（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 ...

Group 1 - The total number of newly established funds in 2023 has reached 228, with a total issuance of over 210 billion units, marking a significant year-on-year increase [1] - The first batch of commercial real estate REITs has been accepted for review, with regulatory feedback focusing on asset quality, compliance, revenue stability, and governance mechanisms [2] - Huang Feng has been appointed as the new Chief Information Officer of Guolian An Fund as of February 25 [3] Group 2 - A fund managed by Li Xiaoxing has appointed a new fund manager, Sun Haotian, who has 7.5 years of experience in the securities industry [4] - The ETF market showed mixed performance, with the Shanghai Composite Index rising by 0.39% and the ChiNext Index falling by 1.04%, while sectors like rare metals and coal saw significant gains [5] - Rare earths are highlighted as a strategic resource with a notable supply-demand mismatch, driven by increased demand for neodymium-iron-boron, leading to rising prices for neodymium oxide [8] Group 3 - The Tianhong Zhongzheng Quality Leading 50 Index fund is set to launch, managed by Sha Chuan, with a performance benchmark linked to the index and a portion to bank deposits [9] - The Huashan Innovation Momentum Mixed Fund, managed by Sang Xiangyu, has a performance benchmark that combines multiple indices [10]

成长板块走低，创业板成长ETF、深成长ETF大成分别跌3%、2.79%。半导体设备板块回调，半导 体设备ETF、半导体设备ETF、科创半导体ETF、通信ETF、通信ETF华夏、5GETF博时、通信设备ETF 分别跌2.77%、2.75%、2.73%、2.52%、2.40%、2.33%和2.20%。 （责任编辑：贺翀 ） 【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 A股三大指数早盘集体下挫，截至午盘，沪指跌0.17%，深成指跌0.68%，创业板指跌1.46%，北证 50指数跌0.74%，沪深京三市半日成交额15966亿元，较上日缩量532亿元。全市场超2300只个股上涨。 板块题材上，小金属、算力租赁、云计算、煤炭开采加工、跨境支付、钢铁、光伏设备、AI应用、旅 游及酒店板块涨幅居前；造纸、PCB、CPO、存储芯片、电池、光刻机、PET铜箔板块跌幅居前。 ETF方面，AI应用回暖，创业板软件ETF华夏、 ...

Core Viewpoint - The rare earth sector has shown significant growth, with related ETFs experiencing strong performance, particularly on February 25, when the A-share market surged and the rare earth sector rose by 8% [1][5]. ETF Performance - On February 25, a total of 1,052 ETFs increased in value, with the highest gain reaching 7.26% [1]. - The top-performing ETFs included the Brazil ETF from E Fund, which rose by 7.26%, and several rare earth ETFs, such as the E Fund Rare Earth ETF, which increased by 6.25% [2][8]. - The trading volume for the Brazil ETF was 1.109 billion, indicating high investor interest [2]. Sector Analysis - The rare earth industry accounts for 29.23% of the CSI Rare Earth Industry Index, while the CSI Rare Metals Theme Index has a lower allocation of 18.72% to rare earths [6]. - The demand for rare earth materials is driven by the explosive growth in AI hardware, which has increased the need for rare earth permanent magnet materials [7]. Market Sentiment - The market sentiment is bullish, with significant inflows into stock ETFs, totaling 5.634 billion on February 24, reversing the trend of outflows seen prior to the holiday [9]. - The overall market is experiencing heightened enthusiasm, with various sectors, including semiconductors and steel-related ETFs, also showing considerable gains [8].

上证指数午盘涨1.2%， 创业板指涨1.43%。周期股持续走强， 钢铁、 有色金属、 化工、 建筑涨幅靠 前； 白酒、券商、 房地产表现不俗；半导体、核聚变题材活跃。 AI应用、超硬材料、CPO概念股走 弱。 有色金属、化工等涨价题材股全线大涨，稀土ETF嘉实、稀有金属ETF、钢铁ETF、工业有色ETF万 家、有色ETF华宝、有色金属ETF、矿业ETF、有色金属ETF基金、有色ETF鹏华、 建材ETF分别涨 6.64%、6.50%、5.76%、5.49%、5.05%、4.91%、4.80%、4.61%、4.59%和4.13%。半导体板块走强，科 创半导体ETF、半导体设备ETF和 中韩半导体ETF分别涨4.03%、3.69%和3.69%。 人工智能板块走低， 科创AIETF博时、 科创芯片设计ETF、 线上消费ETF工银、 传媒ETF华夏、 在线 消费ETF南方均跌逾1%。 信创ETF、大数据ETF、信创ETF易方达下跌。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 ...

Core Viewpoint - The article emphasizes that the investment opportunities in the non-ferrous metals sector will continue into 2026, driven by inflation, resource scarcity, and expected interest rate cuts by the Federal Reserve. Group 1: Inflation and Resource Demand - The article highlights that inflation has surged due to unprecedented monetary expansion by central banks, leading to a significant increase in the prices of commodities, particularly non-ferrous metals like copper and silver [2][3]. - The demand for industrial metals is expected to remain robust due to the growth in AI infrastructure and renewable energy investments, with companies like Google and Amazon planning to invest heavily in AI-related capital expenditures [3][4]. Group 2: Federal Reserve's Interest Rate Policy - The article discusses the anticipated interest rate cuts by the Federal Reserve, with market expectations suggesting a reduction of 50 basis points in 2026, which would likely weaken the dollar and boost commodity prices [4][5]. - The dynamics between former President Trump and Fed Chair Powell are noted, indicating a potential shift in monetary policy that could favor lower interest rates [4]. Group 3: Market Trends and Investment Strategies - The article suggests that while the copper market may experience short-term fluctuations due to increased inventory levels, the long-term demand remains strong, and investors should look for entry points during price corrections [6][8]. - The small metals market, particularly tungsten and antimony, is highlighted as having significant growth potential due to supply constraints and strategic importance, with prices already showing substantial increases [7][8]. Group 4: Investment Approaches - The article recommends using ETFs as a way to mitigate risks associated with individual stock selection in the non-ferrous metals sector, allowing investors to benefit from overall market trends without the need for extensive research [9][10]. - It emphasizes the importance of maintaining a disciplined investment strategy, focusing on long-term trends rather than short-term market fluctuations [11][12].

Group 1 - The core message emphasizes the importance of understanding the underlying trading behaviors behind market movements rather than reacting to superficial price changes [1] - Many investors fall into the trap of making decisions based solely on market trends, leading to losses when they chase after rising stocks or sell off during declines [1][2] - Quantitative data can reveal four core trading behaviors: bullish dominance, profit-taking, bearish dominance, and short covering, which help in understanding the true market intentions [2][5] Group 2 - The article illustrates that even when a stock appears to be on an upward trend, it may be dominated by profit-taking behavior, indicating potential price adjustments ahead [5][11] - It highlights that profit-taking does not necessarily lead to a market decline, as large funds may realize profits during upward trends, similar to a store clearing inventory during a sale [6][12] - The article also points out that negative news does not always result in market downturns; sometimes, it can create opportunities for investors who recognize the underlying buying activity [12][14] Group 3 - The core value of quantitative thinking is to help investors avoid subjective judgments based on emotions and news, instead relying on objective data to understand market behaviors [15][17] - By utilizing quantitative data, investors can maintain a rational perspective and avoid making impulsive decisions based on market fluctuations [16][17] - The article encourages a shift from emotional trading to a more analytical approach, which is essential for responsible capital management [17]

2月8日至9日，基辅遭遇多次爆炸，俄军打击乌军用机场等基础设施，俄外长拉夫罗夫强硬表态称，若 欧洲对俄攻击，俄方将采取"完全军事回应"。同时，俄美《新削减战略武器条约》已于2月5日到期，双 方未就新条约达成共识，加剧地缘不确定性。 资金动向 经济观察网 根据欧盟外交事务代表卡拉斯的表态，欧盟将向成员国提交一份对俄罗斯的让步要求清 单，内容包括要求俄方归还被绑架的乌克兰儿童、限制武装力量等，并可能将冻结的约2100亿欧元俄罗 斯资产作为谈判筹码。此前的2月5日，俄美乌三方在阿布扎比举行新一轮会谈，但核心领土问题仍未突 破，且会谈前后双方冲突持续。爱沙尼亚情报机构发布报告指出，俄罗斯可能将和谈作为"拖延战术"， 旨在恢复与美国关系而非真正寻求和平。 数据显示，跨境ETF中稀有金属ETF领涨，反映资金向资源防御性板块倾斜。尽管东欧区域基金未直接 列明，但地缘风险升温可能推动资金流向避险资产。此外，弘毅远方基金获股东增资2900万元，FOF配 置重心转向被动工具，或间接影响区域基金流动性。 近期事件 以上内容基于公开资料整理，不构成投资建议。 ...

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]

Market Overview - The three major A-share indices showed mixed performance today, with the Shanghai Composite Index rising by 0.09% to close at 4131.99 points, while the Shenzhen Component Index fell by 0.35% to 14160.93 points, and the ChiNext Index dropped by 1.08% to 3284.74 points. The total trading volume in the Shanghai and Shenzhen markets was 200.12 billion, a decrease of 123.7 billion from the previous day [1]. Rare Metals Sector Performance - The rare metals sector led the market gains today, driven by rising futures prices. Notable stocks included Zhongtung High-tech and Zhangyuan Tungsten, which hit the daily limit, while Xiamen Tungsten and Jinchuan Group rose over 7%, and Huayou Cobalt increased by over 5%. This momentum also boosted the Rare Metals ETF and related funds, which rose by more than 3.5% [1]. Rare Metals ETF Details - The Rare Metals ETF, which tracks the CSI Rare Metals Index, saw a rise of 3.86% today and has gained 15.70% year-to-date, with an estimated scale of 6.588 billion. Other related ETFs also showed positive performance, with the Industrial Bank Rare Metals ETF rising by 3.79% and the Rare Metals ETF Fund increasing by 3.53% [2]. Commodity Price Movements - There was a significant increase in commodity prices today, with lithium carbonate rising over 5%, nickel up over 4%, and other metals like tin and stainless steel increasing by over 2%. The main contract for lithium carbonate on the Guangzhou Futures Exchange surged by 9%, reaching 150,000 yuan/ton [3]. Global Rare Metals Market Trends - The global rare metals market is expected to continue its upward trend through 2026, with prices for rare earths, lithium, tungsten, cobalt, and nickel on the rise. This surge is attributed to three main factors: changes in global macroeconomic conditions, tightening supply constraints, and structural growth in demand from emerging industries [4][5]. Supply and Demand Dynamics - Supply constraints are a key driver of the current market dynamics, with countries like Indonesia and Vietnam implementing significant restrictions on exports of nickel and rare earths, respectively. China's export controls on certain rare metals further solidify its dominant position in global supply [4][6]. On the demand side, sectors such as electric vehicles, energy storage, and advanced manufacturing are driving robust demand for rare metals, indicating a structural growth trend [5][6].