Core Viewpoint - The gold industry is experiencing fluctuations in stock prices and ETF performance, influenced by central bank gold reserves and geopolitical uncertainties, leading to increased investor interest in gold as a safe-haven asset [1][2]. Group 1: Market Performance - As of June 9, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) decreased by 1.46%, with mixed performance among constituent stocks [1]. - Leading gainers included Xingye Silver (000426) up 2.66%, Mankalon (300945) up 2.33%, and Huayu Mining (601020) up 1.07% [1]. - Major decliners were Shandong Gold (01787) down 4.79%, Zhaojin Mining (01818) down 4.76%, and Laopu Gold (06181) down 2.88% [1]. - The Gold Stock ETF (159322) fell by 1.28%, with a latest price of 1.16 yuan, but saw a 3.71% increase over the past week as of June 6 [1]. Group 2: Trading Activity - The Gold Stock ETF had a turnover rate of 12.63% with a trading volume of 4.0828 million yuan, indicating active market participation [1]. - The average daily trading volume for the Gold Stock ETF over the past week was 6.1523 million yuan [1]. Group 3: Central Bank Reserves - As of the end of May 2025, China's central bank gold reserves reached 73.83 million ounces, an increase of 60,000 ounces, marking seven consecutive months of growth, totaling an increase of 1.03 million ounces [1]. - China ranks seventh globally in gold reserves, indicating a potential misalignment with its economic scale [1]. Group 4: Index Composition - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in the mainland and Hong Kong markets [4]. - The top ten weighted stocks in the index account for 68.91% of the total index weight, with Shandong Gold (600547) and Zijin Mining (601899) being the largest components [4].

Core Viewpoint - The gold industry in A-shares has seen a significant increase in ESG (Environmental, Social, and Governance) reporting, with a disclosure rate of 54.55%, but there remains considerable room for improvement in both reporting and performance [1][2]. Group 1: ESG Reporting and Disclosure - Among the 11 listed companies in the A-share gold industry, 6 have disclosed ESG-related reports, achieving a disclosure rate of 54.55% [2]. - Of the companies that disclosed ESG reports, 5 referenced the guidelines from the three major stock exchanges for their reporting framework [2]. - The carbon emissions data disclosure is incomplete, with only 4 out of the 6 companies providing information on Scope 1 and Scope 2 emissions, and only 2 companies disclosing Scope 3 emissions data [2][5]. Group 2: Industry Practices and Challenges - The overall ESG performance varies significantly among companies, with leading firms showing better results due to higher internationalization [2][4]. - Some companies have not included significant controversy events in their ESG reports, indicating a lack of balance in reporting [5]. - Specific incidents, such as consumer disputes and compliance issues, were not addressed in the respective companies' ESG reports, highlighting a gap in transparency [5]. Group 3: Green Mining Initiatives - Companies like Shandong Gold and Zijin Mining have made progress in green mining, with multiple certifications for national and provincial green mines [4]. - However, some companies, such as Zhongjin Gold, provided minimal details regarding their green mining initiatives, reflecting disparities in ESG practices within the industry [4].

Group 1 - The National Grid Corporation has developed power supply assurance plans for the annual college entrance examination, ensuring reliable electricity supply during the exam period [1][2] - Emergency drills have been conducted to test the reliability of the power supply system, with a focus on key exam periods such as listening tests [2] - The company has completed three rounds of electricity inspections at all exam sites and accommodation points, eliminating 26 potential hazards [2] Group 2 - The emergency response teams quickly activated backup power systems to ensure continuous power supply for critical exam equipment [2] - The company has implemented a "dual insurance mechanism" involving UPS and generator vehicles to enhance power supply reliability [2] - A total of 98 professional power supply personnel and 23 emergency vehicles will be deployed during the exam period to monitor power supply facilities around the clock [2][4] Group 3 - The company has conducted 11 rounds of inspections and hazard elimination for power supply facilities related to 27 exam sites [4] - Coordination with government, education departments, and schools has been established to understand the exam arrangements and ensure smooth power supply [4] - Safety measures include halting high-risk construction activities during critical exam periods and enhancing safety awareness on-site [4]

Group 1 - The A-share precious metals sector showed strong performance at the beginning of trading, with Zhongrun Resources rising over 6% [1] - Other companies in the sector, including Hunan Gold, Shandong Gold, Hengbang Shares, and Zhongjin Gold, also experienced gains [1]

每经记者｜刘明涛 每经编辑｜叶峰 随着特朗普对等关税面临司法挑战，关税风波再起令黄金价格也再度走高，今日黄金板块表现抢眼，包括黄金股票ETF（159321）在内的5只黄金股相关 ETF半日涨幅超3.5%，领涨整个ETF市场。 | | | 黄金股相关ETF | | | --- | --- | --- | --- | | 代码 | 名称 | 涨幅% | 现价 | | 159321 | 黄金股票ETF | 3.99 | 1.12 | | 517520 | 黄金股ETF | 3.81 | 1.44 | | 517400 | 黄金股票ETF | 3.8 | 1.14 | | 159562 | 黄金股ETF | 3.54 | 157 | | 159322 | 黄金股票ETF基金 | 3.53 / | 1.17 | | 159315 ETF规模截止日: 5.30 | 黄金股ETF基金 | 3.4 | 1.18 | ETF份额变化方面，近8个交易日，黄金ETF规模整体呈现小幅增加，其中，黄金股ETF（517520）份额增加1亿份，短期份额增加相对较大。 投资逻辑来看，贸易逆差缩减的本质是美债买盘的衰减，美国长债利率上行概率加 ...

Group 1 - The gold stock sector is experiencing significant gains, with notable increases in stocks such as Western Gold, Mankalon, and others, indicating strong market interest in gold-related investments [1] - The Huafu Yongxin Flexible Allocation Mixed Fund has heavily invested in gold-related companies, achieving a year-to-date increase of 25.23% as of May 30, 2025, reflecting the positive impact of rising gold prices on these stocks [1] - International gold prices have surged, with spot gold breaking through $3,380 per ounce and COMEX gold futures rising by 2.74% to $3,406.4 per ounce, indicating a bullish trend in the gold market [1] Group 2 - Short-term market sentiment is supported by potential risks from U.S. "reciprocal tariffs," leading to a rise in gold prices, while long-term uncertainties in global tariff policies and regional politics continue to bolster gold's appeal as a safe-haven asset [2] - The Huafu Yongxin Flexible Allocation Mixed Fund focuses on diversifying investments in A-share gold-related companies, allowing for exposure to the benefits of rising gold prices while mitigating risks associated with holding individual gold stocks [2]

Market Overview - As of May 29, the gold concept sector declined by 0.66%, ranking among the top losers in the market, with notable declines in stocks such as Lai Shen Tong Ling, Mingpai Jewelry, and Man Ka Long [1][2] - The sector experienced a net outflow of 553 million yuan from major funds, with 46 stocks seeing outflows, and 6 stocks experiencing outflows exceeding 30 million yuan [1][2] Key Performers - The top gainers in the gold concept sector included 35 stocks, with Zhu Zhou Development, Fu Da Alloy, and Ningbo Zhong Bai rising by 3.19%, 3.06%, and 2.33% respectively [1][2] - The stocks with the highest net outflows included Chi Feng Gold, with a net outflow of 98.93 million yuan, followed by Hunan Gold and Xiao Cheng Technology with outflows of 92.45 million yuan and 61.23 million yuan respectively [1][2] Fund Flow Analysis - The gold concept sector saw significant fund outflows, with the top outflowing stocks including: - Chi Feng Gold: -1.37% with a turnover rate of 2.43% and a net outflow of 98.93 million yuan - Hunan Gold: -1.83% with a turnover rate of 2.52% and a net outflow of 92.45 million yuan - Xiao Cheng Technology: -2.54% with a turnover rate of 14.41% and a net outflow of 61.23 million yuan [1][2][3] - Conversely, the stocks with the highest net inflows included Tongling Nonferrous Metals, Zhu Zhou Development, and Beifang Copper, with net inflows of 48.97 million yuan, 16.71 million yuan, and 16.64 million yuan respectively [1][3]

Summary of Zhongjin Gold's Investor Conference Call Company Overview - Zhongjin Gold Co., Ltd. is the first publicly listed company in China specializing in gold production, established on June 23, 2000. It is the main platform for the Group's gold mining operations and is the only centrally controlled listed company in the domestic gold industry. [3] Key Financial Performance - For Q1 2025, the company reported: - Revenue of 14.859 billion yuan, an increase of 12.88% year-on-year - Net profit attributable to shareholders of 1.038 billion yuan, up 32.65% year-on-year - Basic earnings per share of 0.21 yuan, an increase of 31.25% year-on-year [8] Asset Injection and Competition - The Group plans to inject assets into the listed company on a step-by-step basis, focusing on mature assets that meet disclosure conditions. [8][10][13] - The company is addressing potential competition from the Group's other assets and has categorized them into three types for future planning. [13] Cost Management and Production Plans - The company is facing rising gold mining costs, estimated to exceed 450 yuan per gram in Q1 2025, attributed to the mining of lower-grade ores. [10][11] - The company is implementing cost control measures, including enhancing labor efficiency and managing energy consumption. [11][20] - Production targets for 2025 include: - Gold production of 18.17 tons - Smelting gold of 35.30 tons - Copper mining of 79,400 tons - Electrolytic copper of 396,200 tons [23] Dividend Policy - The company has seen a decline in its dividend policy in 2024, which was previously a highlight for attracting long-term investors. Future dividend levels will be determined based on funding needs. [10][22] Market Conditions and Future Outlook - The international gold price is expected to remain volatile at high levels, which may impact procurement costs for the smelting business. [14][25] - The company is focused on both internal development and external acquisitions to enhance resource reserves and production capacity. [39] Investor Relations and Market Perception - The company acknowledges that its market valuation is currently lower compared to peers, and it is actively working on improving investor relations and market communication. [38][40] - The company is committed to enhancing its market value through various strategies, including asset injections and improving operational efficiency. [11][39] Additional Insights - The company has accumulated nearly 3 tons of gold inventory in recent years, which was released during periods of lower production. Future release conditions are under consideration. [10] - The company is exploring international mining opportunities to diversify its resource base. [18] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic plans, and market outlook.

中金黄金股份有限公司 2024 年年度股东大会 会议资料 2025 年 6 月 中金黄金股份有限公司 2024 年年度股东大会会议议程 一、会议时间 三、会议召集人 中金黄金股份有限公司（以下简称公司）董事会。 四、现场会议议程 （一）会议主持人宣布会议开始； （二）会议主持人宣布到会股东及股东授权代表人数和 持有股份数，说明授权委托情况，介绍到会人员； （三）宣读公司 2024 年年度股东大会会议须知； 现场会议召开时间：2025 年 6 月 9 日（星期一）14:30。 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 6 月 9 日（星期 一）的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为 2025 年 6 月 9 日（星期 一）的 9:15-15:00。 二、现场会议地点 北京市东城区安外大街 9 号中国黄金大厦。 （四）议案审议： 1.审议《2024 年度董事会工作报告》 1 2.审议《2024 年度监事会工作报告》 4.审议《2024 年度财务决算报告》 5.审议《2024 年年度利 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company plans to acquire stakes in four subsidiaries from its controlling shareholder, China Gold Group, which is expected to enhance its gold production capacity and profitability [3][10]. - The projected net profit for the company is expected to grow significantly, with estimates of 47.45 billion, 62.45 billion, and 73.51 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 40.13%, 31.61%, and 17.71% [10][12]. Company Overview - The latest closing price of the company's stock is 13.90 yuan, with a total market capitalization of 674 billion yuan [2]. - The company has a total share capital of 4.847 billion shares, with a debt-to-asset ratio of 41.5% and a price-to-earnings ratio of 19.86 [2]. Acquisition Details - The company intends to acquire a 49.33625% stake in Inner Mongolia Jintao, which produced 1.37 tons of gold in 2024, and has total audited assets of 747 million yuan [4]. - The acquisition of an 80% stake in Hebei Dabaoyang, which produced 0.28 tons of gold in 2024, is also planned, with total audited assets of 235 million yuan [5]. - Additionally, the company aims to acquire a 70% stake in Liaoning Tianli, which produced 1.23 tons of refined gold in 2024, with total audited assets of 490 million yuan [6]. - Lastly, a 70% stake in Liaoning Jinfeng, which produced 0.28 tons of gold in 2024, is included in the acquisition plan, with total audited assets of 149 million yuan [9]. Financial Projections - The company’s revenue is projected to grow from 65.56 billion yuan in 2024 to 77.40 billion yuan in 2027, with a compound annual growth rate of approximately 6.88% [12][15]. - The expected earnings per share (EPS) are forecasted to increase from 0.70 yuan in 2024 to 1.52 yuan in 2027 [12][15]. - The price-to-earnings ratio is anticipated to decrease from 19.90 in 2024 to 9.17 by 2027, indicating improved valuation as earnings grow [12][15].