金十数据6月25日讯，摩根士丹利发报告指，上调紫金矿业(02899.HK)目标价7.3%，从23.4港元升至25.1 港元，维持增持评级。基于2025年第一季度该公司的数据，大摩调整2025—2026年对Kamoa铜矿厂产量 预测为40万吨，上调对平均销售单价/金价的比率。大摩上调对该公司2025—2027年每股盈利预测1%， 4%和5%，至1.56元人民币、1.7元人民币和1.65元人民币。 摩根士丹利上调紫金矿业目标价7% 维持增持评级 ...

| 中信证券股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 关于紫金矿业集团股份有限公司分拆所属子公司 | | | | | | | | 紫金黄金国际有限公司至香港联交所上市 | | | | | | | | 相关内幕信息知情人买卖股票情况之专项核查意见 | | | | | | | | 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 | | | | | | | | 紫金矿业集团股份有限公司（以下简称"紫金矿业"、"公司"或"上市公司"） | | | | | | | | 拟分拆所属子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"、 | | | | | | | | "拟分拆 | | | | | | | | 主体"或"所属子公司"）至香港联交所上市（以下简称"本次分拆"或"本次 | | | | | | | | 分拆上市"）的独立财务顾问，根据《上市公司分拆规则（试行）》《上市公司重 | | | | | | | | 大资产重组管理办法（2025 修正）》《公开发行证券的公司信息披露内容与格式 | | | | | ...

福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：www.zenithlawyer.com 福建至理律师事务所关于 紫金矿业集团股份有限公司分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市 关于紫金矿业集团股份有限公司 分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市 相关内幕信息知情人买卖股票情况之 专项核查意见 相关内幕信息知情人买卖股票情况之专项核查意见 闽理非诉字〔2025〕第 108-1 号 致：紫金矿业集团股份有限公司 根据紫金矿业集团股份有限公司（以下简称公司、上市公司或紫金矿业）与 福建至理律师事务所（以下简称本所）签订的《证券法律业务委托协议书》，本 所接受紫金矿业的委托，指派林涵、韩叙律师（以下简称本所律师）担任紫金矿 业分拆所属中国香港子公司紫金黄金国际有限公司（以下简称紫金黄金国际）至 香港联合交易所有限公司主板上市（以下简称本次分拆或本次分拆上市）的专项 法律顾问。 根据《中华人民共和国公司法》《中华人民共和国证 ...

中信证券股份有限公司 关于紫金矿业集团股份有限公司分拆所属子公司 紫金黄金国际有限公司至香港联交所上市 相关内幕信息知情人买卖股票情况之专项核查意见 （一）上市公司及其现任董事、监事、高级管理人员及相关知情人员； （二）拟分拆主体及其现任董事、监事、高级管理人员及相关知情人员； 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 紫金矿业集团股份有限公司（以下简称"紫金矿业"、"公司"或"上市公司"） 拟分拆所属子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"、"拟分拆 主体"或"所属子公司"）至香港联交所上市（以下简称"本次分拆"或"本次 分拆上市"）的独立财务顾问，根据《上市公司分拆规则（试行）》《上市公司重 大资产重组管理办法（2025 修正）》《公开发行证券的公司信息披露内容与格式 准则第 26 号——上市公司重大资产重组（2025 修正）》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度（2025 修正）》等法律、法规的规 定，对紫金矿业本次分拆首次作出决议前六个月至《紫金矿业集团股份有限公司 关于分拆所属子公司紫金黄金国际有限公司至香港联交所上市的预案》披露期 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-055 紫金矿业集团股份有限公司 关于为子公司提供担保的实施公告 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。 重要内容提示： 公司全资子公司紫金实业向上海浦东发展银行申请总额不超过人民币 6.87 亿元贷款。公司将为上述贷款提供连带责任担保，担保期限不超过 6 年。 截止本公告日，公司为紫金实业提供的担保余额为 0 亿元。 （一）为全资子公司金山（香港）国际矿业有限公司提供担保 被担保人：金山（香港）国际矿业有限公司（以下简称"金山香港"） 紫金矿业集团股份有限公司（以下简称"公司"）全资子公司金山香港向 中国银行申请总额不超过人民币（币种下同）42 亿元贷款。公司将为上述贷款提 供连带责任担保，担保期限不超过 5 年。 （二）为全资子公司紫金海外发展（海南）有限公司提供担保 被担保人：紫金海外发展（海南）有限公司（以下简称"紫金海南"） 公司全资子公司紫金海南向进出口银行海南省分行申请总额不超过人民 币 3.322 亿元贷款。公司将为上述贷款提供连带责任担保 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-056 紫金矿业集团股份有限公司 关于分拆所属子公司紫金黄金国际有限公司至香港联交所上市 相关内幕信息知情人买卖股票情况之自查报告 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"紫金矿业"、"公司"或"上市公司"） 拟分拆所属子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"、"拟分拆 主体"或"所属子公司"）至香港联交所上市（以下简称"本次分拆"或"本次分 拆上市"）。2025 年 5 月 26 日，公司召开第八届董事会 2025 年第 9 次临时会议审 议通过了《关于<紫金矿业集团股份有限公司关于分拆所属子公司紫金黄金国际有 限公司至香港联交所上市的预案>的议案》及其他与本次分拆相关的议案，具体内 容详见公司在上海证券交易所及公司网站披露的相关公告。 根据《上市公司分拆规则(试行)》《上市公司重大资产重组管理办法(2025 修 正)》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资 产重组(202 ...

Summary of Key Points Core Viewpoint - The FTSE China A50 Index shows a mixed performance among banking stocks, while the insurance and liquor sectors are experiencing positive trends. Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance have market capitalizations of 397.57 billion, 354.22 billion, and 1,026.87 billion respectively, with trading volumes of 1.03 billion, 3.92 billion, and 0.80 billion respectively. Their stock prices increased by 2.59%, 2.34%, and 4.05% respectively [4]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye have market capitalizations of 1,809.30 billion, 219.45 billion, and 464.63 billion respectively, with trading volumes of 3.66 billion, 1.36 billion, and 0.72 billion respectively. Their stock prices rose by 1.22%, 1.43%, and 1.20% respectively [4]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information have market capitalizations of 231.90 billion, 252.51 billion, and 316.99 billion respectively, with trading volumes of 1.12 billion, 4.28 billion, and 1.88 billion respectively. Their stock prices changed by -1.01%, +2.10%, and +6.49% respectively [4]. Automotive Sector - BYD, Great Wall Motors, and Shanghai-Kunming High-Speed Railway have market capitalizations of 1,899.34 billion, 182.31 billion, and 281.32 billion respectively, with trading volumes of 2.90 billion, 0.20 billion, and 0.58 billion respectively. Their stock prices increased by 2.21%, 1.28%, and 1.05% respectively [4]. Shipping and Oil Industry - Sinopec, PetroChina, and COSCO Shipping have market capitalizations of 250.78 billion, 688.67 billion, and 1,641.70 billion respectively, with trading volumes of 0.87 billion, 1.42 billion, and 1.18 billion respectively. Their stock prices decreased by -0.53%, -1.32%, and -0.49% respectively [4]. Coal Industry - Shaanxi Coal and China Shenhua have market capitalizations of 201.85 billion and 791.76 billion respectively, with trading volumes of 0.57 billion and 0.83 billion respectively. Their stock prices changed by -0.05% and +2.27% respectively [4]. Food and Beverage Sector - China National Chemical Corporation, CITIC Securities, and Haitian Flavoring & Food have market capitalizations of 3,976.35 billion, 3,282.65 billion, and 2,275.70 billion respectively, with trading volumes of 2.61 billion, 1.03 billion, and 0.38 billion respectively. Their stock prices increased by 2.29%, 0.98%, and 1.38% respectively [5]. Electronics and Pharmaceuticals - Heng Rui Medicine, Industrial Fulian, and Luxshare Precision have market capitalizations of 403.33 billion, 239.58 billion, and 345.00 billion respectively, with trading volumes of 0.83 billion, 2.05 billion, and 1.53 billion respectively. Their stock prices changed by +0.54%, -0.42%, and +0.04% respectively [5].

Industry Overview - The Ministry of Industry and Information Technology and eight other departments issued the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)", aiming to enhance resource security and innovation in the industry by 2027 [1] - China's gold production and consumption have positioned it as the largest in the world, with gold production expected to reach 377 tons in 2024 and consumption at 985 tons [2] - The People's Bank of China increased its gold reserves to 2296.4 tons as of May, marking a continuous increase for seven months [2] Production and Resource Management - The plan includes three main measures: promoting domestic resource exploration and production, encouraging comprehensive utilization of mineral resources, and enhancing secondary resource recovery [1] - By 2027, gold resource volume is projected to grow by 5% to 10%, with gold and silver production increasing by over 5% [1] Market Dynamics - Analysts predict gold prices could reach $4,000 per ounce next year, a 19% increase from current levels, driven by geopolitical tensions and U.S. fiscal policies [3] - The global demand for silver is expected to rise, particularly due to its dual role as a financial asset and industrial raw material, with significant applications in clean energy technologies [3][4] Company Insights - Zijin Mining (601899) is projected to have a compound annual growth rate (CAGR) of 12% in gold production from 2020 to 2024, with continued growth expected in copper and gold production [5] - Shandong Gold (600547) is anticipated to see net profits of 30.30 million, 50.83 million, and 59.38 million yuan from 2024 to 2026, supported by its rich resource base and ongoing projects [6] - China Silver Group (00815) reported a revenue of 4.319 billion yuan in 2024, a decrease of 20.97%, with a net profit of 996.6 million yuan, down 31.5% [6]

本报记者 李雯珊 李婷 海关总署数据显示，今年前5个月，我国货物贸易进出口总值17.94万亿元，同比增长2.5%，延续增长态 势。5月份当月，我国出口2.28万亿元，增长6.3%。其中，对东盟、欧盟、非洲、中亚五国的出口分别 增长16.9%、13.7%、35.3%、8.8%。全球化浪潮奔涌向前，企业"出海"早已不是简单的市场扩张，而成 为一场关乎生存与发展的战略远征。 在这场征程中，中国企业持续拓宽视野，从单一市场走向多元布局；积极推进转型升级，以创新为引 擎，驱动竞争力不断提升；深化融合布局，扎根海外，实现跨文化共生共赢。 拓宽视野 加速多元化布局 清晨的厦门港，一艘满载集装箱的国际货轮即将启航。而在泉州市石狮市蚶江镇石湖路通达工业园，通 达创智（厦门）股份有限公司（以下简称"通达创智"）的货运物流负责人正确认货物已按预定计划装柜 登船，驶向欧洲各大港口。 通达创智主营业务涵盖体育户外、家居生活、健康护理三大板块，海外市场份额占比超过75%。今年， 通达创智的"出海"之路迎来新变革，其位于马来西亚的首个海外基地投产，企业全球化供应链布局发生 深层次蜕变。 "面对全球市场多元化、关税政策变化等复杂形势，公司通 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report maintains a positive outlook on precious metals, particularly gold, due to rising prices and geopolitical tensions, which are expected to drive demand [4] - Industrial metal prices show mixed trends, with some metals experiencing price declines while trade negotiations between China and the US may provide upward pressure on prices [4] - The report emphasizes the potential for growth in the tungsten market driven by manufacturing recovery, despite recent price declines in rare earth elements [4] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic spot gold prices fell by 1.81% recently, but the long-term outlook remains positive due to geopolitical instability and a weakening dollar [4] 1.2 Industrial Metals - SHFE prices for copper, aluminum, lead, zinc, tin, and nickel changed by -1.6%, 1.1%, -0.2%, -1.3%, -1.9%, and -2.9% respectively [4][27] - The report notes that trade discussions between China and the US may ease trade tensions, potentially benefiting industrial metal prices [4] 1.3 Minor Metals - Prices for praseodymium-neodymium oxide have decreased, while tungsten prices have also seen declines, although demand for tungsten is expected to grow in the medium to long term [4][29] 1.4 Energy Metals - Lithium and nickel prices have generally declined, with lithium hydroxide prices down by 3.8% and nickel prices down by 1.8% [4][34] 2. Market Performance - The report indicates that the overall performance of the non-ferrous metal sector has declined by 3.57%, with specific segments like metal new materials and precious metals seeing larger drops [35] 3. Important Events Review - The report highlights the escalation of tensions due to US military actions in the Middle East, which may impact market sentiment and demand for safe-haven assets like gold [41]