Core Viewpoint - The successful completion of the solar-storage project at the Abidjan Gold Mine in Côte d'Ivoire marks a significant achievement for Zhaojin Mining, enhancing operational efficiency and reducing costs while addressing power supply challenges [1][2]. Group 1: Project Overview - The solar-storage project has a capacity of 33.28 MWp and 37.50 MWh, and it has been successfully connected to the grid [1]. - The project resolves the power supply bottleneck that has hindered stable and efficient operations at the Abidjan Gold Mine since 2025 [1]. Group 2: Operational Impact - The implementation of a multi-energy complementary smart microgrid system, combining solar, storage, grid electricity, and diesel power, allows for seamless switching between grid-connected and off-grid modes [1]. - This system effectively mitigates issues related to power shortages and equipment downtime, ensuring continuous and stable production at the mine [1]. Group 3: Strategic Significance - The project is the first large-scale renewable energy demonstration power station for mines in Côte d'Ivoire following the introduction of the country's New Energy Law, showcasing Zhaojin Mining's commitment to ESG principles and green mining [2]. - The successful execution of this project serves as a model for responsible development in overseas investments by Chinese mining companies, setting a green benchmark for the internationalization of the Chinese gold industry [2]. Group 4: Future Plans - During the 14th Five-Year Plan period, Zhaojin Mining aims to accelerate the construction and operation of key overseas projects, including the Abidjan Gold Mine, Odlan Mining, and King Gold Mining, leveraging the verified global integrated operational support system [2]. - The company is focused on establishing an overseas mining industry cluster and becoming a flagship for the globalization of the Chinese gold mining sector [2].

Group 1: Employment Data - The U.S. non-farm employment increased by 64,000 in November, surpassing the market expectation of 50,000, but manufacturing employment has dropped to its lowest level since March 2022 [1] - The unemployment rate unexpectedly rose to 4.6%, the highest since September 2021, although this increase coincided with a rise in the labor participation rate [1] - Non-farm employment saw a significant decrease of 105,000 in October, with August and September also revised down by a total of 33,000 [1] Group 2: Wage Growth - The average hourly wage in November grew by 3.5% year-on-year, marking the lowest growth rate since May 2021, indicating a slowdown in real wage growth [1] Group 3: Market Reactions - Despite the overall weak data, there remains a divergence in market expectations regarding the Federal Reserve's interest rate cut path, leading to increased short-term volatility in gold prices [1] - The long-term appeal of gold as a safe-haven asset and its anti-inflation value continues to attract capital [1] Group 4: Gold Price Forecast - Goldman Sachs predicts that gold prices will reach $4,900 per ounce by the end of 2026, driven by increased holdings from households or institutional investors seeking to diversify risk amid high macroeconomic uncertainty [2] Group 5: Gold Industry Index Performance - As of December 17, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 2.87%, with constituent stocks such as Shandong Gold and Jiangxi Copper seeing significant gains [2] - The gold stock ETF fund saw a turnover of 7.16% during the trading session, with a transaction volume of 7.3346 million [2] Group 6: Top Holdings in Gold Industry Index - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 68.26% of the index, including companies like Zijin Mining and Shandong Gold [3]

Market Overview - The Hong Kong stock market faced downward pressure, with the Hang Seng Index falling by 1.34% to 25,628.88 points, and a total trading volume of HKD 204.29 billion [1] - The Hang Seng China Enterprises Index dropped by 1.78% to 8,917.7 points, while the Hang Seng Tech Index decreased by 2.48% to 5,498.42 points [1] Blue-Chip Stocks Performance - Li Ning (02331) led the blue-chip stocks, rising by 5.43% to HKD 18.64, contributing 3.53 points to the Hang Seng Index [2] - New Oriental-S (09901) increased by 2.81% to HKD 43.2, contributing 1.46 points, while China Ping An (02318) rose by 2.35% to HKD 65.25, contributing 16.07 points [2] - Hansoh Pharmaceutical (03692) fell by 7.58% to HKD 39.74, negatively impacting the index by 7.88 points, and SMIC (00981) dropped by 4.43% to HKD 64.7, contributing a decline of 21.64 points [2] Sector Performance - Major technology stocks generally declined, with Alibaba down by 3.57% and Tencent by 2.11%, amid renewed concerns over an AI bubble following disappointing earnings from leading AI companies [3] - Gold stocks saw significant gains as international gold prices approached historical highs, with Zijin Mining (02259) rising by 7.76% to HKD 158.4 [3] - Dairy stocks also performed well, with Yurun Dairy (09858) increasing by 7.67% to HKD 4.63, supported by favorable policies for childbirth [4] Insurance Sector - The insurance sector showed strong performance, with China Ping An (02318) reaching a four-year high, rising by 2.35% to HKD 65.25 [5] - Other insurers like New China Life (01336) and China Pacific Insurance (02601) also saw gains, attributed to regulatory changes that allow for more long-term investment funds [5][6] Notable Stock Movements - CloudTop New Horizon (01952) rose by 4.55% to HKD 46.88, with significant insider buying reported [7] - Sanhua Intelligent Control (02050) faced pressure, dropping by 7.25% to HKD 33.78, ahead of a significant unlock of cornerstone investor shares [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列招金礦業股份有限公司於 2025 年 1 2 月 1 5 日在中國貨幣網 (www.chinamoney.com.cn)及上海清算所網站(www.shclearing.com.cn)所刊登的 《招金礦業股份有限公司2023年度第四期中期票據（科創票據）（品種二）2025 年付息公告》，僅供參考。 特此公告。 獨立非執行董事： 陳晉蓉女士、蔡思聰先生、魏俊浩先生及申士富先生 * 僅供識別 招金矿业股份有限公司 2023年度 第四期中期票据(科创票据) (品种二) 2025年付息公告 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 中國招遠，2 ...

ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列招金礦業股份有限公司於 2025 年 1 2 月 1 5 日在中國貨幣網 (www.chinamoney.com.cn)及上海清算所網站(www.shclearing.com.cn)所刊登的 《招金礦業股份有限公司2023年度第四期中期票據（科創票據）（品種一）兌付 公告》，僅供參考。 特此公告。 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 中國招遠，2025年12月15日 截至本公告日期，董事會成員包括： 執行董事： 姜桂鵬先生、段磊先生、王立剛先生及王培武先生 非執行董事： 龍翼先生、李廣輝先生及欒文敬先生 獨立非執行董事： 陳晉蓉 ...

12月15日，港股黄金股盘初拉升走强，其中，紫金黄金国际涨超6%领衔，赤峰黄金涨5.8%，潼关黄金 涨近3%，灵宝黄金、山东黄金、招金矿业均涨超1%。 消息上，亚洲早盘黄金小幅走高。现货黄金上涨0.6%，报每盎司4,324美元，不断逼近历史新高位。 Tickmill执行董事Joseph Dahrieh表示，金价继续受益于市场对美联储将进一步放松货币政策的坚定预 期、各国央行的持续买入，以及不断扩大的地缘政治风险，这些风险正维持着避险资金流。本周市场焦 点可能将是美国的主要政府数据，例如将于周二公布的11月就业报告和将于周四公布的11月CPI数据。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02259 | 紫金黄金国际 | 156.200 | 6.26% | | 06693 | 赤峰黄金 | 32.180 | 5.79% | | 00340 | 漳关黄金 | 2.950 | 2.79% | | 03330 | 灵宝黄金 | 18.100 | 1.86% | | 01787 | 山东黄金 | 34.740 | 1.64% | | 01818 | 招 ...

Summary of Key Points from Conference Call Records Industry Overview - **Metals Industry**: The records discuss the metals industry, particularly focusing on precious metals, industrial metals, and energy metals, with insights into market trends and forecasts for 2026 [1][2][6][12][26]. Precious Metals - **Silver Price Volatility**: Silver prices have experienced significant fluctuations due to decreasing inventories and demand expectations, with a short-term pullback influenced by AI trends, but long-term trends are expected to follow gold prices [1][3]. - **Federal Reserve's Impact**: The recent 25 basis point rate cut by the Federal Reserve and the initiation of short-term U.S. debt purchases have enhanced liquidity expectations, driving precious metal prices upward, with silver reaching nearly $64 per ounce [2][5]. - **Long-term Support Factors**: Factors such as the Federal Reserve's asset purchases, interest rate cuts, and the U.S. strategic shift away from the dollar are expected to provide long-term support for precious metal prices [1][4][5]. Industrial Metals - **Optimistic Outlook**: The industrial metals market outlook is optimistic, with expectations of demand rebound in traditional manufacturing and real estate due to easing high-interest rates and supportive policies from China's 14th Five-Year Plan [1][6]. - **Copper Price Trends**: Copper prices reached new highs following the Fed's rate cut but faced adjustments due to concerns over AI and U.S. economic data. Future price trends will depend on economic resilience indicators [7][8]. - **Aluminum Market Dynamics**: The aluminum market is expected to remain strong due to fiscal and monetary easing, despite seasonal demand pressures. The overall demand is anticipated to be supported by storage and export activities [10][11]. Energy Metals - **Lithium Demand**: Lithium demand remains robust, driven by the economics of energy storage, with high order expectations for 2026. Supply-side disruptions continue, maintaining a tight supply-demand balance [12][15]. - **Cobalt Market Stability**: Cobalt prices are expected to remain stable in the short term, with supply concerns easing due to improved political conditions in the Democratic Republic of Congo [12][13]. Steel Industry - **Policy Changes**: The steel industry has reinstated the steel export license system to optimize export structures and limit low-value product exports, which is expected to impact the market significantly [23][24]. - **Investment Opportunities**: Despite short-term market reactions to new policies, there are long-term investment opportunities in high-end manufacturing steel companies, which are less affected by these changes [24][25]. Conclusion - **Investment Strategy**: The overall analysis indicates various investment opportunities across precious metals, industrial metals, and energy metals, emphasizing the need to monitor policy changes and market dynamics closely to adjust investment strategies accordingly [26].

Group 1 - Hong Kong gold stocks experienced a strong rally at the beginning of trading, with Zijin Mining International leading the gains, rising over 6% [1] - Other notable performers included Chifeng Jilong Gold Mining up 5.8%, Tongguan Gold up nearly 3%, and Lingbao Gold, Shandong Gold, and Zhaojin Mining all rising over 1% [1][2] - The spot gold price increased by 0.6%, reaching $4,324 per ounce, approaching historical highs [1] Group 2 - Joseph Dahrieh, Executive Director of Tickmill, indicated that gold prices are benefiting from strong market expectations for further easing of monetary policy by the Federal Reserve, ongoing purchases by central banks, and escalating geopolitical risks [1] - This week, the market focus will be on key U.S. government data, including the November employment report to be released on Tuesday and the November CPI data on Thursday [1]

本报讯(记者袁传玺)天眼查App显示，近日，招金(海南)海外投资有限公司成立，注册资本2亿元，经营 范围为以自有资金从事投资活动。股权全景穿透图显示，该公司由招金矿业旗下招金(海南)国际控股有 限公司全资持股。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].