Core Viewpoint - Songcheng Performance (300144.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its business operations amid a competitive market environment [2][4]. Financial Performance - The company achieved operating revenue of 1.08 billion yuan, a year-on-year decrease of 8.30% [3]. - The net profit attributable to shareholders was 400 million yuan, down 27.40% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 384 million yuan, reflecting a 29.80% decline [3]. - Basic and diluted earnings per share were both 0.1523 yuan, a decrease of 27.58% [3]. - The weighted average return on equity fell to 4.80%, down from 7.30% [3]. - Total assets at the end of the reporting period were approximately 9.69 billion yuan, a decrease of 1.06% from the previous year [3]. Business Operations - Songcheng Performance primarily engages in live performance and tourism services, utilizing a unique "theme park + cultural performance" business model [4]. - The decline in performance was largely attributed to a reduction of 86.1 million yuan in revenue from light asset output business; excluding this, core business revenue remained stable [4]. - The company increased advertising expenditures to address market challenges, contributing to the decline in net profit [4]. Market Position and Strategy - Despite the decline, Songcheng Performance remains a leader in revenue and net profit among A-share tourism companies [5]. - The company is enhancing its brand image and market recognition through various new media marketing strategies, including collaborations with influencers and themed events [5]. - Future plans include focusing on core performance business, enriching performance content, increasing hardware investment, and optimizing advertising strategies to convert online engagement into offline sales [5]. - The company acknowledges that performance fluctuations are normal due to various factors such as city popularity, consumer trends, and policies [5].

Core Viewpoint - Yunnan Tourism reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the tourism sector and a need for strategic adjustments to adapt to market changes [2][4]. Financial Performance - The company achieved an operating income of 117 million yuan, a year-on-year decrease of 61.22% [3]. - The net profit attributable to shareholders was -96.92 million yuan, reflecting a year-on-year decline of 110.85% [3]. - The net profit after deducting non-recurring gains and losses was -98.68 million yuan, down 95.40% compared to the previous year [3]. - The net cash flow from operating activities was -32.19 million yuan, an improvement of 78.93% from the previous year [3]. - Basic and diluted earnings per share were both -0.0957 yuan, a decrease of 110.79% [3]. - The weighted average return on net assets was -7.06%, down 3.86% from the previous year [3]. - Total assets at the end of the reporting period were approximately 3.22 billion yuan, a decrease of 1.20% from the end of the previous year [3]. - The net assets attributable to shareholders were approximately 1.32 billion yuan, down 6.79% from the previous year [3]. Business Strategy and Market Conditions - The decline in performance is primarily attributed to a downturn in the "Tourism Culture Technology" segment, prompting the company to adjust its business structure to meet new market demands [4]. - The company is actively pursuing new growth points while maintaining its traditional strengths, although the signing of new orders requires time [4]. - The real estate market's macro conditions have led to cautious land acquisition by property companies, resulting in reduced investment willingness from local governments and platform companies for large-scale cultural tourism projects [5]. - The company is currently adjusting its product and business expansion models while focusing on equipment upgrades and cultural tourism business enhancements [5]. - Despite an increase in tourist numbers, the company faces significant seasonal fluctuations in tourism business [6]. - To address these challenges, the company is closely monitoring budget execution and utilizing rolling forecasts for revenue and cost management [6]. - The company has no short-term debt repayment pressure, with total external financing of 529 million yuan, all of which are long-term loans [6].

Group 1: A-Share Market Activity - In August 2025, A-share new account openings reached 2.65 million, representing a year-on-year increase of 165% compared to 1 million in August 2024 [1] - Monthly comparisons show a significant rise from 1.57 million in January 2025 to 2.84 million in February, with a peak of over 3 million in March [1] - The new account openings in August 2025 exceeded the total for 10 months of the previous year [1] Group 2: Robotics Sector Developments - The robotics sector experienced a strong rebound on September 2, 2025, with Zhejiang Rongtai's stock hitting the limit up, attributed to a market rumor regarding a meeting with Tesla [2] - The rumor suggested that Tesla provided optimistic guidance for robot production capacity, expecting a weekly output of 10,000 units by Q3 2026 [2] - Zhejiang Rongtai confirmed awareness of the rumor but could not verify its accuracy, stating that no related meeting occurred on that day [2] Group 3: Fund Holdings and Industry Focus - The 2025 mid-year report from public funds indicated significant increases in holdings in the pharmaceutical, banking, and electronics sectors, while sectors like power equipment and food and beverage saw declines [3] - Notable individual stocks with increased fund holdings included Shutaishen, Anglikang, and Weichai Heavy Machinery, while Guotai Haitong, Shenghong Technology, and Zijin Mining led in fund holding value growth [3] Group 4: DRAM Industry Performance - The DRAM industry reported a total revenue of $31.63 billion in Q2 2025, marking a quarter-on-quarter increase of 17.1% due to rising contract prices and increased shipment volumes [3] - The average selling price (ASP) of DRAM products increased as demand from PC OEMs, smartphones, and CSP companies grew [3] Group 5: Corporate Announcements - Yushutech announced plans to submit an IPO application between October and December 2025, with sales from quadruped robots, humanoid robots, and components making up 65%, 30%, and 5% of revenue, respectively [5] - Huazhong Securities received approval to issue subordinate bonds totaling up to 10 billion yuan [6] - Lin Yang Energy was recommended as a candidate for a 2.44 billion yuan project with the Southern Power Grid [7] - Jinbei Automotive plans to invest 240 million yuan in establishing an automotive industry investment fund focusing on electrification and low-carbon initiatives [8] - Xiangxin Technology intends to apply for a total of 280 million yuan in bank credit [9] - Ningbo Construction's subsidiary won a construction project worth 729 million yuan [10] - Kuangda Technology announced a suspension of trading due to a planned change in control [12]

Group 1 - Huazhong Securities has been approved to issue subordinate corporate bonds with a total face value of no more than 10 billion yuan [1] - Jinbei Automotive plans to invest 240 million yuan to establish an automotive industry investment fund focusing on electrification, intelligence, and low carbon [1] - Linyang Energy is expected to win a bid for a 244 million yuan metering equipment project from Southern Power Grid [1][2] Group 2 - Renfu Pharmaceutical's subsidiary has received drug registration certificates for two products, including a medication for acute hypotension [3][4] - Nanjing Steel plans to distribute a cash dividend of 0.1186 yuan per share [5][6] - Pairui Co. has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to develop power devices [7][8] Group 3 - Haixing Electric is expected to win a bid for a 214 million yuan metering equipment project from Southern Power Grid [9][10] - Kuangda Technology is planning a change in control, leading to a continued suspension of its stock [11][12] - Samsung Medical is expected to win a bid for a 274 million yuan metering equipment project from Southern Power Grid [13][14] Group 4 - Jiukang Bio has obtained a medical device registration certificate for a specific diagnostic kit [15][16] - Hechuan Technology's minority shareholder plans to transfer a 13% stake in a subsidiary [17][18] - DiAo Micro has launched a new eUSB2 repeater product for various electronic applications [19][20] Group 5 - David Medical's electric surgical table registration application has been accepted [21][22] - Hangxin Technology plans to apply for a total of 280 million yuan in bank credit [23][24] - Liyuan Technology's non-independent director has resigned [25][26] Group 6 - Ningbo Construction's subsidiary has won a construction project bid worth 729 million yuan [27][28] - Huaren Pharmaceutical's subsidiary has received approval for a raw material drug [29][30] - Suwen Electric plans to distribute a cash dividend of 1 yuan per 10 shares [31][32] Group 7 - Solar Energy has received 1.692 billion yuan in renewable energy subsidies [33][34] - Wangli Security has obtained a patent for a new lock structure [35][36] - Zhejiang Energy's vice chairman has resigned due to age reasons [37][38] Group 8 - Beilu Pharmaceutical's subsidiary has passed GMP certification in Brazil [39][40] - Zhejiang Communications has a subsidiary that is expected to win a highway project bid [41][42] - Xinzhi Group has received a government subsidy of 11.1978 million yuan [43][44] Group 9 - Dong'an Power's engine sales in August increased by 3.44% year-on-year [45][46] - Baiyun Mountain's subsidiary has passed the consistency evaluation for two generic drugs [47][48] - Yipin Hong's subsidiary has received a drug registration certificate for a specific injection [49][50] Group 10 - Far East Holdings' subsidiary has won multiple contracts totaling 1.689 billion yuan [51][52] - Good Housekeeping's shareholder plans to reduce holdings by up to 3.5 million shares [53][54] - Guanghong Technology's shareholders have set a transfer price of 23.33 yuan per share [55][56] Group 11 - Keli Sensor plans to acquire 45% of Huahong Technology's shares for 122 million yuan [57][58] - Jianmin Group's furosemide oral solution has been approved for market launch [59][60] - Jinghua Laser's directors plan to reduce their holdings by up to 143,420 shares [61][62] Group 12 - Zhuyue Group is planning a share transfer that will change its controlling shareholder [63][64] - Terid has pre-bid for two projects totaling approximately 698 million yuan [65][66] - Zhonghuan Hailu is planning a change in control, leading to a continued suspension of its stock and convertible bonds [67][68] Group 13 - Great Wall Motors reported August sales of 115,600 vehicles, a year-on-year increase of 22.33% [69][70] - Guizhou Tire's controlling shareholder has committed not to reduce holdings for 12 months [71][72] - San Da Membrane's shareholder plans to reduce holdings by up to 1% of the company's shares [73][74] Group 14 - Chint Electric has decided to terminate the spin-off of its subsidiary for listing [75][76] - Jusaylong's shareholder plans to reduce holdings by up to 1% of the company's shares [77][78]

Group 1: 恒瑞医药 - Company received approval for clinical trials of HRS-7172 tablets, a new anti-tumor small molecule inhibitor [1] - Subsidiary received approval for SHR-A2009, an antibody-drug conjugate targeting HER3 [1] - Company was established in April 1997, focusing on drug research, production, and sales [1] Group 2: 康德莱 - Controlling shareholder plans to transfer 5% of shares to strategic investor at a price of 10.81 yuan per share, totaling 236 million yuan [1] - Post-transfer, controlling shareholder's stake will decrease from 39.58% to 34.58% [1] - Company was established in July 1998, specializing in medical devices [2] Group 3: 中钢洛耐 - Shareholder plans to reduce holdings by up to 1% of total shares due to fund exit needs [3] - Company was established in August 2006, focusing on high-end refractory materials [3] Group 4: 瑞玛精密 - Subsidiary completed acquisition of land in Mexico for production operations, covering 52,300 square meters at a price of 3.4064 million USD [4] - Company was established in March 2012, specializing in precision metal stamping and related products [4] Group 5: 鸿博股份 - Company confirmed normal operations despite stock price fluctuations exceeding 20% over three trading days [5] - Company was established in June 1999, focusing on lottery services and high-end packaging [6] Group 6: 东芯股份 - Company completed stock trading risk investigation and resumed trading [7] - Company was established in November 2014, specializing in storage chip design and sales [7] Group 7: 凯迪股份 - Company stated that its robot products are still in development and will not generate revenue in the short term [8] - Company was established in August 1992, focusing on linear drive systems [8] Group 8: 诺唯赞 - Major shareholder plans to reduce holdings by up to 3% due to funding needs [9] - Company was established in March 2012, focusing on functional proteins and organic materials [9] Group 9: 君实生物 - Company received approval for clinical trials of JT118 injection, a "two-in-one" recombinant protein vaccine for monkeypox [10] - Company was established in December 2012, focusing on new drug research and related services [10] Group 10: 赛力斯 - Company reported August sales of 45,818 vehicles, with a 19.57% increase in new energy vehicle sales [11] - Company was established in September 2012, focusing on automotive research and sales [11] Group 11: 燕东微 - Major shareholder plans to reduce holdings by up to 1% due to management needs [13] - Company was established in October 1987, focusing on semiconductor products and services [13] Group 12: 中百集团 - Company reported cumulative litigation and arbitration amounts of approximately 262 million yuan over the past 12 months [14] - Company was established in January 1990, focusing on retail business [14] Group 13: 金开新能 - Company received 939 million yuan in renewable energy subsidies, with a 341.67% increase year-on-year [15] - Company was established in March 1997, focusing on renewable energy development and operation [15] Group 14: *ST天茂 - Company plans to terminate stock listing and initiate cash option mechanism for shareholders [16] - Company was established in November 1993, focusing on various insurance services [16] Group 15: 宁德时代 - Company repurchased 8.69 million A-shares for a total of 2.131 billion yuan [17] - Company was established in December 2011, focusing on battery research and production [17] Group 16: 山西高速 - Controlling shareholder plans to increase holdings by 30 to 60 million yuan [18] - Company was established in February 1996, focusing on highway management [18] Group 17: 青岛银行 - Major shareholder plans to increase holdings by 233 to 291 million shares [19] - Company was established in November 1996, focusing on banking services [19] Group 18: 格力电器 - Major shareholder completed share increase of 46.38 million shares for 2.099 billion yuan [20] - Company was established in December 1989, focusing on air conditioning production and sales [20] Group 19: 中国石油 - Company plans to transfer 541 million A-shares to China Mobile Group to enhance strategic cooperation [21] - Company was established in November 1999, focusing on oil and gas exploration and production [21] Group 20: 镇洋发展 - Company announced a merger plan with Zhejiang Huhangyong Highway Co., with a share exchange ratio of 1:1.08 [22] - Company was established in December 2004, focusing on chemical products [22]

Group 1: Equity Fund Market - In September, the enthusiasm for launching equity funds continues to rise, with 124 funds expected to be issued, of which 85 are equity funds, accounting for nearly 70% [1] - On September 1 alone, 57 funds were launched, with 47 being equity funds, indicating a strong market sentiment supported by policy and market performance [1] - The stock fund index and equity fund index have reached nearly three-year highs, with a year-on-year increase of approximately 50% [1] Group 2: Growth of ChiNext Companies - As of August 2025, ChiNext companies reported a total revenue exceeding 2 trillion yuan, with over 70% achieving profitability [1] - The advanced manufacturing, digital economy, and green low-carbon sectors showed significant performance, with leading companies demonstrating strong growth [1] - There is a continuous increase in R&D investment among ChiNext companies, reflecting a strong willingness to expand production [1] Group 3: A-share City Commercial Banks - In the first half of 2025, 14 out of 17 A-share city commercial banks reported positive revenue growth, with an average growth rate of 5.22%, up from 2.96% in the first quarter [2] - 15 banks reported positive net profit growth, with an average increase of 6.74%, compared to 5.49% in the previous quarter [2] - Jiangsu Bank surpassed Beijing Bank in asset size, indicating a shift in the ranking of city commercial banks [2] Group 4: Optical Switch Market Growth - The optical switch market is expected to grow rapidly, with a projected market size of $2.02 billion by 2031 and a compound annual growth rate of 16.3% [2] - Companies like Huawei and Unisplendour are actively entering the optical switch industry, alongside international players like Google and Coherent [2] Group 5: Cement Industry Mergers and Acquisitions - The cement industry is experiencing active mergers and acquisitions, with leading companies accelerating consolidation to enhance market concentration [3] - The industry showed resilience in the first half of 2025, with many companies reporting profit growth due to rising cement prices and declining coal costs [3] - Analysts predict a slight improvement in cement demand in the second half of the year, although price recovery may be limited [3] Group 6: Private Equity Focus - In August, private equity firms increased their research frequency, focusing on "hard technology" and "big health" sectors [4] - The number of private equity firm visits to A-share companies exceeded 6,000, reflecting a positive outlook for the market [4] Group 7: Apple AI Talent Loss - Apple faces a talent drain in its AI division, with key personnel leaving for Meta, including the head of robotics AI research [4] - This recent wave of departures has raised concerns about the stability of Apple's AI team, which is crucial for developing its AI platform [4] Group 8: XGIMI Technology's H-share Listing - XGIMI Technology plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, considering the interests of existing shareholders [5] Group 9: WuXi AppTec's Fundraising - WuXi AppTec plans to raise over 1.31 billion HKD through a discounted share placement, with a 4% discount on the share price [6] Group 10: China National Petroleum's Share Transfer - China National Petroleum plans to transfer 541 million A-shares to China Mobile Group, enhancing strategic cooperation without changing control [7] Group 11: China Export Credit Insurance - China Export Credit Insurance has successfully insured a nickel material production project in Morocco, marking a significant investment in Africa [8] Group 12: Gree Electric's Share Buyback - Gree Electric's major shareholder completed a share buyback plan, investing 2.099 billion yuan to increase its stake in the company [9]

Core Insights - The core product of the company, Tongluo Pain Relief Plaster, has a patent expiring in November 2026, raising concerns about future revenue streams [3][4] - The company reported a revenue of 2.099 billion yuan for the first half of 2025, a year-on-year increase of 10.14%, and a net profit of 474 million yuan, up 14.85% [4][5] - The company has a high dependency on its core product, which accounted for nearly one-third of total revenue in 2023, with a gross margin of 81.33% [4][11] Financial Performance - The company’s R&D expenses increased by 33.63% to 63.06 million yuan, but this still represents less than 1.3% of net profit, indicating a lower investment in innovation compared to industry peers [5] - Total sales, management, and financial expenses reached 1.097 billion yuan, accounting for 52.25% of revenue, which is a 7.55 percentage point increase year-on-year [6] - Accounts receivable rose by 54.4%, suggesting potential channel inventory issues, as revenue only grew by 10% [8] Market Challenges - The expiration of the patent is expected to lead to over 200 competitors entering the market, resulting in price wars and market share dilution [4][10] - The company lacks other significant products with annual sales exceeding 100 million yuan, raising concerns about its product pipeline post-patent expiration [10] - The potential for the core product to enter centralized procurement could further pressure prices, threatening the high gross margin currently enjoyed [11] Strategic Responses - The company is exploring acquisitions of innovative pharmaceutical companies to enhance its R&D pipeline, although specific targets and amounts have not been disclosed [8] - The company aims to drive transformation through both internal development and external expansion, focusing on enhancing its digital platform and production systems [12] - The established nationwide sales network may provide a competitive edge, but its effectiveness in the face of generic competition remains uncertain [12] Market Sentiment - As of August 25, 2025, the company's stock price was 23.68 yuan per share, reflecting a nearly 10% decline from its yearly high, with a TTM P/E ratio of 17.13, below the industry average [12]

Group 1: Semiconductor Industry Overview - The strategic value of the semiconductor industry has surged due to the explosive demand for AI computing power and the wave of domestic substitution, positioning semiconductors as a core engine for economic transformation [2] - Massive capital inflow into the semiconductor sector has been driven by policy support and investment, leading to significant stock price increases, such as Cambrian's stock price surpassing Kweichow Moutai, making it the most expensive stock in the A-share market [2] Group 2: Huida Technology Incident - Huida Technology's president, Liu Yuping, was formally investigated by the China Securities Regulatory Commission (CSRC) for insider trading just five months after taking office [3][4] - Despite the company's assurances that the investigation pertains to Liu personally and will not affect the company's operations, investor concerns remain high [3][5] - Liu, a veteran with 20 years at Huida, had recently returned to the company and was involved in a stock buyback plan that raised suspicions regarding potential insider information [4][6] Group 3: Financial Performance of Huida Technology - Huida Technology reported a slight decline in revenue for the first half of 2025, with operating income of 2.251 billion yuan, down 0.2% year-on-year, while net profit attributable to shareholders increased by 35.74% to 431 million yuan [5] - The company proposed a cash dividend of 0.15 yuan per share (before tax) [5] Group 4: Wenta Technology Incident - Wenta Technology's controlling shareholder and actual controller were also investigated for information disclosure violations, highlighting a trend of increased regulatory scrutiny in the capital market [8][11] - The CSRC issued a warning and fines totaling 5 million yuan to Wenta Technology's controlling shareholder for failing to disclose related party relationships and other violations [8][10] Group 5: Market Implications - Both Huida Technology and Wenta Technology incidents reflect a tightening regulatory environment, with potential impacts on investor confidence due to insider trading allegations and information disclosure issues [11] - The regulatory response indicates a stronger stance against violations related to market transparency and compliance, especially in the context of deepening reforms in the registration system [11]

Group 1 - Zhonglun New Materials plans to reduce its shareholding by up to 4 million shares, accounting for 1% of the total share capital [1] - Haojiang Intelligent plans to reduce its shareholding by up to 1.5 million shares, accounting for 0.8364% of the total share capital [1] - Dekeli plans to reduce its shareholding by up to 474,180 shares, accounting for 3% of the total share capital [1][2] Group 2 - Fosun Pharma's subsidiary has received FDA approval for its HLX14 injection, intended for treating osteoporosis in postmenopausal women [3][4] - Shengtai Group plans to reduce its shareholding by up to 16.67 million shares, accounting for 3% of the total share capital [5] - Fangyuan Co. plans to reduce its shareholding by up to 15.3 million shares, accounting for 3% of the total share capital [6] Group 3 - Shenkai Co. completed a tender offer, resulting in 14.5655 million shares being accepted, giving the acquirer a 9.71% stake [8] - Guangdong Construction's 90MW solar-storage project in Tibet has achieved full capacity grid connection [9] - Kesi Technology plans to reduce its shareholding by up to 471,220 shares, accounting for 3% of the total share capital [9] Group 4 - Zhongtai Automobile's subsidiary faces forced execution, impacting its operational capacity [10] - Weima Agricultural Machinery plans to reduce its shareholding by up to 960,000 shares, accounting for 0.98% of the total share capital [10] - Tianqi Co. signed a strategic cooperation agreement with EVE Energy to enhance the lithium battery supply chain [11] Group 5 - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co. for a total valuation of up to 1 billion yuan [12] - Dengyun Co. plans to transfer 75% of its subsidiary's equity for 137 million yuan [13] - Sierte has received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Enjie Co. received a VAT refund of 188 million yuan for its subsidiary [15] - Jiama Clothing plans to reduce its shareholding by up to 366,000 shares, accounting for 0.28238% of the total share capital [16] - Xinong Co. plans to reduce its shareholding by up to 1.05 million shares, accounting for 0.6737% of the total share capital [17] Group 7 - Jiewate plans to jointly acquire 66.25% of Xinguang Haian for a total price of 418 million yuan [18] - Hubei Energy reported an increase in power generation by 22.05% year-on-year in August, with a total of 5.020 billion kWh generated [19][20] - Nasda signed a strategic cooperation agreement with Teld for collaboration in market and product innovation [21] Group 8 - Jinli Technology plans to reduce its shareholding by up to 978,200 shares, accounting for 0.56% of the total share capital [22][23]

Group 1 - The bond market custody balance in China reached a historic high of 190.4 trillion yuan as of the end of July, signaling a continuous increase in direct financing for the real economy and an optimization of the financing structure [1] - Over 400 companies listed on the Shanghai Stock Exchange have announced mid-year dividend plans, marking a significant increase in both the number of companies and the total dividend amount distributed [1] - The securities industry reported a net profit of over 112.2 billion yuan in the first half of 2025, reflecting a year-on-year increase of over 40%, with brokerage business showing the highest growth rate [1] Group 2 - The scheduled interest rate for life insurance products was officially lowered starting September 1, making dividend insurance products more attractive and a focus for insurance companies [2] - The AI glasses industry is experiencing growth, with 48 out of 103 listed companies reporting improved performance in the first half of 2025, driven by the mass production and delivery of AI glasses [2] - International gold prices have reached new highs, with several gold mining companies reporting a doubling of net profits amid rising investor demand for safe-haven assets [2] Group 3 - International silver prices surged to a nearly 14-year high, with varying impacts on different companies within the silver supply chain, depending on their operational costs and market conditions [3] - The express delivery industry is experiencing a "de-involution" trend, with several companies raising delivery fees for e-commerce clients, which is expected to improve profit margins and stabilize courier incomes [4] - China's intelligent computing power reached 788 billion billion times per second by the end of June, with significant growth in data storage capacity and the establishment of a comprehensive computing service platform [4] Group 4 - Wolong Electric Drive has submitted its H-share listing application to the Hong Kong Stock Exchange, pending approval from regulatory authorities [5] - Mona Lisa reported ongoing price competition in the building ceramics industry, with no positive price changes observed, and anticipates a slow clearing of excess capacity [6] - Tianfu Energy announced the resignation of its chairman and general manager due to work adjustments, with interim management being handled by the vice president [7] Group 5 - The US dollar index fell to a five-week low, while gold and silver prices reached historical highs, indicating a shift in investor sentiment towards precious metals [8]