证券研究报告 | 行业定期报告 2025 年 09 月 07 日 关注中美通胀数据 多重加持黄金恒强 金属行业周报 周期/金属及材料 最近连续超预期弱的美就业数据导致美降息预期不断提升。这主导近期金属市 场。下周关注中美通胀数据，防止意外数据扰动市场预期强弱。近期黄金表现 耀眼。宽松、美联储独立性丧失、欧洲风险提升等驱动下，黄金价格有望在技 术性突破之后持续上涨。我们坚持宽松周期下，全面看好有色资源股。最近两 周股价涨幅超过 EPS，难得看到估值提升。但是 2025 年估值依然在历史较低 水平，2026 年估值历史底部，整体来看，估值依然有较强吸引力。我们认为 年内较多金属价格有望持续走强，公司 EPS 预期持续上修。重点关注铜金稀 土钨锑钴铝等品种。周末特朗普调整关税，黄金、钨、铀等关键商品获豁免。 再给金属价格添把火。此外持续推荐科技相关新材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 5367.2 | 5.3 | | 流通市值（十亿元） | 4995.7 | 5.4 | 行业指数 ...

下周A股解禁市值逾960亿元。 9月5日晚间，*ST紫天(300280)发布公告，公司于9月5日收到深交所下发的《关于福建紫天传媒科技股份 有限公司股票终止上市的决定》，深交所决定终止公司股票上市交易。 | 代码 | 箇杯 | 解禁日期 | 解禁市值 | 解禁数量 | 解禁股占总股本 | | --- | --- | --- | --- | --- | --- | | | | | (亿元) | (万股) | 比例(%) | | 833394 | 民士达 | 2025/9/10 | 42.91 | 9686.00 | 66.23 | | 600995 南网储能 | | 2025/9/8 | 230.81 | 208690.42 | 65.30 | | 688163 | 赛伦生物 | 2025/9/11 | 15.46 | 6384.80 | 59.00 | | 301222 浙江恒威 | | 2025/9/9 | 15.49 | 5163.26 | 50.95 | | 688114 | 华大智造 | 2025/9/9 | 133.82 | 20017.75 | 48.06 | | 301110 | 青木科技 | ...

Summary of Key Points Core Viewpoint - The A-share market will see a significant unlock of restricted shares next week, with a total market value exceeding 96 billion yuan, which may impact stock prices of the affected companies [2]. Group 1: Unlock Scale and Impact - A total of 40 stocks will have their restricted shares unlocked from September 8 to 12, with a combined market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 1 billion yuan, with notable companies like Times Electric, Southern Power Storage, and BGI Genomics having unlock values of 278.23 billion yuan, 230.81 billion yuan, and 133.82 billion yuan respectively [2][4]. Group 2: Unlock Proportions - Thirteen stocks have an unlock ratio exceeding 10%, indicating a potentially significant impact on their stock prices. Companies such as Minshida, Southern Power Storage, and Sailun Bio have unlock ratios above 50% [5]. - The highest unlock ratio is seen in Minshida at 66.23%, followed by Southern Power Storage at 65.30% and Sailun Bio at 59.00% [7]. Group 3: Company Performance - Times Electric's major shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of its total share capital. The company reported a revenue of 12.214 billion yuan for the first half of 2025, a year-on-year increase of 17.95%, and a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, reflecting a year-on-year growth of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Returns - Institutions that participated in the private placements of stocks like Western Gold and Southern Power Storage are expected to see positive returns from the unlock, with Western Gold's return exceeding 180% and Southern Power Storage's over 70% [8].

【项目投资】 | | | 9月5日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 西部黄金 | 黄金采选和冶炼是本公司主营业务之一 | | 项目投资 | 东湖高新 | 控股子公司拟设立合资公司负责长子垃圾焚烧项目 | | 合同中标 | 东南网架 | 联合体中标13.2亿元EPC项目 | | 股权收购 | 新风鸣 | 拟1.02亿元购买赛弥尔的100%股权 | | 回购 | 凌志软件 | 累计回购0.9375%股份 完成第二期回购股份 | | 经营数据 | 新希望 | 8月生猪销售收入17.22亿元 | | | 牧原股份 | 8月商品猪销售收入118.5亿元 | | 增减持 | 诚达街业 | 股东前海成本拟减持不超过7.27%公司股份 | | | 毕得医药 | 股东舟山欣曦、宁波兰旦及其一致行动人拟合计减持不超2.86%股份 | | | 同花顺 | 控股股东易峥、股东凯士顺拟合计减持不超138.31万股 | | 其他 | ST岭南 | 因涉嫌信息披露违法违规 公司及原控股股东收到证监会立案告知书 | | | 天成自控 | 子公司收到客户项目定点通知 ...

Core Viewpoint - The gold industry is experiencing significant growth, with all listed companies reporting year-on-year increases in revenue and net profit, driven by rising gold prices and increased sales volumes [1][2]. Performance Summary - All 10 listed companies in the gold sector reported year-on-year growth in both revenue and net profit for the first half of 2025, with notable performances from companies like Western Gold and Shandong Gold, which saw profits double [1]. - Western Gold achieved approximately 5.03 billion yuan in revenue, a 69.01% increase, and a net profit of about 154 million yuan, up 131.94% [1]. - Shandong Gold reported revenue of approximately 56.77 billion yuan, a 24.01% increase, and a net profit of about 2.81 billion yuan, a 102.98% increase, with record-high gold production and key economic indicators [2]. Institutional Research - Recent institutional research on gold companies has focused on the reasons behind the growth in performance, future gold production, cost changes, and overseas market strategies [2]. Resource Development - Shanjin International reported significant exploration success, adding 3.85 tons of gold metal with a grade of 5.79 grams per ton, enhancing its resource base for high-quality development [3]. - The company has made strategic acquisitions, including a 52.07% stake in Yunnan Western Mining, expanding its exploration rights in Yunnan [3]. - The Osino project in Namibia is progressing well, with production expected to start in the first half of 2027, projected to yield an average of 5 tons of gold annually [4]. Cost and Production Outlook - Shanjin International noted a decrease in production due to lower ore grades but is implementing measures to recover production levels in the second half of the year [4]. - The company anticipates that future production growth will primarily come from the Osino project and potential acquisitions [4]. - Hunan Gold reported rising costs due to deeper mining operations, lower ore grades, and increased labor costs [4]. Market Trends - The gold industry is optimistic about future growth, driven by strong central bank purchases and rising investment demand [5]. - Recent gold prices have reached new highs, with COMEX gold futures hitting 3,640.1 USD per ounce [5]. - The World Gold Council reported a net inflow of 5.5 billion USD into gold ETFs in August, indicating strong demand [6].

Core Viewpoint - The gold price remains strong, with recent fluctuations indicating potential for further increases, driven by various macroeconomic factors and geopolitical tensions [1][6][7]. Price Movements - As of September 5, the London gold price rose by 0.14% to $3550.28 per ounce, with an intraday high of $3561.08 [1][2]. - COMEX gold futures also saw a slight increase of 0.06%, reaching $3608.7 per ounce, with a peak of $3619.2 [3][4]. - Domestic gold T+D rose by 0.13% to 811.65 CNY per gram, while Shanghai gold futures slightly decreased by 0.06% to 815.6 CNY per gram [4][5]. Market Drivers - The recent surge in gold prices is attributed to concerns over the credibility of the US dollar, unsustainable US fiscal policies, and expectations of monetary easing by the Federal Reserve [6][7]. - Geopolitical tensions, particularly the ongoing Russia-Ukraine conflict and instability in the Middle East, have heightened demand for gold as a safe-haven asset [6][8]. Investment Strategies - Analysts recommend incorporating gold into investment portfolios, suggesting a long-term investment strategy with allocation between 5% to 20% [8]. - Investors are advised to adopt a phased approach to buying, taking advantage of any price corrections to enhance cost efficiency [8][9]. - Continuous monitoring of macroeconomic policies, dollar movements, and geopolitical developments is essential for adjusting investment strategies [8][9]. Future Outlook - Predictions indicate that if the Federal Reserve's independence is compromised, gold prices could potentially soar to nearly $5000 per ounce [7]. - The outlook for gold remains bullish, with targets set at $3700 per ounce by year-end, and further potential increases if favorable macroeconomic conditions persist [6][8].

Market Overview - On September 5, A-shares saw a collective surge with the Shanghai Composite Index rising by 1.24% to 3812 points, the Shenzhen Component Index increasing by 3.89%, and the ChiNext Index climbing by 6.55% [1] - Over 4800 stocks in the market experienced gains, with a notable boom in the new energy sector, particularly in photovoltaic equipment and organic silicon, while bank stocks declined [1] High-Performing Stocks - Anzheng Fashion achieved a limit-up for four consecutive trading days, while Western Gold rebounded with a limit-up after four out of five days of gains [3] - Notable stocks with significant increases include: - ST Zhongji (+4.92%, 4.69, 15 days, 7 boards) due to restructuring and product innovation [4] - ST Weier (+4.99%, 18.71, 9 days, 6 boards) attributed to turnaround in mid-year report and mergers [4] - Western Gold (+10.00%, 29.82, 5 days, 4 boards) driven by growth in the semi-annual report and gold sector [4] - Anzheng Fashion (+9.97%, 11.47, 4 days, 4 boards) due to turnaround in mid-year report and brand upgrades [4] - Tongrun Equipment (+49.97%, 17.42, 3 days, 3 boards) linked to growth in mid-year report and energy storage systems [4] Trading Activity - The top three net purchases on the daily leaderboard were: - Shenghong Technology with a net purchase of 2.14 billion yuan [5] - Fangzheng Technology with a net purchase of 495 million yuan [6] - Jinlang Technology with a net purchase of 471 million yuan [6] - The top three net sales were: - Xiandao Intelligent with a net sale of 871 million yuan [7] - Feima International with a net sale of 290 million yuan [7] - Sanwei Communication with a net sale of 280 million yuan [7] Company Highlights - Shenghong Technology reported a 20.00% increase in stock price, with a trading volume of 237.32 billion yuan and a turnover rate of 10.20% [10] - Fangzheng Technology's stock rose by 10.05%, with a trading volume of 54.32 billion yuan and a turnover rate of 14.03% [15] - Jinlang Technology also saw a 20.00% increase, with a trading volume of 44.32 billion yuan and a turnover rate of 16.54% [19] Institutional Activity - Institutions showed significant interest in stocks like Shenghong Technology, with a net sale of 99.85 million yuan, while deep stock connect saw a net purchase of 1.17 billion yuan [10][23] - Fangzheng Technology attracted a net purchase of 915.48 million yuan from institutions [15][21] Sector Performance - The new energy sector, particularly photovoltaic and lithium battery stocks, demonstrated strong performance, with several companies achieving limit-up status [1][19] - The banking sector faced declines, contrasting with the growth in new energy stocks [1]

Market Overview - On September 5, A-shares saw a collective surge with the Shanghai Composite Index rising by 1.24% to 3812 points, the Shenzhen Component Index increasing by 3.89%, and the ChiNext Index climbing by 6.55% [1] - Over 4800 stocks in the market experienced gains, with a notable boom in the new energy sector, particularly in photovoltaic equipment and organic silicon, while bank stocks declined [1] High-Performing Stocks - Anzheng Fashion achieved a limit-up with a 49.97% increase, marking its fourth consecutive trading day of gains [3] - Western Gold surged by 10.00%, reflecting strong performance in its semi-annual report [4] - Other notable gainers included Yilian Co. (+10.02%), Shanghai Shenli (+10.01%), and Zhongyuan Home Furnishing (+10.00%) [4] Trading Activity - The top three net purchases on the daily leaderboard were Shenghong Technology (2.14 billion), Fangzheng Technology (495 million), and Jinlang Technology (471 million) [5] - Conversely, the top three net sales were led by Xiandai Intelligent (-871 million), Feima International (-290 million), and Sanwei Communication (-280 million) [6] Sector Highlights - The new energy sector, particularly companies involved in lithium batteries and photovoltaic technology, showed significant upward movement, with Tianhong Lithium Battery and Jinlang Technology both hitting their daily limits [17][16] - Shenghong Technology's stock was driven by its AI computing power and high-density interconnect (HDI) products, with a reported revenue of 9.03 billion and a net profit of 2.14 billion for the first half of the year, reflecting year-on-year growth of 86.00% and 366.89% respectively [12] Institutional Activity - Institutional investors showed strong interest in several stocks, with net purchases in Shenghong Technology and Tianhong New Energy, while also selling off positions in Xiandai Intelligent and Innovation Medical [8][19] - The net buying amount from the Shanghai Stock Connect for Fangzheng Technology was the highest at 302 million [19] Company Developments - Fangzheng Technology reported a revenue of 2.14 billion for the first half of the year, with a year-on-year growth of 35.60%, driven by advancements in high-density interconnect technology [15] - The company is expanding its production capacity in Southeast Asia and enhancing its global delivery capabilities [12] Conclusion - The market is experiencing a robust rally, particularly in the new energy sector, with significant institutional interest and strong performance from key companies, indicating a positive outlook for the industry [1][12][19]

Market Overview - A total of 96 stocks hit the daily limit up, with a limit-up rate of 86%, indicating strong market momentum [1] - The market saw a significant increase, with the ChiNext Index leading the gains, and the Shanghai Composite Index regaining the 3800-point level [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion, a decrease of 239.6 billion from the previous trading day [1] Sector Performance - The market's focus was primarily on the new energy sector, with over 4800 stocks rising and less than 500 declining [1] - Key sectors that performed well included solid-state batteries, photovoltaics, CPO, and third-generation semiconductors, while banking and dairy sectors saw declines [1] - The solid-state battery industry experienced renewed interest following successful advancements in mass production technology by leading companies [5] Stock Analysis - The advancement rate for consecutive limit-up stocks rose to 42.86%, with the highest limit-up stocks maintaining a maximum of 4 consecutive days [3] - Notable stocks included Anzheng Fashion with 4 consecutive limit-ups, Tongrun Equipment and Shoukai Co. with 3 consecutive limit-ups, and Xibu Gold with 4 limit-ups over 5 days [4][11] - The North Exchange saw a concentration of funds in stocks with larger price movements, particularly in lithium battery and computing hardware sectors [3] Key Developments - Xian Dao Intelligent announced breakthroughs in solid-state battery production, attracting significant market interest and leading to multiple stocks in the supply chain hitting limit-ups [5] - The third-generation semiconductor sector gained traction following Nvidia's plans to use silicon carbide in its new processor, leading to a surge in related stocks [6] - The robotics industry is witnessing commercial success, with companies like Ubtech signing significant contracts and preparing for IPOs, contributing to positive market sentiment [7] Future Outlook - The market is expected to maintain its upward momentum as long as it stays above key moving averages, although smaller stocks may lag behind due to previous declines [10] - The upcoming economic indicators and events, including major conferences in the pharmaceutical sector, may influence market dynamics and investor sentiment [8][9]

Core Viewpoint - Western Gold (601069) experienced a trading halt today with a turnover rate of 9.09% and a transaction amount of 1.722 billion yuan, indicating significant market activity and interest in the stock [2] Trading Activity - The stock's daily fluctuation reached 16.48%, leading to its listing on the Shanghai Stock Exchange's watch list [2] - Institutional investors net sold 38.31 million yuan, while the Shanghai-Hong Kong Stock Connect saw a net purchase of 42.26 million yuan [2] - The top five trading departments accounted for a total transaction of 581 million yuan, with a net purchase of 14.17 million yuan [2][3] Fund Flow - The stock saw a net inflow of 96.87 million yuan from major funds, with large orders contributing a net inflow of 98.41 million yuan [2] - Over the past five days, the net inflow of major funds totaled 108 million yuan [2] Margin Trading Data - As of September 4, the margin trading balance for the stock was 265 million yuan, with a financing balance of 262 million yuan and a securities lending balance of 239.38 thousand yuan [3] - The financing balance increased by 4.16 million yuan over the past five days, reflecting a growth rate of 1.61% [3] - The securities lending balance rose by 75 thousand yuan, showing a significant increase of 45.62% [3] Financial Performance - For the first half of the year, the company reported a revenue of 5.03 billion yuan, representing a year-on-year growth of 69.01% [3] - The net profit for the same period was 154 million yuan, marking a substantial increase of 131.94% year-on-year [3]