Core Viewpoint - Zhongjin Gold's stock price has experienced a significant increase of 60.37% year-to-date, despite a recent decline of 2.25% over the past five trading days [2]. Group 1: Stock Performance - As of September 16, Zhongjin Gold's stock price was reported at 18.67 CNY per share, with a trading volume of 1.228 billion CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 90.499 billion CNY [1]. - The stock has seen a 30.01% increase over the past 20 days and a 36.06% increase over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Zhongjin Gold achieved a revenue of 35.067 billion CNY, representing a year-on-year growth of 22.90%, and a net profit attributable to shareholders of 2.695 billion CNY, which is a 54.64% increase year-on-year [2]. - The company has distributed a total of 8.875 billion CNY in dividends since its A-share listing, with 5.191 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Zhongjin Gold was 137,000, a decrease of 10.29% from the previous period, while the average number of circulating shares per person increased by 11.47% to 35,386 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 155 million shares, an increase of 28.1141 million shares from the previous period [3].

Market Overview - The precious metals sector experienced a decline of 1.17% on September 15, with Xiaocheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Hunan Silver (002716) closed at 6.72, up 1.66% with a trading volume of 3.45 million shares and a transaction value of 2.31 billion [1] - Shandong Gold (600547) remained unchanged at 37.99 with a trading volume of 432,400 shares and a transaction value of 1.65 billion [1] - Zhongjin Gold (600489) closed at 19.06, down 1.24% with a trading volume of 822,400 shares and a transaction value of 1.58 billion [1] - Chifeng Gold (600988) closed at 29.30, down 1.51% with a trading volume of 593,900 shares and a transaction value of 1.74 billion [1] - Other notable declines include Sichuan Gold (001337) down 2.22% and Hunan Gold (002155) down 3.37% [1][2] Capital Flow Analysis - The precious metals sector saw a net outflow of 1.074 billion from institutional investors, while retail investors contributed a net inflow of 0.887 billion [2][3] - Hunan Gold (002155) experienced a net outflow of 225 million from institutional investors, with a retail net inflow of 149 million [3] - Zhongjin Gold (600489) had a net outflow of 146 million from institutional investors, with a retail net inflow of 72.64 million [3] - Shandong Gold (600547) also saw a net outflow of 142 million from institutional investors, while retail investors contributed a net inflow of 104 million [3]

Investment Rating - The report maintains a "Recommended" investment rating for gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The Federal Reserve is expected to lower interest rates, which will support the price of gold [11]. - Supply disruptions in copper and the upcoming demand season are anticipated to strengthen copper prices [11]. - The aluminum industry shows signs of demand recovery, with expectations of price stability [11]. - Tin supply tightness is expected to support tin prices [11]. - Antimony prices are projected to remain weak in the short term but may strengthen in the long term due to supply constraints [11]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 15.1%, 3-month increase of 35.2%, and a 12-month increase of 82.4% [3]. 2. Precious Metals Market Data - Gold prices reached $3651.10 per ounce, up by $56.55 (1.57%) from September 5 [4]. - Silver prices increased to $42.26 per ounce, up by $1.52 (3.72%) from September 5 [4]. 3. Copper and Aluminum Data - LME copper closed at $10068 per ton, up by $121 (1.22%) from September 5 [6]. - Domestic aluminum prices rose to 21050 RMB per ton, an increase of 370 RMB from September 5 [9]. 4. Tin and Antimony Data - Domestic refined tin prices increased to 274570 RMB per ton, up by 2710 RMB (1.00%) from September 5 [10]. - Antimony prices decreased to 176500 RMB per ton, down by 1000 RMB (0.56%) from September 5 [11]. 5. Recommended Stocks - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold International [12]. - In the copper sector, recommended stocks include Zijin Mining and Western Mining [12]. - For aluminum, recommended stocks are Shenhuo Co. and Yunnan Aluminum [12]. - In the tin sector, recommended stocks include Xiyang Co. and Huaxi Nonferrous [12].

Group 1 - UBS raised its gold price forecast for the end of 2025 by $300 to $3,800 per ounce and for mid-2026 by $200 to $3,900 per ounce, citing expectations of a loosening monetary policy by the Federal Reserve and a weakening dollar related to interest rate cuts and geopolitical risks [1] - The gold ETF holdings are expected to exceed 3,900 tons by the end of 2025, approaching previous record levels, driven by increased confidence in gold as a safe-haven asset amid declining trust in dollar assets and ongoing regional risks [1] - As of September 11, gold futures prices have significantly increased, attracting over 100 billion yuan in capital, with a cumulative increase of over 17 billion yuan in September alone [1] Group 2 - As of September 12, the gold stock ETF fund has seen a net value increase of 52.20% over the past six months, ranking 67 out of 3,610 index stock funds, placing it in the top 1.86% [4] - The gold stock ETF fund has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI Hong Kong and Shanghai Gold Industry Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [5] - The top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [6]

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]

Core Viewpoint - The recovery of production at a key subsidiary of Zhongjin Gold Corporation coincides with a surge in gold prices, presenting a favorable outlook for the company [2][7]. Group 1: Company Performance - Zhongjin Gold reported a 22.90% year-on-year increase in revenue for the first half of the year, amounting to 35.067 billion yuan [3]. - The net profit attributable to shareholders rose by 54.64% year-on-year, reaching 2.695 billion yuan [3]. - The company produced 9.13 tons of mined gold and 19.32 tons of refined gold in the first half of the year [3]. Group 2: Subsidiary Operations - The Inner Mongolia Mining Company, a core subsidiary of Zhongjin Gold, has resumed production after a shutdown due to a safety incident lasting less than two months [2][4]. - The subsidiary generated 3.092 billion yuan in revenue and 1.299 billion yuan in net profit during the first half of the year [4]. Group 3: Market Trends - The gold sector has seen a continuous rise, with a 9.63% increase over the past month, contributing to investor interest [6]. - Gold prices have surged significantly, with the London spot gold price reaching 3,287.45 USD per ounce by the end of June, an increase of over 20% since the beginning of the year [7]. - UBS has raised its gold price targets for the end of 2025 and mid-2026 to 3,800 USD and 3,900 USD per ounce, respectively, citing expectations of a more accommodative monetary policy from the Federal Reserve [8].

Core Viewpoint - Zhongjin Gold has shown significant stock price appreciation this year, with a year-to-date increase of 66.38% and notable gains over various trading periods [2]. Company Overview - Zhongjin Gold Co., Ltd. is located at 9 Andingmen Outer Street, Dongcheng District, Beijing, established on September 24, 2007, and listed on August 14, 2003. The company specializes in geological exploration, mining, and smelting of gold and other non-ferrous metals [2]. - The company belongs to the non-ferrous metals sector, specifically in precious metals and gold, and is associated with concepts such as gold stocks, non-ferrous copper, scarce resources, MSCI China, and large-cap stocks [2]. Financial Performance - For the first half of 2025, Zhongjin Gold reported operating revenue of 35.067 billion yuan, representing a year-on-year growth of 22.90%. The net profit attributable to shareholders was 2.695 billion yuan, reflecting a year-on-year increase of 54.64% [2]. - Since its A-share listing, Zhongjin Gold has distributed a total of 8.875 billion yuan in dividends, with 5.191 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Zhongjin Gold was 137,000, a decrease of 10.29% from the previous period. The average circulating shares per person increased by 11.47% to 35,386 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 155 million shares, an increase of 28.1141 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have also increased their holdings [3].

Group 1 - The precious metals sector increased by 0.78% on September 12, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Hunan Silver's stock price rose by 9.98% to 6.61, with a trading volume of 2.9966 million shares and a transaction value of 1.934 billion [1] Group 2 - The net inflow of main funds in the precious metals sector was 343 million, while retail investors experienced a net outflow of 335 million [2][3] - Hunan Silver had a main fund net inflow of 549 million, accounting for 27.26% of its total trading [3] - The trading volume and transaction values of other notable companies in the sector included: - Xiaocheng Technology: 28.16, up 5.00%, with a transaction value of 2.378 billion [1] - Hunan Gold: 23.48, up 2.94%, with a transaction value of 1.830 billion [1]

Core Viewpoint - The maintenance and upgrade of the shore power system at the Daqiwan Wharf in Chongqing is crucial for ensuring reliable and clean energy access for docked vessels, supporting the green and low-carbon development of the Yangtze River shipping industry [1][2]. Group 1: Maintenance and Operations - The Chongqing State Grid Company organized a professional operation and maintenance team to conduct maintenance and replacement work on the shore power system at the Daqiwan Wharf [1]. - The maintenance work lasted from 9 AM to 4 PM, focusing on replacing 290 meters of cable and related auxiliary equipment [4]. - The company implemented strict safety measures during the maintenance process, including power shutdown, electrical testing, and grounding [4]. Group 2: Environmental Impact - The shore power system, operational since January 2023, has provided clean energy to 112 cruise ships, significantly reducing reliance on diesel generators [2]. - In 2024, the shore power system is expected to use approximately 50,000 kilowatt-hours of electricity, equivalent to a reduction of about 12.8 tons of diesel consumption and a decrease of approximately 40.2 tons of carbon dioxide emissions [4]. - The transition to shore power has resulted in "zero emissions, zero pollution, and zero noise" during vessel docking, improving air quality and protecting the ecological environment of the Yangtze River [4]. Group 3: Future Plans - The Chongqing State Grid Company plans to continue promoting the construction and operation of shore power facilities, adhering to the principles of green development and ecological priority [5]. - A monthly inspection, quarterly maintenance, and emergency response mechanism has been established to ensure the long-term stable operation of the shore power system [5].

Group 1 - Gold prices have surpassed the inflation-adjusted peak set over 45 years ago, driven by increasing market concerns about the U.S. economy, continuing a three-year bull market for gold [1] - As of September 9, spot gold has risen approximately 5% in September, reaching a historical high of $3,674.27, and has set over 30 nominal records this year [1] - Analysts and investors agree that gold has firmly surpassed the inflation-adjusted level of $3,590, reinforcing its status as a hedge against inflation and currency devaluation [1] Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.68% as of September 12, 2025, with significant gains in constituent stocks such as Yuguang Gold Lead (10.02%) and Hunan Silver (9.98%) [4] - The Gold Stock ETF (159322) increased by 2.04%, with a recent price of 1.55 yuan, and has seen a 7.65% rise over the past week, ranking 3rd among comparable funds [4] - The Gold Stock ETF has experienced a net outflow of 451.87 million yuan recently, but has seen net inflows on 3 out of the last 5 trading days, totaling 32.5 million yuan [4] Group 3 - The Gold Stock ETF has achieved a net value increase of 52.47% over the past six months, ranking in the top 1.80% among 3,604 index stock funds [5] - The fund's highest monthly return since inception was 16.59%, with a historical one-year profit probability of 100% [5] - The fund's Sharpe ratio of 1.91 ranks it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] Group 4 - The management fee for the Gold Stock ETF is 0.50%, and the custody fee is 0.10% [6] - The index tracks 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [6] - The top ten weighted stocks in the index account for 66.52% of the total, with companies like Zijin Mining and Shandong Gold among the largest [6]