Core Insights - Shandong Gold's stock price has increased by 60.26% year-to-date, but has seen a decline of 2.14% in the last five trading days and 3.14% in the last twenty days [2] - The company reported a revenue of 83.783 billion yuan for the period from January to September 2025, representing a year-on-year growth of 25.04%, while net profit attributable to shareholders increased by 91.51% to 3.956 billion yuan [2] Financial Performance - As of September 30, 2025, Shandong Gold's total market capitalization is 164.805 billion yuan, with a trading volume of 8.22 billion yuan and a turnover rate of 0.63% [1] - The company has distributed a total of 5.678 billion yuan in dividends since its A-share listing, with 2.765 billion yuan distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders has increased by 12.55% to 102,800, with an average of 0 shares per shareholder [2] - Notable shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares as the fourth largest shareholder, and China Securities Finance Corporation, which remains unchanged with 109 million shares [3]

Group 1: Market Overview - The A-share market showed slight recovery on November 20, with the non-ferrous sector opening high and fluctuating, as evidenced by the significant trading volume of the Non-Ferrous 50 ETF (159652) which rose by 0.52% and reached a trading volume of over 90 million yuan [1] - The Non-Ferrous 50 ETF index components mostly surged, with Zhongkuang Resources rising over 5%, while other stocks like Northern Rare Earth and Huayou Cobalt also saw gains exceeding 1% [3] Group 2: Lithium Market Dynamics - On November 19, lithium carbonate futures prices broke through 100,000 yuan/ton, indicating a clear recovery in spot lithium carbonate prices. Ganfeng Lithium's chairman stated that if demand growth exceeds 30% to 40% next year, prices could potentially exceed 150,000 yuan/ton or even 200,000 yuan/ton due to supply constraints [2] Group 3: Supply Chain and Pricing Trends - The supply chain for non-ferrous metals is facing disruptions, with several large mines experiencing operational issues, which highlights the vulnerability of global non-ferrous resource supply [6] - The copper market is expected to see average prices reach 4.55 USD per pound by 2026 due to supply concerns stemming from accidents at major mines [5] Group 4: Investment Opportunities in Non-Ferrous Metals - The non-ferrous metals sector has outperformed other industries this year, with a year-to-date increase of 79% for the CITIC non-ferrous metals index, significantly leading other sectors [5] - The Non-Ferrous 50 ETF (159652) is highlighted for its high "gold-copper content" of 46%, making it a leading choice among similar investment products [12] Group 5: Future Outlook and Strategic Considerations - The geopolitical landscape and resource security concerns are expected to drive demand for strategic commodities, with a notable increase in green demand for copper and aluminum anticipated by 2030 [8] - The ongoing industrialization in emerging economies and the reshaping of trade patterns are likely to provide new growth opportunities for commodity demand, particularly in countries involved in the Belt and Road Initiative [9]

Core Viewpoint - Southbound funds reduced their holdings in Shandong Gold (01787.HK) by 777,000 shares on November 19, 2025, while showing a net increase in holdings over the past trading days [1][2]. Group 1: Southbound Fund Activity - In the last five trading days, southbound funds increased their holdings on three occasions, with a total net increase of 8.669 million shares [1]. - Over the past 20 trading days, there were 13 days of net increases in holdings, totaling 9.8815 million shares [1]. - As of now, southbound funds hold 554 million shares of Shandong Gold, representing 55.6% of the company's total issued ordinary shares [1][2]. Group 2: Company Overview - Shandong Gold Mining Co., Ltd. primarily engages in the exploration, mining, selection, and sales of gold and non-ferrous metals [2]. - The company operates through four segments: gold and non-ferrous metal mining, gold and non-ferrous metal refining, investment management, and trading [2]. - Shandong Gold conducts its business both domestically in China and in overseas markets [2].

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

盘面上，大型科技股涨跌不一，阿里巴巴涨超1%，腾讯跌0.16%。国际金价止跌回升，黄金股持续走 强，中国黄金国际大涨超8%；碳酸锂期货一度突破10万大关，锂矿双雄今早冲高，其它锂电股有所回 暖；石油股今日活跃，中石化涨近3%；煤炭、航空、氢能源概念股普遍向好。另一边，汽车股延续疲 软，理想汽车再跌超2%；机器人概念、芯片股、博彩股等承压。 1. 黄金股涨幅居前。截至收盘，中国黄金国际(02099)涨8.2%，报141.2港元；山东黄金(01787)涨 7.01%，报34.52港元；招金矿业(01818)涨6.37%，报29.4港元；紫金黄金国际(02259)涨6.19%，报140.7 港元。 11月19日午后，现货黄金一度逼近4100美元/盎司，截至发稿，报4084.8美元/盎司，日内涨0.45%。"小 非农"ADP周度就业数据显示，截至11月1日的四周，美国私营部门就业人数平均每周减少2500人。另 外，美国劳工部数据显示，截至10月18日当周，美国初请失业金人数23.2万人，续请失业金人数小幅上 升至195.7万人。此外，美联储方面，特朗普表示自己已经选定了下一任美联储主席的人选。 当前市场关注本周将公布 ...

每经AI快讯，黄金股持续走高，截至发稿，中国黄金国际(02099.HK)涨7.05%，报139.7港元；山东黄金 (01787.HK)涨6.63%，报34.4港元；紫金黄金国际(02259.HK)涨6.34%，报140.9港元；招金矿业 (01818.HK)涨6.01%，报29.3港元。 ...

黄金股持续走高，截至发稿，中国黄金国际(02099)涨7.05%，报139.7港元；山东黄金(01787)涨6.63%， 报34.4港元；紫金黄金国际(02259)涨6.34%，报140.9港元；招金矿业(01818)涨6.01%，报29.3港元。 消息面上，金价在连跌三日后企稳回升。11月19日午后，现货黄金一度逼近4100美元/盎司，截至发 稿，报4087美元/盎司，日内涨0.48%。"小非农"ADP周度就业数据显示，截至11月1日的四周，美国私 营部门就业人数平均每周减少2500人。另外，美国劳工部数据显示，截至10月18日当周，美国初请失业 金人数23.2万人，续请失业金人数小幅上升至195.7万人。此外，美联储方面，特朗普表示自己已经选定 了下一任美联储主席的人选。 当前市场关注本周将公布的美国非农数据。国泰海通证券认为，在去美元化的长期背景下，黄金作为金 属货币的地位逐渐上升。美国降息周期带来的美国流动性宽松，或带来弱势美元，同时各国央行购金行 为持续性较强，黄金中长期价格存在支撑。 ...

智通财经APP获悉，黄金股持续走高，截至发稿，中国黄金国际(02099)涨7.05%，报139.7港元；山东黄 金(01787)涨6.63%，报34.4港元；紫金黄金国际(02259)涨6.34%，报140.9港元；招金矿业(01818)涨 6.01%，报29.3港元。 当前市场关注本周将公布的美国非农数据。国泰海通证券认为，在去美元化的长期背景下，黄金作为金 属货币的地位逐渐上升。美国降息周期带来的美国流动性宽松，或带来弱势美元，同时各国央行购金行 为持续性较强，黄金中长期价格存在支撑。 消息面上，金价在连跌三日后企稳回升。11月19日午后，现货黄金一度逼近4100美元/盎司，截至发 稿，报4087美元/盎司，日内涨0.48%。"小非农"ADP周度就业数据显示，截至11月1日的四周，美国私 营部门就业人数平均每周减少2500人。另外，美国劳工部数据显示，截至10月18日当周，美国初请失业 金人数23.2万人，续请失业金人数小幅上升至195.7万人。此外，美联储方面，特朗普表示自己已经选定 了下一任美联储主席的人选。 ...

从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓山东黄金。太平睿庆混合A（014053）三季度持有股数6万股，与 上期相比持股数量不变，占基金净值比例为2.03%，位居第一大重仓股。根据测算，今日浮盈赚取约 10.62万元。 11月19日，山东黄金涨5.14%，截至发稿，报36.19元/股，成交10.83亿元，换手率0.85%，总市值 1668.33亿元。 截至发稿，甘源累计任职时间4年272天，现任基金资产总规模63.61亿元，任职期间最佳基金回报 9.95%， 任职期间最差基金回报-0.84%。 资料显示，山东黄金矿业股份有限公司位于山东省济南市历城区经十路2503号，成立日期2000年1月31 日，上市日期2003年8月28日，公司主营业务涉及黄金开采、选冶、黄金矿山专用设备、建筑装饰材料 (不含国家法律法规限制产品)的生产、销售,主要生产标准金锭和各种规格的投资金条和银锭等产品。主 营业务收入构成为：外购金收入50.14%，自产金收入29.96%，贸易收入9.75%，小金条收入7.65%，其 他收入2.50%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（ ...

光大证券发布研报称，美国进入降息周期叠加全球不确定性提升，黄金ETF投资需求回归增长；去美元 化大背景下，全球央行增持黄金趋势延续，继续看好金价上行。推荐紫金矿业，关注赤峰黄金、紫金黄 金国际。 黄金股早盘反弹，截至发稿，中国黄金国际(02009)涨3.37%，报134.9港元；紫金黄金国际(02259)涨 2.57%，报135.9港元；招金矿业(01818)涨2.32%，报28.28港元；山东黄金(01787)涨1.8%，报32.84港 元。 消息面上，COMEX黄金近期一度跌破4000美元/盎司。中信证券首席经济学家明明表示，两大因素共同 导致了近期国际金价表现不佳：一方面，前期避险情绪对金价的支撑有所减弱；另一方面，美国重要经 济数据尚未恢复公布，投资者对劳动力市场和美国通胀走势预期并不一致，对12月份美联储降息预期也 有所摇摆。 ...