Group 1 - The metal lead concept declined by 0.71%, ranking among the top declines in the concept sector, with companies like Hengbang Co., Chifeng Gold, and Hunan Gold experiencing significant drops [1][2] - Among the metal lead concept stocks, ST Shengtun, Yuehongyuan A, and Western Mining saw increases of 2.39%, 1.28%, and 0.97% respectively [1][2] - The metal lead concept experienced a net outflow of 690 million yuan from main funds today, with 23 stocks seeing outflows, and 5 stocks with outflows exceeding 50 million yuan [2][3] Group 2 - Zijin Mining led the outflow with a net outflow of 168 million yuan, followed by Chifeng Gold and Hunan Gold with outflows of 158 million yuan and 145 million yuan respectively [2][3] - The stocks with the highest net inflows included ST Shengtun, Western Mining, and Gao Neng Environment, with inflows of 51.64 million yuan, 36.74 million yuan, and 8.52 million yuan respectively [2][3] - The trading volume for the metal lead concept stocks showed significant turnover rates, with Hengbang Co. at 7.37% and Chifeng Gold at 4.26% [2][3]

Group 1 - The overall economic operation in 2024 was stable, with a 5.8% increase in industrial added value for large-scale enterprises, and a 8.9% growth in the non-ferrous metal industry [15][16] - The non-ferrous metal industry saw a profit increase of 24.5% in the smelting and rolling sector and 47.8% in the mining sector in the first four months of 2025 [15] - The non-ferrous metal industry index rose by 16.41% as of June 13, 2025, outperforming other sectors [16] Group 2 - Gold prices are expected to rise due to multiple factors including weakened dollar credit, increased central bank purchases, and ongoing geopolitical risks [20][34] - In 2024, global central banks purchased 1,045 tons of gold, accounting for 21% of total demand, with significant purchases from emerging market countries [23] - The demand for gold in investment increased by 25% in 2024, reaching 1,180 tons, with bar investment demand growing significantly [23][30] Group 3 - The strategic metals sector, including rare earths and tungsten, is crucial for national defense, economic development, and technological advancement, with China leading in production and reserves [50][62] - The supply of rare earths is expected to tighten due to export controls and limited quota increases, while demand from new energy vehicles and robotics continues to grow [50][67] - The tungsten market is projected to remain strong due to increasing demand from photovoltaic and nuclear fusion sectors, despite tightening supply [50][67] Group 4 - The aluminum industry faces rigid supply constraints with a production cap of 45 million tons, while demand is expected to grow in the new energy sector [4][18] - The demand for aluminum in the automotive and new energy sectors is on the rise, with significant increases in production for battery foils and structural components [4][18] - The copper market is experiencing a shift in demand dynamics, with traditional demand weakening while new energy applications drive growth [5][8]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The geopolitical tensions and the decline of the US dollar index have led to a strong performance in gold prices, with COMEX gold rising 3.65% to $3,452.60 per ounce this week [23][25] - The market is increasingly pricing in the possibility of interest rate cuts by the Federal Reserve, with expectations of two cuts this year, the first likely in September [3][43] - The uncertainty in the Middle East, particularly regarding Iran and Israel, is contributing to a shift towards safe-haven assets like gold and silver [5][17] Summary by Sections Precious Metals - COMEX silver increased by 0.66% to $36.37 per ounce, while SHFE gold rose 1.42% to ¥794.36 per gram [23][25] - SPDR gold ETF holdings increased by 201,954.41 troy ounces, while SLV silver ETF holdings decreased by 1,090,806.40 ounces [25] - The gold-silver ratio rose by 2.97% to 94.93 this week [25] Base Metals - In the LME market, copper fell 0.24% to $9,647.50 per ton, while aluminum rose 2.10% to $2,503.00 per ton [49] - SHFE copper decreased by 1.17% to ¥78,010.00 per ton, and aluminum increased by 1.84% to ¥20,440.00 per ton [49] - The supply of copper is expected to tighten due to maintenance plans at domestic smelters and the ongoing geopolitical situation [7][8] Copper - The supply side is affected by a downward adjustment in the annual production forecast for the Kamoa-Kakula project and ongoing maintenance at the Cobre copper mine [7][44] - Domestic copper rod enterprises' weekly operating rate rose to 73.21%, but actual purchases are subdued due to high prices [7] - SHFE copper inventory decreased by 5.08% to 101,900 tons, while LME inventory fell by 13.54% to 114,500 tons [74] Aluminum - The aluminum industry operates at over 95% capacity, with minor maintenance plans causing limited supply disruptions [9][78] - Demand for aluminum products has softened, with a decrease in operating rates for various aluminum products [9][78] - SHFE aluminum inventory decreased by 6.91% to 110,000 tons, while LME inventory fell by 2.92% to 353,200 tons [11][78] Zinc - Zinc prices are under pressure due to weak demand, with domestic zinc ore processing fees rising [79] - SHFE zinc inventory decreased by 3.29% to 45,466 tons, while LME inventory fell by 4.36% to 131,000 tons [79]

Core Viewpoint - The recent rise in gold prices is driven by multiple factors, including geopolitical tensions, expectations of interest rate cuts in the U.S., and increased demand for gold from central banks, leading to significant gains in gold stocks and related funds [1][6][7]. Group 1: Gold Price Movement - The COMEX gold price has recovered to $3,400 per ounce, with a 3.22% increase over three days as of June 13 [1]. - Gold ETFs have seen an average increase of over 27% this year, with some reaching as high as 43% [1][3]. - The net subscription of gold ETFs has exceeded 10.5 billion shares this year, bringing the total scale to 72.93 billion yuan [1]. Group 2: Fund Performance - Several actively managed funds, which do not explicitly focus on gold, have benefited significantly from the rise in gold prices, with some reporting gains exceeding 40% this year [1][3]. - The Ping An Xinli Mixed A fund added five gold stocks to its top ten holdings in Q1, contributing to its rapid net value increase [3]. - The Huafu Yongxin Flexible Allocation Mixed A fund has a significant portion of its assets (nearly 80%) in gold stocks, achieving a 40.8% increase this year [3][5]. Group 3: Investment Insights - Analysts suggest that the recent rise in gold prices is influenced by a combination of easing international trade tensions and lower-than-expected U.S. inflation data, which has bolstered expectations for Federal Reserve interest rate cuts [6]. - Central banks are showing strong demand for gold to maintain a stable monetary system, with the European Central Bank projecting gold to account for 20% of global reserves by 2024, surpassing the euro [6]. - The investment value of gold stocks is being reassessed, with many companies reporting net profit growth exceeding expectations, indicating a favorable outlook for future performance [6][7].

宏源山旁 :: 7 SHENWAN HONGYUAN SECURITIES D @ @ 投资指南针 F 知名少 + 灌股通 如果一只港股股票被纳入港股通,意味着内地投资者不需要开通 港股账户,可以直接在内地交易所交易,包括南向资金在内,这 将有助于提升该公司的流动性和市场认可度。 例如今年4月,赤峰黄金被纳入港股通,表现抢眼,叠加黄金板块 的避险属性,市场反应热烈。 (数据来源:港交所港股通标的证 券调整名单,不作为个股推荐) 个人开通条件 以投资者名义开立的证券账户及资金账户内资产 在申请权限前20个交易日日均资产不低于人民币50万元 具备港股通证券交易基础知识, 了解港股通证券投资风险,通过港股通业务知识测试 有较强的风险承受能力和风险控制能力,普通投资者 信当性 风险承受能力测评结果为C4（积极型）（含）以上 言记录 不存在严重的不良诚信记录 禁止行为 不存在法律、行政法规、部门规章等规定的 禁止或限制参与港股通证券交易的情形。 海岸道设 港股通,是上交所、深交所分别和港交所,建立技术连接,使得 内地与香港投资者可以互相买卖在对方交易所上市的部分股票。 它像一座连接内地和香港的"投资大桥" -- 通过上 ...

Core Viewpoint - The Hong Kong gold stocks continue to rise, with notable increases in share prices for several companies following geopolitical tensions in the Middle East [1] Company Performance - Chifeng Jilong Gold Mining (06693.HK) increased by 6.75% - Shandong Gold Mining (01787.HK) rose by 4.19% - Lingbao Gold Company (03330.HK) saw a rise of 3.87% - Zhaojin Mining Industry (01818.HK) increased by 3.84% [1] Market Reaction - The recent attack by Israel on Iran has led to a bullish sentiment in the gold market, with COMEX gold prices strengthening to around $3440 [1]

赤峰吉隆黄金矿业股份有限公司 章 程 （600988.SH / 06693.HK） （于二〇二五年六月十二日以特别决议案方式通过修订并于同日生效） 第 1 页 共 74 页 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第三节 股份转让 第四章 股东和股东会 第五章 董事和董事会 第 2 页 共 74 页 第一节 股份发行 第二节 股份增减和回购 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第八章 通知和公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 第 3 页 共 74 页 第二节 内部审计 第三节 会计师事务所的聘任 第一章 总则 第一条 为维护赤峰吉隆黄金矿业股份有限公司（以下简 ...

赤峰吉隆黄金矿业股份有限公司 股东会议事规则 二○二五年六月 1 | | | 第一章 一般规定 第一条 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）为 规范公司行为，保证公司股东会能够依法行使职权，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、《上市公司治理准则》《上市公司股东会规则》《上 海证券交易所股票上市规则》《境内企业境外发行证券和上市管理试 行办法》（以下简称《管理试行办法》）、《香港联合交易所有限公司证 券上市规则》（以下简称《香港上市规则》）等相关法律、行政法规、 部门规章、规范性文件以及《赤峰吉隆黄金矿业股份有限公司章程》 （以下简称《公司章程》）的规定，制定本议事规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本议 事规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会分为年度股东会和临时股东会。年度股东会每年 召开 1 次，应当于上一会计年度结束后的 6 个月内举行。临时股东会 不定期召 ...

赤峰吉隆黄金矿业股份有限公司 董事会议事规则 二〇二五年六月 1 | X | | --- | | 第一章 | 总 则 3 | | --- | --- | | 第二章 | 董事会的组成和职权 | | 第三章 | 董事长 . .. | | 第四章 | 董事会的组织机构 . | | 第五章 | 董事会的议案 . | | 第六章 | 董事会会议的召集 17 | | 第七章 | 董事会会议的通知 . | | 第八章 | 董事会会议的召开 . | | 第九章 | 董事会会议的议事和表决 | | 第十章 | 董事会会议记录及决议 . | | 第十一章 | 董事会决议的执行 . | | 第十二章 | 时 应 30 | 第一章 总 则 第一条 为了完善法人治理结构，规范赤峰吉隆黄金矿业股份有 限公司（以下简称"公司"）董事会的议事方式和决策程序，确保董 事会高效运作和科学决策，根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》《上市公司章程指引》《上 市公司治理准则》《上海证券交易所股票上市规则》《境内企业境外 发行证券和上市管理试行办法》《香港联合交易所有限公司证券上市 规则》（以下简称《香港上市 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-039 赤峰吉隆黄金矿业股份有限公司 2024年年度股东大会决议公告 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： 本次股东大会由公司董事会召集，董事长王建华先生主持，会议采用现场投 票与网络投票相结合的方式进行表决。本次股东大会的召集、召开及表决程序符 合《公司法》和《公司章程》的相关规定。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 12 日 (二)股东大会召开的地点：北京市丰台区万丰路小井甲 7 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： | 1、出席会议的股东和代理人人数 | 1,439 | | --- | --- | | 其中：A 股股东人数 | 1,438 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 593,490 ...