Group 1 - The core point of the article is that Zhongjin Gold has seen a stock price increase of 1.56%, reaching a new high of 20.83 yuan per share, with a total market value surpassing 100.969 billion yuan [1] - The trading volume for Zhongjin Gold reached 1.129 billion yuan [1]

Group 1 - Freeport announced force majeure due to an Indonesian mining accident, expecting a 4% year-on-year decline in copper sales for Q3 2025, with Q4 nearly stagnant. The global copper increment from the top 18 mines is projected to drop from 430,000 tons to 160,000 tons, exacerbating supply-demand conflicts and driving up copper-related stocks [1] - U.S. Antimony received a $245 million exclusive supply contract from the Pentagon, planning to increase production capacity from 2,000 tons to 6,000 tons, strengthening the supply-demand support logic for the antimony sector and boosting market sentiment [1] - Overproduction of coal in Shanxi and other regions may be restricted by the new Anti-Unfair Competition Law, with tight supply expectations pushing coking coal prices up to 1,700-1,800 yuan per ton [1] Group 2 - As of September 25, the non-ferrous ETF fund (159880.SZ) rose by 2.22%, and its related index, the Guozheng Non-Ferrous Index (399395.SZ), increased by 2.07%. Among major constituent stocks, Northern Copper Industry rose by 10.01%, Luoyang Molybdenum by 9.67%, and Tongling Nonferrous Metals by 8.35% [1] - HuLong Securities noted that in the context of increased macro uncertainty, precious metals maintain a trend of rising volume and price. Their non-ferrous metal industry report indicates that Zijin Mining (601899.SH) received an "overweight" rating, with a projected PE of 15 times for 2025 [1] - According to Everbright Securities' weekly report, cobalt prices have risen across the board, with a week-on-week increase of 1.13% for cobalt sulfate. Additionally, polysilicon prices have risen for two consecutive months, with a week-on-week increase of 4.0% for photovoltaic-grade polysilicon, reflecting changes in the supply-demand structure in certain non-ferrous metal segments [1]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Accumulate" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [8]. Core Insights - The steel industry is supported by pre-holiday inventory replenishment by downstream enterprises and the introduction of stable growth policies, which are expected to boost market confidence and potentially support steel prices if the fundamentals continue to improve [4][5]. - For copper, the impact of the Federal Reserve's monetary policy is becoming more pronounced, with expectations of a strong copper price if downstream demand continues to improve [4][46]. - Aluminum prices may also be supported by improving downstream demand and the anticipated easing of monetary policy by the Federal Reserve [4][52]. - Gold prices are expected to stabilize if the U.S. personal consumption expenditures (PCE) index shows signs of slowing down, with long-term attention on the Fed's interest rate path [4][59]. - The cobalt market is experiencing tight supply conditions due to an extended export ban from the Democratic Republic of Congo, which is likely to strengthen cobalt prices in the short term [4][20]. - The rare earth market is expected to see price fluctuations due to weak seasonal demand, with attention on international trade policies affecting exports [4][5]. Summary by Sections Steel Industry - The Ministry of Industry and Information Technology has issued a "Steel Industry Stable Growth Work Plan" targeting an average annual growth of 4% in value added for the steel industry over the next two years [22]. - The plan includes ten specific measures focusing on consumption peak, supply quality improvement, industry transformation, effective consumption expansion, and deepening open cooperation [22]. - Recent data indicates a slight increase in steel demand due to construction material consumption, while supply has decreased slightly, leading to a marginal improvement in the market [22][23]. Copper Industry - The copper market is showing signs of recovery in downstream demand, with increased operating rates in domestic copper rod enterprises [45][46]. - The supply side remains stable, and the copper price is expected to be supported if demand continues to improve [46][49]. Aluminum Industry - The aluminum sector is benefiting from improved downstream demand and stable production costs, with expectations of price support from the Fed's easing policies [52][53]. Precious Metals - The gold market is influenced by geopolitical tensions and U.S. economic indicators, with potential price support if inflation data shows signs of slowing [59][60]. Cobalt and Rare Earths - The cobalt market is facing supply constraints due to export restrictions from the DRC, while the rare earth market is experiencing price volatility amid weak demand [4][20].

Group 1 - The precious metals sector increased by 2.39% on September 24, with Zhaojin Gold leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - Zhaojin Gold's closing price was 10.03, with a rise of 2.77%, and a trading volume of 397,800 shares [1] Group 2 - The precious metals sector experienced a net outflow of 526 million yuan from institutional investors, while retail investors saw a net inflow of 551 million yuan [2][3] - Hunan Gold had a net inflow of 72.69 million yuan from institutional investors, but a net outflow of 49.38 million yuan from retail investors [3] - Sichuan Gold saw a significant retail net inflow of 83.17 million yuan, despite a net outflow of 68.11 million yuan from institutional investors [3]

Group 1 - Gold prices continue to reach historical highs, with London gold spot prices breaking through $3700, $3720, and $3740 per ounce, peaking at $3748.88 on September 22 [2] - As of September 23, London gold spot prices reached a maximum of $3759.16 per ounce, while COMEX gold futures hit $3793.7 per ounce, and Shanghai Gold Exchange Au99.99 reached 850 yuan per gram [2] - Since the beginning of 2025, international gold prices have increased by nearly 43%, while domestic gold prices have risen by approximately 38% [3] Group 2 - The Chicago Mercantile Exchange's hedging research team indicates that the ongoing weakness in the U.S. labor market and expectations of further Federal Reserve rate cuts provide upward momentum for gold prices, supported by geopolitical conflicts and long-term dollar credit concerns [5] - Analysts suggest that the current rise in gold prices has outpaced fundamental factors, leading to increased short-term volatility, but the long-term trend remains below previous gold price upcycles [5] - As of September 22, the total scale of domestic commodity gold ETFs reached 155.15 billion yuan, a 120% increase from the end of last year, indicating a recovery in net inflows due to rising gold prices [5] Group 3 - On September 22, all 11 gold concept stocks in the A-share market saw gains, with notable increases in Zhongjin Gold and Xiaocheng Technology exceeding 9% [6] - The significant profit growth in the semi-annual reports of gold mining companies is attributed to rising gold prices and increased production, leading to a potential valuation recovery for gold stocks [6] - Silver prices also reached a near 14-year high on September 22, with expectations of further increases as silver benefits from both financial attributes and industrial demand [6]

黄金再度开启狂飙模式。北京时间9月23日9点45分，COMEX黄金续刷历史新高，盘中逼近3800美元/盎司的历史高点。至此，COMEX黄金年内涨幅已达 43.72%。 | COMEX黄金 | | | | | --- | --- | --- | --- | | GCOOY 延 ▼ | | | | | 3781.2 最高 3792.3 37 | 3795.1 最低 | | 377 | | 总手 25173 持仓 40.25万 日增 17.2 0.46% | | | 94 | | 结算 昨结 3775.1 | | | ਜ਼ਿ | | 分时 五日 HK 周K 月Ｋ | | 更多, | | | 均价: 3784.4 最新: 3792.3 17.2 0.46% | | | | | 3795.1 | 0.53% 卖1 3792.5 | | | | | 买1 | 3792.2 | | | | 时 | | 价 | | | | 21:47 3792.7 | | | | | 21:47 3792.7 | | | | | 21:47 3792.6J | | | | | 21:47 3792.5V | | | | | 21:47 37 ...

中金黄金股价创出历史新高，截至9:38，该股上涨1.70%，股价报20.32元，成交量2742.54万股，成交金 额5.55亿元，换手率0.57%，该股最新A股总市值达984.97亿元，该股A股流通市值984.97亿元。 证券时报·数据宝统计显示，中金黄金所属的有色金属行业，目前整体涨幅为0.61%，行业内，目前股价 上涨的有47只，涨幅居前的有晓程科技、株冶集团、白银有色等，涨幅分别为5.93%、5.70%、4.53%。 股价下跌的有91只，跌幅居前的有华阳新材、丽岛新材、怡球资源等，跌幅分别为2.62%、2.46%、 2.41%。 公司发布的半年报数据显示，上半年公司共实现营业收入350.67亿元，同比增长22.90%，实现净利润 26.95亿元，同比增长54.64%，基本每股收益为0.5600元，加权平均净资产收益率9.36%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 两融数据显示，该股最新（9月22日）两融余额为25.14亿元，其中，融资余额为25.07亿元，近10日增加 1.07亿元，环比增长4.45%。 ...

每经AI快讯，9月23日，贵金属概念股震荡拉升，晓程科技涨超6%，山东黄金、中金黄金、山金国际跟 涨。 （文章来源：每日经济新闻） ...

贵金属概念股震荡拉升，晓程科技涨超8%，山东黄金、中金黄金、山金国际跟涨。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in gold prices, with spot gold reaching a record high of $3745.845 per ounce on September 22, and maintaining a high of around $3740 per ounce as of September 23 [1] - On September 22, the Shanghai gold futures contract increased by over 1.4%, reaching a historical high of 850.98 yuan per gram [2][3] - The gold index in the A-share market rose by 3.12% on September 22, with constituent stocks collectively increasing, including notable gains of over 9% for companies like Xiaocheng Technology and Zhongjin Gold [4][5] Group 2 - Specific stock performances on September 22 included Zhongjin Gold at 19.98 yuan with a rise of 9.42%, Xiaocheng Technology at 27.13 yuan with a rise of 9.35%, and other companies like Xibu Gold and Sichuan Gold also showing significant increases [5] - The domestic jewelry gold price surpassed 1080 yuan per gram on September 22, indicating a strong demand in the retail market [5]