Core Viewpoint - The gold market is experiencing a significant upward trend, with various gold stocks showing substantial gains, driven by a combination of policy easing, de-dollarization, and safe-haven demand [1] Group 1: Market Performance - Gold stocks such as Shen Zhonghua A and Zhongjin Gold are nearing their daily limit up, with notable increases in shares like Chifeng Gold (up approximately 8%) and others exceeding 5% [1] - The recent surge in gold prices has established a strong mid-term bullish trend, surpassing $4200 [1] Group 2: Economic Factors - The current economic environment includes a record government shutdown in the U.S., inflationary pressures, and a de facto interest rate cut cycle, which are all contributing to the favorable conditions for gold [1] - Factors such as central bank gold purchases, dollar credit issues, and U.S. debt levels continue to support the long-term bullish outlook for gold [1] Group 3: Investment Strategy - Analysts suggest that the current high gold prices, coupled with strong support levels, present a good opportunity for left-side positioning after sufficient adjustments [1] - Continuous monitoring of market sentiment and company dynamics is recommended for potential investment opportunities within the gold sector [1]

Group 1 - Shandong Gold Mining Co., Ltd. experienced a stock price increase of 5.14%, reaching 36.19 CNY per share, with a trading volume of 1.083 billion CNY and a turnover rate of 0.85%, resulting in a total market capitalization of 166.833 billion CNY [1] - The company, established on January 31, 2000, and listed on August 28, 2003, is primarily engaged in gold mining, refining, and the production and sale of gold and silver bars, among other products [1] - The revenue composition of the company includes 50.14% from purchased gold, 29.96% from self-produced gold, 9.75% from trading, 7.65% from small gold bars, and 2.50% from other sources [1] Group 2 - Taiping Fund has one fund heavily invested in Shandong Gold, specifically the Taiping Ruiqing Mixed A Fund (014053), which held 60,000 shares in the third quarter, maintaining the same number of shares compared to the previous period, accounting for 2.03% of the fund's net value [2] - The Taiping Ruiqing Mixed A Fund was established on December 21, 2021, with a current scale of 114 million CNY, achieving a year-to-date return of 3.5% and a one-year return of 4.33% [2] - The fund manager, Gan Yuan, has been in position for 4 years and 272 days, overseeing assets totaling 6.361 billion CNY, with the best fund return during his tenure being 9.95% and the worst being -0.84% [3]

黄金股午后走强，山东黄金涨超5%，中金黄金、招金矿业涨超4%，赤峰黄金涨超3%。 受盘面影响，黄金股相关ETF涨超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | | 517520 | 黄金股ETF | 1.919 | 0.060 | 3.23% | | 517400 | 黄金股票ETF | 1.514 | 0.043 | 2.92% | | 159322 | 黄金股票ETF基金 | 1.557 | 0.041 | 2.70% | | 159562 | 黄金股ETF | 2.088 | 0.055 | 2.71% | | 159321 | 黄金股票ETF | 1.465 | 0.038 | 2.66% | | 159315 | 黄金股ETF基金 | 1.567 | 0.037 | 2.42% | 有分析认为，美元信用下滑奠定金价上行基础，而避险情绪的减退、美联储降息存悬念以及获利资金了结，使得金价短期内 持续震荡。考虑到目前短期利空因素已基本体现，金价在持续震荡后有望再度上行。 （文章来源：每日经济新闻） ...

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]

Core Viewpoint - The gold stocks have rebounded in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices due to weakened safe-haven demand and inconsistent expectations regarding U.S. economic data and interest rate cuts [1]. Company Performance - China Gold International (02009) increased by 3.37%, reaching HKD 134.9 - Zijin Mining International (02259) rose by 2.57%, reaching HKD 135.9 - Zhaojin Mining Industry (01818) gained 2.32%, reaching HKD 28.28 - Shandong Gold (01787) increased by 1.8%, reaching HKD 32.84 [1]. Market Analysis - COMEX gold prices recently fell below USD 4000 per ounce, influenced by two main factors: a reduction in safe-haven demand and the lack of important U.S. economic data, leading to mixed investor expectations regarding the labor market and inflation trends [1]. - According to Everbright Securities, the combination of the U.S. entering a rate-cutting cycle and increased global uncertainty has led to a resurgence in gold ETF investment demand. The trend of central banks increasing gold holdings continues amid a backdrop of de-dollarization, supporting a bullish outlook for gold prices [1]. Recommendations - Everbright Securities recommends investing in Zijin Mining and suggests monitoring Chifeng Jilong Gold Mining and Zijin Mining International [1].

Core Viewpoint - Gold stocks experienced a rebound in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices [1] Group 1: Company Performance - China Gold International (02009) rose by 3.37%, trading at 134.9 HKD [1] - Zijin Mining International (02259) increased by 2.57%, trading at 135.9 HKD [1] - Zhaojin Mining Industry (01818) saw a rise of 2.32%, trading at 28.28 HKD [1] - Shandong Gold (01787) grew by 1.8%, trading at 32.84 HKD [1] Group 2: Market Analysis - COMEX gold prices recently fell below 4000 USD/ounce, influenced by reduced safe-haven demand and inconsistent expectations regarding U.S. labor market and inflation data [1] - Citic Securities' chief economist noted that the decline in gold prices was due to weakened safe-haven support and uncertainty in economic data releases [1] - Everbright Securities reported that the U.S. entering a rate-cutting cycle, combined with increased global uncertainty, has led to a resurgence in gold ETF investment demand [1] - The trend of central banks increasing gold holdings continues under the backdrop of de-dollarization, with a positive outlook for gold prices [1]

证券之星消息，11月18日南向资金增持204.16万股山东黄金（01787.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持1330.79万股。近20个交易日中，获南向资金增持的有13天，累计净增持 984.08万股。截至目前，南向资金持有山东黄金（01787.HK）5.54亿股，占公司已发行普通股的 55.68%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-18 | 5.54Z | 204.16万 | 0.37% | | 2025-11-17 | 5.52亿 | 394.96万 | 0.72% | | 2025-11-14 | 5.48亿 | -39.37万 | -0.07% | | 2025-11-13 | 5.49亿 | 384.85万 | 0.71% | | 2025-11-12 | 5.45亿 | 386.19万 | 0.71% | 山东黄金矿业股份有限公司是一家主要从事黄金及有色金属的勘查、开采、选冶、销售的中国公司。该 公司还从事黄金矿山专用设备、建筑装饰材料（不含国家法律法规限制产品 ...

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]

Core Viewpoint - Shandong Gold (600547) is addressing industry competition by committing to prioritize the injection of qualifying gold business assets into the company by 2030, as part of its strategy to enhance operational efficiency and shareholder value [1]. Group 1: Stock Performance - As of November 18, 2025, Shandong Gold closed at 34.42 CNY, down 1.99% from the previous trading day, with a total market capitalization of 158.674 billion CNY [1]. - The stock opened at 34.94 CNY, reached a high of 35.03 CNY, and a low of 34.20 CNY, with a trading volume of 8.22 billion CNY and a turnover rate of 0.66% [1]. Group 2: Corporate Announcements - Shandong Gold announced the fifth extraordinary general meeting of shareholders for 2025, detailing commitments from Shandong Gold Group and Shandong Gold Nonferrous Mining Group to prioritize the injection of qualifying gold assets into the company [1]. - The assets from Qinghai Shanjin, Hainan Shanjin, and Shandong Gold Jinchuan Group will be injected by November 10, 2030, provided they meet specific operational and financial criteria [1]. - If the assets do not meet the criteria or the company opts not to acquire them, they may be sold to third parties with consent [1].

Core Viewpoint - Shandong Gold has experienced a stock price decline of 2.02% on November 18, with a current price of 34.41 CNY per share, despite a year-to-date increase of 54.26% [1] Financial Performance - For the period from January to September 2025, Shandong Gold achieved operating revenue of 83.783 billion CNY, representing a year-on-year growth of 25.04%, and a net profit attributable to shareholders of 3.956 billion CNY, which is a 91.51% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Shandong Gold increased by 12.55% to 102,800, with an average of 0 circulating shares per shareholder [2] - The company has distributed a total of 5.678 billion CNY in dividends since its A-share listing, with 2.765 billion CNY distributed in the last three years [3] Stock Market Activity - On November 18, the main funds saw a net outflow of 92.6687 million CNY, with significant selling pressure observed [1] - The top ten circulating shareholders include new entrants such as Hong Kong Central Clearing Limited and the Gold Stock ETF, indicating changes in institutional holdings [3]