Summary of Key Points Core Viewpoint - On August 4, 2023, Shanjin International experienced significant trading activity on the block trading platform, with a total transaction volume of 4.9039 million shares and a total transaction value of 89.5454 million yuan, indicating a discount of 2.98% compared to the closing price of the day [2]. Trading Activity - The stock had a closing price of 18.82 yuan, reflecting an increase of 4.50% for the day, with a turnover rate of 2.18% and a total trading volume of 1.033 billion yuan [2]. - Over the past five days, the stock has seen a cumulative increase of 2.17%, while the net outflow of funds totaled 35.652 million yuan [2]. Margin Financing - The latest margin financing balance for Shanjin International stands at 869 million yuan, with an increase of 47.156 million yuan over the past five days, representing a growth rate of 5.74% [2]. Block Trade Details - A detailed overview of the block trades on August 4 includes: - Transaction volume: 239.78 thousand shares, transaction value: 43.7839 million yuan, transaction price: 18.26 yuan, with a discount of 2.98% [2]. - Additional transactions included 150.00 thousand shares and 100.61 thousand shares, both at the same price and discount [2].

8月4日，山金国际大宗交易成交490.39万股，成交额8954.54万元，占当日总成交额的7.98%，成交价 18.26元，较市场收盘价18.82元折价2.98%。 ...

截至2025年8月4日 14:16，中证沪深港黄金产业股票指数(931238)强势上涨4.16%，成分股山东黄金(01787)上涨10.78%，赤 峰黄金(06693)上涨8.20%，招金矿业(01818)上涨8.11%，赤峰黄金(600988)，山东黄金(600547)等个股跟涨。黄金股票ETF 基金(159322)上涨3.68%，最新价报1.21元。拉长时间看，截至2025年8月1日，黄金股票ETF基金近3月累计上涨6.76%，涨 幅排名可比基金1/6。 近期，美国非农数据大幅下滑，引发市场对美联储降息预期的显著升温。美国7月新增非农就业人数仅为7.3万人，远低于 预期的11万人，且前两个月数据合计下修25.8万人。这一数据表现表明美国劳动力市场明显降温，市场普遍预期美联储将 在9月开启降息周期。在此背景下，黄金作为典型的避险资产，其配置价值进一步凸显。在全球贸易博弈持续、区域局势紧 张的环境下，黄金的货币属性和避险属性双重支撑金价中长期上行趋势。长江证券指出，黄金股或有望在金价、估值、风 格三维度迎来季度级共振，建议投资者切换增配。推荐关注山东黄金、招金矿业、赤峰黄金、中金黄金、山金国际等黄金 板块核心 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601069 | 西部黄金 | | 3.93 | 181亿 | 73.56 | | 300139 | 晓程科技 | | 3.79 | 53.98 Z | 35.02 | | 6009888 | 赤峰黄金 | -06- | 3.46 | 449亿 | 52.40 | | 600547 | 山东黄金 | -06- | 2.95 | 1358亿 | 34.79 | | 000975 | 山金国际 | 1 | 2.72 | 514亿 | 22.61 | | 605599 | 菜自股份 | | 2.19 | 120亿 | 41.27 | | 002237 | 恒邦股份 | 来 | 1.80 | 136亿 | 18.97 | | 001337 | 四川黄金 | | 1.77 | 99.12亿 | 14.18 | | 603588 | 高能环境 | 来 | 1.58 | 98.10亿 | 24.44 | | 002155 | 湖南黄金 | | 1.52 | 281亿 | ...

Group 1 - The core viewpoint is that the gold stocks have collectively strengthened due to rising risk aversion, driven by disappointing U.S. non-farm employment data, which has led to an increase in gold prices [1][2] - The non-farm employment report indicated an increase of 73,000 jobs in July, below the market expectation of 104,000, with the unemployment rate rising by 0.1 percentage points to 4.2% [1] - The gold price surged by $40 following the non-farm data release, closing at $3,363 per ounce, erasing previous losses [2] Group 2 - The long-term outlook suggests that the combination of "rate cut trades" and "Trump 2.0" will continue to catalyze gold prices through 2025, with central bank purchases providing strong support [3] - The World Gold Council reported that global gold demand is expected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and investment demand [3] - The top ten weighted stocks in the non-ferrous metal industry index account for 49.71% of the index, with major companies including Zijin Mining, Northern Rare Earth, and Shandong Gold [4]

A股市场黄金概念股逆势上涨，其中，西部黄金、晓程科技、赤峰黄金涨超3%，山东黄金、山金国 际、菜百股份涨超2%。消息面上，伦敦金现上周五收涨超2%报3362.64美元，美联储降息预期不断升 温，提振了黄金的吸引力。 | 代码 | 名称 | | 涨幅% ↓ | 总市値 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601069 | 西部黄金 | | 3.93 | 181亿 | 73.56 | | 300139 | 晓程科技 | | 3.79 | 53.98亿 | 35.02 | | 6009888 | 赤峰黄金 | -06- | 3.46 | 449亿 | 52.40 | | 600547 | 山东黄金 | -06- | 2.95 | 1358亿 | 34.79 | | 000975 | 山金国际 | 1 | 2.72 | 514亿 | 22.61 | | 605599 | 菜自股份 | | 2.19 | 120亿 | 41.27 | | 002237 | 恒邦股份 | 来 | 1.80 | 136亿 | 18.97 | | 001337 | 四川黄金 ...

Core Viewpoint - As of August 1, 2025, Shanjin International (000975) reported a closing price of 18.01 yuan, reflecting a 0.56% increase, with a trading volume of 129,600 lots and a total transaction amount of 234 million yuan [1]. Trading Information Summary - On August 1, 2025, the net inflow of main funds into Shanjin International was 14.08 million yuan, accounting for 6.03% of the total transaction amount. Retail investors experienced a net outflow of 11.41 million yuan, representing 4.88% of the total transaction amount, while speculative funds saw a net outflow of 2.67 million yuan, or 1.14% of the total transaction amount. Additionally, there was a significant block trade amounting to 52.5 million yuan on the same day [2][3]. Company Announcement Summary - Shanjin International announced its share repurchase progress, stating that as of July 31, 2025, it had repurchased 1,558,129 shares, which is 0.06% of the total share capital, with a total transaction amount of approximately 29.09 million yuan. The repurchase was conducted under a plan approved in meetings held on April 29 and May 15, 2025, with a total repurchase budget between 100 million yuan and 200 million yuan, and a maximum repurchase price of 29.70 yuan per share. The repurchase period is set for 12 months from the approval date [4][5]. Mining Project Update - The company is currently processing the approval procedures for the mining rights of the Xijingou project, which were obtained in the first quarter of 2023. The approval department has accepted the submitted documents. The company is also advancing the construction of the Yulong Mining 1118 project, which is expected to transition from exploration rights to mining rights by September 2024. However, the specific timeline for production commencement remains uncertain [6].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4][6][10]. Core Views - The report highlights a significant increase in the probability of interest rate cuts, which has led to rising prices for both industrial and precious metals. The macroeconomic environment is expected to support metal prices in the second half of the year [2][4]. - Industrial metals are anticipated to benefit from ongoing macroeconomic policy support in China, with a focus on the "14th Five-Year Plan" and continued investment in infrastructure [2][4]. - Precious metals, particularly gold, are expected to see a long-term upward trend due to central bank purchases and weakening US dollar credit [4][6]. Summary by Sections Industrial Metals - Copper prices have been affected by the US imposing a 50% tariff on semi-finished copper, leading to a significant drop in COMEX copper prices. However, domestic demand is showing signs of recovery with an increase in the operating rate of copper rod enterprises to 71.73% [2][4]. - Aluminum production capacity remains stable, but demand is weak due to seasonal factors, with social inventory increasing to 544,000 tons [2][4]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Cobalt prices are expected to rise due to the impact of the Democratic Republic of Congo's mining ban, while lithium prices have seen a rapid decline amid cautious market sentiment [3][4]. - Nickel prices are projected to remain strong due to low inventory levels and increased purchasing activity from downstream sectors [3][4]. - Recommended companies include Huayou Cobalt and Zangge Mining [3][4]. Precious Metals - Gold prices are expected to rise due to strong central bank purchases and a favorable macroeconomic environment, with the report highlighting a long-term upward trend for gold prices [4][6]. - Silver prices are also expected to increase, driven by industrial demand and recovery in the market [4][6]. - Key companies recommended include Shandong Gold, Zhongjin Gold, and Zijin Mining [4][6].

Core Viewpoint - The company has approved a share repurchase plan, intending to buy back shares using its own funds and special loans, with a total amount between RMB 100 million and RMB 200 million, and a maximum repurchase price of RMB 29.70 per share [1]. Group 1: Share Repurchase Plan - The company held meetings on April 29 and May 15, 2025, to approve the share repurchase plan [1]. - The repurchase will involve the buyback of A-shares, which will be canceled and will reduce the company's registered capital [1]. - The repurchase period is set for 12 months from the date of the shareholders' meeting approval [1]. Group 2: Repurchase Progress - As of July 31, 2025, the company has repurchased a total of 1,558,129 shares, representing 0.06% of the total share capital [2]. - The highest transaction price during the repurchase was RMB 19.45 per share, while the lowest was RMB 17.85 per share, with a total transaction amount of RMB 29,094,184.43 (excluding transaction fees) [2]. - The funds for the repurchase are sourced from the company's own funds and special loans, adhering to the established price cap of RMB 29.70 per share [2]. Group 3: Compliance and Regulations - The company is following the relevant regulations for share repurchase, including not repurchasing shares during significant events that could impact stock prices [3]. - The company ensures that the repurchase transactions comply with trading price limits and other regulatory requirements [3]. - Future repurchase actions will be based on market conditions, and the company will fulfill its information disclosure obligations as required [3].

Core Viewpoint - The company, Shanjin International Gold Co., Ltd., has approved a share buyback plan, intending to repurchase its own A-shares using self-owned funds and special loans, with a total amount between RMB 100 million and RMB 200 million, and a maximum buyback price of RMB 29.70 per share [1][2]. Group 1: Buyback Plan Details - The buyback plan was approved during the 12th meeting of the 9th Board of Directors and the second extraordinary general meeting of shareholders held on April 29 and May 15, 2025 [1]. - The total amount allocated for the buyback will not be less than RMB 100 million and not more than RMB 200 million, with a maximum price of RMB 29.70 per share [1][2]. - The buyback period is set for 12 months from the date of approval by the shareholders [1]. Group 2: Buyback Progress - As of July 31, 2025, the company has repurchased a total of 1,558,129 shares, which accounts for 0.06% of the total share capital [1]. - The highest transaction price during the buyback was within the established price limit [2]. Group 3: Compliance and Regulations - The company has adhered to the relevant regulations and guidelines for share buybacks as stipulated by the Shenzhen Stock Exchange [2]. - The buyback process has been conducted in compliance with the rules, including the timing and trading methods [2].