Investment Rating - The investment rating for the precious metals sector is "Positive" (maintained) [4] Core Views - The precious metals sector is experiencing fluctuations, with gold prices showing a slight decline while silver prices continue to rise. Recent data indicates that London spot gold has decreased by 0.34% to $3,335.50 per ounce, while Shanghai gold has increased by 0.66% to ¥775.80 per gram. Conversely, London spot silver has risen by 3.40% to $37.73 per ounce, and Shanghai silver has increased by 3.21% to ¥9,204 per kilogram [4][9][10] - The recent volatility in gold prices is attributed to geopolitical events and changing interest rate expectations, particularly following the conclusion of the "Putin-Trump" summit and the anticipation of potential interest rate cuts by the Federal Reserve [4][5] - The report highlights that the U.S. employment market remains resilient, which may prolong the current interest rate cycle, but there is still significant policy space that could create opportunities for gold investments [5] Summary by Sections 1. Price Trends - Over the past two weeks, London spot gold has decreased by 0.34% to $3,335.50 per ounce, while Shanghai gold has increased by 0.66% to ¥775.80 per gram. London spot silver has risen by 3.40% to $37.73 per ounce, and Shanghai silver has increased by 3.21% to ¥9,204 per kilogram. Additionally, London spot palladium has decreased by 8.23% to $1,126 per ounce, while platinum has increased by 2.53% to $1,335 per ounce [9][10] 2. U.S. Economic Data and Federal Reserve Tracking - The report discusses the impact of U.S. economic data on the Federal Reserve's monetary policy, noting that July's CPI data was below expectations while PPI data exceeded expectations, creating uncertainty around potential interest rate cuts [4][5][23] 3. Positions and Trading Volume - The report provides insights into trading volumes and positions in the precious metals market, indicating a decline in holdings for both gold and silver on the Shanghai exchange [4][9][10] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The report notes that the domestic gold price difference compared to international prices has increased, indicating a shift in market dynamics [56] 5. Futures Basis Situation - As of the latest data, the international gold basis (spot-futures) has increased by $22.95 to -$46.20 per ounce, while the domestic gold basis has risen by ¥0.83 to -¥2.71 per gram [63]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - China's economy showed better - than - expected performance in H1 2025, with GDP growing 5.3% year - on - year, and new industries maintaining rapid development. It is expected that the pro - growth policies will be further strengthened in H2 [4][5] - The futures market has seen significant growth in H1 2025, with an increase in new and effective customers, and an improvement in the customer structure [5] - The gold price reached a new high, and factors such as "interest - rate cut trading", "Trump 2.0", and central bank gold purchases are expected to support the price [6] - The bond market showed an overall volatile and slightly stronger trend after the implementation of the new bond VAT rule, and the relative value of credit bonds increased [19][26] - The A - share market has different views, with some suggesting a focus on strong industrial trends and avoiding some high - valuation sectors, while others believe it is in a bull - market relay with short - term resistance [30] 3. Summary by Directory 3.1 Macro Data - GDP in Q2 2025 grew 5.2% year - on - year, slightly lower than the previous quarter [1] - In July 2025, the manufacturing PMI was 49.3%, and the non - manufacturing PMI for business activities was 50.1% [1] - In June 2025, the growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, showing different trends compared to the previous period and the same period last year [1] - In July 2025, exports and imports increased by 7.2% and 4.1% year - on - year respectively [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Five futures exchanges will implement the "Programmed Trading Management Measures" from October 9, 2025, to strengthen supervision [2] - In July 2025, CPI turned from a decline to an increase month - on - month, and PPI's month - on - month decline narrowed [3] - In H1 2025, the number of new and effective futures customers increased, and the customer structure improved [5] - A number of major foreign investment projects have made progress, and new policies to attract foreign investment will be introduced [5] 3.2.2 Metals - The gold futures price reached a new high, and factors such as "interest - rate cut trading" and central bank gold purchases support the price [6] - The inventory of some metals in the London Metal Exchange changed, with zinc inventory hitting a new low and nickel inventory reaching a new high [6][7] 3.2.3 Coal, Coke, Steel, and Minerals - Chile's largest copper mine may resume partial underground operations after an accident [8] - In late July, the steel inventory of key steel enterprises decreased compared to the previous period [8] 3.2.4 Energy and Chemicals - International oil prices continued to decline due to OPEC+ production increase [9] - Speculators reduced their net long positions in crude oil futures [9][10][11] 3.2.5 Agricultural Products - China will implement comprehensive regulation of pig production capacity to prevent large fluctuations [11] - The pig price was low, and the revenue of listed pig enterprises decreased [11] - The FAO food price index reached a new high in July [11] - Some countries and regions adjusted their agricultural product import policies, which may affect prices [11][13] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 1126.7 billion yuan of reverse repurchases will expire, and last week, the central bank had a net withdrawal of 536.5 billion yuan [14] 3.3.2 Key News - In July 2025, CPI and PPI showed different trends, and the National Bureau of Statistics provided explanations [15] - The "8·11 exchange - rate reform" has improved the market - oriented level of the RMB exchange rate [15] - The regulatory authorities will strengthen the attractiveness and inclusiveness of the capital market without large - scale IPO expansion [16] - The issuance scale of new science - innovation bonds reached 880.659 billion yuan in three months [16] - The real - estate market showed signs of recovery, and some regions optimized housing purchase policies [17] 3.3.3 Bond Market Review - After the implementation of the new bond VAT rule, the bond market showed an overall volatile and slightly stronger trend [19] - The yields of some bonds changed, and the prices of some bonds rose or fell [19][20][21] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar depreciated, and the US dollar index rose [23] 3.3.5 Research Report Highlights - The scale of south - bound dim - sum bonds is expected to expand, and the secondary - market liquidity may increase [25] - The convertible bond valuation is at a high level, and the equity market in August has an upward environment [25] - The central bank will be more cautious about policy - rate cuts, and structural policies will be the main focus [25] - The relative value of credit bonds increased after the implementation of the new bond VAT rule [26] - An atypical dumbbell - shaped allocation strategy is recommended for the equity market [26] - The global currency system has hidden risks, and gold may become a substitute for the US - dollar reserve [26] 3.4 Stock Market Key News - Nearly 50 A - share companies proposed mid - term dividends, with a total dividend of over 72 billion yuan [29] - Hong Kong's investment company has invested in over 100 projects, and over 10 companies plan to list in Hong Kong [29] - Public - offering funds increased self - purchases, with a total self - purchase amount of over 5 billion yuan this year [30] - Different views on the A - share market, with some suggesting a focus on strong industrial trends and others seeing short - term resistance [30] - South - bound funds' cumulative net inflow exceeded HK$900 billion, and Hong Kong stocks are expected to have a valuation premium [31]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a clear growth trajectory in the short, medium, and long term, with potential for both volume and price increases in gold and silver [5][9]. Core Views - The dual catalysts of "interest rate cuts" and "Trump 2.0" are expected to sustain upward momentum in gold and silver prices. In the medium term, "Trump 2.0" may become the primary driver in the gold market during a 90-day tariff pause, with expectations of tariff increases, extended tax cuts, and "stagflation" providing strong support for rising gold prices. In the long term, these dual catalysts will continue to drive prices through 2025, supported by central bank reserves amid a backdrop of protectionism and great power competition [5][57][65]. - The company is a domestic leader in silver mining, having acquired several gold mining assets, which positions it well for future growth. As of the end of 2024, the company has identified approximately 12,000 tons of silver and 34 tons of gold, with an annual mining capacity nearing 2 million tons [6][15]. Summary by Sections Market Performance - The company's closing price is 13.45 yuan, with a total market capitalization of approximately 9.28 billion yuan and a circulating market value of about 8.97 billion yuan. The debt-to-asset ratio stands at 45.60%, and the net asset value per share is 4.40 yuan [3]. Financial Projections - The company is projected to achieve revenues of 2.498 billion yuan in 2025, with a year-on-year growth rate of 24.10%. The net profit attributable to shareholders is expected to be 576 million yuan, reflecting a 47.74% increase. Earnings per share (EPS) are forecasted at 0.84 yuan [7][9]. Growth Drivers - The company has a clear growth path for production from its upcoming mines, with several projects expected to come online between 2025 and 2027. Key projects include the Honglin Mining and Yindu Mining, which are anticipated to start production in 2025 and 2026, respectively [6][36][40]. - The company is actively pursuing resource acquisitions to enhance its growth potential, with plans to complete at least one acquisition project by 2025 [11][41]. Profitability and Performance Recovery - The company experienced a significant recovery in 2024, with a net profit of 390 million yuan, a 163.56% increase year-on-year, driven by the completion of technical upgrades at its subsidiaries and rising base metal prices. The first quarter of 2025 showed a revenue increase of 33.92% year-on-year [43][44]. Resource and Production Capacity - The company has a robust resource base with high-grade deposits, particularly in the Daxinganling region, which supports its strong profitability. The ongoing construction of new mines is expected to further enhance production capacity [27][30][33].

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The gold price has experienced fluctuations recently, with London spot gold decreasing by 2.05% to $3182.95 per ounce, and the Shanghai Futures Exchange gold down by 3.65% to ¥751.80 per gram. Meanwhile, the holding volume of Shanghai gold increased by 5.68% to 437,100 lots [6][11] - The recent price movements are attributed to the easing of tariffs and geopolitical tensions, which have led to a temporary pullback in gold prices. Key factors include the US-China joint statement on tariff adjustments and ongoing negotiations regarding the Russia-Ukraine conflict [6][7] - The Federal Reserve may reshape its monetary policy framework, with Chairman Powell indicating potential challenges for the US economy and the Fed. The expectation of interest rate cuts and the continuation of tax reduction policies are anticipated to provide strong momentum for gold prices [6][7] Summary by Sections 1. Price Trends - Recent price changes include a 2.05% drop in London spot gold to $3182.95 per ounce and a 3.65% decrease in Shanghai gold to ¥751.80 per gram. Silver and platinum also saw slight declines, while palladium increased by 1.05% to $964 per ounce [11][12] 2. US Economic Data and Federal Reserve Tracking - The report highlights the importance of upcoming US economic data, including the May PMI and core PCE price index, which will be crucial for assessing the economic landscape and potential impacts on gold prices [6][7] 3. Positioning and Trading Volume - The holding volume for Shanghai gold rose by 5.68% to 437,100 lots, indicating increased market activity despite the price declines [11] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The domestic gold price difference from international prices decreased, with the gold price gap at ¥10.46 per gram, down by ¥17.97 from two weeks prior [60] 5. Futures Basis Situation - The international gold basis (spot-futures) is reported at -$22.35 per ounce, a decrease of $24.65 from two weeks ago, indicating a shift in market dynamics [69]