Group 1 - The core point of the article highlights the recent performance of Shanjin International, which saw a 5.02% increase in stock price, reaching 24.70 CNY per share, with a trading volume of 1.177 billion CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 68.585 billion CNY [1] - Shanjin International is primarily engaged in precious and non-ferrous metal mining and trading, with its main products being gold, copper, silver, and tin. The revenue composition includes copper trading (33.67%), gold (32.30%), silver trading (17.01%), and other metals [1] Group 2 - From the perspective of fund holdings, Shanjin International is the top holding of Anxin Fund's Anxin New Value Mixed A (003026), which reduced its holdings by 49,100 shares in the second quarter, now holding 96,200 shares, accounting for 1.15% of the fund's net value [2] - Anxin New Value Mixed A has a total scale of 36.9236 million CNY, with a year-to-date return of 8.24% and a one-year return of 12.72%, ranking 6228 out of 8234 and 5318 out of 8083 respectively [2]

Core Viewpoint - As of October 10, 2025, Shanjin International (000975) experienced a decline in stock price, closing at 23.52 yuan, down 3.92% with a trading volume of 413,300 hands and a turnover of 975 million yuan [1] Group 1: Trading Information - On October 10, 2025, the net inflow of main funds was 6.9688 million yuan, while the net inflow of speculative funds was 86.3458 million yuan, and retail investors experienced a net outflow of 93.3145 million yuan [2][5] Group 2: Company Announcement - Shanjin International announced a share repurchase plan approved on April 29 and May 15, 2025, intending to use self-owned funds and special loans for repurchase, with a total repurchase amount between 100 million and 200 million yuan, and a maximum repurchase price of 29.70 yuan per share [3] - As of September 30, 2025, the company had repurchased a total of 1,834,929 shares, accounting for 0.07% of the total share capital, with a total transaction amount of 34,092,534.43 yuan (excluding transaction fees) [3][5] - The repurchase price did not exceed the upper limit, and the progress of the repurchase complies with relevant regulations and the repurchase plan [3]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting strong performance and favorable market conditions [8]. Core Views - The report emphasizes that the recent increase in gold prices is driven by heightened risk aversion due to renewed US-China trade tensions and expectations of interest rate cuts by the Federal Reserve [4][8]. - Industrial metals are expected to continue strengthening due to supply disruptions and robust demand, particularly in copper and aluminum [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage markets [3]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index rose by 1.80%, while the SW Non-ferrous Index increased by 11.89% during the reporting period [1]. - Precious metals, including gold and silver, saw significant price increases of 6.48% and 2.48%, respectively [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes that aluminum prices are supported by a seasonal increase in demand and controlled inventory levels, with a current price of 20,950 RMB/ton [27]. - Copper prices are influenced by supply disruptions and a favorable macroeconomic environment, with a recent price of 10,374 USD/ton [12][41]. 2.2 Industrial Metals - The report highlights that aluminum production is expected to remain low due to increased direct supply ratios and seasonal demand, which supports price stability [25][26]. - Copper supply is under pressure from production cuts by major mining companies, which is expected to sustain higher prices [2][41]. 2.3 Lead, Tin, and Nickel - Lead prices have shown resilience due to tight supply conditions, with recent prices around 20,026 USD/ton [58]. - Nickel prices are fluctuating due to regulatory changes in Indonesia and supply concerns, currently priced at 122,180 RMB/ton [60]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices have surged due to strong safe-haven demand, with a recent price of 4,035.50 USD/oz, reflecting a 6.48% increase [14][74]. - Silver prices are also rising, driven by industrial demand and investment interest, currently at 47.52 USD/oz [14][74]. 3.2 Energy Metals - Lithium demand remains robust, with prices supported by strong consumption in electric vehicles and energy storage, with industrial-grade lithium carbonate priced at 71,300 RMB/ton [14][3]. - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, with current prices around 331,500 RMB/ton [3][14]. 4. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, citing strong earnings forecasts and favorable market conditions [4][8].

Core Viewpoint - Shan Jin International (000975) has announced its share repurchase progress, indicating a strategic move to enhance shareholder value amidst recent stock price fluctuations [1] Group 1: Stock Performance - As of October 10, 2025, Shan Jin International closed at 23.52 CNY, down 3.92% from the previous trading day, with a total market capitalization of 65.309 billion CNY [1] - The stock opened at 23.86 CNY, reached a high of 23.88 CNY, and a low of 23.32 CNY, with a trading volume of 9.75 billion CNY and a turnover rate of 1.64% [1] Group 2: Share Repurchase Announcement - The company held board and shareholder meetings on April 29 and May 15, 2025, to approve a share repurchase plan using its own funds and special loans, with a total repurchase amount between 100 million CNY and 200 million CNY [1] - The maximum repurchase price is set at 29.70 CNY per share, with a repurchase period of 12 months from the approval date [1] - As of September 30, 2025, the company has repurchased 1,834,929 shares, accounting for 0.07% of the total share capital, with a total transaction amount of approximately 34.09 million CNY [1] - The repurchase price has not exceeded the upper limit, and the progress aligns with relevant regulations and the repurchase plan [1]

Group 1 - The company announced that as of September 30, 2025, it has repurchased a total of 1,834,929 shares through a dedicated stock repurchase account via centralized bidding, which represents 0.07% of the company's total share capital [2]

Core Viewpoint - Shan Jin International (000975.SZ) has announced a share buyback program, indicating a commitment to returning value to shareholders through stock repurchases [1] Group 1: Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 1,834,929 shares, which represents 0.07% of the total share capital [1] - The highest transaction price during the buyback was 19.45 CNY per share, while the lowest was 17.85 CNY per share [1] - The total amount spent on the buyback reached 34,092,534.43 CNY, excluding transaction fees [1]

Market Overview - On October 10, the precious metals sector fell by 4.22% compared to the previous trading day, with Western Gold leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable stock performances include: - Zhaojin Mining (000506) rose by 7.28% to close at 12.82, with a trading volume of 1.0659 million shares and a turnover of 1.308 billion [1] - Western Gold (601069) fell by 9.06% to close at 29.91, with a trading volume of 455,900 shares and a turnover of 1.384 billion [2] - Other significant declines include: - Chifeng Jilong Gold Mining (600988) down 6.98% to 29.86 [2] - Shandong Gold (600547) down 4.65% to 41.25 [2] Capital Flow Analysis - The precious metals sector experienced a net outflow of 971 million yuan from institutional investors, while retail investors saw a net inflow of 552 million yuan [2][3] - Key capital flows for selected stocks include: - Shandong Gold had a net outflow of 14.34 million yuan from institutional investors, with a net inflow of 67.12 million yuan from retail investors [3] - Zhaojin Mining saw a net outflow of 80.70 million yuan from institutional investors, but a net inflow of 101 million yuan from retail investors [3]

Core Viewpoint - The company, Shanjin International Gold Co., Ltd., has announced the progress of its share repurchase plan, which is aimed at enhancing shareholder value and optimizing capital structure [1] Group 1: Share Repurchase Plan - The company plans to use 100 to 200 million yuan of its own funds and special loans to repurchase A-shares at a price not exceeding 29.70 yuan per share [1] - The repurchase period is set for 12 months, with meetings in April and May 2025 approving the repurchase proposal [1] - As of September 30, the company has repurchased a total of 1,834,929 shares, accounting for 0.07% of the total share capital, with a maximum transaction price of 19.45 yuan per share and a minimum of 17.85 yuan per share [1] Group 2: Compliance and Future Plans - The source of funds for the repurchase is compliant with regulations, and the progress aligns with the proposed plan and legal requirements [1] - The implementation process strictly adheres to relevant regulations, and the company will continue to advance the plan and disclose updates in a timely manner [1]

证券代码：000975 证券简称：山金国际 公告编号：2025-051 山金国际黄金股份有限公司 关于股份回购进展情况的公告 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、误导性陈述或重大遗漏。 山金国际黄金股份有限公司（以下简称"公司"）分别于2025年4月29日、5 月15日召开第九届董事会第十二次会议、2025年第二次临时股东大会，均审议通 过了关于回购公司部分股份的议案，拟使用自有资金及回购专项贷款以集中竞价 交易方式回购公司已发行的人民币普通股（A股），本次回购的股份将全部予以 依法注销并减少公司注册资本，拟用于回购的资金总额不低于人民币1亿元（含）， 且不超过人民币2亿元（含），回购价格不超过人民币29.70元/股（含）。回购 期限为自公司股东大会审议通过回购方案之日起12个月内。具体内容详见2025 年4月30日、5月20日披露于《中国证券报》《证券时报》《上海证券报》及巨潮 资讯网（http://www.cninfo.com.cn）的《关于回购公司部分股份方案的公告》 （公告编号：2025-015）《回购报告书》（公告编号：2025-022）。 根据《上市公司股份回 ...

Core Viewpoint - During the National Day and Mid-Autumn Festival holiday, international gold prices and domestic gold jewelry prices continued to rise, leading to a significant increase in A-share gold stocks on the first trading day after the holiday [1][5]. Price Trends - On October 9, the price of gold jewelry brands surged, with Chow Sang Sang's gold price reaching 1170 yuan per gram, an increase of 45 yuan compared to September 30 [3]. - Other brands such as Chow Tai Fook and Luk Fook also saw their gold prices rise to 1168 yuan per gram, up from 1123 yuan, while Lao Miao's gold price increased to 1160 yuan per gram, up 34 yuan [3][4]. Market Dynamics - Despite rising gold prices suppressing demand for gold jewelry, the consumption amount for gold jewelry reached a historical high in the first half of the year, with retail sales of gold and silver jewelry reaching 194.8 billion yuan, a growth of 11.3% [5]. - Various gold jewelry brands are seeking differentiated market positioning, moving away from price competition. Many brands have tightened discount strategies and emphasized unique craftsmanship and product features during sales [4]. Future Outlook - Analysts suggest that if the Federal Reserve further lowers interest rates and geopolitical tensions persist, gold prices may continue to rise. Predictions indicate that international gold prices could fluctuate between 3800 to 4100 dollars per ounce by the end of the year [6]. - Some institutions, like Bank of America, predict that gold prices could reach 4000 dollars this year, while UBS forecasts a potential long-term rise to 4200 dollars [6].