Summary of China Gold International Conference Call Industry and Company Overview - The conference call focuses on China Gold International, a company engaged in gold and copper mining, highlighting its growth potential and investment value in the current economic environment [2][3][10]. Core Insights and Arguments 1. **Balanced Gold and Copper Strategy**: In the current uncertain economic environment, a balanced allocation between gold and copper is advantageous, especially during a rate-cutting cycle where economic direction is unclear [2][3]. 2. **High Growth Potential**: - Gold production is expected to increase from 5 tons in 2025 to 6.6 tons by 2028, representing a 32% growth. - Copper production is projected to rise from 67,000 tons to 100,000 tons, indicating a 50% increase [2][3]. 3. **Operational Improvements at Changshan Gold Mine**: - Transitioning from open-pit to underground mining, with a new resource report expected to be released next year. - Cost control measures are effective, with cash costs rising due to one-time tax payments but overall costs expected to remain stable [4][5]. 4. **Development at Jiama Copper-Gold Mine**: - The mine has a robust production plan with three phases of capacity expansion expected to double overall production by 2027. - New contracts are improving pricing coefficients, and operational costs are decreasing due to rising prices of by-products [6][7]. 5. **Strong Financial Performance in 2025**: - The company is projected to achieve a profit of approximately 3 billion yuan, with significant contributions from both Jiama and Changshan mines [7]. 6. **Valuation and Market Position**: - The current price-to-earnings (P/E) ratio is around 15, indicating a completed valuation recovery. - The company’s valuation is similar to Zijin Mining, benefiting from overall copper stock valuation increases and strong earnings per share (EPS) growth potential [8][9]. Additional Important Insights 1. **Economic Policy Impact**: Recent fiscal and monetary easing policies are expected to boost demand expectations, enhancing the overall valuation of copper stocks [8][9]. 2. **Investment Highlights for the Sector**: - The balanced business model of gold and copper aligns with market demands. - High growth potential from expansion and resource planning in key mining areas. - Strong EPS growth expectations and improving P/E ratios suggest a positive outlook for both China Gold International and the broader non-ferrous metals sector [10].

Group 1 - Gold stocks experienced significant declines in the afternoon, with China Gold International down 3.82% to HKD 125.8, Chifeng Jilong Gold Mining down 3.74% to HKD 28.34, Shandong Gold down 3.7% to HKD 33.3, and Zijin Mining down 2.22% to HKD 28.14 [1] - On September 18, spot gold fell below USD 3640 per ounce, declining by 0.69% [1] - The Federal Reserve announced a 25 basis point rate cut, bringing the target range to 4.00%-4.25%, marking its first rate cut since December 2024 [1] Group 2 - Huatai Futures indicated that while the Fed's rate cut has been implemented, Powell's comments contained some hawkish signals, which may exert short-term pressure on gold prices [2] - Dongwu Securities noted that although the long-term bullish logic for gold remains intact, there may be short-term pullback risks due to overbought conditions and inconsistent trends in gold ETF fund flows [2]

Group 1 - Gold stocks experienced significant declines, with China Gold International down 3.82% to HKD 125.8, Chifeng Jilong Gold Mining down 3.74% to HKD 28.34, Shandong Gold down 3.7% to HKD 33.3, and Zijin Mining down 2.22% to HKD 28.14 [1] - On September 18, spot gold fell below USD 3640 per ounce, decreasing by 0.69% [1] - The Federal Reserve announced a 25 basis point rate cut, bringing the target range to 4.00%-4.25%, marking the first rate cut since December 2024 [1] Group 2 - Huatai Futures noted that while the Fed's rate cut has been implemented, Powell's comments contained hawkish signals, which may exert short-term pressure on gold prices [2] - Dongwu Securities indicated that although the long-term bullish logic for gold remains, there may be short-term pullback risks due to overbought conditions and inconsistent trends in gold ETF fund flows [2] - Concerns include limited spot gold redemption and a decline in speculative net long positions in Comex gold [2]

融资方面，中国黄金当日融资买入2829.67万元。当前融资余额4.23亿元，占流通市值的2.98%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中国黄金9月17日融券偿还4700.00股，融券卖出9000.00股，按当日收盘价计算，卖出金额 7.61万元；融券余量17.96万股，融券余额151.94万元，低于近一年50%分位水平，处于较低位。 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业从事"中国黄金"品 牌黄金珠宝产品研发、设计、生产、销售、品牌运营的大型企业,是中国黄金集团黄金珠宝零售板块的 唯一平台,是我国黄金珠宝销售领域知名的中央企业。主营业务收入构成为：黄金产品98.83%，品牌使 用费0.67%，管理服务费0.22%，其他业务0.15%，K金珠宝类产品0.13%。 来源：新浪证券-红岸工作室 9月17日，中国黄金跌1.17%，成交额2.56亿元。两融数据显示，当日中国黄金获融资买入额2829.67万 元，融资偿还4157.69万元，融资净买入-132 ...

第一上海发布研报称，维持中国黄金国际（02099）"买入"评级，上调目标价至167.07港元。该行认为，甲玛矿的复产不仅是公司业绩的拐点，更是新一轮增长周期的起点。公司的"三步走"规 公司甲玛矿资源增储潜力巨大，目前公司在则古朗北以及八一牧场的勘探项目正有序推进，目前两个矿区已展示出巨大资源潜力，直至2025年7月8日矿区2公里的连接路以及5.9平方公里的泥土 责任编辑：史丽君 甲玛矿作为公司的"利润奶牛"，其稳定运营是公司价值的基石。甲玛矿二期选厂已于2024年5月30日成功恢复运营，并迅速达到日处理矿石量3.4万吨的稳定水平。上半年公司黄金产量、铜产量 甲玛矿"三步走"扩产规划，中长期增长可见性高 公司管理层近期公布了清晰的甲玛矿"三步走"发展战略。第一阶段，2027年中期从目前3.4万吨恢复到5万吨/天的处理量；第二阶段，正常日处理量从5万吨提升到8万吨，并加大低品位矿石堆 外围勘探有望再造一个甲玛矿 第一上海主要观点如下： 铜金价格景气周期提供强劲东风 ...

中国黄金集团黄金珠宝股份有限公司 2025 年第二次临时股东大会 材 料 2025 年 9 月 1 中国黄金集团黄金珠宝股份有限公司 2025 年第二次临时股东大会会议议程 一、会议时间 会议召开时间：2025年9月29日（星期一）14点30分。 网络投票起止时间：自2025年9月29日 至2025年9月29日 采用上海证券交易所网络投票系统，通过交易系统投票平 台的投票时间为股东大会召开当日的交易时间段，即9:15- 9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投 票时间为股东大会召开当日的9:15-15:00。 二、现场会议地点 北京市东城区柳荫公园南街一号中国黄金大厦1103会议 室。 三、会议主持人 董事长刘科军先生。 四、见证律师 北京德恒律师事务所。 五、会议议程 (一) 会议签到、股东进行发言登记（14:00-14:30）； (二) 会议主持人宣布会议开始； (三) 会议主持人向大会报告出席会议的股东及股东授 权代表人数及其代表的股份数，说明授权委托情况； 2 (四) 宣读公司2025年第二次临时股东大会须知； 二、董事会以维护全体股东的合法权益、确保大会正常秩 ...

Group 1 - The core viewpoint of the report is that the resumption of operations at the Jiama Mine marks a turning point for China Gold International's performance and the beginning of a new growth cycle, with a target price raised to HKD 167.07 [1] - The company has experienced significant year-on-year increases in gold and copper production, with gold output rising by 69% and copper output by 230% in the first half of the year, indicating a strong recovery momentum [1] - The global macroeconomic environment is expected to support sustained high prices for copper and gold, which, combined with the Jiama Mine's low-cost advantages, is projected to lead to explosive growth in the company's profitability [1] Group 2 - The management has outlined a clear "three-step" expansion plan for the Jiama Mine, aiming to increase processing capacity from the current 34,000 tons per day to 50,000 tons by mid-2027, and further to 80,000 tons per day in the second phase [2] - The third phase of the plan aims to increase daily processing capacity from 80,000 tons to 200,000 tons, focusing on short-term stability, mid-term expansion, and long-term exploration to fully unlock the mine's resource potential [2] Group 3 - The company has significant resource replenishment potential at the Jiama Mine, with ongoing exploration projects in the Zegulang North and Bayi pasture areas showing great resource potential [3] - The completion of a 2-kilometer connecting road and soil sampling over 5.9 square kilometers in the mining area is expected to facilitate future performance growth through resource updates and potential expansions [3]

Core Viewpoint - First Shanghai maintains a "buy" rating for China Gold (600916) and raises the target price to HKD 167.07, citing the resumption of the Jiama mine as a turning point for the company's performance and the start of a new growth cycle [1] Group 1: Copper and Gold Price Cycle - The copper and gold price cycle provides strong support for the company's growth, with the Jiama mine being a key profit driver, showing a significant recovery with gold and copper production increasing by 69% and 230% year-on-year, respectively [2] Group 2: Jiama Mine Expansion Strategy - The company has outlined a clear "three-step" expansion strategy for the Jiama mine, aiming to increase daily processing capacity from 34,000 tons to 50,000 tons by mid-2027, and further to 80,000 tons, with a long-term goal of reaching 200,000 tons per day [3] Group 3: Exploration Potential - The company has significant resource expansion potential at the Jiama mine, with ongoing exploration projects in Zegulang North and Bayi pasture, which have shown great resource potential, indicating that future performance growth may be driven by resource updates and expansions [4]

中国黄金集团黄金珠宝股份有限公司 2025 年第二次临时股东大会 材 料 2025 年 9 月 1 2025 一、会议时间 会议召开时间：2025年9月29日（星期一）14点30分。 网络投票起止时间：自2025年9月29日 至2025年9月29日 采用上海证券交易所网络投票系统，通过交易系统投票平 台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东大会召开当日的9:15-15:00。 二、现场会议地点 北京市东城区柳荫公园南街一号中国黄金大厦1103会议 室。 三、会议主持人 董事长刘科军先生。 四、见证律师 北京德恒律师事务所。 五、会议议程 (一) 会议签到、股东进行发言登记（14:00-14:30）； (二) 会议主持人宣布会议开始； 3 1.《关于取消监事会并修订〈公司章程〉的议案》； 2.《关于修订〈股东会议事规则〉等制度的议案》； (六) 股东就议案进行发言、提问、答疑； (七) 选举监票人、计票人； (八) 股东表决； (九) 休会、统计现场会议表决票； (十) 监票人代表宣布现场会议表决结果； ...

Core Viewpoint - The gold market in September 2025 is experiencing price fluctuations, with some brands lowering their prices while others remain stable, indicating varying strategies and market responses among different companies [1][2][4]. Price Comparison - Brands like Chow Sang Sang, Lao Feng Xiang, and Lao Miao have reduced their gold prices to 1074 RMB per gram, while Chow Tai Fook, Luk Fook, and King Fook maintain their prices at 1078 RMB per gram [1][2][3]. - The price of gold from China Gold is stable at 1070 RMB per gram, showing a lack of movement in certain segments of the market [3]. - The price at Shui Bei is significantly lower at 835 RMB per gram, reflecting a more straightforward pricing model compared to branded stores [5][6][7]. Investment Gold Bars - Investment gold bars sold by banks range from 840 RMB to 847 RMB, with Agricultural Bank of China at the higher end at 846.7 RMB [8][12]. - In contrast, branded investment gold bars from Chow Tai Fook are priced at 956 RMB, while Lao Feng Xiang and Lao Miao exceed 1000 RMB, highlighting the premium associated with brand and craftsmanship [14][15]. Market Trends - The futures market shows fluctuations with the main contract price around 830 RMB, indicating potential future trends in the spot market [18][20]. - There is a noticeable shift in consumer preferences towards "alternative gold" products, such as gold-plated silver jewelry, which are significantly cheaper and gaining popularity among younger consumers [25][36]. Changing Consumer Behavior - The rise in popularity of platinum, priced at approximately 337 RMB per gram, suggests a shift towards more affordable and stylish options among consumers [32][35]. - The market is witnessing a transformation in consumer attitudes, moving away from a strict preference for pure gold to a more practical approach that considers value for money [36][38].