Group 1 - The core point of the article highlights the performance of the Agricultural and Animal Husbandry ETF managed by Jianxin Fund, which opened at 0.904 yuan and experienced a slight decline of 0.33% [1] - The ETF's major holdings include Cangge Mining, which rose by 3.34%, and Yilake Co., which increased by 2.82%, while other stocks like Muyuan Foods and New Hope saw minor declines [1] - Since its inception on July 21, 2022, the ETF has reported a return of -9.46%, with a recent one-month return of 3.27% [1] Group 2 - The ETF's performance benchmark is the CSI Agricultural and Animal Husbandry Theme Index return [1] - The fund manager is Jianxin Fund Management Co., Ltd., and the fund manager is Gong Jiajia [1]

相关产品： 化工行业ETF易方达（516570）一键打包石化产业龙头，管理费率+托管费率合计仅0.2%/年，助力投资 者低成本布局传统能源产业机会。 易方达中证石化产业ETF联接A(020104.OF) 易方达中证石化产业ETF联接C(020105.OF) 【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 截至10：12，中证石化产业指数（H11057）涨1.63%，权重股中，万华化学、盐湖股份、藏格矿业、华 鲁恒升、云天化涨超2%。截至2月2日，该指数近一年上涨41.19%。 化工行业ETF易方达（516570）跟踪中证石化产业指数，备受资金青睐。数据显示，该基金连续10日获 资金净流入，合计超13亿；最新基金规模攀升至15.37亿元。 消息面上，国家统计局数据显示，1月份石油煤炭及其他燃料加工业的生产指数和新订单指数均低于临 界点，相关行业市场需求放缓，企业生产有所回落。同时，主要原材料购进价格指数和出 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

Core Viewpoint - The fertilizer industry in China is experiencing significant performance disparities across different segments due to fluctuating raw material prices, ongoing policy adjustments, and structural changes in downstream demand. Nitrogen fertilizer companies are under pressure from low prices, while potash fertilizer companies are seeing both volume and price increases, and phosphate compound fertilizer companies are facing performance divergence based on resource endowments, cost control, and product structure [1][8]. Group 1: Nitrogen Fertilizer Companies - The nitrogen fertilizer market remains depressed in 2025, with the average ex-factory price of urea in Shandong at 1694 yuan/ton, down 352 yuan/ton from 2024, leading to widespread operational pressure on nitrogen fertilizer companies [2][8]. - Lu Hua Technology expects a net profit attributable to shareholders of -863 million to -638 million yuan in 2025, citing low prices for urea and PVC, along with asset impairment provisions as contributing factors [2][8]. - Sichuan Meifeng anticipates a net profit of -129 million to -98 million yuan in 2025, affected by declining market prices for key products and rising costs of raw materials [9][8]. - Luzhou Chemical, while still profitable, expects a significant drop in net profit to 25 million to 35 million yuan, a decrease of 54.10% to 67.22% year-on-year, primarily due to falling urea prices [3][9]. Group 2: Potash Fertilizer Companies - In 2025, potash fertilizer companies are experiencing a surge in performance driven by recovering prices, steady production and sales, and resource endowment advantages [4][10]. - Leading company Salt Lake Co. is projected to achieve a net profit of 8.29 billion to 8.89 billion yuan, a year-on-year increase of 77.78% to 90.65%, maintaining its position at the top of the sector [11][10]. - Zangge Mining expects a net profit of 3.7 billion to 3.95 billion yuan in 2025, reflecting a growth of 43.41% to 53.10% due to improved profitability from product price increases and cost optimization [11][10]. - Yaji International anticipates a net profit of 1.66 billion to 1.97 billion yuan, a significant increase of 75% to 107%, aided by improved gross margins from rising domestic and international potash prices [11][10]. - Dongfang Iron Tower is expected to achieve a net profit of 1.08 billion to 1.27 billion yuan, reflecting a growth of 91.4% to 125.07% [5][10]. Group 3: Phosphate Compound Fertilizer Companies - In 2025, phosphate prices remain high, and rising international sulfur prices are significantly increasing domestic procurement costs for sulfur and sulfuric acid, leading to notable performance divergence among compound fertilizer companies [6][12]. - Chuanjinnuo is expected to achieve a net profit of 430 million to 480 million yuan, a year-on-year increase of 144.24% to 172.64%, by optimizing production plans and enhancing the proportion of high-margin products [12][6]. - Batian Co. anticipates a record net profit of 890 million to 980 million yuan, reflecting a growth of 117.53% to 139.53%, driven by increased sales revenue from phosphate rock and its processed products [12][6]. - Tianhe Co. expects a net profit of 41 million to 60 million yuan, an increase of 84.35% to 169.78%, by enhancing operational efficiency and effectively managing market opportunities [12][7]. - Six Nations Chemical forecasts a net profit of -480 million to -410 million yuan, impacted by rising prices of major raw materials and macroeconomic conditions [13][7].

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Group 1 - Cangge Mining's stock price dropped by 5.04% to 81.95 yuan per share, with a trading volume of 1.744 billion yuan and a turnover rate of 1.32%, resulting in a total market capitalization of 128.68 billion yuan [1] - Cangge Mining Co., Ltd. is located in Golmud City, Qinghai Province, and was established on June 25, 1996, with its listing date on June 28, 1996. The company's main business involves the production and sales of potassium fertilizer (potassium chloride) [1] - The revenue composition of Cangge Mining includes 83.34% from potassium chloride, 15.90% from lithium carbonate, and 0.75% from other sources [1] Group 2 - Peng'an Fund has one fund heavily invested in Cangge Mining, specifically the Peng'an CSI Dividend Index A (025570), which held 44,000 shares in the fourth quarter, accounting for 1.24% of the fund's net value, ranking as the tenth largest holding [2] - The Peng'an CSI Dividend Index A fund was established on October 28, 2025, with a current size of 191 million yuan and a year-to-date return of 3.56%, ranking 3609 out of 5580 in its category; since inception, it has a loss of 0.18% [2] - The fund managers, Li Yunqi and Zheng Xiaofan, have tenures of 10 years and 98 days respectively, with Li managing assets totaling 299 million yuan and achieving a best return of 6.66% during his tenure [2]

Core Viewpoint - The petrochemical industry is experiencing fluctuations in stock performance, with significant policy changes expected to optimize supply-side dynamics and enhance the competitive advantages of leading enterprises [2]. Group 1: Market Performance - As of February 2, 2026, the China Securities Petrochemical Industry Index has decreased by 2.78%, with mixed performance among constituent stocks [1]. - The top-performing stock is Sanmei Co., which increased by 1.75%, while Luxi Chemical led the decline with an 8.18% drop [1]. - The Petrochemical ETF (159731) has fallen by 2.79%, with a latest price of 1.01 yuan and a turnover rate of 6.58% [1]. Group 2: Fund Flows and ETF Performance - The Petrochemical ETF has seen continuous net inflows over the past 18 days, with a peak single-day net inflow of 348 million yuan, totaling 1.351 billion yuan [1]. - As of January 30, 2026, the Petrochemical ETF's net value has increased by 69.05% over the past two years [2]. - The ETF has achieved a maximum monthly return of 15.86% since its inception, with the longest streak of monthly gains lasting 9 months and an average monthly return of 5.59% [2]. Group 3: Policy Impact - Recent government policies aimed at "decarbonization," "environmental protection," and "cancellation of export tax rebates" are expected to suppress low-level redundant construction and disorderly expansion in the chemical industry [2]. - The policies are part of a broader strategy to optimize supply-side dynamics and enhance the competitive advantages of leading enterprises in the petrochemical sector [2]. Group 4: Index Composition - As of January 30, 2026, the top ten weighted stocks in the China Securities Petrochemical Industry Index account for 55.71% of the index, with Wanhua Chemical and China Petroleum being the top two [2].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [1] Core Insights - The supply and demand expectations for lithium and cobalt are reversing, indicating the start of a new price cycle [2][3] - Lithium demand is expected to recover, leading to a replenishment cycle, while supply disruptions will create a medium-term gap [2] - Cobalt supply is dominated by export quotas from sovereign nations, leading to a raw material shortage that supports prices [3] Summary by Sections Lithium - Supply disruptions from African lithium projects and stable production from South American salt lakes are expected, while China's regulatory management will lead to a temporary supply contraction of lithium mica [2] - Demand for lithium is driven by the growth of energy storage as a second growth driver after electric vehicles, with solid-state batteries opening up potential for increased lithium consumption [2] - From the second half of 2025, supply disruptions in Jiangxi and strong downstream demand will lead to a price rebound for lithium, maintaining a tight supply situation through 2026-2027 [2] Cobalt - The supply side is significantly influenced by the export quota system in the Democratic Republic of Congo, resulting in a definitive raw material shortage [3] - Demand for cobalt products is currently weak due to high prices, and the recovery of demand hinges on the adoption of solid-state batteries [3] - The Congolese government has a strong ability and willingness to support prices, with expectations for cobalt prices to remain strong in the medium term [3] Investment Strategy - In an upward cycle, it is essential to consider the self-reinforcing attributes of stock prices and commodity prices, alongside fundamental factors [4] - The interplay between stock prices, futures, and spot prices creates a positive feedback loop, where stock prices often react first to anticipated changes [4] Investment Recommendations - Recommended lithium-related stocks include Yongxing Materials, Ganfeng Lithium, and Tianqi Lithium, among others [5] - Recommended cobalt-related stocks include Huayou Cobalt and others [5]

Core Viewpoint - The company, Cangge Mining Co., Ltd., has decided to change the purpose of its remaining repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital, pending shareholder approval [2][9]. Group 1: Board Meeting Details - The seventh temporary meeting of the tenth board of directors was held on January 30, 2026, with all nine directors present, ensuring compliance with legal and regulatory requirements [2][5]. - The board unanimously approved the proposal to change the purpose of repurchased shares and reduce registered capital [5]. Group 2: Share Repurchase and Cancellation - The company has 1,310,991 shares remaining in its repurchase account, which will be canceled and the registered capital reduced accordingly [9][11]. - After the cancellation, the total share capital will decrease from 1,570,225,745 shares to 1,568,914,754 shares, and the registered capital will reduce from 1,570,225,745 yuan to 1,568,914,754 yuan [12]. Group 3: Future Steps and Authorizations - The proposal requires approval from the shareholders' meeting, and the board has requested authorization for management to handle the cancellation and capital reduction [3][4]. - The authorization will be valid from the date of shareholder approval until the completion of the share cancellation [11].

每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 每经AI快讯，藏格矿业1月30日晚间发布公告称，公司第十届第七次董事会临时会议于2026年1月30日 会议采取通讯方式召开。会议审议了《关于变更部分回购股份用途并注销暨减少公司注册资本的议案》 等文件。 （记者 胡玲） ...