每经记者｜杜波 每经编辑｜段炼 记者|杜波 编辑|段炼 易启江 校对|许绍航 | 新闻 大V | 成分 | 资金 | 研报 | | | --- | --- | --- | --- | --- | | 湖南黄金 | | | | | | SZ002155 | 37.70 | | +10.01% | 0.00% | | 业绩龙头5 市值龙头 5 | | | | | | 恒邦股份 | | | | | | SZ002237 | 18.90 | | +5.18% | -0.16% | | 业绩龙头6 市值龙头 7 | | | | | | 晓程科技 | | | | | | @ SZ300139 | 66.48 | | +4.96% | +0.21% | | 市值龙头10 业绩龙头9 | | | | | | 赤峰黄金 | | | | | | SH600988 | 39.92 | | +2.97% | -0.18% | | 业绩龙头 4 市值龙头 4 | | | | | | 中金黄金 | | | | | | SH600489 | 31.84 | | +2.48% | +0.06% | | 业绩龙头2 市值龙头 2 | | | ...

每经AI快讯，2月27日，黄金珠宝指数午后拉升，成分股表现活跃。贵研铂业、湖南黄金涨停，西部黄 金、恒邦股份、豫光金铅等多股跟涨。 （文章来源：每日经济新闻） ...

证券日报网讯2月25日，恒邦股份（002237）在互动平台回答投资者提问时表示，公司在产金矿有腊子 沟金矿和辽上金矿。辽上金矿扩界、扩能采选建设工程项目目前处于基建期，预计将于2027年下半年正 式投产，正式投产时间受安全政策、建设进度、项目施工条件等多种因素影响，难以准确预计，如有相 关进展，公司会严格按照相关法律法规的要求及时履行信息披露义务，请关注后期公司在巨潮资讯网上 披露的相关公告。 ...

证券日报网讯2月25日，恒邦股份（002237）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司的股东人数为85522户。 ...

Core Viewpoint - The precious metals sector has experienced a significant surge, driven by geopolitical risks and favorable macroeconomic conditions, leading to increased demand for safe-haven assets like gold and silver [1][2][3]. Group 1: Market Performance - Precious metals stocks saw substantial gains, with notable increases such as Xiaocheng Technology rising over 13%, Hunan Silver hitting the daily limit, and Sichuan Gold increasing by over 9% [1]. - Spot gold prices broke above $5200 per ounce for the first time since January 30, marking a nearly 2% increase within the day [1]. - The Shanghai Futures Exchange's main silver contract rose by 13%, reaching 22,366 yuan per kilogram [1]. Group 2: Price Forecasts - UBS has raised its gold price target to $6200 per ounce, citing ongoing geopolitical risks and a favorable macro environment as key drivers for rising gold prices [2]. - Goldman Sachs maintains a bullish mid-term outlook on gold, predicting prices will gradually rise to $5400 per ounce by the end of 2026, despite a temporary slowdown in central bank gold purchases [2]. Group 3: Economic and Geopolitical Factors - U.S. economic and employment data have shown positive performance, but concerns about inflation have delayed interest rate cuts by the Federal Reserve [3]. - Geopolitical tensions, including military threats against Iran and ongoing negotiations between the U.S. and Russia, have heightened demand for safe-haven assets [3]. - The uncertainty surrounding U.S. trade policies, particularly following a Supreme Court ruling against certain tariffs, has contributed to market volatility and increased interest in precious metals [3]. Group 4: Market Trends During Holidays - During the Spring Festival, the precious metals market experienced two phases: initial declines due to expectations of delayed interest rate cuts, followed by a recovery driven by geopolitical tensions [4]. - The U.S. military's deployment in the Middle East and disappointing economic data have combined to create a renewed demand for gold and silver, pushing prices higher towards the end of the holiday period [4].

扬子晚报网2月24日讯（记者 范晓林）今天是马年首个交易日，A股沪指高开1.15%，深成指高开1.52%，创业板指高开1.70%，贵金属、油气、算力等板 块指数涨幅居前。 趋势顶底 分时 | 页展 09:38 4 暗盘资金 涨停揭秘 开盘后，贵金属概念快速拉升，晓程科技涨超13%，湖南白银逼近涨停，四川黄金、湖南黄金、盛达资源、兴业银锡、招金黄金、赤峰黄金跟涨。消息面 上，现货黄金向上触及5200美元/盎司，为1月30日以来首次，日内涨近2%。此外，上期所沪银主力合约一度涨13%，报22366元/千克。 .Il 5G C 贵金属 6082.57 +369.21 +6.46% | 成分股 | 资金 | 分析 | 资讯 | 基金 盘口 | | | --- | --- | --- | --- | --- | --- | | 设置 ◎ 分析 ○ | | | 最新 ◆ | 幅度 ◆ | 流通市值 ◆ | | 晓程科技 | | | 64.19 | 12.46% | 149.99亿 | | 300139 | | | | | | | 湖南白银 | | | 15.05 | 10.01% | 349.89亿 | | 002716 ...

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. (Hengbang) has successfully integrated futures and derivatives into its business strategy, creating a robust risk management system that has enabled the company to achieve stable revenue and profit growth over more than a decade despite market volatility in gold and non-ferrous metals [1][2]. Group 1: Strategic Integration of Hedging - Futures hedging has played a critical role as a "stabilizer" and "protector" in Hengbang's strategic execution, allowing the company to manage price risks effectively while expanding its business [2]. - The company covers various commodities in its hedging strategy, including gold, silver, copper, and lead, aligning these tools with its strategic goals at different stages of development [2][5]. - Hengbang plans to deepen the integration of futures derivatives into all aspects of its operations, from strategic planning to production and sales, achieving comprehensive risk management [3]. Group 2: Operational Framework - Hengbang has established a leadership group for hedging operations, ensuring alignment between hedging strategies and overall business strategies [4]. - The company adheres to a strict management system for hedging, which includes defined business scope, approval authority, funding limits, and risk management protocols [4]. Group 3: Market Resilience - Hengbang's hedging logic is straightforward: it locks in processing profits through sell hedges during raw material procurement and manages sales price risks with buy hedges [5]. - The company has successfully navigated significant market disruptions, such as the 2008 financial crisis and the COVID-19 pandemic, by leveraging its hedging mechanisms to stabilize operations [5]. Group 4: Value Beyond Risk Management - The integration of futures markets has driven technological innovation within Hengbang, as the company aligns its production processes with high standards required for futures delivery [7]. - The successful certification of the "Humon" brand has enhanced brand value and market recognition, allowing Hengbang to command a premium in the market [8]. Group 5: Industry Empowerment - Hengbang actively shares its hedging experiences with small and medium-sized enterprises (SMEs) in the industry, helping them overcome barriers to using futures tools [9][10]. - The company provides tailored guidance to SMEs, assisting them in developing hedging strategies and risk management systems [11]. - As Hengbang's operational scale grows, its hedging activities are expanding to cover a broader range of products, reflecting its commitment to integrating futures tools into its future development [11].

Core Viewpoint - Hengbang Co., Ltd. has shown significant stock performance with a year-to-date increase of 30.85%, despite a recent decline of 3.73% over the last five trading days [1] Group 1: Stock Performance - As of February 11, Hengbang's stock price reached 17.56 CNY per share, with a trading volume of 3.00 billion CNY and a market capitalization of 251.10 billion CNY [1] - The stock has experienced a 20.11% increase over the past 20 days and a 31.34% increase over the past 60 days [1] - The company has appeared on the trading leaderboard twice this year, with the most recent occurrence on February 3 [1] Group 2: Financial Performance - For the period from January to September 2025, Hengbang achieved a revenue of 764.44 billion CNY, reflecting a year-on-year growth of 31.44%, and a net profit attributable to shareholders of 5.62 billion CNY, up by 20.89% [2] - The company has distributed a total of 7.60 billion CNY in dividends since its A-share listing, with 3.17 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of January 30, the number of shareholders for Hengbang reached 104,600, an increase of 48.13% from the previous period, while the average number of circulating shares per shareholder decreased by 32.49% to 11,401 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 11.46 million shares, an increase of 1.46 million shares from the previous period, while the Golden Stock ETF is a new entrant with 9.43 million shares [3]

Core Insights - The antimony industry is characterized by its high industrial value and strategic importance, with antimony being used as an additive in various industrial applications [1] - The antimony supply chain includes upstream mining and selection, midstream smelting and processing, and downstream applications such as flame retardants and batteries [1][3] Group 1: Industry Overview - Antimony is a scarce resource with significant industrial applications, classified as a strategic mineral resource by the government [1] - The antimony supply chain consists of three main segments: upstream (mining and selection), midstream (smelting and processing), and downstream (applications) [1][3] - Key applications of antimony include flame retardants, glass, electronic materials, bearings, gears, and batteries, with the latter allowing for the recycling of antimony [1] Group 2: Key Companies and Production Data - Major upstream companies in the antimony mining sector include Hunan Gold, Huaxi Nonferrous, and Huayu Mining [3] - In 2024, Hunan Gold is projected to produce 29,209 tons of antimony, a decrease of 6.15% year-on-year, while Huaxi Nonferrous expects a production increase of 9.17% to 15,417.7 tons [10] - Midstream companies such as Hengbang Co. and Zhuhai Group are involved in smelting and processing, with Hengbang Co. reporting revenue of 957 million yuan from related operations in 2024 [10] Group 3: Regional Distribution - The antimony industry is predominantly concentrated in Hunan province, followed by Guangxi, Guangdong, and Jiangxi, with a significant disparity in the number of companies compared to other regions [5][7] - The majority of upstream, midstream, and recycling companies are located in Hunan, with other provinces like Tibet and Guangxi having fewer enterprises [7] Group 4: Investment Trends - Investment activities in the antimony sector from 2022 to 2025 highlight ongoing developments and strategic initiatives by key players [11] - Companies are focusing on enhancing production capabilities and exploring new product developments, particularly in high-precision alloys and recycling processes [10]

Core Viewpoint - The continuous increase in gold reserves by the People's Bank of China (PBOC) for 15 consecutive months has positively impacted the performance of the non-ferrous metals sector, particularly the Huabao Non-Ferrous ETF, which saw a strong rise of 2.61% on February 9 [1][4]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) experienced a price increase of 2.61%, recovering above the 5-day moving average [1]. - The ETF's trading volume reached 63,890, with an average price of 1.134 [2]. - Key stocks in the non-ferrous sector, such as Hunan Silver, Shenghe Resources, and Northern Rare Earth, saw gains exceeding 3% [3]. Group 2: Central Bank Actions - The PBOC's gold reserves stood at 74.19 million ounces as of January 2026, up from 74.15 million ounces in December 2025, marking the 15th consecutive month of increases [3]. - The demand for gold from central banks remains strong, providing a supportive foundation for gold prices [4]. Group 3: Industry Outlook - Analysts predict that the non-ferrous metals sector will maintain a strong performance due to supply-demand mismatches, macroeconomic easing, and industrial upgrades, with high profitability expected to last 3-5 years [4]. - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, making it an efficient tool for investors to gain exposure to the sector [5].