北京大成律师事务所 关于中金黄金股份有限公司 2025 年第一次临时股东大会 之 法 律 意 见 书 大成证字 2025 第 521-1 号 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 北京大成律师事务所 关于中金黄金股份有限公司 2025 年第一次临时股东大会之 法律意见书 大成证字 2025 第 521-1 号 7. 公司本次股东大会议案及涉及相关议案内容的公告等文件； 致：中金黄金股份有限公司 北京大成律师事务所（以下简称"本所"）接受中金黄金股份有限公司（以下简称"公 司"）委托，根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司法》"）和中 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report discusses the convergence of the "scissors difference" between gold stocks and gold prices, indicating a potential opportunity for investment as market conditions evolve [2][20] - The divergence between gold as a commodity and gold stocks is attributed to different asset properties and the complexity of pricing factors affecting gold prices and stock performance [2][19] - The report highlights that the sensitivity of gold mining profits to gold prices is expected to increase, enhancing the likelihood of performance growth for gold stocks [3][21] Summary by Sections Section 1: Divergence and Convergence of Gold Prices and Stocks - Gold as a physical commodity is influenced by inflation expectations, safe-haven demand, and the global credit environment, while gold stocks are affected by corporate profitability and operational costs [2] - The current market dynamics show a complex purchasing power behind gold prices, making price predictions more challenging [2] - The report identifies three phases of price movement for gold stocks and gold, including periods of repair, divergence, and subsequent repair [8][18] Section 2: Recovery Drivers for Gold Stocks - The weakening of the US dollar's credit is accelerating the upward trend in gold prices, which is expected to positively impact gold mining profits [3] - The report notes that as gold prices rise, the performance of gold stocks is likely to improve, with a higher probability of sustained growth in earnings [3][21] Section 3: Valuation and Market Position - As of April 1, 2025, the precious metals index PE is at 19.51, indicating it is at a low historical level, suggesting potential for valuation recovery [4][22] - The report recommends focusing on specific gold companies such as Chifeng Jilong Gold Mining, Shandong Gold, and others, as they are positioned to benefit from the expected rise in gold prices [4][22] Section 4: Future Outlook - The report anticipates that the upward movement in gold prices will become a consensus, with gold stocks expected to experience significant recovery in both space and momentum [21] - The convergence of gold prices and gold stocks is seen as a window of opportunity for investors, driven by the weakening of the US dollar's credit and the anticipated performance growth of gold companies [20][21]

证券代码：600489 证券简称：中金黄金 公告编号：2025-008 中金黄金股份有限公司 关于选举职工监事的公告 本公司监事会及全体监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。 中金黄金股份有限公司（以下简称公司）近日经职工民主程序选举冯晓芳女 士为公司第八届监事会职工监事。冯晓芳女士将与经公司 2025 年第一次临时股 东大会选举产生的两名监事共同组成公司第八届监事会，任期至本届监事会届满。 特此公告。 附件：冯晓芳女士简历。 中金黄金股份有限公司监事会 2025 年 4 月 16 日 1 附件： 简历 冯晓芳，女，汉族，1973 年 6 月出生，中共党员，硕士研究生。曾任中金 黄金股份有限公司党群工作部（党委宣传部）副部长；现任中金黄金股份有限公 司职工监事、党建工作部、党委宣传部部长。 2 ...

金融界4月14日消息，上证指数高开高走，沪深300金属与采矿指数 (300金属与采矿，L11606)报2338.48 点。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.34%、深圳证券交易所占比 17.66%。 从沪深300金属与采矿指数持仓样本的行业来看，贵金属占比44.88%、工业金属占比20.97%、稀有金属 占比18.85%、钢铁占比12.18%、其他非金属材料占比3.12%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数样本进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发 生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪深300指数调整样本时，沪深300行 业指数样本随之进行相应调整。在样本有特殊事件发生，导致其行业归属发生变更时，将对沪深300行 业指数样本进行相应调整。 数据统计显示，沪深300金属与采矿指数近一个月下跌3.45%，近三个月上涨3.83%，年至今上涨 5.59%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 ...

Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

Core Viewpoint - The overseas market indices, particularly ETFs related to the Nasdaq, have shown strong performance following a significant rise in the US stock market, with gold stock ETFs standing out with notable gains [1] Group 1: ETF Performance - Nine related ETFs, including the Nasdaq index ETF, achieved a limit-up in half a day, indicating strong investor interest [1] - Gold stock ETFs, including the Gold Stock ETF (517400), saw a half-day increase of 6.42%, with five gold stock ETFs rising over 5.5% [1][2] - The Gold Stock ETF (517520) has a substantial scale of 2.699 billion shares, reflecting a year-to-date increase of 114.9 million shares [2][3] Group 2: Market Trends and Valuation - A-share gold stock valuations have been declining since early 2020, with the dynamic PE (TTM) dropping from 50 times to 25 times currently [3] - The average gold price is expected to rise significantly in 2025 compared to 2024, supporting the outlook for gold companies [3] - Continuous high profits and improving balance sheets for gold companies suggest a stable performance outlook in the future [3] Group 3: Index Composition - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in A-share and Hong Kong markets [4] - The index was established on October 17, 2017, with a base date of December 31, 2014 [4] Group 4: Major Holdings - The top holdings in the CSI Gold Industry Index include Shandong Gold (12.06% weight), Zijin Mining (10.51%), and Zhongjin Gold (9.38%), indicating a concentration in the gold mining sector [5][6]

A股贵金属板块异动走高，四川黄金涨停，中金黄金、晓程科技、湖南黄金、西部黄金、恒邦股份等跟 涨。 ...

2025 年 4 月 中金黄金股份有限公司 2025 年第一次临时股东大会 会议资料 中金黄金股份有限公司 2025 年第一次临时股东大会会议议程 一、会议时间 现场会议召开时间：2025 年 4 月 16 日（星期三）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 4 月 16 日（星期 三）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 4 月 16 日（星期 三）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。 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 2025 年第一次临时股东大会会议须知； （四）议案审议： 1.审议《关于修订<公司章程>的议案》 1 2.审议《关于公司董事会换届暨提名第八届董事会非独 立董事候选人的议案》 3.审议《关于 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

黄金股ETF (产品代码：159562) ★ 跟踪：中证沪深港黄金产业股票指数 近五日涨跌:2.33% 市盈率: 20.74倍 资金流向：最新份额为2.2亿份，增加了500.0万份，主力资金净 流出275.6万元。 证券代码：600489 证券简称：中金黄金 公告编号：2025-007 中金黄金股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： ? 股东大会召开日期：2025年4月16日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 16 日 14 点 30 分 召开地点：北京市东城区安外大街 9 号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网 ...