Group 1 - The precious metals sector increased by 3.49% on January 5, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Hunan Silver's stock price rose by 9.97% to 7.61, with a trading volume of 3.7486 million shares and a transaction value of 2.808 billion yuan [1] Group 2 - The net inflow of main funds in the precious metals sector was 514 million yuan, while retail funds saw a net outflow of 248 million yuan [1] - Hunan Silver had a main fund net inflow of 355 million yuan, accounting for 12.66% of its total trading [2] - Shandong Gold experienced a main fund net inflow of 226 million yuan, representing 9.89% of its total trading [2]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 赤峰吉隆黃金礦業股份有限公司 呈交日期: 2026年1月4日 | 2. 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) | 06693 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 236,499,800 | RMB | | 1 RMB | | 236,499,800 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 236,499,800 | RMB | | 1 RMB | | 236,499,800 | 本月底法定/註冊股本總額： RMB 1,900,411,178 備註： 第 1 頁 共 11 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2025 to be between RMB 300 million and RMB 320 million, an increase of approximately RMB 123.566 million to RMB 143.566 million compared to the previous year, representing a year-on-year increase of about 70% to 81%[2]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between RMB 297 million and RMB 317 million, an increase of approximately RMB 126.975 million to RMB 146.975 million compared to the previous year, indicating a year-on-year increase of about 75% to 86%[5]. - The net profit attributable to shareholders for 2024 was RMB 176.434 million, and the net profit after deducting non-recurring gains and losses was RMB 170.025 million[7]. - The basic earnings per share for 2024 were RMB 1.07[8]. Production and Sales Expectations - The company's main gold production for 2025 is estimated to be approximately 14.4 tons, with the sales price of gold products increasing by about 49% year-on-year[9]. Performance Forecast Validity - The company has indicated that there are no significant uncertainties affecting the accuracy of this performance forecast[10]. - The performance forecast is based on preliminary calculations by the company's financial department and has not been audited by an accounting firm[6]. - The company emphasizes the importance of investors being aware of investment risks related to the preliminary data provided[10]. - The performance forecast period is from January 1, 2025, to December 31, 2025[3]. Profitability Outlook - The company’s profitability is expected to improve due to enhanced profitability of domestic and foreign mining enterprises[9].

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a range of 3 billion to 3.2 billion yuan, which represents a year-on-year growth of approximately 70% to 81% [1] Group 1: Financial Performance - The anticipated net profit growth is primarily driven by an expected gold production of approximately 14.4 tons in 2025 [1] - The average selling price of the company's main gold products is projected to increase by about 49% year-on-year [1] - Enhanced profitability of domestic and overseas mining enterprises contributes to the overall performance improvement [1]

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) expects a significant increase in net profit for the year 2025, with projections indicating a rise of approximately 70% to 81% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 3 billion to 3.2 billion yuan for 2025 [1] - The net profit excluding non-recurring gains and losses is expected to be between 2.97 billion to 3.17 billion yuan, reflecting a year-on-year increase of approximately 75% to 86% [1] Operational Highlights - The projected gold production for 2025 is approximately 14.4 tons [1] - The average selling price of gold products is expected to increase by about 49% year-on-year [1] - Enhanced profitability of domestic and overseas mining enterprises is a contributing factor to the expected growth [1]

（文章来源：每日经济新闻） 每经AI快讯，1月5日，赤峰黄金(600988.SH)发布2025年度业绩预告，预计归属于上市公司股东的净利 润为30亿元~32亿元，与上年同期相比增加约70%~81%。公司2025年度主营黄金产量约为14.4吨，主营 黄金产品销售价格同比上升约49%，境内外矿山企业盈利能力增强。 ...

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) expects a significant increase in net profit for the year 2025, projecting a net profit attributable to shareholders of between 3 billion to 3.2 billion yuan, representing a year-on-year increase of approximately 70% to 81% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between 2.97 billion to 3.17 billion yuan, reflecting a year-on-year increase of approximately 75% to 86% [1] - The expected main gold production for 2025 is around 14.4 tons, with the average selling price of gold products expected to rise by approximately 49% year-on-year [1] Market Conditions - The enhanced profitability of domestic and overseas mining enterprises is cited as a key factor contributing to the expected growth in net profit for 2025 [1]

3. 流动性盛宴与"去美元"实质化，黄金牛市有望延续。 核心观点 公司是一家快速成长的国际化黄金生产商，主要在全球范围内从事黄金的采、选和销售业务：公司在全球范围内运营6座黄金矿山和1座多金属矿山，矿山 版图主要位于中国、东南亚与西非等地区。其中、公司旗下吉隆矿业、五龙矿业、华泰矿业和锦泰矿业是国内的黄金矿山，专注于黄金采选业务；瀚丰矿 业是国内的多金属矿山，聚焦锌、铅、铜、铝等多金属的采选；位于老挝的控股子公司万象矿业以金、铜矿的开采和冶炼为核心；位于加纳的控股子公司 金星瓦萨主营黄金采选；位于老挝的勐康稀土矿专注于稀土资源的开发。此外，公司控股子公司广源科技属于资源综合回收利用行业，专注于废弃电器电 子产品处理业务。根据公司2024年年报披露，公司自有矿山共计拥有黄金资源量390.1吨、铜资源量10.3万吨、铅资源量2.5万吨、锌资源量55.4万吨、铝资 源量7.9万吨、稀土资源量6.4万吨REO。 【报告导读】 金价上涨驱动公司业绩大幅增长：随着公司收购海外矿山矿产金产量的逐步释放，以及2022年后黄金价格进入新一轮牛市的影响，公司营业收入与归母净 利润都出现了明显的增长。公司营业收入从2020年的45 ...

Precious Metals - The report highlights that gold remains a strong investment, with central banks continuing to increase their gold holdings, and gold ETFs experiencing sustained inflows during the interest rate cut cycle, indicating a bullish trend for gold prices [1][20] - Silver is expected to see significant price increases, driven by financial demand rather than industrial demand, with the gold-silver ratio indicating that silver is undervalued compared to gold [1][20] Industrial Metals - Copper is projected to experience a bullish market due to a clear supply-demand gap, supported by macroeconomic factors such as tariff reductions and increased capital expenditures, alongside strong demand from the energy and AI sectors [2][3] - Aluminum supply may face constraints due to high demand from data centers, with potential production risks and a tightening global supply-demand balance expected in 2026 [3] - Tin supply is limited due to global resource scarcity, while demand is expected to rise from the semiconductor and AI sectors, leading to a price increase [4] - Nickel prices are anticipated to recover as supply disruptions in Indonesia continue to impact the market [4] Energy Metals - Lithium demand is expected to surge, particularly from energy storage applications, with supply growth projected to slow down due to reduced capital expenditures by producers [7] - Cobalt prices are likely to rise due to export controls from the Democratic Republic of Congo, which will create a supply gap that cannot be compensated by increases in Indonesian production [8] Minor Metals - Tungsten prices are expected to rise due to persistent supply-demand imbalances, with limited new supply expected before 2027 [9] - Antimony prices are projected to remain high due to rigid supply constraints and potential easing of export controls, which could enhance price elasticity [10] - The rare earth sector is expected to see improved supply-demand dynamics, with prices likely to rise as demand from electric vehicles and robotics increases [11]

Group 1 - The report indicates that the "Shenwan Hongyuan Gold Stock Portfolio" reflects the market outlook and style judgment for the upcoming month, showcasing the research team's capabilities and competitiveness in the market [1][11] - The previous portfolio showed a slight increase of 0.14% from December 1 to December 31, 2025, with the A-share portfolio averaging a 0.80% increase, while the Shanghai Composite Index and CSI 300 Index rose by 2.06% and 2.28%, respectively [6][15] - Since the first release of the gold stock portfolio on March 28, 2017, the cumulative increase has reached 401.73%, with the A-share portfolio up by 293.13%, outperforming the Shanghai Composite Index and CSI 300 Index by 271.65 and 260.01 percentage points, respectively [6][15] Group 2 - The strategy judgment for the current period maintains that the conditions supporting the spring market remain unchanged, with liquidity in the stock market being loose and upcoming events likely to boost risk appetite [14] - The report suggests focusing on cyclical Alpha and thematic rotation opportunities, particularly in basic chemicals and non-ferrous metals, as well as sectors like AI, commercial aerospace, and high-dividend strategies [14] - The top recommended stocks include "Iron Triangle" stocks: Hualu Hengsheng, Lingyi Technology, and CIMC Enric (Hong Kong), along with other stocks such as Xingfa Group, TBEA, Chifeng Gold, WuXi AppTec, China National Glass, Ping An Insurance (Hong Kong), and Alibaba-W (Hong Kong) [6][17][18] Group 3 - The report highlights the performance of the top ten gold stocks, with Hualu Hengsheng benefiting from favorable policies in the domestic chemical industry, and Lingyi Technology experiencing high growth in AI and robotics [17][20] - CIMC Enric is positioned to benefit from the shipbuilding cycle and clean energy equipment orders, while Xingfa Group has a solid base in phosphate and specialty chemicals [18][20] - Other notable stocks include WuXi AppTec, which is seeing strong global demand in the CXO industry, and Alibaba-W, which is accelerating its integration from data centers to application layers in AI [18][22]