Core Viewpoint - Gold-related stocks have shown strong performance in early trading, with notable increases in prices for several companies, indicating a positive market sentiment towards gold investments [1]. Group 1: Stock Performance - Shandong Gold has risen over 6%, while Zhaojin Mining has increased by more than 3%. Other companies such as Zhongjin Gold, Chifeng Jilong Gold, and Shandong Gold International have also seen gains exceeding 2% [1]. - Related ETFs for gold stocks have experienced an increase of over 2% as well, reflecting the overall positive trend in the gold sector [1]. Group 2: Market Analysis - Analysts suggest that the ongoing purchasing of gold by global central banks has become a key variable disrupting traditional supply and demand dynamics. Additionally, the anticipated shift of the Federal Reserve towards a more accommodative monetary policy is expected to further benefit gold prices [2]. - Long-term factors influencing gold prices include changes in the purchasing power of the US dollar, central bank reserve behaviors, and geopolitical risks, which remain core determinants of gold price movements [2].

贵金属板块再度走强，山东黄金涨超6%，招金黄金、赤峰黄金、中金黄金、西部黄金跟涨。 ...

Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading on December 23 [1][9]. Group 1: Market Performance - Leading gold stocks such as Shandong Gold rose over 4%, while Yunnan Zinc Industry and Zhongjin Gold increased by more than 1% [3][11]. - The international prices of gold and silver have reached historical highs, driven by geopolitical tensions that have increased demand for safe-haven assets [3][11]. - Year-to-date, gold prices have surged over 60% [3][11]. Group 2: Economic Factors - Recent strength in gold prices is attributed to the December interest rate cut, higher-than-expected unemployment rates, and lower-than-expected CPI, which have raised expectations for further rate cuts in January [4][12]. - The long-term outlook for gold prices is positive due to a low current gold reserve in China and a trend of central bank gold purchases [4][12]. Group 3: Future Trends in Non-Ferrous Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by three main factors: energy transition, AI revolution, and strategic reserves amid global competition [5][12]. - The duration of the super cycle for non-ferrous metals will depend on the recovery of the US dollar's credit, progress in strategic reserves, and the effectiveness of "anti-involution" policies [5][12]. - The upcoming "spring market" presents opportunities for investors, supported by a weak dollar cycle, policy backing, and industrial upgrades [5][12]. Group 4: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF (159876) and its linked funds is recommended to capture the beta performance across the non-ferrous metal sector [6][12]. - This ETF covers a wide range of industries including copper, aluminum, gold, rare earths, and lithium, which helps in risk diversification compared to investing in single metal sectors [6][12].

Core Viewpoint - The report from HuLong Securities indicates a sustained increase in the metal industry due to geopolitical tensions, global economic slowdown, and rising resource nationalism, maintaining a "recommended" rating for the sector [2]. Group 1: Price Trends - In the first 11 months of 2025, the average monthly price of gold increased by 40.75% compared to the full year of 2024, silver rose by 33.69%, copper by 7.25%, and aluminum by 7.96% [2][3]. - The performance of the non-ferrous metal industry index significantly outperformed the CSI 300 index, with a year-to-date increase of 72.81% compared to 18.49% for the latter [2]. Group 2: Industry Performance - The non-ferrous metal industry achieved a revenue of 2.82 trillion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 9.3% [2]. - The net profit attributable to shareholders reached 151.29 billion yuan, marking a year-on-year increase of 41.55% [2]. Group 3: Gold Market Insights - The demand for gold is driven by various factors, with ETF investments replacing central bank purchases as the main force behind price increases, indicating a strong investment demand [3]. - Gold is increasingly viewed as a safe-haven asset, reinforcing its role in pricing global uncertainties [3]. Group 4: Copper Market Insights - There is an expectation of a supply-demand mismatch in the copper market, with geopolitical factors and supply chain security concerns contributing to supply tightness [4]. - The market anticipates a turning point in the supply-demand relationship for refined copper around 2026, with a positive outlook for demand in the U.S. and China [4].

一、会议召开和出席情况 证券代码：600489 证券简称：中金黄金 公告编号：2025-037 中金黄金股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 (一)股东大会召开的时间：2025年12月22日 (二)股东大会召开的地点：北京市东城区安外大街9号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，采用现场投票与网络投票相结合的表决方式，董事长周洲先生因公务不能 出席本次股东大会，由公司副董事长、总经理贺小庆先生主持现场会议。本次大会的召开及表决方式符 合《公司法》等有关法律、法规和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席4人，董事周洲先生、姚兰女士、韦华南先生，独立董事吴三忙先生、高永 涛先生因公务未能出席会议； 2、公司在任监事3人，出席1人，监事孙 ...

重要内容提示： 证券代码：600489 证券简称：中金黄金 公告编号：2025-037 中金黄金股份有限公司 2025年第二次临时股东大会决议公告 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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,510 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,764,537,288 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.0323 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，采用现场投票与网络投票相结合的表决方式， 董事长周洲先生因公务不能出席本次股东大会，由公司副董事长、总经理贺小庆 先生主持现场会议。本次大会的召开及表决方式符合《公司法》等有关法律、法 (一) 股东大会召开的时间：2025 年 12 月 22 日 (二) 股东大会召开的地点：北京市东城区安外大街 9 号 ...

北京大成律师事务所 关于中金黄金股份有限公司 2025 年第二次临时股东大会 之 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 法 律 意 见 书 大成证字 2025 第 521-3 号 北 京 大 成 律 师 事 务 所 www.dentons.cn 大成证字 2025 第 521-3 号 关于中金黄金股份有限公司 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》"）和中国证券监督管理委员会《上市公司股东会规 则》（以下简称"《股东会规则》"）等中华人民共和国境内现行有效的法 ...

Group 1 - Precious metals market experienced a significant surge on December 22, 2025, driven by interest rate cut expectations and geopolitical tensions, with gold reaching a new high of $4420 per ounce, marking a year-to-date increase of over 68% [1] - Silver prices soared to $69 per ounce, reflecting a nearly 140% increase for the year, also achieving a historical peak [1] - Platinum prices rose to $2074.1 per ounce, the highest since July 2008, with a year-to-date increase exceeding 127% [1] Group 2 - The A-share precious metals sector was activated, with the precious metals index rising by 4.2%, and notable gains from companies such as Hunan Silver and Xiaocheng Technology, which increased by over 7% [1][2] - Geopolitical tensions, including ongoing conflicts in Ukraine and the Middle East, have enhanced the safe-haven appeal of precious metals [3] - Analysts suggest that the expectation of Federal Reserve interest rate cuts is a core support for rising precious metal prices, with silver showing greater price elasticity compared to gold [4] Group 3 - The strong performance of precious metals is accompanied by robust liquidity and supply constraints, pushing commodity prices to challenge high points [5] - The importance of basic raw materials for economic development is increasingly recognized by various countries, leading to potential tariff measures that could exacerbate regional supply gaps and further drive prices upward [5]

Group 1 - The China Securities Index for gold industry stocks (931238) has seen a strong increase of 3.56%, with significant gains in constituent stocks such as Silver and Nonferrous Metals up by 10.04% and China Gold International up by 7.65% [1] - The gold stock ETF (517520) has risen by 3.42%, with a current price of 2.06 yuan, and has increased over 87% since the beginning of 2025 [1] - The U.S. November CPI was reported at 2.7%, lower than the expected 3.1%, leading to increased expectations for a more accommodative monetary policy from the Federal Reserve [1] Group 2 - Kevin Hassett, a leading candidate for the next Federal Reserve Chair, stated that U.S. core inflation is "at or below target levels," providing ample space for potential interest rate cuts [2] - Analysts from Goldman Sachs noted that declining U.S. interest rates have prompted ETF investors to compete with central banks for limited gold resources, with structural high demand from central banks and cyclical support from Fed rate cuts expected to drive gold prices higher [2] - Industrial performance in the gold mining sector has been strong, with several companies reporting profits exceeding market expectations, and the SSH gold stock index showing that 7 out of the top 10 weighted stocks had a net profit growth rate exceeding 50% [3] Group 3 - The gold stock ETF (517520) aims to track the largest stocks in the gold industry, sharing in the sector's growth while mitigating risks associated with individual stock investments [3] - The top ten weighted stocks in the gold industry index account for 68.26% of the index, with companies like Zijin Mining and Shandong Gold among the leaders [3]

Group 1 - The core viewpoint of the news is that the spot gold price has surged, breaking its previous record and achieving a year-to-date increase of over 65% due to multiple factors including central bank purchases, geopolitical risks, and market re-evaluations of the Federal Reserve's interest rate cycle [1] Group 2 - The spot gold price reached a new high of $4,381.484, surpassing the previous record set on October 20 [1] - The China Securities Index for gold industry stocks (931238) rose by 3.40%, with significant increases in individual stocks such as Silver and Nonferrous (up 9.85%) and China National Gold (up 7.12%) [1] - The gold stock ETF fund (159322) increased by 3.35%, with a latest price of 1.67 yuan [1] Group 3 - The gold stock ETF fund experienced a turnover of 6.5% and a transaction volume of 6.8171 million yuan [2] - The fund's scale grew by 520.98 million yuan over the past two weeks [2] - The index reflects the performance of 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 68.26% of the index [2] Group 4 - The top ten weighted stocks in the gold industry index include Zijin Mining, Shandong Gold, and Zhongjin Gold, with Zijin Mining holding the highest weight at 13.06% [3]