Core Viewpoint - Shandong Gold Mining Co., Ltd. announced the progress of its controlling shareholder and its concerted parties' shareholding increase plan, which reflects confidence in the company's long-term investment value and stable development [2][4]. Summary by Sections 1. Disclosure of Shareholding Increase Plan - The company disclosed a shareholding increase plan on April 10, 2025, with the controlling shareholder, Shandong Gold Group Co., Ltd., planning to increase its holdings by no less than RMB 500 million and no more than RMB 1 billion within 12 months starting from April 9, 2025 [2]. 2. Progress of Shareholding Increase - As of October 8, 2025, the controlling shareholder has increased its holdings by 3,652,090 shares, accounting for approximately 0.0792% of the total share capital, with a total investment of RMB 120,787,231.08. The increase plan is still ongoing [2][5]. 3. Basic Information of the Increasing Entity - Before the increase plan, Shandong Gold Group held 1,620,488,871 shares, representing 36.2248% of the total share capital. Together with its concerted parties, they held a total of 2,026,526,982 shares, accounting for 45.3014% of the total share capital [4][6]. 4. Current Shareholding Structure - After the issuance of 136,500,000 new H shares, the total share capital increased to 4,609,929,525 shares. As of the announcement date, Shandong Gold Group directly holds 1,623,179,427 shares, which is 35.2105% of the current total share capital [5][6]. 5. Implementation Risks - The shareholding increase plan may face risks due to changes in the capital market, which could delay or prevent the completion of the plan. However, the controlling shareholder remains committed to continuing the increase [3][7]. 6. Other Notes - The implementation of the shareholding increase plan will not lead to changes in the company's equity distribution or actual controller, nor will it affect the company's governance structure or ongoing operations [7][8].

智通财经APP讯，山东黄金(01787)公布，公司于近日收到控股股东黄金集团《关于增持计划实施进展的 通知》，截至 2025 年 10 月 8 日，本次增持计划时间已过半，黄金集团通过集中竞价交易方式以股票增 持专项贷款和自有资金共增持公司股份365.209万股，约占公司总股本的 0.0792%，增持金额为约1.21亿 元。本次增持计划尚未实施完毕，黄金集团及其一致行动人将按照本次增持计划继续增持公司股份。 值得注意的是，本次增持计划可能存在因资本市场情况发生变化等因素，导致增持计划延迟实施或无法 完成实施的风险。 ...

Core Viewpoint - During the National Day and Mid-Autumn Festival holiday, international gold prices and domestic gold jewelry prices continued to rise, leading to a significant increase in A-share gold stocks on the first trading day after the holiday [1][5]. Price Trends - On October 9, the price of gold jewelry brands surged, with Chow Sang Sang's gold price reaching 1170 yuan per gram, an increase of 45 yuan compared to September 30 [3]. - Other brands such as Chow Tai Fook and Luk Fook also saw their gold prices rise to 1168 yuan per gram, up from 1123 yuan, while Lao Miao's gold price increased to 1160 yuan per gram, up 34 yuan [3][4]. Market Dynamics - Despite rising gold prices suppressing demand for gold jewelry, the consumption amount for gold jewelry reached a historical high in the first half of the year, with retail sales of gold and silver jewelry reaching 194.8 billion yuan, a growth of 11.3% [5]. - Various gold jewelry brands are seeking differentiated market positioning, moving away from price competition. Many brands have tightened discount strategies and emphasized unique craftsmanship and product features during sales [4]. Future Outlook - Analysts suggest that if the Federal Reserve further lowers interest rates and geopolitical tensions persist, gold prices may continue to rise. Predictions indicate that international gold prices could fluctuate between 3800 to 4100 dollars per ounce by the end of the year [6]. - Some institutions, like Bank of America, predict that gold prices could reach 4000 dollars this year, while UBS forecasts a potential long-term rise to 4200 dollars [6].

智通财经APP讯，山东黄金(01787)公布，公司于近日收到控股股东黄金集团《关于增持计划实施进展的 通知》，截至 2025 年 10 月 8 日，本次增持计划时间已过半，黄金集团通过集中竞价交易方式以股票增 持专项贷款和自有资金共增持公司股份365.209万股，约占公司总股本的 0.0792%，增持金额为约1.21亿 元。本次增持计划尚未实施完毕，黄金集团及其一致行动人将按照本次增持计划继续增持公司股份。 值得注意的是，本次增持计划可能存在因资本市场情况发生变化等因素，导致增持计划延迟实施或无法 完成实施的风险。 ...

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 控 股 股 東 及 其 一 致 行 動 人 增 持 股 份 進 展 暨 時 間 過 半 的 公 告》，僅 供 參 閱。 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。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 中 國 濟 南，2025年10月9日 於 本 公 告 日 期，執 行 董 事 為 修 國 林 先 生、徐 建 新 ...

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the gold, copper, and cobalt markets, highlighting their current trends and future outlooks. Gold Market Insights - The expectation of interest rate cuts by the Federal Reserve has positively impacted gold prices, which recently surpassed $4,000 per ounce, marking a 50% increase year-to-date [2][10][11] - Factors driving this increase include the Federal Reserve's 25 basis point rate cut, the U.S. government shutdown delaying economic data releases, and the potential for further rate cuts due to the Dodge 2.0 plan, which may lead to layoffs [2][10] - Long-term support for gold prices comes from global tensions, increased central bank gold purchases, and the declining status of the U.S. dollar, particularly with China's push for transactions in yuan for Australian iron ore [1][2] - Companies like Shandong Gold and Chifeng Jilong Gold are highlighted as undervalued with good performance expectations [1][3] Copper Market Insights - Copper prices have stabilized above $10,000, nearing historical highs, driven by its financial attributes in a low-interest-rate environment [1][4] - The copper industry faces supply constraints due to insufficient capital expenditure in recent years, frequent mining accidents, and significant production guidance downgrades from companies like Teck Resources [1][4][14] - Strong demand for copper is noted in traditional infrastructure and renewable energy sectors, suggesting a robust long-term outlook for copper prices [4][16] - Key companies to watch include Zijin Mining and Jiangxi Copper, which are expected to benefit from the supply-demand dynamics [1][4][17] Cobalt Market Insights - The cobalt market has seen price increases due to supply disruptions from the Democratic Republic of Congo (DRC) and quota systems that maintain high prices [5] - Companies less affected by DRC supply issues, such as Liyang New Energy and Huayou Cobalt, are recommended for investment [5] Lithium Market Insights - The lithium market is influenced by the submission of resource evaluation reports in Jiangxi Province, which will determine domestic supply dynamics [6] Solid-State Battery Developments - Recent breakthroughs in solid-state battery cathode materials, particularly in metallic lithium, are expected to significantly increase usage, benefiting companies like Ganfeng Lithium [8] Silver Market Insights - Silver is expected to show higher elasticity compared to gold in the current economic environment, with recommendations to focus on silver-related stocks [12] Investment Recommendations - Investors are advised to focus on leading companies with strong growth potential and profit release capabilities, such as Zijin Mining and Teck Resources, as well as undervalued second-tier stocks like Jiangxi Copper [17]

Core Viewpoint - The recent surge in gold prices has attracted significant attention from investors, with gold reaching a historic high of over $4000 per ounce, reflecting a year-to-date increase of over 52% [6][15][14]. Market Activity - On October 9, the price of investment gold bars at Beijing Caishikou Department Store was quoted at 911.5 yuan per gram, with prices fluctuating rapidly due to high demand [4][5]. - Despite the high prices, many investors are still purchasing gold bars, indicating a strong ongoing interest in gold as an investment [7][10]. Investment Trends - Gold ETFs have seen substantial inflows, with seven ETFs linked to SGE gold 9999 attracting a total of 72.829 billion yuan, and six ETFs linked to SSH gold stocks growing by 7.25 billion yuan [13]. - The performance of gold ETFs has been robust, with significant year-to-date gains, including a 47.25% increase for one ETF and over 60% for several others [11][12]. Economic Factors - The rise in gold prices is attributed to several macroeconomic factors, including a deteriorating U.S. labor market, expectations of continued monetary easing by the Federal Reserve, and increased central bank gold purchases [17][18]. - Analysts suggest that the current economic environment, characterized by persistent inflation and recession risks, supports the ongoing increase in gold prices [18][21]. Investor Sentiment - There is a prevailing optimistic sentiment among investors regarding gold prices, leading to a "chase the rise" effect, where both institutions and retail investors are buying into the market [20]. - However, experts caution that while the long-term outlook for gold remains positive, investors should be wary of potential short-term volatility and avoid blindly chasing prices [23][24].

Core Viewpoint - The price of gold jewelry in China has seen a significant increase following the National Day holiday, with various brands reporting substantial price hikes in gold per gram. Price Trends - On October 9, the price of gold jewelry from Chow Sang Sang reached 1170 RMB per gram, an increase of 45 RMB compared to September 30 [2] - Other brands such as Chow Tai Fook and Luk Fook also reported their gold prices at 1168 RMB per gram, up from 1123 RMB, marking a similar increase of 45 RMB [2] - Lao Miao's gold price was reported at 1160 RMB per gram, up 34 RMB from the previous period, while brands like Chow Tai Fook, Lao Feng Xiang, and Chao Hong Ji saw increases between 30 to 40 RMB per gram [2] Stock Market Reaction - On October 9, gold-related stocks in the A-share market experienced a collective surge, with Sichuan Gold hitting the daily limit up, and other companies like Shandong Gold and Zijin Mining seeing increases of over 7% [3][4] - Specific stock performances included Sichuan Gold at 30.48 RMB (+10.00%), Shandong Gold at 43.26 RMB (+9.99%), and Zhongjin Gold at 23.89 RMB (+8.94%) [4] Future Outlook - Multiple research institutions express optimism regarding the future price of gold, citing a clear long-term upward trend [5] - Guosen Securities indicates that the recent rise in international gold prices is not coincidental, attributing it to a combination of long-term logic, short-term factors, and market sentiment [5] - The report highlights a trend of de-dollarization and diversification of reserve assets among countries, with gold emerging as a significant alternative, supported by increasing demand [5] - As of the end of September, China's gold reserves stood at 74.06 million ounces, reflecting a month-on-month increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation [5]

Core Insights - The recent surge in gold prices has reached a historic high of over $4000 per ounce, with a year-to-date increase of 53.6% [3][4] - Institutional investors have capitalized on this trend, while ordinary investors are still contemplating their next moves [1][3] Market Dynamics - The rise in gold prices is attributed to various factors including U.S. government shutdowns, global political instability, and risks associated with tech stock corrections [3][4] - The concept of "expectation difference" plays a crucial role in market movements, where future expectations outweigh current realities [4] Information Asymmetry - There exists a significant information gap between institutional investors and ordinary investors, with the former having access to advanced research tools and data [5][8] - Early movers in the market often capitalize on information that is not yet widely available, as seen in the case of the Yaxia Hydropower Station stocks [5][8] Quantitative Analysis - Quantitative data serves as a valuable tool for ordinary investors to navigate information asymmetry and identify market trends [8][14] - The trading behavior of stocks like "Tibet Tianlu" and "Poly United" indicates institutional activity prior to price surges, highlighting the importance of monitoring such data [10][12] Investment Strategy - The focus should not solely be on whether to buy gold now, but rather on the ability to assess market expectation changes [14][15] - Recommendations for ordinary investors include building a diverse information network, emphasizing quantitative data, monitoring institutional behavior, and maintaining independent thought [15][16]

Group 1 - The Shanghai Composite Index has surpassed the 3900-point mark, with a surge in precious metals and gold stocks, leading to multiple stocks hitting the daily limit up [1] - The recent gold price rally is attributed to the international gold price breaking historical levels, expectations of a shift in the Federal Reserve's monetary policy, and continuous gold purchases by the domestic central bank [1] - During the National Day holiday, gold prices reached new highs, with COMEX gold briefly exceeding $4060 per ounce, resulting in a cumulative increase of 4.45% during the holiday [1] Group 2 - The performance of individual stocks is supported by corporate earnings and resource control, with Western Gold achieving a revenue of 5.03 billion yuan, a year-on-year increase of 69.01%, and a net profit of 154 million yuan, up 131.94% [2] - Western Gold has completed 60% of its annual mining target by mid-year and acquired 100% of Xinjiang Meisheng, expected to start production in the second half of 2025, with a production capacity of 4000 tons per day [2] - Sichuan Gold also reported strong performance, with a revenue of 442 million yuan, a year-on-year increase of 11.92%, and a net profit of 209 million yuan, up 48.41% [2]