The recent surge in silver prices has thoroughly ignited market sentiment. International silver prices have skyrocketed, accumulating gains of over 50% since the beginning of the year. Many investors are rushing to get on board, hoping to secure a share of the profits from this rally. Stimulated by the market trend, A-share stocks with "silver" in their names have been repeatedly singled out, experiencing soaring share prices. Even Baiyin Nonferrous Group Co.,Ltd. (601212.SH), whose core business is not primarily silver, has been treated as the most direct silver-related stock, with both trading volume and stock price rising. Hunan Silver Co.,Ltd. (002716.SZ), which has also benefited from the "silver" in its name and whose main business genuinely revolves around silver, has similarly seen its stock price climb. Interestingly, however, in this sentiment-driven surge, Hunan Silver's performance has been slightly inferior to that of Baiyin Nonferrous. Some have remarked on this phenomenon, noting, "Having mines in the family is not as good as having 'mine' in the name."
The sharp升温 of the silver market has now transmitted to the A-share market. Some stocks that previously had low visibility have been rediscovered by capital, showing significant price anomalies. On January 26th, Hunan Silver hit the daily limit-up, closing at 18.08 yuan per share. This morning, the leading silver stock announced that its share price had deviated by a cumulative 20% over two consecutive trading days on January 23rd and January 26th, 2026, constituting an abnormal stock trading fluctuation. After the announcement, Hunan Silver opened today and plunged to the跌停 limit within one minute, only to rapidly recover and surge within the next four minutes. By the afternoon A-share close, the stock was quoted at 17.64 yuan per share, down 2.43%, with a total market capitalization of 49.799 billion yuan.
Another stock highly favored by the market is Baiyin Nonferrous, which also carries the word "silver" in its name. At yesterday's close, Baiyin Nonferrous's stock price rose 10.03% to 11.41 yuan per share. This morning, the company's stock price hit the limit-up again; although it briefly opened during the session, it still closed at the upper limit in the afternoon.
Thus, Baiyin Nonferrous has secured six consecutive trading days of hitting the limit-up, closing today at 12.55 yuan per share, with a total market capitalization reaching 92.93 billion yuan and a trading volume of 9.005 billion yuan. Year-to-date, the stock has surged by a staggering 114.53%. The latest individual stock popularity ranking from East Money shows Baiyin Nonferrous at the top, even surpassing the global mining giant Zijin Mining Group, with Hunan Silver ranking third.
However, a breakdown of the fundamentals reveals that the connection between Baiyin Nonferrous and silver prices is far less tight than its stock price performance suggests. The company's website indicates its predecessor was the Baiyin Nonferrous Metals Company, established in 1954. It introduced CITIC strategic investment to complete its joint-stock reform in 2008 and listed on the Shanghai Stock Exchange Main Board in February 2017. Currently, the company has a registered capital of 7.405 billion yuan, is headquartered in Baiyin City, Gansu Province, and oversees 42 subsidiaries. According to its introduction, the company's main businesses include mining, smelting, processing, and trading of various non-ferrous and precious metals such as copper, zinc, lead, gold, and silver. Looking at the revenue structure, silver products do not constitute a high proportion of the company's business. In the first half of 2025, Baiyin Nonferrous achieved revenue of 44.559 billion yuan, of which sales revenue from silver products was 2.023 billion yuan, accounting for only 4.54%; cathode copper was the company's main revenue source, contributing 21.232 billion yuan, or 47.65%, during the same period. Therefore, although it deals in silver products, cathode copper is the core product of Baiyin Nonferrous. This differs from Hunan Silver, where, during the same period, revenue from electric silver and deep-processed silver products accounted for a high 66.72% of the company's total revenue. This also意味着 that the operational fundamentals of Baiyin Nonferrous are not deeply tied to the silver market trend; the "Baiyin" in the company name primarily refers to a geographical location. Commenting on its soaring stock price, a Snowball user remarked, "It's truly a classic case of an IQ tax!"
The latest financial performance also难以支撑 the continuous surge in the stock price. In the first three quarters of 2025, Baiyin Nonferrous achieved revenue of 72.643 billion yuan, but its total profit was only 983 million yuan, with a net profit attributable to shareholders of -215 million yuan. After the market closed on January 23rd, the company released its 2025 annual performance forecast, expecting the full-year net profit attributable to shareholders to be between -450 million yuan and -675 million yuan, indicating a shift from profit to loss. In comparison, for the full year 2024, the company's total profit was approximately 1.427 billion yuan, with a net profit attributable to shareholders of 80.7917 million yuan. Explaining the expected loss for 2025, Baiyin Nonferrous stated it was mainly affected by a risk event related to its subsidiary, Shanghai Honglu International Trading Co., Ltd. This subsidiary encountered difficulties retrieving aluminum ingots stored with a third-party warehouse机构. The company has filed a lawsuit and, based on the case's progress and the prudence principle, made a provision for estimated liabilities of approximately 314 million yuan in the first half of 2025. Additionally, market price fluctuations led to a year-on-year increase in losses from the fair value change of embedded derivative financial instruments formed through priced transactions, which also weighed on the current period's performance.
Of course, the short-term暴涨 in the stock price has also prompted multiple risk warnings from the company. On the evening of January 26th, Baiyin Nonferrous announced that its stock price had累计 increased by 61.16% over five consecutive trading days from January 20th to January 26th, while no major changes had occurred in the company's fundamentals. It warned of potentially overheated market sentiment and a significant rise in trading risk. Valuation-wise, Baiyin Nonferrous is also明显偏高. As of January 26th, the average static P/E ratio for the peer industry was 125.42 times, while the company's static P/E ratio was as high as 1,045.76 times; the industry's average dynamic P/E ratio was 112.68 times, while the company's dynamic P/E ratio was 477.66 times, both at elevated levels. Meanwhile, potential risks within the equity structure cannot be ignored. The announcement showed that the company's shareholder, CITIC Guoan Industry Group Co., Ltd. ("CITIC Guoan"), holds 2.25 billion shares of Baiyin Nonferrous, accounting for 30.39% of the total shares. Due to the execution of the restructuring plan of the original largest shareholder, CITIC Guoan pledged its holdings in Baiyin Nonferrous. As of January 26th, it had累计 pledged 2.218 billion shares, representing 98.56% of its total holdings and 29.95% of the company's total share capital. Reviewing historical operational data, the characteristic of "increasing revenue without increasing profits" is particularly evident for Baiyin Nonferrous.
Since its listing, the company's revenue grew from 56.634 billion yuan in 2017 to 86.787 billion yuan in 2024, but its net profit rapidly declined from 239 million yuan in 2017, hovering around 30 million yuan for a long time, only briefly recovering in 2023. In contrast, before its listing, in 2011, the company's revenue was only 21.854 billion yuan, yet it achieved a net profit of 616 million yuan. Overall, the current stock price performance of Baiyin Nonferrous shows a clear dislocation from its fundamentals and profitability, appearing more like a result of being "mistakenly favored" by capital against the backdrop of the global surge in gold and silver.
In comparison, some companies have genuinely reaped tangible benefits from the silver market trend. The Hong Kong-listed company祈福生活服务 (03686.HK) disclosed that on January 9th and January 14th, 2026, it sold a total of 680,000 ounces (approximately 21.15 tons) of silver bars, generating sales revenue of approximately 388 million yuan and expecting a total gain of about 247 million yuan. For a company whose net profit attributable to shareholders has long been below 100 million yuan, this investment gain is quite substantial. The continuous rise in silver prices has also boosted the popularity of related fund products. As the only product in the public fund market primarily investing in silver futures, the SDIC Essence Silver Futures LOF (hereafter "SDIC Silver LOF") has持续 attracted capital追捧. Today, SDIC Essence Fund announced that, to protect the interests of fund shareholders, it will suspend subscription (including regular定额 investment)业务 for this fund starting January 28th.
In fact, prior to this, the fund had gradually tightened its subscription通道: C-class shares suspended subscriptions on December 29th, 2025, and the daily subscription上限 for A-class shares was also compressed to 100 yuan. This comprehensive suspension意味着 that investors cannot add funds to either A-class or C-class shares. On the same day, SDIC Essence Fund also issued a premium risk warning and a trading suspension/resumption announcement.
According to statistics, since December 2025, the fund has累计 issued 35 premium risk warnings, 24 trading suspension announcements, and adjusted subscription limits 3 times. As domestic individual investors have limited channels for direct participation in the silver market, the SDIC Silver LOF has become an important indirect investment tool to some extent. As of the end of December 2025, the fund's management scale had reached 18.944 billion yuan, an increase of approximately 185% compared to the end of September 2025.
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