有色金属ETF（512400）业绩比较基准为中证申万有色金属指数收益率，管理人为南方基金管理股份有 限公司，基金经理为崔蕾，成立（2017-08-03）以来回报为130.87%，近一个月回报为-1.29%。 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。 来源：新浪基金∞工作室 2月25日，有色金属ETF（512400）开盘涨0.44%，报2.270元。有色金属ETF（512400）重仓股方面，紫 金矿业开盘涨0.20%，洛阳钼业涨0.61%，北方稀土涨0.36%，华友钴业涨1.06%，中国铝业涨0.85%，赣 锋锂业涨1.43%，山东黄金跌0.30%，云铝股份涨0.72%，中金黄金跌0.32%，藏格矿业涨0.45%。 ...

2月25日，有色矿业ETF招商（159690）开盘涨0.34%，报2.337元。有色矿业ETF招商（159690）重仓股 方面，紫金矿业开盘涨0.20%，洛阳钼业涨0.61%，北方稀土涨0.36%，华友钴业涨1.06%，中国铝业涨 0.85%，赣锋锂业涨1.43%，山东黄金跌0.30%，云铝股份涨0.72%，中金黄金跌0.32%，中矿资源涨 0.75%。 来源：新浪基金∞工作室 有色矿业ETF招商（159690）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为招商基金管 理有限公司，基金经理为王宁远，成立（2023-06-21）以来回报为132.85%，近一个月回报为-1.38%。 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。 ...

来源：新浪基金∞工作室 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。 2月24日，有色金属ETF基金（516650）开盘涨3.12%，报2.212元。有色金属ETF基金（516650）重仓股 方面，紫金矿业开盘涨4.53%，洛阳钼业涨4.41%，北方稀土涨2.30%，华友钴业涨1.79%，中国铝业涨 2.52%，赣锋锂业涨4.36%，山东黄金涨4.07%，云铝股份涨1.92%，中金黄金涨4.98%，天齐锂业涨 2.65%。 有色金属ETF基金（516650）业绩比较基准为中证细分有色金属产业主题指数收益率，管理人为华夏基 金管理有限公司，基金经理为单宽之，成立（2021-06-09）以来回报为114.05%，近一个月回报为 1.50%。 ...

来源：新浪基金∞工作室 有色ETF鹏华（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为123.33%，近一个月回报为2.73%。 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。 2月24日，有色ETF鹏华（159880）开盘涨3.44%，报2.314元。有色ETF鹏华（159880）重仓股方面，紫 金矿业开盘涨4.53%，洛阳钼业涨4.41%，北方稀土涨2.30%，华友钴业涨1.79%，中国铝业涨2.52%，赣 锋锂业涨4.36%，云铝股份涨1.92%，山东黄金涨4.07%，中金黄金涨4.98%，天齐锂业涨2.65%。 ...

每经AI快讯，2月23日，港股黄金股走强，中国黄金国际涨近7%，山东黄金涨逾5%。 （文章来源：每日经济新闻） ...

每经AI快讯，2月23日，港股黄金股走强，中国黄金国际涨近7%，山东黄金涨逾5%。 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratio are Haotian International Investment (71.36%), China Telecom (71.32%), and Green Power Environmental (68.88%) [1][2] - Tencent Holdings, Xiaomi Group-W, and Meituan-W have seen the largest increases in holding amounts over the last five trading days, with increases of +1.391 billion, +983 million, and +931 million respectively [1][2] - The companies with the largest decreases in holding amounts over the last five trading days include WuXi Biologics (-481 million), Zijin Mining (-447 million), and Southern Hengsheng Technology (-344 million) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show Haotian International Investment with 7.919 billion shares, China Telecom with 9.900 billion shares, and Green Power Environmental with 0.279 billion shares [2] - The top 10 companies with the largest increases in holding amounts over the last five trading days include China Petroleum & Chemical Corporation (+315 million) and Zhaoyi Innovation (+309 million) [2][4] - The top 10 companies with the largest decreases in holding amounts include Pop Mart (-294 million) and SenseTime-W (-277 million) [4]

Core Viewpoint - The recent surge in gold and silver prices is attributed to a confluence of monetary cycles, central bank actions, safe-haven demand, and supply-demand dynamics, indicating a robust long-term bullish trend in precious metals [2][3]. Group 1: Market Performance - As of February 20, gold prices reached $5050 per ounce, marking a 2.4% increase during the holiday period, while silver prices rose to $84.35 per ounce, with an 8.19% increase, significantly outperforming gold [1]. - Domestic gold prices also saw a rise, with T+D gold closing at 1108.5 yuan per gram and retail prices surpassing 1550 yuan per gram, reflecting increased physical and investment demand [1]. Group 2: Underlying Factors - The expectation of interest rate cuts by the Federal Reserve has anchored price levels, with market predictions suggesting a reduction of 50 to 75 basis points by 2026, enhancing the appeal of non-yielding assets like gold [2]. - Central bank gold purchases are providing a rigid support, with 95% of global central banks planning to increase their gold reserves, maintaining an average monthly purchase of 60 to 70 tons [2]. - Geopolitical tensions and rising credit risks are driving safe-haven demand, as the U.S. debt exceeds $38 trillion, weakening dollar credit and prompting investments in gold to hedge against uncertainties [2]. - Supply constraints are tightening, with global gold mine production growth below 2% and rising extraction costs, while investment, industrial, and reserve demand continue to expand, leading to a widening supply-demand gap [2]. Group 3: Future Outlook - The bullish trend for gold and silver is expected to persist, although short-term volatility may increase, with institutions like Goldman Sachs projecting gold prices to reach $5400 per ounce, and JPMorgan and UBS raising targets to $6200 to $6500 per ounce [3]. - The A-share market is likely to experience a clear transmission effect from the strong performance of gold and silver, benefiting gold mining companies such as Zijin Mining, Shandong Gold, and Hunan Gold, which are expected to see significant earnings elasticity [3]. - The precious metals sector is anticipated to serve as a defensive asset in the face of increased market volatility, providing a hedge against fluctuations in growth and cyclical stocks [3].

Group 1 - The international gold price has recently shown significant volatility, reaching over $5000 per ounce, driven by Federal Reserve policy divergence, geopolitical tensions, and technical rebounds [1] - Goldman Sachs predicts that gold prices will gradually rise to $5400 by the end of 2026, supported by emerging market central bank demand and risk aversion [1] - Fluctuations in gold prices directly impact the fundamentals of gold stocks such as Shandong Gold [1] Group 2 - Shandong Gold's A-share price has been under pressure, closing at 45.40 yuan with a decline of 3.30% and a trading volume of 2.104 billion yuan, indicating a net outflow of 319 million yuan from main funds [2] - The technical analysis shows that the stock is in a consolidation range, with resistance at 59.17 yuan and support at 40.73 yuan [2] - Institutional views on Shandong Gold remain neutral to positive, with a target price of 59.10 yuan, suggesting approximately 30% upside potential [3] Group 3 - 40 institutions forecast a 100.17% year-on-year increase in net profit for 2025, primarily driven by high gold prices [3] - The market is currently focused on gold price trends and the company's cost control capabilities [3]

Group 1 - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, Nanhua Futures (02691), Southern East Select (03441), and Oculent (00501) led the market with ratios of 70.54%, 59.14%, and 56.33% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 736 million and a closing price of 548.000, Yingfu Fund (02800) with 423 million and a closing price of 27.480, and Shandong Gold (01787) with 393 million and a closing price of 40.180 [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -524 million and a closing price of 160.100, SMIC (00981) with -391 million and a closing price of 70.000, and Hua Hong Semiconductor (01347) with -199 million and a closing price of 99.600 [2] - The top three stocks by net inflow ratio were Nanhua Futures (02691) at 70.54% with a closing price of 11.230, Southern East Select (03441) at 59.14% with a closing price of 11.650, and Oculent (00501) at 56.33% with a closing price of 103.900 [3] Group 3 - The top three stocks by net outflow ratio included Zhengzhou Bank (06196) at -50.51% with a closing price of 1.150, China Energy Construction (03996) at -49.70% with a closing price of 1.180, and Hongye Futures (03678) at -48.03% with a closing price of 3.220 [3] - Other notable stocks with significant net inflow ratios included China Overseas Macro Yang Group (00081) at 55.30% and a closing price of 2.650, and Xinhua Wenhui (00811) at 50.59% with a closing price of 11.080 [3]