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。 2026年1月29日,紫金矿业集团股份有限公司（以下简称"紫金矿业"、"公司" 或"本公司"）根据一般性授权拟发行可转换为公司H股的公司债券（以下简称"本 次发行"）。本次发行的联席全球协调人、联席账簿管理人及联席牵头经办人为 瑞士银行香港分行及中信里昂证券有限公司；兴证国际融资有限公司为本次发行 的联席牵头经办人。 证券代码：601899 证券简称：紫金矿业 编号：临2026-008 紫金矿业集团股份有限公司 关于根据一般性授权拟发行 15 亿美元 零息可转换公司债券的公告 于条款及条件载列的情况下，上述债券可按初始转换价每股 H 股 63.30 港元 （可被调整）转换为公司 H 股。初始转换价为每股 H 股 63.30 港元，较 2026 年 1 月 29 日（即签署认购协议的交易日）香港联交所所报公司股票最后收盘价每股 H 股 46.14 港元溢价约 37.19%；较截至 2026 年 1 月 29 日（包括该日）止连续五个 交易日香港联交所所报公司股票平均收盘价每股 H ...

Group 1 - The company, Zijin Mining, announced its plan to issue $1.5 billion zero-coupon convertible bonds due in 2031 on the Hong Kong Stock Exchange [2] - The initial conversion price is set at HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 per share on January 29 [2] - The net proceeds from the bond issuance are expected to be approximately $1.527 billion, which will be used for capital expenditures related to the Arinna project in Peru, with the remainder allocated for working capital and general corporate purposes [2]

Core Viewpoint - Zijin Mining (02899.HK) has entered into a subscription agreement to issue $1.5 billion of zero-coupon convertible bonds due in 2031, with an initial conversion price set at HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price on January 29 [1] Group 1 - The company, through its wholly-owned subsidiary Jinkai Investment Holdings, has agreed to issue bonds with a total principal amount of $1.5 billion [1] - The bonds will be guaranteed unconditionally and irrevocably by the company, ensuring timely payment of all amounts due under the trust deed and the bonds [1] - The initial conversion price of HKD 63.30 allows for the conversion of the bonds into approximately 185 million H-shares, which represents about 3.09% of the existing issued H-shares and approximately 0.70% of the total issued shares as of the announcement date [1] Group 2 - After the bond issuance, the net proceeds are expected to be approximately $1.527 billion [2] - The company plans to use the proceeds for capital expenditures related to the Arin project in Peru, with the remainder allocated for working capital and general corporate purposes [2]

Core Viewpoint - Zijin Mining announced plans to issue $1.5 billion zero-coupon guaranteed convertible bonds maturing in 2031, with an initial conversion price set at HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on January 29 [1] Group 1 - The net proceeds from the bond issuance are expected to be approximately $1.527 billion [1] - The funds raised will be allocated for capital expenditures related to the Arin project in Peru, with the remainder used for working capital and general corporate purposes [1]

Group 1 - The company, Zijin Mining (02899), announced a subscription agreement for the issuance of bonds totaling $1.5 billion, with a guarantee for timely payment of all amounts due under the trust deed and bond [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on the Hong Kong Stock Exchange on the date of the agreement [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 185 million H-shares, which is about 3.09% of the existing issued H-shares and approximately 0.70% of the total issued shares [1] Group 2 - After the bond issuance, the net proceeds from the subscription will be approximately $1.527 billion, after deducting the underwriter's commission and other estimated expenses related to the offering [2]

Group 1 - The company, Zijin Mining (601899)(02899), announced a subscription agreement for the issuance of bonds totaling $1.5 billion, with a guarantee for timely payment of all amounts due under the trust deed and bond [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on January 29, 2026 [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 185 million H-shares, accounting for about 3.09% of the existing issued H-shares and approximately 0.70% of the total issued shares as of the announcement date [1] Group 2 - After the bond issuance is completed, the net proceeds from the bond subscription, after deducting the underwriter's commission and other estimated expenses, will be approximately $1.527 billion [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或招攬購買要約，亦非邀 請訂立協議進行收購、購買或認購，且不可視為邀請提出收購、購買或認購任何證 券的要約。 本公告並非供於美國（包括其領地及屬土、美國任何一個州及哥倫比亞特區）直接或 間接分發。本公告及其所載資料並不構成或組成在美國購買、認購或出售證券的任 何要約或招攬。本公告所述的證券並無亦將不會根據1933年《美國證券法》（經修訂） （「證券法」）或美國任何州或其他司法權區的證券法登記。本公告所述證券未必會在 美國發售或出售，唯根據1933年《美國證券法》（經修訂）及適用州或地方證券法的登 記規定的適用豁免或在毋須遵守有關規定的交易則除外。在受到限制或禁止的情況 下，本公告所述證券並無亦將不會在美國或任何其他司法權區公開發售。本公告或 其所載數據並非索取金錢、證券或其他代價，而倘響應本公告或其所載數據而發出 金錢、證券或其他代價亦將不獲接納。 – 1 ...

Core Viewpoint - The performance of funds with "cyclical" in their names has shown significant divergence over the past year, reflecting varying investment strategies and raising questions about fund positioning and active management capabilities [1][2]. Group 1: Performance Discrepancies - Over 60 funds in the market have "cyclical" in their names, with 9 funds achieving returns exceeding 100% in the past year, while 17 funds had returns below 50%, some even negative [2]. - The top holdings of high-performing funds, such as Changcheng Cyclical Preferred A, are predominantly in the non-ferrous metals sector, indicating a concentrated investment strategy [2][3]. Group 2: Investment Strategies - Funds with lower returns have diversified their holdings across multiple cyclical sectors, such as machinery, chemicals, and power, rather than focusing solely on non-ferrous metals [3]. - The concentration in specific sectors, like non-ferrous metals, has been driven by both research outcomes and market demand, with some investors opting for active equity funds to capture sectoral beta and stock alpha [4]. Group 3: Market Perspectives - There are mixed views on the strategy of concentrating investments in a single sector, with some experts noting that it can lead to high returns during favorable market conditions but increases risk during downturns [4][5]. - The strategy of heavy concentration can amplify both risk and return characteristics, necessitating a higher risk tolerance and timing ability from investors [5]. Group 4: Responsibilities of Fund Managers - Fund companies are expected to manage risks associated with concentrated strategies and provide clear communication and education to investors regarding potential risks and returns [6][7]. - A dynamic risk management mechanism is recommended to monitor portfolio concentration and sectoral performance, along with proactive communication of investment logic and fundamental changes [7].

Core Viewpoint - The recent comments by President Trump regarding the depreciation of the US dollar have triggered significant volatility in global financial markets, leading to a sharp decline in the dollar index and a surge in gold prices. Group 1: Market Reactions - Following Trump's remarks, the dollar index fell to 95.76 on January 28, marking a nearly four-year low [3] - Gold prices soared, surpassing $5,200 per ounce on January 28 and reaching an unprecedented $5,500 per ounce on January 29 [3] - The A-share market reacted strongly, with the precious metals sector seeing a surge, as the Wind Gold Jewelry Index rose over 5% on January 29, accumulating a remarkable 45.18% increase for the month [3] Group 2: Company Performance - By the end of January, seven upstream listed companies in the A-share gold and silver industry had released positive earnings forecasts for 2025, with six companies expecting significant profit growth and one company turning a profit [4][6] - Zijin Mining, a leading company in the industry, projected a net profit of between 51 billion to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62% [6] Group 3: Investment Trends - There is a notable divergence in market behavior, with institutional investors selling off precious metals stocks while retail investors are aggressively buying into these assets [6][7] - The significant inflow into industry-themed ETFs, particularly those related to precious metals, indicates a strong interest from retail investors, with over 220 billion yuan flowing into such products in January 2026 [9] Group 4: Market Dynamics - The rapid rise in gold prices has led to increased consumer prices for gold jewelry in China, with major brands like Chow Tai Fook and Lao Feng Xiang raising their prices above 1,700 yuan per gram [9] - Companies in the gold sector have begun issuing risk warnings due to the rapid price increases, indicating potential overvaluation, with some stocks reaching high P/E ratios [11]

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" highlighted the achievements and future prospects of various companies and entrepreneurs, emphasizing the importance of innovation and resilience in driving economic growth. Group 1: Mining Industry - Chen Jinghe, founder of Zijin Mining, expressed confidence in the company's future, stating that their complete technical capabilities and strong exploration abilities position them favorably against Western companies [6]. - Zijin Mining's overseas gold segment is set to be spun off and listed in Hong Kong by the end of September 2025, with the gold segment currently valued at over 580 billion RMB in the market [6]. - Chen emphasized that the company's growth potential is significantly underestimated, asserting that it is difficult not to profit from Zijin's promising trajectory [6]. Group 2: Child Development Initiatives - Lu Mai, former vice chairman of the China Development Research Foundation, called for attention to rural child development, particularly for children aged 0 to 3, highlighting a funding gap of 30 million RMB needed for initiatives [12]. - He emphasized the urgency of addressing the lack of support for rural children, stating that without immediate action, the future is concerning [12]. Group 3: Dairy Industry - Cold Youbin, chairman of China Feihe, reiterated the company's commitment to producing high-quality infant formula that closely resembles breast milk, focusing on thorough research and fresh ingredients [16]. - Feihe has achieved 100% self-sufficiency in 11 core raw materials and established five large-scale production lines to ensure quality control [18]. Group 4: Biotechnology and Assistive Technology - Han Bicheng, CEO of Zhejiang Qiangnao Technology, aims to use advanced technology to help individuals with disabilities regain mobility through brain-machine interface technology [23]. - The company showcased a bionic hand that can be controlled intuitively, demonstrating its potential to significantly improve the lives of disabled individuals [25]. Group 5: AI and Technology - Liu Debing, chairman of Zhiyuan, stated that the company's goal is to enable machines to think like humans, reflecting a long-term vision in the pursuit of artificial general intelligence (AGI) [29]. - The company aims to reach the ultimate level of intelligence in its exploration of AGI [29]. Group 6: Autonomous Vehicles - Peng Jun, CEO of Pony.ai, expressed the vision of making transportation safer and more efficient through autonomous driving technology, with aspirations for widespread adoption [35]. - The company demonstrated its latest autonomous vehicle during the event, showcasing its capabilities in real-world scenarios [37]. Group 7: Aviation and Transportation - Zhao Deli, founder of Huitian, announced that the company is the largest flying car R&D firm in Asia, with plans to start mass production by the end of 2025 and has already received 7,000 orders [51]. - The company aims to lead the low-altitude economy and flying car market, leveraging China's industrial and supply chain advantages [51]. Group 8: Real Estate and Lifestyle - Ma Yin, founder of Anaya, emphasized the importance of creating spaces that foster community and aesthetic appreciation, focusing on quality of life rather than just economic metrics [60]. - He expressed a commitment to addressing deeper societal issues through his projects, aiming to enhance the human experience [60]. Group 9: Semiconductor Industry - Representatives from the "China Chip Infrastructure" group highlighted the significance of AI chips as the cornerstone of modern technology and digital economy, with a focus on building a self-sufficient computing foundation by 2025 [66]. - The group aims to support rapid development in emerging fields such as artificial intelligence and high-performance computing [66]. Group 10: Entertainment and Media - Du Hua, founder of Lehua Entertainment, discussed the company's transformation into a comprehensive entity that integrates robotics and AI into its operations, aiming to enhance emotional value for consumers [72]. - The company is exploring new business models that combine entertainment with technological innovation [72].