Chifeng Jilong Gold Mining Co Ltd

Spot gold has broken above $4,300 per ounce. Since July, mainstream domestic gold ETFs have seen sustained net inflows exceeding 10 billion yuan. On August 5, London gold surged over 4% in a single day, its biggest one-day gain in half a year, and on August 7 it again pushed through $4,300 per ounce. Fund flows show persistent net inflows, with the leading Huaan Gold ETF attracting over 8.2 billion yuan and its latest scale surpassing 99.1 billion yuan. A-share gold stock ETFs and their constituent stocks have significantly outperformed spot commodity gold in terms of price elasticity, with the sector's peak gain exceeding 18% and leading stock Chifeng Gold posting a phased gain of nearly 60%. Qu Rui, senior deputy director of the research and development department at Golden Credit Rating, pointed out that the current rapid rise in gold prices is mainly driven by factors such as easing US-Iran tensions, cooling inflation expectations, and converging expectations for Federal Reserve rate hikes.

On the evening of July 30, multiple listed companies on the Shanghai and Shenzhen exchanges released announcements. Chifeng Gold disclosed an updated resource estimate for the SND project at the Sepon gold-copper mine in Laos, with gold equivalent metal content increasing from 107 tonnes to 260 tonnes, a rise of approximately 143 percent. Ronbay Technology plans to invest about 4.723 billion yuan to build an integrated project in Xiantao with an annual capacity of 300,000 tonnes of sodium-ion battery cathode materials, to be advanced in three phases. Tianwei Electronics intends to acquire a 60 percent controlling stake in Xiuwei Technology for 90 million yuan, extending into the high-end equipment sector of military information technology. Hairong Technology plans to acquire a 55 percent stake in Tanghe Food for 130 million yuan and has signed a long-term strategic cooperation agreement with Hema, stipulating an annual procurement amount of no less than 210 million yuan. In terms of performance, Nuode New Materials turned losses into profits in the first half of the year, with a net profit of 103 million yuan. Yasen Integrated achieved a 204.8 percent year-on-year increase in net profit and plans to distribute 16.5 yuan per 10 shares. Eastroc Beverage reported a 20.72 percent rise in net profit and plans to distribute 30 yuan per 10 shares. Additionally, several companies disclosed buyback and shareholding increase plans. The controlling shareholder of East Sunshine plans to increase shareholdings by 300 million to 600 million yuan and proposes a buyback of the same amount. Wangsu Science and Technology plans a buyback of 300 million to 600 million yuan for cancellation.

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting, marking the fifth consecutive hold this year and in line with broad market expectations. On the news, the precious metals sector rose 3.52% intraday on July 30, with Zhaojin Gold up 9.99%, Chifeng Gold up 5.12%, Western Gold up 4.82%, Huayu Mining up 4.17%, and Sichuan Gold up 3.87%. A research note from Changjiang Securities pointed out that looking ahead to the second half, easing geopolitical impacts, retreating oil prices and inflation, coupled with continued central bank gold purchases for de-dollarization led by China, will gradually restore demand support. It maintains a medium-term bullish view and recommends actively adding positions on pullbacks. A Shanghai Securities research note noted that the allocation value of precious metals is expected to stand out in 2026. In addition, demand for new materials such as solder paste, indium phosphide, and tantalum-niobium materials continues to rise in sub-sectors like optical modules. Industries including AI, semiconductor self-sufficiency, and aerospace are driving structural growth in precious metals-related industrial chains.

On July 22, the precious metals sector surged, with Xingye Silver and Tin hitting its second consecutive daily upper limit. Chifeng Gold, Xiaocheng Technology, Zhaojin Gold, and Sichuan Gold also rose. The move came as spot gold broke above $4,120 per ounce and spot silver topped $59 per ounce. On the same day, four companies disclosed pre-announcements of shareholder share reductions. In addition, as of July 21, total market margin financing stood at 2.70 trillion yuan, up 104 million yuan from the previous trading day. Among them, 41 stocks saw net margin buying exceeding 100 million yuan, with Zhongji Innolight topping the list at 2.749 billion yuan. The semiconductor equipment sector remained strong, with Torrens hitting its second consecutive 20 percent upper limit. Zhenbao Technology and NAURA Technology Group also advanced. A report from the global semiconductor industry association projects that global semiconductor equipment sales will grow 23.2 percent to $165.9 billion in 2026. Twelve companies released first-half earnings-related information, with seven reporting expected profit increases and one reporting an expected decline.

On July 22, the precious metals sector rose 3.34% intraday, with constituents such as Shanjin International, Chifeng Gold, and Zijin Mining all gaining over 5%. A research note from Changjiang Securities pointed out that as geopolitical influences ease and oil prices and inflation retreat, liquidity constraints will diminish, allowing the sector to shift from valuation contraction to a fundamentally driven upward channel, maintaining a medium-term bullish view. A Shanghai Securities research note stated that from 2020 to 2024, global gold mine production grew at a compound annual growth rate of 1.0%, while gold demand rose rapidly at a compound annual growth rate of 5.8%, reaching 148.1 million ounces in 2024, mainly driven by central bank reserve accumulation and investment demand. Against the backdrop of de-dollarization, emerging market central banks are expected to further increase gold reserves, and the precious metals industry cycle continues amid monetary policy fluctuations.

Entering July, cooling expectations for Federal Reserve rate hikes have driven a rebound in gold prices, with nine out of ten A-share gold stocks posting gains for the month. As of July 6, Chifeng Gold led with a cumulative rise of 20.06%, while Shanjin International and Western Gold climbed 18.88% and 15.18% respectively. Gold stocks underwent deep corrections in the first half of the year, with seven of the ten names pulling back more than 50% at one point. Shandong Gold suffered the steepest drawdown of 62.05% and led the sector's decline with a 40.35% drop. Chifeng Gold and Shanjin International each issued announcements on abnormal stock trading volatility after their share prices surged, noting that the cumulative deviation exceeded 20% and that semi-annual financial data is still being compiled. Market participants believe that after half a year of adjustment, gold stock valuations have returned to a reasonable range, and the gold price rebound is catalyzing a rotation of funds. However, during the interim reporting window, caution is needed regarding the risk of a second dip if earnings fall short of expectations.

In early trading on July 6, the three major A-share indices opened collectively higher, with the Shanghai Composite Index up 0.30%, the Shenzhen Component Index up 0.65%, and the ChiNext Index up 0.57%. Precious metals concept stocks rose rapidly, with Hunan Silver, Shanjin International, and Chifeng Gold among the top gainers. Nonferrous metals concept stocks were active, with Baiyin Nonferrous, Huanghe Whirlwind, and Yongshan Lithium hitting limit up. The innovative drug sector was also active, with Sanyuan Gene and Hotgen Biotech surging over 10%, after the National Medical Products Administration sought public comment on optimizing the review and approval of cell and gene therapy drugs, proposing to include eligible drugs in a 30-day review channel. JPMorgan expects gold to remain range-bound in the short term before rebounding, with an average price of 4,300 US dollars per ounce in the third quarter of 2026 and 4,500 US dollars per ounce in the fourth quarter, maintaining a long-term bullish view.

On the morning of July 3, the A-share precious metals sector surged. Zhaojin Gold and Chifeng Gold shot up straight after the opening, hitting their daily limit within one minute and both securing two consecutive upper limits. Western Gold, Sichuan Gold, Xiaocheng Technology, and several other stocks also hit their daily limit or rose more than 10%. In terms of news, the US non-farm payrolls for June increased by only 57,000, significantly missing expectations, and the April and May figures were revised down. The May non-farm payrolls were revised from 172,000 to 129,000, and after revisions, the combined April and May job gains were 74,000 lower than previously reported. The weak employment data led traders to scale back bets on Federal Reserve rate hikes, boosting the precious metals sector.

The precious metals sector rose 4.84% during the session, with Shanjin International up 9.31%, Zhaojin Gold up 9.04%, Chifeng Gold up 7.08%, Zijin Mining up 5.32%, and Xiaocheng Technology up 5.05%. Several major state-owned and joint-stock banks announced they will discontinue their agency personal precious metals trading business with the Shanghai Gold Exchange in July. Industry insiders view this as banks proactively managing risk to guard against customer default and reputational risks under extreme market conditions. A research note from Huatai Securities points out that the precious metals industry's prosperity remains at a high level in 2026, with first-quarter net profit attributable to the parent company surging 109.39% year-on-year and 75.25% quarter-on-quarter. COMEX gold and silver prices rose 63.31% and 157.16% year-on-year respectively in the first quarter of 2026. The industry is gradually shifting from being event-driven to a new phase driven by both policy and reserves. The note suggests focusing on leading gold companies with resource endowment advantages and clear capacity release certainty.

In early trading on July 3, the three major A-share indices surged, with the Shanghai Composite up 0.49%, the Shenzhen Component up 0.38%, and the ChiNext Index up 0.41%. The precious metals sector continued its strength, with Zhaojin Gold and Chifeng Gold hitting their second consecutive daily limit up, and Xiaocheng Technology, Western Gold, and Shanjin International among many stocks hitting daily limit up. On the news front, weaker-than-expected US June non-farm payroll data dampened expectations for Federal Reserve rate hikes, and Goldman Sachs' co-head of global commodities research said global central bank demand will continue to drive precious metals prices back up to near 5,000 US dollars per ounce. The aerospace defence sector saw a sudden surge, with Aerospace Development, AECC Aviation Power, and Chengchang Technology among many stocks hitting daily limit up, after Liaoning Province issued the Liaoning Province 15th Five-Year Plan for Marine Economic Development, proposing to accelerate the development of marine aerospace equipment and services industries. In Hong Kong stocks, the Hang Seng Tech Index extended gains, with Kuaishou, BYD Company, and Xiaomi Group leading the advance.

The Bosera Resources ETF surged 3.00% intraday, with its latest price at 1.96 yuan, while the SSE Natural Resources Index it tracks jumped 2.99%. Among constituents, Western Gold rose 10.02%, Chifeng Gold gained 10.00%, and China Jushi climbed 10.00%. In the first half of 2026, the resources sector underwent a deep correction, with precious metals seeing a maximum drawdown of nearly 30% during the year and silver plunging over 50%, significantly boosting the sector's margin of safety. East Money Securities noted that as countries add resources like copper to critical minerals lists, supply-side rigid constraints combined with demand-side drivers such as energy transition and AI data center construction are likely to reinforce the strategic asset attributes of non-ferrous metals.