Group 1 - The core point of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metals sector, with a current opening price of 0.948 yuan and a 0.00% change [1] - The major holdings of the Invesco ETF include Zijin Mining, which opened up by 0.91%, and other companies like China Aluminum and Shandong Gold, which also showed positive movements [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, and since its establishment on January 26, 2026, it has recorded a return of -5.23% [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed list of the opening price changes for various stocks within the ETF, indicating a mixed performance among the holdings [1]

Investment Rating - The report maintains a "Positive" rating for the steel industry and the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [8]. Core Insights - The steel market is expected to weaken due to seasonal factors, with a focus on demand recovery after the Spring Festival [19][20]. - Copper prices may rise if demand improves post-holiday, despite current inventory accumulation [40]. - The aluminum sector is influenced by macroeconomic sentiment, with a focus on demand recovery after the Spring Festival [46]. - Gold prices are supported by geopolitical risks, with potential upward pressure from U.S. Federal Reserve policies [52]. - The rare earth market is expected to maintain tight supply conditions, supporting prices for praseodymium and neodymium [66]. Summary by Sections Steel Industry - Steel production is declining as companies prepare for the Spring Festival, with total inventory increasing [19][21]. - As of February 6, the total steel inventory was 13.39 million tons, up 4.36% week-on-week, but down 19.42% year-on-year [28]. - The average price index for steel on February 6 was 3,414.24 yuan/ton, down 0.39% from the previous week [37]. Copper Industry - Copper prices have decreased, but new orders are increasing, indicating seasonal demand characteristics [40]. - As of February 6, LME copper prices were $12,800/ton, down 3.96% from January 30 [43]. Aluminum Industry - Domestic bauxite supply is sufficient, but aluminum processing companies are reducing production due to price volatility and regulatory pressures [46]. - As of February 6, LME aluminum prices were $3,000/ton, down 2.09% from January 30 [47]. Precious Metals - Geopolitical tensions and U.S. economic data are influencing gold prices, which are expected to find support from these factors [52]. - As of February 6, COMEX gold prices were $4,988.60/oz, up 1.65% from January 30 [52]. Rare Earths - The supply of praseodymium and neodymium is expected to remain tight, supporting price stability [66]. - As of February 6, the price of praseodymium oxide was 757,500 yuan/ton, up 1.20% from January 30 [66].

Group 1 - The core viewpoint is that the long-term logic of the precious metals bull market remains solid, with gold's role shifting from an inflation hedge to a geopolitical risk and dollar credit weakening hedge [1][22]. - As of the end of January, China's official gold reserves reached 74.19 million ounces, an increase of 40,000 ounces compared to December 2025, marking the 15th consecutive month of gold accumulation by the People's Bank of China [1][17]. - The precious metals market is influenced by factors such as global central bank gold purchases, a weakening dollar, and the restructuring of the global monetary system [1][22]. Group 2 - The non-ferrous mining ETF tracks the upstream mining segment of the non-ferrous metal industry, showing strong price elasticity and higher beta values, particularly in commodity bull markets or inflationary environments [2]. - The non-ferrous mining index has achieved a cumulative increase of 279.71% over the past decade, outperforming mainstream non-ferrous indices [2][12]. - The index's annualized return over the past decade is 14.71%, with a volatility of 30.04% and a Sharpe ratio of 0.63, indicating a favorable risk-adjusted return [15]. Group 3 - The non-ferrous mining index is heavily weighted towards copper, gold, and aluminum, which together account for over 58% of the index [7]. - Key components of the index include Zijin Mining (9.44% weight), Luoyang Molybdenum (9.25% weight), and Northern Rare Earth (5.69% weight) [10]. - The index's performance is characterized by higher elasticity compared to similar indices, reflecting its strategic significance in both industrial development and financial markets [12][15].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [10][12]. Core Views - The demand for copper and aluminum has weakened as the Spring Festival approaches, leading to stable prices in these metals [6][9]. - The gold market is supported by the Federal Reserve's ongoing interest rate cuts, which are expected to continue throughout the year [10]. - The report highlights a tightening supply for copper, which is expected to support prices [10]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) has shown a performance of +3.3% over 1 month, +24.2% over 3 months, and +102.0% over 12 months, outperforming the CSI 300 index [3]. 2. Price and Inventory Data - Copper prices: LME copper closed at $12,900 per ton, down 4.02% from January 30, while SHFE copper closed at ¥99,810 per ton, down 3.26% [6]. - Aluminum prices: Domestic electrolytic aluminum prices are at ¥23,110 per ton, down ¥1,530 from January 30 [8]. - Inventory levels: LME copper inventory is at 183,275 tons, with a week-on-week increase of 8,300 tons, while SHFE copper inventory is at 248,911 tons, up 15,907 tons [6]. 3. Downstream Demand - The operating rate for domestic refined copper rod production is 69.07%, down 0.47 percentage points, while the operating rate for aluminum profiles is 36.0%, down 8.3 percentage points [8][9]. - The report notes that as the Spring Festival approaches, downstream processing enterprises are beginning to shut down, leading to a decline in demand [9]. 4. Recommendations for Individual Stocks - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold International [12]. - In the copper sector, recommended stocks include Zijin Mining, Western Mining, and Jincheng Mining [12]. - For aluminum, recommended stocks include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12]. - In the tin sector, recommended stocks include Tin Industry Co. and Huaxi Nonferrous [12].

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]

Group 1 - The core viewpoint of the article highlights the performance of the non-ferrous metal mining ETF, which opened with a gain of 1.94% at 2.254 yuan on February 9 [1] - Major holdings in the non-ferrous metal mining ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others showing positive gains [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index return, managed by China Merchants Fund Management Co., with a return of 121.32% since its establishment on June 21, 2023, and a 5.62% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Silverhua ETF (159871), which opened with a gain of 1.39% at 1.097 yuan on February 9 [1] - Major holdings in the Silverhua ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the sector [1] - The performance benchmark for the Silverhua ETF is the CSI Nonferrous Metals Index return, managed by Silverhua Fund Management Co., with a return of 116.82% since its inception on March 10, 2021, and a 4.72% return over the past month [1]

Investment Rating - The report assigns an "Overweight" rating for the non-ferrous metals industry [4] Core Insights - The report emphasizes the importance of macroeconomic factors such as monetary policy, macro expectations, geopolitical dynamics, and supply disruptions in influencing metal price trends [2] - The report highlights the need to focus on investment opportunities following stabilization in the market [8] Summary by Sections 1. Industry and Stock Performance - The non-ferrous metals sector experienced a decline of 8.51% last week, underperforming major indices [14][16] 2. Metal Prices and Inventory - Copper prices decreased by 3.45% to 100,100 CNY/ton, while aluminum prices fell by 5.07% to 23,315 CNY/ton [24] - SHFE gold prices dropped by 8.92% to 1,090.12 CNY/gram, while COMEX gold rose by 5.13% to 4,988.60 USD/ounce [26] - SHFE silver prices decreased by 37.17% to 18,799 CNY/kg, with COMEX silver down by 1.28% to 77.53 USD/ounce [26] 3. Macro Data Tracking - The report tracks key macroeconomic indicators, including the U.S. CPI and PCE, which show a year-on-year increase of 2.7% and 2.79%, respectively [29][30] - China's CPI and PPI for December were reported at 0.8% and -1.9%, respectively [30] 4. Precious Metals: Low Inventory Disturbances - The report notes that low inventory levels continue to disrupt precious metal prices, with significant fluctuations observed in both gold and silver markets [52][53] 5. Copper: Price Fluctuations - The report indicates that copper prices are expected to fluctuate, with supply-side adjustments and demand dynamics playing crucial roles [65][72] 6. Aluminum: Price Adjustments - Aluminum prices are under pressure due to macroeconomic sentiment and seasonal demand fluctuations, with a noted decrease in processing rates [10][80] 7. Energy Metals: Strong Demand - The report highlights robust demand for energy metals, particularly lithium, despite some price pressures due to macroeconomic factors [89][92] 8. Rare Earths: Price Trends - Prices for rare earth elements, particularly praseodymium and neodymium oxides, continue to rise, supported by tight supply conditions [11]