Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2]. Core Views - The report highlights ongoing supply disruptions leading to continuous increases in metal prices, particularly in copper and precious metals [3][4]. - The report emphasizes the strong performance of the non-ferrous metals index, which has outperformed the broader market indices significantly [4][10]. Weekly Market Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index increased by 1.06%. The non-ferrous metals index surged by 3.52%, outperforming the CSI 300 Index by 2.46 percentage points [3][4]. - Year-to-date, the non-ferrous metals index has increased by 56.38%, outperforming the CSI 300 Index by 40.74 percentage points [8]. Price Changes - Industrial and precious metals saw varied price changes, with copper increasing by 8.57% and gold prices rising by 1.89% [3][10]. - The report notes significant price increases in energy materials, particularly in cobalt, which rose by 14.23% [3][10]. Key Metal Insights - **Copper**: The report indicates a reduction in domestic social inventory by 0.9 million tons, with a current total of 140,000 tons. Supply disruptions from Freeport's Grasberg mine are expected to reduce global copper supply by approximately 2.2% [3][35]. - **Aluminum**: The report notes an increase in downstream processing enterprise operating rates, with a current operating rate of 63.00%. The domestic social inventory of electrolytic aluminum has decreased by 3.30 million tons [3][47]. - **Steel**: The report highlights an increase in steel production and a decrease in steel inventory, with a focus on monitoring supply adjustments and export demand [3][21]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending stocks such as Huafeng Aluminum and Asia-Pacific Technology [3][10]. - For precious metals, the report recommends companies like Shandong Gold and Zhongjin Gold, citing their potential for valuation recovery [3][10]. Company Valuations - The report provides detailed valuations for key companies in the metals sector, indicating a range of price-to-earnings (PE) ratios and price-to-book (PB) ratios for various firms [20][21].

Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][6][7]. Core Views - The report highlights that industrial metal prices are expected to continue rising due to supply disruptions and seasonal demand in China during the "Golden September and Silver October" period [2][3]. - The report emphasizes the positive outlook for energy metals like lithium and cobalt, driven by strong demand from the energy storage and electric vehicle sectors [3]. - Precious metals are anticipated to reach new highs due to increased safe-haven demand amid geopolitical uncertainties and expectations of further interest rate cuts by the Federal Reserve [4][71]. Summary by Sections Industrial Metals - Copper prices are supported by supply disruptions from the Grasberg copper mine in Indonesia, which has been shut down due to a mining accident, leading to a significant reduction in expected output [2][39]. - Aluminum demand is recovering as downstream processing companies increase their operating rates, with a notable rise in pre-holiday stockpiling [2][22]. - Zinc prices are fluctuating due to mixed signals from macroeconomic indicators and supply-demand dynamics, with a slight decrease in domestic consumption observed [45][46]. Energy Metals - The report notes that cobalt supply is tightening due to regulatory changes in the Democratic Republic of Congo, which has implemented a quota system, leading to price increases [3]. - Lithium demand remains robust, particularly in the context of energy storage and electric vehicles, with expectations of a balanced supply-demand situation [3]. Precious Metals - Gold and silver prices have surged, driven by expectations of interest rate cuts and ongoing geopolitical tensions, with gold prices reaching historical highs [4][71]. - The report suggests that central bank purchases of gold and a weakening dollar will continue to support gold prices in the medium to long term [4]. Key Companies and Their Forecasts - Zijin Mining: EPS forecast for 2024A is 1.21 CNY, with a PE ratio of 23, rated as "Buy" [4]. - Luoyang Molybdenum: EPS forecast for 2024A is 0.63 CNY, with a PE ratio of 22, rated as "Buy" [4]. - Huayou Cobalt: EPS forecast for 2024A is 2.50 CNY, with a PE ratio of 23, rated as "Buy" [4].

香港联交所最新资料显示，9月24日，Schroders PLC减持山东黄金（600547）(01787)429.45万股，每股 均价38.0119港元，总金额约为1.63亿港元。减持后最新持股数目为6754.69万股，最新持股比例为 6.79%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月24日，Schroders PLC减持山东黄金(01787)429.45万 股，每股均价38.0119港元，总金额约为1.63亿港元。减持后最新持股数目为6754.69万股，最新持股比 例为6.79%。 ...

Core Insights - The precious metals sector saw a slight increase of 0.23% on September 26, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Precious Metals Sector Performance - Hunan Silver (002716) closed at 6.91, up 5.02% with a trading volume of 2.9147 million shares and a transaction value of 2.034 billion [1] - Shandong Gold (600547) closed at 38.22, up 0.84%, with a trading volume of 373,900 shares [1] - Zhongjin Gold (600489) closed at 20.55, up 0.54%, with a trading volume of 664,000 shares [1] - Chifeng Jilong Gold (600988) closed at 28.10, down 0.46%, with a trading volume of 400,300 shares [1] - Other notable performances include: - Hunan Gold (002155) down 0.65% - Western Gold (601069) down 1.01% - Sichuan Gold (001337) down 1.03% [1] Capital Flow Analysis - The precious metals sector experienced a net inflow of 35.5562 million from institutional investors, while retail investors saw a net outflow of 135 million [2][3] - Hunan Silver had a net inflow of 49.4856 million from institutional investors, but a net outflow of 53.9428 million from retail investors [3] - Shandong Gold also saw a significant net inflow of 40.8309 million from institutional investors, with retail investors experiencing a net outflow of 104 million [3]

Core Viewpoint - The company has adjusted its mid-term profit distribution plan for 2025, reducing the cash dividend per share from RMB 0.18 to RMB 0.17467 due to an increase in total share capital following the issuance of new H shares [2][5]. Group 1: Profit Distribution Plan - The original profit distribution plan proposed a cash dividend of RMB 1.80 per 10 shares, amounting to a total cash distribution of RMB 805,217,314.50, which represents 31.45% of the net profit attributable to ordinary shareholders after deducting perpetual bond interest [3]. - The total share capital increased from 4,473,429,525 shares to 4,609,929,525 shares after the issuance of 136,500,000 new H shares [4][5]. - The adjusted cash dividend per share is calculated as RMB 0.17467, maintaining the total cash distribution amount unchanged at RMB 805,216,390.13 [6]. Group 2: Share Capital Changes - The company completed the issuance of new H shares on September 9, 2025, which resulted in an increase in total share capital [4]. - The new total share capital includes 3,614,443,347 A shares and 995,486,178 H shares [4]. - The adjustment in the cash dividend per share reflects the increase in total shares while keeping the total cash dividend amount constant [5].

Core Viewpoint - The article highlights the transformation of Shandong Gold Group and its San Shan Island gold mine into a model of intelligent and green mining, showcasing how traditional mining practices can evolve to meet modern sustainability and technological standards [6][20][25]. Group 1: Company Overview - Shandong Gold Group has emerged as a significant player in the mining industry, ranking 465th on the Fortune Global 500 list with a revenue of $34.7626 billion [4]. - The San Shan Island gold mine, a key asset of Shandong Gold, has transitioned from a traditional mining operation to a "smart mine" characterized by high levels of automation and ecological restoration [3][4]. Group 2: Industry Challenges and Responses - The mining industry faces a dual challenge of transitioning to intelligent operations while also addressing environmental concerns, driven by global trends in decarbonization and digitalization [6][7]. - The Chinese government has integrated green mining development into national planning, emphasizing the importance of sustainable practices in the mining sector [6][7]. Group 3: Technological Transformation - Shandong Gold's digital transformation is guided by a comprehensive plan that includes smart production, excellent operations, and shared services, aiming for a fully integrated network across its operations [8][9]. - The San Shan Island mine has achieved over 90% automation, significantly reducing the need for manual labor and enhancing operational safety [11][12]. Group 4: Environmental Sustainability - The company has implemented a zero-waste policy, achieving 100% reuse of waste rock and transforming tailings storage facilities into ecological parks [3][17]. - Shandong Gold has developed a robust framework for water resource management, ensuring that all wastewater is recycled and used for various purposes, including irrigation and dust control [17][19]. Group 5: Future Outlook - The integration of intelligent and green practices is seen as a new competitive advantage for Shandong Gold, positioning it as a leader in the global mining industry [20][25]. - The company plans to replicate the successful practices from the San Shan Island mine across its other operations, aiming to establish a unified standard for intelligent mining [24][25].

（编辑 任世碧） 证券日报网讯 9月25日晚间，山东黄金发布关于调整2025年中期利润分配方案每股分配金额的公告称， 公司2025年中期利润分配方案每股分配金额由人民币0.18元（含税）调整为人民币0.17467元（含税）。 本次调整原因：2025年9月9日，公司因发行配售完成136，500，000股新H股股份，公司总股本由4， 473，429，525股增加至4，609，929，525股。截至本公告披露日，可参与利润分配的总股本为4， 609，929，525股。公司维持现金分红总额不变，对2025年中期利润分配方案的每股分配金额进行相应 调整。 ...

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） 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依賴該等內容而引致之任何損失承擔任何責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 關 於 調 整2025年中期利潤 分 配 方 案 每 股 分 配 金 額 的 公 告》，僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 韓耀東 中 國 濟 南，2025年9月25日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 修 國 林 先 生、徐 建 新 先 生、湯 ...

Market Overview - The Galaxy 99 Index closed at 7671.42 points, down 0.09%, with a trading volume of 3590.77 billion yuan and a turnover rate of 0.46% [1] - Among the index constituents, 37 stocks rose while 60 stocks fell, with Inspur Information leading the gainers at a 9.99% increase and Shandong Gold leading the decliners with a 4.75% drop [1] Key Constituents - The top ten constituents of the Galaxy 99 Index include major companies such as Agricultural Bank of China (11.00% weight), Industrial and Commercial Bank of China (10.25% weight), and China Petroleum (9.03% weight) [1] - The total market capitalization of the top ten constituents ranges from 2260.23 billion yuan for China State Construction to 26302.78 billion yuan for Industrial and Commercial Bank of China [1] Capital Flow - The net inflow of main funds into the Galaxy 99 Index constituents was 4.93 billion yuan, while retail investors saw a net inflow of 22.45 billion yuan, and speculative funds experienced a net outflow of 27.37 billion yuan [1] - Specific stocks such as Inspur Information and BYD saw significant net inflows from main funds, indicating strong institutional interest [2] ETF Performance - The Food and Beverage ETF (product code: 515170) has seen a decline of 2.03% over the past five days, with a current PE ratio of 20.26 times and a net outflow of 1972.9 million yuan [4] - The Cloud Computing 50 ETF (product code: 516630) increased by 5.99% over the last five days, with a high PE ratio of 125.24 times and a net outflow of 1077.1 million yuan [5]