Core Viewpoint - Gold stocks experienced a morning surge followed by a decline in the afternoon, indicating volatility in the market for gold-related equities [2] Company Performance - Chifeng Jilong Gold Mining (06693.HK) saw a decrease of 3.73%, trading at 32.546 HKD [2] - Zhenfeng Gold (01815.HK) dropped by 3.39%, with shares priced at 2.28 HKD [2] - Tongguan Gold (00340.HK) fell by 3.12%, currently at 3.11 HKD [2] - Shandong Gold Mining (01787.HK) declined by 1.5%, trading at 38.1 HKD [2]

Core Insights - Chifeng Jilong Gold Mining Co., Ltd. has seen a significant increase in stock price, with a year-to-date rise of 108.48% and a recent market capitalization of 61.21 billion yuan [1][2] - The company primarily engages in gold and non-ferrous metal mining, with gold accounting for 90.03% of its main business revenue [2] - For the first half of 2025, the company reported a revenue of 5.27 billion yuan, reflecting a year-on-year growth of 25.64%, and a net profit of 1.11 billion yuan, up 55.79% year-on-year [2] Stock Performance - On October 16, the stock price increased by 2.09%, reaching 32.21 yuan per share, with a trading volume of 294 million yuan and a turnover rate of 0.55% [1] - The stock has experienced a net inflow of 13.14 million yuan from major funds, with significant buying and selling activities recorded [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 54.60% to 121,100, with no change in the average circulating shares per person [2][3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Group 1 - Gansu Province has discovered a large gold mine in the Qianhongquan-Heishan Beitan area, with an additional gold resource of over 40 tons, equivalent to the resource amount of two large gold mines [1] - The Qianhongquan gold mine was discovered through large-scale geochemical exploration methods based on basic geological survey work, providing significant guidance for gold mine exploration in similar regions [1] - On October 15, 2025, the most actively traded gold futures price on the New York Commodity Exchange exceeded $4200 per ounce, setting a historical high [1] Group 2 - International gold prices have increased by over 50% this year, driven by multiple factors including U.S. government shutdown, political instability in France, economic concerns in Japan and the U.S., and ongoing geopolitical conflicts [3] - On October 15, domestic gold jewelry prices rose, with major brands like Lao Miao, Chow Tai Fook, and Liufuk Jewelry all pricing their 24K gold jewelry at 1235 yuan per gram [3][6] - On the same day, gold-related stocks saw significant gains, with companies like Zhaojin Mining and Zijin Mining hitting their daily limit up, indicating strong market interest in gold investments [7][8]

Core Insights - The precious metals sector saw an increase of 0.56% on October 15, with Zhaojin Gold leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Precious Metals Sector Performance - The following companies showed significant price movements: - Zhaojin Gold (000506) closed at 14.60, up 10.02% with a trading volume of 827,900 shares and a turnover of 11.62 million [1] - Chifeng Jilong Gold (600988) closed at 31.55, up 3.17% with a trading volume of 770,900 shares and a turnover of 24.13 million [1] - Other notable performers include: - Yancheng Technology (300139) at 29.05, up 2.11% [1] - Hunan Gold (002155) at 23.72, up 1.80% [1] - Zhongjin Gold (600489) at 25.20, up 1.78% [1] Capital Flow Analysis - The precious metals sector experienced a net outflow of 236 million from institutional investors and 221 million from speculative funds, while retail investors saw a net inflow of 458 million [3][4] - Specific capital flows for key companies include: - Zhongjin Gold had a net inflow of 19.5 million from institutional investors but a net outflow of 14.8 million from speculative funds [4] - Zhaojin Gold experienced a net outflow of 40.16 million from speculative funds but a net inflow of 6.59 million from retail investors [4] ETF Insights - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has a current P/E ratio of 27.56 [6] - The ETF saw an increase in shares to 1.24 billion, with a net outflow of 85.38 million from institutional funds [6]

Group 1 - The gold sector experienced a rebound in the afternoon on October 15, with significant gains observed in various companies [2] - Zhaojin Mining reached its daily limit increase, indicating strong market interest [2] - Other companies such as Shengton Mining, Zijin Mining, Pengxin Resources, Chifeng Jilong Gold, and Yuguang Gold Lead also saw their stock prices rise in response [2]

Market Overview - On October 15, A-shares opened slightly higher, initially dipped into the red, and then quickly rebounded, with all three major indices turning positive by the time of reporting [2][3]. - The Shanghai Composite Index rose by 0.24%, the Shenzhen Component Index increased by 0.17%, and the ChiNext Index gained 0.09% [3]. Sector Performance - The retail, beauty care, building materials, and non-ferrous metals sectors saw collective gains, while e-commerce, cement manufacturing, and cybersecurity stocks were active [3][4]. - The defense sector underperformed, with stocks related to photolithography machines and photovoltaic inverters declining [3][5]. Notable Stocks - In the e-commerce sector, stocks like Pinduoduo and JD Health saw increases of 1.93% and 3.39%, respectively [4][6]. - The building materials sector experienced a surge, with Yao Pi Glass and Jianlang Hardware rising by 9.98% and 6.94%, respectively [10]. - In the non-ferrous metals sector, Shenghe Resources hit the daily limit with a 10% increase, while other gold-related stocks also performed well [8][9]. Software Sector Activity - The domestic software sector was active, with stocks like Jiuqi Software and Geer Software reaching their daily limits, increasing by 10.03% and 10% respectively [11][12]. - New Kai Lai's subsidiary launched two EDA design software products at the Bay Area Semiconductor Industry Expo, achieving a 30% performance improvement over industry benchmarks [12]. Defense and Photolithography Sector Decline - The defense and military sector saw significant declines, with North China Long Dragon dropping over 10% and several other stocks experiencing substantial losses [14][15]. - Photolithography-related stocks collectively fell, with companies like Xinlai Materials and Guolin Technology seeing declines of over 10% [16]. Company-Specific News - Ruiyi Group's stock hit the daily limit down, falling by 9.98% to 5.23 CNY per share after the company received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [19][20].

Investment Rating - The report rates the non-ferrous metals industry as "Overweight" indicating a positive outlook for the sector [14]. Core Insights - The report forecasts that key companies in the non-ferrous metals sector will see significant earnings growth in Q3 2025, with companies like Zijin Mining and Luoyang Molybdenum expected to achieve over 50% year-on-year growth [3][7]. - The performance growth is primarily driven by rising metal prices and increased production and sales volumes [3]. - The report highlights the impact of recent economic events, such as the U.S. Federal Reserve's interest rate cuts and government shutdown, on gold prices, suggesting a long-term upward trend for gold due to low domestic reserves in China [5]. - Industrial metals like copper are expected to see price increases due to supply constraints from incidents like the mudslide at Freeport's Grasberg mine [5]. - The report emphasizes the importance of monitoring supply-side adjustments and export demand in the steel sector, recommending stable dividend-paying stocks [5]. Summary by Sections Q3 2025 Earnings Forecast - Companies with over 50% year-on-year growth include Zijin Mining, Luoyang Molybdenum, and Shandong Gold [3]. - Companies with 20-50% growth include Huayou Cobalt and Baosteel [3]. - Companies with 0-20% growth include Shengda Resources and Western Mining [3]. Precious Metals - The report notes that gold prices are expected to rise due to interest rate cuts and geopolitical uncertainties, recommending stocks like Shandong Gold and Zhongjin Gold [5]. - Silver is also highlighted as a potential investment due to a favorable gold-silver ratio [5]. Industrial Metals - Copper prices are projected to increase due to supply disruptions, with companies like Zijin Mining and Luoyang Molybdenum recommended [5]. - Aluminum prices are expected to rise as domestic production capacity becomes constrained [5]. Steel Sector - The report suggests focusing on companies with stable earnings and potential for valuation recovery, such as Baosteel and Hesteel [5]. Minor Metals - Cobalt prices are expected to remain strong due to supply constraints from the Democratic Republic of Congo, with Huayou Cobalt recommended [5]. - Lithium supply is currently more relaxed, with attention on changes in Yichun's mica mines [5]. Growth Cycle Investment Analysis - The report recommends investing in stable supply-demand sectors within the new energy manufacturing industry, highlighting companies like Huafeng Aluminum and Asia-Pacific Technology [5].

作者 | 深鹏 数据支持 | 勾股大数据（www.gogudata.com） 在连续创出历史新高后，午后金价出现回落。 不过，也有国际大投行调高了金价预期。 美国银行与法国兴业银行的分析师，不约而同地发表的最新的，关于2026年的金价目标：5000美元！ 今年以来，不断有国际大投行调高金价目标，其中不少已经应验。 现货黄金今日最高也一度达到4179美元/盎司，续创历史新高，年内累涨超1500美元，涨幅超56%。 A股黄金ETF华夏(518850)、黄金股ETF(159562)早盘飙涨，黄金ETF华夏收盘净值创新高，黄金股ETF盘中净值创新高。 尽管午后回落了，但在避险情绪、降息周期延续、美元信用风险、央行持续购金等因素助推下，黄金市场正在上演一场波澜壮阔的大涨行情。 黄金股ETF(159562)年内涨超94%，黄金ETF华夏(518850)年内涨超51%。 01 抢"金" 尽管今天金价冲高回落，但拉长时间看，2025年以来，国际黄金确实走出了独立上升曲线，其相对收益也超过了传统股债资产。 美银和法兴的最新观点，又会否成黄金新的价格之"锚"呢？ 这一轮上涨行情的本质，可以认为是市场定价逻辑的根本性变迁：黄金正从 ...

承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京 2025年10月14日 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （H股股份代號：6693） （於中華人民共和國註冊成立的股份有限公司） 董事會會議通知 赤峰吉隆黃金礦業股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此 公佈，董事會會議將於2025年10月24日（星期五）舉行，藉以（其中包括）考慮 及批准本公司及其附屬公司截至2025年9月30日止九個月之未經審計的2025年 第三季度業績及其發佈。 截至本公告日期，執行董事為王建華先生、楊宜方女士、呂曉兆先生及高波 先生；非執行董事為張旭東先生；以及獨立非執行董事為毛景文博士、沈政昌 博士、胡乃連先生及黃一平博士。 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的內容概不 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 告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 ...

格隆汇10月14日丨赤峰黄金(06693.HK)公布，董事会会议将于2025年10月24日（星期五）举行，藉以 （其中包括）考虑及批准本公司及其附属公司截至2025年9月30日止九个月的未经审计的2025年第三季 度业绩及其发布。 ...