Core Viewpoint - The Hong Kong gold retail brands experienced a significant decline in stock prices, with major players like Lao Pu Gold, Chow Tai Fook, and Luk Fook Group dropping over 7% as of the morning of November 3rd [1][2]. Group 1: Stock Performance - Lao Pu Gold saw a decrease of 7.52%, trading at HKD 633.000 [2] - Chow Tai Fook's stock fell by 7.23%, with a current price of HKD 14.120 [2] - Luk Fook Group's shares dropped by 7.15%, now priced at HKD 23.100 [2] - Chow Sang Sang experienced a decline of 6.89%, trading at HKD 12.970 [2] - In the A-share market, the precious metals sector also faced declines, with Hunan Gold down over 4% [3]. Group 2: Tax Policy Announcement - On November 1st, the Ministry of Finance and the State Administration of Taxation announced a tax policy regarding gold transactions [3]. - The announcement states that members or clients trading standard gold through the Shanghai Gold Exchange or Shanghai Futures Exchange will be exempt from value-added tax when selling standard gold [4]. - For transactions that do not involve physical delivery, the exchange will exempt value-added tax; for those that do involve physical delivery, the applicable value-added tax policy will be followed [4].

Group 1 - The Hong Kong gold stocks experienced a collective decline, with China Gold International dropping over 5%, Shandong Gold down more than 4%, and several other companies like Zijin Mining, Zijin Gold International, and Chifeng Jilong Gold falling over 3% [2] - In the Asian market, spot gold prices fell below $3970 per ounce, reflecting a decrease of 0.84% [4] - A new tax policy regarding gold was announced by the Ministry of Finance and the State Taxation Administration, set to take effect from November 1, 2025, until December 31, 2027, aimed at regulating gold trading and speculation [4] Group 2 - Professor Gong Xiuguo from Sichuan University highlighted that the current global uncertainties and high gold prices have attracted many investors to the gold market, which poses significant risks [4] - The new tax policy is expected to use tax leverage and clarify investment purposes to curb excessive speculation in gold trading, thereby reflecting true market demand more accurately [4]

Investment Rating - Industry Rating: Recommended [5] Core Views - The report highlights that the recent U.S.-China trade negotiations have led to significant agreements, including the cancellation of certain tariffs and a pause on export controls, which may positively impact market sentiment [3][48] - The Federal Reserve's recent hawkish stance has pressured metal prices, particularly gold, but there remains underlying support due to ongoing geopolitical tensions and economic uncertainties [4][50] - Long-term trends indicate a continued focus on gold and silver investments, driven by concerns over global debt and currency devaluation, with specific stocks recommended for investment [51][52] Summary by Sections Precious Metals - Gold prices on COMEX fell by 1.20% to $4,077.20 per ounce, while silver prices decreased by 0.33% to $48.25 per ounce [1][30] - The gold-silver ratio declined by 0.88% to 84.50, indicating a potential for silver price recovery [30] - SPDR Gold ETF holdings decreased by 248,440.78 ounces, while SLV Silver ETF holdings fell by 8,982,443.90 ounces [30] Base Metals - Copper prices on LME dropped by 0.51% to $10,891.50 per ton, while aluminum prices increased by 1.10% to $2,888.00 per ton [9] - The report notes a tightening supply for copper due to ongoing geopolitical issues and production challenges, with a projected reduction in output [11][21] - The aluminum market remains stable, with domestic production capacity holding steady and demand from sectors like electric vehicles and power generation expected to support prices [22] Minor Metals - Magnesium prices decreased by 0.90% to 17,680 yuan per ton, with stable demand but reduced purchasing activity from export traders [17] - Molybdenum and vanadium prices have shown weakness, with ongoing pressure from oversupply and reduced demand in the steel sector [18]

Core Viewpoint - Recent trading activity indicates a reduction in southbound capital holdings in Chifeng Jilong Gold Mining Co., Ltd. (06693.HK), with a notable decrease of 154.92 thousand shares on October 31, 2025, despite some net increases in previous days [1][2]. Group 1: Trading Activity - On October 31, 2025, southbound capital held a total of 111 million shares of Chifeng Jilong Gold, reflecting a decrease of 154.92 thousand shares, or 1.37% [2]. - Over the past five trading days, there were three days of net increases in holdings, totaling 10.02 thousand shares [1]. - In the last twenty trading days, there were thirteen days of net increases, with a cumulative addition of 132.25 thousand shares [1]. Group 2: Company Overview - Chifeng Jilong Gold Mining Co., Ltd. primarily engages in the mining, selection, and sales of gold, along with zinc, lead, copper, and molybdenum mining and smelting [2]. - The company's main products include precious metals like gold and electrolytic copper, which are utilized across various sectors including central banks, investment, jewelry, industrial applications, infrastructure, construction, and equipment manufacturing [2]. - The company operates in both domestic and international markets [2].

Group 1 - The international gold price has seen a significant increase, ending a four-day decline and surpassing $4023 per ounce, with local gold jewelry prices also rising sharply [1][4] - In 2025, the gold market experienced a remarkable surge, with prices starting at $2625 per ounce and achieving a year-to-date increase of over 50%, marking the strongest growth since 1979 [3] - Global gold demand reached a record high in Q3 2025, totaling 1313 tons and $146 billion, with central banks continuing to purchase gold for 14 consecutive quarters [6] Group 2 - The rise in gold prices is attributed to concerns over the U.S. government shutdown and the Federal Reserve's recent interest rate cut, indicating a shift towards looser monetary policy [4] - Retailers in the gold jewelry sector are facing challenges, with companies like Chow Tai Fook reporting a 37.35% decline in revenue due to high gold prices suppressing consumer demand [8] - In contrast, upstream mining companies are performing well, with Western Gold reporting a 106.20% increase in revenue and Zijin Mining achieving a 53.99% rise in net profit [8] Group 3 - Market participants have differing views on gold price trends, with some institutions like Goldman Sachs raising their 2026 gold price forecast from $4300 to $4900, while UBS predicts a potential price drop to $3800 in the short term [8][11] - Despite recent price fluctuations, analysts maintain a positive long-term outlook for gold, driven by central bank purchases and a diversification strategy among investors amid increasing geopolitical and economic uncertainties [11]

Core Points - Chifeng Gold (600988) closed at 29.79 yuan on October 31, 2025, up 0.44% from the previous trading day, with a total market capitalization of 56.613 billion yuan [1] - The company held its second extraordinary general meeting of shareholders for 2025 on October 31, 2025, with 773 shareholders present, representing 32.68% of the voting shares [1] - The meeting approved four ordinary resolutions, including amendments to the company's articles of association and various management systems [1] - The board of directors elected non-independent directors and independent directors, all candidates were successfully elected [1] - The meeting was witnessed by a law firm, which confirmed the legality of the meeting's procedures and results [1] Company Summary - Chifeng Gold's stock performance showed a trading range with an opening price of 30.15 yuan, a high of 30.38 yuan, and a low of 29.59 yuan, with a trading volume of 1.399 billion yuan and a turnover rate of 2.81% [1] - The company has undergone a board restructuring, with the election of new directors and the appointment of senior management [1][4] Related Announcements - The company released several important documents, including the resolutions from the first meeting of the ninth board of directors and various management systems [4]

Core Viewpoint - Chifeng Gold (06693) has announced the appointment of its ninth board of directors, which includes both executive and independent non-executive directors, aiming to enhance corporate governance standards [1] Group 1: Board Appointments - The ninth board of directors includes Wang Jianhua, Gao Bo, Yang Yifang, Lü Xiaozhao, and Zhao Qiang as executive directors [1] - Zhang Xudong has been appointed as a non-executive director [1] - Independent non-executive directors include Hu Nailian, Dr. Huang Yiping, Dr. Li Houmin, and Dr. Jiang Qi [1] Group 2: Leadership Roles - Wang Jianhua has been appointed as the chairman of the company [1] - Gao Bo, Yang Yifang, and Lü Xiaozhao have been appointed as vice-chairmen [1] - Gao Bo has been appointed as the president of the company [1] - Yang Yifang will transition from president to executive director and vice-chairman effective October 31, 2025 [1] Group 3: Additional Executive Appointments - Zhao Qiang, Zhou Xinbing, Chen Zhiyong, and Huang Xuebin have been appointed as vice presidents [1] - Huang Xuebin has also been appointed as the financial director [1] Group 4: Corporate Governance Enhancements - Dong Shubao has been appointed as the company secretary [1] - Huang Xuebin will serve as the secretary (Hong Kong) and authorized representative of the company [1] - Yang Yifang will also act as an authorized representative [1] - Dr. Huang Yiping has been appointed as the chief independent non-executive director, effective October 31, 2025, to adopt higher standards of corporate governance [1]

Core Viewpoint - Chifeng Gold (06693) has announced the appointment of its ninth board of directors, which includes both executive and non-executive members, with a focus on enhancing corporate governance and leadership structure [1] Group 1: Board Appointments - The ninth board of directors includes Wang Jianhua, Gao Bo, Yang Yifang, Lü Xiaozhao, and Zhao Qiang as executive directors [1] - Zhang Xudong has been appointed as a non-executive director [1] - Independent non-executive directors include Hu Nailian, Dr. Huang Yiping, Dr. Li Houmin, and Dr. Jiang Qi [1] Group 2: Leadership Roles - Wang Jianhua has been appointed as the chairman of the company [1] - Gao Bo, Yang Yifang, and Lü Xiaozhao have been appointed as vice-chairmen [1] - Gao Bo has been appointed as the president of the company [1] - Yang Yifang will transition from president to executive director and vice-chairman effective October 31, 2025 [1] Group 3: Additional Executive Appointments - Zhao Qiang, Zhou Xinbing, Chen Zhiyong, and Huang Xuebin have been appointed as vice presidents [1] - Huang Xuebin has also been appointed as the financial director [1] - Dong Shubao has been appointed as the board secretary [1] - Huang Xuebin will serve as the company secretary (Hong Kong) and authorized representative [1] - Yang Yifang will also serve as an authorized representative [1] Group 4: Governance Enhancements - Dr. Huang Yiping has been appointed as the chief independent non-executive director, effective October 31, 2025, to adopt higher standards of corporate governance [1]

赤峰吉隆黄金矿业股份有限公司 关于董事会完成换届选举暨聘任高级管理人员、 证券事务代表及内部审计机构负责人的公告 证券代码：600988 证券简称：赤峰黄金 公告编号：2025-054 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、准确性和完整性承担法律责任。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于2025年10月31日召开 2025年第二次临时股东会，审议通过了《关于选举公司第九届董事会非独立董事 的议案》《关于选举公司第九届董事会独立董事的议案》。同日，公司召开第九 届董事会第一次会议。现将换届选举及聘任情况公告如下。 一、公司第九届董事会组成 （一）第九届董事会成员 公司第九届董事会由十名董事组成，分别为执行董事：王建华先生、高波先 生、杨宜方女士、吕晓兆先生和赵强先生；非执行董事：张旭东先生；独立非执 行董事：黄一平先生、胡乃连先生、李厚民先生和蒋琪先生。 王建华先生为公司董事长，高波先生、杨宜方女士和吕晓兆先生为公司副董 事长，黄一平先生为首席独立董事。 公司第九届董事会成员的简历详见公司于2025年10月11日披露的《第八届董 事 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-052 赤峰吉隆黄金矿业股份有限公司 2025年第二次临时股东会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 1 （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，董事长王建华先生主持，会议采用现场投票 与网络投票相结合的方式进行表决。本次股东会的召集、召开及表决程序符合《公 司法》和《公司章程》的相关规定。 （五）公司董事和董事会秘书的出席情况 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 10 月 31 日 （二）股东会召开的地点：北京市丰台区万丰路小井甲 7 号 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 773 | | --- | --- | | 股股东人数 其中：A | 772 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的 ...