Group 1 - The core viewpoint of the article indicates a significant decline in gold stocks, with major companies experiencing substantial drops in their share prices [1] - China Gold International (02099) fell by 8.15% to HKD 115, Tongguan Gold (00340) decreased by 8.04% to HKD 2.06, Lingbao Gold (03330) dropped by 6.95% to HKD 15.4, and Chifeng Jilong Gold Mining (06693) declined by 6.11% to HKD 26.76 [1] - The spot gold price experienced a sharp decline, falling below USD 3520, and is currently reported at USD 3531.89 per ounce, down 0.77% for the day [1] Group 2 - COMEX gold futures are reported at USD 3588.3 per ounce, reflecting a decline of over 1% for the day [1] - Baocun Futures noted an accelerated upward trend in precious metals since last Friday, driven by weakening performance in both domestic and international equity markets, which has increased market demand for safe-haven assets [1] - The current market focus is on the U.S. non-farm payroll data for August, which is expected to have a critical impact on the Federal Reserve's interest rate decisions in September [1]

Core Viewpoint - Gold stocks experienced a significant decline today, with major companies reporting substantial drops in their share prices due to a sharp decrease in spot gold prices [1] Group 1: Company Performance - China Gold International (02099) fell by 8.15%, closing at 115 HKD [1] - Tongguan Gold (00340) decreased by 8.04%, ending at 2.06 HKD [1] - Lingbao Gold (03330) dropped by 6.95%, with a closing price of 15.4 HKD [1] - Chifeng Jilong Gold Mining (600988) (06693) saw a decline of 6.11%, closing at 26.76 HKD [1] Group 2: Market Trends - On September 4, spot gold prices plummeted, briefly falling below the 3520 USD mark, with the latest price reported at 3531.89 USD/ounce, reflecting a daily drop of 0.77% [1] - COMEX gold futures were reported at 3588.3 USD/ounce, showing a decline of over 1% for the day [1] - Baocheng Futures noted an accelerated upward trend in precious metals since last Friday, driven by weakening performance in both domestic and international equity markets, which has increased market demand for safe-haven assets [1] Group 3: Economic Indicators - Current market focus is on the U.S. non-farm payroll data for August, which is expected to have a significant impact on the Federal Reserve's interest rate decisions in September [1]

Group 1 - The Hong Kong gold stocks experienced a high opening but subsequently declined, with notable drops including Tongguan Gold down 8%, China Gold International down over 5%, and Lingbao Gold down 4.4% [1][2] - Recent spot gold prices reached new highs, but there was a slight decline of 0.27% in early Asian trading, falling below $3,550 per ounce [2] - Analysts indicate that after reaching new highs, the risk of a short-term technical correction in gold stocks has significantly increased, urging investors to remain vigilant [2][3] Group 2 - Many gold companies' stock prices have risen far beyond their net profit growth rates, leading to historically high valuation metrics such as P/E ratios, suggesting signs of a bubble [3] - High valuations necessitate either a stock price correction or earnings growth to be absorbed, increasing short-term risks [3] - The long-term drivers for gold prices, including central bank purchases, de-dollarization, and geopolitical risks, remain strong, indicating a future dynamic between short-term volatility and long-term trends [3]

Core Viewpoint - The Hong Kong gold stocks have shown a trend of high opening and low closing, with significant declines in various companies' stock prices, indicating a potential short-term technical correction after recent highs in the gold market [1] Group 1: Market Performance - Recent performance of gold stocks includes notable declines: Tongguan Gold down 8%, China Gold International down over 5%, Lingbao Gold down 4.4%, and others experiencing declines of over 3% [1] - The latest prices for key gold stocks are as follows: Tongguan Gold at 2.060, China Gold International at 118.800, and Lingbao Gold at 15.820 [1] Group 2: Market Analysis - The spot gold market has recently reached new highs, but there was a drop of 0.27% today, falling below 3550 USD/ounce [1] - Analysts suggest that the rapid increase in gold stock prices has outpaced the growth in net profits, leading to historically high valuation metrics such as P/E ratios, indicating potential bubble-like conditions [1] - The long-term drivers for gold prices, including central bank purchases, de-dollarization, and geopolitical risks, remain strong, suggesting a battle between short-term volatility and long-term trends [1]

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00340 | 潼关黄金 | 5.24% | 2.410 | 105.98亿 | | 06693 | 赤峰黄金 | 5.08% | 29.400 | 558.72 Z | | 01818 | 招金矿业 | 4.40% | 28.000 | 991.87亿 | | 02099 | 中国黄金国际 | 4.19% | 129.300 | 512.56亿 | | 00815 | 中国白银集团 | 3.92% | 0.530 | 12.41亿 | | 01787 | 山东黄金 | 3.63% | 32.000 | 1431.5亿 | | 01815 | 珠峰黄金 | 3.53% | 1.760 | 21.79亿 | | 03330 | 灵宝黄金 | 3.53% | 16.150 | 207.85亿 | | 02899 | 紫金矿业 | 2.58% | 27.800 | 7388.57亿 | 金价新高不断，港股黄金股集体高开。其中，潼关黄金、赤峰黄金涨超5%，招金矿业、中国黄金国际 涨超4% ...

Core Viewpoint - The gold stocks have collectively opened higher, driven by increased safe-haven sentiment and rising expectations for interest rate cuts by the Federal Reserve, as international gold prices hit a new historical high [1] Group 1: Gold Stock Performance - Tongguan Gold (00340) rose by 5.24%, trading at HKD 2.41 [1] - Chifeng Gold (06693) increased by 5.08%, trading at HKD 29.4 [1] - Zhaojin Mining (01818) gained 4.4%, trading at HKD 28 [1] - China Gold International (02099) rose by 4.19%, trading at HKD 129.3 [1] - Shandong Gold (01787) increased by 3.63%, trading at HKD 32 [1] - Lingbao Gold (03330) rose by 3.53%, trading at HKD 16.15 [1] Group 2: Market Influences - International gold prices reached a new high, with New York futures gold surpassing USD 3600 per ounce and spot gold rising for six consecutive days, breaking the USD 3540 mark [1] - Weak U.S. economic data and negative evidence regarding Federal Reserve Governor Cook have increased market expectations for future monetary easing, supporting precious metal prices [1] Group 3: Upcoming Economic Indicators - The market is awaiting the upcoming non-farm payroll data, which is crucial for the Federal Reserve's September interest rate decision [1] - Morgan Stanley's latest report has set a year-end target price for gold at USD 3800 per ounce, emphasizing the strong negative correlation between gold and the U.S. dollar as a key pricing logic [1] - A continued depreciation of the dollar index is expected to directly benefit precious metals priced in dollars [1]

以8月26日收盘价计算，灵宝黄金目前市盈率（TTM）约12.22倍，市净率（TTM）约3.55倍，市销率（TTM）约0.96倍。 市净率(LF)历史分位(%) 001 900 80 70 60 50 40 32006 30 20 -19a32 16 16 12026 10 7-83 4.27 2_24 4-28 0 2020-06-30 | 2019-12-37 1 1-06-30 ' -37 3-30 J-12-37 1-12-37 1 2n- 制图数据来自恒生聚源数据库 公司主要于中国从事开采、选炼、冶炼及销售黄金以及其他金属产品业务，通过四个业务部门运营业务：采矿-中国部从事黄金采购及矿石选炼业务；采矿- 韩国部于韩国从事黄金开采及矿石选炼业务；冶炼部从事黄金及其他金属冶炼及精炼业务；铜加工部从事铜加工业务。 治炼 采矿-中国 零售 制图数据来自恒生聚源数据库 灵宝黄金2024年营业收入构成(亿元) 历年营收、净利同比增长情况(%) 350 - ം് 300 250 200 150 100 89 97 82:02 50 12:65 4.02 0 4.67 4.84 -50 2021 2022 2023 ...

| 與本代表委任表格有關的股份數目1 | | --- | | 與本代表委任表格有關的股份類別1 | | （本公司的內資股或H股） | Lingbao Gold Group Company Ltd. 靈寶黃金集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3330） 謹訂於二零二五年九月十七日舉行的 臨時股東大會適用的代表委任表格（或其任何續會） | | 普通決議案 | 贊成5 | 反對5 | | --- | --- | --- | --- | | 1. | 審議及批准本公司二零二五年上半年建議利潤分配方案。 | | | | | 特別決議案 | 贊成5 | 反對5 | | 2. | 審議及批准建議授予本公司董事會回購H股的一般授權。 | | | 本人╱吾等2 （地址為 ）為靈寶黃金集團股份有限公司（「本公司」） 的內資股╱H股3 的登記持有人，茲委任臨時股東大會主席或4 （地址為 ） 代表本人╱吾等出席本公司謹訂於二零二五年九月十七日（星期三）上午九時正在本公司的辦事處（地址為中國河南省靈寶市函 谷路與荊山路交叉口）舉行的臨時股東大會或其任何續會，以考慮並酌情通過日期為二零二五年九月一 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：3330） Lingbao Gold Group Company Ltd. 靈寶黃金集團股份有限公司 臨時股東大會通告 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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 茲通告靈寶黃金集團股份有限公司（「本公司」）謹訂於二零二五年九月十七日（星期 三）上午九時正在本公司的辦事處（地址為中國河南省靈寶市函谷路與荊山路交叉 口）舉行臨時股東大會（「臨時股東大會」），以考慮及酌情通過（無論有否修訂）本公 司以下決議案： 普通決議案 1. 審議及批准本公司二零二五年上半年建議利潤分配方案。 特別決議案 – 1 – 2. 審議及批准建議授予本公司董事會回購H股的一般授權： (a) 在回購相關期間（定義見下文），根據資本市場和本公司股價的波動和變 化，酌情及適時回購本公司已發行的H股的一般授權； (b) 回購本公司公開發行H股的回購總額，不超過本議案經臨時股東大會通過 之日本公司已發行H股總數（不包括任何庫存 ...

此 乃 要 件 請 即 處 理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的持牌證券商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有靈寶黃金集團股份有限公司股份，應立即將本通函送交給買主或承讓 人、或送交經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便其轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就因本通函全部或部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 Lingbao Gold Group Company Ltd. （於中華人民共和國註冊成立的股份有限公司） 靈寶黃金集團股份有限公司 （股份代號：3330） (1)二零二五年上半年建議利潤分配方案； (2)建議授予董事會回購H股的一般授權； 及 臨時股東大會通告 董事會函件載於本通函第3至9頁。 本公司謹訂於二零二五年九月十七日（星期三）上午九時正在本公司的辦事處（地址為中國河南省靈寶 市函谷路與荊山路交叉口）舉行臨時股東大會，召開臨時股東大會的通告載於本通函第14至17頁。隨 本通函附奉臨 ...