Group 1 - The A-share market saw a strong performance in gold-related stocks, with Silver Holdings hitting the daily limit, Hunan Silver rising over 7%, and Sichuan Gold, Shengda Resources, and Yuguang Gold & Lead increasing over 6% [1] - The international prices of gold and silver reached new historical highs, with spot gold rising to $4,967 per ounce and spot silver reaching $98.8 per ounce [1] - The US dollar weakened, contributing to the rise in gold and silver prices, following the release of data showing that the US economy grew slightly faster than previously reported in the third quarter [1] Group 2 - Notable stock performances include: - Silver Holdings (601212) with a 9.97% increase and a total market value of 76.8 billion - Hunan Silver (002716) with a 7.27% increase and a market value of 45.4 billion - Sichuan Gold (001337) with a 6.88% increase and a market value of 20.5 billion - Shengda Resources (000603) with a 6.71% increase and a market value of 34.5 billion - Yuguang Gold & Lead (600531) with a 6.75% increase and a market value of 19.9 billion [2] - Year-to-date performance shows significant increases, with Hunan Silver up 132.51% and Sichuan Gold up 75.16% [2]

二、交易进展情况 截至本公告披露日，公司已通过深圳证券交易所交易系统以集中竞价交易方式出售盛达资源股票 8,438,450股，成交金额为209,712,804.74元（不含交易费用）。本次出售后，公司还持有盛达资源股票 7,487,646股。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 一、交易概述 中国有色金属建设股份有限公司（以下简称"公司"）于2025年5月16日召开第十届董事会第7次会议，审 议通过了《关于公司拟择机出售股票资产的议案》，公司董事会同意授权管理层及其授权人士根据证券 市场情况择机出售公司所持盛达金属资源股份有限公司（以下简称"盛达资源"）股票共计15,926,096 股，占盛达资源总股本的2.31%。授权范围包括但不限于出售时机、交易方式、交易数量、交易价格、 签署相关协议等，授权期限为自董事会审议通过之日起24个月内。在此期间内，若盛达资源发生送股、 资本公积转增股本等情况，出售数量将相应变动。具体情况详见公司于2025年5月17日在《中国证券 报》《证券时报》《上海证券报》《证 ...

据天眼查APP显示，盛达金属资源股份有限公司成立于1995年06月22日，注册资本68996.9346万人民 币。 （文章来源：证券时报网） 数据宝统计，截至14:43，盛达资源成交额21.83亿元，创上市以来新高。最新股价上涨0.98%，换手率 7.20%。上一交易日该股全天成交额为20.12亿元。 ...

Group 1 - The core viewpoint of the article highlights a significant decline in A-share gold concept stocks, with several companies experiencing drops exceeding 5% due to fluctuations in gold prices and external market pressures [1][2] - The spot gold price reached a historical high of $4,888 per ounce before retreating to around $4,786, indicating volatility in the gold market [1] - The decline in gold stocks is attributed to a "sell America" effect triggered by Trump's tariff threats, leading to reduced investment in U.S. assets and a subsequent drop in the dollar's value, which in turn boosted the prices of safe-haven assets like gold [1] Group 2 - Specific companies affected include: - Xiaocheng Technology: down 5.84%, market cap of 12 billion [2] - Western Gold: down 5.81%, market cap of 30.3 billion [2] - Hengbang Shares: down 5.49%, market cap of 22.9 billion [2] - Other notable declines include Chifeng Gold, Shandong Gold, and Zhaojin Gold, all experiencing drops over 4% [2] - Year-to-date performance shows varying results, with some companies like Shandong Gold up 26.76% despite recent declines, indicating potential resilience in the sector [2]

Group 1 - The core viewpoint of the news is that gold-related stocks experienced a decline, with several companies showing significant drops in their stock prices [1] Group 2 - Xiaocheng Technology saw a decline of over 7% in its stock price [1] - Shengda Resources dropped by more than 6% [1] - Other companies such as Hunan Silver, Western Gold, and Shanjin International also followed the downward trend [1]

Core Viewpoint - The A-share silver sector has shown remarkable performance, with several companies in the industry experiencing significant stock price increases. Group 1: Company Performance - Silver Industry Company (601212.SH) latest stock price: 8.57 yuan, daily increase: +10.01%, noted as a comprehensive production base for various non-ferrous metals [1] - Guocheng Mining (000688.SZ) latest stock price: 27.92 yuan, daily increase: +10.01%, primarily operates in Inner Mongolia, a major area for lead, zinc, and silver mining in China [2] - Hunan Silver (002716.SZ) latest stock price: 13.64 yuan, daily increase: +10.00%, recognized as an important base for silver production and export in China [3] - Chifeng Gold (600988.SH) latest stock price: 38.39 yuan, daily increase: +9.81%, main products include silver minerals, with subsidiaries producing zinc, lead, copper, and molybdenum concentrates [4] - Shengda Resources (000603.SZ) latest stock price: 46.00 yuan, daily increase: +9.58%, a leading silver company with high-margin mining operations [5] - Zhuhai Group (600961.SH) latest stock price: 20.47 yuan, daily increase: +7.91%, main smelting products include silver [6] - Yuguang Gold Lead (600531.SH) latest stock price: 15.10 yuan, daily increase: +6.86%, a leading company in silver production, focusing on silver and other non-ferrous and precious metal smelting and sales [7][8] - Hengbang Shares (002237.SZ) noted for owning Yulong Mining, the largest single silver mine in China [10] - Huayu Mining (601020.SH) daily increase: +4.39%, recognized for its "Guiyan" brand silver ingots [11] - Tongling Nonferrous Metals (000630.SZ) latest stock price: 6.21 yuan, with gold and silver as primary products [12] - Shanjin International (000975.SZ) latest stock price: 34.79 yuan, daily increase: +6.23% [12] - Xingye Silver Tin (000426.SZ) latest stock price: 54.20 yuan, daily increase: +4.73%, with a subsidiary being one of the largest silver production mines in China [12] - Guiyan Platinum Industry (600459.SH) daily increase: +2.81%, main products include cathode copper and silver as a by-product of smelting [13]

Group 1: Gold - Financial Attributes and Support from Rate Cuts - Since 2025, international gold prices have shown a fluctuating upward trend, driven by weakened dollar credit, expectations of interest rate cuts by the Federal Reserve, continued net purchases of gold by global central banks, and increased demand for safe-haven assets [14][33] - As of January 20, 2026, COMEX gold futures reached $4,764 per ounce, while London spot gold closed at $4,747.80 per ounce, and Shanghai gold prices hit 1,055.99 yuan per gram [15][75] - The financial attributes of gold are regaining strength, with its monetary, investment, and safe-haven properties being influenced by real interest rates, the dollar index, and geopolitical situations [17][75] Group 2: Silver - Industrial Demand and Financial Attributes - Silver's industrial demand is being driven by its unique physical properties, making it essential in solar photovoltaic, automotive, and data center sectors [65][76] - The global silver supply is expected to remain tight due to declining ore grades and increasing production costs, with a projected supply of approximately 32,100 tons and demand of about 35,700 tons in 2025, indicating a supply-demand imbalance [51][52] - As of January 20, 2026, COMEX silver prices reached $94.06 per ounce, reflecting a 216.5% increase since the beginning of 2025, while the gold-silver ratio stood at 50.49 [66][77] Group 3: Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Chifeng Jilong Gold Mining (600988), Xinyi Silver (000426), Jiangxi Copper (600362), and Shengda Resources (000603) for potential investment opportunities [75][77]

Core Insights - The international gold price has surged to a historic high of $4800 per ounce, driven by geopolitical instability, with a monthly increase exceeding 10% [1][6] - Poland's central bank has approved a plan to purchase up to 150 tons of gold, increasing its reserves to 700 tons, positioning Poland among the top ten countries globally in gold reserves [2][7] - The World Gold Council predicts a continued trend of central banks increasing gold holdings, with 95% of surveyed banks expecting to raise their reserves in the next 12 months [3][8] Group 1: Gold Price Dynamics - The current gold price has reached $4800 per ounce, marking a significant increase of nearly 0.8% in a single day [1][6] - Major financial institutions have optimistic forecasts for gold prices, with estimates ranging from $4150 to $4900 per ounce for 2026 [3][8] - The demand for gold is driven by diversification needs among institutional and retail investors, as well as central banks responding to macroeconomic uncertainties [4][9] Group 2: Central Bank Activities - Poland's central bank aims to increase its gold holdings from 550 tons to 700 tons, citing gold's zero credit risk and its ability to enhance economic stability [2][7] - The share of gold in Poland's foreign exchange reserves was estimated at 28.22% as of December last year, indicating a rapid change in reserve structure among central banks [2][7] - Russia has seen its gold reserves increase in value by over $216 billion since the onset of the Ukraine conflict, highlighting gold's role in maintaining financial stability amid sanctions [3][8] Group 3: Market Reactions - The stock and ETF markets have reacted positively to rising gold prices, with significant gains observed in gold-related stocks across both A-share and Hong Kong markets [2][7] - Gold jewelry prices have also risen, with multiple brands reporting prices above 1490 yuan per gram, reaching new recent highs [1][6] - The overall market sentiment remains bullish, with expectations that gold could challenge the $5000 per ounce mark in the near future [4][9]

Group 1 - The global precious metals market continues to show strength, with gold and silver prices reaching new historical records as of January 20 [1] - Since 2025, prices of various non-ferrous metals have surged, significantly enhancing the profitability of listed companies [1] - As of January 20, 16 non-ferrous metal stocks have released their 2025 annual performance data, with 12 stocks expected to report year-on-year growth in net profit attributable to shareholders [1] Group 2 - The average increase in stock prices for 13 companies expected to report profit growth or turnaround in 2026 is 16.39%, outperforming the industry index which rose by 12.73% [1] - Notably, companies like Xianglu Tungsten and China Uranium have seen cumulative increases of over 40% since the beginning of the year [1] - There has been significant institutional interest in the sector, with 17 non-ferrous metal stocks undergoing institutional research since 2026, and 8 of these stocks receiving attention from more than 10 institutions [1]

Group 1 - Silver futures prices have surged over 220% since 2025, reaching nearly $95 per ounce, outpacing gold [34][36] - The current silver market is experiencing a severe short squeeze, reminiscent of the Hunt brothers' manipulation in the 1980s [5][6] - The London silver market has seen a significant decline in inventory, down by one-third since 2021, with only about 200 million ounces available for trading, a 75% decrease from 2019 [9][10][36] Group 2 - Industrial demand for silver has been strong, with the electrical sector being the largest consumer at approximately 23%, followed by the rapidly growing photovoltaic industry at 17% [17][45] - Silver has faced supply constraints due to low capital expenditure from major mining companies, leading to a cumulative supply shortfall of 20,000 tons over the past four years [18][46] - The financial attributes of silver position it as an alternative to gold, suggesting that if gold prices continue to rise, silver will likely follow suit [19][46] Group 3 - Companies in the silver mining sector, such as Xingye Silver and Shengda Resources, have significantly benefited from rising silver prices, with Xingye's silver production increasing from 148 tons to 229 tons over three years [22][50] - The profitability of silver mining companies is much higher compared to midstream processing firms, with net profit margins for leading miners like Xingye Silver at 33% [26][53] - Stock prices of major silver companies have doubled since 2025, with Xingye Silver's stock increasing over threefold, indicating a strong market response to rising silver prices [28][55]