黄金股票ETF（517400）涨超1.1%，避险情绪升温支撑贵金属走强。 西部证券指出，地缘政治的不确定性引发避险情绪升温，贵金属价格有望继续上涨。降息预期叠加 地缘政治升温，避险需求支撑贵金属走强，黄金价格维持高位震荡，白银价格补涨明显。工业金属方 面，美联储维持基准利率不变，工业金属价格继续维持震荡，其中铝价短期波动，铜价中长期支撑较 强。能源金属中，钴价有望继续上行。战略金属方面，氧化镨钕价格触底回升，黑钨精矿价格突破历史 新高，锑、钨等战略小金属在供应链自主趋势下迎来估值重构机遇。 黄金股票ETF（517400）跟踪的是SSH黄金股票指数（931238），该指数由中证指数有限公司编 制，从A股市场中选取主营业务涉及黄金开采、冶炼及销售等相关业务的上市公司证券作为指数样本， 以反映黄金产业链上下游企业的整体表现。该指数成分股具有较高的行业代表性，聚焦贵金属领域，为 关注黄金板块投资机会的投资者提供了有效的跟踪标的。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测 ...

点评：浙商证券表示，加强战略矿产出口全链条管控工作，战略金属估值进一步提升，关注稀土磁材、钴、锡、锑、锗、钛、铀、锆、钨、镓。中信建投证 券表示，年初至今,锑、铋、钨、钼等战略金属价格轮番表现。近年来，一众战略小金属价格中枢呈显著上移态势，主要原因在于资源稀缺性及供给刚性日 益凸显、需求端受益于新能源、新材料、制造业升级、军工等发展，叠加关键矿产资源已成为各国博弈的新"战场"，持续看好国内优势战略矿种价值回归及 股票估值重估，建议重视战略金属投资机遇。 点评：招商证券表示，啤酒销量如期企稳，期待结构恢复。2024年，啤酒行业旺季销量承压拖累全年业绩表现，主要企业通过增投费用、控制发货等方式主 动调节库存，成本红利带动净利率仍有提升。相关行业分析师表示，2024年10月起，上海、杭州等地陆续推出餐饮消费券，3月北京亦发放餐饮消费券，啤 酒消费有望重启量价复苏，6-8元价格带结构升级仍在途中，关注政策逐步展开下旺季餐饮端需求复苏，行业库存保持低位，低基数下后续回暖可期。啤酒 行业处于资本开支末期，红利属性突出。 3、割草机器人 | 据中证报，智能清洁行业迎来了一位强势破局者。据悉，全球高端智能家电品牌MOVA在欧 ...

Market Overview - The A-share market experienced a rebound on Wednesday, with the ChiNext Index leading the gains. The Shanghai Composite Index closed at 3376.20 points, up 0.42%, with a trading volume of 446.8 billion yuan. The Shenzhen Component Index closed at 10144.58 points, up 0.87%, with a trading volume of 706.2 billion yuan. The ChiNext Index closed at 2024.93 points, up 1.11%, with a trading volume of 319.5 billion yuan [1]. Sector Performance - The consumer sector showed strong performance, with beauty care and beer concepts leading the gains. Stocks like Lehui International hit the daily limit. Solid-state battery concept stocks also surged, with companies like Chuan Yi Technology reaching the daily limit. The computing power concept stocks rebounded, with Tai Chen Guang rising over 10%. Conversely, the unmanned vehicle concept stocks faced adjustments, with Fu Long Ma nearing the daily limit [2]. Institutional Insights - According to Jifeng Investment Advisory, the market is currently consolidating below the 3400-point level, with policy support and long-term capital inflows expected to drive further upward movement in the A-share market. Investors are advised to buy on dips, focusing on sectors like consumer goods, semiconductors, and robotics that benefit from policy support [3]. - CITIC Construction expressed optimism about strategic metals such as antimony, bismuth, tungsten, and molybdenum, which have shown significant price increases due to resource scarcity and rigid supply. The demand from new energy, new materials, and military industries is expected to continue driving these trends, suggesting a focus on investment opportunities in strategic metals [3]. Market Sentiment - According to Furong Fund, the equity market remains in a volatile range, with fluctuations driven by the relative positions of capital and stock prices. The previously high-performing technology sector has seen a decline in trading volume, but the industry continues to develop positively. The technology sector may be entering a mid-term layout phase, with a focus on AI, semiconductors, and robotics as key growth areas [4].

中信证券研报称，2025年初以来，能源与材料产业各板块指数表现分化。2025年下半年，在美国关税政 策或频繁变动的预期下，预计商品价格走势复杂多变，从需求端难以寻找指引价格走势的清晰逻辑，应 聚焦"避险"和"供给扰动"两条主线，建议按照黄金、战略金属、钢铁、工业金属、煤炭、石油的次序进 行配置。1)黄金继续作为首选方向，关注企业的产量增长和成本优化前景。2)战略金属板块关注稀土、 钨、锑和钴。3)钢铁板块的估值优势和利润再分配预期带来配置良机。4)建议逢低布局工业金属、煤炭 和原油板块。 ...

凤凰网财经讯 5月12日，三大指数集体高开，沪指高开0.33%，深成指高开0.92%，创业板指高开 1.55%，CPO、消费电子、服装纺织等板块指数涨幅居前。 | | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | *● | 最新 | 张幅% | | 涨跌 涨跌家数 | | 总手 | 现手 | 金额 | | 上证指数 | | 3352.97 | 0.33 | 10.97 | 1758/315 | 0.12 | 4137 | 413万 | 47.82 乙 | | 深证成指 | | 10220.33 | 0.92 | 93.50 | 2326/372 | 0.27 | 7107 | 710万 | 87.83 乙 | | 北证50 | | 1398.15 | 1.37 | 18.84 | 196/59 | 0.39 | 15.57 | 15.5万 | 3.62 乙 | | 创业板指 | | 2042.90 | 1.55 | 31.13 | 1148/180 | 0.32 | ...