证券之星消息，1月13日能源金属板块较上一交易日上涨2.16%，藏格矿业领涨。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。能源金属板块个股涨跌见下表： 从资金流向上来看，当日能源金属板块主力资金净流入9.09亿元，游资资金净流出2.33亿元，散户资金净 流出6.76亿元。能源金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000408 | 藏格矿业 | 89.90 | 5.26% | 23.72万 | | 20.98亿 | | 002460 | 赣锋锂业 | 70.80 | 4.16% | 118.59万 | | 84.37亿 | | 000762 | 西藏矿业 | 29.11 | 2.07% | 56.21万 | | 16.57亿 | | 002192 | 融捷股份 | 58.60 | 1.98% | 28.27万 | | 16.69亿 | | 002466 | 天齐锂业 | 62.36 | 1 ...

Market Overview - The three major indices collectively adjusted, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64% [1] - The Shenzhen Component Index fell by 1.37%, while the ChiNext Index experienced a decline of 1.96% [1] Trading Data - The Shenzhen Component Index opened at 14,397.69, reached a high of 14,458.89, and closed at 14,366.91, reflecting a decrease of 1.37% [3] - The trading volume for the day was 1.195 billion hands, with a total transaction value of 21,694.11 billion yuan [3] Sector Performance - The total transaction value across the Shanghai, Shenzhen, and Beijing markets reached 36,991 billion yuan, an increase of 541 billion yuan compared to the previous day [5] - Major capital inflows were observed in sectors such as medical devices, gaming, and energy metals, while there were net outflows in consumer electronics, aerospace, and telecommunications [5] Stock Movements - Over 3,700 stocks in the market experienced declines [7] - The AI application concept sector saw gains, with several stocks hitting the daily limit, including Inry Media, Lioo Co., and Shenguang Group [7] - The AI medical concept remained active, with Meian Health achieving three consecutive limit-ups, and stocks like Hongbo Pharmaceutical and Xin Ganjiang also hitting the limit [7] - The power grid equipment sector strengthened in the afternoon, with stocks like Tebian Electric Apparatus and Sanbian Technology reaching the daily limit [7] - Retail concepts showed active performance, with Sanjiang Shopping achieving two consecutive limit-ups [7] - Oil and gas stocks surged during the day, with Zhuan Oil Co. hitting the daily limit and Tongyuan Petroleum rising over 10% [7] - Conversely, sectors such as commercial aerospace and controllable nuclear fusion faced significant declines, with stocks like Shunhao Co. and China Satellite Communications hitting the daily limit [7] - The computing hardware industry chain also saw declines, particularly in the server and CPO segments [7]

| | 板块名称 涨跌幅 (%) 板块资金流向 | | 净流入最大 | | --- | --- | --- | --- | | 电网设备 | 1.14 | 19.56亿元 | 特变电工 | | 医疗器械 | 1.28 | 13.32亿元 | 迈瑞医疗 | | 化学制药 | 1.23 | 11.16亿元 | 尔康制药 | | 能源金属 | 1.5 | 9.84亿元 | 赣锋锂业 | | 生物制品 | 2.53 | 9.09亿元 | 康乐卫士 | | 游戏 | 1.22 | 8.86亿元 | 掌趣科技 | | 医疗服务 | 3.45 | 8.42亿元 | 国际医学 | | --- | --- | --- | --- | | | 1.94 | 5.28亿元 | 海王生物 | | 银行 | 0.67 | 4.84亿元 | 农业银行 | | | 3.54 | 4.75亿元 | 湖南白银 | | 医药商业 贵金属 | | | | *数据仅供参考，不构成投资建议 据交易所数据显示，截至1月13日收盘，大盘主力资金净流出1805.56亿元。主力资金流入前十大板块分别为： 电网设备（19.56亿元）、 医疗器械（13.32亿 ...

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting investor interest in specific sectors such as power equipment, communication devices, and gaming [1][2][3] Group 1: Stock Performance and Capital Inflows - TBEA (特变电工) saw a capital inflow of 1.846 billion, with a price increase of 10.01% [2] - Haige Communication (海格通信) experienced a capital inflow of 1.661 billion, with a price increase of 10% [2] - ZQ Game (掌趣科技) had a capital inflow of 0.791 billion, with a notable price increase of 14.91% [2] - Yonyou Network (用友网络) attracted 0.768 billion in capital, with a price increase of 7.87% [2] - Shanghai Construction (上海建工) received 0.603 billion, with a price increase of 10.14% [2] Group 2: Sector Analysis - The power equipment sector, represented by TBEA, shows strong investor confidence with significant capital inflows [2] - The communication device sector, including Haige Communication and Lian Te Technology (联特科技), also reflects positive investor sentiment [2][3] - The gaming industry, represented by ZQ Game and Century Huaman (世纪华通), demonstrates robust growth potential with substantial capital inflows [2][3] - The education sector, represented by Zhonggong Education (中公教育), shows a healthy capital inflow of 0.508 billion, indicating investor interest [2] - The energy metal sector, represented by Ganfeng Lithium (赣锋锂业) and Tianqi Lithium (天齐锂业), continues to attract investment, reflecting ongoing demand in the market [2][3]

Summary of Key Points from Conference Call Records Industry Overview - **Metals Sector**: The focus is on precious metals, industrial metals, and energy metals, with a positive outlook for 2026, particularly for gold, silver, copper, aluminum, and lithium [1][2][3][4]. Core Insights and Arguments - **Precious Metals Demand**: Expectations of interest rate cuts and geopolitical risks are driving demand for precious metals, particularly gold. Central banks are increasing gold reserves, and ETF purchases are expected to be a significant source of demand in 2026. Recommended stocks include Zhaojin Mining, Shandong Gold, and others [1][7]. - **Silver Price Volatility**: Silver prices are expected to rise but with greater volatility compared to gold. The potential impact of U.S. tariffs may increase hoarding demand for silver [7][8]. - **Industrial and Energy Metals Outlook**: The outlook for industrial metals like copper and aluminum is positive due to expected recovery in traditional demand and macroeconomic support from interest rate cuts. Recommended stocks include Yun Aluminum and Wanfang [3][4][19][20]. - **Supply Challenges**: The supply side for industrial and energy minerals faces challenges such as declining resource grades, rising extraction costs, and geopolitical instability. These factors are expected to support prices [5][9]. - **Lithium Demand Dynamics**: The cancellation of export tax rebates is leading to a surge in short-term demand for lithium batteries, with prices expected to rise significantly. Long-term impacts are anticipated to stabilize as foreign buyers absorb costs [10][11][12]. - **Nickel Market Dynamics**: Nickel prices are under pressure due to quota adjustments by the Indonesian government, which may limit price increases. However, the market remains worth monitoring [13]. - **Copper Price Trends**: Recent copper prices have shown strength, influenced by U.S. economic data and supply disruptions in South America. Long-term expectations are for price increases driven by macroeconomic conditions [14][15]. - **Tin Price Surge**: Tin prices have risen significantly due to supply constraints and strong demand in AI and PVD applications. Recommended stocks include Xie Co., Huaxi Co., and Xingye Silver Tin [16]. - **Tungsten Price Trends**: Tungsten prices are expected to remain high due to tight supply and increasing demand in strategic sectors. Recommended stocks include Xiamen Property and Jiaxing International Resources [17][18]. - **Aluminum Market Performance**: Aluminum prices have reached new highs, supported by macroeconomic policies and geopolitical risks. The market is expected to remain tight in 2026, with recommended stocks including Yun Aluminum and Tianshan Aluminum [19][20]. - **Rare Earth Market Dynamics**: Rare earth prices have increased due to policy impacts and basic demand recovery. The simplification of export licenses is expected to enhance export efficiency and support demand [21][22][23][24]. Additional Important Insights - **Steel Industry Trends**: The steel industry is experiencing a rise in inventory and production levels, with profitability slightly declining but still above historical lows. The focus is on companies with strong cash flow and dividend yields [25][26][27][28]. - **Geopolitical Impacts**: Recent geopolitical tensions and trade policies are influencing metal prices and demand dynamics, particularly in the context of U.S.-China relations [2][6][8]. This summary encapsulates the key insights and trends discussed in the conference call records, providing a comprehensive overview of the current state and future outlook of the metals industry.

Core Viewpoint - The non-ferrous metal sector is experiencing a significant bullish trend, with key ETFs and stocks showing substantial price increases and attracting considerable investment [1][4][6]. Group 1: ETF and Market Performance - The non-ferrous ETF Huabao (159876) saw its intraday price rise by 2.9%, reaching a new high since its listing, with a net subscription of 45.6 million units [1]. - Over the past 10 days, the ETF has attracted 311 million yuan in investments [1]. - The performance of individual stocks in the non-ferrous metal sector has been strong, with notable increases in companies like Hunan Silver (10.02%), Zhongkuang Resources (9.56%), and Ganfeng Lithium (8.55%) [2][4]. Group 2: Precious Metals and Lithium Market - Precious metals, particularly gold and silver, have surged, with silver prices rising by 8% to over $86 and gold prices increasing by 2.4% to over $4,600 per ounce, marking new historical highs [2]. - Lithium futures have also reached new highs, with the main contract exceeding 170,000 yuan per ton, and spot prices for battery-grade lithium carbonate rising to 152,100 yuan per ton, a two-year high [3]. - The recent adjustments in export tax policies for battery products may lead to increased short-term demand from overseas clients, indicating a robust market despite seasonal trends [3]. Group 3: Market Outlook - Analysts predict that the non-ferrous metal sector is likely to continue its bullish trend, with firms like Zhongtai Securities and CITIC Securities expressing optimism about the ongoing bull market [3][5]. - The sustainability of the "super cycle" in non-ferrous metals is contingent on factors such as the recovery of the US dollar's credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies, with expectations for this cycle to last until 2026 [5]. - The comprehensive coverage of various metals by the Huabao ETF positions it well to capitalize on the sector's overall performance [6].

来源：中国能源网 东吴证券近日有色金属行业跟踪周报：回顾本周行情（1月5日-1月9日），有色板块本周上涨8.56%，在 全部一级行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中小金属板块上涨11.67%， 金属新材料板块上涨9.02%，工业金属板块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨 6.30%。 以下为研究报告摘要： 投资要点 回顾本周行情（1月5日-1月9日），有色板块本周上涨8.56%，在全部一级行业中排名靠前。二级行业方 面，周内申万有色金属类二级行业中小金属板块上涨11.67%，金属新材料板块上涨9.02%，工业金属板 块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨6.30%。工业金属方面，本周美国劳动力市场 趋势放缓，市场预计26年美联储仍有两次降息空间，市场维持乐观做多情绪，工业金属本周录得普涨。 贵金属方面，根据BCOM规则，大部分调仓将会在1月9日至1月15日完成；此外白银伦敦租赁利率回 落，1个月租赁利率从8.5%回落至3.4%，结构从Back转向Contango，表明海外现货紧张程度有所缓和， 预计下周金银市场的波动将会有效放大。 周观点： ...

贵金属方面，黄金白银双双狂飙刷新高，美联储风波引爆避险交易！周一纽约时段，贵金属价格大幅走强。现货白银一度上涨8%，突破86美元，现货黄金 一度涨2.4%升破每盎司4600美元，均刷新2025年12月的历史纪录。分析认为，贵金属走强最直接的因素或是"特朗普政府加大了对美联储的攻击力度"，使投 资者减少了对美国资产的投资。 【有色风口已至，"超级周期"势不可挡】 | 序号 | 名称 | 两日图 | 涨跌幅 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 第五座殿 | | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74Z | | 2 | 中矿 资源 | | 9.56% | 有色全属 | 小金属 | 其他小金属 | 672亿 | 19.771Z | | 3 | 赣锋舞业 | | 8.55% | 有色会居 | 能源金属 | 键 | 1467亿 | 53.37 Z | | V | 雅化集团 | hant | 8.34% | 草础化工 ...

成份股方面，贵金属龙头和锂业龙头携手领涨！湖南白银涨停，中矿资源涨超9%，赣锋锂业、雅化集 团涨逾8%，盛新锂能、天齐锂业、山金国际等个股大幅跟涨！ 今日（1月13日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格盘中拉升2.9%，现涨 2.63%，继续刷新上市以来的高点，截至发稿，获资金实时净申购4560万份！拉长时间来看，近10日狂 揽3.11亿元！ | 序号 | 名称 | 两日图 | 涨跌幅 ▼ | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 湖南白银 | 1 | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74亿 | | 2 | 中矿资源 | 1 | 9.56% | 有色金属 | 小金属 | 其他小金属 | 672亿 | 19.774Z | | 3 | 條播運业 | 1 | 8.55% | 有色金属 | 能源金属 | स्वा | 1467亿 | 53.37亿 | | 4 | 雅化集团 | name | ...

东吴证券近日有色金属行业跟踪周报：回顾本周行情(1月5日-1月9日)，有色板块本周上涨8.56%，在全 部一级行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中小金属板块上涨11.67%，金 属新材料板块上涨9.02%，工业金属板块上涨8.52%，贵金属板块上涨7.28%，能源金属板块上涨 6.30%。 以下为研究报告摘要： 铜：供给端扰动再起，宏观做多情绪维持叠加沪铜仓单增长支撑现货走强。截至1月9日，伦铜报收 12,998美元/吨，周环比上涨4.1%；沪铜报收101,410元/吨，周环比上涨3.23%。供给端，截至1月6日， 本周进口铜矿TC下跌至-44.5美元/吨，根据百川盈孚，智利一小型铜矿宣布罢工，铜陵公告其在厄瓜多 尔的米拉多矿二期本计划年初投产，因当局政局变化未能如期签署矿产合同，被迫延期；需求方面，基 本面无明显改善，现货报价维持贴水。本周美国经济数据密集发布，显示劳动力数据维持趋势走弱，26 年降息预期维持2次不变，整体宏观做多情绪仍存；此外，近期BCOM调仓铜将获得增配，以及沪铜临 近交割，冶炼厂大量注册仓单支撑了现货价格，预计短期铜价维持震荡偏强走势。 铝：铜铝比价上行为铝价提供 ...