2026 年初以来，"涨价" 已成为资本市场最核心的交易主线，这一趋势也不再局限于单一领域，而是渗 透至各行各业，各类涨价资产均成为市场交易焦点。据兴业证券统计，年初至今涨幅居前的 30 个概念 指数中，有 25 个均与涨价逻辑相关。同时涨价的覆盖范围还在持续拓展，正从有色板块向油气、化 工、建材、科技等更多领域延伸。展望全年，"涨价" 既是行业景气度的直观体现，更是推动市场风格 扩散的核心因素，有望成为贯穿全年的投资主线，对于这一逻辑需始终保持高度重视。 年初以来涨幅居前的概念指数，几乎全部与"涨价"相关（标红为与"涨价"相关的概念） Wind，兴业证券经济与金融研究院 今日钢铁ETF延续强势，本周累计上涨10.64%。本周钢铁板块表现亮眼主要受供需两端的催化。需求 侧，重点城市地产政策利好有望出台，夯实需求预期。 供给侧，2026年有收缩预期，铁矿有让利空间；预计行业将加速进入优胜劣汰阶段。2月8日，工信部发 布了《钢铁行业规范条件（2025年版）》，文件属于钢铁行业行业规范，属于偏职能性的引导文件；2 月26日，工信部公示符合《钢铁行业规范条件（2025年版）》的首批企业名单。预计相关部门将持续推 进钢 ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 上证指数收涨0.39%，创业板指跌1.04%。沪深京三市成交额25055亿元，较上日缩量512亿元，三 市超3200只个股上涨。稀有金属概念股掀涨停潮，钢铁、燃气、煤炭、电力、环保涨幅靠前，云计算、 AI应用、算力租赁题材活跃。算力硬件、半导体、商业航天概念股调整。 今日，镁、钨等稀有金属股全线大涨，稀有金属ETF、稀土ETF嘉实、矿业ETF、有色ETF华宝、 大宗商品ETF、工业有色ETF万家、有色金属ETF、有色金属ETF基金、有色ETF鹏华分别涨4.68%、 4.11%、4.02%、3.74%、3.71%、3.68%、3.48%、3.39%、3.25%。电力板块走强，电力ETF、绿电ETF 分别涨2.73%和2.53%。钢铁板块走高，钢铁ETF涨2.45%。 创业板成长ETF、深成长ETF大成跌2%。半导体板块走低，半导体设备E ...

有色金属领涨，白银有色、湖南白银涨停，兴业银锡、铜陵有色涨超6%，带动有色ETF泰康、矿业 ETF、有色矿业ETF招商、有色金属ETF国泰、有色ETF景顺、有色ETF汇添富、有色ETF银华、有色金 属ETF、有色ETF华宝、有色ETF鹏华、有色金属ETF基金涨超3%；工业有色ETF万家、有色金属ETF天 弘、有色ETF富国、稀有金属ETF工银、有色ETF大成、稀有金属ETF基金、工业有色ETF鹏华、稀有金 属ETF、稀有金属ETF涨超2%。 A股迎来马年首个交易日，三大指数集体高开。 作为唯一的期货类指数，其跟踪特定期货合约，收益受短期供需、合约换月成本等因素影响。与权益市 场相关性较低，在权益市场下跌时可能取得相对较好的表现。 该指数行业覆盖独特，有色金属占比79.6%，同时还覆盖了基础化工与电力设备行业。在申万三级行业 分布上，占比前三的是稀土、锂和稀有金属，完全不含铜和铝，稀有金属属性更为突出。 3.工业有色指数 该指数成分股数量较少（30只），更为集中，黄金含量很低，更聚焦于铜、铝和稀有金属等工业应用领 域。 行业分布相对专一，与制造业复苏的订单增量紧密相关，更纯粹地反映工业用有色金属的需求变化。适 ...

Group 1 - The global macro environment has been uncertain since the beginning of the year, highlighting the investment value of gold and resource commodities [1] - The metal sector has undergone significant repricing and is now considered a high-quality asset with strong data support, characterized by high prosperity and anti-inflation properties [1] - Gold ETFs and mining-related products have seen active trading, benefiting from global risk aversion and de-dollarization trends, maintaining high investment enthusiasm for gold [1] Group 2 - The copper and aluminum industries are experiencing cyclical benefits, with copper prices expected to rise due to tightening raw material supply from global smelting capacity expansion between 2025 and 2027 [1] - The aluminum sector is benefiting from domestic capacity policies and increased investments in new energy and power grids, with a long-term trend towards the value of "green electricity aluminum" [1] - Emerging demand driven by AI servers is pushing tin prices upward, with global refined tin supply and demand expected to remain in a tight balance through 2026 [1] Group 3 - Mining ETFs (561330) focus on upstream resources, covering various commodities such as copper, gold, lithium, rare earths, and aluminum, providing stronger performance elasticity and diversified risk management [2] - The constituent stocks are primarily leading companies that directly own mineral resources, benefiting significantly during commodity price upcycles [2] - Investors are advised to maintain rationality in high-volatility resource markets and consider a phased investment approach, balancing long-term growth logic with short-term volatility [2]

Group 1 - The resource sector, represented by non-ferrous metals, showed strong performance with multiple rare metal ETFs rising over 3% and mining, non-ferrous, gold, rare earth, and chemical ETFs generally increasing over 2% [1][2] - The Nikkei 225 theme ETF rose by 4.85%, with a premium rate increasing to 4.79%, while the Dow Jones ETF also saw a premium rate rise above 5% as the Dow Jones Industrial Average reached a new high [2][3] - Bond ETFs experienced significant trading activity, with total transaction volume increasing by over 90 billion yuan compared to the previous day, and the short-term bond ETF Hai Futong reached a historical high transaction volume of over 63 billion yuan [5][6] Group 2 - Recent market trends indicate a shift of funds from broad-based ETFs to industry-specific theme ETFs, with significant net outflows from the CSI 300 and CSI A500 theme ETFs, while the tourism ETF maintained a net inflow for 17 consecutive trading days, reaching a historical high in scale [7][8] - The film and media ETFs, which benefited from AI applications, experienced a collective pullback, with the film ETF dropping nearly 6% and the media ETF declining over 2% [3][4] - Fund managers are focusing on three key areas for investment: AI hardware driven by overseas trends, high-end manufacturing in new energy and innovative pharmaceuticals, and domestic price increase chains in chemicals, building materials, and steel [9]

Core Viewpoint - The recent surge in various ETFs, particularly in the metals and mining sectors, indicates a recovery in market sentiment following a period of volatility, driven by technical corrections and strategic reserve initiatives by major economies [1][2][4]. ETF Performance - The following ETFs have shown significant gains: - Cathay Metals ETF: +6.23% YTD +16.57% - Mining ETF: +5.80% YTD +18.51% - Cathay Metals LOF: +5.72% YTD +16.21% - Cathay Gold ETF: +5.03% YTD +12.07% - Gold Stocks ETF: +4.24% YTD +29.39% - Cathay Chemical ETF: +4.03% YTD +8.03% - Building Materials ETF: +4.03% YTD +10.91% [1]. Market Dynamics - The rebound in gold prices, reaching a peak of $4,949.99, and silver prices above $87, reflects a shift in market dynamics, with short positions being closed and new buying interest emerging [2]. - The increase in holdings of the iShares Silver Trust by 1,023.23 tons marks the third-largest single-day increase in its history, indicating strong investor interest [3]. Strategic Reserve Initiatives - The Chinese government is exploring the expansion of its copper strategic reserve, which may support copper prices, similar to the U.S. strategic reserve initiatives [3]. - Trump's plan to initiate a $12 billion mineral reserve aims to bolster U.S. manufacturing against supply disruptions, reflecting a shift towards prioritizing security over efficiency in resource management [4]. Future Outlook - The expectation of a resource bull market remains, supported by historical patterns where extreme volatility in gold prices often precedes significant upward trends [5]. - Long-term factors such as monetary easing, the safe-haven appeal of gold, and the trend of de-dollarization are expected to sustain gold's upward trajectory [6]. - Investors are advised to adopt differentiated strategies, balancing short-term opportunities with long-term value, while being cautious of market volatility [7]. Related Investment Opportunities - Key ETFs to consider include: - Largest Oil ETF: 561360 - Unique Coal ETF: 515220 - Cathay Chemical ETF: 516220 - Largest Building Materials ETF: 159745 [9][10].

Group 1 - The market witnessed significant volatility in February, with a notable decline in gold and silver prices, attributed to market reactions to potential changes in U.S. Federal Reserve leadership and monetary policy [8][6]. - Gold prices dropped from 5600 to 4682, while silver experienced a nearly 40% intraday pullback, indicating severe market stress and liquidity issues [6][8]. - The decline in gold is not fundamentally driven but rather a result of liquidity squeeze and increased implied volatility, with the market reacting to Trump's nomination of a Fed chair with a history of advocating for interest rate cuts and balance sheet reductions [8][10]. Group 2 - The telecommunications sector is facing increased tax burdens as the VAT rate for telecom services is set to rise from 6% to 9%, which will impact revenue and profit margins for major operators [14][15]. - Major telecom companies, including China Unicom, China Telecom, and China Mobile, experienced significant stock price declines following the announcement, with China Unicom's H-shares dropping over 11% at one point [14][15]. - The adjustment in tax policy may lead to a shift in industry dynamics, potentially reducing inefficient competition and encouraging a focus on technological innovation and high-quality services [14]. Group 3 - The real estate sector is under severe pressure, exemplified by Vanke's projected net loss of 82 billion, marking a 65.7% increase in losses compared to the previous year, which is expected to be the largest annual loss in A-share history [12][13]. - This situation reflects the broader challenges facing the real estate industry, with recovery dependent on both individual company strategies and overall market stabilization [12][13]. Group 4 - The liquor industry, particularly high-end brands like Moutai, is showing signs of recovery with price stabilization and potential for valuation improvement, despite ongoing challenges [17][18]. - The liquor sector is characterized by low expectations, low valuations, and low holdings, with public fund holdings in liquor stocks at a historical low of 3.93% [17][18]. - Analysts suggest that 2026 may present a bottoming opportunity for the industry, with expectations of a recovery phase beginning to emerge [18][19].

Core Viewpoint - The recent renaming of ETF products by Guotai Fund aims to enhance investor experience by adopting a standardized naming convention that combines the underlying index with "ETF Guotai," facilitating easier identification and decision-making for investors [1][3][12]. Group 1: Naming Convention and Efficiency - The new naming convention "underlying index + ETF Guotai" provides clear identification of product attributes and management, significantly improving the efficiency of investment selection and decision-making for investors [4][12]. - The renaming covers a wide range of categories including broad-based, thematic, strategic, technology, consumer, commodity, and currency ETFs, allowing investors to quickly access core information from product names [1][10]. Group 2: Market Context and Growth - As of the end of 2025, China's ETF market is projected to reach a total size of 6.02 trillion yuan, making it the second-largest ETF market globally with nearly 1,400 products [3][12]. - The rapid expansion of the ETF market has led to challenges such as naming homogenization and unclear information, which the renaming initiative seeks to address [3][12]. Group 3: Product Management and Investor Support - Guotai Fund has been a pioneer in the ETF sector since launching China's first stock industry ETF in 2011, continuously enhancing its product offerings to meet diverse investor needs [5][15]. - The company emphasizes professional management through precise position control, refined capital management, and active product operation, ensuring that product performance remains competitive in the market [17]. Group 4: Performance and Recognition - As of December 31, 2025, Guotai Fund's non-currency ETF total size reached 286.1 billion yuan, ranking seventh in the industry, with its thematic ETFs holding the top position in the market [6][16]. - The performance of Guotai Fund's ETFs has been notable, with the communication ETF achieving over 125% annual growth, ranking first in the market, and the mining ETF ranking third with over 106% growth [6][16].

Group 1 - The core viewpoint is that the recent pullback in the non-ferrous mining sector may present a buying opportunity, with significant capital inflow into mining ETFs, which have seen over 2.3 billion yuan in net inflows for 20 consecutive days [1] - Short-term gold prices may experience a rebound due to extreme implied volatility levels, reminiscent of historical patterns following significant price corrections [1] - The market's pricing of "rate cuts + balance sheet reduction" may be overly anticipatory, as evidenced by the muted response in the U.S. Treasury market to recent news [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) has achieved a year-to-date increase of 106.11% in 2025, ranking first among ten ETFs in the non-ferrous sector [2]

Group 1 - The core viewpoint of the news highlights a significant decline in the performance of non-ferrous metal stocks, with companies like Shandong Gold and Zhongjin Gold hitting the daily limit down, and Northern Rare Earth dropping over 5% [1] - Mining and non-ferrous related ETFs have also seen a decline of over 5% due to market influences [1] Group 2 - Recent reports indicate that not only precious metals like gold and silver have risen significantly, but industrial metals such as copper and aluminum, as well as energy metals like cobalt and lithium, have also shown good growth, with multiple metals reaching historical or phase highs [2] - The super cycle of non-ferrous metals is attributed to three main factors: the weakening trend of the dollar due to the Federal Reserve's interest rate cuts, supply-demand gaps caused by declining ore grades and rising marginal costs in major mines, and domestic policies aimed at optimizing excess capacity [2]