流动性似乎出现了一些向好的迹象！ 3月6日早盘，有色金属板块集体拉升，黄金涨超1%，白银涨超2.3%，铜、铂、锌、镍等集体走强。截至午间收盘，A股三大指数集体收涨，沪指涨0.25%，深成指 涨0.8%，创业板指涨0.85%。 与此同时，香港市场亦逆亚太市场而动，截至券商中国发稿，恒生科技指数涨超3.6%，恒指涨超1.8%。亚太时段的美股期指和欧股期指早盘皆集体反弹。虚拟币 最近涨幅亦较大。这些都指向一个变量：流动性可能正在改善。 从美国市场传来的信号看，流动性的确也有好转迹象。 昨晚，美国杠杆贷款指数再度拉升，这也是连续第二天反弹；隔夜逆回购规模环比亦大幅扩大近20亿美元； 美联储扩表规模也有显著放大。 值得注意的是，国际油价、天然气等中东关联资产今日早盘出现了回落，可能显示市场对地缘局势的预期有所改善。 由此出现的行情是，有色金属今天开始反弹，黄金、白银和铜皆有反应。美元指数则于亚太时段出现回落。中国香港市场表现亦有显著改善，恒生科技反弹达 3.6%。 | 名称 ▼ | | | | 月 ▽ ▽ * * * * * * 最新 * * * * 最高 * * * * ~ ~ ~ ~ ~ ~ ~ 涨跌幅 = ~ 涨 ...

击期货有限公司 s Company Limited 主产区供应预期趋松,锡价大幅回调 中信期货研究所 有色与新材料团队 最新动态及原因 2020年3月3日，银价出现大幅回调，根据Wind，截至收盘，沪锡主力合约跌2.0％至394890元吨。锡价大跌的主要原因在于，主产区供应顶期趋松，伴随市场建体情绪偏弱，引发多头资 金瓣离。根据印尼矿业协会、印尼矿产煤炭总局将2020年锦产量目标设为6.586万吨。而比前，据路透让消息，预计印尼2026年惊矿开采生产配额将设定在约00.00公吨。此次印尼矿产煤炭总 同设定的锦产量目标高于前期设定的6万吨配额。供应预期有所改善，此外，根据文华财经，2月27日，缅甸伍邦发布《关于深部「铜抽水分摊抽水费流程的通知》，明确分赌由水费用流程，加 速推进低海拔区域的高品位锡矿区复产进程，预计后续佤邦出矿量将进一步增加,从而缓解锡矿供应的紧张情况, 基本面情况 目前，国内矿端紧缩状况表解，并制约着情想品产量。根据钢联、截至2月27日，60％品位的铜矿加工费10000元/吨。40％品位的锡矿加工费14000元/吨。维持相对低位。此外，根据钢 联: 1月国内晴炼锡产量为14382吨，同比-2. ...

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. (stock code: 600301) experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days (February 25, 26, and 27, 2026) [2][4]. Group 1: Stock Trading Anomaly - The company's A-share stock price has deviated significantly, indicating an abnormal trading situation as per the Shanghai Stock Exchange regulations [2][4]. - The cumulative closing price increase over the specified three days was over 20%, which qualifies as an abnormal trading fluctuation [4]. Group 2: Company Operations and Major Events - The company reported that there have been no significant changes in its production and operational fundamentals, and the internal production order remains normal [5]. - A thorough self-examination and inquiries to the controlling and indirect controlling shareholders confirmed that there are no undisclosed major events, such as asset restructuring or significant transactions [6]. - No media reports or market rumors that could significantly impact the stock price were identified as of the announcement date [7]. - There were no other sensitive information or events that could affect the stock price, and no insider trading activities were reported during the period of stock price fluctuation [8].

（文章来源：证券日报） 证券日报网讯 2月27日，兴业银锡在互动平台回答投资者提问时表示，目前暂无国际权威机构对公司白 银储量进行明确的官方排名。 ...

Group 1 - The core point of the article is that Jinwei Co., Ltd. reported a total of 33,844 shareholders as of February 10, 2026 [2]

Group 1 - The core viewpoint of the article highlights a significant decline in the prices of non-ferrous metal stocks, driven by a global "de-risking" sentiment in financial markets, leading to a sell-off in precious metals [1] - Specific stock performances include China Nonferrous Mining (01258) down 5.27% to HKD 14.91, Zijin Mining (02899) down 4.98% to HKD 42.78, Luoyang Molybdenum (03993) down 4.71% to HKD 22.24, and Minmetals Resources (01208) down 4.54% to HKD 9.89 [1] - The article notes that the recent drop in metal prices is characterized by algorithmic trading and systematic strategies, particularly a "momentum deleveraging" triggered by programmatic trend funds reducing positions after key price levels were breached [1] Group 2 - According to Dongfang Securities, the previous liquidity shock has been largely absorbed, and the pricing of various metals is expected to return to fundamentals [1] - In the industrial metals sector, despite short-term setbacks in easing narratives, the overall direction remains towards interest rate cuts, with copper and aluminum inventories still accumulating but at a slowing pace [1] - The article indicates that as prices adjust in the short term, downstream acceptance is improving, and overall supply-demand dynamics for certain metals are expected to continue performing well [1]

（文章来源：证券日报） 证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，在铜、钼矿的加工中，主要的采、选、冶成 本由主产品铜和钼承担。铼作为价值较高的伴生元素，仅需从既有流程（如烟尘或溶液）中进行分离提 纯，其回收的边际成本较低。因此，矿石的铼品位越高，综合回收的经济效益就越好，越有助于降低单 位生产成本。 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - In Q4 2025, the company's own copper production increased by 9% year-on-year to 268,100 tons, with a quarter-on-quarter increase of 12%. The guidance for copper production in 2026 is set at 810,000 to 870,000 tons [1][3] - The company's cobalt production in Q4 2025 was 7,600 tons, a decrease of 35% year-on-year and 21% quarter-on-quarter. The total cobalt production for 2025 was 36,100 tons, down 5% year-on-year [1][3] - Zinc production in Q4 2025 was 260,000 tons, a decrease of 1% year-on-year but an increase of 6% quarter-on-quarter. The total zinc production for 2025 was 969,400 tons, up 7% year-on-year [1][3] - The company reported a total gold production of 156,000 ounces (4.85 tons) in Q4 2025, down 20% year-on-year but up 6% quarter-on-quarter. The total gold production for 2025 was 604,000 ounces (18.79 tons), down 18% year-on-year [2][3] - The Democratic Republic of Congo lifted its cobalt export ban in Q4 2025 and implemented an export quota system, which is expected to impact the company's cobalt export strategy positively [5][3] Production Overview - Q4 2025 production figures: - Copper: 268,100 tons, up 9% YoY, up 12% QoQ - Cobalt: 7,600 tons, down 35% YoY, down 21% QoQ - Zinc: 260,000 tons, down 1% YoY, up 6% QoQ - Lead: 46,200 tons, down 7% YoY, up 11% QoQ - Nickel: 19,500 tons, down 3% YoY, up 23% QoQ - Gold: 156,000 ounces (4.85 tons), down 20% YoY, up 6% QoQ - Silver: 5,607,000 ounces (174.40 tons), up 5% YoY, down 2% QoQ [1][2][3] Future Guidance - The company expects to produce between 810,000 and 870,000 tons of copper in 2026, with cobalt production not specified [6][3] - The cobalt export quota for 2026 includes 16,100 tons from KCC and 6,700 tons from Mutanda, with a total allocation of 22,800 tons [6][3]

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 10 日 2025Q4 黄金产量 41,417 盎司（1.29 吨），环比增加 16%，同比增加 5%。 2025 年黄金产量 147,433 盎司（4.59 吨），同比减少 6%。 ►2026 年指引 [Table_Title] First Majestic 2025Q4 白银当量产量同比增加 77% 至 129.56 吨，2026 年产量指引为 404-448 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►生产经营情况 2025Q4 的白银产量 416.63 万盎司（129.56 吨），环比增 加 8%，同比增加 77%。 2025 年的白银产量 1543.55 万盎司（480.10 吨），同比增 加 84%。银产量显著提升主要得益于 Los Gatos 项目的并入， 同时 San Dimas 项目产量增长 19%，La Encantada 项目产量增 长 18%。 2026 年，公司预计其在墨西哥的四座运营矿山将实现归属 产量：白银 1300 万至 1440 万盎司（40 ...

来源：新浪基金∞工作室 2月4日，有色ETF华宝（159876）开盘涨2.15%，报1.188元。有色ETF华宝（159876）重仓股方面，紫 金矿业开盘涨1.78%，洛阳钼业涨3.98%，北方稀土涨0.35%，华友钴业涨1.70%，中国铝业涨1.75%，赣 锋锂业跌0.29%，山东黄金涨0.39%，云铝股份涨1.17%，中金黄金涨0.18%，江西铜业涨3.00%。 有色ETF华宝（159876）业绩比较基准为中证有色金属指数收益率，管理人为华宝基金管理有限公司， 基金经理为陈建华，成立（2021-03-12）以来回报为132.74%，近一个月回报为16.91%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...