次降息体现了 | | | | 央行在保持总量稳定的基础上，对于特定 ...