Group 1 - The precious metals sector increased by 0.78% on September 12, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Hunan Silver's stock price rose by 9.98% to 6.61, with a trading volume of 2.9966 million shares and a transaction value of 1.934 billion [1] Group 2 - The net inflow of main funds in the precious metals sector was 343 million, while retail investors experienced a net outflow of 335 million [2][3] - Hunan Silver had a main fund net inflow of 549 million, accounting for 27.26% of its total trading [3] - The trading volume and transaction values of other notable companies in the sector included: - Xiaocheng Technology: 28.16, up 5.00%, with a transaction value of 2.378 billion [1] - Hunan Gold: 23.48, up 2.94%, with a transaction value of 1.830 billion [1]

Group 1: Market Overview - The Federal Reserve is expected to shift towards a loose monetary policy, enhancing the appeal of gold as a safe-haven asset amid increasing macroeconomic uncertainties [1] - Gold prices are anticipated to rise further due to strengthened expectations of interest rate cuts by the Federal Reserve, alongside heightened global trade policy uncertainties and regional political turmoil [1] Group 2: Gold Sector Performance - The gold sector is expected to maintain a bullish trend in the first half of 2025, with both cyclical and trend forces resonating [1] - Longjiang Securities notes that gold prices have reached new highs amid deepening trade conflicts and recession expectations in the U.S., with most companies in the industry entering a phase of volume expansion, leading to enhanced profit elasticity [1] Group 3: ETF Fund Performance - As of September 10, 2025, the gold stock ETF fund has seen a net value increase of 52.09% over the past six months, ranking 55 out of 3589 in the index stock fund category [3] - The gold stock ETF fund has achieved a maximum monthly return of 16.59% since its inception, with a historical one-year profit probability of 100% [5] Group 4: Fund Liquidity and Inflows - The gold stock ETF fund has experienced active trading, with a turnover rate of 17.47% and a total transaction volume of 20.08 million yuan [2] - The fund has seen continuous net inflows over the past three days, with a peak single-day net inflow of 33.81 million yuan, totaling 42.81 million yuan in net inflows [2] Group 5: Fund Metrics - The gold stock ETF fund's latest scale reached 116 million yuan, marking a one-year high, with the latest share count at 76.41 million, also a one-year high [2] - The fund's Sharpe ratio for the past year is 1.91, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [6]

Core Viewpoint - The precious metals sector experienced a decline of 1.19% on September 10, with Zhaojin Gold leading the drop. The Shanghai Composite Index rose by 0.13% to close at 3812.22, while the Shenzhen Component Index increased by 0.38% to 12557.68 [1]. Group 1: Market Performance - The precious metals sector saw a significant drop, with Zhaojin Gold closing at 10.59, down 3.99% [2]. - Other notable declines included Shandong Gold down 2.48% to 38.57 and Hunan Silver down 2.56% to 6.09 [2]. - Conversely, Western Gold rose by 7.41% to 33.20, marking the highest increase in the sector [1]. Group 2: Trading Volume and Capital Flow - The total trading volume for the precious metals sector was substantial, with Western Gold achieving a volume of 892,300 shares and a transaction value of 2.844 billion [1]. - The sector experienced a net outflow of 174 million from major funds, while retail investors contributed a net inflow of 167 million [2][3]. - The capital flow data indicates that Zhaojin Gold had a significant net outflow of 43.68 million from major funds, while retail investors showed a net inflow of 35.78 million [3]. Group 3: Individual Stock Analysis - Major stocks in the sector showed varied performance, with Xichuan Technology and Hengbang shares also experiencing gains of 0.22% and 3.54%, respectively [1][2]. - In terms of net capital flow, Zhongjin Gold had a net inflow of 121 million from major funds, while Hunan Silver saw a net outflow of 18.99 million [3]. - The overall sentiment in the precious metals sector appears mixed, with some stocks gaining while others faced significant declines [1][2][3].

Core Points - The company has completed the registration change for its wholly-owned subsidiary, Shanghai Shengwei Mining Investment Co., Ltd., and has received a new business license [2][3][4] Group 1: Company Actions - The company held meetings on December 19, 2024, and January 15, 2025, to approve the reduction of registered capital for its subsidiary [1] - The registered capital of Shanghai Shengwei has been adjusted to RMB 420,799,067 [2] Group 2: Business License Information - The new business license for Shanghai Shengwei includes the following details: - Name: Shanghai Shengwei Mining Investment Co., Ltd. - Unified Social Credit Code: 91310115MA1K39F89L - Type: Limited liability company (wholly owned by a legal entity) - Address: China (Shanghai) Free Trade Pilot Zone, Fute North Road [2] - The company was established on March 25, 2016, and its business scope includes industrial investment, investment consulting, and sales of mineral products, metal materials, and gold and silver products [2]

Core Viewpoint - Shan Jin International (000975) has seen a stock price increase of 5.06% to 21.8 yuan, with a total market capitalization of 60.533 billion yuan as of September 9, 2025 [1] Group 1: Stock Performance - The stock opened at 21.14 yuan, reached a high of 22.2 yuan, and a low of 21.07 yuan on the same day [1] - The trading volume was 1.49 billion yuan, with a turnover rate of 2.71% [1] Group 2: Corporate Announcement - The company announced that its wholly-owned subsidiary, Shanghai Shengwei Mining Investment Co., Ltd., has completed the business registration change and obtained a new business license from the Shanghai Free Trade Zone Market Supervision Administration [1] - The company plans to hold the 9th Board of Directors' 9th meeting and the first extraordinary shareholders' meeting of 2025 on December 19, 2024, and January 15, 2025, respectively, to review the proposal for reducing the registered capital of the wholly-owned subsidiary [1] - Following the capital adjustment, the registered capital of Shanghai Shengwei will be changed to 420.799067 million yuan, with Liu Qin as the legal representative [1]

证券代码：000975 证券简称：山金国际 公告编号：2025-048 统一社会信用代码：91310115MA1K39F89L 类 型：有限责任公司（非自然人投资或控股的法人独资） 住 所：中国（上海）自由贸易试验区富特北路211号302部位368室 法定代表人：刘钦 山金国际黄金股份有限公司 关于全资子公司完成工商变更登记并换发营业执照的公告 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2024年12月19日、 2025年1月15日召开第九届董事会第九次会议、2025年第一次临时股东大会，审 议通过《关于全资子公司减少注册资本的议案》。公司基于整体战略发展规划和 实际经营需要，将全资子公司上海盛蔚矿业投资有限公司（以下简称"上海盛蔚"） 注册资本规模进行调整。本次减少注册资本后，公司仍直接持有上海盛蔚100% 股权。具体内容详见2024年12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《关于全资子公司减少 注册资本的公告》（公告 ...

Group 1 - The stock of Shanjin International (000975) closed at 20.75 yuan on September 8, 2025, down 0.77% with a turnover rate of 1.38% and a trading volume of 347,600 hands, amounting to 723 million yuan [1] - On September 8, the net outflow of main funds was 59.16 million yuan, accounting for 8.18% of the total trading volume, while retail funds saw a net inflow of 9.34 million yuan, representing 1.29% of the total [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with significant net inflows and outflows from main and retail investors [1] Group 2 - Shanjin International's total market value is 57.617 billion yuan, with a net asset of 15.472 billion yuan and a net profit of 1.596 billion yuan, ranking 3rd in the precious metals industry [2] - The company reported a year-on-year revenue increase of 42.14% to 9.246 billion yuan and a net profit increase of 48.43% to 1.596 billion yuan for the first half of 2025 [2] - The company's second-quarter performance showed a revenue of 4.924 billion yuan, up 31.95% year-on-year, and a net profit of 902 million yuan, up 57.67% year-on-year [2] Group 3 - In the last 90 days, 15 institutions rated the stock, with 13 buy ratings and 2 hold ratings, and the average target price set at 21.14 yuan [3] - The definition of fund flow indicates that when stock prices rise, the active buy orders contribute to the trading volume, while during price declines, active sell orders drive the trading volume down [3]

Core Viewpoint - Shan Jin International's stock price has shown volatility, with a year-to-date increase of 36.55% but a recent decline of 1.82% over the past five trading days [1] Group 1: Company Overview - Shan Jin International is located in Beijing and was established on June 18, 1999, with its stock listed on June 8, 2000 [1] - The company primarily engages in precious and non-ferrous metal mining and trading, focusing on gold mining, with its main revenue sources being copper trade (33.67%), gold (32.30%), and silver trade (17.01%) [1] Group 2: Financial Performance - For the first half of 2025, Shan Jin International reported a revenue of 9.246 billion yuan, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [2] - The company has distributed a total of 5.982 billion yuan in dividends since its A-share listing, with 2.568 billion yuan distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.62% to 36,900, with an average of 68,473 circulating shares per person, a decrease of 11.34% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 67.216 million shares, and new entrants like Guotai Junan Dual Benefit Bond A and E Fund CSI 300 ETF [3]

Group 1 - Bridgewater China emphasizes the value of gold as a diversification asset despite its significant price increase, driven by persistent inflation concerns, high government debt, and escalating geopolitical tensions [1] - Investors have not yet made substantial adjustments to their gold allocations, indicating a potential for further investment in gold as a hedge against currency risk [1] - The price movements of gold reflect a growing trend among global central banks and investors to use gold as a safeguard against currency devaluation and significant capital loss due to regional conflicts [1] Group 2 - As of September 5, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index rose by 3.62%, with notable increases in constituent stocks such as Western Gold (up 9.70%) and Zijin Mining (up 5.85%) [3] - The Gold Stock ETF Fund saw a 48.70% increase in net value over the past six months, ranking in the top 1.56% among comparable funds [4] - The Gold Stock ETF Fund has demonstrated strong performance metrics, including a maximum monthly return of 16.59% and a historical one-year profit probability of 100% [4] Group 3 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 66.52% of the index [5] - The top weighted stocks in the index include Zijin Mining, Shandong Gold, and Zhongjin Gold, with Zijin Mining holding a weight of 10.84% [7]

Core Viewpoint - The stock of Shanjin International (000975) has shown a decline in price and significant net outflow of funds, despite strong financial performance in the recent quarterly report [1][2]. Financial Performance - As of the mid-2025 report, Shanjin International reported a main revenue of 9.246 billion yuan, a year-on-year increase of 42.14% [2] - The net profit attributable to shareholders was 1.596 billion yuan, up 48.43% year-on-year [2] - The second quarter of 2025 saw a single-quarter main revenue of 4.924 billion yuan, a 31.95% increase year-on-year, and a net profit of 902 million yuan, up 57.67% year-on-year [2] - The company has a debt ratio of 20.09% and a gross profit margin of 29.98% [2] Market Position - Shanjin International's total market value is 56.506 billion yuan, ranking third in the precious metals industry [2] - The company has a price-to-earnings ratio of 17.71, significantly lower than the industry average of 49.75, indicating a favorable valuation [2] - The return on equity (ROE) stands at 11.72%, compared to the industry average of 7.72%, reflecting strong profitability [2] Fund Flow Analysis - On September 4, 2025, the stock closed at 20.35 yuan, down 1.88%, with a net outflow of main funds amounting to 89.22 million yuan, which is 11.12% of the total transaction amount [1] - Over the past five days, the stock has experienced fluctuating fund flows, with significant net inflows from retail investors [1] Analyst Ratings - In the last 90 days, 15 institutions have rated the stock, with 13 buy ratings and 2 hold ratings, indicating a generally positive outlook [3] - The average target price set by institutions is 21.14 yuan, suggesting potential upside from the current price [3]