截至2023年12月31日，山东黄金集团直接和间接合计持有公司45.58%的股权，为公司的控股股东。除 香港中央结算（代理人）有限公司外，公司不存在持股5%以上股东，股权较为分散。本次发行完成 后，山东黄金集团仍为公司控股股东，本次发行不会导致公司的控制权发生变化。山东省人民政府国有 资产监督管理委员会合计持有公司控股股东山东黄金集团有限公司90%股权，为公司实际控制人。 山东黄金本次定增的保荐机构（主承销商）是中银证券（601696）(601696.SH)，保荐代表人是周煜 婕、贾留喜。 山东黄金于2025年9月2日披露了关于根据一般性授权配售新H股的公告，内容为向不少于六名承配人配 售公司136,500,000股新H股股份（以下简称"本次配售"）。配售事项所得款项净额（经扣除配售事项佣 金及配售事项的其他相关成本及开支后）将用于偿还公司债务。 中国经济网北京9月15日讯 山东黄金（600547）(600547.SH)9月13日披露了关于终止向特定对象发行A 股股票事项并撤回申请文件的公告。 据山东黄金公告，为进一步调整优化融资方式，公司结合资本市场整体运行状况及已于近日成功实施H 股配售的情况，于2025 ...

Group 1 - UBS raised its gold price forecast for the end of 2025 by $300 to $3,800 per ounce and for mid-2026 by $200 to $3,900 per ounce, citing expectations of a loosening monetary policy by the Federal Reserve and a weakening dollar related to interest rate cuts and geopolitical risks [1] - The gold ETF holdings are expected to exceed 3,900 tons by the end of 2025, approaching previous record levels, driven by increased confidence in gold as a safe-haven asset amid declining trust in dollar assets and ongoing regional risks [1] - As of September 11, gold futures prices have significantly increased, attracting over 100 billion yuan in capital, with a cumulative increase of over 17 billion yuan in September alone [1] Group 2 - As of September 12, the gold stock ETF fund has seen a net value increase of 52.20% over the past six months, ranking 67 out of 3,610 index stock funds, placing it in the top 1.86% [4] - The gold stock ETF fund has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI Hong Kong and Shanghai Gold Industry Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [5] - The top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [6]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Companies with Increased Holdings - Shandong Molong (00568) saw the largest increase in holdings, up by 6.46%, bringing its total to 59.66% [2]. - Youbao Online (02429) experienced a 2.74% increase, resulting in a holding of 17.51% [2]. - Goldwind Technology (02208) had a 1.07% increase, with a current holding of 43.66% [2]. - Other notable increases include Ganfeng Lithium (01772) at +0.75% (35.72%), and InnoCare Pharma (01877) at +0.59% (57.84%) [2]. Group 2: Companies with Decreased Holdings - Meizhong Jiahe (02453) had the largest decrease, down by 1.55% to 33.01% [2]. - Longpan Technology (02465) decreased by 1.06%, now holding 46.05% [2]. - Kingsoft Cloud (03896) saw a reduction of 0.98%, with a current holding of 25.82% [2]. - Other significant decreases include Yisou Technology (02550) at -0.39% (38.94%) and Jiangxi Copper (00358) at -0.27% (23.65%) [3]. Group 3: Five-Day Holding Changes - Over the last five trading days, Zhongyuan Shipping (01138) had the highest increase of 7.22%, reaching 65.91% [3]. - Shandong Molong (00568) increased by 5.80% to 59.66% [3]. - Zhongchu Innovation (03931) saw a 4.08% increase, now at 9.79% [3]. - Conversely, Yisou Technology (02550) experienced the largest decrease of 8.93%, now at 38.94% [3]. Group 4: Twenty-Day Holding Changes - In the last twenty days, Anjuke Food (02648) had the highest increase of 12.30%, reaching 19.99% [4]. - Zhongyuan Shipping (01138) also saw a significant increase of 8.90%, now at 65.91% [4]. - Longpan Technology (02465) had a notable decrease of 4.92% [4].

Group 1 - The market anticipates a potential 50 basis points interest rate cut by the Federal Reserve, leading to strong performance in Asian stock markets [2] - The expectation of a rate cut is driving global funds to accelerate purchases of gold, with recommendations to focus on leading gold companies [2] - The strategic value of rare metals is increasing due to trade disputes and geopolitical conflicts, with a clear global monopoly pattern emerging in the rare earth industry [2] Group 2 - The strategic metals sector may undergo a value reassessment, with recommendations to focus on rare earth magnets and tungsten [3] - Key Hong Kong stocks related to the gold industry include Zijin Mining, Shandong Gold, and China National Gold International [4] - Key Hong Kong stocks related to rare earth magnets include Jien Mining and those related to tungsten include Jiahua International Resources [5]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The expectation of interest rate cuts has strengthened, leading to upward price movements in both industrial and precious metals [1][2] - Copper prices have shown a strong upward trend, with the recent price reaching 80,810 CNY/ton, driven by seasonal demand and supply constraints [1] - Aluminum prices have also increased, with the Shanghai aluminum price at 21,075 CNY/ton, supported by stable production and improved demand from the automotive sector [1][22] - Precious metals, particularly gold and silver, have seen price increases due to soft labor market signals and expectations of continued central bank purchases [2][27] Summary by Sections 1. Base Metals & Precious Metals - **Copper**: Prices have rebounded due to reduced market supply and stable demand, with domestic copper inventory at 149,000 tons [1][13] - **Aluminum**: Prices have increased due to stable supply and improved demand, with LME aluminum inventory rising to 485,300 tons [1][22][23] - **Precious Metals**: Gold and silver prices have risen, with gold averaging 821.23 CNY/g and silver at 9,773 CNY/kg, supported by macroeconomic factors [2][27] 2. Minor Metals - **Tungsten**: Prices have shown mixed trends, with black tungsten concentrate averaging 286,500 CNY/ton, while market sentiment remains cautious [3][61] - **Rare Earths**: Prices have stabilized, with light rare earth oxide at 575,000 CNY/ton, indicating a potential recovery in the sector [4] 3. Market Predictions - **Copper**: Expected to maintain a high level of volatility, with prices projected to range between 79,600-81,000 CNY/ton [14] - **Aluminum**: Anticipated to fluctuate within the range of 20,400-21,000 CNY/ton [23] - **Precious Metals**: Gold prices are expected to range between 800-840 CNY/g, while silver is projected to be between 9,000-9,900 CNY/kg [28]

Core Viewpoint - Shandong Gold has decided to terminate its plan to issue A-shares to specific investors and has applied to withdraw the related application documents, aiming to optimize its financing methods in light of the current capital market conditions and the recent successful H-share placement [1][3]. Group 1: Financing and Capital Market Activities - The decision to terminate the A-share issuance plan follows a three-year process that began with board meetings in June 2022, where the issuance plan was approved [3]. - The total investment for the gold resource development project at Shandong Gold Mining (Laizhou) Co., Ltd. is 8.273 billion yuan, with the A-share issuance intended to raise no more than 4.6 billion yuan [3]. - The company has successfully completed an H-share placement, raising approximately 3.892 billion HKD, which will be used to repay company debts [6]. Group 2: Financial Performance - In the first half of the year, Shandong Gold reported total operating revenue of 56.766 billion yuan, a year-on-year increase of 24.01%, and a net profit attributable to shareholders of 2.808 billion yuan, up 102.98% [6]. - As of June 30, the company had cash and cash equivalents of 12.523 billion yuan and short-term borrowings of 29.387 billion yuan, resulting in a debt-to-asset ratio of 63.11% [6]. Group 3: Future Plans - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [7].

山东黄金（600547）(01787)公布，为进一步调整优化融资方式，公司结合资本市场整体运行状况及已 于近日成功实施H股配售的情况，于2025年9月12日召开第七届董事会第四次会议，审议通过了《关于 公司终止向特定对象发行A股股票事项并撤回申请文件的议案》，公司决定终止向特定对象发行A股股 票事项，并向上海证券交易所申请撤回相关申请文件。 本次终止向特定对象发行A股股票事项并撤回申请文件，系公司结合实施港股融资并综合考虑实际情况 作出的审慎决策，后续公司将密切关注资本市场运行情况，更加积极的发挥好"A+H"双资本平台作用， 多渠道多方式积极探索更优化的融资模式，促进公司更加健康、可持续、高质量发展。本次决策不会对 公司生产经营和业务发展造成重大不利影响，不存在损害公司及全体股东，特别是中小股东利益的情 形。 ...

Core Viewpoint - Shandong Gold (01787) has decided to terminate the issuance of A-shares to specific investors and withdraw the application documents, following a successful H-share placement and considering the overall capital market conditions [1] Group 1: Decision and Rationale - The company held the fourth meeting of the seventh board of directors on September 12, 2025, where the decision to terminate the A-share issuance was made [1] - This decision is based on a prudent assessment of the successful implementation of H-share financing and the current market situation [1] - The company aims to leverage its "A+H" dual capital platform more effectively and explore optimized financing models through multiple channels [1] Group 2: Impact on Operations - The termination of the A-share issuance will not have a significant adverse impact on the company's production operations and business development [1] - There are no concerns regarding the potential harm to the interests of the company and all shareholders, particularly minority shareholders [1]

Group 1 - The company has decided to terminate the issuance of A-shares to specific investors and will withdraw the application documents submitted to the Shanghai Stock Exchange [1] - This decision was made during the fourth meeting of the seventh board of directors held on September 12, 2025, in light of the overall conditions of the capital market and the recent successful H-share placement [1] - The company aims to further adjust and optimize its financing methods [1]

山東黃金礦業股份有限公司 章 程 中國山東 （2025年9月） 目 錄 第四章 股東和股東會 第一節 股票和股東名冊 第二節 股東的一般規定 第三節 控股股東和實際控制人 第四節 股東會的一般規定 第五節 股東會的召集 第六節 股東會的提案與通知 第七節 股東會的召開 第八節 股東會的表決和決議 第九節 類別股東表決的特別程序 第五章 董事和董事會 第一章 總 則 第二章 經營宗旨和範圍 第三章 股 份 第一節 股份發行 第二節 股份增減和回購 第三節 股份轉讓 第一節 董事的一般規定 第二節 董事會 第三節 獨立董事 第四節 董事會專門委員會 第六章 高級管理人員 第七章 黨的組織 第九章 通知和公告 第十一章 修改章程 第一章 總 則 第十二章 附 則 第八章 財務會計制度、利潤分配和審計 第一節 財務會計制度 第二節 內部審計 第三節 會計師事務所的聘任 第一節 通 知 第二節 公 告 第十章 合併、分立、增資、減資、解散和清算 第一節 合併、分立、增資和減資 第二節 解散和清算 第一條 為 維 護 山 東 黃 金 礦 業 股 份 有 限 公 司（以 下 簡 稱「公 司」或「本 公 司」）、股 東、 職 ...