山金国际股价下跌3.28%，弱于大盘及行业表现

Industry Policy and Environment - As of February 12, the spot gold price in New York fell by 3.26%, while silver experienced a decline of 10.89%. Analysts suggest that the drop in U.S. tech stocks prompted some investors to sell precious metals to cover liquidity, exacerbated by algorithmic trading, which collectively pressured international precious metal prices and negatively impacted the A-share gold sector [2]. Company Fundamentals - According to the Q3 2025 report, the gold production of Shanjin International decreased by 11% year-on-year in the first three quarters, with a quarter-on-quarter decline of 4% in Q3. Some institutions indicate that the drop in production has a marginal impact on profits. Despite the company's excellent cost control, the production shortfall may weaken investor confidence in short-term performance [3]. Capital and Technical Aspects - On February 13, Shanjin International experienced a net outflow of 291 million yuan in main funds, continuing a trend of net outflows over several days. Technical indicators show that the stock price is below the 20-day moving average, and the MACD histogram is in negative territory, indicating significant short-term pressure [4].