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].

Group 1 - The China Securities Subdivision Nonferrous Metals Industry Theme Index (000811) has seen a strong increase of 2.15%, with constituent stocks such as Zijin Mining (601899) rising by 5.44% and Chifeng Jilong Gold Mining (600988) by 5.16% [1] - The Nonferrous 50 ETF (159652) has also increased by 2.08%, with a latest price of 0.93 yuan, and has accumulated a rise of 2.35% over the past month [1] - The trading volume for the Nonferrous 50 ETF was 5.77% with a transaction value of 15.1285 million yuan, and the average daily transaction value over the past year was 20.6154 million yuan [1] Group 2 - The London spot gold price has risen, breaking through $3,310 per ounce, currently reported at $3,314 per ounce, influenced by a weak US dollar and escalating international geopolitical tensions [4] - Moody's has downgraded the US government's credit rating from Aaa to Aa1, ending a 106-year streak of maintaining the highest rating, which has led to a significant increase in US Treasury yields [4] - Long-term factors such as high US debt and deficit rates, potential re-inflation risks, complex global geopolitical situations, and gold purchases by multiple central banks are expected to support gold prices [4] Group 3 - There is a recommendation to focus on leading scale companies and the Nonferrous 50 ETF (159652) for those optimistic about the recovery of precious metals and industrial metal cycles [5] - The suggestion includes investing in off-market connections (Class A: 019164; Class C: 019165) to capture the economic recovery and interest rate easing expectations [5]

每经记者｜刘明涛 每经编辑｜叶峰 5月21日，现货黄金价格盘中突破3300美元关键点位，为5月9日以来首次，这也令黄金股出现大涨。在ETF市场，黄金ETF和黄金股ETF均涨幅靠前，其中， 黄金股ETF（517520）半日涨幅达到3.24%，领涨整个ETF市场。 | 代码 | 名称 | 涨幅% | 现价 | | --- | --- | --- | --- | | 517520 | 黄金股ETF | 3.24 | 1.40 | | 517400 | 黄金股票ETF | 3.04 | 1.11 | | 159321 | 黄金股票ETF | 3.03 | 1.08 | | 159562 | 黄金股ETF | 2.9 | 1.52 | | 159315 | 黄金股ETF基金 | 2.86 | 1.14 | | 159322 | 黄金股票ETF基金 | 2.8 | 1.13 | | ETF规模截止日: 5.20 | | | | ETF份额变化方面，今年以来，黄金股ETF份额整体呈现大幅增加态势，其中，黄金股ETF（517520）年内份额增加了13.84亿份，年内份额变动率为 89.3%，黄金股票ETF（517400）和黄 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-022 山金国际黄金股份有限公司 回购报告书 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。 重要内容提示： 1、本次回购相关议案已经山金国际黄金股份有限公司（以下简称"公司"） 2025 年 4 月 29 日召开的第九届董事会第十二次会议、2025 年 5 月 15 日召开的 2025 年第二次临时股东大会审议通过。 1 2、公司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。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了回购专用证 券账户，该账户仅用于回购公司股份。 4、风险提示： （1）本次回购方案需征询债权人同意，存在债权人不同意而要求公司提前 清偿债务或要求公司提供相应担保的风险； （2）本次 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - The easing of US-China trade tensions has led to a rebound in industrial metal prices, with significant reductions in tariffs announced for both sides [2][4]. - The report highlights a mixed demand outlook for aluminum, with domestic production nearing capacity limits while demand from the construction sector remains weak [2][14]. - For energy metals, cobalt supply tightness is expected to increase due to ongoing export bans from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Precious metals are experiencing short-term price corrections but are expected to perform well in the medium to long term due to central bank purchases and geopolitical tensions [4][67]. Summary by Sections Industrial Metals - Aluminum prices have seen a weekly increase of 2.75%, with domestic production costs rising due to recovering alumina prices [10][14]. - Copper prices remained stable, with a slight weekly change of 0.01%, while copper concentrate imports reached a historical high [2][36]. - Zinc prices increased by 1.15% this week, driven by improved market sentiment following US-China trade negotiations [10][44]. Precious Metals - Gold prices have corrected by 3.72% due to reduced demand for safe-haven assets amid easing trade tensions, while silver prices have shown a smaller decline of 0.37% [10][67]. - The report anticipates a long-term upward trend for gold prices, supported by central bank purchases and ongoing geopolitical risks [4][67]. Energy Metals - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Nickel prices have shown a slight increase of 0.7%, but the overall market remains cautious due to weak demand and high inventory levels [55][57]. Recommended Companies - Key companies recommended in the report include Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and several others in the non-ferrous metals sector [4][5].

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

Group 1 - The price of gold has started to decline after a period of significant increase, particularly following the easing of global trade tensions, including US-China relations [2][3] - Gold prices reached a peak of over $3500 per ounce in late April but fell to around $3100 per ounce by May 15, with a subsequent rebound to approximately $3240 per ounce [2] - The Shanghai Gold Exchange saw Au9999 gold prices drop from a high of 834.6 yuan per gram to a low of 729 yuan per gram within a month, a decline of over 100 yuan [2] Group 2 - The stock prices of gold mining companies have also experienced a significant downturn, with many stocks showing a maximum decline of over 20% since their peak in April [3] - Notable declines in stock prices include Western Gold down 24.94%, Chifeng Gold down 23.06%, and Shandong Gold down 18.25% [3] Group 3 - The enthusiasm for gold ETFs has noticeably decreased, with a significant drop in inflows following the decline in gold prices [5][6] - In April, global physical gold ETFs saw inflows of approximately $11 billion, with total assets reaching $379 billion, driven largely by the Asia-Pacific region [5] - Major gold ETFs like Huaan Gold ETF and Guotai Gold ETF have seen their share counts decline from their peaks in late April [5][6][7]

黄金价格松动。 在全球贸易关系有所缓和，特别是中美贸易关系缓和后，近期黄金价格一改此前高歌猛进的态势，开始连续下跌。 伦敦金现价格4月下旬一度超过3500美元/盎司，但经历近期的频频下跌后，5月15日盘中一度逼近3100美元/盎司，但随后又大幅反弹，一度站上3240美元/盎 司。 上海黄金交易所Au9999黄金价格上月最高一度达834.6元/克，5月15日最低则一度至729元/克，不到一个月时间下跌超过百元。 在全球贸易关系有所缓和后，此前一路高歌猛进的黄金价格开始掉头向下，并产生多方面的影响。在逼近3100美元/盎司后，黄金价格出现大幅波动。 其中一种影响是，多数金矿上市公司股价开始见顶回落，并连续走低。另外，此前"大火"的黄金ETF投资热有明显降温。 金价开始连续下跌 金矿公司股价也连跌 投资者对金矿股的追捧在此过程中也快速降温。此前因为金价的持续上涨，一些主营业务涉及金矿的上市公司股价曾连续上涨。 随着金价自从4月下旬开始见顶回落，金矿类公司的股价开始持续走低。 | 证券代码 | 证券简称 | 自今年4月最高价的 最大跌幅（％） | | --- | --- | --- | | 601069.SH | 西 ...