海外監管公告 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2025 年 11 月 28 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2025-093 紫金矿业集团股份有限公司 第八届董事会临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 紫金矿业集团股份有限公司（以下简称"公司"）第八届董事会 2025 年第 18 次临时会议于 2025 年 11 月 28 日在公司上杭总部和厦门分部以现场和视频相结合 的方式召开。会议应出席董事 12 名，实际出席董事 12 名，本次会议有效表决票 12 票，公司监事及高管列席会议。本次会议的召集和召开程序符合《公司法》和 《公司章程》的有关规定，会议由陈景河董事长主持，以投票表决方式审议通过了 以下议案： 一、审议通过《关于对外捐赠的议案》 有关情况详见公司同日披露的公告。 三、审议通过《关于修订<股东会议事规则>的议案》 1 表决结果：同意 12 票，反对 ...

Core Insights - On November 28, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.408 billion, 1.528 billion, and 1.305 billion respectively [1] - Alibaba-W, Tencent Holdings, and Pop Mart also led the trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 1.568 billion, 1.067 billion, and 0.860 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 4.408 billion with a net buying amount of +0.800 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.528 billion with a net selling amount of -0.172 billion [1] - Pop Mart (09992) achieved a trading amount of 1.305 billion with a net buying amount of +0.208 billion [1] - SMIC (00981) had a trading amount of 1.304 billion with a net selling amount of -0.138 billion [1] - Xiaomi Group-W (01810) saw a trading amount of 1.251 billion with a net buying amount of +0.366 billion [1] - Other notable companies included UBTECH (09880) with 0.783 billion (+78.0527 million), Meituan-W (03690) with 0.774 billion (+0.240 billion), and Huahong Semiconductor (01347) with 0.759 billion (-77.2344 million) [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.568 billion with a net buying amount of +0.294 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.067 billion with a net buying amount of +0.435 billion [1] - Pop Mart (09992) achieved a trading amount of 0.860 billion with a net buying amount of +0.341 billion [1] - SMIC (00981) had a trading amount of 0.792 billion with a net selling amount of -0.162 billion [1] - Meituan-W (03690) saw a trading amount of 0.639 billion with a net buying amount of +0.230 billion [1] - Other notable companies included Xiaomi Group-W (01810) with 0.578 billion (+1.05 million), GAC Group (02238) with 0.524 billion (+15.6696 million), and China Mobile (00941) with 0.492 billion (-1.69835 million) [1]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

天眼查工商信息显示，近日，紫金矿业集团黄金珠宝有限公司发生工商变更，注册资本由6.5亿人民币 增至7.3亿人民币，增幅约12%。紫金矿业集团黄金珠宝有限公司成立于2011年8月，法定代表人为范大 游，经营范围包括珠宝首饰批发、珠宝首饰零售、金银制品销售、珠宝首饰制造等。股东信息显示，该 公司由紫金矿业（601899）全资持股。 ...

Group 1 - The "Northeast Zhai Gold Mine Exploration" project in Songpan County, Sichuan Province has passed the evaluation by the Sichuan Mineral Resources Reserve Evaluation Center, revealing an additional gold resource of 28.24 tons, bringing the total confirmed gold resources to 81.06 tons, classifying it as a super-large gold mine with an average gold grade of 3.75 grams per ton [1][2] - The estimated value of the confirmed gold resources at the Northeast Zhai Gold Mine exceeds 76 billion RMB, based on the current spot gold price of approximately 940 RMB per gram [1] - The Northeast Zhai Gold Mine is located 17 kilometers north of Songpan County and is part of the Bayan Har fold belt, characterized as a low-temperature hydrothermal micro-disseminated gold deposit [2][3] Group 2 - The exploration rights for the Northeast Zhai Gold Mine are held by Songpan County Zijin Industry and Trade Co., Ltd., covering an area of 4.8605 square kilometers, with a validity period from August 9, 2023, to August 9, 2028 [3] - Songpan County Zijin Industry and Trade Co., Ltd. was established in 2005 with a registered capital of 180 million RMB, with significant shareholding from various companies including Zijin Mining Group [4][6] - Zijin Mining Group is a large multinational mining group engaged in the exploration and development of metal mineral resources, listed on both Shanghai A-shares and Hong Kong H-shares [6][8] Group 3 - The Sichuan Provincial Geological and Mineral Exploration and Development Bureau, as the actual controller of the project, has committed to prioritizing the legal transfer of exploration rights to Sichuan Gold when the Northeast Zhai Gold Mine is deemed viable for mining [8][10] - Sichuan Gold, which is the potential asset injection target, has significant resource reserves, including the Sholuogou Gold Mine, which has a confirmed gold metal amount of 28,130 kilograms [10][11] - The completion of the exploration to eventual asset injection into Sichuan Gold will require a series of complex processes, including technical and economic evaluations and mining rights applications [10]

Group 1 - Hong Kong gold stocks have seen significant gains, with China Gold International rising by 5.2%, Everest Gold by nearly 5%, Lingbao Gold by over 4%, and several others also experiencing increases [1] - The rise in gold prices is attributed to the increasing expectations of a Federal Reserve rate cut in December, with the probability of a 25 basis point cut exceeding 80% [1] - Experts predict that gold prices will continue to rise, with forecasts for 2026 indicating a price range between $4,000 and $5,300 per ounce [1] Group 2 - The latest price and percentage change for key gold stocks are as follows: - China Gold International: $148.70, +5.24% - Everest Gold: $2.17, +4.83% - Lingbao Gold: $16.33, +4.28% - Tongguan Gold: $2.79, +3.33% - Chifeng Jilong Gold: $30.58, +2.89% - Shandong Gold: $34.90, +1.57% [2]

Core Viewpoint - The A-share market shows a mixed trend with the non-ferrous sector experiencing upward fluctuations, particularly highlighted by the performance of the Non-Ferrous 50 ETF (159652), which has seen significant inflows and a year-to-date increase of 70.77% [4][6]. Group 1: Market Performance - As of November 28, the Non-Ferrous 50 ETF (159652) rose by 1.64%, with a peak increase of over 2%, attracting net subscriptions of 900,000 units, amounting to over 13 million yuan [1]. - The majority of the constituent stocks of the Non-Ferrous 50 ETF have shown strong performance, with notable increases such as Yahua Group rising over 5% and Huayou Cobalt and Chifeng Jilong Gold increasing over 3% [3][5]. Group 2: Industry Insights - Yahua Group announced a lithium salt production capacity of 99,000 tons, with an additional 30,000 tons production line expected to be operational by the end of 2025 [6]. - The exploration project in Songpan County has identified an additional gold resource of 28.24 tons, bringing the total to 81.06 tons, valued at over 76 billion yuan [6]. Group 3: Investment Outlook - Analysts express a positive outlook for the non-ferrous sector, with Citic Securities indicating that the sector is poised for further advancement [6]. - The financial attributes of metals like gold and copper are expected to strengthen due to declining real interest rates and increasing inflation expectations, making them attractive as inflation hedges [8][11]. - The supply-demand dynamics for copper and aluminum are expected to improve, driven by new demand from sectors like AI and renewable energy, suggesting a bullish trend for these metals [7][13]. Group 4: ETF Characteristics - The Non-Ferrous 50 ETF (159652) has a high concentration of key metals, with copper accounting for 33% and gold for 13%, making it a leading choice in the sector [17]. - The ETF has demonstrated superior performance since 2022, with a cumulative return that outpaces its peers while maintaining a reasonable valuation, as indicated by a PE ratio of 23.74, down 61% from five years ago [19].

Core Viewpoint - A significant gold mine has been discovered in Sichuan, with an estimated valuation of 76 billion yuan, attracting considerable attention from the industry and market [2][3]. Group 1: Gold Mine Discovery - The "Northeast Zhai Gold Mine" in Songpan County has been confirmed to have a total gold resource of 81.06 tons, with an average grade of 3.75 grams per ton, making it the largest gold mine in Sichuan to date [2][4]. - The exploration project for the Northeast Zhai Gold Mine has passed evaluation by the Sichuan Provincial Department of Natural Resources [2][4]. Group 2: Company Involvement - Zijin Mining (601899.SH, 02899.HK) has acquired a 23.8% stake in the Northeast Zhai Gold Mine, becoming one of its major shareholders [3][4]. - The ownership structure of the mining company includes 30% held by Aba State Guoxin Mineral Resources Development Co., Ltd., and 23.1% each by Yunnan Jingwei Mining Investment Co., Ltd. and the Sichuan Geological Mineral Exploration and Development Bureau [6][4]. Group 3: Zijin Mining's Performance - Zijin Mining ranks first among global gold companies in the Forbes 2025 Global 2000 list based on multiple metrics including revenue, profit, assets, and market capitalization [3][7]. - For the first three quarters of 2025, Zijin Mining reported revenues of 254.2 billion yuan, a year-on-year increase of over 10%, and a net profit of 37.864 billion yuan, up 55.45% year-on-year [3][13]. - As of November 27, 2025, Zijin Mining's market capitalization reached approximately 760 billion yuan [8]. Group 4: Resource and Acquisition Strategy - Zijin Mining has a substantial resource reserve, with copper resources exceeding 11 million tons and gold resources totaling 3,973 tons, making it the company with the most controlled metal mineral resources in China [7][10]. - The company has conducted over 40 acquisitions globally, focusing on mining assets, including significant deals in Ghana and Kazakhstan [10][11]. - Zijin Mining's financial health has improved, with total assets reaching 483 billion yuan and cumulative profits of 178 billion yuan since its A-share listing in 2008 [13][14].

Group 1 - Codelco has significantly raised its annual premium for copper supply, leading to an increase in copper prices, with futures approaching $10,900 per ton, up 0.4% on Tuesday [1] - Codelco proposed a premium of $335 per ton for certain buyers for the 2026 annual contract, which is calculated above the London Metal Exchange price, and $350 per ton for some Chinese buyers [1] - Concerns about a surge in shipments to the U.S. potentially causing supply shortages in other regions are highlighted [1] Group 2 - Copper prices have retreated 3% since reaching a historical high of $11,200 per ton on October 29 due to global supply tightness, with weak consumption leading to short-term price declines [1] - Global visible copper inventory has increased to 780,000 tons, reflecting a year-on-year increase of 240,000 tons, indicating that high copper prices are suppressing some consumption [1] - The outlook for electricity consumption remains positive, with a growing global copper supply-demand gap expected to support higher copper prices over time [1] Group 3 - The copper-related stocks are projected to have a price-to-earnings ratio (PE) of 15-16 times at an $80,000 copper price in 2025 and 12-13 times at an $85,000 copper price in 2026 [2] - It is recommended to actively engage in copper-related investments when the volatility of Shanghai copper decreases to low levels [2] Group 4 - Relevant Hong Kong-listed copper mining companies include Luoyang Molybdenum (03993), Zijin Mining (02899), Minmetals Resources (01208), Jiangxi Copper (00358), and China Nonferrous Mining (01258) [3]

Core Viewpoint - The exploration project of the Dongbeizhai gold mine in Songpan County, Sichuan Province, has been approved, revealing significant gold resources and positioning it as the largest gold mine in Sichuan to date [1]. Group 1: Project Details - The Dongbeizhai gold mine has an additional gold resource of 28.24 tons, bringing the total confirmed gold resource to 81.06 tons, classifying it as a super-large mine [1]. - The average gold grade of the mine is 3.75 grams per ton, with an estimated total resource value exceeding 76 billion RMB (approximately 11.5 billion USD) based on current gold prices [1]. - The exploration area covers 4.8605 square kilometers, and the exploration rights are held by Songpan County Zijin Industry and Trade Co., Ltd., with a validity period from August 9, 2023, to August 9, 2028 [1][2]. Group 2: Company Background - Songpan County Zijin Industry and Trade Co., Ltd. was established in 2005 with a registered capital of 180 million RMB [2][3]. - The company has multiple shareholders, including Aba State Guoxin Mineral Resources Development Co., Ltd. (30%), Zijin Mining Group Co., Ltd. (23.8%), Yunnan Jingwei Mining Investment Co., Ltd. (23.1%), and the Geological Exploration Team of Sichuan Geological and Mineral Exploration and Development Bureau (23.1%) [2][3]. Group 3: Industry Context - Zijin Mining Group is recognized as the largest company in China in terms of controlling metal mineral resources, with significant reserves of copper (over 1.1 million tons), gold (3,973 tons), and lithium carbonate (1.788 million tons) [4]. - The company ranks first among global gold enterprises in the Forbes 2025 Global 2000 list based on multiple financial metrics [3][4]. - Recent market trends indicate a rise in gold prices, with international gold prices increasing significantly, and domestic gold prices also showing a substantial rise, reflecting a broader bullish sentiment in the gold market [4].