ZHONGJIN GOLD(SH:600489) BOHAI SECURITIES·2025-10-31 05:17Macro and Strategy Research - The market has entered a performance vacuum period, with future trends relying more on policy and thematic catalysts [2][3] - Major indices showed gains over the past five trading days, with the Shanghai Composite Index rising by 1.64% and the ChiNext Index increasing by 6.56% [2] - The recent policy document emphasizes the importance of self-reliance in technology and highlights key areas for development during the 14th Five-Year Plan, including new energy and quantum technology [2][3] Company Research - The company reported a revenue of 53.976 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.23% [6] - Net profit attributable to shareholders reached 3.679 billion yuan, up 39.18% year-on-year, with a significant increase in net profit after deducting non-recurring items by 60.92% [6][7] - The increase in gold product volume and price contributed to the company's performance, with gold production rising by 5.40% and refined gold by 0.23% [7] - The average price of gold in the first three quarters increased by approximately 39% compared to the previous year, positively impacting revenue [7] - The company has improved its profitability by reducing costs, with gross profit margin increasing by 2.04 percentage points to 17.44% [7][8] Industry Research - The "14th Five-Year Plan" focuses on technological self-reliance and the promotion of the "Artificial Intelligence+" initiative, indicating strong government support for the technology sector [10][11] - The computer industry has seen significant growth, with the sector's index rising by 4.05% recently, driven by advancements in AI and cloud computing [11] - The urgency for self-sufficiency in key software areas like EDA and operating systems is increasing due to international tensions, suggesting a favorable environment for domestic technology companies [11]