11月19日，中金黄金涨5.22%，截至发稿，报21.98元/股，成交9.63亿元，换手率0.93%，总市值1065.44 亿元。 责任编辑：小浪快报 东方核心动力混合A（400011）基金经理为盛泽。 截至发稿，盛泽累计任职时间7年101天，现任基金资产总规模11.67亿元，任职期间最佳基金回报 126.77%， 任职期间最差基金回报-20.29%。 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（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，中金黄金股份有限公司位于北京市东城区安定门外大街9号，成立日期2007年9月24日，上市 日期2003年8月14日，公司主营业务涉及黄金等有色金属地质勘查、采选、冶炼。主营业务收入构成 为：冶炼94.45%，矿山27.85%，其他0.03%。 从基金十大重仓股角度 数据显示，东方基金旗下1只基金重仓中金黄金。东方核心动力混合A（400011）三季度持有股数21.84 万股，占基金净值比例为1.81%，位居第七大重仓股。根据测算，今日浮盈赚取约23.81万元。 东方核 ...

Core Viewpoint - The gold sector experienced a rebound in the afternoon, with notable gains in several companies, indicating a positive market sentiment towards gold investments [1] Company Summary - Xiaocheng Technology saw a rise of over 7% in its stock price, reflecting strong investor interest [1] - Other companies in the gold sector, including Zhongjin Gold, Xingye Silver, Shandong Gold, Chifeng Gold, and Sichuan Gold, also experienced stock price increases, suggesting a broader trend of recovery in the gold market [1]

| 日期 | | | | | 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-18 | 20.89 | -3.51% | -2.15亿 | -19.38% | -826.06万 | -0.75% | 2.23亿 | - 20.13% | | 2025-11-17 | 21.65 | -0.73% | 3211.58万 | 2.64% | -2714.56万 | -2.23% | -497.03万 | -0.41% | | 2025-11-14 | 21.81 | -0.95% | 9300.06万 | 6.19% | 1351.26万 | 0.90% | -1.07亿 | -7.09% | | 2025-11-13 | 22.02 | 3.53% | 2.24亿 | 10.21% | 2748.03万 | 1.25% | -2.52亿 | -11.46% | | 2025-11-12 | | 21.27 -0.65% | -1.01亿 ...

Market Performance - On November 18, gold stocks in Hong Kong and A-shares experienced significant declines, with Lingbao Gold (03330.HK) dropping 8.88%, Tongguan Gold (00340.HK) down 5.38%, and Zhaojin Mining (01818.HK) falling 5.08% [2][3] - In A-shares, Zhongjin Gold (600489.SH) fell 3.51%, Zhaojin Gold (000506.SZ) decreased by 3.34%, and Hunan Gold (002155.SZ) dropped 3.1% [2][3] Gold Price Trends - Spot gold prices faced heavy selling pressure, briefly falling below $4000 per ounce for the first time since November 10, marking the fourth consecutive day of decline [4][5] - As of the latest update, spot gold was reported at $4041.62 per ounce [4] Influencing Factors - The decline in gold prices and stocks is primarily attributed to a strengthening US dollar and a cooling expectation for a Federal Reserve rate cut in December [5][6] - Recent comments from regional Federal Reserve presidents opposing further rate cuts have contributed to market sentiment, emphasizing ongoing inflation concerns [6][7] Market Outlook - Short-term adjustments in the gold market are expected to continue, with institutions predicting a return to a price correction phase following previous optimistic expectations [9][10] - Despite recent declines, gold prices remain elevated, with a year-to-date increase of over 53%, supported by factors such as loose monetary policy and geopolitical tensions [11] Industry Recognition - The "Hong Kong 100 Strong" list is set to launch, highlighting the importance of the gold sector in the Hong Kong market, with companies like Zijin Mining (02899.HK) and Lingbao Gold being notable participants [12][13]

Group 1 - The company, Zhongjin Gold, emphasizes the importance of improving its information disclosure practices in response to investor inquiries [2]

Core Viewpoint - The gold stocks in both A-shares and Hong Kong stocks experienced a significant decline on November 18, with major companies in the sector reporting losses exceeding 2% [1][2]. Group 1: A-share Market Performance - The precious metals sector in A-shares showed a uniform decline, with notable companies such as Hunan Silver, Hengbang Shares, Zhongjin Gold, and Zhaojin Gold all falling by more than 2% [1]. - Specific stock performance included Hunan Silver down by 2.83% to 6.18, Hengbang Shares down by 2.24% to 13.07, Zhongjin Gold down by 2.08% to 21.20, and Zhaojin Gold down by 2.04% to 12.02 [2]. Group 2: Hong Kong Market Performance - In the Hong Kong market, Lingbao Gold fell over 6%, Tongguan Gold dropped more than 4%, and both Zijin Mining International and China National Gold fell nearly 4% [2]. - Other notable declines included Shandong Gold and Chifeng Jilong Gold, both down over 2% [2]. Group 3: Gold Price Movement - The spot gold price fell below 4020 USD per ounce at one point, indicating a downward trend in gold prices [3].

Core Viewpoint - The gold stocks in both A-shares and Hong Kong stocks experienced a significant decline on November 18, with major companies in the sector reporting losses exceeding 2% [1][2]. Group 1: A-share Market Performance - The precious metals sector in the A-share market saw all stocks in the red, with notable declines from companies such as Hunan Silver (-2.83% to 6.18), Hengbang Shares (-2.24% to 13.07), and Zhongjin Gold (-2.08% to 21.20) [1][2]. - Other companies like Zhaojin Gold and Sichuan Gold also reported declines of -2.04% and -1.87%, respectively [2]. Group 2: Hong Kong Market Performance - In the Hong Kong market, Lingbao Gold fell over 6%, while Tongguan Gold dropped more than 4%. Additionally, Zijin Mining International and China National Gold both saw declines nearing 4% [2]. - Other companies such as Shandong Gold and Chifeng Jilong Gold also experienced losses exceeding 2% [2]. Group 3: Gold Price Movement - The spot gold price fell below $4020 per ounce, indicating a downward trend in the gold market [3].

Core Viewpoint - As of November 14, the total market financing balance is 2.47 trillion yuan, a decrease of 134.56 billion yuan from the previous trading day, indicating a trend of reduced market leverage [1] Group 1: Market Financing Overview - The financing balance in the Shanghai market is 1.25 trillion yuan, down by 54.28 billion yuan, while the Shenzhen market's financing balance is 1.21 trillion yuan, decreasing by 79.72 billion yuan [1] - The financing balance for the Beijing Stock Exchange is 7.84 billion yuan, a reduction of 56.59 million yuan [1] Group 2: Individual Stock Performance - On November 14, 1,484 stocks received net financing purchases, with 377 stocks having net purchases exceeding 10 million yuan, and 13 stocks exceeding 100 million yuan [1] - WuXi AppTec leads with a net purchase of 207 million yuan, followed by XianDao Intelligent and SMIC with net purchases of 202 million yuan and 186 million yuan, respectively [1] Group 3: Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan include electronics, power equipment, and non-ferrous metals, each with three stocks listed [1] - Among the major net purchase stocks, 9 are from the main board, 3 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 4: Financing Balance and Market Capitalization - The average ratio of financing balance to circulating market value is 4.47%, with Heertai having the highest ratio at 8.67% [2] - Other stocks with significant financing balance ratios include Xingye Silver Tin at 6.06%, SMIC at 5.93%, and XianDao Intelligent at 5.62% [2]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Market Overview - The precious metals sector experienced a decline of 1.97% on November 14, with Shanjin International leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Shanjin International (000975) closed at 20.81, down 3.16% with a trading volume of 316,700 shares [1] - Hunan Silver (002716) closed at 6.60, down 2.94% with a trading volume of 1,456,900 shares [1] - Other notable declines include Chifeng Gold (600988) down 2.61% and Sichuan Gold (001337) down 2.59% [1] Fund Flow Analysis - The precious metals sector saw a net outflow of 511 million yuan from institutional investors, while retail investors contributed a net inflow of 328 million yuan [3] - Major stocks like Zhongjin Gold (600489) experienced a net inflow of 93 million yuan from institutional investors, while Shanjin International saw a significant outflow of 1.19 billion yuan [3] ETF Information - The Gold Stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Index and has seen a 3.97% change over the last five days [5] - The ETF's current price-to-earnings ratio is 23.35, with a recent net inflow of 748.9 million yuan [5]