2025 年第二次临时股东会 2025 Second Extraordinary General Meeting of Shareholders 会 议 材 料 紫金矿业集团股份有限公司 2025 年 12 月 31 日 议 程 会议时间：2025 年 12 月 31 日（星期三）9 点 网络投票时间：2025 年 12 月 31 日，通过交易系统投票平台：9:15－9:25，9:30－11:30， 13:00－15:00；通过互联网投票平台：9:15－15:00 会议地点：福建省龙岩市上杭县紫金大道 1 号公司总部大楼 21 楼会议室 会议主持：陈景河 参会人员：股东及股东代表、董事、监事、高管、中介机构等 议 程 主持人宣布会议开幕； 董事会秘书宣布参加本次股东会现场会议的股东人数、代表股份总额； 主持人根据《公司章程》提议表决票清点人； 非累积投票议案 1、特别决议案：关于修订《公司章程》的议案 2、普通决议案：关于修订《股东会议事规则》的议案 3、普通决议案：关于修订《董事会议事规则》的议案 4、普通决议案：关于修订《独立董事工作制度》的议案 5、普通决议案：关于修订《关联交易管理办法》的议案 6、普 ...

Core Viewpoint - The company will hold its first interim shareholders' meeting in 2026 to discuss two key proposals, including the reappointment of an auditing firm and the expected amount of related party transactions for 2026 [1] Group 1: Shareholders' Meeting Proposals - The first proposal is to reappoint Tianjian Accounting Firm as the auditing institution for the fiscal year 2025, with the fee yet to be determined [1] - The second proposal anticipates related party transactions for 2026 to amount to 620 million yuan, which includes sales of 550 million yuan to Zijin Mining and its controlled companies, and purchases of 50 million yuan [1] - The company has already conducted related party transactions totaling 153 million yuan from January to September 2025 [1] Group 2: Meeting Logistics - The shareholders' meeting is scheduled to take place in 2026 and will utilize a combination of on-site registered voting and online voting for decision-making [1]

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up over 1% and the ChiNext Index up over 3%, with a total trading volume of 1.81 trillion yuan, an increase of 87 billion yuan from the previous day [1] - The market surge is attributed to three main factors: strong performance of brokerage stocks, significant trading activity in broad-based ETFs, and comments from a former Japanese central bank official opposing early interest rate hikes, easing global liquidity concerns [1] Sector Performance - The optical module sector experienced a strong breakout, with New Yi Sheng and Zhong Ji Xu Chuang topping the A-share capital inflow rankings. The ChiNext AI ETF (159363) surged 5% with a net subscription of 162 million units [1][6] - The "anti-involution" theme also performed well, with lithium carbonate futures seeing a sudden spike, leading to a 3.48% increase in the Chemical ETF (516020) and a 3.27% rise in the Nonferrous Metals ETF (159876) [2] Institutional Insights - Investment institutions are optimistic about the A-share market transitioning from a structural bull market to a more comprehensive bull market by 2026, with expectations of a gradual recovery in earnings [3][4] - J.P. Morgan highlighted that earnings will be key to the upward momentum of Chinese assets next year, with over one-third of sub-sectors currently in the revenue expansion quadrant [4] Key Stocks and ETFs - The top-performing stocks included Lian Te Technology, New Yi Sheng, and Tian Fu Communication, with significant price increases [6][7] - The Chemical ETF (516020) and Nonferrous Metals ETF (159876) have seen substantial inflows, indicating strong market interest in these sectors [13][19] Lithium Market Dynamics - The lithium carbonate futures market saw a dramatic increase, with prices nearing 109,860 yuan per ton, driven by supply-demand dynamics and regulatory changes affecting mining licenses [23] - The storage industry in China is expected to grow significantly over the next 3-5 years, driven by AI and data center demands, which will boost lithium demand [15] Future Outlook - Looking ahead to 2026, the chemical industry is expected to see improved profitability and dividend capabilities, with a focus on the "anti-involution" and global AI demand cycles [17] - The nonferrous metals sector is anticipated to benefit from supply-demand imbalances and geopolitical tensions, making it a core asset allocation target for the medium to long term [24]

人民财讯12月23日电，恒生指数开盘涨0.29%，恒生科技指数涨0.14%。快手跌超3%，药明康德、紫金 矿业等涨超1%。 来源：证券时报e公司 ...

Group 1 - Gold stocks have strengthened again, with Shandong Gold rising by 5.25% to HKD 38.06, Zhaojin Mining up by 3.72% to HKD 33.48, Lingbao Gold increasing by 3.54% to HKD 19.57, and Chifeng Jilong Gold up by 2.95% to HKD 32.78 [1] - On December 22, COMEX gold prices broke through USD 4450, reaching a new high [1] - Federal Reserve Governor Milan warned that if the Fed does not continue to lower interest rates next year, it may increase the risk of an economic recession, indicating a potential shift towards a more dovish policy [1] Group 2 - Xinyuan Fund stated that the foundation for a gold bull market remains unchanged, although short-term volatility may increase [2] - If the US core PCE continues to decline, it will solidify expectations for two 25 basis point rate cuts in the first half of 2026, with gold prices likely to test the USD 4400 level [2] - The upcoming nomination of a new Fed chairman by Trump is expected to lean more dovish, alongside expanding US fiscal deficits and high debt levels, which will enhance the long-term value of gold [2]

Core Viewpoint - The Hong Kong gold stocks continue to rise, driven by increasing gold prices and favorable market conditions, with significant gains observed in various companies [1] Group 1: Market Performance - Shandong Gold increased by over 4%, Zhaojin Mining by 3.9%, Lingbao Gold by 3%, and several other gold companies also saw gains of over 2% [2] - The spot gold price accelerated its rise, reaching a new historical high of $4,490.88 per ounce, with an annual increase of over 71% [1] Group 2: Market Drivers - The recent surge in gold prices is attributed to traders betting on the Federal Reserve lowering interest rates twice in 2026, alongside President Trump's advocacy for a looser monetary policy [1] - Geopolitical risks have further enhanced the safe-haven appeal of gold and silver [1] Group 3: Future Predictions - Goldman Sachs and other banks predict that gold prices will continue to rise, with a baseline forecast of $4,900 per ounce by 2026, indicating greater upside risks [1] - ETF investors are beginning to compete with central banks for limited physical supply of gold [1]

Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading on December 23 [1][9]. Group 1: Market Performance - Leading gold stocks such as Shandong Gold rose over 4%, while Yunnan Zinc Industry and Zhongjin Gold increased by more than 1% [3][11]. - The international prices of gold and silver have reached historical highs, driven by geopolitical tensions that have increased demand for safe-haven assets [3][11]. - Year-to-date, gold prices have surged over 60% [3][11]. Group 2: Economic Factors - Recent strength in gold prices is attributed to the December interest rate cut, higher-than-expected unemployment rates, and lower-than-expected CPI, which have raised expectations for further rate cuts in January [4][12]. - The long-term outlook for gold prices is positive due to a low current gold reserve in China and a trend of central bank gold purchases [4][12]. Group 3: Future Trends in Non-Ferrous Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by three main factors: energy transition, AI revolution, and strategic reserves amid global competition [5][12]. - The duration of the super cycle for non-ferrous metals will depend on the recovery of the US dollar's credit, progress in strategic reserves, and the effectiveness of "anti-involution" policies [5][12]. - The upcoming "spring market" presents opportunities for investors, supported by a weak dollar cycle, policy backing, and industrial upgrades [5][12]. Group 4: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF (159876) and its linked funds is recommended to capture the beta performance across the non-ferrous metal sector [6][12]. - This ETF covers a wide range of industries including copper, aluminum, gold, rare earths, and lithium, which helps in risk diversification compared to investing in single metal sectors [6][12].

Group 1 - The top short-selling ratios are led by China Resources Beer (80291) at 100.00%, Meituan (83690) at 93.03%, and CNOOC (80883) at 85.70% [1][2] - The highest short-selling amounts are recorded for Alibaba (09988) at 1.293 billion, Tencent (00700) at 1.242 billion, and Xiaomi (01810) at 1.084 billion [1][3] - The highest deviation values are noted for Far East Development (00035) at 56.81%, CNOOC (80883) at 55.68%, and Meituan (83690) at 52.53% [1][2] Group 2 - The top short-selling amount rankings show Alibaba at 1.293 billion with a short-selling ratio of 15.00%, Tencent at 1.242 billion with a ratio of 14.58%, and Xiaomi at 1.084 billion with a ratio of 16.39% [3] - The short-selling ratio rankings indicate that China Resources Beer has the highest ratio at 100.00%, followed by Meituan at 93.03%, and CNOOC at 85.70% [2] - The deviation values highlight that Far East Development has the highest deviation at 56.81%, followed by CNOOC at 55.68%, and Meituan at 52.53% [3]

Core Viewpoint - The global precious metals market has experienced significant price fluctuations in 2023, with gold and silver reaching historical highs, and recent surges in palladium and platinum futures listed on the Guangzhou Futures Exchange [1] Group 1: Precious Metals Price Trends - Gold and silver prices have consistently set new historical highs throughout the year [1] - Palladium and platinum futures have seen substantial increases since their listing in November on the Guangzhou Futures Exchange [1] Group 2: A-Share Market Performance - There are 18 precious metals concept stocks in the A-share market, with an average increase of 97.03% year-to-date [1] - Nine stocks, including Zhaojin Mining, Shengda Resources, and Western Gold, have recorded cumulative gains exceeding 100% [1] Group 3: Valuation Metrics - Following the price increases, the valuation of precious metals concept stocks is at a relatively high level, with a median rolling price-to-earnings (P/E) ratio of 33.12 times [1] - Stocks such as Zhaojin Mining, Silver Nonferrous, and Xiaocheng Technology have P/E ratios exceeding 100 times, while nine stocks, including Zijin Mining, Chifeng Jilong Gold Mining, and Guizhou Platinum, have P/E ratios below 30 times [1]

Group 1 - Xiaomi Group-W (01810) had a net inflow of 904 million, representing a 17.60% increase in net inflow [1][2] - Meituan-W (03690) experienced a net inflow of 476 million, with a net inflow ratio of 20.69% [1][2] - Changfei Optical Fiber Cable (06869) saw a net inflow of 356 million, corresponding to a 12.70% increase [1][2] Group 2 - The top three stocks with the highest net outflow were: - Yingfu Fund (02800) with a net outflow of -1.42 billion, a decrease of -14.05% [1][2] - China Mobile (00941) with a net outflow of -1.295 billion, reflecting a -49.14% decrease [1][2] - Innovent Biologics (01801) with a net outflow of -271 million, a -32.88% decrease [1][2] Group 3 - The top three stocks with the highest net inflow ratio were: - Southern Hang Seng Index ETF (03037) with a net inflow ratio of 84.61% [1][2] - ICBC Southern China (03167) with a net inflow ratio of 75.00% [1][2] - Midea Real Estate (03990) with a net inflow ratio of 65.00% [1][2] Group 4 - The top three stocks with the highest net outflow ratio were: - Wan Guo Gold Group-Old (02979) with a net outflow ratio of -100.00% [1][3] - New Idea Network Group (01686) with a net outflow ratio of -71.51% [1][3] - Ruian Real Estate (00272) with a net outflow ratio of -71.45% [1][3]