Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]

Group 1 - The Federal Reserve has completed its third interest rate cut of the year, lowering the federal funds rate by 25 basis points to a range of 3.50%-3.75%, totaling a 75 basis point reduction for the year [1] - The Fed's dovish signals and the announcement of a short-term Treasury bond purchase plan have weakened the US dollar and lowered US Treasury yields, reducing the holding costs for gold assets and creating upward potential for gold prices [1] - Central banks globally are increasing their gold reserves, with China's central bank having added gold for 13 consecutive months, indicating a strong long-term support for gold assets [1] Group 2 - As of December 12, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index has risen by 2.17%, with notable increases in constituent stocks such as Xiaocheng Technology (up 7.28%) and Western Gold (up 6.23%) [2] - The gold stock ETF has seen an active trading volume with a turnover rate of 11.96% and a transaction value of 12.96 million yuan, indicating a vibrant market [2] - The gold stock ETF has experienced a significant growth in scale, increasing by 6.22 million yuan over the past week [2] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 68.26% of the index, with major companies including Zijin Mining and Shandong Gold [3] - The index is composed of 50 large-cap stocks involved in gold mining, refining, and sales, reflecting the overall performance of gold industry companies in the mainland and Hong Kong markets [2][3]

Core Viewpoint - The A-share market saw a significant rise in non-ferrous metal stocks on December 12, with several companies experiencing gains of over 2% to 3% [1]. Group 1: Stock Performance - Xiyeg股份 (Ticker: 000960) increased by 3.49%, with a total market capitalization of 42.9 billion and a year-to-date increase of 89.59% [2]. - Guocheng Mining (Ticker: 000688) rose by 3.42%, with a market cap of 28.3 billion and a year-to-date increase of 103.45% [2]. - Chihong Zn & Ge (Ticker: 600497) saw a gain of 3.41%, with a market cap of 33.7 billion and a year-to-date increase of 23.51% [2]. - Western Mining (Ticker: 601168) increased by 3.00%, with a market cap of 61.3 billion and a year-to-date increase of 70.38% [2]. - Jincheng Mining (Ticker: 603979) rose by 2.87%, with a market cap of 43.2 billion and a year-to-date increase of 92.53% [2]. - Zhongjin Lingnan (Ticker: 000060) increased by 2.67%, with a market cap of 23.9 billion and a year-to-date increase of 17.24% [2]. - Zhongjin Gold (Ticker: 600489) rose by 2.66%, with a market cap of 108.5 billion and a year-to-date increase of 91.05% [2]. - Shangda Co. (Ticker: 301522) increased by 2.28%, with a market cap of 12.4 billion and a year-to-date decrease of 8.57% [2]. - Shanjin International (Ticker: 000975) rose by 2.03%, with a market cap of 67 billion and a year-to-date increase of 59.85% [2]. - Yun Aluminum (Ticker: 000807) increased by 2.01%, with a market cap of 95.2 billion and a year-to-date increase of 108.06% [2].

Group 1 - The precious metals sector increased by 0.3% compared to the previous trading day, with Shanjin International leading the gains [1] - The Shanghai Composite Index closed at 3873.32, down by 0.7%, while the Shenzhen Component Index closed at 13147.39, down by 1.27% [1] - A table detailing the individual stock performance within the precious metals sector is provided [1] Group 2 - In terms of capital flow, the precious metals sector experienced a net outflow of 723 million yuan from main funds, while retail funds saw a net inflow of 448 million yuan [2] - Speculative funds had a net inflow of 275 million yuan into the precious metals sector [2] - A table showing the capital flow for individual stocks in the precious metals sector is included [2]

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 消息面上，美联储联邦公开市场委员会(FOMC)发布了最新的利率决议，宣布降息25个基点，将联邦基 金利率目标区间降至3.50%-3.75%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002428 | 云南省业 | 1 | 8.75 | 209亿 | 69.90 | | 000975 | 山金国际 | 1 | 8.43 | 671亿 | 60.18 | | 688231 | 隆达股份 | 1 | 8.25 | 70.28亿 | 102.84 | | 001280 | 中国知业 | 1 | 6.43 | 1406亿 | 280.04 | | 600961 | 株冶集团 | | 6.01 | 169亿 | 99.62 | | 688122 | 西部船号 | 1 | 5.36 | 460亿 | 67.43 | | 300963 | 中洲特材 | 演 | 3.44 | 88.24 乙 | 208.86 | | 000962 | 东方铝业 | ...

Core Insights - The A-share market saw a strong performance in the non-ferrous metal sector, with notable gains from companies such as Yunnan Zhenye, Shanjin International, and Longda Co., which rose over 8% [1] - The Federal Open Market Committee (FOMC) of the Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 3.50%-3.75% [1] Company Performance - Yunnan Zhenye: Increased by 8.75%, with a total market capitalization of 20.9 billion and a year-to-date increase of 69.90% [2] - Shanjin International: Rose by 8.43%, with a market cap of 67.1 billion and a year-to-date increase of 60.18% [2] - Longda Co.: Gained 8.25%, with a market cap of 7.028 billion and a year-to-date increase of 102.84% [2] - China Uranium Industry: Increased by 6.43%, with a market cap of 140.6 billion and a year-to-date increase of 280.04% [2] - Zhuhai Group: Rose by 6.01%, with a market cap of 16.9 billion and a year-to-date increase of 99.62% [2] - Western Superconducting: Increased by 5.36%, with a market cap of 46 billion and a year-to-date increase of 67.43% [2]

Core Insights - The gold industry is experiencing a significant upward trend, with the CSI Gold Industry Index rising by 1.80% and gold stock ETFs increasing by over 2% [1][2] - The Federal Reserve's recent decision to lower interest rates by 25 basis points has contributed to a more favorable environment for gold investments, as market volatility and geopolitical risks continue to rise [2][3] - The World Gold Council forecasts a strong performance for gold in 2026, with potential price increases of 15% to 30% due to various economic factors [3] Group 1: Market Performance - The CSI Gold Industry Index (931238) has shown a strong increase of 1.80%, with leading stocks such as Shanjin International (000975) rising by 7.09% [1][2] - Gold stock ETFs (517520) have gained over 80% year-to-date, indicating robust investor interest and market performance [1][2] Group 2: Economic Factors - The Federal Reserve has reduced the federal funds rate target range to 3.50%-3.75%, which is expected to enhance market activity and support gold prices [2] - Trump's criticism of the Fed's rate cut reflects a demand for more aggressive monetary easing, which may further elevate market risk and bolster gold's appeal as a safe-haven asset [2] Group 3: Future Outlook - The World Gold Council's report highlights that gold had an exceptional year in 2025, with returns exceeding 60%, and anticipates continued strong performance in 2026 [3] - Factors such as declining U.S. Treasury yields, heightened geopolitical risks, and increased demand for safe-haven assets are expected to support gold prices in the coming years [3] - The cyclical demand and structural trends are projected to resonate, keeping gold and silver prices in an upward trajectory [3]

Group 1 - The gold sector is experiencing active performance, with multiple gold-related stocks seeing significant increases in their prices [1][2] - Notable companies in the gold sector include: - Xiaocheng Technology (300139.SZ) with a latest stock price of 31.87 yuan and a daily increase of +13.66%, involved in the entire gold industry chain from exploration to sales in Ghana [1] - Shengda Resources (000603.SZ) with a latest stock price of 30.37 yuan and a daily increase of +5.86%, focusing on non-ferrous metal mining with seven subsidiaries [1] - Baiyin Nonferrous Metals (601212.SH) with a latest stock price of 5.19 yuan and a daily increase of +4.43%, a large enterprise with a full industry chain layout [1] - Xingye Silver Tin (000426.SZ) with a latest stock price of 35.27 yuan and a daily increase of +4.04%, involved in non-ferrous and precious metal mining [1] - Hunan Baiyin (002716.SZ) with a latest stock price of 6.49 yuan and a daily increase of +3.84%, focusing on silver smelting and processing [1] - Shanjin International (000975.SZ) with a latest stock price of 22.29 yuan and a daily increase of +3.48%, a leading domestic gold producer [1] - Zhaojin Gold (000506.SZ) with a latest stock price of 12.35 yuan and a daily increase of +3.35% [1] Group 2 - Additional notable companies include: - Sichuan Gold (001337.SZ) with a latest stock price of 27.90 yuan and a daily increase of +2.80%, a major gold mining company in Sichuan [2] - Zhongjin Gold (600489.SH) with a latest stock price of 21.81 yuan and a daily increase of +2.35%, one of the earliest listed gold companies in China, recently acquiring multiple gold mine equities [2]

Core Viewpoint - The silver sector is experiencing a strong performance, with several companies in the industry showing significant stock price increases. Company Summaries - **Shengda Resources (000603.SZ)**: Latest stock price is 30.37 CNY with a daily increase of +5.86%. It is a leading silver company controlling six mining subsidiaries, with high gross margins among listed companies [1]. - **Silver Industry (601212.SH)**: Latest stock price is 5.19 CNY with a daily increase of +4.43%. It operates a comprehensive production base for various non-ferrous metals [1]. - **Guocheng Mining (000688.SZ)**: Latest stock price is 23.58 CNY with a daily increase of +4.29%. The mines are located in Inner Mongolia, a major lead-zinc mining area [1]. - **Xingye Silver Tin (000426.SZ)**: Latest stock price is 35.27 CNY with a daily increase of +4.04%. Its subsidiary, Yinman Mining, is one of the largest silver-producing mines in China with high silver content [1]. - **Hunan Silver (002716.SZ)**: Latest stock price is 6.49 CNY with a daily increase of +3.84%. It is an important base for silver production and export in China, forming a complete industrial chain from "rich silver copper ore—silver—deep processing" [1]. - **Shanjin International (000975.SZ)**: Latest stock price is 22.29 CNY with a daily increase of +3.48%. Its subsidiary, Yulong Mining, is one of the largest single silver mines in China with high gross margins [1]. - **Zhuye Group (600961.SH)**: Latest stock price is 14.82 CNY with a daily increase of +2.70%. The main smelting products include silver [1]. - **Yuguang Gold Lead (600531.SH)**: Latest stock price is 11.17 CNY with a daily increase of +2.10%. It is a leading domestic silver producer, primarily engaged in the smelting and sales of silver and other non-ferrous metals, with silver ingots as the main product [2].

上证报中国证券网讯 12月10日午后，贵金属板块拉升，截至13时08分，晓程科技涨超17%，盛达资源 涨逾6%，山金国际、招金黄金、四川黄金等跟涨。 | 代码 | 名称 | 最新 | 涨幅% ↓ | 涨跌 | | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 32.82 | 17.05 | 4.78 | | 000603 | 盛达资源 | 30.57 | 6.55 | 1.88 | | 000506 | 招金黄金 | 12.40 | 3.77 | 0.45 | | 000975 | 山金国际 | 22.18 | 2.97 | 0.64 | | 001337 | 四川黄金 | 27.61 | 1.73 | 0.47 | | 600489 | 中金黄金 | 21.64 | 1.55 | 0.33 | | 6009888 | 赤峰黄金 | 30.27 | 1.54 | 0.46 | 12月10日午后，贵金属板块拉升，截至13时08分，晓程科技涨超17%，盛达资源涨逾6%，山金国际、 招金黄金、四川黄金等跟涨。 ...