Group 1 - The silver market experienced a significant drop, with spot silver falling over 8% and spot gold declining more than 1% [1] - In the A-share market, the precious metals sector saw widespread adjustments, with companies like Hunan Silver hitting the daily limit down and several others, including Xiaocheng Technology and Silver Nonferrous, also experiencing substantial declines [3] - The precious metals sector reported a weekly decline of 25.57%, while it had increased by 44.61% over the past month and 63.85% over the past quarter, with an impressive annual increase of 187.90% [4] Group 2 - Specific companies in the precious metals sector faced notable declines, such as Xiaocheng Technology down 9.74%, Hunan Silver down 9.97%, and Silver Nonferrous down 8.89% [4] - Hunan Silver is identified as a high-tech enterprise focused on the production and operation of high-purity silver and silver deep processing [4] - The overall market sentiment in the precious metals sector appears bearish, with multiple companies reporting significant losses in their stock prices [3][4]

Group 1 - The core announcement is that Shan Jin International has repurchased a total of 1,834,929 shares through a dedicated securities account via centralized bidding, which represents 0.07% of the company's total share capital as of January 31, 2026 [2]

Core Viewpoint - Shanjin International (000975.SZ) announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares in the market [1] Group 1: Share Buyback Details - As of January 31, 2026, the company has repurchased a total of 1.8349 million shares, which represents 0.07% of the company's total share capital [1] - The highest transaction price during the buyback was 19.45 CNY per share, while the lowest was 17.85 CNY per share [1] - The total amount spent on the share buyback reached 34.09 million CNY, excluding transaction fees [1]

Core Viewpoint - The company has successfully executed a share buyback program, repurchasing a total of 1,834,929 shares, which represents 0.07% of its total share capital [1] Group 1: Buyback Details - The share buyback was conducted through a dedicated securities account via centralized bidding [1] - The highest transaction price was 19.45 CNY per share, while the lowest was 17.85 CNY per share [1] - The total amount spent on the buyback was 34,092,534.43 CNY, excluding transaction fees [1] Group 2: Funding and Compliance - The funds for the buyback were sourced from the company's own capital and a special loan for the buyback [1] - The buyback price did not exceed the predetermined upper limit of 29.70 CNY per share [1] - The progress of the buyback aligns with the established plan and complies with relevant laws and regulations [1]

Core Viewpoint - The company, Shanjin International, announced its stock repurchase progress, indicating a commitment to returning value to shareholders through buybacks [1] Group 1: Stock Repurchase Details - As of January 31, 2026, the company has repurchased a total of 1,834,929 shares, representing 0.07% of its total share capital [1] - The highest transaction price during the buyback was 19.45 CNY per share, while the lowest was 17.85 CNY per share [1] - The total amount spent on the repurchase was 34,092,534.43 CNY, excluding transaction fees [1] Group 2: Funding and Compliance - The funds for the stock repurchase came from the company's own funds and a special loan designated for buybacks [1] - The repurchase price did not exceed the predetermined upper limit of 29.70 CNY per share [1] - The progress of the buyback aligns with the established repurchase plan and complies with relevant laws and regulations [1]

Group 1 - The company plans to repurchase shares worth 100 to 200 million yuan at a maximum price of 29.70 yuan per share, with a duration of 12 months [1] - As of January 31, 2026, the company has repurchased a total of 1,834,929 shares, accounting for 0.07% of the total share capital [1] - The highest transaction price was 19.45 yuan per share, while the lowest was 17.85 yuan per share, with a total transaction amount of 34.0925 million yuan, funded by self-owned funds and special loans [1]

证券代码：000975 证券简称：山金国际 公告编号：2026-005 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 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十二次会议、2025年第二次临时股东大会，均审议通 过了关于回购公司部分股份的议案，拟使用自有资金及回购专项贷款以集中竞价 交易方式回购公司已发行的人民币普通股（A股），本次回购的股份将全部予以 依法注销并减少公司注册资本，拟用于回购的资金总额不低于人民币1亿元（含）， 且不超过人民币2亿元（含），回购价格不超过人民币29.70元/股（含）。回购 期限为自公司股东大会审议通过回购方案之日起12个月内。具体内容详见2025 年4月30日、5月20日披露于《中国证券报》《证券时报》《上海证券报》及巨潮 资讯网（http://www.cninfo.com.cn）的《关于回购公司部分股份方案的公告》 （公告编号：2025-015）《回购报告书》（公告编号：2025-022）。 根据《上市公司股份回 ...

Core Viewpoint - The company, Shanjin International, is responding to investor concerns regarding the volatility of gold prices and stock prices, indicating that it will adhere to regulatory requirements for information disclosure and plans to release its annual report on March 6, 2026 [1] Group 1 - Investors have expressed concerns about the impact of gold and stock price fluctuations on market stability and investor sentiment [1] - Shanjin International plans to disclose its 2025 annual report in accordance with regulatory requirements, aiming to provide clarity to investors [1] - The company acknowledges the importance of maintaining investor confidence and market stability through timely disclosures [1]

有色金属行业 行业研究 | 行业周报 风物长宜放眼量 ——有色钢铁行业周观点（2026 年第 5 周） 核心观点 投资建议与投资标的 风险提示 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 04 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | | 李一涛 | 执业证书编号：S0860124120001 | | liyitao@orientsec.com.cn | | | 021-63326320 | | | 黄雨韵 | 执业证书编号：S0860125070019 | | --- | --- | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | 金银比突破 50，贵金属有望带领工业金属 加 速 上 涨 ： — — 有 色 钢 铁 行 业 周 观 点 （2 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry in China [5] Core Views - The report emphasizes a long-term perspective on the market, suggesting that despite short-term volatility in precious metals, the long-term bull market remains intact due to unresolved U.S. debt issues [7][12] - The zinc sector is highlighted as an overlooked material benefiting from the re-industrialization in Asia, Africa, and Latin America, with expectations for price increases due to supply tightness [7][13] - The copper sector is viewed positively, with the gold-to-copper ratio reaching historical highs, indicating potential for copper price increases amid supply constraints [7][14] - For precious metals, investors are advised to wait for price stabilization before increasing positions, as significant price fluctuations have been observed recently [7][15] Summary by Sections 1. Non-Ferrous Metals - The report discusses the dynamics of precious metals, noting significant price drops in gold and silver, with gold prices reaching $4,880 per ounce and silver prices at $85 per ounce during a recent week [7][12] - The zinc market is expected to benefit from increased demand driven by infrastructure projects in developing regions, with a noted decrease in zinc smelting fees indicating supply constraints [7][13] - The copper market is projected to maintain upward momentum due to a high gold-to-copper ratio and ongoing supply challenges from major mining companies [7][14] - The report suggests a cautious approach to precious metals, recommending that investors wait for market stabilization before making new investments [7][15] 2. Steel Industry - The steel industry is experiencing a weak fundamental outlook as it approaches the seasonal low around the Spring Festival, with a slight decrease in iron output and weakening demand for rebar [16][21] - Inventory levels show a divergence between social and steel mill stocks, with total steel inventory at 891 thousand tons, reflecting a 2.56% weekly increase [23] - Steel prices have generally declined, with the overall steel price index down by 0.20%, and specific products like cold-rolled steel experiencing a 0.44% decrease [35][36] 3. New Energy Metals - Lithium carbonate production in December 2025 saw a significant year-on-year increase of 69.09%, indicating strong supply growth in the new energy sector [39] - The demand for new energy vehicles remains robust, with December 2025 production reaching 1.5858 million units, a 9.02% increase year-on-year [43] - Lithium prices have shown a notable decline, with the average price for battery-grade lithium carbonate at 159,500 yuan per ton, reflecting a 5.62% decrease [48][49]