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9月16日在中國貨幣(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2022年 度 第 一 期 中 期 票 據 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9月16日 截 至 本 公 告 日 期，董 事 會 成 員 包 括： 執 行 董 事： 姜 桂 ...

Core Viewpoint - The gold market is experiencing fluctuations due to rising gold prices and mixed performance among gold-related stocks, influenced by expectations of potential interest rate cuts by the Federal Reserve [2] Group 1: Gold Market Performance - On September 16, gold prices opened high, driven by overnight highs in gold prices, while major indices retreated [2] - The gold stock ETF (159562) fell by 2.00%, with its constituent stocks showing varied performance, including significant declines in companies like Yuguang Gold Lead and Jiangxi Copper [2] - Over the past year, the gold stock ETF has seen a net value increase of 78.85%, leading the sector [2] Group 2: Fund Flows and ETF Growth - The gold stock ETF has attracted continuous capital inflow over the past 12 days, totaling 938 million yuan, reaching a new high in shares at 781 million and a total scale of 1.592 billion yuan [2] Group 3: Economic Indicators and Market Sentiment - The deteriorating U.S. job market has increased expectations for a 25 basis point rate cut by the Federal Reserve in September, with a growing probability for a 50 basis point cut [2] - Shanghai Dongzheng Futures analysis indicates that rising gold prices are driven by regional political risks and reinforced expectations of Fed rate cuts, although caution is advised due to increased market volatility following historical highs [2]

Group 1 - Gold prices saw a significant increase, with spot gold rising 1.04% to $3681.17 per ounce, and COMEX gold futures up 0.93% to $3720.70 per ounce, both breaking previous historical highs [1] - The Philadelphia Gold and Silver Index rose 1.78% to 277.84 points, marking a new closing historical high, while the NYSE ARCA Gold Miners Index increased by 0.76% to 1965.79 points, also reaching a new closing historical high [1] - Silver prices increased by 1.31% to $42.7390 per ounce, approaching previous peaks from 2011, with COMEX silver futures up 0.92% to $43.225 per ounce [1] Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index rose 1.30%, with notable increases in constituent stocks such as Shandong Gold (up 4.34%) and Xiaocheng Technology (up 3.15%) [2] - The Gold Stock ETF Fund increased by 1.38%, with a recent price of 1.54 yuan, and has seen a cumulative increase of 4.18% over the past week, ranking 2nd among comparable funds [2] - The Gold Stock ETF Fund had a turnover of 3.29% during the trading session, with a total transaction value of 3.85 million yuan, and an average daily transaction value of 38.25 million yuan over the past week [2] Group 3 - The Gold Stock ETF Fund's net value increased by 45.51% over the past six months, ranking 121st out of 3621 index stock funds, placing it in the top 3.34% [3] - Since its inception, the Gold Stock ETF Fund has achieved a maximum monthly return of 16.59% and a longest consecutive monthly gain of 4 months, with an average return of 8.13% in rising months [3] Group 4 - The Gold Stock ETF Fund has a Sharpe ratio of 2.28 over the past year, ranking in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [4] - The fund has experienced a relative drawdown of 3.00% this year, with a recovery time of 7 days, the fastest among comparable funds [4] Group 5 - The management fee for the Gold Stock ETF Fund is 0.50%, and the custody fee is 0.10%. The fund closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [5] - The top ten weighted stocks in the index account for 66.52%, with Zijin Mining and Shandong Gold being the largest contributors [5]

Core Viewpoint - The recent surge in gold stocks is driven by rising gold prices, with COMEX gold surpassing $3700 per ounce and a projected increase to $4000 per ounce by Q1 2026 due to strong investor demand and potential Federal Reserve rate cuts [1] Gold Stocks Performance - Shandong Gold (01787) increased by 3.65% to HKD 36.34 - China Silver Group (00815) rose by 2% to HKD 0.51 - Zhaojin Mining (01818) gained 1.95% to HKD 30.3 - Chifeng Jilong Gold (06693) went up by 1.16% to HKD 31.4 [1] Market Predictions - Morgan Stanley has raised its gold price forecast, anticipating that gold could exceed $4000 per ounce by Q1 2026, with a potential rise to $5000 if the Federal Reserve's independence is challenged [1] - The increase in gold prices is attributed to concerns over global debt and monetary policies, with the passage of the "Big and Beautiful" bill expected to raise the U.S. fiscal deficit by $3.4 trillion [1] Investment Outlook - Huaxi Securities suggests that the long-term outlook for gold remains positive due to global monetary and debt concerns, indicating that gold stocks are currently undervalued and present a good investment opportunity [1]

每经AI快讯，黄金股延续近期涨势，截至发稿，山东黄金(01787.HK)涨3.65%，报36.34港元；中国白银 集团(00815.HK)涨2%，报0.51港元；招金矿业(01818.HK)涨1.95%，报30.3港元；赤峰黄金(06693.HK)涨 1.16%，报31.4港元。 ...

华西证券此前指出，长期看，全球货币与债务担忧，使得黄金受益于债务和货币宽松的交易方向，"大 而美"法案的通过预计提高美国3.4万亿美元财政赤字，全球多国财政赤字处于高位，国债利率上涨，看 好未来黄金价格，受益于金价上涨，黄金资源股盈利预期增强，目前黄金股估值处于较低水平，关注黄 金股配置机会。 消息面上，9月15日，COMEX黄金突破3700美元/盎司，再创新高，年内累计上涨超40%。据悉，摩根 大通上调对金价的价格预测，在即将到来的美联储降息周期和由此引燃的强劲投资者需求的双重推动 下，预计现货金价将在2026年第一季度突破4000美元/盎司大关。同时，若美联储独立性受到冲击，投 资者的资金轮动可能在两个季度内将金价推至5000美元高位。 智通财经APP获悉，黄金股延续近期涨势，截至发稿，山东黄金(01787)涨3.65%，报36.34港元；中国白 银集团(00815)涨2%，报0.51港元；招金矿业(01818)涨1.95%，报30.3港元；赤峰黄金(06693)涨1.16%， 报31.4港元。 ...

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]

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 - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Core Viewpoint - Gold stocks continue to rise, driven by increasing expectations of interest rate cuts following the release of the US CPI data, which showed a year-on-year increase of 2.9% and a month-on-month increase of 0.4% [2] Company Performance - Lingbao Gold (03330) rose by 8.19%, trading at HKD 18.37 [2] - Tongguan Gold (00340) increased by 4.98%, trading at HKD 2.32 [2] - China Gold International (600916) (02099) saw a rise of 3.6%, trading at HKD 138.1 [2] - Zhaojin Mining (01818) increased by 3.27%, trading at HKD 29.7 [2] Market Trends - The international spot gold price has risen by 40% year-to-date, reflecting strong demand and market confidence [2] - Goldman Sachs has raised its long-term gold price forecast for 2029 and beyond to USD 3,300 per ounce, up from the previous forecast of USD 2,850 per ounce [2] - Goldman Sachs anticipates that gold prices could reach USD 4,000 per ounce by mid-2026, with extreme scenarios potentially pushing prices close to USD 5,000 [2]