Group 1: Gold Price Trends - Gold prices have reached new highs, with COMEX futures peaking at $3863.7 per ounce and London spot prices hitting $3834.120 per ounce as of September 29 [2] - Geopolitical tensions, particularly NATO's threats to Russia and military activities in Gaza, have intensified concerns over Middle Eastern conflicts, providing strong support for gold prices [2] Group 2: Financing and Investment in Gold Stocks - In September, five gold and jewelry stocks recorded net financing inflows exceeding 100 million yuan, with Zijin Mining leading at 1.569 billion yuan, followed by Zhongjin Gold, Hunan Gold, Shandong Gold, and Yuguang Gold Lead [4] - Zijin Mining's stock price reached a historical high of 28.86 yuan per share, with a year-to-date increase of 93.06% [7] Group 3: Company Performance - Zijin Mining reported a 16% year-on-year increase in gold production to 41 tons in the first half of 2025, with corresponding revenue of 26.455 billion yuan, up 62.15% [7] - Among gold and jewelry stocks, Zijin Mining led in net profit for the first half of the year at 23.292 billion yuan, with Shandong Gold and Zhongjin Gold also exceeding 1 billion yuan in net profit [7][10] - Western Gold achieved a revenue of 5.03 billion yuan, a 69.01% increase year-on-year, and a net profit of 154 million yuan, up 131.94%, attributed to rising gold prices and increased sales [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600489 证券简称：中金黄金 公告编号：2025-031 中金黄金股份有限公司 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025年10月15日 （星期三） 9:00-10:00 ● 投资者可于2025年9月30日 （星期二） 至10月14日 （星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱zjhj@chinagoldgroup.com进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 中金黄金股份有限公司（以下简称公司）已于2025年8月29日发布公司2025年半年度报告，为便于广大 投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年10月15日 （星期 三） 9:00-10:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2 ...

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous and steel industries, suggesting potential investment opportunities in these sectors [8]. Core Viewpoints - The report anticipates a new era of non-linear changes in copper and gold prices, with expectations for sustained price increases [14]. - The Grasberg mine incident is expected to significantly disrupt copper supply, enhancing the certainty of rising copper prices in the medium term [14][15]. - The report highlights that the copper smelting capacity growth is likely to slow down, which may improve smelting fees and profitability for copper smelting companies [15]. - For gold, the report emphasizes that the core pricing logic is tied to the deterioration of dollar credit in the medium term, rather than short-term interest rate expectations [16][17]. Summary by Sections 1. Non-Ferrous Metals - The report discusses the potential for copper prices to rise due to supply shortages exacerbated by the Grasberg mine incident, which could reduce copper concentrate supply by 200,000 tons in 2025 and 270,000 tons in 2026 [14]. - It notes that global demand for copper is expected to grow rapidly due to factors such as electric vehicle adoption and data center expansion [14]. - The report also mentions that the copper smelting industry is facing a "de-involution" trend, which may lead to improved smelting fees in the future [15]. 2. Steel Industry - The report indicates that steel prices are expected to find support at the bottom due to cost factors, with a potential recovery in profitability in the fourth quarter [18]. - It highlights a seasonal shift in demand, with an increase in rebar consumption by 4.96% week-on-week, although it remains down 13.71% year-on-year [24]. - The report notes that the overall steel price index has slightly decreased by 0.28%, with specific products like hot-rolled steel showing a decline of 0.65% [39]. 3. New Energy Metals - The report states that lithium production in China saw a significant year-on-year increase of 46.54% in August 2025, indicating strong supply growth in the new energy sector [43]. - It also mentions that the production and sales of new energy vehicles in China have maintained high growth rates, with August 2025 figures showing a 26.00% increase in production [47]. - The prices of lithium, cobalt, and nickel have shown an overall upward trend, reflecting strong demand in the energy metal market [54].

Core Insights - The precious metals sector experienced a significant increase of 2.98% on September 29, with Zhaojin Mining leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Precious Metals Sector Performance - Zhaojin Mining (code: 000506) closed at 10.88, with a rise of 6.88% and a trading volume of 980,200 shares, amounting to a transaction value of 1.068 billion yuan [1] - Other notable performers included: - Xiaocheng Technology (code: 300139) at 27.67, up 6.18% [1] - Shanshe International (code: 000975) at 22.32, up 5.98% [1] - Hengbang Shares (code: 002237) at 14.57, up 3.55% [1] - Chifeng Jilong Gold Mining (code: 600988) at 29.00, up 3.20% [1] Capital Flow Analysis - The precious metals sector saw a net inflow of 1.237 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.124 billion yuan [1] - Specific stock capital flows included: - Zhongjin Gold (code: 600489) with a net inflow of 296 million yuan from institutional investors [2] - Shandong Gold (code: 600547) with a net inflow of 279 million yuan from institutional investors [2] - Xiaocheng Technology (code: 300139) with a net inflow of 158 million yuan from institutional investors [2]

证券代码：600489 证券简称：中金黄金 公告编号：2025-031 中金黄金股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： （二） 会议召开地点：上证路演中心 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 30 日 （星期二） 至 10 月 14 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zjhj@chinagoldgroup.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 中金黄金股份有限公司（以下简称公司）已于 2025 年 8 月 29 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 15 日 （星期三） 9:00-10:00 举行 2025 年半年度业绩说明会，就投 资者关心的问题 ...

Core Viewpoint - Spot gold has broken through the $3,800 per ounce mark, reaching a new historical high, with a year-to-date increase of over 45% [2][5]. Market Performance - As of the latest report, spot gold is priced at $3,807.319 per ounce, reflecting a daily increase of 1.29% [3]. - New York futures gold has also reached a historical high, currently reported at $3,833.9 per ounce, with a daily rise of 0.65% [6]. Market Drivers - The surge in gold prices is attributed to investor expectations of further interest rate cuts by the Federal Reserve, alongside a weakening dollar, which provides additional support for gold prices [7]. - According to CME FedWatch data, traders currently estimate an 89.3% probability of a rate cut in October and approximately 66.6% for December [8]. Economic Indicators - Recent U.S. economic data shows that the PCE price index rose from 2.6% to 2.7% year-on-year, with the core index stable at 2.9%, reinforcing market expectations for further monetary easing by the Federal Reserve [11]. Technical Analysis - FXStreet analysis indicates that gold maintains a bullish outlook in the long term, with prices holding above the 100-day moving average. However, the 14-day Relative Strength Index (RSI) suggests an overbought condition, indicating potential for technical consolidation or a short-term pullback before a new upward trend [12]. Related Market Movements - The A-share precious metals sector saw a significant rise, with gains exceeding 4% in the afternoon session [13][14]. - Notable stocks include Shengda Resources, which hit the daily limit with a 9.99% increase, and Zhaojin Mining, which rose nearly 9% [15][16].

Core Viewpoint - The non-ferrous metal industry index in China has shown strong performance, with significant increases in various stocks, driven by a government plan aimed at stabilizing growth in the sector and rising gold prices reaching historical highs [1][2]. Group 1: Industry Performance - As of September 29, 2025, the non-ferrous metal industry index (399395) rose by 3.10%, with notable stock increases including Vanadium Titanium Co. (000629) up 10.00%, Xingye Silver Tin (000426) up 9.11%, and Tongling Nonferrous Metals (000630) up 7.77% [1]. - The non-ferrous ETF fund (159880) also increased by 3.07%, with the latest price reported at 1.61 yuan [1]. Group 2: Government Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)" to support the sector [1]. Group 3: Commodity Insights - East Wu Securities forecasts that copper prices will remain strong due to anticipated supply contractions and potential interest rate cuts by the Federal Reserve, while aluminum prices are expected to fluctuate amid weak demand [1]. - The gold market is influenced by a shift in the Federal Reserve's stance during the global central bank conference in August, with expectations of continued inflation and declining nominal interest rates, suggesting a broad potential for precious metals [1]. Group 4: ETF Composition - The non-ferrous metal industry index includes 50 prominent securities based on size and liquidity, reflecting the overall performance of listed companies in the sector [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 50.35% of the total, including Zijin Mining (601899) and Northern Rare Earth (600111) [2].

Core Insights - The article highlights the strong performance of the non-ferrous metal sector, particularly the increase in the price of copper and aluminum, driven by supply disruptions and demand recovery [1][2] Group 1: Market Performance - The non-ferrous metal ETF showed a stable performance with a 1.5% increase in price and a transaction volume of 1.4755 million yuan, bringing the fund's total size to 303 million yuan [1] - Key stocks such as Baiyin Nonferrous, Guiyan Platinum, and Xingye Silver Tin saw significant gains of 3.6%, 3.23%, and 2.92% respectively, while Shenghe Resources experienced a decline of 1.41% [1] Group 2: Supply and Demand Dynamics - The Grasberg copper mine, the second largest globally, has halted production due to an accident, leading Freeport to project a significant decrease in copper sales by Q4 2025 and a potential 35% drop in production in 2026, exacerbating supply tightness [1] - The aluminum sector is witnessing a positive trend with successful technological advancements in aluminum alloy materials for automotive applications, recognized by high-end clients like BMW and Mercedes, which is expected to drive industry transformation [1] Group 3: Price Outlook - Tianfeng Securities indicates a bullish sentiment in the copper market, with prices expected to continue rising due to supply-demand dynamics and a favorable outlook for aluminum prices supported by inventory reductions and seasonal demand [1][2] - The cobalt sector is facing increased prices due to export bans and quota policies from the Democratic Republic of Congo, leading to a tightening of raw material supply [2]

Group 1 - The core point of the news is that Zhongjin Gold has seen significant trading activity, with a total of 871,000 shares traded on September 26, amounting to approximately 17.90 million yuan at a price of 20.55 yuan per share [2][3] - In the last three months, Zhongjin Gold has recorded a total of 11 block trades, with a cumulative transaction amount of 63.56 million yuan [2] - The closing price of Zhongjin Gold on September 26 was 20.55 yuan, reflecting an increase of 0.54%, with a daily turnover rate of 1.37% and a total trading volume of 1.36 billion yuan [2] Group 2 - The latest margin financing balance for Zhongjin Gold is 2.68 billion yuan, which has increased by 119 million yuan over the past five days, representing a growth rate of 4.64% [3] - The company was established on September 24, 2007, with a registered capital of approximately 4.85 billion yuan [3] - The block trading details on September 26 show three transactions, all at the same price of 20.55 yuan, with the largest transaction being 387,000 shares for 7.95 million yuan [3]

Core Insights - The precious metals sector saw a slight increase of 0.23% on September 26, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Precious Metals Sector Performance - Hunan Silver (002716) closed at 6.91, up 5.02% with a trading volume of 2.9147 million shares and a transaction value of 2.034 billion [1] - Shandong Gold (600547) closed at 38.22, up 0.84%, with a trading volume of 373,900 shares [1] - Zhongjin Gold (600489) closed at 20.55, up 0.54%, with a trading volume of 664,000 shares [1] - Chifeng Jilong Gold (600988) closed at 28.10, down 0.46%, with a trading volume of 400,300 shares [1] - Other notable performances include: - Hunan Gold (002155) down 0.65% - Western Gold (601069) down 1.01% - Sichuan Gold (001337) down 1.03% [1] Capital Flow Analysis - The precious metals sector experienced a net inflow of 35.5562 million from institutional investors, while retail investors saw a net outflow of 135 million [2][3] - Hunan Silver had a net inflow of 49.4856 million from institutional investors, but a net outflow of 53.9428 million from retail investors [3] - Shandong Gold also saw a significant net inflow of 40.8309 million from institutional investors, with retail investors experiencing a net outflow of 104 million [3]