Group 1 - Gold stocks experienced a significant decline in the afternoon of October 14, with Zijin Mining falling over 5% after reaching a historical high earlier in the day [1] - Other gold companies such as Zhaojin Mining, Zhongjin Gold, Shandong Gold, Chifeng Gold, and Sichuan Gold also saw collective drops in their stock prices [1] Group 2 - Zhaojin Mining's stock price decreased by 4.12%, currently priced at 13.50 [2] - Sichuan Gold's stock fell by 3.60%, with a current price of 30.23 [2] - Zhongjin Gold's stock declined by 3.37%, now at 24.64 [2] - Chifeng Gold's stock dropped by 3.18%, currently priced at 31.08 [2] - Shandong Gold's stock decreased by 1.95%, with a current price of 42.75 [2]

Core Viewpoint - As of October 13, 2025, Shanjin International (000975) closed at 24.68 yuan, up 4.93%, with significant net inflows from institutional and retail investors, indicating positive market sentiment towards the stock [1]. Financial Performance - Shanjin International reported a main revenue of 9.246 billion yuan for 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [3]. - The company's second-quarter performance showed a 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 [3]. Market Activity - On October 13, 2025, the stock experienced a net inflow of 90.6 million yuan from institutional investors, accounting for 7.21% of the total trading volume, while retail investors saw a net outflow of 138 million yuan, representing 11.02% of the total [1]. - Over the past five days, the stock has seen fluctuating net inflows and outflows, with a notable increase in institutional buying on October 13 compared to previous days [1][2]. Valuation and Industry Position - Shanjin International's total market capitalization is 68.53 billion yuan, ranking third in the precious metals industry, with a price-to-earnings ratio of 21.47, significantly lower than the industry average of 64.55 [3]. - The company has a net asset value of 15.472 billion yuan and a return on equity (ROE) of 11.72%, which is above the industry average of 7.72% [3]. Analyst Ratings - In the last 90 days, 16 institutions have rated the stock, with 13 buy ratings and 3 hold ratings, indicating strong institutional support [4].

Core Viewpoint - The precious metals sector experienced a significant increase of 6.56% on October 13, with Western Gold leading the gains, while the overall stock indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3889.5, down 0.19% - The Shenzhen Component Index closed at 13231.47, down 0.93% [1] Group 2: Precious Metals Sector Stocks - Western Gold (601069) closed at 32.90, up 10.00% with a trading volume of 566,200 shares and a transaction value of 1.802 billion yuan - Zhaojin Mining (000506) closed at 14.08, up 9.83% with a trading volume of 955,300 shares - Xiaocheng Technology (300139) closed at 29.96, up 8.63% with a trading volume of 808,400 shares and a transaction value of 2.376 billion yuan - Zhongjin Gold (600489) closed at 25.50, up 8.05% with a trading volume of 1,703,300 shares and a transaction value of 4.144 billion yuan - Chifeng Jilong Gold (600988) closed at 32.10, up 7.50% with a trading volume of 1,070,000 shares - Hunan Silver (002716) closed at 7.62, up 7.32% with a trading volume of 3,121,500 shares and a transaction value of 2.289 billion yuan - Shandong Gold (600547) closed at 43.60, up 5.70% with a trading volume of 932,100 shares - Shanjin International (000975) closed at 24.68, up 4.93% with a trading volume of 522,000 shares and a transaction value of 1.257 billion yuan - Hunan Gold (002155) closed at 23.47, up 4.36% with a trading volume of 1,035,800 shares - Sichuan Gold (001337) closed at 31.36, up 4.12% with a trading volume of 448,700 shares [1] Group 3: Capital Flow Analysis - The precious metals sector saw a net inflow of 988 million yuan from institutional investors and a net inflow of 108 million yuan from retail investors, while retail investors experienced a net outflow of 1.096 billion yuan [1] - Western Gold had a net inflow of 352 million yuan from institutional investors, accounting for 19.51% of its trading volume, while retail investors had a net outflow of 156 million yuan [2] - Zhongjin Gold had a net inflow of 263 million yuan from institutional investors, accounting for 6.34% of its trading volume, with a net outflow of 207 million yuan from retail investors [2]

Investment Rating - The report upgrades the investment rating to "Positive" for the gold market [5]. Core Viewpoints - The escalation of US-China trade tensions has led to increased market risk aversion, driving gold prices to new historical highs, with spot gold reaching over $4060 per ounce on October 13 [3]. - The impact of the current round of US-China trade friction is expected to be limited, as both economies have developed a basic understanding of each other's economic resilience, and upcoming high-level negotiations may lead to a consensus [4]. - The gold market is unlikely to replicate the bull market seen during the previous US-China tariff conflict, as the likelihood of tariffs being implemented is low, with only a 16.5% chance according to Polymarket data [4][7]. Summary by Sections Market Performance - The report notes that the US stock indices fell significantly due to the trade tensions, with the Dow Jones down 1.9%, S&P 500 down 2.71%, and Nasdaq down 3.56% on the announcement day [3]. - Gold prices are expected to experience high volatility in the short term, supported by strong buying interest as the market digests the impact of trade tensions [5]. Economic Indicators - The US government is facing a shutdown crisis, which raises concerns about the stability of the US dollar and sovereign debt, potentially leading to increased capital inflows into gold [5]. - The Federal Reserve is expected to lower interest rates by 25 basis points, with a 95.7% probability, which would reduce the opportunity cost of holding gold and support its price [7][14]. Recommendations - The report recommends focusing on investment opportunities in gold-related companies, specifically mentioning Shandong Gold International (000975.SZ), Chifeng Jilong Gold Mining (600988.SH), and Shandong Gold Mining (600547.SH) as potential targets [7].

Group 1 - The precious metals sector surged nearly 7% on October 13, with notable stocks like Western Gold and Zhaojin Gold experiencing significant gains [1] - Spot gold reached a historical high of $4,078 per ounce, while spot silver increased by over 2% to $51.71 per ounce [1] - Domestic gold jewelry prices exceeded 1,190 RMB per gram, with major brands adjusting their prices upwards [1][2] Group 2 - The precious metals index has increased by over 113% this year, outperforming the broader market [3] - Stocks such as Zhaojin Gold and Western Gold have seen their prices double, with Zhaojin Gold up by 254.66% and Western Gold by 187.34% [4] - Hunan Gold had the smallest increase among the listed companies, with a rise of 49.21% [4]

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]