Core Viewpoint - The precious metals sector experienced a decline of 0.54% on November 11, with Shanjin International leading the losses. The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1]. Group 1: Market Performance - The precious metals sector saw a net inflow of 368 million yuan from institutional investors, while retail investors experienced a net outflow of 596 million yuan [2][3]. - The top gainers in the precious metals sector included Hunan Gold, which rose by 1.90% to a closing price of 22.57 yuan, and Hunan Silver, which increased by 0.78% to 6.48 yuan [1][2]. Group 2: Individual Stock Performance - Shanjin International led the decline with a drop of 1.86% to 21.10 yuan, followed by Zhaojin Gold, which fell by 1.43% to 12.43 yuan [2]. - The trading volume for Hunan Gold was 890,400 shares, with a transaction value of 2.006 billion yuan, indicating strong market interest despite the overall sector decline [1]. Group 3: Fund Flow Analysis - The main funds showed a net inflow of 209 million yuan into Zhongjin Gold, while retail investors had a significant outflow of 216 million yuan [3]. - Hunan Gold had a net inflow of 76.1 million yuan from main funds, but retail investors withdrew 47.2 million yuan, indicating a divergence in investor sentiment [3].

Core Viewpoint - The stock of Zhaojin Gold has experienced significant fluctuations, with a year-to-date increase of 211.08%, but a recent decline in the last 20 days by 6.93% [1][2]. Group 1: Stock Performance - As of November 11, Zhaojin Gold's stock price was 12.35 CNY per share, with a market capitalization of 11.473 billion CNY [1]. - The stock has seen a trading volume of 271 million CNY and a turnover rate of 2.30% [1]. - The stock has recorded a net inflow of 10.68 million CNY from main funds, with significant buying and selling activities [1]. Group 2: Company Overview - Zhaojin International Gold Co., Ltd. was established on May 11, 1988, and listed on March 12, 1993, with its main business focused on mining and leasing properties [2]. - The company's revenue composition is heavily reliant on gold sales, accounting for 98.37% of total revenue [2]. - The company is categorized under the non-ferrous metals sector, specifically in precious metals and gold [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhaojin Gold reported a revenue of 340 million CNY, reflecting a year-on-year growth of 119.51% [2]. - The net profit attributable to the parent company was 82.16 million CNY, marking a year-on-year increase of 191.20% [2]. Group 4: Shareholder Information - As of October 31, the number of shareholders increased to 68,000, with an average of 13,655 shares held per shareholder [2]. - The top ten circulating shareholders include new entrants such as GF Strategy Optimal Mixed Fund and Hong Kong Central Clearing Limited [3].

Core Insights - A total of 72 stocks received buy ratings from institutions today, with notable upgrades for Ximai Food and first-time attention for 8 stocks [1][2] Group 1: Stock Ratings - 72 stocks received buy ratings, with Ximai Food's rating being upgraded and 8 stocks receiving first-time attention [1] - Among the stocks rated, 7 have an upside potential exceeding 20%, with Shennong Group having the highest potential at 49.71% based on a target price of 45.90 CNY [1] - Other stocks with significant upside potential include Great Wall Motors and Lens Technology, with potential increases of 41.85% and 36.05% respectively [1] Group 2: Market Performance - Stocks rated by institutions saw an average increase of 1.24%, outperforming the Shanghai Composite Index [1] - 43 stocks experienced price increases, with Shoulv Hotel hitting the daily limit up [1] - Top gainers included Haike Xinyuan, Puran Shares, and New Fengming, with increases of 14.33%, 13.47%, and 7.59% respectively [1] Group 3: Industry Focus - The electronics sector was the most favored, with 15 stocks including Shennan Circuit and Sunlord Electronics making the buy rating list [2] - Basic chemicals and pharmaceutical biology also attracted attention, with 8 and 6 stocks respectively on the buy rating list [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][10]. Core Insights - The company has shown significant improvement in its Q3 performance, with a net profit of 0.37 billion yuan, reflecting a year-on-year increase of 207% [5]. - The gold production from the company's subsidiary, Watu Kola Gold Mine, reached 14,956.34 ounces in the first three quarters of 2025, a 61.34% increase compared to the same period last year [6]. - The report anticipates a steady increase in gold prices and production capacity, projecting net profits of 1.22 billion yuan, 3.03 billion yuan, and 12.91 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 196%, 148%, and 326% [9][10]. Company Overview - The latest closing price of the company's stock is 11.85 yuan, with a total market capitalization of 11 billion yuan [3]. - The company has a debt-to-asset ratio of 54.8% and a current P/E ratio of -84.64 [3]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 340 million yuan, a 120% increase year-on-year [5]. - The EBITDA for 2025 is projected to be 389.10 million yuan, with a significant increase in net profit expected in the following years [12]. Production and Technical Improvements - The company is actively enhancing its mining operations through technical upgrades, including improvements in ore extraction and processing efficiency [7]. - The second tailings discharge pipeline has been installed, increasing processing capacity by approximately 30% [7]. Exploration Activities - The company is expanding its exploration efforts, having received approval for geological surveys in the Fiji North Island area [8]. - The company plans to conduct systematic exploration in two newly acquired mining rights [8].

Core Viewpoint - The report from Zhongyou Securities highlights that Zhaojin Gold achieved a net profit attributable to shareholders of 0.82 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 191% [1]. Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 0.37 billion yuan, showing a year-on-year growth of 207% [1]. - The company is expected to achieve net profits of 1.22 billion yuan, 3.03 billion yuan, and 12.91 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 196%, 148%, and 326% [1]. Operational Improvements - The company is undergoing technical renovations, which are anticipated to enhance production capacity following the completion of the Wamin mine's technical upgrades [1]. - Significant investments are being made in underground ore mining, optimization of mineral processing, improvement of tailings reprocessing capabilities, expansion of tailings storage, and maintenance of power plant facilities [1]. Exploration and Resource Expansion - Zhaojin Gold is actively exploring and increasing reserves, with the Fiji North Island Kaxishan special exploration permit granted for geological exploration at the Vatukoula Gold Mine as of September 17, 2025 [1]. - Preparatory work for the exploration is progressing in an orderly manner [1]. Valuation and Rating - The company is assigned a "Buy" rating, with projected price-to-earnings ratios of 90.01, 36.34, and 8.53 for the years 2025, 2026, and 2027 respectively [1].

Core Points - The company, Zhaojin Gold (000506), announced the convening of its seventh extraordinary shareholders' meeting on November 7, 2025, to review the proposal for the re-election of a non-independent director [1] - The shareholders' meeting approved the appointment of Mr. Gao Wenlong as a non-independent director of the company's eleventh board of directors [1]

证券代码：000506 证券简称：招金黄金 公告编号：2025-090 招金国际黄金股份有限公司 关于完成补选非独立董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 招金国际黄金股份有限公司(以下简称"公司")于 2025 年 11 月 7 日召开 2025 年第七次临时股东会，审议通过了《关于补选第十一届董事会非独立董事的议案》， 同意高文龙先生当选公司第十一届董事会非独立董事，任期自公司股东会审议通过之 日起至第十一届董事会届满之日止。 本次补选董事后，公司董事会中兼任公司高级管理人员以及由职工代表担任的董 事人数总计未超过公司董事总数的二分之一。高文龙先生简历详见 2025 年 7 月 19 日 公司在巨潮资讯网(http://www.cninfo.com.cn)上披露的《关于董事人员变动及补选 董事会审计委员会委员的公告》(公告编号：2025-078 )。 特此公告。 招金国际黄金股份有限公司董事会 2025 年 11 月 8 日 - 1 - ...

证券代码：000506 证券简称：招金黄金 公告编号：2025-089 招金国际黄金股份有限公司 其中，通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 7 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 11 月 7 日 9:15 至 15:00 的任意时间。 2025 年第七次临时股东会决议公告 2.会议召开方式：现场表决与网络投票相结合。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1.本次股东会没有否决、修改或新增提案的情况。 2.本次股东会未涉及变更前次股东会决议的情况。 一、会议召开情况 1.会议召开时间： 现场会议召开时间为：2025 年 11 月 7 日 15:00 网络投票具体时间为：2025 年 11 月 7 日 其中：通过现场投票的股东 2 人，代表股份 186,051,452 股，占公司有表决权股 份总数的 20.0267％。 通过网络投票的股东 729 人，代表股份 66,066,170 股，占公司有表决权股份 ...

法律意见书 之 上海市海华永泰律师事务所 关于招金国际黄金股份有限公司 2025 年第七次临时股东会 2025 年第七次临时股东会之法律意见书 致:招金国际黄金股份有限公司 招金国际黄金股份有限公司(以下简称"公司")2025 年第七次临时股东 会于 2025年11月7日下午 15:00 召开。上海市海华永泰律师事务所经公司聘请, 委派马可听、郭振律师出席本次会议,根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》") 《上市公司治理准则》(以下简称"《治理准则》")等法律法规、其他规范性 文件以及《公司章程》、《股东会议事规则》的规定,就本次股东会的召集和召 开程序、召集人及出席会议人员的资格、表决方式和表决程序、表决结果和会议 决议等出具本法律意见书。 法律意见书 e 版 章 乐 所 上海市浦东新区陆家嘴环路 1366 号富士康大厦 12 层 电话:86-21-58773177 传真:86-21-58773268 www.hiwayslaw.com 法律意见书 上海市海华永泰律师事务所 关于招金国际黄金股份有限公司 本所律师根据相关法律、法规和规范性 ...

Core Viewpoint - The precious metals sector experienced a slight decline of 0.04% on November 7, with Zhaojin Gold leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3997.56, down 0.25% [1] - The Shenzhen Component Index closed at 13404.06, down 0.36% [1] Group 2: Individual Stock Performance - Zhaojin Gold (code: 000506) closed at 12.38, down 1.59% with a trading volume of 305,500 shares and a transaction value of 383 million [2] - Shandong Gold (code: 600547) closed at 35.21, up 0.09% with a trading volume of 213,000 shares and a transaction value of 750 million [2] - Hunan Gold (code: 002155) closed at 20.93, up 0.14% with a trading volume of 316,600 shares and a transaction value of 666 million [2] Group 3: Capital Flow - The precious metals sector saw a net outflow of 221 million from institutional investors, while retail investors had a net inflow of 140 million [2][3] - The main capital inflow and outflow for Zhaojin Gold showed a net inflow of 6.26 million from retail investors, but a net outflow of 1,117.36 million from institutional investors [3]