避险与基本面双支撑，金银齐涨机构：有色矿业“春季攻势”有望前置

财闻01-05

1月5日，商品价格继续走高，现货白银突破76美元/盎司，日内涨超4%。沪铝主力合约跳空高开，目前涨幅超4%，刷新2021年10月以来新高。受此提振，贵金属、工业金属双双大涨，湖南白银涨超9%，中国铝业（601600.SH）、兴业银锡（000426.SZ）、白银有色（601212.SH）、西部黄金（601069.SH）、云铝股份（000807.SZ）等跟涨。有色矿业ETF招商（159690）涨...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260105110510a49d04c8&s=b><strong>财闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1月5日，商品价格继续走高，现货白银突破76美元/盎司，日内涨超4%。沪铝主力合约跳空高开，目前涨幅超4%，刷新2021年10月以来新高。受此提振，贵金属、工业金属双双大涨，湖南白银涨超9%，中国铝业（601600.SH）、兴业银锡（000426.SZ）、白银有色（601212.SH）、西部黄金（601069.SH）、云铝股份（000807.SZ）等跟涨。有色矿业ETF招商（159690）涨...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260105110510a49d04c8&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":"LU0348827113.USD","symbol_name":"ALLIANZ RCM CHINA \"AT\" 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Institutions: The \"spring offensive\" of nonferrous mining is expected to be ahead of the scene","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02899":0.9,"02600":0.9},"content_text":"1月5日，商品价格继续走高，现货白银突破76美元/盎司，日内涨超4%。沪铝主力合约跳空高开，目前涨幅超4%，刷新2021年10月以来新高。受此提振，贵金属、工业金属双双大涨，湖南白银涨超9%，中国铝业（601600.SH）、兴业银锡（000426.SZ）、白银有色（601212.SH）、西部黄金（601069.SH）、云铝股份（000807.SZ）等跟涨。有色矿业ETF招商（159690）涨1.63%，行情数据显示，近6个交易日，该ETF获资金连续净流入约2900万元。近期，受地缘局势波动影响，市场避险情绪升温，对贵金属价格形成支撑。同时，交易规则调整与经济数据预期共同作用，令黄金、白银价格呈现宽幅震荡格局。上周，随着相关交易所频繁上调期货交易保证金，此前市场的短期逼仓情绪有所降温，金银价格波动加剧。工业金属方面，铜、铝整体维持强势走势。尽管受白银波动传导影响，SHFE铜上周回调0.49%，铝价则延续涨势，SHFE铝周涨2.32%。从基本面看，本周铜、铝库存均有所累积，但电解铝行业利润空间受成本变动影响持续扩大，产能利用率保持高位。值得关注的是，彭博大宗商品指数将调整，时间于1月8日起的五日展期窗口内操作。长江证券分析认为，彭博大宗商品指数调整或短期压制贵金属价格，鉴于贵金属此前已大幅上涨，被动跟踪基金可能会抛售部分合约，以匹配新的权重配置。展望2026年一季度，通胀与流动性共振窗口并未改变，银领衔贵金属继续上涨趋势延续，权益端或可逢调增配。工业金属方面，该机构认为，降息预期与美国囤铜共振，铜铝春季攻势或前置，商品短期强势，中长期经济底部+供需结构优化，铜铝商品弹性可期。周期视角，铜铝板块低估值适逢年底年初之际险资增配概率较大，板块春季行情值得期待且有望提前。价值视角，铜铝权益价值或终将重估。有色矿业ETF招商（159690）紧密跟踪有色矿业指数，集中投资于拥有上游矿产资源的企业，包括北方稀土（600111.SH）、紫金矿业（601899.SH）、洛阳钼业（603993.SH）、华友钴业（603799.SH）、中国铝业（601600.SH）、山东黄金（600547.SH）等拥有大量资源储量的公司。有色矿业指数2025年涨幅达104.84%，同期有色金属行业指数涨幅94.73%，相比同类指数锐度更高。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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":"4.42.0","shortVersion":"4.42.0","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/2601071923","isCrawlerRequest":true}

避险与基本面双支撑，金银齐涨 机构：有色矿业“春季攻势”有望前置

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避险与基本面双支撑，金银齐涨机构：有色矿业“春季攻势”有望前置