Core Viewpoint - Shandong Gold (01787) expects a significant increase in net profit for the fiscal year 2025, driven by optimized production and rising gold prices [1] Financial Projections - The company anticipates a net profit attributable to shareholders of RMB 46 billion to RMB 49 billion for 2025, representing an increase of RMB 16 billion to RMB 19 billion compared to the previous year, which is a year-on-year growth of 56% to 66% [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between RMB 48 billion and RMB 51 billion, reflecting an increase of RMB 18 billion to RMB 21 billion year-on-year, equating to a growth of 60% to 71% [1] Strategic Initiatives - The company plans to optimize its production layout to enhance production efficiency and resource utilization, while also improving project construction [1] - It aims to capitalize on the favorable gold price environment to solidify its development foundation and accumulate growth momentum [1] - The company will increase investments in mining development projects, strengthen exploration in deep and surrounding areas of mines, and adjust marginal ore grades to fully utilize low-grade ore resources [1] - There is a focus on transitioning from outsourced mining operations to self-operated mining, alongside increased investments in automation and building a skilled workforce to enhance safety levels [1] - These measures are intended to promote long-term, healthy, and sustainable development, laying a solid foundation for high-quality growth during the 14th Five-Year Plan period [1]

Market Overview - On January 30, the A-share market experienced significant volatility, with the Shanghai Composite Index dropping over 2% at one point, falling below the 4100-point mark, and ultimately closing down 0.96% at 4117.95 points [2][3] - The ChiNext Index showed a notable V-shaped recovery, initially declining 1.5% but closing up 1.27% [2][3] - The total trading volume for the day reached 2.86 trillion yuan, a decrease of nearly 400 billion yuan from the previous day, marking the 20th consecutive trading day above 2.5 trillion yuan [4] Sector Performance - Most of the 31 first-level industry sectors saw declines, with telecommunications, electronics, and agriculture sectors leading gains at 3.44%, 0.68%, and 0.65% respectively [4] - Conversely, the non-ferrous metals, steel, and food and beverage sectors faced significant losses, dropping 7.8%, 2.83%, and 2.78% respectively [4] - The net inflow of capital was highest in telecommunications equipment, batteries, and agriculture, with net inflows of 6.534 billion yuan, 1.088 billion yuan, and 0.886 billion yuan respectively [4] Gold and Silver Market - Gold and silver stocks experienced a sharp decline, with several companies, including Chifeng Jilong Gold and Zhongjin Lingnan Nonfemet Company, hitting their daily limit down [6][7] - On January 30, international gold prices fell over 5%, dropping below 5100 USD per ounce, while silver prices plummeted over 10%, nearing 103 USD per ounce [6] Market Sentiment and Future Outlook - Analysts suggest that the recent volatility in the A-share market is linked to multiple uncertainties in the external environment, including geopolitical tensions and the strengthening of the US dollar [2][8] - The market is expected to stabilize and become more rational after experiencing significant fluctuations and sector rotations [2][9] - There are still medium-term investment opportunities in the A-share market, driven by trends such as the migration of household deposits and performance realizations across multiple industries [9] - Caution is advised regarding potential risks of short-term pullbacks, especially as the market approaches the Chinese New Year, which may lead to seasonal tightening of liquidity [10]

Company Performance Forecasts - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% due to strong demand for computing infrastructure and increased sales of high-speed optical modules [2] - Cambrian anticipates a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses, driven by rising demand in the AI sector [3] - Xinye Technology forecasts a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a year-on-year growth of 231.24% to 248.86% due to increased investment in computing [4] - Aerospace Development expects a net loss of 1 billion to 1.65 billion yuan for 2025, although this represents an improvement from a loss of 1.673 billion yuan in the previous year [5] - Wentai Technology predicts a net loss of 9 billion to 13.5 billion yuan for 2025, impacted by significant investment losses and asset impairment [6] - China National Airlines anticipates a net loss of 1.3 billion to 1.9 billion yuan for 2025, compared to a loss of 237 million yuan in the previous year [8] - China Eastern Airlines expects a net loss of 1.3 billion to 1.8 billion yuan for 2025, despite an increase in passenger transport volume [9] - Huazhong Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [10] Investment and Strategic Developments - Huayou Cobalt plans to collaborate on an integrated battery industry project in Indonesia, aiming to establish a production base for electric vehicle batteries [13] Shareholding Changes - BlueFocus Media's major shareholder plans to reduce holdings by up to 20 million shares due to personal financial needs [14] Other Company Updates - Yihualu expects a net loss of 2.176 billion to 2.791 billion yuan for 2025, with a projected negative net asset value, which may lead to a delisting risk warning [27] - Huayi Brothers anticipates a net loss of 289 million to 407 million yuan for 2025, with a potential negative net asset value that could trigger a delisting risk warning [28] - Kangtai Medical has obtained a medical device registration certificate for a non-invasive ventilator, enhancing its product line [29]

（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 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倚賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （股 份 代 號：1787） 2025年度業績預增公告 本公告由山東黃金礦業股份有限公司（「本公司」，連 同 其 附 屬 公 司「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條 以及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 上 市 規 則）作 出。 重 要 內 容 提 示： 經 初 步 測 算，本 公 司 預 計2025年度實現歸屬於母公司所有者的淨利潤為人民幣 46億元至人民幣49億 元，與 上 年 同 期 相 比 增 加 人 民 幣16億元到人民幣19億 元， 同比增加56%到66%。 預 計20 ...

Macroeconomic Dynamics - The Ministry of Finance announced that the securities transaction stamp duty is expected to reach 203.5 billion yuan in 2025, representing a growth of 57.8% [1] Energy Sector - The National Development and Reform Commission and the National Energy Administration will increase the proportion of fixed costs recovered through capacity pricing for coal-fired power plants to no less than 50% [2] Telecommunications Industry - According to the China Academy of Information and Communications Technology, the domestic smartphone shipment in December 2025 is projected to be 24.473 million units, a year-on-year decline of 29.1%. For the entire year of 2025, the total smartphone shipment is expected to be 307 million units, down 2.4% year-on-year [3] Financial Institutions - China International Capital Corporation (CICC) expects its net profit attributable to shareholders to be between 8.542 billion yuan and 10.535 billion yuan in 2025, reflecting a year-on-year increase of 50% to 85% [9] Market Data - The A-share market showed mixed results on January 30, with the Shanghai Composite Index down 0.96% and the ChiNext Index up 1.27%. The total trading volume was approximately 283.55 billion yuan, a decrease of about 39.44 billion yuan from the previous trading day [10] Company Dynamics - Sino Medical announced an expected revenue of 519 million to 526 million yuan for 2025, with a year-on-year growth of 13% to 15%. The net profit attributable to shareholders is projected to be between 43 million and 50 million yuan, indicating a significant year-on-year increase of 2767% to 3233% [13]

黄金价格，风云突变。 1月30日，国际金价大跳水，现货黄金从最高5450美元/盎司一路下跌，一度跌破5000美元，最大跌幅达8%。 与此同时，国际银价也急转直下，现货白银跌破100美元大关，一度跌超17%。 同日，A股黄金概念板块掀"跌停潮"。云南铜业、白银有色、江西铜业、中金黄金、山东黄金、四川黄金、招金黄金、西部矿业等大面积跌停。 多家黄金珠宝品牌足金首饰价格也大幅回调。1月30日，周生生报价1662元/克，周大福报价1685元/克，老凤祥报价1620元/克，老庙黄金报价1668元/克。 29日，多家品牌金饰克价高达1700元以上。 "说话间价格就跌了几十元" 回收金价"一天调了十几次" 1月30日，北京多家金店仅仅一夜之间，黄金回收报价每克下调近70元，前一日人气高涨的回收窗口虽热度不减，但咨询多成交少。 | 看点 基金 成分股 | 资金 | 简况(F10) 新闻 | | --- | --- | --- | | 名称/代码 | 最新 ◆ | 涨幅 ◆ ５日涨幅 ◆ ▶ | | 山金国际 | | 34.84 -10.00% +0.84% | | 000975 融 | | | | 四川黄金 | | 66.1 ...

Core Viewpoint - The rare drop in the non-ferrous metal sector on January 30, with a significant decline in the popular ETF, reflects market reactions to external and internal factors, while simultaneously showing a trend of increased investment despite falling prices [1][3][4]. Group 1: Market Performance - On January 30, the non-ferrous metal sector experienced a notable drop, with the popular ETF, Huabao Non-Ferrous Metal ETF (159876), falling to a low of 9.98% before closing down 9.61% [1][3]. - Despite the decline, the ETF saw a net subscription of 156 million units, indicating a "buy the dip" mentality among investors [1][3]. - Among the 59 constituent stocks, 20 stocks, including Shandong Gold and China Aluminum, hit the daily limit down, while Hunan Gold achieved a five-day consecutive rise with a net inflow of 6.893 billion yuan, topping the A-share capital inflow list [1][3]. Group 2: Reasons for Market Drop - External factors include the anticipated appointment of a hawkish Federal Reserve chairman, Kevin Warsh, which is expected to end the liquidity boom, prompting profit-taking before the announcement [3][11]. - Internal factors involve regulatory tightening, with exchanges raising margin requirements and price limits for gold, silver, and tin, forcing high-leverage speculative funds to liquidate positions before the holiday [3][11]. - On the industrial side, pre-holiday inventory replenishment fell short, and there was a surge in shipments from lithium mines in Australia and South America, leading to a price drop for lithium carbonate [3][11]. Group 3: Reasons for Increased Investment - External factors supporting increased investment include Trump's endorsement of Kevin Warsh, suggesting a lower probability of aggressive rate hikes under his leadership [4][13]. - The fundamental drivers for non-ferrous metal prices remain unchanged, with ongoing global monetary easing and the strategic value of metals needed for emerging industries like AI and military applications [4][13]. - Earnings forecasts for non-ferrous metal stocks are generally positive, with many companies expected to report favorable results for 2025 [4][13]. - Guosheng Securities predicts that the combination of supply-demand mismatch, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous sector for the next 3-5 years [4][13].

2025年，公司统筹优化生产布局，实现生产效率与资源利用、项目建设协同提升，同时叠加黄金价格上 行因素，利润同比增加。同时，公司坚持稳中有进、行稳致远，统筹把握长远可持续发展与当前业绩关 系，抓住金价高企有利时机，进一步夯实发展根基，积蓄发展动能。加大井巷开拓工程等生产性投入， 持续强化矿山深部及周边探矿，科学提升在建矿山建设进度；合理调整矿山边际品位，充分利用低品位 矿石资源；推进矿山采掘外委施工逐步转为自营，加大智能化投入，建强产业工人队伍，提升本质安全 水平。上述一系列措施有利于推动公司更加长远、健康、可持续发展，为公司"十五五"期间高质量发展 奠定坚实基础。 格隆汇1月30日丨山东黄金(600547.SH)公布，经初步测算，公司预计2025年度实现归属于母公司所有者 的净利润为46亿元至49亿元，与上年同期相比增加16亿元到19亿元，同比增加56%到66%。公司预计 2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润为48亿元至51亿元，与上年同期相比 增加18亿元到21亿元，同比增加60%到71%。 ...

Group 1 - Yuehongyuan A announced the transfer of 45% equity in Hongxi Mining for 22.37 million yuan, aiming to optimize its business and promote transformation, expecting a positive impact on financial results with an estimated gain of over 22 million yuan [2] - Wanhua Chemical plans to increase capital by 19.086 billion yuan to its wholly-owned subsidiary Wanhua Olefins, consolidating its carbon two industry operations to enhance competitiveness [3] - Huayou Cobalt signed a cooperation framework agreement to build an integrated battery industry chain project in Indonesia, aiming to establish the country as a production base for electric vehicle batteries [4] Group 2 - Gansu Energy reported that the first batch of wind turbines for its 1 million kW green electricity aggregation pilot project has been connected to the grid, contributing to over 10% of the company's expected installed capacity by the end of 2025 [5] - Lingyi Zhizao completed the acquisition of 35% equity in Liminda for 875 million yuan, gaining control over 52.78% of voting rights, making Liminda a subsidiary [6] - Tianqi Lithium's third-phase expansion project for chemical-grade lithium concentrate produced its first batch of qualified products, enhancing raw material supply for its lithium chemical production bases [7] Group 3 - Ecovacs expects a net profit of 1.7 billion to 1.8 billion yuan for 2025, a year-on-year increase of 110.90% to 123.30% due to product upgrades and cost optimization [9] - Cambrian anticipates a turnaround with a net profit of 1.85 billion to 2.15 billion yuan for 2025, a significant increase in revenue driven by operational improvements [10] - China Southern Airlines expects a net profit of 800 million to 1 billion yuan for 2025, recovering from a loss of 1.696 billion yuan in the previous year [11] Group 4 - Shandong Gold forecasts a net profit of 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% due to improved production efficiency and rising gold prices [16] - Perfect World expects a net profit of 720 million to 760 million yuan for 2025, recovering from a loss of 1.288 billion yuan, driven by successful game launches and cost reductions [17] - CICC anticipates a net profit of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% due to strong performance in investment banking and wealth management [18] Group 5 - *ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, recovering from a loss of 76.64 million yuan, attributed to a major asset restructuring [19] - New Hope predicts a net loss of 1.5 billion to 1.8 billion yuan for 2025, down from a profit of 473.6 million yuan, impacted by fluctuations in the pig market [20] - 360 expects a net profit of 213 million to 318 million yuan for 2025, turning around from a loss, driven by increased investment income from equity method accounting [21]

Group 1 - Southbound funds net bought Hong Kong stocks worth 32.22 billion HKD today [1] - The top net purchases included: CSPC Pharmaceutical Group at 9.34 billion HKD, Xiaomi Group-W at 9.14 billion HKD, and the Tracker Fund of Hong Kong at 5.89 billion HKD [1] - Notable net sales included: Zijin Mining at 6.35 billion HKD, China Mobile at 5.41 billion HKD, and CNOOC at 5.25 billion HKD [1] Group 2 - Southbound funds have recorded a continuous net sell of China Mobile for 20 days, totaling 159.752 billion HKD [1] - Zijin Mining has seen a net sell for 5 consecutive days, amounting to 37.8638 billion HKD [1] - Semiconductor Manufacturing International Corporation (SMIC) has also experienced a net sell for 5 consecutive days, totaling 12.2751 billion HKD [1]