长城基金：有色金属行业或迎来布局黄金时机

新浪财经2025-10-31

“稀土管制”这一拳，真是稳准狠，打出外贸外交新篇章。以其所属的有色金属板块表现来看，从黄金价格创历史新高，到铜供应紧张，再到有色金属的集体走强，市场正在经历一场由宏观、产业与地缘多重力量共振驱动的“金属行情热潮”。Wind数据显示，截至2025年10月16日，申万有色金属行业指数（801050.SI）年内累计涨幅已达73.14%，在31个申万一级行业中暂列涨幅榜首位，显著超过通信（54.69%）。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2579620364?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-10-31 21:03","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2579620364","market":"hk","top_or_hot":-1,"title":"长城基金：有色金属行业或迎来布局黄金时机","media":"新浪财经","content":"<div>\n<p>“稀土管制”这一拳，真是稳准狠，打出外贸外交新篇章。以其所属的有色金属板块表现来看，从黄金价格创历史新高，到铜供应紧张，再到有色金属的集体走强，市场正在经历一场由宏观、产业与地缘多重力量共振驱动的“金属行情热潮”。Wind数据显示，截至2025年10月16日，申万有色金属行业指数（801050.SI）年内累计涨幅已达73.14%，在31个申万一级行业中暂列涨幅榜首位，显著超过通信（54.69%）。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251031210332a4801508&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>长城基金：有色金属行业或迎来布局黄金时机</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n长城基金：有色金属行业或迎来布局黄金时机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-31 21:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251031210332a4801508&s=b><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“稀土管制”这一拳，真是稳准狠，打出外贸外交新篇章。以其所属的有色金属板块表现来看，从黄金价格创历史新高，到铜供应紧张，再到有色金属的集体走强，市场正在经历一场由宏观、产业与地缘多重力量共振驱动的“金属行情热潮”。Wind数据显示，截至2025年10月16日，申万有色金属行业指数（801050.SI）年内累计涨幅已达73.14%，在31个申万一级行业中暂列涨幅榜首位，显著超过通信（54.69%）。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251031210332a4801508&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02899","symbol_name":"紫金矿业","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251031210332a4801508&s=b","article_id":"2579620364","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251031210332a4801508&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2579620364","pubTimestamp":1761915780,"columns":[{"name":"黄金","id":5,"label_key":null}],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"以铜价为例，长期对比显示，过往在美元指数下行时，其大概率呈现上升趋势。中长期看，美元信用趋弱推动全球多国央行增配黄金，有望为金价提供坚实支撑。央行公开数据显示，截至9月末，央行已连续11个月增持黄金。对有意入场投资者而言，目前或正是布局黄金时机。基金管理人提醒，每个公民都有举报洗钱犯罪的义务和权利。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"02899":"紫金矿业","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0345780281.USD":"NINETY ONE GSF GLOBAL GOLD \"A\"  ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","02600":"中国铝业","09696":"天齐锂业","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","BK1544":"黄金股","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0266512473.USD":"JPM GLOBAL NATURAL RESOURCES \"C\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","BK1505":"一带一路","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","BK1198":"黄金","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","01787":"山东黄金","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0345780521.USD":"NINETY ONE GSF GLOBAL GOLD \"A\" (USD) INC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0173614495.USD":"富达中国焦点A","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","ALMMF":"Aluminum Corporation of China Ltd.","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC"},"translate_title":"Great Wall Fund: The non-ferrous metal industry may usher in a golden opportunity for layout","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09696":0.9,"ALMMF":0.9,"01787":0.9,"02600":0.9,"02899":0.9},"content_text":"“稀土管制”这一拳，真是稳准狠，打出外贸外交新篇章。以其所属的有色金属板块表现来看，从黄金价格创历史新高，到铜供应紧张，再到有色金属的集体走强，市场正在经历一场由宏观、产业与地缘多重力量共振驱动的“金属行情热潮”。Wind数据显示，截至2025年10月16日，申万有色金属行业指数（801050.SI）年内累计涨幅已达73.14%，在31个申万一级行业中暂列涨幅榜首位，显著超过通信（54.69%）。（统计区间：2025.1.1-10.16，以上行业/数据仅供示意，不构成实际投资建议，指数过往业绩不代表未来表现，也不作为产品业绩表现保证，投资需谨慎）此番强势表现不是偶然，而是多重因素共振结果，且板块行情仍在持续升温。从投资逻辑来看，当前，有色金属主要细分品种的投资价值均具备较好支撑。首先，我们来看工业金属，目前正处于降息周期叠加供需紧平衡，后续表现仍值得期待。当下正处于美联储降息周期，美元持续走弱，将推高以美元计价实物资产价格，工业金属（大多用美元计价）价格通常上涨。以铜价为例，长期对比显示，过往在美元指数下行时，其大概率呈现上升趋势。除价格端支撑外，降息周期还能降低企业融资成本，助力企业扩大资本开支、增加库存及生产规模，有望直接拉动铜、铝等工业金属需求。此外，铜和新能源、AI基础设施建设密切相关，被誉为“绿色金属”、“AI时代的石油”。从供应端来看，全球铜矿扰动事件虽频发，但供需紧平衡延续，叠加降息周期与国内“金九银十”需求旺季，铜价有望迎来上行周期。其次，小金属的战略属性正在进一步增强。10月9日，商务部公告，对含有中国成分的部分境外稀土相关物项和稀土相关技术实施出口管制，此举凸显了稀土、钨等金属的战略属性。长期看，政策与供给双驱动下，小金属有望迎来价值重估。从政策面来看，9月八部门联合印发方案，明确提出至2026年，有色金属行业增加值年均增长约5%，十种有色金属产量年均增长约1.5%；从基本面来看，过去10年受产能退出等因素制约，全球钨、钼等产量持续震荡下行，供需偏紧格局下，小金属价格掀起上涨潮。（数据来源：中国证券报《战略小金属，迎高光时刻！这些领域需求爆发》，以上行业/数据仅供示意，不构成实际投资建议，投资需谨慎。）我们再把视角转向能源金属。市场认为，在“双碳”目标引领及全球绿色产业快速发展下，能源金属行业已步入需求超级周期。据预测，2040年全球新能源关键金属，如锂、钴、镍等需求将比2020年增加6倍，特别用于电动汽车金属需求将至少增长30倍。（数据来源：国际能源署IEA《关键矿产在清洁能源转型中的作用》，以上行业/数据仅供示意，不构成实际投资建议，投资需谨慎。）最后来看贵金属领域。中长期看，美元信用趋弱推动全球多国央行增配黄金，有望为金价提供坚实支撑。央行公开数据显示，截至9月末，央行已连续11个月增持黄金。展望未来，长城周期优选基金经理陈子扬表示，政策鼓励长钱长投，居民资产配置正逐步向股票倾斜，权益市场资金结构将得以改善，对权益市场后续发展持乐观态度。而当下的权益市场，有色金属不仅涨幅居前，各细分领域投资逻辑亦明晰，专业力量早已提前布局，但也需注意短期波动风险。对有意入场投资者而言，目前或正是布局黄金时机。免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修改。基金管理人提醒，每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。市场有风险，投资需谨慎。责任编辑：刘万里 SF014","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2579620364","isCrawlerRequest":true}