Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with notable gains in various companies following comments from the Federal Reserve Chairman regarding potential interest rate cuts [1] Company Performance - Northern Copper Industry has reached its daily limit increase - Jiangxi Copper, Silver Nonferrous, Electrical Alloy, and Yunnan Copper have all surged over 5% - Other companies such as Luoping Zinc & Electricity, Zijin Mining, Luoyang Molybdenum, and Yun Aluminum have also seen significant gains [1]

国盛证券指出，8月1日大幅下修的就业人数显示美国政策利率仍然处于限制性区间，降息的大方向已经 确立；市场所担心的通胀对美联储降息路径的限制，已被鲍威尔打开；原本美国就因有通胀的压力，降 息可能为通胀再添把火，进一步推升金价上行；影子联储挑战美联储独立性，也进一步增强降息交易。 此外，瑞银预计，来自美国的动力将推动黄金涨势延续至明年，该行将明年6月底的黄金目标价预期上 调了200美元至每盎司3700美元。 智通财经APP获悉，黄金股全线走高，截至发稿，紫金矿业(02899)涨3.58%，报23.7港元；中国黄金国 际(02099)涨3.24%，报87.6港元；灵宝黄金(03330)涨1.92%，报11.16港元；山东黄金(01787)涨1.95%， 报27.2港元。 消息面上，8月22日晚，鲍威尔在杰克逊霍尔年会中态度明显转鸽，发言内容强调就业面临的下行风险 上升，风险的平衡转变，可能需要调整政策。美联储发布修订版《长期目标与货币政策策略声明》，回 归"灵活通胀目标制"。会议过后，交易员对美联储9月份降息预期由75%提升至90%。 ...

Group 1 - Fujian Zijin Precious Metals Co., Ltd. has been established with a registered capital of 5 billion yuan [1] - The company's business scope includes precious metal smelting and investment activities using its own funds [1] - Zijin Mining (601899) holds 100% ownership of the newly established company [1]

Group 1: Industry Overview - The non-ferrous metal industry is stabilizing in prices due to rising expectations of interest rate cuts by the Federal Reserve and a recovery in industrial demand during the peak season [1] - Precious metals and industrial metals prices have generally strengthened, with COMEX gold and silver rising by 1.05% and 2.26% respectively, while LME aluminum and copper prices have also seen slight increases [1] - Companies are enhancing their competitiveness through capacity expansion and strategic positioning, with a particular focus on Shengda Resources and Zijin Mining [1] Group 2: Shengda Resources - Shengda Resources reported a 44.24% year-on-year increase in revenue from its non-ferrous metal mining and selection business, reaching 640 million yuan [2] - The company's core mines exhibit high profitability, with a gross margin of 62.64%, showcasing both resource endowment and operational advantages [2] - Shengda has identified approximately 12,000 tons of silver and 34 tons of gold through its seven controlled mining subsidiaries, with ongoing efforts to integrate mining rights at its main mine [2] - The company is progressing with its capacity expansion plans, with new mines expected to gradually release production capacity, supported by the rising metal prices [2] Group 3: Zijin Mining - Zijin Mining has established Fujian Zijin Precious Metals Co., Ltd. with a registered capital of 5 billion yuan, extending its business into precious metal smelting and resource extraction [3] - This move aims to enhance the company's industrial chain and synergize with its existing copper and gold operations, improving comprehensive resource development capabilities [3] - Recent large transactions indicate institutional investors' recognition of Zijin Mining's long-term value, with a total of 43 large transactions amounting to 727 million yuan in the past three months [3] - The strategic actions and capital movements of Zijin Mining are positioned to capitalize on the favorable industry cycle, supported by macroeconomic policies and demand recovery [3]

金融界2025年8月24日消息，景顺长城国企价值混合A(018294) 最新净值1.3787元，该基金近一周收益 率-0.04%，近3个月收益率11.07%，今年来收益率14.41%。 该基金股票持仓前十分别为：紫金矿业、中国移动、神火股份、腾讯控股、中国海洋石油、川仪股份、 国药控股、株冶集团、云铝股份、中国中车。前十持仓占比合计52.32%。 来源：金融界 景顺长城国企价值混合A基金成立于2023年5月30日，基金经理邹立虎，截至2025年6月30日，景顺长城 国企价值混合A规模2.95亿元。 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

Core Viewpoint - The article discusses the current market conditions, suggesting that despite the rise of many underperforming stocks, the author believes that the investment logic remains unchanged regardless of market trends [3]. Company Analysis Cangge Mining - Cangge Mining's fundamentals have improved, with the major profit source being the investment returns from the Jilong Copper Mine, which contributed a net profit of 1.25 billion in the first half of the year [4]. - The average copper price in the first half was around 78,000, with an estimated 75% of revenue coming from copper and 25% from by-products like molybdenum, silver, and gold [4]. - The second phase of the Jilong Copper Mine is expected to begin trial production in October, with a planned capacity of 200,000 tons by 2027, potentially generating a net profit of around 5 billion annually [4]. - The company also has significant contributions from potassium fertilizer and lithium mining, with projected average dividends of 2.5 per share over the next three years, yielding about 5% [4]. Zijin Mining - Zijin Mining is expected to achieve a net profit of around 50 billion this year, with an annual growth rate of 15% over the next five years [5]. - The company is positioned as a leading player in gold, copper, and lithium, with strong internal growth capabilities and management [5]. - Despite its growth potential, the market currently undervalues Zijin Mining, with a projected price-to-earnings ratio of around 6 times in five years [5].

Group 1 - The company Urat Rear Flag Zijin Mining Co., Ltd. has obtained a patent for a "slurry pool liquid level sensor," which aims to improve the accuracy of liquid level measurement in mining operations [1] - The patent includes a design that prevents the formation of continuous sediment layers, thereby reducing false alarms caused by sedimentation affecting the probes [1] - The sensor design features a base, insulating sleeves, probes, and insulating caps, with a continuous cleaning mechanism to minimize slurry attachment on the sleeves [1] Group 2 - Urat Rear Flag Zijin Mining Co., Ltd. was established in 2004 and is located in Bayannur City, primarily engaged in the non-ferrous metal mining and selection industry [2] - The company has a registered capital of 150 million RMB and has made investments in two other enterprises [2] - The company has participated in 34 bidding projects and holds 42 patents, along with 32 administrative licenses [2]

Group 1 - Zijin Mining conducted a block trade on August 22, with a transaction volume of 3.90 million shares and a transaction amount of 80.574 million yuan, at a price of 20.66 yuan per share [2] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, while the seller was Shenwan Hongyuan Securities Co., Ltd. international department [2] - In the past three months, Zijin Mining has had a total of 43 block trades, with a cumulative transaction amount of 727 million yuan [2] Group 2 - On August 22, Zijin Mining's closing price was 20.66 yuan, reflecting an increase of 0.29%, with a daily turnover rate of 0.72% and a total transaction amount of 3.068 billion yuan [2] - The stock experienced a net outflow of 517 million yuan in main funds for the day, and a cumulative decline of 2.96% over the past five days, with a total net outflow of 1.263 billion yuan [2] - The latest margin financing balance for the stock is 3.382 billion yuan, which has increased by 339 million yuan over the past five days, representing a growth rate of 11.16% [2]

南方财经8月22日电，天眼查工商信息显示，近日，福建紫金稀贵金属有限公司成立，法定代表人为江城，注册资本50亿人民币，经营范围为贵金属冶炼、 以自有资金从事投资活动、非煤矿山矿产资源开采。股东信息显示，该公司由紫金矿业（601899）全资持股。 | 基本信息 11 | 法律诉讼 | 经营风险 | 经营信息 | 公 | | --- | --- | --- | --- | --- | | 法定代表人 | 演 江城 | 登记状态(?) | 存续 | | | | | 成立日期 | 2025-08-21 | | | 统一社会信用代码 2 | 91350823MAERW76A02 | 注册资本 ② | 500000万人民币 | | | 工商注册号 | 350823110474204 | 纳税人识别号 2 | 91350823MAERW76A02 | | | 营业期限 | 2025-08-21 至 无固定期限 | 纳税人资质 | | | | 华业类型 | 有限责任公司（非自然人投资或控股的 法人独资) | 行业 | 有色金属矿采选业 | | | 参保人数 | | 英文名称 | | | | 登记机关 | 上杭县市场监督管理局 ...