股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年6月2日 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,736,940,000 | RMB | RMB | 0.1 | | 573,694,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 5,736,940,000 | RMB | | 0.1 RMB | | 573,694,000 | 本月底法定/註冊股本總額： RMB 2,632,817,224 FF301 ...

个股推荐集中度主要如下： 同时获得5家券商推荐的个股有6只，分别是招商银行、亚钾国际、思摩尔国际、顺丰控股、青岛啤酒、 海大集团； 智通财经6月3日讯（记者 高艳云）6月券商金股大数据新鲜出炉。截至6月3日记者发稿，42家券商研究 所发布6月金股组合，经去重处理后，共有332只标的获得合计457次推荐。 数据显示，本月港股标的推荐数量显著增加，同时医药生物板块时隔三年重新登顶行业推荐度榜首，展 现出市场对周期性行业的重新审视。 具体来看，42只创业板股票获得53次推荐，45只科创板标的获得59次推荐，3只北交所标的获得3次推 荐；43只港股获得62次推荐，分别较上月增加6只标的、7次推荐；此外，5只ETF受到推荐。 同时获得4家券商推荐的个股有6只，即紫金矿业、中国移动、振华股份、腾讯控股、杭州银行、东鹏饮 料； 同时获得3家券商推荐的个股有12只，包括中国稀土、小商品城、深信服、瑞普生物、日联科技、美的 集团、恺英网络、巨化股份、地平线机器人、赤峰黄金、布鲁可、百济神州； 时隔三年，医药生物重回推荐度第一 每市APP统计显示，时隔三年，医药生物终于重回推荐度第一，推荐度高达10.2%；电子行业本月退居 第二 ...

证券分析师：刘强 2025 年 06 月 03 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 10 期 20250525-20250531）：电动车 AI 化 升级，光伏铸大底 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 9 期 20250518-20250524）：宁 德时代引领中国科技制造向上>>-- 2025-05-26 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 证券分析师：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 分析师登记编号：S1190524110004 证券分析师：谭甘露 报告摘要 ⚫ 行业整体策略：电动车 AI 化升级，光伏铸大底 新能源+AI 仍是目 ...

华福证券也表示，短期而言，美"对等关税"的潜在风险及不确定性引发市场避险情绪支撑金价，整体呈 现易涨难跌格局；中长期而言，全球关税政策和区域政治的不确定性背景下，避险和滞涨交易仍是黄金 交易的核心，长期配置价值不改。 华富永鑫灵活配置混合(A/C：001466/001467)聚焦黄金股投资，分散化持有A股黄金相关的上市公司， 既可充分反映金价上升对相关公司盈利和股价的利好，也可规避持有单一黄金股的经营风险。 消息面上，国际金价大涨，周一现货黄金突破3380美元/盎司，为5月8日来首次。周二亚洲早盘黄金继 续高开高走，盘中最高突破3390美元/盎司。周一COMEX黄金期货收涨2.74%，报3406.4美元/盎司。 中邮证券指出，贸易逆差缩减的本质是美债买盘的衰减，美国长债利率上行概率加大，黄金的配置价值 凸显。具体来说，只要长端美债名义利率位于4%以上，黄金上涨趋势大概率就会持续。黄金上行开 始，持续关注黄金股投资机会。 Wind数据显示，2025年6月3日，黄金股板块走强， 西部黄金涨停， 曼卡龙涨超16% 、菜百股份逼近涨 停、潮宏基涨超9%、 晓程科技涨近7%、赤峰黄金涨超5% 、莱绅通灵 、特力Ａ等个股 ...

Group 1 - The Hong Kong stock market saw a collective rise in gold stocks, with China Silver Group increasing by over 6% [1] - Zijin Mining, Zhaojin Mining, and China National Gold International all rose by more than 3% [1] - Chifeng Jilong Gold Mining experienced an increase of over 2% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [6][13]. Core Views - The company plans to spin off its gold subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, which is expected to lead to a revaluation of its assets [3][4]. - The spin-off will involve the integration of multiple overseas gold mining assets, enhancing the company's global footprint and resource base [4]. - The company has launched an employee stock ownership plan, reflecting management's confidence in future growth [5]. Financial Summary - The latest closing price is 17.82 yuan, with a total market capitalization of 473.6 billion yuan [2]. - The company expects net profits for 2025-2027 to be 40.57 billion, 44.04 billion, and 50.01 billion yuan respectively, with year-over-year growth rates of 26.57%, 8.58%, and 13.54% [6][9]. - The projected earnings per share (EPS) for 2025-2027 are 1.53, 1.66, and 1.88 yuan, with corresponding price-to-earnings (P/E) ratios of 11.68, 10.75, and 9.47 [9][12].

Investment Rating - The investment rating for Zijin Mining is "Buy" with a target price of HK$24.40, representing an expected return of 36.3% from the current price of HK$17.90 [5]. Core Insights - The Kamoa-Kakula project is expected to contribute approximately 5.4% to Zijin's total net profit in FY24, with a net profit of Rmb1.7 billion from this project in 2024 [2][3]. - The copper production guidance for the Kamoa-Kakula project is set at 520-580kt for 2025, which will account for 20%-22% of Zijin's total copper production guidance for that year [2][4]. - Zijin is planning to spin off and list eight gold mining assets, targeting completion before the end of 2025, subject to approval [3]. - The Manono lithium project is anticipated to commence operations in 2026, with a production guidance of 250-300kt by 2028 [4]. Summary by Sections Kamoa-Kakula Project - The underground mining activities at Kakula Mine have been suspended, while the phase 1+2 processing plant has started processing surface stockpiles totaling 3.8 million tonnes of ore with an average grade of 3.2% copper [2]. - The phase 3 processing plant continues to operate normally, and the overall impact on production and cost guidance is still under investigation [2]. Gold Spin-off - The management of Zijin is actively working on restructuring to facilitate the spin-off and listing of eight gold mining assets, with a completion target before the end of 2025 [3]. Lithium Project - The Manono lithium project is expected to be operational by 2026, with a production target of 250-300kt in 2028 [4]. Financial Overview - Zijin's market capitalization is approximately HK$475.739 billion (US$60.693 billion), with an expected dividend yield of 2.3% and a total expected return of 38.7% [5][7].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Views - Short-term risk preferences are fluctuating, causing gold prices to oscillate, while the medium-term outlook continues to support a bullish market due to recession and interest rate cuts, alongside gold stocks being at a cyclical low, suggesting an increase in allocation during pullbacks [6][7] - Industrial metals are experiencing weakness due to a rebound in the US dollar and economic sluggishness, with copper and aluminum prices reflecting this trend [7] - Strategic metals such as rare earths and tungsten are expected to see a revaluation, with tungsten prices rising due to supply constraints and demand recovery [8] Summary by Sections Precious Metals - Gold prices have slightly declined this week, influenced by reduced risk aversion following tariff delays by the US. Economic data indicates weak personal consumption and inflation, sustaining expectations for interest rate cuts [6] - The report emphasizes that gold stocks are currently undervalued, suggesting a focus on companies like Chifeng Jilong Gold Mining, Zhaojin Mining, and Shandong Gold [6] Industrial Metals - Economic expectations are driving short-term fluctuations in copper and aluminum prices, with recent data showing a decrease in industrial profits and ongoing concerns about real estate and tariffs impacting demand [7] - The report notes a reduction in copper and aluminum inventories, indicating potential supply tightness, while suggesting that long-term monetary easing could support price recovery [7] Energy and Strategic Metals - The report highlights the importance of strategic metals, particularly rare earths and tungsten, which are poised for value reassessment due to supply control measures and rising demand [8] - Tungsten prices are expected to continue their upward trend due to limited new mining projects and a decrease in existing mine outputs [8] - The report also discusses cobalt and nickel, noting supply disruptions from Congo and the Philippines, which could support price stability [8]

有色金属 证券研究报告 hyzqdatemark 2025 年 06 月 02 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价窄幅震荡，静待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 -0.05%/-0.24%/-3.35%，本周伦铜和沪铜价格维持窄幅震荡，美铜在上周关税催化 大涨后回落。海外铜库存转移仍在继续，伦铜/纽铜库存分别为 15.0 万吨/18.1 万短 吨，环比变动-9.0%/+2.9%。国内铜库存回升，沪铜库存 10.6 万吨，环比+7.2%。 供给端，刚果（金）卡莫阿-卡库拉铜矿受矿震影响暂停部分井下采矿，关注后续实 际产量影响。本周铜下游需求回升 ...

受特朗普关税政策升级引发的全球经济不确定性加剧影响，6月2日港股黄金股集体大涨。 截至发稿，潼关黄金涨超17%领涨板块，中国黄金国际、赤峰黄金、山东黄金、紫金矿业等纷纷跟涨。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 00340 | 滝关黄金 | 2.260 | +0.340 | 17.71% | | 02489 | 集海资源 | 1.730 | +0.110 | 6.79% | | 02099 | 中国黄金国际 | 62.500 | +2.250 | 3.73% | | 06693 | 赤峰黄金 | 28.700 | +0.950 | 3.42% | | 00815 | 中国白银集团 | 0.315 | +0.010 | 3.28% | | 01787 | 山东黄金 | 25.050 | +0.600 | 2.45% | | 03330 | 灵宝黄金 | 11.200 | +0.160 | 1.45% | | 01818 | 招等处,不 | 19.940 | +0.120 | 0.61% | | 02899 | 紫金矿 ...