Core Insights - The precious metals sector experienced a significant increase of 2.81% on January 13, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Precious Metals Sector Performance - Xiaocheng Technology (300139) closed at 38.47, up 8.52%, with a trading volume of 566,300 shares and a transaction value of 2.152 billion yuan [1] - Hunan Silver (002716) closed at 9.02, up 7.64%, with a trading volume of 4.4151 million shares and a transaction value of 3.964 billion yuan [1] - Shandong Gold (600547) closed at 46.27, up 2.80%, with a trading volume of 516,600 shares and a transaction value of 2.401 billion yuan [1] - The overall net inflow of main funds in the precious metals sector was 475 million yuan, while retail investors saw a net outflow of 217 million yuan [1] Fund Flow Analysis - Hunan Silver (002716) had a main fund net inflow of 186 million yuan, but retail investors experienced a net outflow of 70.625 million yuan [2] - Xiaocheng Technology (300139) saw a main fund net inflow of 113 million yuan, with retail investors facing a net outflow of 100 million yuan [2] - Shandong Gold (600547) recorded a main fund net inflow of 100 million yuan, while retail investors had a net outflow of 72.668 million yuan [2]

Group 1 - The core viewpoint of the news is that Shanjin International (000975) has shown positive financial performance in recent quarters, with significant year-on-year growth in revenue and net profit [2] - As of January 12, 2026, Shanjin International's stock closed at 25.72 yuan, reflecting a 1.1% increase, with a turnover rate of 1.48% and a trading volume of 374,100 hands, amounting to a total transaction value of 964 million yuan [1] - In the latest funding flow data, the main funds experienced a net outflow of 14.37 million yuan, accounting for 1.49% of the total transaction value, while retail investors saw a net inflow of 36.89 million yuan, representing 3.83% of the total transaction value [1] Group 2 - For the first three quarters of 2025, Shanjin International reported a main revenue of 14.996 billion yuan, a year-on-year increase of 24.23%, and a net profit attributable to shareholders of 2.46 billion yuan, up 42.39% year-on-year [2] - The company's third-quarter performance showed a single-quarter main revenue of 5.75 billion yuan, a 3.3% year-on-year increase, and a net profit of 864 million yuan, reflecting a 32.43% year-on-year growth [2] - Shanjin International's debt ratio stands at 19.16%, with an investment income of 10.58 million yuan and financial expenses of 30.25 million yuan, while maintaining a gross profit margin of 28.39% [2]

Group 1 - The precious metals sector increased by 1.62% on January 12, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Hunan Silver's stock price rose to 8.38, reflecting a 6.08% increase, with a trading volume of 3.1778 million shares [1] Group 2 - The net outflow of main funds in the precious metals sector was 229 million yuan, while retail investors saw a net inflow of 185 million yuan [1] - Major stocks like Shandong Gold and Hunan Silver experienced varying levels of net fund inflows and outflows, with Shandong Gold seeing a net inflow of 108 million yuan [2] - Retail investors contributed significantly to the net inflow in several stocks, including Hunan Silver and Sichuan Gold, despite overall sector outflows [2]

公司发布的三季报数据显示，前三季度公司共实现营业收入149.96亿元，同比增长24.23%，实现净利润 24.60亿元，同比增长42.39%，基本每股收益为0.8860元，加权平均净资产收益率17.87%。（数据宝） 山金国际股价创出历史新高，截至9:37，该股上涨2.12%，股价报25.98元，成交量722.18万股，成交金 额1.88亿元，换手率0.29%，该股最新A股总市值达721.39亿元，该股A股流通市值656.63亿元。 两融数据显示，该股最新（1月9日）两融余额为9.15亿元，其中，融资余额为9.11亿元，近10日减少 1453.15万元，环比下降1.57%。 证券时报·数据宝统计显示，山金国际所属的有色金属行业，目前整体涨幅为1.10%，行业内，目前股价 上涨的有88只，涨幅居前的有安泰科技、兴业银锡、晓程科技等，涨幅分别为10.00%、5.99%、 5.75%。股价下跌的有48只，跌幅居前的有东方钽业、翔鹭钨业、江南新材等，跌幅分别为2.94%、 2.42%、2.27%。 ...

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Liquidity expectations are strengthening, and the expansion trend is expected to continue. The market anticipates that the Federal Reserve will halt interest rate cuts from January to April, leading to a temporary stabilization in the financial attributes. The upcoming Supreme Court ruling on the Trump tariff case may significantly increase price volatility. With supportive policies both domestically and internationally, the bullish trend for industrial products remains unchanged, and the expansion trend is likely to persist [3][12]. Summary by Sections 1. Cycle Assessment: Strengthening Liquidity Expectations, Continued Expansion Trend - The U.S. unemployment rate fell by 0.1 percentage points to 4.4%, with non-farm employment increasing by 50,000, below the market expectation of 73,000. This indicates a new equilibrium in the labor market, with both supply and demand growth slowing [12]. 2. Industry and Individual Stock Performance - The non-ferrous metals sector rose by 8.56% in the week ending January 9, ranking fourth among all industries [19]. The sector's performance outpaced major indices, with small metals showing the highest gains [20]. 3. Macro Data Tracking - The report highlights various macroeconomic indicators, including the U.S. CPI and PPI, as well as China's manufacturing PMI, which stood at 50.1% in December, indicating a recovery in the manufacturing sector [30][34]. 4. Precious Metals: Increased Volatility Expected Ahead of Tariff Ruling - Gold prices increased, with SHFE gold rising by 2.96% to 1,006.48 CNY per gram and COMEX gold up by 3.59% to 4,473.00 USD per ounce. Silver also saw significant gains, with SHFE silver up by 9.70% to 18,731.00 CNY per kilogram [13][14][27]. 5. Copper: Continued Weakness, Increased Volatility from Tariff Disruptions - Copper prices rose, with SHFE copper increasing by 3.23% to 101,410 CNY per ton and LME copper up by 4.24% to 12,998 USD per ton. Supply tightness continues to affect the market, with copper concentrate treatment charges declining [16][26]. 6. Aluminum: Price Improvement, Export Competition May Increase Mismatch - Aluminum prices increased, with SHFE aluminum rising by 6.13% to 24,330 CNY per ton. The report notes a slight increase in domestic aluminum inventory and stable production capacity [15][78].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Shanjin International, which is preparing for an overseas listing on the Hong Kong Stock Exchange. The company is required to provide detailed information regarding its shareholders, project approvals, and safety production incidents [1][2]. Group 1: Company Information - Shanjin International (000975) is one of China's leading gold producers, engaged in the exploration, mining, and trading of gold, silver, lead, and zinc [2][3]. - The company ranks sixth among Chinese gold producers in terms of gold output and fourth in terms of gold reserves [3]. - As of June 30, 2025, Shanjin International's gold resources reached 284.6 tons, nearly doubling from 146.7 tons as of December 31, 2023 [3]. Group 2: Financial Performance - For the fiscal year ending December 31, 2024, Shanjin International's all-in sustaining cost for gold was $683.5 per ounce, placing it in the top 10% of the global gold mining cost curve, compared to the global average of $1,438.1 per ounce [3]. Group 3: Regulatory Requirements - The CSRC has requested Shanjin International to clarify the basic information of its shareholders and the relationships among them, as well as to confirm whether there will be any changes in control post-listing [1][2]. - The company must also provide updates on the approval status of its fundraising projects both domestically and internationally [2]. - Additionally, Shanjin International is required to assess whether it falls under "high energy consumption" or "high emission" industries and to provide relevant evidence for its existing and planned projects [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Shanjin International, which is seeking to list on the Hong Kong Stock Exchange. The company is required to provide detailed information regarding its shareholders, project approvals, and compliance with safety regulations [1][2]. Group 1: Company Information - Shanjin International is one of China's leading gold producers, engaged in the exploration, mining, and trading of gold, silver, lead, and zinc [2][3]. - The company ranks sixth among Chinese gold producers in terms of gold output and fourth in gold reserves, with a significant increase in gold resources from 146.7 tons as of December 31, 2023, to 284.6 tons as of June 30, 2025 [3]. Group 2: Financial Metrics - As of the fiscal year ending December 31, 2024, Shanjin International's all-in sustaining cost for gold is projected to be $683.5 per ounce, placing it in the top 10% of global gold mining costs, compared to the global average of $1,438.1 per ounce [3]. Group 3: Regulatory Compliance - The CSRC has requested Shanjin International to clarify the basic information of its shareholders, including their relationships and whether control will change post-IPO [1][2]. - The company must also provide updates on the approval status of its fundraising projects and address any safety production incidents that may affect its financing eligibility [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Shanjin International, which is seeking to list on the Hong Kong Stock Exchange. The company is required to provide detailed information regarding its shareholders, project approvals, and safety production incidents [1][2]. Group 1: Company Information - Shanjin International is one of China's leading gold producers, engaged in the exploration, mining, and trading of gold, silver, lead, and zinc [2][3]. - The company ranks sixth among Chinese gold producers in terms of gold output and fourth in gold reserves, with a significant increase in gold resources from 146.7 tons as of December 31, 2023, to 284.6 tons as of June 30, 2025 [3]. Group 2: Financial and Operational Metrics - As of the fiscal year ending December 31, 2024, Shanjin International's all-in sustaining cost for gold is $683.5 per ounce, placing it in the top 10% of global gold mining cost curves, compared to the global average of $1,438.1 per ounce [3]. - The company operates six mining enterprises located in China and Namibia, with five gold mining companies holding six mining licenses and 29 exploration licenses, along with one polymetallic mining company holding three mining licenses and six exploration licenses [3]. Group 3: Regulatory Requirements - The CSRC has requested Shanjin International to clarify the basic information of its shareholders after a thorough review, including the relationships among shareholders and whether control will change post-IPO [1][2]. - The company must also provide updates on the approval status of its domestic and overseas fundraising projects and address any safety production incidents that may affect its financing eligibility [2].

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Group 1 - The core viewpoint of the article is that Shanjin International is currently undergoing a process to change its mining rights certificate, which requires the completion of a resource verification report review and filing [2] - The company is conducting supplementary exploration in the area surrounding the Huasheng mining rights, which is necessary for the resource verification report [2] - After the exploration is completed, the company plans to merge the newly explored resource quantities with the existing mining rights resources and resubmit the verification report for review [2]