Core Insights - The highest short-selling ratios were observed for Lenovo Group-R, Li Ning-R, and JD Health-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Tencent Holdings, and Xpeng Motors, with amounts of 2.028 billion, 1.373 billion, and 1.113 billion respectively [1] - The highest deviation values were recorded for SenseTime-WR, Lenovo Group-R, and Kuaishou-WR, with values of 39.79%, 32.17%, and 30.02% respectively [1] Short-Selling Ratio Rankings - Lenovo Group-R had a short-selling amount of 1.6136 million with a ratio of 100.00% and a deviation of 32.17% [2] - Li Ning-R reported a short-selling amount of 23.8 thousand with a ratio of 100.00% and a deviation of 21.97% [2] - JD Health-R had a short-selling amount of 16.8 thousand with a ratio of 100.00% and a deviation of 26.39% [2] - The short-selling ratio for SenseTime-WR was 93.15% with a short-selling amount of 851.7 thousand and a deviation of 39.79% [2] Short-Selling Amount Rankings - Alibaba-SW led with a short-selling amount of 2.028 billion, a ratio of 17.38%, and a deviation of 2.52% [2] - Tencent Holdings followed with a short-selling amount of 1.373 billion, a ratio of 16.18%, and a deviation of -0.71% [2] - Xpeng Motors had a short-selling amount of 1.113 billion, a ratio of 12.34%, and a deviation of -3.96% [2] Short-Selling Deviation Rankings - SenseTime-WR had the highest deviation value of 39.79% with a short-selling amount of 851.7 thousand and a ratio of 93.15% [2] - Lenovo Group-R followed with a deviation of 32.17%, a short-selling amount of 1.6136 million, and a ratio of 100.00% [2] - Kuaishou-WR recorded a deviation of 30.02% with a short-selling amount of 107.84 thousand and a ratio of 79.04% [2]

Core Viewpoint - Shandong Gold Mining Co., Ltd. announced that its wholly-owned subsidiary, Laizhou Company, needs to pay approximately 738 million yuan in corporate income tax and late fees due to tax compliance issues related to the transfer of exploration rights [1][3]. Group 1 - Laizhou Company conducted a self-inspection based on tax authority warnings regarding tax matters from January 1, 2021, to December 31, 2022, related to its subsidiaries [3]. - The self-inspection revealed that the transfer of exploration rights from its subsidiaries did not meet the requirements for special tax treatment and should be reported under general tax treatment [3]. - The total amount due includes approximately 508 million yuan in corporate income tax and about 230 million yuan in late fees, totaling around 738 million yuan [3]. Group 2 - The company stated that the corporate income tax payment will be recorded as deferred tax assets and will not affect the current net profit attributable to the parent company [3]. - The late fees are considered non-recurring items and are expected to impact the company's net profit attributable to the parent company by 230 million yuan in 2025 [3]. - The final accounting treatment and impact amounts will be determined based on the data audited by the annual auditing firm [3].

Core Viewpoint - Shandong Gold (600547) announced that its wholly-owned subsidiary, Laizhou Company, needs to pay back corporate income tax of 508 million yuan and late fees of 230 million yuan, totaling 738 million yuan due to tax treatment issues related to the transfer of mining rights from its former subsidiaries [1] Financial Performance - For the first three quarters of 2025, Shandong Gold achieved operating revenue of 83.78 billion yuan, a year-on-year increase of 25.0% [1] - The net profit attributable to shareholders reached 3.96 billion yuan, up 91.5% year-on-year [1] - The net profit excluding non-recurring gains and losses was 3.94 billion yuan, reflecting an 88.4% increase year-on-year [1] - The net operating cash flow amounted to 15.196 billion yuan, a growth of 49.1% year-on-year [1] - The earnings per share (EPS) on a fully diluted basis was 0.8582 yuan [1] Quarterly Performance - In the third quarter, the company reported operating revenue of 27.02 billion yuan, a year-on-year increase of 27.3% [1] - The net profit attributable to shareholders for the third quarter was 1.15 billion yuan, up 68.2% year-on-year [1] - The net profit excluding non-recurring gains and losses for the third quarter was 1.14 billion yuan, reflecting a 67.0% increase year-on-year [1] - The EPS for the third quarter was 0.249 yuan [1]

Group 1 - Spot gold has reached $4,100 per ounce for the first time since October 27, with a daily increase of approximately 2.5% [1] - J.P. Morgan Private Bank predicts that gold prices may exceed $5,000 per ounce next year, driven primarily by central bank purchases from emerging market economies [1] - By the end of 2026, gold prices could reach $5,200 to $5,300 per ounce, representing an increase of over 25% from current trading levels [1] Group 2 - As of November 10, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index has risen by 2.77%, with notable increases in constituent stocks such as ChaoHua Jewelry (up 7.62%) and Huayu Mining (up 7.16%) [3] - The gold stock ETF fund has achieved a four-day consecutive increase, with a latest price of 1.59 yuan and a one-week cumulative increase of 2.45% [3] - The trading volume for the gold stock ETF fund was active, with a turnover of 11.11% and a transaction value of 12.0096 million yuan on November 10 [3] Group 3 - The gold stock ETF fund has seen a net asset value increase of 42.46% over the past six months, ranking 646 out of 3866 index stock funds, placing it in the top 16.71% [4] - Since its inception, the gold stock ETF fund has recorded a maximum monthly return of 20.05% and an average monthly return of 9.45% [4] - The historical one-year profit probability for the gold stock ETF fund stands at 100% [4] Group 4 - As of November 7, 2025, the gold stock ETF fund has a Sharpe ratio of 1.74, ranking in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] - The management fee for the gold stock ETF fund is 0.50%, and the custody fee is 0.10% [5] - The CSI Hong Kong-Shenzhen Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in the mainland and Hong Kong markets [5]

Core Viewpoint - Shandong Gold (600547) shows a positive performance with a closing price of 36.41 yuan, up 3.41% as of November 10, 2025, indicating strong market interest and potential growth opportunities [1]. Financial Performance - For the first three quarters of 2025, Shandong Gold reported a main revenue of 837.83 billion yuan, a year-on-year increase of 25.04% - The net profit attributable to shareholders reached 39.56 billion yuan, up 91.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 39.45 billion yuan, an increase of 88.43% [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 270.17 billion yuan, a 27.25% increase year-on-year, and a net profit of 11.48 billion yuan, up 68.24% year-on-year [3]. Market Activity - On November 10, 2025, the net inflow of main funds was 156 million yuan, accounting for 8.93% of the total transaction amount, while retail investors experienced a net outflow of 1.65 billion yuan, representing 9.48% of the total [1]. - Over the past five days, the stock has seen fluctuations in fund flows, with notable changes in both institutional and retail investor activities [1][2]. Company Metrics and Industry Ranking - Shandong Gold's total market capitalization stands at 1678.48 billion yuan, with a net asset value of 637.38 billion yuan and a net profit of 39.56 billion yuan, ranking first in its industry [3]. - The company's price-to-earnings ratio is 31.82, which is lower than the industry average of 44.45, indicating a potentially attractive valuation [3]. Institutional Ratings - In the last 90 days, 13 institutions have rated Shandong Gold, with 11 buy ratings and 2 hold ratings, suggesting strong institutional confidence in the stock [4]. - The average target price set by institutions is 38.52 yuan, indicating potential upside from the current trading price [4].

Key Points - *ST Yuancheng received a notice regarding the proposed termination of its stock listing [1] - Zhongji Xuchuang plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Baiwei Storage's H-share filing materials have been accepted by the China Securities Regulatory Commission [3] - Mindray Medical has submitted an H-share listing application to the Hong Kong Stock Exchange [4] - Tianji Co. is promoting the industrialization of lithium sulfide material preparation patents [5] - *ST Yuanshang confirmed that there is no undisclosed significant information [6] - Shannon Chip Innovation noted reports of rising storage chip prices but stated that its fundamentals have not changed significantly [7] - Sichuan Jinding clarified that its associate company does not engage in space computing-related businesses [8] - Demingli is planning refinancing, with no significant changes in the operating environment [9] - Chengxing Co. warned of potential irrational speculation risks regarding its stock price [10] - Shandong Gold's wholly-owned subsidiary needs to pay back taxes and late fees amounting to 738 million yuan, expected to impact net profit by 230 million yuan [11] Mergers and Acquisitions - Lingzhi Software intends to acquire 100% of Kaimiride's equity, with stock resuming trading on November 11 [12] - Victory Co. plans to acquire gas-related assets from its controlling shareholder, with stock resuming trading on November 11 [13] Shareholding Changes & Buybacks - *ST Kaixin's actual controller plans to transfer 5% of the company's shares [14] - Litong Electronics' actual controller and executives plan to reduce their holdings by up to 3.03% [15] - Mingchen Health's actual controller and executives plan to reduce their holdings by up to 3.27% [16] - Sanmei Co.'s actual controller plans to reduce holdings by up to 3% [17] - Huayang Intelligent's Fosun Weiying plans to reduce holdings by up to 5% [18] - Huading Co.'s Hangzhou Yuejun plans to reduce holdings by up to 3% [19] Contract Awards - Zhongbei Communication signed a comprehensive service framework agreement worth 1 billion yuan [20] - State Grid Information Technology's subsidiaries collectively won a 1.318 billion yuan procurement project from the State Grid [21] - Digital Government's wholly-owned subsidiary jointly won a 109 million yuan smart water project [22] Other Developments - Shangtai Technology plans to invest 4.07 billion yuan to build a project with an annual production capacity of 200,000 tons of lithium-ion battery anode materials [24] - Chaoying Electronics plans to invest approximately 1.468 billion yuan in Thailand to expand AI computing high-end printed circuit board production [24] - Bojun Technology's wholly-owned subsidiary plans to invest 1 billion yuan to establish an automotive parts production base [24]

Core Viewpoint - Shandong Gold (600547.SH) announced a tax payment of 738 million yuan due to unpaid corporate income tax and late fees, which is expected to impact the company's net profit attributable to shareholders by 230 million yuan in 2025 [1][4]. Tax Payment Details - The tax payment of 508 million yuan is related to tax issues from the transfer of exploration rights by a former wholly-owned subsidiary during 2021-2022, which was deemed not compliant with special tax treatment requirements [1]. - The late fee of 230 million yuan will be classified as a non-recurring item, affecting the company's net profit for 2025 [4]. Financial Impact - The total tax payment and late fees will not affect the current net profit attributable to shareholders, as the corporate income tax will be recorded as deferred tax assets [3][2]. - The late fee represents approximately 5.8% of Shandong Gold's net profit of 3.956 billion yuan for the first three quarters of 2025, indicating a significant impact on annual performance [4]. Compliance Challenges - This is not the first compliance challenge for Shandong Gold, as its subsidiary was fined 45,000 yuan for failing to eliminate safety hazards at a mine [5]. - The company has faced increased penalty expenses, with a reported 5.1506 million yuan in fines for the first half of 2025, a 53.33% increase year-on-year [6]. Operational Issues - Investigations revealed that the company had not properly reported safety incidents, including fatal accidents, and faced issues with its franchise operations not being properly registered [6][7].

Core Viewpoint - Shandong Gold Mining Co., Ltd. announced the need for its wholly-owned subsidiary, Laizhou Company, to pay back taxes totaling RMB 738 million due to tax treatment issues related to the transfer of exploration rights [1] Group 1: Tax Payment Details - Laizhou Company is required to pay corporate income tax of RMB 508 million and late fees of RMB 230 million, totaling RMB 738 million [1] - The tax liabilities arise from the transfer of exploration rights from its former subsidiaries, Zhangjian Company and Ludi Company, which were not compliant with special tax treatment requirements [1] Group 2: Background Information - The exploration rights were transferred without compensation in 2021 and 2022 as part of the government's resource integration efforts [1] - Both Zhangjian Company and Ludi Company have been deregistered, leading to the tax liabilities being assumed by Laizhou Company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 關 於 山 東 黃 金 集 團 有 限 公 司、 山東黃金有色礦業集團有限公司 進一步落實避免同業競爭相關承諾 「1. 山東黃金通過發行股份購買山東黃金集團有限公司（以 下 簡 稱「本 公 司」）資 產 並 募 集 配 套 資 金 方 式 實 施 重 大 資 產 重 組 完 成 後，本 公 司及本公司控制的下屬公司在境內所擁有具備注入山東黃金條 件的與山東黃金主業相同或相類似的業務資產都將注入山東黃 金。 – 1 – 2. 截 至 目 前，本 公 司 及 本 公 司 控 制 的 其 他 企 業 中 青 海 山 金 礦 業 有 限 公 司、海 南 山 金 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 因 落 實 山 東 省 及 煙 台 市 政 府 關 於 礦 產 資 源 整 合 的 要 求，萊 州 公 司 原 全 資 子 公 司 章 鑒 公 司、魯 地 公 司 分 別 於2021年、2022年將探礦權無償劃轉給萊州 公 司。經 自 查 並 與 相 關 方 多 次 論 證，上 述 兩 項 無 償 劃 轉 探 礦 權 不 符 合 特 殊 性 稅 務 處 理 要 求，應 當 按 一 般 性 稅 務 處 理 申 報 繳 納 企 業 所 得 稅。因 章 鑒 公 司、魯 地 公 司 均 已 註 銷，所 涉 稅 款 及 滯 納 金 由 吸 收 合 併 後 的 母 公 司 萊 州 公 司承擔。截至本公告日期，萊州公司需補繳企業所得稅人民幣508,405,441.41 元，需 繳 納 滯 納 金 人 ...