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]

格隆汇10月10日丨山金国际(000975.SZ)公布，截至2025年9月30日，公司累计通过股票回购专用证券账 户以集中竞价交易方式回购股份数量为1,834,929股，占公司总股本的0.07%，其中，最高成交价为19.45 元/股，最低成交价17.85元/股，成交总金额为34,092,534.43元（不含交易费用）。 ...

Market Overview - On October 10, the precious metals sector fell by 4.22% compared to the previous trading day, with Western Gold leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable stock performances include: - Zhaojin Mining (000506) rose by 7.28% to close at 12.82, with a trading volume of 1.0659 million shares and a turnover of 1.308 billion [1] - Western Gold (601069) fell by 9.06% to close at 29.91, with a trading volume of 455,900 shares and a turnover of 1.384 billion [2] - Other significant declines include: - Chifeng Jilong Gold Mining (600988) down 6.98% to 29.86 [2] - Shandong Gold (600547) down 4.65% to 41.25 [2] Capital Flow Analysis - The precious metals sector experienced a net outflow of 971 million yuan from institutional investors, while retail investors saw a net inflow of 552 million yuan [2][3] - Key capital flows for selected stocks include: - Shandong Gold had a net outflow of 14.34 million yuan from institutional investors, with a net inflow of 67.12 million yuan from retail investors [3] - Zhaojin Mining saw a net outflow of 80.70 million yuan from institutional investors, but a net inflow of 101 million yuan from retail investors [3]

山金国际黄金股份有限公司公告股份回购进展。公司2025年4月、5月相关会议审议通过回购议案，拟用 1 - 2亿元自有资金及专项贷款，以不超29.70元/股价格回购A股并注销减资，回购期限12个月。截至9月 30日，累计回购1,834,929股，占总股本0.07%，最高成交价19.45元/股，最低17.85元/股，成交金额 34,092,534.43元。本次回购资金来源合规，进展符合方案及法规要求，实施过程严格遵守相关规定，后 续将按计划推进并及时披露。 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-051 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。 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。具体内容详见2025 年4月30日、5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《关于回购公司部分股份方案的公告》 （公告编号：2025-015）《回购报告书》（公告编号：2025-022）。 根据《上市公司股份回 ...

国庆中秋假期期间 国际金价和国内各品牌 金饰价格持续上涨 节后第一天，A股黄金股集体大涨 有品牌金饰价格1170元/克 10月9日，黄金概念股开盘大涨，多只个股涨停或涨幅超7%。 | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | | --- | --- | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌幅 ◆ | 涨速 | li | | 西部章全 | | 32.89 | 10.00% | 0.00% | | | 601069.SH | | | | | | | 四川黄金 | | 30.48 | 10.00% | 0.00% | | | 001337.SZ | | | | | | | 中金黄金 | | 24.12 | 9.99% | 0.00% | | | 600489.SH | | | | | | | 山东黄金 | | 43.26 | 9.99% | 0.00% | | | 600547.SH | | | | | | | 茶等贴,不 | | 32.38 | 9.99% | 0.03% | | | 601899.SH | | | | | | | 豫光金铅 | | ...