今日（1月29日）有色金属板块再现涨停潮，白银有色8连板，湖南黄金4连板，铜陵有色等合计7股涨 停，热门ETF方面，有色ETF华宝（159876）走势一波三折，最高飙涨超4.1%，续创历史高点，最终收 涨1.44%，彰显韧性。全天成交额2.83亿元，环比放量2300万元。 ETF放量突破上市高点，资金积极进场抢筹！有色ETF华宝（159876）全天获资金净申购1.17亿份，此 前20日连续吸金，合计狂揽超14亿元！ 有色金属板块的上涨行情为何表现强劲？或可从三个维度进行拆解： 2、产业层面，黄金、铜、稀土携手大涨：①现货黄金冲击5600美元/盎司，迭创新高；②国际LME铜 飙涨超7%，刷新历史新高；③稀土价格持续上行，氧化钕、氧化镨价格等核心品种涨幅超12万元/吨。 3、业绩层面，截至1月28日，有色ETF覆盖的60家上市公司中，已有24家披露2025年业绩预告，其中， 21家预盈，占比近九成；20家预告净利润同比正增长，有色股业绩普遍预喜，接连大涨的行情或有基本 面支撑。 展望后市，西南证券认为，有色金属行业迎来资源大周期，黄金、铜、铝、锡、稀土等金属价格中枢系 统性上移*。华福证券表示，有色金属将深度参与 ...

昨日（1月28日）有色金属板块领涨两市，白银有色、湖南黄金、中国铝业等16只成份股涨停，有色ETF华宝（159876）场内价格飙涨6.95%，续创历史新 高！深交所数据显示，该ETF单日吸金1.85亿元，拉长时间来看，此前20日连续吸金，合计狂揽超14亿元！ 值得一提的是，今日（1月29日）盘中现货黄金首次突破5500美元大关，本周金价从略低于5000美元的水平一路狂飙，连破6道整百关口，周涨幅超500美 元。 消息面上，北京时间周四（1月29日）凌晨，美联储结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在3.5%至3.75%之间，符合市场普遍 预期。美联储暂停降息但释放未来宽松预期，叠加市场对鸽派美联储主席人选的押注，推动贵金属避险及抗通胀属性凸显。 中信建投证券认为，只要美联储还处于降息通道中，有色金属价格仍有上涨动力。东方证券指出，美联储降息周期里，供需偏紧的实物资产，即使是较小的 供需缺口也有望产生较大的价格弹性。本轮降息周期下，以铜、铝为代表的工业金属超级周期或已来临。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓 ...

Group 1 - The non-ferrous metal sector continues its strong performance, with stocks like Huafeng Aluminum, Baiyin Nonferrous Metals, and Tongling Nonferrous Metals hitting the daily limit, indicating robust market interest [1] - The non-ferrous ETF, Huabao (159876), saw a maximum intraday increase of 3.55%, closing up 3.37%, with a significant net subscription of 55.2 million units, breaking its previous listing high [1] - Geopolitical risks are rising, contributing to increased safe-haven demand and pushing gold prices to a historical high of $4,950 per ounce, with domestic gold jewelry prices reaching 1,500 yuan per gram [3] Group 2 - The long-term outlook for gold prices remains strong due to several factors, including ongoing U.S. fiscal risks, strong global central bank demand for gold, and the expectation of continued interest rate cuts in the U.S. through 2026 [3] - The strong performance of non-ferrous metals is attributed to macro-financial policies and structural changes in supply and demand, particularly driven by emerging demands in AI and new energy sectors [3] - The Huabao non-ferrous ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [3]

继此前日线3连阳+ETF放量突破上市高点后，今日（1月22日）有色ETF华宝（159876）场内价格一度 跌近2%，现跌1.2%。或有资金逢跌进场抢筹，截至发稿，该ETF获资金实时净申购4380万份！ 国泰海通表示，全球地缘政治局势的不确定性上升及各国央行持续购金，有利于支撑长期金价中枢。长 期避险情绪以及供应端的紧张状态不会改变，价格上涨逻辑依然稳固。 业内人士指出，从过往经验来看，每一轮大宗商品周期都很长（一轮完整的大宗商品周期为25-30年， 其中上行8-10年，下行15-20年），一旦方向确立，大宗商品周期则会持续很长时间，不会在两三年结 束。 消息面上，伦敦金价在1月21日一度创下4890美元/盎司的历史新高，但随后在美盘时段迎来大幅回撤， 再次回落至4800美元附近。市场分析，本次金价跳水的直接触发因素，是围绕格陵兰岛的地缘政治紧张 局势出现明显缓和。 业内人士指出，或有四大原因影响2026年的国际金价： 一是美国财政风险。当前美国债务风险持续上升，主因特朗普政府推行的经济、财政政策将加重联邦政 府债务负担，市场对美国财政可持续性的质疑加深，叠加美债收益率波动加大，美元资产吸引力边际下 降，推动资 ...

Core Viewpoint - The release of significant policies in Shanghai has led to a strong rally in the non-ferrous metals sector, particularly benefiting the Huabao Non-Ferrous ETF (159876), which saw a price increase of over 2.1% intraday and is approaching its previous listing high [1][4]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) has attracted substantial capital, with a net subscription of 21.6 million units, totaling 635 million yuan over the past 10 days [1][5]. - Key stocks in the sector, such as Baiyin Nonferrous, Hunan Baiyin, and Shengxin Lithium Energy, reached their daily price limits, while Guocheng Mining and Zhongkuang Resources also saw significant gains of over 8% and 7%, respectively [3][4]. Group 2: Policy Impact - On January 20, Shanghai issued a plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [4][5]. - The policy is part of Shanghai's broader initiative to establish itself as a global center for various industries, including non-ferrous metals [4]. Group 3: Investment Outlook - Analysts from Yide Futures suggest a favorable supply-demand balance for non-ferrous metals, with aluminum showing strong resilience due to supply constraints, while tin and copper are expected to perform well due to their scarcity and demand growth [5]. - China Galaxy Securities highlights that global geopolitical tensions may reshape the metal supply chain, potentially increasing the demand and value of strategic metals like copper, tungsten, and rare earths [5]. Group 4: ETF Details - The Huabao Non-Ferrous ETF (159876) has reached a record size of 1.665 billion yuan, making it the largest ETF tracking the non-ferrous metals index in the market [5][7]. - The ETF covers a wide range of sectors, including precious metals, strategic metals, and industrial metals, allowing investors to capture the overall sector's performance [7].

Group 1 - The non-ferrous metal sector continues to show strong upward momentum, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a historical high, with an intraday increase of 2.71% and a current rise of 0.81% [1] - The technical analysis indicates a bullish trend, as the MACD indicator has achieved a golden cross, suggesting that the market's buying power remains dominant and the upward momentum of stock prices has not shown significant signs of weakening [1] - There has been significant capital inflow into the Huabao Non-Ferrous ETF, with a net subscription of 57.6 million units reported, accumulating a total of 387 million yuan over the past ten days [1] Group 2 - The report highlights that copper prices have considerable room for upward movement, as historical analysis shows that adjusted for inflation, current copper prices have not yet reached the heights of previous super cycles [2] - The ongoing global monetary order reshaping is weakening the dollar's role as a price anchor for major assets, with the current copper-to-gold ratio still at a historical low [2] - The investment community is optimistic about the non-ferrous metal sector, anticipating a bull market driven by monetary, demand, and supply factors, with projections indicating a potential bull market in 2026 [3][4] Group 3 - The Huabao Non-Ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to the entire sector's beta performance [4] - Key stocks in the sector have shown significant gains, with Hunan Silver reaching the daily limit, and other companies like Steel Research High-Tech and Silver Non-Ferrous also experiencing substantial increases [5]

Market Trends - The MACD indicator has shown a golden cross, indicating a bullish trend with short-term market buying power dominating, and no significant reduction in price increase momentum [1] - The Huabao ETF (159876) has seen a net subscription of 40.2 million units, accumulating a total of 387 million yuan over the past 10 days [1] Industry Performance - The U.S. December CPI rose by 2.7% year-on-year, with the core CPI increasing by 2.6%, leading to increased bets on the Federal Reserve's interest rate cuts [3] - Following the CPI data, the probability of a rate cut in April rose to 42%, up from 38% before the data release [3] Metal Prices Outlook - Analysts suggest that the Federal Reserve's rate cuts will boost the prices of non-ferrous metals due to three main factors: a shift towards holding physical assets, a weaker dollar making metals cheaper, and lower borrowing costs for companies [3] - Citic Futures predicts a dovish monetary policy from the Federal Reserve, likely leading to gradual rate cuts, which will create a favorable environment for the non-ferrous market [4] Investment Opportunities - The Huabao ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [5] - Key stocks in the non-ferrous sector have shown significant gains, with Hunan Silver leading at 6.43%, followed by Huaxi Nonferrous and Xiyang Co. with over 5% increases [6]

今日（1月14日）有色金属板块继续强势上涨，板块热门ETF——有色ETF华宝（159876）场内价格盘 中涨超2.4%，现涨1.9%，续创历史新高！ 技术面分析来看，MACD指标实现金叉后，快线DIF持续运行在慢线DEA上方，是多头趋势延续信号， 说明短期市场做多力量占据主导，股价上涨动能未出现明显衰减。 伴随火热上涨的行情，资金积极进场抢筹！截至发稿，有色ETF华宝（159876）获资金实时净申购4020 万份！拉长时间来看，近10日连续吸金，合计狂揽3.87亿元！ | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 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 | 6.43% | | 有色金属 | 高金属 | 白铜 | 271亿 | 12.03亿 | | 2 | 华揭有色 | | 5.66% m | 有色金属 | 小舍屋 | 其他小金属 | 3111Z | 1.19亿 | | 3 | 错那能得 | 5.46% | www | 有色金属 | 小 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Huabao Nonferrous ETF (159876), which reached a historical high with a trading volume of 1.06 billion yuan, indicating a bullish market sentiment [1] - The Huabao Nonferrous ETF has seen a net subscription of 24 million units, accumulating 331 million yuan over the past 10 days, suggesting significant investor interest [1] - Key constituent stocks such as Zhong Rare Earth and Western Superconducting have shown substantial gains, with Zhong Rare Earth hitting the daily limit, indicating strong sector performance [1] Group 2 - On January 12, spot gold prices surged, breaking the historical record set on December 29, 2025, reaching 4601.38 USD/oz, reflecting heightened demand for safe-haven assets amid geopolitical tensions [3] - Global geopolitical risks are escalating, particularly between Iran and the U.S., contributing to increased market uncertainty and driving demand for precious metals like gold [3] - The World Gold Council anticipates that ongoing geopolitical uncertainties will continue to influence the gold market, with potential for moderate price increases or strong rallies depending on economic conditions [3] Group 3 - Xiangcai Securities notes that the U.S. faces recession pressures, with high sovereign debt and trade deficits undermining the dollar's credibility, leading to a renewed focus on gold as a universal asset [4] - As gold prices rise, the supply-demand dynamics for commodities like copper may tighten, suggesting a potential revaluation of these assets [4] Group 4 - The Huabao Nonferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, positioning them to capitalize on various market cycles [5] - The ETF's comprehensive coverage allows for better exposure to the overall sector's beta performance, indicating a favorable investment environment for nonferrous metals [5]

Group 1 - The core viewpoint of the news highlights the strong performance of the Huabao Nonferrous ETF (159876), which reached a historical high with a trading volume exceeding 1.06 billion yuan, indicating a bullish market sentiment [1] - The ETF has seen a net subscription of 24 million units in real-time, accumulating 331 million yuan over the past 10 days, suggesting significant investor interest [1] - Key constituent stocks such as Zhong Rare Earth and Western Superconducting have shown substantial gains, with Zhong Rare Earth hitting the daily limit and Western Superconducting rising over 14% [1] Group 2 - On January 12, spot gold prices surged, breaking the historical record set on December 29, 2025, reaching 4601.38 USD/oz, with a 1.42% increase to 4572.87 USD/oz [3] - Global geopolitical risks are escalating, particularly tensions between Iran and the U.S., which are contributing to strong demand for precious metals as safe-haven assets [3] - The World Gold Council anticipates that ongoing geopolitical uncertainties will continue to influence the gold market, with potential for moderate price increases or strong gains depending on economic conditions [3] Group 3 - Xiangcai Securities notes that the U.S. faces recession pressures, with high sovereign debt and trade deficits undermining the dollar's credibility, leading to increased focus on gold as a universal asset [4] - As gold prices rise, the supply-demand dynamics for commodities like copper may be re-evaluated, potentially leading to increased valuations for non-ferrous metals [4] Group 4 - The Huabao Nonferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles [5] - This comprehensive coverage positions the ETF to capitalize on the ongoing "super cycle" in the non-ferrous metals sector [5]