Group 1 - The core viewpoint of the article highlights the performance of the Huatai-PineBridge ETF (159652) in the non-ferrous metals sector, showing a stable opening price and mixed performance among its major holdings [1] - The ETF opened at 1.954 yuan with a 0.00% change, indicating stability in the market [1] - Major holdings in the ETF include Zijin Mining, which rose by 0.23%, and Huayou Cobalt, which increased by 2.25%, while other stocks like China Aluminum and Ganfeng Lithium experienced slight declines [1] Group 2 - The performance benchmark for the Huatai-PineBridge ETF is the CSI Sub-Industry Non-Ferrous Metals Theme Index return rate [1] - Since its establishment on January 16, 2023, the ETF has achieved a return of 95.20%, with a monthly return of 7.27% [1] - The fund is managed by Huatai-PineBridge Fund Management Co., Ltd., with managers Dong Jin and Sun Hao overseeing its operations [1]

Group 1 - The China Minmetals Import and Export Chamber announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, in response to stricter export controls imposed on dual-use items for Japan and other rare metals [1] - The conference aims to help member companies understand the new policies and export considerations, with officials from the Ministry of Commerce and the General Administration of Customs expected to provide insights [1] - The meeting will also facilitate communication between government departments and enterprises regarding export challenges [1] Group 2 - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 1.72%, with notable increases in stocks such as Shenghe Resources (up 7.33%) and Zhongtung High-tech (up 5.88%) [2] - The Penghua Industrial Nonferrous ETF (159162) also saw a rise of 1.93%, marking its fifth consecutive increase [2] - The CSI Industrial Nonferrous Metals Theme Index includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the index accounted for 55.71% of the total index weight, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - The top stock by capital inflow is Yingweike, with an inflow of 1.297 billion yuan and a price increase of 8.68% [1][2] - Leo Group follows with an inflow of 1.123 billion yuan and a price increase of 5.33% [1][2] - TBEA has an inflow of 545 million yuan and a price increase of 3.42% [1][2] - Western Materials shows an inflow of 504 million yuan with a price increase of 5.61% [1][2] - Tianfu Communication has an inflow of 462 million yuan and a notable price increase of 9.79% [1][2] Group 2: Sector Analysis - The stocks listed belong to various sectors, including specialized equipment, internet services, power grid equipment, and communication devices, indicating diverse investment interests [2][3] - The energy metals sector is represented by Shengtun Mining, which has an inflow of 395 million yuan and a price increase of 10.03% [1][2] - The healthcare sector is highlighted by WuXi AppTec, with an inflow of 389 million yuan and a price increase of 3.78% [1][2] Group 3: Additional Notable Stocks - Copper Crown Copper Foil has an inflow of 370 million yuan and a significant price increase of 11.36% [1][2] - Ningde Times, a key player in the battery sector, has an inflow of 334 million yuan with a price increase of 1.82% [1][2] - Other notable stocks include Yunnan Tin with an inflow of 288 million yuan and a price increase of 1.8% [1][3]

Group 1 - The core viewpoint of the report indicates that the A-share market is currently in a phase of consolidation with expectations for a positive post-holiday market driven by liquidity improvements and policy expectations [3][10] - The report highlights that the market is experiencing cautious sentiment ahead of the holiday, with a notable focus on cyclical stocks such as chemicals and non-ferrous metals, which have shown strength [5][9] - It is noted that the trading volume has been around 2 trillion yuan, reflecting a prevailing wait-and-see attitude among investors, indicating that there is still uncertainty in the market [3][10] Group 2 - The report emphasizes that post-holiday, there is an expectation for increased liquidity and potential policy benefits from upcoming important meetings, which could stimulate investment opportunities in related sectors [3][10] - Specific sectors such as solid-state batteries, chemicals, and non-ferrous metals are identified as key areas to watch for potential growth, particularly as economic recovery signals strengthen [7][9] - The report advises investors to adopt a strategy of buying on dips rather than chasing high prices, suggesting a focus on small-cap growth stocks and sectors with clear industrial catalysts [3][10]

展望后市： 市场提前进入节假日效应，未了规避长假休市期间海外不确定性，投资者更愿意观望为主，两市成交量跌破2万亿元就是 重要信号，预计指数短期保持窄幅震荡，市场风格更利于顺周期涨价方向。 风险提示： 消息面或海外市场表现超预期，流动性的不确定性。 长假临近，市场成交意愿清淡，预计节前指数维持窄幅震荡。 目前距离春节长假仅有最后两个交易日，考虑到A股市场休市期间，港股将在2月16日 正常开市半天，而在2月20日和2月23日正常开市两天，另外海外股市均正常交易，投资者担心A股休市期间海外市场出现剧烈波动从而影响节后A股开盘 情绪，故而在节前保持谨慎心态也在情理之中。 相比于没有太大"波澜"的指数，市场风格的变化更要引起重视。 一是美联储新主席沃什上任后，全球投资人担心其未来降息+缩表的政策组合会对估 值过高的科技类股票带来不利影响，所以近几周道琼斯指数大幅跑赢了纳斯达克指数。而反观国内，最能代表科技含量的恒生科技指数也处于持续调整过 程中，我们虽仍强烈看好未来科技板块的长期趋势，但是阶段性的调整仍在继续。二是完全"停不了"的消费品和工业品涨价潮，多个化工品和有色金属涨 价仍在持续，除此之外，和居民关联度更高的下游 ...

Core Insights - The A-share market showed a narrow consolidation with the Shanghai Composite Index rising by 0.09% to 4,131.98 points, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [2][9] - The total trading volume in the A-share market was approximately 1.98 trillion RMB, with nearly 2,000 stocks rising [2][9] - In terms of industry performance, the construction materials and non-ferrous metals sectors led the gains, while the telecommunications sector lagged behind [2][9] Economic Indicators - In January 2026, the Consumer Price Index (CPI) increased by 0.2% year-on-year, with urban prices rising by 0.2% and rural prices by 0.1% [3][11] - The Producer Price Index (PPI) for industrial producers decreased by 1.4% year-on-year, with the decline narrowing by 0.5 percentage points from the previous month, while month-on-month, it increased by 0.4% [4][11] Earnings Forecasts - As of February 9, 2026, 2,976 A-share companies had disclosed their annual earnings forecasts, with a disclosure rate of 54.32%. Among these, 1,106 companies (37.16%) issued positive earnings forecasts [12][15] - The stable sector had the highest proportion of positive forecasts at 57.58%, followed by the cyclical sector at 42.55%, while the consumer sector had the lowest at 30.81% [12][15] - Five industries had a positive forecast rate exceeding 50%, with notable improvements in the defense, automotive, and beauty care sectors [13][15] Investment Recommendations - The report suggests focusing on sectors with improving profit growth, including upstream non-ferrous metals and basic chemicals, midstream machinery and electrical industries, and TMT sectors [15] - The overall profitability of A-share companies is expected to continue recovering, with the highest positive forecast rates in non-bank financials, non-ferrous metals, and automotive industries [15]

2026 年 2 月 12 日 镍：印尼消息扰动再现，关注投机属性风险 不锈钢：二月检修减产频出，成本支撑重心上移 2）根据钢联，印尼镍矿商协会 (APNI) 透露，能源和矿产资源部（ESDM）将于 2026 年初修订镍矿商 品的基准价格公式，修订要点之一是政府将开始将镍的伴生矿钴视为独立商品并征收特许权使用费。 3）SMM 报道印尼林业工作组披露了多家企业违规占用林地，面临的潜在罚款约 80.2 万亿印尼盾，部 分受影响的矿山正与政府部门进行积极协商以解决这些处罚，最终的罚款金额可能会低于最初估算的 80.2 请务必阅读正文之后的免责条款部分 1 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 139,360 | 6,010 | 1,680 | -5,010 | -4,840 | 19,980 | ...

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, with the non-ferrous metal ETF fund (516650) rising by 1.36% and significant gains in individual stocks such as BaoTi Co., Ltd. (5.97%) and Shenghe Resources (5.87%) [1] - The non-ferrous metal ETF fund has seen a net inflow of funds for 15 out of the last 23 trading days, totaling 6.845 billion yuan, indicating a strong interest from leveraged funds [1] - Market analysts suggest that while there is a recovery in bullish sentiment, macroeconomic uncertainties remain, particularly influenced by U.S. economic data and policy expectations [1] Group 2 - The non-ferrous metal ETF fund closely tracks the CSI sub-index for the non-ferrous metal industry, with the top ten weighted stocks accounting for 51.85% of the index as of January 30, 2026 [2] - The top ten weighted stocks in the non-ferrous metal index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, indicating a diversified portfolio within the sector [2] - The performance of individual stocks within the index shows varying degrees of increase, with Zijin Mining at 2.05% and Huayou Cobalt at 3.05%, reflecting the overall positive trend in the sector [3]

Group 1 - The overall prices of non-ferrous metals are rising, with COMEX gold futures up 1.53% at $5107.8 per ounce and COMEX silver futures up 4.6% at $84.085 per ounce [1] - LME metal futures closed higher, with LME copper rising by $58 to $13166 per ton, LME aluminum up $10 to $3103 per ton, LME zinc up $12 to $3406 per ton, LME lead up $18 to $1993 per ton, LME nickel up $390 to $17880 per ton, and LME tin up $352 to $49635 per ton [1] - CITIC Securities indicates that since 2026, the investment enthusiasm for commodities has been increasing, and despite fluctuations in precious metal prices, commodities are expected to remain a preferred investment direction in 2026 due to factors like risk aversion and fundamental improvements [1] Group 2 - As of February 12, 2026, the National Securities Non-Ferrous Metal Industry Index (399395) rose by 1.65%, with stocks like Shengtun Mining up 8.96% and Zhongtung High-tech up 6.84% [2] - The Non-Ferrous Metal ETF Penghua (159880) increased by 1.39%, marking its fifth consecutive rise, with the latest price at 2.33 yuan [2] - The top ten weighted stocks in the National Securities Non-Ferrous Metal Industry Index account for 49.87% of the index, including Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth [2]

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260212 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美国 1 月非农超预期，A 股延续缩量修复 海外方面，美国 1 月非农新增 13 万，显著高于预期的 7 万，创去年 4 月以来新高；失 业率降至 4.3%，时薪环比 0.4%，均强于预期，显示 1 月就业仍具韧性。与此同时，年度基 准修正力度较大：截至 2025 年 3 月的 12 个月非农就业总规模下调 86.2 万，经修正后，2025 年全年新增仅 18.1 万，远低于此前公布的 58.4 万，目前就业市场呈现"单月偏强"与"中 期动能放缓"的分化，后续仍待数据验证。数据发布后，市场降息预期有所延后，美股高开 低走，美元指数震荡上行，10Y 美债利率回升至 4.17%，金银铜延续震荡修复，油价上涨约 1%。今日关注最新初请失业金人数。 国内方面，1 月 CPI 同比录得 0.2%，弱于预期 0.4%，核心 CPI 回落至 0.8%，春节错月 推高上年同期基数，形成同比回落，其中猪肉、能源、旅游服务价格较为疲软；PPI 同比录 得-1.4%， ...