Core Viewpoint - The military strike ordered by the U.S. against Venezuela has created significant uncertainty in global markets, particularly affecting the Chinese A-share market, which is set to react after a holiday pause [1][2]. Group 1: Immediate Market Reactions - Global markets reacted swiftly to the news, with gold prices surging due to increased safe-haven buying and international oil prices rising sharply due to geopolitical risk premiums [2]. - The FTSE China A50 index futures, typically a leading indicator for A-shares, remained inactive on January 3, indicating that market sentiments and risk assessments would be bottled up until the market reopened on January 5 [2]. Group 2: Market Dynamics and Implications - The decision to bypass Congress for military action introduces new variables into market dynamics, creating a 12-hour delay for market reactions and increasing uncertainty regarding potential further military actions [3]. - The turmoil in Venezuela, a key OPEC member, is expected to have delayed impacts on the energy sector, particularly affecting domestic refining companies and airlines, while also providing time for the renewable energy sector to assess potential opportunities [4]. Group 3: Sector-Specific Impacts - The military intervention is likely to amplify concerns about energy inflation, with oil prices already rising, which will impact the energy supply chain and related sectors once the A-share market reopens [4]. - The military action's implications extend to the defense sector, where the unpredictability of U.S. military actions may lead to increased demand for defense stocks, reflecting a broader trend of heightened geopolitical tensions [5]. Group 4: Investment Strategies and Scenarios - Three potential scenarios for the A-share market opening on January 5 have been outlined: a panic-driven sell-off, a rational adjustment reflecting market resilience, or a strategic opportunity arising from perceived overreactions [8][9][10]. - Investors are advised to prepare by assessing their holdings, setting specific price triggers for action, and closely monitoring developments regarding potential further military actions and Congressional responses [15][17]. Group 5: Broader Market Repercussions - The military strike may lead to a reevaluation of geopolitical risk pricing in global capital markets, particularly affecting countries with existing tensions with the U.S. [6]. - The potential for a second round of attacks raises concerns about ongoing supply disruptions, which could have lasting effects on market stability and investor confidence [4][5].

Market Overview - The precious metals sector declined by 0.23% on December 31, with Xiaocheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - Shandong Gold (600547) closed at 38.71, up 0.52% with a trading volume of 346,600 shares [1] - Hengbang Shares (002237) closed at 13.42, up 0.45% with a trading volume of 411,100 shares [1] - Shanjin International (000975) closed at 24.33, up 0.25% with a trading volume of 288,700 shares [1] - Other notable declines include Hunan Silver (002716) down 1.00% and Xibu Gold (601069) down 1.84% [1] Capital Flow Analysis - The precious metals sector experienced a net outflow of 432 million yuan from institutional investors, while retail investors saw a net inflow of 288 million yuan [3][4] - The detailed capital flow for individual stocks shows significant outflows for Shandong Gold and Hunan Silver, with net outflows of 50.46 million yuan and 59.44 million yuan respectively [4] ETF Information - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has seen a 5-day decline of 0.79% [6] - The ETF's current price-to-earnings ratio is 27.03, with a recent increase in shares by 4 million, resulting in a net subscription of 9.058 million yuan [6]

Group 1 - The core viewpoint of the news is that Zhongjin Gold shares experienced a decline of 1.03%, trading at 23.13 yuan per share, with a total transaction volume of 910 million yuan and a turnover rate of 0.80%, resulting in a total market capitalization of 112.118 billion yuan [1] - Zhongjin Gold Co., Ltd. is located at 9 Andingmen Outer Street, Dongcheng District, Beijing, established on September 24, 2007, and listed on August 14, 2003. The company's main business involves geological exploration, mining, and smelting of gold and other non-ferrous metals, with smelting accounting for 94.45% of revenue, mining 27.85%, and other activities 0.03% [1] Group 2 - From the perspective of the top ten holdings of funds, data shows that one fund under Dongfang Fund has a significant position in Zhongjin Gold. The Dongfang Core Power Mixed A Fund (400011) held 218,400 shares in the third quarter, representing 1.81% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 52,400 yuan [2] - The Dongfang Core Power Mixed A Fund (400011) was established on June 24, 2009, with a latest scale of 23.9207 million yuan. Year-to-date returns are 30.2%, ranking 3148 out of 8085 in its category; the one-year return is 28.18%, ranking 3161 out of 8085; and since inception, the return is 163.96% [2] Group 3 - The fund manager of Dongfang Core Power Mixed A Fund (400011) is Sheng Ze. As of the report, Sheng Ze has a cumulative tenure of 7 years and 143 days, with the current total asset scale of 1.103 billion yuan. The best fund return during the tenure is 137.45%, while the worst return is -20.29% [3]

Group 1 - The core viewpoint of the news highlights the performance of the non-ferrous metal industry, with the National Index for Non-Ferrous Metals (399395) rising by 0.72% and specific stocks like Guocheng Mining (000688) and Huayou Cobalt (603799) showing significant gains [1] - The COMEX gold futures increased by 0.2% to $4,352.3 per ounce, while spot gold rose by 0.17% to $4,338.83 per ounce, indicating a strong momentum in precious metals [1] - The article mentions a policy from the National Development and Reform Commission encouraging mergers and reorganizations in resource-constrained industries like alumina, which has led to a significant rise in alumina prices [1] Group 2 - The Non-Ferrous Metals ETF (159880) closely tracks the National Index for Non-Ferrous Metals, which includes 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector [2] - As of November 28, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.34% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) being prominent [2]

Core Viewpoint - The mining ETF (561330) has shown significant growth, with a year-to-date increase of over 108% and continuous net inflows exceeding 210 million yuan over the past five days, indicating strong investor interest and confidence in the sector [1][4]. Group 1: Market Dynamics - Inflation data has stimulated expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields, which has provided upward momentum for gold and silver prices [3]. - Geopolitical conflicts, a weakening dollar, and expectations of Fed rate cuts have collectively driven gold and silver prices to new historical highs, enhancing their appeal as safe-haven assets [3]. - Copper prices have also surged, with London copper breaking through 12,000 USD/ton and Shanghai copper exceeding 100,000 yuan/ton, driven by supply constraints and potential labor strikes in Chile [3]. Group 2: Supply Constraints and Future Outlook - The supply side is facing significant constraints, with insufficient capital expenditure in copper mining and frequent disruptions, which may shift the supply-demand balance from tight equilibrium to shortage [3][12]. - The National Development and Reform Commission is encouraging mergers and restructuring among major copper smelting enterprises, which may stabilize the copper smelting sector [3]. - Analysts expect that the combination of liquidity easing from the Fed and rising physical demand from the A-share market will boost demand for base metals, particularly copper and aluminum, leading to a steady increase in their price levels [3][12]. Group 3: ETF Performance and Composition - The mining ETF (561330) has outperformed the CSI Nonferrous Metals Index by over 10% year-to-date, attributed to a more concentrated selection of leading stocks [4][7]. - The mining ETF tracks the CSI Nonferrous Metals Mining Theme Index, which has a higher concentration of leading stocks, with the top ten constituents accounting for 55.56% of the index [4][6]. - The composition of the CSI Nonferrous Metals Mining Theme Index shows a higher proportion of gold, copper, and rare earths at 53.4%, compared to 49.5% in the CSI Nonferrous Index, indicating a strategic focus on high-demand sectors [7].

中金黄金股份有限公司（以下简称公司）第八届董事会第七次会议通知于2025年12月23日以传真和送达 方式发出，会议于2025年12月30日以通讯表决方式召开。会议应参会董事9人，实际参会董事9人。会议 的召开符合有关法律、行政法规、部门规章、规范性文件及《中金黄金股份有限公司章程》的规定。 二、董事会会议审议情况 经会议有效审议表决形成决议如下： （一）通过了《关于调整董事会战略委员会委员的议案》。表决结果：赞成9票，反对0票，弃权0票， 通过率100%。同意董事姚兰女士为公司第八届董事会战略委员会委员。李铁南女士不再担任公司董事 会战略委员会委员职务。 证券代码：600489 证券简称：中金黄金 公告编号：2025-038 中金黄金股份有限公司第八届董事会第七次会议决议公告 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。 一、董事会会议召开情况 （二）通过了《关于聘任董事会秘书的议案》。表决结果：赞成9票，反对0票，弃权0票，通过率 100%。根据工作需要，聘任李宏斌先生为公司董事会秘书，任期至本届董事会届满。 该项议案已经 ...

（文章来源：证券日报） 证券日报网讯 12月30日，中金黄金发布公告称，公司第八届董事会第七次会议审议通过《关于调整董 事会战略委员会委员的议案》等。 ...

Group 1 - The precious metals sector increased by 0.01% compared to the previous trading day, with Zhongjin Gold leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Zhongjin Gold's closing price was 23.37, reflecting a gain of 2.14%, with a trading volume of 873,900 shares and a transaction value of 2.014 billion yuan [1] Group 2 - The overall net capital flow in the precious metals sector showed a net outflow of 1.028 billion yuan from institutional investors, while retail investors saw a net inflow of 830 million yuan [3][4] - The trading data for various companies in the precious metals sector indicated mixed performance, with Hunan Gold showing a slight increase of 0.19% to 21.30, while other companies like Sichuan Gold and Xichuan Gold experienced declines [3][4] - The ETF tracking the gold industry, with product code 159562, reported a 5.34% increase over the past five days and a price-to-earnings ratio of 27.72 [6]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) [5][6]. Core Insights - The steel industry is expected to see improved profitability due to the implementation of stable growth policies and an anticipated increase in demand from shipbuilding and construction sectors. The focus on "equipment upgrades" and "low-carbon transformation" is expected to drive industry development [3][5]. - In the copper sector, global copper supply is projected to tighten further due to incidents at major mines, providing support for copper prices. Demand is expected to increase as major economies enter a rate-cutting cycle, enhancing the industry's outlook [3][5]. - The aluminum sector is facing a supply surplus, with stable supply conditions and weak demand expected to keep prices under pressure in the short term. However, the industry is anticipated to benefit from improved profitability as the "anti-involution" policy takes effect [5][6]. - Gold prices are influenced by geopolitical risks and changes in U.S. economic data, with long-term trends favoring gold due to central bank purchases and the weakening of the U.S. dollar [5][6]. - The rare earth sector is expected to see a revaluation of related companies due to China's export control upgrades, with significant demand growth anticipated from robotics and new energy sectors [5][6]. - The cobalt market is expected to remain tight due to constrained supply from the Democratic Republic of Congo, with demand driven by electric vehicles and consumer electronics [5][6]. Summary by Sections Steel Industry - The steel industry is experiencing a seasonal decline in demand, with limited improvement expected. Steel inventory pressures may accumulate further as demand weakens [2][3][16]. - As of December 26, 2025, the total steel inventory was 12.58 million tons, a decrease of 2.73% from the previous week but an increase of 12.07% year-on-year [24][25]. - The average price of steel on December 26 was 3,439.15 CNY per ton, reflecting a decrease of 0.28% from the previous week [31][32]. Copper Industry - The copper market is facing a seasonal demand slowdown, with high prices suppressing downstream demand. Supply is expected to contract as the year ends, leading to weaker price drivers in the short term [4][34]. - On December 26, the price of copper was 98,000 CNY per ton, an increase of 5.79% from the previous week [38]. Aluminum Industry - The aluminum sector is characterized by stable supply and weak demand, with prices expected to remain under pressure. The average price of aluminum on December 26 was 22,000 CNY per ton, a 0.92% increase from the previous week [42]. Gold Industry - Geopolitical tensions and U.S. economic data are key factors influencing gold prices, which are expected to experience increased volatility in the short term. On December 26, gold prices were 4,562.00 USD per ounce, up 4.42% from the previous week [47]. Rare Earth and Cobalt Industries - The rare earth sector is poised for growth due to strategic importance and demand from emerging technologies. The cobalt market is expected to remain tight, driven by electric vehicle demand [5][6].

证券代码：600489 证券简称：中金黄金 公告编号：2025-038 中金黄金股份有限公司 第八届董事会第七次会议决议公告 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。 一、董事会会议召开情况 中金黄金股份有限公司（以下简称公司）第八届董事会第七次会议通知于 2025年12月23日以传真和送达方式发出，会议于2025年12月30日以通讯表决方式 召开。会议应参会董事9人，实际参会董事9人。会议的召开符合有关法律、行政 法规、部门规章、规范性文件及《中金黄金股份有限公司章程》的规定。 二、董事会会议审议情况 经会议有效审议表决形成决议如下： （一）通过了《关于调整董事会战略委员会委员的议案》。表决结果：赞成 9 票，反对 0 票，弃权 0 票，通过率 100%。同意董事姚兰女士为公司第八届董 事会战略委员会委员。李铁南女士不再担任公司董事会战略委员会委员职务。 （二）通过了《关于聘任董事会秘书的议案》。表决结果：赞成 9 票，反对 0 票，弃权 0 票，通过率 100%。根据工作需要，聘任李宏斌先生为公司董事会 秘书，任期至 ...