Group 1 - The core point of the news is that Shanjin International (000975) held its fourth extraordinary general meeting on December 25, 2025, where four key resolutions were approved, including the reappointment of the auditing firm for 2025 and the provision of guarantees for subsidiaries [1][2][3] - On December 26, 2025, Shanjin International's stock closed at 25.04 yuan, up 3.99%, with a turnover rate of 1.33%, a trading volume of 337,400 lots, and a transaction amount of 836 million yuan [1] - The meeting had 646 attendees representing 54.5493% of the total voting shares, and the resolutions were passed with a legal and valid voting process [2][3] Group 2 - The net inflow of main funds on December 26 was 26.21 million yuan, while the net inflow of speculative funds was 47.70 million yuan, indicating active market participation [3] - The legal opinion provided by Beijing Jingtian Gongcheng Law Firm confirmed the legality and validity of the meeting's convening and voting procedures [2]

证券研究报告 | 行业周报 gszqdatemark 2025 12 28 年 月 日 有色金属 反内卷与逼仓情绪升温，铜价创历史新高 贵金属：长期宽松预期不变，金银再创新高。周内美国 2025 年三季度实际 GDP 环比折年率 初值 4.3%，大幅高于预期值 3.3%和前值 3.8%；实际 GDP 同比 2.3%，高于前值 2.1%和 2000 年至今的均值 2.2%。三季度 PCE 通胀、核心 PCE 通胀环比折年率分别为 2.8%、2.9%， 高于前值 2.1%、2.6%。若将净出口、存货变化、政府支出剔除，则三季度美国实际 GDP 环 比折年率为 2.6%，略高于二季度的 2.5%和 2022 年以来的均值 2.3%。与 GDP 增长形成反 差的在就业市场，11 月 ADP 就业人数仅-3.2 万人，季调后非农就业 6.4 万人，两项数据均 显示美国就业市场仍处于疲软状态，我们认为美联储仍有降息的必要性，流动性宽松预期仍 然利好金银价格上涨。此外，白银现货租赁利率在今年 10 月一度超过 35%，近期仍维持在 6%左右的高位，远高于正常融资成本，也反映出实物白银出借意愿极低，现货市场供应紧 张，本周白 ...

Core Insights - The precious metals sector experienced a significant increase of 2.15% on December 26, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Precious Metals Sector Performance - The top performers in the precious metals sector included: - Yanzai Technology (300139) with a closing price of 34.80, up 10.83%, and a trading volume of 536,200 shares, totaling 1.806 billion yuan [1] - Hunan Silver (002716) closed at 6.79, up 4.78%, with a trading volume of 2.9731 million shares, totaling 2.025 billion yuan [1] - Shanjin International (000975) closed at 25.04, up 3.99%, with a trading volume of 337,400 shares, totaling 836 million yuan [1] Capital Flow Analysis - The precious metals sector saw a net inflow of 154 million yuan from institutional investors, while retail investors experienced a net outflow of 245 million yuan [1] - Notable capital flows for specific companies included: - Shandong Gold (600547) had a net inflow of 14.3 million yuan from institutional investors, but a net outflow of 135 million yuan from retail investors [2] - Hunan Silver (002716) recorded a net inflow of 107 million yuan from institutional investors, with a net outflow of 71 million yuan from retail investors [2] - Yanzai Technology (300139) had a net inflow of 63 million yuan from institutional investors, but a net outflow of 85 million yuan from retail investors [2]

Core Viewpoint - The significant increase in gold prices, reaching over $4500 per ounce, has prompted many companies to engage in hedging activities to mitigate price volatility risks, with a notable 70% increase in gold prices projected for 2025 [1][2]. Group 1: Impact of Gold Price Fluctuations - The surge in gold prices has led to various companies announcing their participation in futures markets to hedge against price volatility risks [1]. - A total of 1737 listed companies announced plans to participate in the futures market from January to October 2025, marking a 10.8% year-on-year increase [1]. - Companies are advised to adopt flexible and diversified inventory management and procurement strategies to optimize capital efficiency in response to price fluctuations [1][7]. Group 2: Company Strategies for Hedging - Companies like Zhongjin Lingnan and Shanjin International are actively engaging in hedging activities related to their production and raw materials to stabilize their operational performance [2]. - The hedging strategies include futures and options for various commodities such as copper, lead, zinc, aluminum, gold, and silver [2]. - Different segments of the gold industry are adopting tailored hedging strategies: upstream mining companies focus on selling hedges to protect against price drops, while downstream jewelry retailers may use buying hedges to manage rising procurement costs [6][8]. Group 3: Risks Associated with Gold Price Volatility - The volatility in gold prices poses multiple risks across the industry, including profit stability, inventory management, and demand decline risks [4]. - Companies face challenges in balancing inventory value preservation with capital occupation, as high gold prices can suppress end-consumer demand [4][5]. - The fluctuation in gold prices can lead to uncertainties in operational rhythms and financial reporting, potentially affecting stock performance [3]. Group 4: Recommendations for Inventory and Procurement Management - Companies are encouraged to dynamically adjust inventory levels to mitigate risks, such as reducing inventory during high price periods to lock in profits [7]. - Utilizing options tools, such as purchasing put options, can help protect inventory value against price declines [7]. - Engaging in gold borrowing can provide a cost-effective alternative to traditional loans, allowing companies to manage financial impacts from price volatility [7].

Core Points - The stock of Shanjin International (000975) closed at 24.08 yuan on December 25, 2025, down 2.86% from the previous trading day, with a total market capitalization of 66.863 billion yuan [1] - The company held its fourth extraordinary general meeting of shareholders on December 25, 2025, with 646 attendees representing 54.5493% of the total voting shares [1] - The meeting approved four proposals, including the reappointment of the auditing firm for 2025, donations for 2026, derivative hedging transactions by subsidiaries, and a guarantee limit for subsidiaries, with the guarantee proposal requiring a special resolution that passed with over two-thirds of the valid voting shares [1] - A legal opinion was provided by Beijing Jingtian & Gongcheng Law Firm, confirming the legality of the meeting's procedures and the validity of the voting results [1] Summary by Categories Stock Performance - Shanjin International's stock price decreased to 24.08 yuan, with a trading volume of 8.21 billion yuan and a turnover rate of 1.34% on the day of the meeting [1] Shareholder Meeting - The fourth extraordinary general meeting was conducted using a combination of in-person and online voting, with a significant turnout of shareholders [1] - The meeting's agenda included important financial and operational decisions for the company [1] Legal Compliance - The legal opinion issued confirmed that the meeting was conducted in accordance with legal requirements, ensuring the integrity of the decisions made [1]

证券代码：000975 证券简称：山金国际 公告编号：2025-063 山金国际黄金股份有限公司 2025年第四次临时股东会决议公告 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。 特别提示： （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年12月25 日上午9:15—9:25，9:30—11:30，下午13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间为：2025 年 12 月 25 日上午 9:15—下午 15:00。 2、会议地点：北京市朝阳区金和东路 20 号院正大中心北塔 30 层会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东会的召开时间： （1）现场会议时间：2025年12月25日下午15:00开始，会期半天。 1 证券代码：000975 证券简称：山金国际 公告编号：2025-063 ...

2025 年第四次临时股东会的法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于山金国际黄金股份有限公司 致：山金国际黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受山金国际黄金股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2025 年第四次临时股东会（以下简称"本 次会议"）。 本所律师根据《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股东会规则》、《山金国际黄金股份有限公司章程》（以下简称"《公司章程》"） 等规定，就本次会议的召集和召开程序、召集人和出席人员的资格、表决程序以及表决结果 发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 1、在本《法律意见书》中，本所及本所律师仅就本次会议的召集和召开程序、召集人 ...

Core Insights - In 2025, precious metals experienced unprecedented price surges, with gold leading the market, silver surpassing $72/oz, and platinum achieving the highest growth rate [1] - The performance of the precious metals industry varied across the supply chain, with upstream mining companies benefiting from rising prices, while downstream consumer-facing businesses faced challenges due to fluctuating demand [1] Price Trends - As of December 24, 2025, gold prices increased by 70%, while silver and platinum saw price increases of over 140% and 160%, respectively [1] - Chief economists have expressed optimism about gold prices, citing ongoing global economic and political uncertainties, demand for safe-haven assets, and expectations of Federal Reserve interest rate cuts as supporting factors for gold prices in the medium to long term [1][2] Supply Chain Dynamics - The precious metals industry is transitioning towards high-quality development, with a government plan aiming for a 5% to 10% increase in gold resources and over 5% growth in gold and silver production by 2027 [3] - Recent tax policy changes have categorized gold transactions into "investment" and "non-investment" types, promoting transparency and standardization in the gold trading market [3] - Upstream mining companies in the A-share market reported significant revenue and profit growth in the first three quarters of 2025, driven by rising gold prices [3] International Expansion - Mining companies such as Chifeng Jilong Gold Mining and Zijin Mining have been active in international financing and mergers, indicating a strategic shift towards global market presence [4][5] Strategic Shifts in Mining - The gold industry is undergoing structural changes, with a focus on building capabilities rather than merely capturing market cycles. This includes a shift in central bank gold purchases from tactical to strategic [5][6] - The supply response is constrained by challenges in discovering new mines and increasing costs, which limits the ability to meet rising demand [5] Refining and Downstream Challenges - Refining companies are experiencing mixed outcomes; while rising gold prices boost sales of investment products, increased transaction costs pose profitability challenges [6] - Downstream jewelry brands are adapting to high gold prices by innovating product designs and focusing on smaller weight items to maintain sales [7] Future Outlook - Analysts predict that the bullish trend for gold may continue into 2026, with silver expected to follow gold's lead but with greater price elasticity [9][10] - Platinum is anticipated to show strong price resilience and upward potential, influenced by both financial and fundamental factors [10]

Group 1 - The precious metals sector experienced a decline of 1.37% on December 24, with Shanjin International leading the drop [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Key individual stocks in the precious metals sector showed varied performance, with Hunan Silver rising by 2.27% to a closing price of 6.75, while several others, including Shanjin International, saw declines [1][3] Group 2 - The net outflow of main funds from the precious metals sector was 501 million yuan, while retail investors saw a net inflow of 611 million yuan [3][4] - Specific stock fund flows indicated that Hunan Silver had a net inflow of 22.87 million yuan from main funds, while Shanjin International experienced a net outflow of 50.24 million yuan [4] - The overall trading volume and turnover for various stocks in the sector were significant, with Shandong Gold recording a turnover of 2.184 billion yuan despite a decline of 1.55% [1][3] Group 3 - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a recent increase in shares by 6 million, with a net subscription of 13.45 million yuan [6] - The ETF has a price-to-earnings ratio of 27.14 and has experienced a 5-day increase of 2.87% [6]

东方证券表示，自11月初看好黄金以来，沪金平值隐含波动率整体在18%-26%区间内波动，黄金价格维 持稳步上涨，行情始终未进入到加速阶段。虽然12月22日伴随沪金向上突破1000元/克，上期所黄金平 值期权隐波同步上升至25%，但并未偏离过往波动区间，仍属正常波动范围，故后续黄金或仍将维持稳 步上涨的节奏。在美元信用恶化的中期逻辑下，黄金依然值得投资者保持关注。 白银：价格与隐波同步创新高，白银仍然看好但短期波动大不宜盲目增仓 智通财经APP获悉，东方证券发布研报称，12月22日，伦敦金现首次站上4400美元关口，再创历史新 高，今年以来累计涨幅超68%；伦敦银现价格一度攀升至69美元/盎司上方，同样创下历史最高水平。 根据上期所黄金、白银收盘价与平值期权隐含波动率变化情况，商品端两者后续投资节奏或存在分化。 自11月初看好黄金以来，沪金平值隐含波动率整体在18%-26%区间内波动，黄金价格维持稳步上涨，行 情始终未进入到加速阶段。而白银价格与隐波同步创历史新高，意味着后续短期市场波动较大。 东方证券主要观点如下： 金银同创历史新高之时，后续投资节奏或随隐波而分化 东方证券认为，根据上期所黄金、白银收盘价与平 ...