10月9日，紫金矿业涨6.15%，截至发稿，报31.25元/股，成交89.57亿元，换手率1.39%，总市值8305.49 亿元。紫金矿业股价已经连续8天上涨，区间累计涨幅21.65%。 资料显示，紫金矿业集团股份有限公司位于福建省上杭县紫金大道1号,福建省厦门市思明区环岛东路 1811号中航紫金广场B塔,香港九龙柯士甸道西1号环球贸易广场75楼7503A室，成立日期2000年9月6 日，上市日期2008年4月25日，公司主营业务涉及矿产资源勘查和开发。主营业务收入构成为：其它 66.76%，冶炼加工及贸易金41.33%，冶炼产铜16.26%，矿山产铜精矿11.51%，矿山产金锭6.69%，矿山 产金精矿4.93%，矿山产电解铜2.67%，冶炼产锌2.49%，矿山产锌1.90%，矿山产电积铜1.68%，矿山产 银0.66%，铁精矿0.14%。 从基金十大重仓股角度 数据显示，苏新基金旗下1只基金重仓紫金矿业。苏新中证A500指数增强A（023347）二季度持有股数 46.43万股，占基金净值比例为1.61%，位居第七大重仓股。根据测算，今日浮盈赚取约84.04万元。连 续8天上涨期间浮盈赚取243.29万元。 ...

Group 1 - Hong Kong copper stocks rose against the market trend on October 9, with China Gold International (02099.HK) increasing by 6.76% to HKD 151.2 [1] - Jiangxi Copper Company (00358.HK) saw a rise of 5.23%, reaching HKD 37 [1] - Zijin Mining (02899.HK) increased by 2.68%, trading at HKD 35.2 [1] - China Nonferrous Mining (01258.HK) rose by 1.65%, priced at HKD 15.43 [1] - Minmetals Resources (01208.HK) experienced a 0.7% increase, with shares at HKD 7.23 [1]

截至2025年10月9日 09:53，中证沪深港黄金产业股票指数(931238)强势上涨4.98%，成分股江西铜业(600362)上涨10.00%， 白银有色(601212)上涨10.00%，四川黄金(001337)上涨10.00%，山东黄金(600547)，铜陵有色(000630)等个股跟涨。黄金股 票ETF基金(159322)上涨7.09%，实现3连涨。最新价报1.74元。拉长时间看，截至2025年9月30日，黄金股票ETF基金近2周 累计上涨5.53%，涨幅排名可比基金1/6。 流动性方面，黄金股票ETF基金盘中换手10.35%，成交1032.01万元，市场交投活跃。拉长时间看，截至9月30日，黄金股 票ETF基金近1月日均成交2637.18万元。 国庆期间，Comex黄金价格成功站上4000美元/盎司大关，创下历史新高。中信建投证券指出，美国政府停摆加速美元信用 衰减，市场避险需求显著上升，全球各大央行持续购金，中国的黄金储备已连续11个月增长，占外储比例升至7.7%，未来 央行增持黄金仍是大方向。单一货币主导的金融秩序正向以实物信用为锚的多元体系转变，黄金的战略价值进一步凸显。 资金流入方面，黄金股 ...

Group 1 - Copper stocks are rising against the trend, with notable increases in companies such as China Gold International (+6.76%), Jiangxi Copper (+5.23%), and Zijin Mining (+2.68%) [1] - The mudslide incident at Indonesia's Grasberg mine has led to tighter copper supply, with mining operations suspended since September 8, 2023, and significant production delays expected in 2025 and 2026 [1] - The China Nonferrous Metals Industry Association is addressing the issue of "involution" in copper smelting and has submitted recommendations to control the expansion of copper smelting capacity [1] Group 2 - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Growth Stabilization Work Plan for the Nonferrous Metals Industry (2025-2026)", providing direction for the industry's future development [2] - Analysts believe that the copper market will continue to show strong performance in the fourth quarter due to supply-side disruptions and favorable macroeconomic conditions, including expectations of interest rate cuts by the Federal Reserve [2]

Summary of Key Points from the Conference Call Industry Overview: Non-Ferrous Metals (Copper, Gold, Cobalt, Nickel) Copper Market Insights - Copper prices are expected to reach new highs in the first half of 2026, potentially hitting the range of 12,000-14,000 CNY, driven by supply constraints due to production cuts and mine shutdowns, notably at Freeport's Grasberg mine, leading to a cumulative global copper production guidance reduction of nearly 500,000 tons [1][2][3] - The global copper supply is likely to remain flat in 2026, with most companies experiencing slowed growth, although optimism about the copper market trend persists for the coming years [1][6] - Downstream industries are increasingly accepting higher copper prices, with the current acceptable price around 78,000 CNY, and demand from the State Grid and stable growth in the air conditioning and automotive sectors are expected to maintain overall copper demand growth at around 2% [1][10] Company-Specific Insights - Zijin Mining is projected to produce 190,000-200,000 tons in 2025, increasing to 250,000-270,000 tons in 2026, and reaching 300,000 tons in 2027. The company commits to a dividend payout ratio exceeding 50% from 2024 to 2026, with a dividend yield close to 5% and profits estimated at 48-49 billion CNY [1][11] - The market capitalization of Zijin Mining is expected to reach between 900 billion to 1 trillion CNY, indicating a favorable valuation compared to its long-term valuation range of 11-15 times [1][11] Smelting Industry Outlook - The smelting industry is anticipated to face tight supply next year, with leading companies unlikely to incur losses even if processing fees are zero, due to high sulfuric acid prices and expectations of reduced competition [1][12] Cobalt Market Dynamics - The cobalt market has shown strong performance, with the U.S. designating cobalt as a strategic resource. Supply tightness in the Democratic Republic of Congo and increased government quota management are driving cobalt prices up, with Huayou Cobalt expected to achieve profits exceeding 7 billion CNY in 2026 [3][16] Nickel Market Developments - Recent policy changes in Indonesia regarding nickel mining approvals are expected to tighten global nickel supply, potentially leading to price increases. Current nickel prices are around 15,500 USD/ton, with expectations to rise to 17,000 USD/ton [17][18] Investment Recommendations - Companies to watch include Zijin Mining and Tongling Nonferrous Metals in the copper sector, as well as Huayou Cobalt in the cobalt market. In the gold sector, Zijin Mining, Chifeng Jilong Gold Mining, and Shandong Gold are recommended [5][21] Long-term Market Logic - The copper market is primarily influenced by supply factors, while gold benefits from central bank and ETF purchases, and cobalt is affected by supply conditions in the Democratic Republic of Congo. These trends suggest that prices for copper, gold, and cobalt may exceed market expectations in both the short and long term [20]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the dynamics of precious metals (gold, silver) and industrial metals (copper, cobalt) in the context of recent market changes and geopolitical factors [1][3][4]. Core Insights and Arguments - **Monetary Policy Impact**: The new Japanese Prime Minister's loose monetary policy contrasts with market expectations, alleviating the strength of the dollar and stimulating precious metal trading. This has led to increased expectations of currency devaluation globally, positively impacting commodity prices [1][4]. - **Copper Price Drivers**: Changes in the Central African copper mining assets and the Lobiito Corridor plan enhance companies like Glencore's pricing power. The reduction in output from Grasberg exacerbates supply tightness, driving copper prices upward [1][5]. - **Future Demand for Copper**: By 2030, investments in the power grid in China and the U.S. are expected to significantly boost industrial metal demand. Even without considering monetary easing, the trends of supply tightening and demand expansion indicate a bullish outlook for copper prices [1][6]. - **Valuation of Domestic Mining Companies**: Domestic mining companies are maturing in their valuation systems and are currently undervalued compared to international peers. They exhibit leading advantages in capital expenditure, resource capture, and cost reduction, positioning them favorably for future growth [1][7][8]. - **Precious Metals Performance**: From October 1 to 8, 2023, London spot gold and silver prices rose by 4.62% and 4.84%, respectively, driven by factors such as the U.S. government shutdown and Japan's monetary policy [1][9]. Additional Important Insights - **Cobalt Market Dynamics**: The cobalt price in China has surged to over 340,000 yuan per ton due to quota policies from the Democratic Republic of Congo, which are insufficient to meet global supply and demand, leading to a bullish sentiment in the market [2][14]. - **Impact of U.S. Tech Stocks on Gold**: Poor performance of U.S. tech stocks may increase the allocation of gold in personal asset portfolios. Notably, Oracle's cloud business gross margin fell short of expectations, raising concerns about the sustainability of AI profitability [10]. - **Central Bank Gold Purchases**: Continuous gold purchases by central banks, particularly by China, support gold prices. As of September, China's reserves reached 2,303.5 tons, although monthly purchases have shown a slight decline [15]. - **Stock Recommendations**: The call recommends several stocks in the precious metals and cobalt sectors, including Shandong Gold, Zijin Mining, and Luoyang Molybdenum, which are expected to benefit from current market conditions [16]. This summary encapsulates the key points discussed in the conference call, highlighting the interplay between monetary policy, market dynamics, and investment opportunities in the precious and industrial metals sectors.

前述超额配售权悉数行使后，紫金黄金国际发行的总股份数从348,990,700股增加至 401,339,300 股，约 占紫金黄金国际总股数 2,676,339,300 股(超额配售权行使后)的 15%，募资总额约 287 亿港元。紫金矿业 仍持有紫金黄金国际85%股权，并维持对紫金黄金国际的控制及财务并表。 经香港联交所批准，前述超额配售的 52,348,600 股股份预计将于2025 年10月 13 日在香港联交所主板上 市及买卖。 格隆汇10月9日丨紫金矿业(601899.SH)公布，经香港联交所批准，紫金矿业子公司紫金黄金国际有限公 司(以下简称"紫金黄金国际"，股票代码：2259)发行的 348,990,700 股股份(超额配售权行使前)已于 2025 年 9 月 30 日在香港联交所主板挂牌并上市交易。根据发行方案，紫金黄金国际同意由整体协调人(为其 本身及代表国际承销商)于 2025 年 10 月 8 日悉数行使超额配售权，按发售价71.59 港元/股再发行 52,348,600 股股份。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1][2] - Alibaba-W, Tracker Fund of Hong Kong, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +36.52 billion, +14.31 billion, and +11.54 billion respectively [1][2] - The largest decreases in holding amounts were observed in China Mobile (-6.21 billion), China Telecom (-3.50 billion), and China Construction Bank (-3.35 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding ratio of 70.12% with 284 million shares [2] - China Telecom (00728) has a holding ratio of 69.73% with 9.678 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.52% with 901 million shares [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +36.52 billion with a change of +20.56 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +14.31 billion with a change of +52.11 million shares [2] - Tencent Holdings (00700) increased by +11.54 billion with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -6.21 billion with a change of -7.46 million shares [3] - China Telecom (00728) decreased by -3.50 billion with a change of -66.46 million shares [3] - China Construction Bank (00939) decreased by -3.35 billion with a change of -45.96 million shares [3]

证券代码：601899 股票简称：紫金矿业 编号：临 2025-080 前述超额配售权悉数行使后，紫金黄金国际发行的总股份数从 348,990,700 股 增加至 401,339,300 股，约占紫金黄金国际总股数 2,676,339,300 股（超额配售权行 使后）的 15%，募资总额约 287 亿港元。紫金矿业仍持有紫金黄金国际 85%股权， 并维持对紫金黄金国际的控制及财务并表。 经香港联交所批准，前述超额配售的 52,348,600 股股份预计将于 2025 年 10 月 13 日在香港联交所主板上市及买卖。 特此公告。 紫金矿业集团股份有限公司 董 事 会 二〇二五年十月九日 紫金矿业集团股份有限公司 关于紫金黄金国际超额配售权获悉数行使的公告 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。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，紫金矿业集团 股份有限公司（以下简称"紫金矿业"）子公司紫金黄金国际有限公司（以下简称 "紫金黄金国际"，股票代码：2259）发行的 348,990,700 股股份（超额配 ...

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]