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].

Core Viewpoint - Shan Jin International (000975) announced a stock buyback plan, indicating a commitment to returning value to shareholders through repurchasing shares [1] Group 1: Company Actions - As of July 31, 2025, the company has repurchased a total of 1,558,129 shares [1] - The repurchased shares represent 0.06% of the company's total share capital [1]

Core Insights - A block trade occurred for Shanjin International (000975) on August 1, 2025, with a volume of 3 million shares and a transaction value of 52.5 million yuan, at a price of 17.50 yuan per share, representing a discount of 2.83% compared to the closing price of 18.01 yuan on that day [1] Trading Activity - The opening price for Shanjin International on that day was 17.85 yuan, with a highest price of 18.16 yuan and a lowest price of 17.85 yuan, closing with a 0.56% increase [1] - The total transaction amount for the day was 234 million yuan, with a turnover rate of 0.51% [1] - The block trade accounted for 22.48% of the total transaction amount for the day [1] Capital Flow - On that day, the net inflow of main funds was 14.63 million yuan, while the stock has seen a cumulative decline of 4.25% over the past five trading days, with a net outflow of 59.33 million yuan [1] - The latest margin financing balance is 863 million yuan, which has increased by 62.50 million yuan over the past five days, reflecting a growth rate of 7.80% [1] Company Valuation - Shanjin International currently has a total market capitalization of 50.009 billion yuan and a circulating market capitalization of 45.519 billion yuan [1] - The company's price-to-earnings ratio is 18.02 times, and the price-to-book ratio is 3.95 times [1] - The company is associated with various concept sectors, including precious metals, Inner Mongolia, S&P, FTSE Russell, and MSCI China [1]

山金国际8月1日大宗交易平台出现一笔成交，成交量300.00万股，成交金额5250.00万元，大宗交易成交 价为17.50元，相对今日收盘价折价2.83%。该笔交易的买方营业部为长江证券股份有限公司上海都市路 证券营业部，卖方营业部为东北证券股份有限公司宁波分公司。 证券时报•数据宝统计显示，山金国际今日收盘价为18.01元，上涨0.56%，日换手率为0.51%，成交额为 2.34亿元，全天主力资金净流入1462.66万元，近5日该股累计下跌4.25%，近5日资金合计净流出5933.01 万元。 两融数据显示，该股最新融资余额为8.63亿元，近5日增加6250.34万元，增幅为7.80%。（数据宝） 8月1日山金国际大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | | 额 | 格 | 收盘折溢 | 买方营业部 | 卖方营业部 | | （万 | （万 | | 价 | | | | 股） | | （元） | | | | | | 元） | | （%） | | | | | | | | 长江证券股份有限公司上海都市路 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-040 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 一、回购进展的具体情况 截至2025年7月31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1,558,129股，占公司总股本的0.06%，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29,094,184.430元（不含交 易费用）。 本次回购股份的资金来源为公司自有资金及回购专项贷款，回购价格未超过 确定的价格上限29.70元/股（含）。公司回购进展情况符合既定的回购方案和相 关法律法规的要求。 二、其他说明 公司回购 A 股股份实施过程严格遵守《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》相关规定，公司回购股份的时间、集中竞价交易的委托 1 证券代码：000975 证券简称：山金国际 公告编号：2025-040 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 ...