Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

证券代码：000975 证券简称：山金国际 公告编号：2025-024 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。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，公司应当在每个月的前三个交易日内披露截至 上月末的回购进展情况。现将有关情况公告如下： 截至2025年5月31日，公司尚未实施股份回购。 公司后续将根据市场情况在回购期限内择机实施本次回购方案，并根据有关 规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 山金国际黄金股份有限公司董事会 二〇二五年六月三日 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 ...

Market Overview - The three major A-share indices rebounded collectively, with the Shanghai Composite Index rising by 0.48%, the Shenzhen Component Index by 0.35%, and the ChiNext Index by 0.73% [1] - The total market turnover reached 763.9 billion yuan, a decrease of 7.7 billion yuan compared to the same period of the previous trading day [1] - Over 3,400 stocks in the market experienced gains [1] Sector Performance - The gold sector led the market, with Western Gold hitting the daily limit [1][9] - The innovative drug sector remained active, with stocks like Wanbangde and Qianhong Pharmaceutical also hitting the daily limit [1] - The new consumption concept saw renewed activity, with stocks like Ruoyuchen and Wancheng Group hitting their historical highs [1][12] Sports Sector Impact - The Jiangsu City Football League ("Su Chao") attracted significant attention, with 15,669 fans attending a match despite rain [3] - The popularity of "Su Chao" translated into the capital market, with Jinling Sports hitting a 20% limit up and 11 stocks in the Jiangsu sector reaching their daily limits [4][6] Gold Market Insights - Gold prices rebounded, with COMEX gold futures surpassing $3,400 per ounce [11] - The gold sector in both A-shares and Hong Kong stocks showed strong performance, with several companies like China Silver Group and Zijin Mining also experiencing gains [9][11] New Consumption Trends - The new consumption sector saw significant growth, with stocks like Ruoyuchen and Wancheng Group achieving historical highs [12] - Recent data indicated that several new consumption stocks have seen their prices more than double, with Ruoyuchen and Wancheng Group increasing over four times [18]

Investment Rating - The investment rating for non-ferrous metals is "Overweight" (maintained) [5] - The investment rating for basic metals and processing is also "Overweight" (maintained) [5] - The specific recommendation for the company "Shan Jin International" is "Buy" with a target price of 25.53 [6][54] Core Views - Gold prices are expected to show strong fluctuations due to tariff policies and inflation expectations [1][15] - Basic metals are experiencing strong near-term demand, with a focus on inventory turning points [3][13] - The report highlights the impact of U.S. tariff policies on both gold and basic metals, suggesting potential upward pressure on gold prices [2][15] Summary by Sections Industry Overview - The report indicates that gold prices may experience strong fluctuations in the short term due to ongoing tariff policies and inflation data [1][15] - Basic metals are currently facing strong demand, with a particular emphasis on monitoring inventory levels as a potential turning point [3][13] Key Companies and Dynamics - The report suggests that the ongoing tariff disputes and U.S. fiscal expansion may provide upward momentum for gold prices, recommending investment in industry leaders like Shan Jin International [2] - Shan Jin International reported a revenue of 4.321 billion yuan for Q1 2025, a year-on-year increase of 55.84%, and a net profit of 694 million yuan, up 37.91% year-on-year [55] Sub-industry Insights - Basic metals are seeing robust near-term demand, with a focus on inventory turning points [3][13] - The report notes that the aluminum market is experiencing a decline in inventory, which may support prices in the near term [14] - The gold market is influenced by U.S. tariff policies, which may lead to strong fluctuations in prices [15]

Summary of Key Points Core Viewpoint - As of May 30, 2025, Shanjin International (000975) closed at 19.69 yuan, down 4.14% from the previous week, with a total market capitalization of 54.674 billion yuan, ranking 3rd in the precious metals sector and 246th in the A-share market [1]. Company Announcements - Shanjin International announced the adjustment of guarantee limits among its wholly-owned subsidiaries, with a total guarantee amount of 455.4 million yuan expected to be approved in board meetings on December 19, 2024, and January 15, 2025, valid until December 31, 2025 [1][4]. - The entire guarantee limit of 200 million yuan for Osino Gold Exploration and Mining (Pty) Ltd. has been transferred to Osino Mining Investments Limited, representing 15.41% of the company's latest audited net assets [1]. - A new guarantee of 21.5628 million yuan has been established for Sino Gold Tenya (HK) Limited, with a joint liability guarantee valid for two years from the contract signing date [1]. - After these adjustments, the total guarantee balance for the company and its subsidiaries is 62.9628 million yuan, accounting for 4.85% of the latest audited net assets, with no overdue guarantees or litigation-related guarantees reported [1].

证券代码：000975 证券简称：山金国际 公告编号：2025-023 山金国际黄金股份有限公司 关于全资子公司之间调剂担保额度暨担保进展的公告 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。 一、担保情况概述 山金国际黄金股份有限公司（以下简称"公司"或"山金国际"）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及第九届监事会第七 次会议、2025年第一次临时股东大会，均审议通过了《关于为子公司提供担保额 度预计的议案》，为满足公司及下属子公司日常经营和业务发展需要，提高公司 融资决策效率，公司同意为合并报表范围内的全资及控股子公司提供担保，预计 担保总额度为455,400.00万元，其中为资产负债率低于70%的子公司提供担保的 额度不超过199,400.00万元，为资产负债率70%以上的子公司提供担保的额度不 超过256,000.00万元。担保额度的有效期为公司2025年第一次临时股东大会审议 通过之日至2025年12月31日，本次额度生效后，前次审议剩余额度自动失效。如 单笔担保的存续期超过了决议的有效期，则决议的有效期自 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 1.26%, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, with inventories decreasing [39]. - **Tin**: LME tin price fell by 0.46% to $32,665 per ton, with mixed inventory trends [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a lackluster Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [51][49]. Rare Earths - The report indicates stable supply and moderate demand for rare earths, with prices showing a slight decline [4]. News Highlights - The report discusses the implications of U.S. tariff policies and their potential impact on the market, particularly in relation to gold and industrial metals [4][51].

Investment Rating - The report maintains an "OUTPERFORM" rating for Shanjin International Gold, with a target price of Rmb24.40 based on a current price of Rmb20.54 [2][6]. Core Views - The rise in gold prices has led to increased profits for the company, with significant growth in both revenue and net profit expected in the coming years. The company is enhancing its resource connectivity capabilities through strategic acquisitions [1][5][6]. Financial Performance - In Q1 2025, the company achieved operating income of Rmb4.321 billion, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.40%. The net profit attributable to shareholders was Rmb694 million, up 37.91% year-on-year and 55.66% quarter-on-quarter, marking a historical high for a single quarter [3][13]. - The gross profit margin for mineral gold significantly increased to 77.57%, with a sales price of Rmb659 per gram, reflecting a 35% year-on-year increase. The unit sales cost decreased by 5.41% to Rmb147.87 per gram [4][14]. Revenue and Profit Forecast - The company forecasts revenues of Rmb15.845 billion, Rmb17.904 billion, and Rmb20.708 billion for 2025, 2026, and 2027 respectively. Net profits are expected to be Rmb3.374 billion, Rmb4.196 billion, and Rmb5.355 billion for the same years [6][16]. - The diluted EPS is projected to increase from Rmb1.22 in 2025 to Rmb1.93 in 2027, with a corresponding P/E ratio decreasing from 26 in 2025 to 11 in 2027 [6][11]. Resource Acquisition and Expansion - The company has made significant progress in resource acquisition, including the purchase of a 52.07% stake in Yunnan Western Mining Co., Ltd. and the acquisition of the Osino project in Namibia, which adds 127.2 tons of gold resources and is expected to increase annual production capacity by 5 tons [5][15].

Investment Rating - The report maintains an "OUTPERFORM" rating for Shanjin International Gold, with a target price of Rmb 24.40 based on a current price of Rmb 20.54 [2][6]. Core Views - The rise in gold prices has led to increased profits for the company, with significant growth in both revenue and net profit expected in the coming years [3][6]. - The company's ability to connect resources has been enhanced through strategic acquisitions, including a significant stake in Yunnan Western Mining Co., Ltd. and the Osino project in Namibia, which adds substantial gold resources [5][15]. Financial Performance - In Q1 2025, the company achieved operating income of Rmb 4.321 billion, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.40% [3][13]. - The net profit attributable to shareholders for the same period was Rmb 694 million, reflecting a year-on-year increase of 37.91% and a quarter-on-quarter increase of 55.66% [3][13]. Profitability Metrics - The gross profit margin for mineral gold in Q1 2025 was 77.57%, up 9.59 percentage points year-on-year, driven by a sales price increase of 35% [4][14]. - The company has demonstrated strong cost control, with a decrease in unit sales costs for mineral gold and silver, contributing to improved profitability [4][14]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are Rmb 15.845 billion, Rmb 17.904 billion, and Rmb 20.708 billion, respectively, with net profits expected to be Rmb 3.374 billion, Rmb 4.196 billion, and Rmb 5.355 billion [6][16]. - The expected EPS for the same period is Rmb 1.22, Rmb 1.51, and Rmb 1.93, indicating a clear growth trend in earnings [6][16]. Strategic Developments - The company has made significant progress in resource acquisition, including the purchase of exploration rights in Yunnan and the acquisition of the Osino project, which is expected to enhance its international presence and production capacity [5][15].