Core Viewpoint - The gold stocks collectively opened lower, influenced by a significant drop in spot gold prices and geopolitical developments in the Middle East [3]. Group 1: Market Performance - Chinese gold stocks such as China Gold International, Zijin Mining International, Shandong Gold, and Chifeng Jilong Gold experienced declines, with drops of 3.99%, 3.75%, 3.71%, and 3.13% respectively [3]. - Spot gold prices fell below $3960 per ounce, retreating nearly $100 from recent highs, while COMEX gold futures dropped by 1.95% [3]. Group 2: Geopolitical Impact - A ceasefire agreement between Hamas and Israel was announced, leading to a rapid decrease in geopolitical tensions, which contributed to the sell-off in gold [3]. - Analysts noted that the recent high prices of gold prompted profit-taking among investors, further pressuring gold prices in the short term [3]. Group 3: Future Outlook - Despite the current price pressures, analysts from Huatai Futures indicated that the underlying factors such as risk premium and the Federal Reserve's accommodative stance have not changed significantly, suggesting potential for future price increases [3].

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。 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） 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 持 股5%以上股東權益 變動觸及1%刻 度 的 提 示 性 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10月10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 琦 先 ...

证券代码：600547 证券简称：山东黄金 公告编号：临 2025-069 山东黄金矿业股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其一致行动人 | | | □其他______________ | 2.信息披露义务人信息 公司于 2025 年 10 月 10 日收到控股股东山东黄金集团《关于非公开发行可 交换公司债券换股进展暨权益变动触及 1%刻度的通知》，2025 年 10 月 9 日，因 本期可交换债券换股，山东黄金集团直接持有公司股份数量由 1,623,179,427 股变为 1,620,087,828 股。 一致行动人名称 投资者身份 统一社会信用代码 山东黄金 ...

Market Overview - On October 10, the precious metals sector fell by 4.22% compared to the previous trading day, with Western Gold leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable stock performances include: - Zhaojin Mining (000506) rose by 7.28% to close at 12.82, with a trading volume of 1.0659 million shares and a turnover of 1.308 billion [1] - Western Gold (601069) fell by 9.06% to close at 29.91, with a trading volume of 455,900 shares and a turnover of 1.384 billion [2] - Other significant declines include: - Chifeng Jilong Gold Mining (600988) down 6.98% to 29.86 [2] - Shandong Gold (600547) down 4.65% to 41.25 [2] Capital Flow Analysis - The precious metals sector experienced a net outflow of 971 million yuan from institutional investors, while retail investors saw a net inflow of 552 million yuan [2][3] - Key capital flows for selected stocks include: - Shandong Gold had a net outflow of 14.34 million yuan from institutional investors, with a net inflow of 67.12 million yuan from retail investors [3] - Zhaojin Mining saw a net outflow of 80.70 million yuan from institutional investors, but a net inflow of 101 million yuan from retail investors [3]

- The non-ferrous metal index (000819.SH) has increased by 83.14% since 2025, and by 83.87% since April 7, 2025, significantly outperforming the Wind All A Index during the same period [2][11][12] - Public fund holdings in the non-ferrous metal sector have rebounded since August 2025, based on real-time calculations using public market data such as fund net value, disclosed holdings, and research activities [3][15] - ETF holdings in the non-ferrous metal sector have been steadily increasing since July 2025, reflecting the growing popularity of index investment products, with the total scale of public ETF funds exceeding 4.3 trillion yuan by the end of Q2 2025 [3][18][20] - Margin balance in the non-ferrous metal sector has been rising since July 2025, indicating increased investor optimism about the market outlook [3][22][23] - Chip yield characteristics show that the current profitability effect of the non-ferrous metal index is 25.14%, with chip yield reflecting the return rate of current prices relative to historical chip costs [3][25][26] - Institutional research has been most frequent for companies such as Northern Rare Earth, Yunnan Copper, and Chihong Zinc & Germanium in 2025 [4][27][29] - Ganfeng Lithium, Huayou Cobalt, and Zijin Mining have received the highest attention from Snowball platform influencers since September 15, 2025 [4][30][31][32] - Major funds have flowed into companies such as Quartz Co., Bowei Alloy, and Shenghe Resources since September 15, 2025, with large and super-large orders used as proxy variables for major funds [4][34][35][38] - Companies such as Bowei Alloy, Jinli Permanent Magnet, and China Rare Earth have appeared on the Dragon Tiger List since September 15, 2025, reflecting the most active trading dynamics in the market [4][39] - High-frequency shareholder data indicates significant increases in shareholder numbers for companies such as Chifeng Gold, Huafeng Aluminum, and Hunan Gold, which may signal potential risks for subsequent stock prices [4][41][43]

Market Overview - The A-share market experienced a day of volatility and adjustment, with all three major indices closing down: Shanghai Composite Index fell by 0.94%, Shenzhen Component Index dropped by 2.70%, and ChiNext Index decreased by 4.55% [1][2] - The total market turnover was 2.53 trillion yuan, a decrease of 137.7 billion yuan compared to the previous day [2] Sector Performance - Gas and coal sectors showed gains, while semiconductor, battery, and precious metals sectors faced significant declines, with semiconductor funds seeing an outflow exceeding 20 billion yuan [2][3] - Notable individual stock movements included CATL and Sanhua Intelligent Control, both experiencing fund outflows over 2 billion yuan, while ZTE Corporation saw a rise of over 4% [4] Precious Metals - The price of spot gold fell below the 4000 USD mark, closing at 3965 USD per ounce, leading to a decline in A-share precious metal stocks, with several stocks like Western Gold and Chifeng Jilong Gold dropping over 5% [8][10] - Analysts suggest that persistent inflation data in the U.S. could lead to a stronger dollar and higher real interest rates, reducing gold's attractiveness [11] Investment Sentiment - The first three quarters of the year saw significant gains in major indices: Shanghai Composite Index up 15.84%, Shenzhen Component Index up 29.88%, and ChiNext Index and Sci-Tech 50 Index both up 51.20% [14] - The best-performing sectors included non-ferrous metals, hardware equipment, and semiconductors, with emerging concepts like AI and controlled nuclear fusion gaining traction [14] - Market sentiment indicates a cautious outlook for the fourth quarter, with a potential shift in investment focus from technology to traditional sectors like real estate and machinery [15]

Core Viewpoint - The Hong Kong stock market is experiencing a decline in the non-ferrous metal sector, with significant drops in share prices of various companies [1] Company Summaries - Ganfeng Lithium (01772.HK) has seen a decrease of 10.44%, currently trading at 45.72 HKD [1] - China Nonferrous Mining (01258.HK) has dropped by 9.72%, with shares priced at 14.77 HKD [1] - Shandong Gold (01787.HK) is down 7.18%, trading at 39.04 HKD [1] - Luoyang Molybdenum (03993.HK) has fallen by 6.66%, currently at 16.4 HKD [1] - Jiangxi Copper (00358.HK) has decreased by 4.36%, with shares at 36.42 HKD [1]

Group 1 - The core viewpoint of the article highlights a significant decline in the prices of non-ferrous metal stocks, with notable drops in companies such as Ganfeng Lithium, China Nonferrous Mining, and Shandong Gold [1][1][1] - The US dollar index has been rebounding continuously, surpassing the 99 mark, driven by a temporary risk aversion due to the US government shutdown [1][1][1] - International gold prices have sharply declined, with spot gold falling below $3960 per ounce, influenced by the rising dollar index and easing geopolitical tensions in the Middle East [1][1][1] Group 2 - Citic Futures indicates that while there may be short-term price surges in basic metals due to supply disruptions and speculative trading, there is a risk of price corrections if no further macroeconomic positive factors emerge [1][1][1] - Long-term expectations for domestic stimulus policies and ongoing supply disruptions in copper, aluminum, and tin suggest a tightening supply-demand dynamic, which could further elevate basic metal prices [1][1][1]

Group 1 - The core viewpoint of the article highlights a significant decline in non-ferrous metal stocks, with notable drops in companies such as Ganfeng Lithium, China Nonferrous Mining, and Shandong Gold [1] - The US dollar index has been rebounding continuously, surpassing the 99 mark, driven by a temporary risk aversion due to the potential government shutdown in the US [1] - International gold prices have sharply declined, with spot gold falling below $3960 per ounce, influenced by the strengthening dollar and easing geopolitical tensions in the Middle East [1] Group 2 - Citic Futures indicates that while copper prices are currently leading gains among base metals, there is a need for caution regarding potential pullbacks if no further macroeconomic positive factors emerge [1] - There are expectations of tighter supply and demand dynamics for copper, aluminum, and tin, which may lead to increased prices for base metals in the long term due to ongoing supply disruptions [1]

策略报告 | 投资策略 王澄睿 联系人 wangchengrui@tfzq.com 相关报告 1 《投资策略：投资策略-平稳的十一》 2025-10-08 2 《投资策略：投资策略-A 股动静框架 之静态指标》 2025-10-08 3 《投资策略：十一大事与大类资产梳 理 -政 策 与 大 类 资 产 配 置 月 观 察 》 2025-10-07 2025 年 10 月 10 日 作者 吴开达 分析师 SAC 执业证书编号：S1110524030001 wukaida@tfzq.com 孙希民 分析师 SAC 执业证书编号：S1110524110002 sunximin@tfzq.com 黄金牛与黄金股的关系 策略专题 证券研究报告 核心结论：复盘上一轮黄金牛市，黄金股最具弹性区间往往发生在黄金价格 中枢上移趋势的进一步确认之后。本轮黄金大周期的黄金股最具弹性区间刚 刚启动。观察本轮黄金牛市，万得黄金行业指数与金价波动基本一致，且在 2024 年之前并未展现出较高的弹性。除了时间维度的启动，空间上，本轮 黄金股拉升幅度与区间长度远小于上一轮黄金牛市，也远小于费城金银指数 的弹性区间。复盘本轮金价上涨导致的黄 ...