Financial Performance - In 2024, the company achieved a revenue of 65.556 billion yuan, a year-on-year increase of 7.01% [1] - The net profit attributable to shareholders was 3.386 billion yuan, up 13.71% year-on-year [1] - The non-recurring net profit reached 3.532 billion yuan, reflecting an 18.25% year-on-year growth [1] - In Q4 2024, revenue was 19.511 billion yuan, a quarter-on-quarter increase of 11.41% [1] - The net profit attributable to shareholders in Q4 2024 was 743 million yuan, down 17.50% quarter-on-quarter [1] - In Q1 2025, revenue was 14.859 billion yuan, a year-on-year increase of 12.88% but down 23.84% quarter-on-quarter [1] - The net profit attributable to shareholders in Q1 2025 was 1.038 billion yuan, up 32.65% year-on-year and up 39.79% quarter-on-quarter [1] Production and Sales Data - In 2024, the production of mined gold was approximately 18.35 tons, a decrease of 2.86% year-on-year, with sales of about 18.09 tons, down 0.97% year-on-year [2] - The production of refined gold in 2024 was about 37.95 tons, a decline of 7.14% year-on-year, with sales of approximately 37.78 tons, down 7.91% year-on-year [2] - The company has set production guidance for 2025, targeting 18.17 tons of mined gold and 35.30 tons of refined gold [2] Cash Dividend - The company plans to distribute a cash dividend of 3.88 yuan per 10 shares (including tax), totaling approximately 1.881 billion yuan, which accounts for 55.55% of the net profit attributable to shareholders in 2024 [2] Project Development - The construction of the Saling Gold Mine project is progressing smoothly, with significant growth potential [2] - The Saling Gold Mine is located in a major mineralization belt, with a resource reserve of 134.1135 million tons and a gold content of 372.06 tons [2] - The project is expected to have an annual production capacity of 10 tons and is anticipated to be completed and operational by mid-2026 [2] Investment Outlook - The company maintains an "outperform the market" rating, with projected revenues of 77.8 billion yuan, 79.2 billion yuan, and 80.7 billion yuan for 2025-2027, reflecting year-on-year growth rates of 18.7%, 1.8%, and 1.9% respectively [4] - The net profit attributable to shareholders is expected to be 4.595 billion yuan, 5.035 billion yuan, and 5.511 billion yuan for the same period, with year-on-year growth rates of 35.7%, 9.6%, and 9.5% respectively [4] - The company is expected to steadily increase its mined gold production due to the injection of quality assets and resource optimization [4]

5月6日，记者从国网江苏省电力有限公司获悉，五一期间江苏高速公路充电量达538.78万千瓦时，同比 增长19.74%，创历史新高，并实现高速公路服务区充电桩绿电全供应。 五一期间，江苏高速公路服务区日均服务充电车辆4.5万台次，单日充电高峰在5月1日、达121.6万千瓦 时，同比增长17.58%，凸显五一假期绿色出行需求旺盛。节日期间，国网江苏电力在全省运营的3540 座充电站全部使用绿电供应，覆盖高速、景区、城市公共站点等全场景，累计消纳绿电达1485.23万千 瓦时，相当于减排二氧化碳约1.29万吨，助力"双碳"目标实现。 为保障假期绿色出行畅通，国网江苏电力在全省高速服务区部署26辆移动充电车等移动设备，提供现场 应急服务4004次，总充电量达8.43万千瓦时、同比增长92.18%，重点服务车流量较大的京沪高速、沈海 高速沿线服务区，缓解五一期间高速服务区"充电潮汐"现象。为缓解充电排队压力，国网江苏电力还推 出了分层优惠策略，发放大额充电补贴券，进一步引导用户参与新能源消纳。五一期间，共计8.16万笔 充电订单参与充电补贴优惠，为新能源车主节省38.35万元。 节日期间，国网江苏电力共有1168人次充 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Core Insights - The charging volume in Tianjin's expressways reached 382,300 kWh with nearly 19,000 charging sessions from May 1 to May 4, marking a year-on-year increase of 23.57% in total charging volume and 12.32% in charging sessions [1] Group 1 - The State Grid Electric Vehicle Service (Tianjin) Company monitored 147 charging hotspots in the city during the "May Day" holiday using a smart vehicle networking platform [1] - The company upgraded the smart monitoring system at key charging stations, integrating local video surveillance with the smart vehicle networking platform, enhancing safety and operational efficiency [1] - To address the peak travel demand during the holiday, the company completed special inspections and real vehicle tests at 315 key charging stations, modified and increased capacity at 111 charging stations, and deployed 20 emergency charging facilities on high-traffic expressways [1] Group 2 - The charging power at the Tangbo Hot Spring Hotel charging station increased by 160 kW, nearly tripling the efficiency of the original equipment after the installation of 8 high-power DC charging piles [1] - The company released a "Charging Guide for Electric Vehicle Travel during the May Day Holiday" to assist drivers in planning their trips and checking real-time station queue conditions using the "e-Charging" app [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 13.63 CNY [5][12]. Core Views - The company's performance is driven by rising prices, with expectations for the Sha Ling gold mine to commence production in 2025 [2][3]. - In 2024, the company achieved a revenue of 65.56 billion CNY, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.39 billion CNY, up 13.71% year-on-year [1][4]. - The average gold price in 2024 was 2,382 USD/ounce, reflecting a 22.6% increase year-on-year, while the average copper price was 74,000 CNY/ton, up 8.47% year-on-year [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 195.11 billion CNY, a 24.21% year-on-year increase, while the net profit was 7.43 billion CNY, down 17.98% year-on-year [1][2]. - For Q1 2025, the company achieved a revenue of 148.59 billion CNY, a 12.88% year-on-year increase, with a net profit of 10.38 billion CNY, up 32.65% year-on-year [1][2]. Production and Pricing - The company produced 18.35 tons of mined gold and 37.95 tons of refined gold in 2024, with a year-on-year decrease of 2.9% and 7.1% respectively [2]. - The production target for 2025 is set at 18.17 tons of mined gold and 35.30 tons of refined gold [2]. Key Projects - The Sha Ling gold mine, with an average grade of 2.77 g/t, is expected to significantly enhance the company's gold production once operational [3][4]. - The company is also advancing its deep resource mining project in Inner Mongolia, which has completed its first phase and is now in production [3]. Profit Forecast - The projected net profit for 2025-2027 is estimated at 5.51 billion CNY, 6.92 billion CNY, and 8.26 billion CNY respectively, with corresponding PE ratios of 12, 10, and 8 [4][3].

每经记者 闫峰峰 每经编辑 吴永久 近日，在关税政策扰动下，黄金价格大幅波动，成为市场的焦点。黄金价格不仅持续创出历史纪录，上海期货交易所的黄金期货单日成交额也破万亿元，创 出了历史新高，而这也使得A股黄金股表现异常活跃。而在市场预期关税战缓和以及美国4月非农就业数据好于预期的刺激下，近期金价出现持续回落。 在当地时间5月3日举行的伯克希尔哈撒韦股东大会上，巴菲特表示，美国的财政政策可能会侵蚀美元的价值，多次提到美元贬值的风险。他表示不会投资于 会大幅贬值的货币，并指出美国当前的财政赤字模式不可持续。 在巴菲特对美元罕见"警告"后，5月5日美元指数下行，CMX黄金期货价格重拾升势，盘中涨幅超1%。而在历史上，黄金价格与美元指数多数时间呈现负相 关关系。可见，如果美元持续贬值，那么将利好金价。在黄金牛市的背景下，不少投资者也开始关注黄金股，甚至想长期价值投资黄金股，就相当于投资了 黄金。那么黄金股的股价和黄金价格之间存在什么关系？当前的黄金股机会到底如何？后期又面临哪些风险？对此，每经资本眼记者结合黄金历史走势及相 关投资案例梳理了五大真相。 所以，从投资黄金股的角度来讲，如果看好黄金价格未来的持续上涨，不仅应 ...

2025 年 04 月 29 日 公司点评 买入/首次 ◼ 股票数据 总股本/流通(亿股) 48.47/48.47 总市值/流通(亿元) 677.17/677.17 12 个月内最高/最低价 (元) 18.65/11.86 相关研究报告 中金黄金(600489) 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 昨收盘:13.97 事件：2025 年 4 月 30 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现收入 655.56 亿元，同比+7.01%；归母净利润 33.86 亿 元，同比+13.71%；扣非净利润 35.32 亿元，同比+18.25%。2025 年一季 度，公司实现收入 148.59 亿元，同比+12.88%，环比-23.84%；归母净利 润 10.38 亿元，同比+32.65%，环比+39.79%；扣非净利润 12.68 亿元，同 比+71.13%，环比+38.76%。 业绩显著增长，盈利能力持续提升 ◼ 走势 ...

中金黄金（ [Table_StockNameRptType] 600489） 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： 公司点评 黄金价涨贡献利润，Q1 归母净利同增 33% | | | 报告日期： 2025-05-01 | [Table_BaseData] 收盘价（元） | 13.63 | | --- | --- | | 近 12 个月最高/最低（元） | 18.65/11.86 | | 总股本（百万股） | 4,847 | | 流通股本（百万股） | 4,847 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 661 | | 流通市值（亿元） | 661 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -5% 13% 31% 48% 4/24 7/24 10/24 1/25 4/25 中金黄金 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 ⚫[Table_Summary] 公司发布 2024 年年报和 ...

中金黄金（ [Table_StockNameRptType] 600489） 公司点评 黄金价涨贡献利润，Q1 归母净利同增 33% | | | 报告日期： 2025-05-01 | [Table_BaseData] 收盘价（元） | 13.63 | | --- | --- | | 近 12 个月最高/最低（元） | 18.65/11.86 | | 总股本（百万股） | 4,847 | | 流通股本（百万股） | 4,847 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 661 | | 流通市值（亿元） | 661 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -5% 13% 31% 48% 4/24 7/24 10/24 1/25 4/25 中金黄金 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： ⚫[Table_Summary] 公司发布 2024 年年报和 ...

Core Insights - The company reported a revenue of 65.56 billion yuan for 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.386 billion yuan, up 13.71% year-on-year [1] - In Q1 2025, the company achieved a revenue of 14.859 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84% [1] - The net profit attributable to shareholders for Q1 2025 was 1.038 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [1] Financial Performance - The average prices of gold and copper in the domestic market increased by 23.8% and 10% respectively in 2024, contributing to the company's performance [2] - The company’s total operating expenses for 2024 were 3.17 billion yuan, a year-on-year increase of 10.4%, with a slight increase in the expense ratio [3] - The company experienced a decrease in gold production by 0.54 tons to 18.35 tons in 2024, while copper production increased by 2,077.28 tons to 82,000 tons [4] Resource Management and Projects - The company enhanced resource security, increasing gold reserves by 30.3 tons and copper reserves by 114,800 tons in 2024 [5] - Key projects are progressing well, with total investment in ongoing projects reaching 1.024 billion yuan [5] - In Q1 2025, the company produced 4.5 tons of gold, a year-on-year increase of 1.09%, benefiting from rising gold and copper prices [6] Future Outlook - The company expects net profits of 4.83 billion yuan, 5.39 billion yuan, and 5.65 billion yuan for 2025-2027, representing year-on-year growth rates of 42.7%, 11.6%, and 4.8% respectively [6] - A target price of 17.9 yuan is set based on an 18x PE ratio for 2025, maintaining a strong buy rating [6]