Core Viewpoint - Gold stocks experienced a strong rally, with several companies reaching their daily limit up, indicating a positive market sentiment towards the gold sector [1][3]. Group 1: Stock Performance - Zhongjin Gold reached its daily limit up, while other gold stocks like Xiaocheng Technology and Chifeng Gold saw increases of over 7% [1][3]. - The stock performance of various companies is as follows: - Shenhua A: +9.94%, market cap of 52.58 billion - Zhongjin Gold: +8.52%, market cap of 109.9 billion - Xiaocheng Technology: +7.64%, market cap of 69.16 billion - Chifeng Gold: +7.37%, market cap of 597.9 billion - Other notable performers include Shandong Gold and Shanjin International with increases of 45.67% and 45.23% respectively [4]. Group 2: Gold Prices - The spot gold price surpassed $4,090 per ounce, reflecting a 0.66% increase [4]. - Domestic prices for gold jewelry have stabilized, with several brands reporting prices above 1,290 yuan per gram. For instance, Chow Sang Sang's gold jewelry price was 1,296 yuan per gram, while other brands like Chow Tai Fook and Xie Ruilin reported prices of 1,295 yuan per gram [6].

证券代码：600961 证券简称：株冶集团 公告编号：2025-038 株洲冶炼集团股份有限公司 关于控股股东权益变动完成过户登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次无偿划转后，湖南有色将直接持有本公司 335,415,527 股股份（占本公 司总股本的 31.26%），并通过株洲冶炼集团有限责任公司（以下简称"株冶有 限"）间接持有本公司 212,248,593 股股份（占上市公司总股本的 19.78%）。具 体如下： | 公司名称 | 本次股份转让过户前 | | 本次股份转让过户后 | | | --- | --- | --- | --- | --- | | | 持股数量（股） | 持股比例 | 持股数量（股） | 持股比例 | | 湖南有色 | - | - | 335,415,527 | 31.26% | | 水口山集团 | 321,060,305 | 29.93% | | - - | | 湖南有限 | 14,355,222 | 1.34% | | - - | | 株冶有限 | 212,248, ...

（文章来源：证券日报） 证券日报网讯 11月14日晚间，株冶集团发布公告称，湖南有色金属控股集团有限公司（简称"湖南有 色"）与湖南水口山有色金属集团有限公司（简称"水口山集团"）、湖南有色金属有限公司（简称"湖南 有限"）签署《关于株洲冶炼集团股份有限公司的股份无偿划转协议》，将水口山集团持有的株冶集团 321，060，305股股份、湖南有限持有的株冶集团14，355，222股股份无偿划转至湖南有色（简称"本次 无偿划转"）。根据中国证券登记结算有限责任公司出具的《证券过户登记确认书》，湖南有色无偿受 让的335，415，527股股份过户登记手续已办理完毕，过户日期为2025年11月13日。本次无偿划转后， 湖南有色将直接持有本公司335，415，527股股份（占本公司总股本的31.26%），并通过株洲冶炼集团 有限责任公司间接持有本公司212，248，593股股份（占上市公司总股本的19.78%）。 ...

Group 1 - The company, Zhuhai Group (600961.SH), stated that indium and antimony are by-products of the lead-zinc smelting system, and their production levels depend on the raw material content structure [1] - Prices for these by-products are market-driven and influenced by raw material availability and existing production capacity, indicating limited potential for production increases [1]

Core Viewpoint - The report from Dongfang Securities indicates that Zhuhai Group's profitability has significantly improved in Q3 2025, driven by a substantial increase in gold prices [1] Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 329 million yuan, representing a year-on-year increase of 72.44%, accelerating from a growth rate of 70.9% in Q2 2025 by 1.54 percentage points [1] - The gross profit margin for Q3 2025 was 12.62%, an increase of 0.31 percentage points from 12.31% in Q2 2025 [1] - The net profit margin after deducting non-recurring items was 6.24% in Q3 2025, up by 0.69 percentage points from 5.55% in Q2 2025 [1] Strategic Development - The company continues to implement a dual-driven development strategy focusing on lead-zinc and precious metals, which is expected to enhance profitability as precious metal prices rise further [1] - With the restructuring of equity relationships, the process of asset injection may accelerate, further boosting the company's internal growth momentum [1] Market Outlook - Looking ahead, gold prices are expected to maintain an upward trend due to multiple favorable factors, including declining fiat currency credibility and rising inflation expectations, which will likely benefit the company's performance [1] - Based on the 2025 price-to-earnings ratio valuation of comparable companies, a target price of 20.4 yuan is set for the company, maintaining a "buy" rating [1]

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].

Core Insights - A total of 83 stocks received buy ratings from institutions today, with 10 stocks receiving first-time attention from institutions [1][2] - The stock with the highest attention was BeiGene (百济神州-U), which received three buy ratings [1] - Among the rated stocks, 10 have an upside potential exceeding 20%, with Zhuhai Smelter Group (株冶集团) showing the highest potential at 34.74% [1] Institutional Ratings - 87 buy rating records were published today, covering 83 stocks, with 11 records providing future target prices [1] - The stocks with significant upside potential include: - Zhuhai Smelter Group (株冶集团) with a target price of 20.40 CNY, indicating a 34.74% upside - Neway CNC (纽威数控) with a 32.61% upside - Industrial Fulian (工业富联) with a 32.22% upside [1] - 10 stocks received first-time buy ratings, including Artis (阿特斯) and Guotai Haitong (国泰海通) [1] Market Performance - The average performance of stocks with buy ratings was a decline of 0.14%, which was better than the Shanghai Composite Index [1] - Notable gainers included: - Artis (阿特斯) with an increase of 8.65% - Sunshine Nuohua (阳光诺和) with an increase of 4.13% - Kaisa Biotech (凯赛生物) with an increase of 2.63% [1] - Significant decliners included: - Jinpan Technology (金盘科技) with a decrease of 7.92% - Industrial Fulian (工业富联) with a decrease of 4.85% - Huali Group (华利集团) with a decrease of 3.71% [1] Industry Focus - The power equipment industry was the most favored, with 17 stocks including Yiwei Lithium Energy (亿纬锂能) and Terui De (特锐德) receiving buy ratings [2] - The pharmaceutical and biotechnology sectors also attracted attention, with 14 and 9 stocks respectively receiving buy ratings [2]

Group 1 - The resignation of Chairman Liu Langming and Director Cao Xiaoyang is due to work adjustments, and they do not hold shares in the company [2][3] - The company will proceed with the election of new directors and a new chairman following the resignation [2][3] - The board expresses gratitude for the contributions made by the resigning directors during their tenure [3] Group 2 - Peng Shuguang has been nominated as a candidate for the board of directors, pending approval at the upcoming shareholders' meeting [3] - The election of a worker director, Tan Yizhong, was approved by the employee representative assembly, and he meets the qualifications required by law [4] Group 3 - The eighth board of directors held its fourteenth meeting on November 10, 2025, to discuss the election of new directors [14] - The meeting was attended by all seven directors, and the election proposal was unanimously approved [14] Group 4 - The company plans to adjust the expected amount of daily related transactions for 2025, increasing procurement by 1 billion yuan and sales by 150 million yuan [30] - The adjustments are based on the company's operational needs and are expected to enhance market competitiveness without harming shareholder interests [28][46]

Core Viewpoint - Zhuzhou Smelter Group's stock has shown significant performance, with a year-to-date increase of 95.93%, indicating strong market interest and potential growth in the non-ferrous metal sector [1][2]. Group 1: Stock Performance - As of November 11, the stock price of Zhuzhou Smelter Group reached 15.42 CNY per share, with a trading volume of 2.03 billion CNY and a market capitalization of 165.44 billion CNY [1]. - The stock has experienced a 5.69% increase over the last five trading days, a 7.66% decrease over the last 20 days, and a 27.44% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent net buy of 58.32 million CNY on September 12 [1]. Group 2: Company Overview - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is located in Hunan Province and specializes in the production and sale of zinc, zinc alloys, and industrial sulfuric acid [2]. - The revenue composition includes 38.48% from zinc and zinc alloys, 28.17% from other sources, 13.94% from gold ingots, 10.71% from silver ingots, 7.85% from lead and lead alloys, 0.51% from indium ingots, 0.20% from sulfuric acid, and 0.14% from non-ferrous metal trading [2]. - As of October 31, the number of shareholders increased to 41,300, with an average of 18,203 circulating shares per shareholder [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhuzhou Smelter Group reported a revenue of 16.048 billion CNY, reflecting a year-on-year growth of 11.54%, and a net profit attributable to shareholders of 858 million CNY, which is a 47.51% increase year-on-year [2]. - The company has distributed a total of 388 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Qianhai Kaiyuan Gold and Silver Jewelry Mixed A, holding 16.65 million shares, an increase of 2.59 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest shareholder with 9.22 million shares, an increase of 1.64 million shares [3]. - New entrants include the Gold Stock ETF, holding 6.17 million shares, while several funds have exited the top ten list [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.4 CNY based on a 20X PE valuation for 2025 [3][6]. Core Views - The company's profitability is expected to improve significantly due to rising gold prices, with a projected increase in earnings per share (EPS) to 1.02 CNY, 1.43 CNY, and 1.56 CNY for 2025, 2026, and 2027 respectively [3][10]. - The company's strategic focus on dual business development in lead-zinc and precious metals is anticipated to enhance its growth potential, especially with the expected rise in precious metal prices [10]. - The company's asset injection process is likely to accelerate following the restructuring of its shareholding, which is expected to further boost its internal growth momentum [10]. Financial Summary - Revenue is projected to grow from 19,406 million CNY in 2023 to 27,101 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [5][12]. - Operating profit is expected to increase from 755 million CNY in 2023 to 2,043 million CNY in 2027, with a significant growth rate of 38.4% in 2025 [5][12]. - Net profit attributable to the parent company is forecasted to rise from 611 million CNY in 2023 to 1,673 million CNY in 2027, with a notable growth rate of 39.1% in 2025 [5][12]. - The gross margin is expected to improve from 8.5% in 2023 to 11.9% in 2026 and 2027, indicating enhanced profitability [5][12].