证券代码：600547 证券简称：山东黄金 公告编号：临 2025-024 山东黄金矿业股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 28 日（星期三） 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 本次业绩说明会以视频直播和网络互动形式召开，公司将针对 2024 年度及 2025 年第一季度经营成果、财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开方式：上证路演中心视频直播和网络互动 （一） 会议召开时间：2025 年 5 月 28 日（星期三） 15:00-16:30 副董事长、总经理：刘钦 投资者可于 2025 年 5 月 21 日（星期三）至 5 月 27 日 ...

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观情绪回暖，看好基本金属向上修复 基本金属：关税政策缓和，宏观情绪回暖，铜铝价格向上修复。1）铜：本周铜价震荡，沪铜收于 77670 元/吨。宏观层面，中美贸易摩擦缓和，叠加美国通胀降温，4月 CPI 同比上涨2.3%，加大美联储降息概率， 整个宏观面上交易情绪回暖，提振铜价上行。基本面上，铜精矿现货 TC 继续回落，再度创历史新低，但下 跌速度放缓，本周随着铜价上行，国内再生铜供应紧张局面缓和，成交量有明显改善，但再生铜进口端仍 呈现下滑趋势。整体来看，5月部分铜材加工率环比4 月有所下滑，但好于去年同期，当前库存水平较低， 但需求已有走弱迹象，进人 5 月中下旬需求转为淡季，库存将由去库转为累库，对铜价的支撑作用减弱， 当前宏微观共振支撑短期铜价保持高位震荡运行。2）铝：本周铝价回升，沪铝收于 20190 元/吨，重新站 上 2 万大关。国内外宏观情绪大幅好转叠加中国铝锭社会库存持续降库，以及氧化铝价格上涨，现货铝价 上行。供应方面：本周山东地区电解铝企业继续向云南地区转移产能，广西地区电解铝企业有所复产。综 合来说，本周电解铝行业理论开工产能较上周 ...

Group 1 - Hong Kong gold stocks experienced an upward trend, with Tongguan Gold (00340.HK) rising nearly 5% [1] - China Gold International (02099.HK) saw an increase of over 4% [1] - Lingbao Gold (03330.HK) rose by 3.8% [1] - Chifeng Jilong Gold Mining (06693.HK) and Shandong Gold (01787.HK) both increased by over 2% [1]

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

Group 1 - Domestic gold recycling institutions have set the lowest price for AU9999 at 755 yuan per gram, while gold stocks have collectively declined, with companies like Western Gold and Sichuan Gold dropping over 3% [1] - Analysts attribute the adjustment in gold prices to the easing of market risk aversion following progress in US-China tariff negotiations, where both sides agreed to cancel a significant portion of tariffs [1] - The US has canceled 91% of additional tariffs and suspended 24% of "reciprocal tariffs," while China has made similar concessions, leading to a recovery in market risk appetite and exerting pressure on gold prices [1] Group 2 - Future gold price movements will largely depend on the pace of global central bank gold purchases, with UBS predicting that central banks will buy approximately 1,000 tons of gold by 2025, maintaining levels similar to the past three years [2] - Investment experts suggest that further upward movement in gold prices may require additional drivers, such as the expansion of the US fiscal and trade deficits, although these may not be strong in the short term due to efforts to reduce these deficits [2] - Domestic investors need to consider exchange rate factors when investing in gold, as the long-term downtrend of the US dollar index may not translate into significant gains for gold priced in RMB [2] Group 3 - On May 12, international gold prices fell sharply, with spot gold hitting a low of $3,215.78 per ounce, a decline of approximately 3.33% [3] - COMEX gold also saw a significant drop, reaching a minimum of $3,219.20 per ounce, with a decline of 3.73% [3] Group 4 - Long-term gold price trends are influenced by multiple factors, including inflation, global central bank gold purchases, and the US debt deficit, with a quantitative model indicating substantial growth potential for gold prices over the next decade [4] - Despite the potential for short-term price corrections due to policy shocks, the fundamental outlook for gold investment remains positive [4] - Analysts from various institutions, including Deutsche Bank and Goldman Sachs, maintain a bullish long-term outlook on gold prices, citing the gradual easing of trade tensions and the weakening global position of the US dollar as key drivers [4]

山东黄金矿业股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 证券代码：600547 证券简称：山东黄金 编号：临 2025-023 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（http://rs.p5w.net），或关注微信公众号（名称：全景财经）； 或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四） 15:00-16:30。届时公司将在线就公司 2024 年度及 2025 年第一季度业绩情况、公 司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 山东黄金矿业股份有限公司董事会 2025年5月13日 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、准确性和完整性依法承担法律责任。 为进一步加强与广大投资者的沟通交流，山东黄金矿业股份有限公司（以下 简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年山东辖区上市公司投资 ...

Group 1 - Hong Kong gold stocks declined, with Lingbao Gold (03330.HK) and Zhaojin Mining (01818.HK) falling over 6% [1] - Shandong Gold (01787.HK) and Chifeng Jilong Gold Mining (06693.HK) dropped by 5.5% [1]

随着A股年报季收官，山东资本市场交出了一份亮眼的年度答卷。截至5月6日，山东现有309家上市公 司中，除玉龙股份（601028）已于4月25日向上交所提交终止上市申请；ST新潮（600777）因特殊原因 未能如期披露年报，监管部门已启动相关问询程序外，已有307家公司亮出2024年"成绩单"。 从核心数据看，2024年鲁股展现出强劲发展韧性：营业总收入超2.95万亿元，在复杂经济环境中保持稳 健盈利水平。特别值得称道的是，山东上市公司盈利面持续扩大，244家企业实现正向利润，占比接近 八成；140家净利润过亿。 结构性亮点尤为突出：千亿营收阵营扩容至7家，新增浪潮信息（000977）、歌尔股份（002241）两家 科技企业；百亿利润队伍再添一员，新旧动能转换显效；区域经济呈现多点开花态势，济南、枣庄、潍 坊、济宁四市各添上市新军。 千亿营收军团再扩容：七巨头领跑山东经济 2024年，山东千亿营收阵营实现历史性突破，7家龙头企业合计贡献1.39万亿元营收，占鲁股总营收的 47.2%。除海尔智家（600690）（2859.81 亿元）、潍柴动力（000338）（2156.91 亿元）、万华化学 （600309）（ ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 858,986,178 | RMB | | 1 | RMB | | 858,986,178 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 858,986,178 | RMB | | | 1 RMB | | 858,986,178 | | 2. 股份分 ...

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].