证券代码：600547 证券简称：山东黄金 公告编号：临2025-088 山东黄金矿业股份有限公司 关于控股子公司山金国际为其子公司 提供担保的进展公告 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： 担保对象及基本情况 | 被担保人名称 | | 本次担保金额 | | 实际为其提供的担保余 | | 是否在前期预 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 额（不含本次担保金额） | | 计额度内 | 否有反担保 | | Osino | Mining Inve | | | | | | | | stments | Limited | 26,200.00 | 万元 | | 0.00 万元 | 是 | 否 | | （以下简称"OMIL"） | | | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | ...

山东黄金公告称，董事会近日收到独立董事战凯书面辞职报告，其因个人原因，申请辞去第七届董事会 独立董事及多委员会相关职务，辞职后不再担任公司任何职务。原定任期到2028年8月13日，离任时间 为股东会选举产生新任独立董事之日。因辞职将致独立董事人数少于董事会成员三分之一，辞职报告将 在新独立董事到任或人数不少于董事会人数三分之一起生效，此前战凯仍履职。公司将尽快完成补选， 战凯未持股，无未履行承诺。 ...

Market Overview - The precious metals sector experienced a decline of 1.86% compared to the previous trading day, with Xiaocheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Individual Stock Performance - Hunan Silver (002716) saw a closing price of 7.28, with a significant increase of 7.22% and a trading volume of 4.94 million shares, amounting to a transaction value of 3.62 billion [1] - Hengbang Shares (002237) closed at 13.54, up 1.27%, with a trading volume of 783,400 shares and a transaction value of 1.07 billion [1] - Western Gold (601069) closed at 27.52, up 0.70%, with a trading volume of 279,500 shares and a transaction value of 772 million [1] - Hunan Gold (002155) closed at 21.26, down 1.39%, with a trading volume of 544,700 shares and a transaction value of 1.17 billion [1] - Chifeng Gold (600988) closed at 31.74, down 1.64%, with a trading volume of 478,800 shares and a transaction value of 1.54 billion [1] - Sichuan Gold (001337) closed at 28.59, down 1.69%, with a trading volume of 189,700 shares and a transaction value of 549 million [1] - Zhaojin Gold (000506) closed at 13.25, down 2.14%, with a trading volume of 301,200 shares and a transaction value of 409 million [1] - Zhongjin Gold (600489) closed at 22.88, down 2.39%, with a trading volume of 747,000 shares and a transaction value of 1.73 billion [1] - Shandong Gold (600547) closed at 38.65, down 2.64%, with a trading volume of 396,500 shares and a transaction value of 1.56 billion [1] - Shanshe International (000975) closed at 24.30, down 2.96%, with a trading volume of 363,100 shares and a transaction value of 897 million [1] Capital Flow Analysis - The precious metals sector saw a net outflow of 442 million from institutional investors, while retail investors experienced a net inflow of 273 million [2] - The capital flow for individual stocks indicates varying trends, with Hunan Silver experiencing a net inflow of 36.3 million from institutional investors, while Sichuan Gold faced a net outflow of 61.5 million [3] - Retail investors showed a net inflow of 5.04 million into Sichuan Gold, despite the overall outflow from institutional investors [3]

Core Viewpoint - The Hong Kong Hang Seng Index experienced a decline of 0.71%, while the Hang Seng Tech Index fell by 0.3% on December 29 [1] Group 1: Stock Performance - Gold stocks saw a significant drop, with WanGuo Gold Group falling over 6% and China Gold International, Zijin Mining International, Chifeng Jilong Gold, and Shandong Gold all declining by more than 5% [1] - In contrast, robotics concept stocks led the gains, with MicroPort Robotics-B surging over 25% and UBTECH rising by more than 9% [1]

Group 1 - The precious metals market experienced significant volatility on December 29, with silver prices initially surging past $83 per ounce before dropping over 5% [1]. - The National Investment Silver LOF opened at a limit down price but quickly rebounded, closing up 8.8% with a trading volume significantly higher than the previous three days [1]. - Gold futures in New York also exhibited a "V-shaped reversal," with the main contract price falling below $4,550 per ounce [3]. Group 2 - Several stocks in the A-share precious metals sector turned negative, including Hunan Gold, Sichuan Gold, and others, reflecting a broader market trend [5]. - Notably, Hunan Silver saw a gain of 10.01%, while other companies like Hunan Gold and Sichuan Gold experienced slight declines [6]. - Last Friday, the precious metals market surged across the board, with silver, palladium, and platinum rising over 10%, and COMEX silver futures skyrocketing over 11% [5]. Group 3 - Exchanges have raised margin requirements for certain precious metals due to the recent price fluctuations, with the Chicago Mercantile Exchange announcing increases for gold, silver, and lithium futures [7]. - The Shanghai Futures Exchange also issued notices regarding risk control and margin adjustments for trading during the New Year period [8]. Group 4 - Looking ahead, precious metal prices are expected to remain volatile, influenced by factors such as the Federal Reserve's independence crisis and concerns over the dollar's credibility [9]. - Some analysts warn that silver is currently in a severe overbought zone, suggesting a potential for rapid correction, although the long-term bullish outlook remains intact due to ongoing support factors [9].

消息面上，12月29日早间，贵金属市场在短线冲高后直线跳水，其中，现货黄金一度失守4480美元/盎 司，COMEX黄金则一度跌破4500美元关口。东吴证券指出，短期来看，26Q1美国的宽财政（政府停摆 结束）、宽货币（近期75bps降息）与季节性（1-2月非农初值与CPI易超预期）易延缓美联储的降息节 奏，从而抬升利率预期。叠加特朗普计划的2026年4月访华行程，市场风险偏好或进一步改善，从而构 成对金价的利空逻辑。但从中长期来看，特朗普对美联储独立性的干预及美国债务可持续性问题带来的 美元信用风险，仍将令全球央行的购金潮持续。 智通财经APP获悉，黄金股普遍走低，截至发稿，紫金黄金国际(02259)跌5.41%，报145.2港元；山东黄 金(01787)跌4.47%，报35.5港元；中国黄金国际(02099)跌4.14%，报155.2港元；赤峰黄金(06693)跌 4.15%，报30.52港元。 ...

Group 1 - The core viewpoint of the news highlights the significant rise in the non-ferrous metal sector, with the index and various stocks experiencing notable gains, particularly in silver and copper prices reaching historical highs [1][2]. - The non-ferrous metal industry index (399395) increased by 0.56%, with key stocks such as Silver Holdings (601212) up by 10.05% and Jiangxi Copper (600362) up by 4.68% [1]. - The surge in precious metals, especially silver, is attributed to lower-than-expected inflation data, which has fueled expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [2]. Group 2 - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, with major players including Zijin Mining (601899) and China Aluminum (601600) [3]. - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and includes 50 prominent securities from the sector, reflecting the overall performance of listed companies in the non-ferrous metal industry [2][4].

截至12月24日，中证申万有色金属指数年内涨幅高达88%，创下近年来罕见的年度涨幅纪录。伦敦现货 黄金站上4500美元/盎司，LME铜价突破1.21万美元/吨，纽约银年内涨幅翻倍，钴价从年初16万元/吨反 弹至年末超40万元/吨，一系列核心品种价格屡破历史新高。 这场行情早已超越传统供需驱动的周期逻辑，成为全球产业链重构、AI浪潮崛起与央行资产配置调整 共同作用的必然结果。有色金属行业正从"被动跟随周期的工业原料"，向"主动定义价值的战略核心资 源"完成深刻转型。 头部企业凭借资源卡位与产业链一体化优势，实现股价与业绩的"戴维斯双击"，而AI、新能源等新兴领 域的需求爆发，更让钨、钽、钴等品种迎来价值重估。 华夏时报记者 张蓓 见习记者 黄指南 深圳报道 周期迭代藏机遇，资源重估启新程。 2025年资本市场的收官钟声临近，有色金属板块以领涨主线姿态贯穿全年，勾勒出全年资本市场的景气 主线。 在全球经济转型与技术革命的交汇点上，2025年的金属牛市不仅是价格的狂欢，更是行业高质量发展的 新起点，其背后的供需重构与企业转型逻辑，正重塑全球有色金属产业格局。 有色牛市下 金属行情分化与共性 供需两端的双向发力，是本 ...

信任命 2025 年 12 月 28 日 相关研究 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 quozy@swsresearch.com 会属价格强势突破,看好春季行情 金属&新材料行业周报 20251222-20251226 本期投资提示: 我研究报 请务必仔细阅读正文之后的各项信息披露与声明 波段人分出品 申万宏源研究微信服务号 o 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.88%，深证成指上涨 3.53%，沪深 300 上涨 1.95%，有色金属（申 万) 指数上涨 6.43%，跑赢沪深 300 指数 4.48 个百分点。2）分子板块看，环比上周，贵金属上涨 4.06%，铝上涨 6.33%， 能源金属上涨 6.66%，小金属上涨 6.16%，铜上涨 ...

行 业 及 产 业 有色金属 2025 年 12 月 28 日 相关研究 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 金属价格强势突破，看好春季行情 看好 ——金属&新材料行业周报 20251222-20251226 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.88%，深证成指上涨 3.53%，沪深 300 上涨 1.95%，有色金属（申 万）指数上涨 6.43%，跑赢沪深 300 指数 4.48 个百分点。2）分子板块看，环比上周，贵金属上 ...