Group 1 - Company Zhongfu Industrial announced on February 5, 2026, that Chairman Ma Wenchao plans to reduce his holdings by up to approximately 2.38 million unrestricted circulating shares within three months after 15 trading days from the announcement date due to personal financial needs [1] - Company Zhongfu Industrial received a notice from Director Cui Hongsong on February 5, 2026, indicating his intention to reduce his holdings by up to approximately 2.88 million unrestricted circulating shares within three months after 15 trading days from the announcement date due to personal financial needs [1] - Company Zhongfu Industrial also received a notice from Director Song Zhibin on February 5, 2026, stating his plan to reduce his holdings by up to approximately 1.4 million unrestricted circulating shares within three months after 15 trading days from the announcement date due to personal financial needs [1] - Company Zhongfu Industrial received a notice from Vice General Manager Wang Li on February 5, 2026, indicating his intention to reduce his holdings by up to approximately 1.15 million unrestricted circulating shares within three months after 15 trading days from the announcement date due to personal financial needs [1] Group 2 - Company Zhongfu Industrial received a notice from Vice General Manager Yang Ping on February 5, 2026, stating her plan to reduce her holdings by up to approximately 270,000 unrestricted circulating shares within three months after 15 trading days from the announcement date due to personal financial needs [2]

格隆汇2月5日丨创新新材(600361.SH)在投资者互动平台表示，公司生产的棒材产品是各应用领域的基 础性材料，经过数十年发展，公司不断总结市场经验，立足下游需求，生产不同牌号（1 系至 7 系）、 不同规格（Ø73mm-Ø760mm）、不同状态、不同特性的铝合金棒材，包括 2A12、7075 等牌号铝合金 棒材，在航空航天、轨道交通、新能源等领域均有广泛运用。公司生产的铝棒产品至下游终端产品之间 尚存在较多加工制造环节，截至目前，公司暂无产品直接用于航空航天领域。 ...

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices rose and then fell, with the import loss of domestic refined copper spot narrowing. - US economic data shows mixed signals: the January ISM services PMI was 53.8, in line with December and the highest since October 2024, but the new orders index slowed; the January ADP new jobs were only 22,000, far below the expected 45,000, indicating weakening labor - market momentum. - Inventories across LME, Comex, and SHFE increased. - After digesting the impact of precious - metal adjustments, copper prices rebounded due to news. However, the copper market still faces weak spot fundamentals, rising inventories, and a demand vacuum around the Spring Festival. Prices may fluctuate around the Spring Festival, so caution is advised when chasing highs. But the rigid constraints on the copper - mine end and the certainty of long - term demand mean that any significant decline will attract long - term allocation funds and industrial buyers, laying a solid foundation for the medium - to - long - term rise of copper prices [1]. Aluminum - Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended weakly. - Recently, alumina maintenance in various regions has increased, and supply disruptions have led to a narrow - range recovery. As the downstream stocking nears the end and logistics stagnates, alumina inventories are gradually accumulating and will decline as market sentiment fades. - The domestic proportion of aluminum water has decreased. High prices and repeated environmental protection controls in the Central Plains have led downstream to generally reduce or cancel pre - holiday stocking. Attention should be paid to the development of the US - Iran situation and whether downstream stocking sentiment improves after the price correction [1][2]. Nickel - Overnight, LME nickel and Shanghai nickel both declined. LME inventory increased, while SHFE warehouse receipts decreased, and the premium remained negative. - In terms of fundamentals, the prices of nickel ore and nickel iron have strengthened, possibly due to concerns about supply shortages, and the marginal cost support has continued to rise. - Affected by the Spring Festival in February, stainless - steel weekly inventories have increased, but there is much maintenance on the supply side. In the new - energy sector, the MHP price is firm, providing strong cost support for nickel sulfate, but spot procurement and sales are relatively sluggish, and the output of ternary materials is also expected to decline. - Overall, although short - term demand has weakened, cost support remains strong, and the market sentiment has improved. With many disturbances from Indonesian news, attention should be paid to the opportunity of lightly testing long positions near the cost line [2]. 3. Summary of Each Section 3.1 Daily Data Monitoring Copper - Market prices: The price of flat - copper increased by 3,075 yuan/ton, the price of 1 bright scrap copper in Guangdong rose by 1,000 yuan/ton, and the refined - scrap price difference in Guangdong increased by 2,620 yuan/ton. - Inventory: LME inventory remained unchanged, SHFE warehouse receipts increased by 751 tons, and the total SHFE inventory increased by 7,067 tons on a weekly basis, and the social inventory remained unchanged. - Other indicators: The LME 0 - 3 premium decreased by 9.3 US dollars/ton, and the active - contract import profit and loss changed from a loss of 2,952.1 yuan/ton to a profit of 337.9 yuan/ton [3]. Lead - Market prices: The average price of 1 lead remained unchanged, and the price of some recycled lead products decreased. - Inventory: LME inventory remained unchanged, SHFE warehouse receipts increased by 174 tons, and the weekly inventory increased by 1,233 tons. - Premium: The 3 - cash premium decreased, and the active - contract import profit decreased [3]. Aluminum - Market prices: The prices of aluminum in Wuxi and Nanhai increased, the spot premium increased by 10 yuan/ton, and the price of some aluminum - related products remained unchanged or increased slightly. - Inventory: LME inventory remained unchanged, SHFE warehouse receipts decreased by 423 tons, the total SHFE inventory increased by 19,718 tons on a weekly basis, the electrolytic - aluminum social inventory increased by 34,000 tons, and the alumina social inventory increased by 10,000 tons. - Premium: The 3 - cash premium decreased, and the active - contract import loss decreased [4]. Nickel - Market prices: The price of Jinchuan nickel increased by 2,550 yuan/ton, and the prices of some nickel - related products remained unchanged or decreased slightly. - Inventory: LME inventory remained unchanged, SHFE nickel warehouse receipts decreased by 108 tons, the weekly SHFE nickel inventory increased by 4,602 tons, the stainless - steel warehouse receipts decreased by 253 tons, and the nickel social inventory increased by 2,784 tons. - Premium: The 3 - cash premium decreased, and the active - contract import loss decreased [4]. Zinc - Market prices: The main - contract settlement price decreased by 0.3%, and the prices of most zinc - related products decreased. - Inventory: The weekly SHFE inventory increased by 793 tons, LME inventory remained unchanged, and the weekly social inventory increased by 3,800 tons. - Other indicators: The LME 0 - 3 premium decreased by 1.75 US dollars/ton, and the active - contract import loss changed from a loss of 2,859 yuan/ton to break - even [6]. Tin - Market prices: The main - contract settlement price increased by 5.2%, the SMM spot price increased by 13,150 yuan/ton, and the prices of tin concentrates decreased significantly. - Inventory: The weekly SHFE inventory increased by 748 tons, and LME inventory remained unchanged. - Other indicators: The LME 0 - 3 premium increased by 58.96 US dollars/ton, and the active - contract import loss changed from a loss of 33,775 yuan/ton to break - even [6]. 3.2 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [8][9][10][12]. - **SHFE Near - Far - Month Spread**: Charts display the historical trends of the spread between the first and second contracts for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026 [14][17][18][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [20][22][24][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [26][28][30][31]. - **Social Inventory**: Charts display the historical trends of social inventories for copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [32][34][36][37]. - **Smelting Profit**: Charts show the historical trends of copper - concentrate index, rough - copper processing fee, aluminum - smelting profit, nickel - iron smelting cost, zinc - smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2026 [39][41][43][44]. 3.3 Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metal researcher, and a gold intermediate investment analyst. He has over a decade of commodity - research experience, serves many leading spot enterprises, and has published dozens of professional articles. His team has won the Best Metal Industry Futures Research Team Award from Futures Daily & Securities Times for four consecutive sessions [46]. - **Wang Heng**: A finance master from the University of Adelaide, Australia, an analyst at Everbright Futures Research Institute focusing on aluminum and silicon. He has won relevant industry awards and provides in - depth research on the new - energy industry chain and hedging accounting [46]. - **Zhu Xi**: A science master from the University of Warwick, UK, an analyst at Everbright Futures Research Institute concentrating on lithium and nickel. She focuses on the integration of non - ferrous metals and new energy, serves many leading new - energy enterprises, and has written many in - depth reports [47].

资料显示，铜陵有色金属集团股份有限公司位于安徽省铜陵市长江西路有色大院西楼，成立日期1996年 11月12日，上市日期1996年11月20日，公司主营业务涉及铜矿开采、冶炼及铜加工业务。主营业务收入 构成为：铜产品83.78%，黄金等副产品13.58%，化工及其他产品2.18%，其他(补充)0.46%。 从铜陵有色十大流通股东角度 数据显示，易方达基金旗下1只基金位居铜陵有色十大流通股东。易方达沪深300ETF（510310）三季度 减持302.15万股，持有股数9447.53万股，占流通股的比例为0.85%。根据测算，今日浮亏损失约3684.54 万元。 2月5日，铜陵有色跌5.09%，截至发稿，报7.27元/股，成交21.69亿元，换手率2.63%，总市值974.87亿 元。 责任编辑：小浪快报 易方达沪深300ETF（510310）基金经理为余海燕、庞亚平。 截至发稿，余海燕累计任职时间15年62天，现任基金资产总规模4332.97亿元，任职期间最佳基金回报 174.06%， 任职期间最差基金回报-78.9%。 庞亚平累计任职时间7年112天，现任基金资产总规模3684.72亿元，任职期间最佳基金回报1 ...

有色早报 研究中心有色团队 2026/02/05 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/01/29 -350 6364 225937 151628 1825.50 401.68 23.0 23.0 -93.76 176075 43600 2026/01/30 -325 6505 233004 156851 593.62 -291.04 27.0 28.0 -89.88 174975 41800 2026/02/02 -300 5491 233004 158527 -731.31 344.73 39.0 45.0 -59.17 174675 37875 2026/02/03 -290 6127 233004 159021 -650.94 351.21 36.0 43.0 -69.40 176125 37075 2026/02/04 -275 7997 233004 159772 -1050.86 216.31 36.0 43.0 -81.84 ...

Copper - Copper prices experienced a pullback after a rise, with domestic refined copper maintaining a reduced import loss [3] - The US ISM services PMI for January was 53.8, matching December's level and the highest since October 2024, indicating better-than-expected performance, although the new orders index showed a slowdown [3] - US ADP added 22,000 jobs in January, significantly below the expected 45,000, suggesting weakening momentum in the labor market [3] - LME copper inventory increased by 2,525 tons to 178,650 tons, while Comex inventory rose by 1,716 tons to 529,968 tons [3] - SHFE copper warehouse receipts increased by 751 tons to 159,772 tons [3] - The China Nonferrous Metals Industry Association suggested enhancing the copper resource reserve system, including expanding the national copper strategic reserve [3] - Despite a rebound in copper prices, the market faces weak fundamentals, accumulating inventory, and a demand vacuum around the Spring Festival, indicating potential price fluctuations [3] - The rigid constraints on copper mines and certainty in long-term demand suggest that any significant price drop could attract long-term investment and industrial buying [3] Nickel & Stainless Steel - LME nickel fell by 0.37% to $17,330 per ton, while SHFE nickel dropped by 0.25% to 135,600 yuan per ton [14] - LME nickel inventory increased by 786 tons to 286,314 tons, while SHFE warehouse receipts decreased by 108 tons to 48,072 tons [14] - Nickel ore and nickel pig iron prices showed strong transactions, raising concerns about tight resource supply [14] - Stainless steel inventory accumulated due to the upcoming Spring Festival, although supply-side repairs are prevalent [14][15] - Market sentiment is improving, but caution is advised regarding potential emotional resonance in the market [15] Aluminum & Alumina - Alumina prices showed a slight decline, with AO2605 settling at 2,788 yuan per ton, down 0.85% [16] - SHFE aluminum also experienced a decline, with AL2603 closing at 23,690 yuan per ton, down 0.92% [16] - Aluminum alloy prices decreased, with AD2603 at 22,215 yuan per ton, down 0.58% [16] - SMM alumina prices fell to 2,619 yuan per ton, while aluminum ingot spot discounts narrowed to 210 yuan per ton [16] - Increased repairs in various regions have led to supply disruptions, causing alumina to enter a narrow recovery phase [16] - Downstream inventory accumulation and logistics stagnation are expected to lead to a gradual decline in alumina prices [16] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight decline, with the main contract at 8,850 yuan per ton, down 0.17% [17] - Polysilicon prices increased, with the main contract at 51,195 yuan per ton, up 4.25% [17] - The supply of silicon ore is shrinking as companies enter winter maintenance, impacting overall supply [17] - The Ministry of Industry and Information Technology reiterated anti-monopoly discussions, with new orders in the silicon wafer market largely stagnant [17] Lithium Carbonate - Lithium carbonate futures rose by 1.32% to 147,220 yuan per ton [18] - Average prices for battery-grade lithium carbonate fell by 500 yuan to 153,000 yuan per ton, while industrial-grade prices also decreased by 500 yuan to 149,500 yuan per ton [18] - Weekly production of lithium decreased by 648 tons to 21,569 tons, with lithium spodumene production down by 670 tons [18] - The market sentiment is improving, but caution is warranted due to recent price declines and significant inventory levels [18]

Core Viewpoint - The recent political change, specifically the nomination of Kevin Warsh as the Federal Reserve Chairman by President Trump, has led to a significant and rapid decline in precious metal prices, with silver dropping over 36% and gold falling by up to 12% [1][8]. Market Reaction - The market's reaction was swift and severe, with platinum and palladium also experiencing declines of approximately 17% and 15% respectively. This level of drop is unprecedented since 1980, marking a historical moment in abnormal trading [1]. - The market categorized Warsh as a "hawk," anticipating tighter monetary policies, which would strengthen the dollar and negatively impact precious metals [1][8]. Market Vulnerability - The fragility of the market is evident, as asset prices often follow a "boom-bust" cycle. A small trigger can lead to widespread panic, especially in leveraged financial derivatives like gold futures [2][4]. - The risk can be analyzed in three layers: highly financialized gold (futures and leveraged products), investment-grade bullion (less volatile), and jewelry (least affected) [4]. Technical Market Analysis - Silver has entered a technical bear market, having dropped over 20% from its peak, while gold is close to this threshold [6]. - The market's emotional response to news can lead to irrational selling, highlighting the importance of monitoring trading volumes and support levels for future actions [4][12]. Broader Implications - The nomination of Warsh has implications beyond the U.S., affecting global currency flows and asset allocation. His hawkish stance could challenge the prevailing logic of currency depreciation that has supported rising gold and silver prices [8][9]. - The interplay of speculative, industrial, and emotional capital in the metals market can lead to structural vulnerabilities, especially during external shocks [9]. Investment Perspective - Gold should not be viewed merely as a profit-making tool but as a means of value preservation and risk aversion. Its true value is realized during geopolitical risks or currency depreciation expectations [9]. - Investors are advised to remain calm and avoid impulsive actions, particularly in high-leverage products, and to wait for clearer market signals before making decisions [12].

Group 1 - The core project of China Aluminum's Qinghai branch is a 100,000-ton electrolytic aluminum green electricity direct connection project, which is one of the first seven pilot projects for green electricity direct connection in Qinghai Province [2] - The project is equipped with 400,000 kilowatts of wind power, providing direct electricity supply to the electrolytic aluminum production line, creating an integrated system of "wind-electricity-aluminum" [2] - This initiative aims to achieve seamless integration of green wind power with the electrolytic aluminum production line [2]

证券日报网2月4日讯 ，西部矿业在接受调研者提问时表示，公司冶炼业务主要涵盖铜、铅、锌三大品 种。2024年已完成一轮产能扩建，铜冶炼产能由20万吨/年提升至35万吨/年，铅、锌冶炼产能均由10万 吨/年提升至20万吨/年。目前冶炼板块暂无新增产能或产品种类的计划，后续将重点围绕提质增效与绿 色高质量发展开展工作。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月4日，电投能源在互动平台回答投资者提问时表示，公司的铝产品以铝液为主。公司 电解铝业务销售中铝液跟铝锭的占比90：10左右。 ...