证券代码：600988 证券简称：赤峰黄金 公告编号：2025-049 赤峰吉隆黄金矿业股份有限公司 第八届董事会第四十次会议决议公告 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。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）第八届董事会第四十次 会议于2025年10月10日以现场结合通讯表决方式召开。本次会议的通知和材料于 2025年9月29日以书面或电子邮件方式发出。本次会议应出席董事9人，实际出席 董事9人，会议由董事长王建华先生主持。本次会议的召集、召开符合《中华人 民共和国公司法》（以下简称《公司法》）等有关法律、行政法规、部门规章、 规范性文件和《赤峰吉隆黄金矿业股份有限公司章程》（以下简称《公司章程》） 的相关规定。本次会议审议通过以下议案： 一、审议通过《关于修订<赤峰吉隆黄金矿业股份有限公司章程>的议案》 为进一步提升公司规范运作水平，完善公司治理结构，结合公司实际情况， 对《公司章程》部分条款进行修订，并提请股东会授权公司管理层办理涉及的 工商变更和备案等相关事宜。 表决结果：同意 9 票、反对 0 ...

Market Overview - On October 10, the precious metals sector fell by 4.22% compared to the previous trading day, with Western Gold leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable stock performances include: - Zhaojin Mining (000506) rose by 7.28% to close at 12.82, with a trading volume of 1.0659 million shares and a turnover of 1.308 billion [1] - Western Gold (601069) fell by 9.06% to close at 29.91, with a trading volume of 455,900 shares and a turnover of 1.384 billion [2] - Other significant declines include: - Chifeng Jilong Gold Mining (600988) down 6.98% to 29.86 [2] - Shandong Gold (600547) down 4.65% to 41.25 [2] Capital Flow Analysis - The precious metals sector experienced a net outflow of 971 million yuan from institutional investors, while retail investors saw a net inflow of 552 million yuan [2][3] - Key capital flows for selected stocks include: - Shandong Gold had a net outflow of 14.34 million yuan from institutional investors, with a net inflow of 67.12 million yuan from retail investors [3] - Zhaojin Mining saw a net outflow of 80.70 million yuan from institutional investors, but a net inflow of 101 million yuan from retail investors [3]

Market Overview - The A-share market experienced a day of volatility and adjustment, with all three major indices closing down: Shanghai Composite Index fell by 0.94%, Shenzhen Component Index dropped by 2.70%, and ChiNext Index decreased by 4.55% [1][2] - The total market turnover was 2.53 trillion yuan, a decrease of 137.7 billion yuan compared to the previous day [2] Sector Performance - Gas and coal sectors showed gains, while semiconductor, battery, and precious metals sectors faced significant declines, with semiconductor funds seeing an outflow exceeding 20 billion yuan [2][3] - Notable individual stock movements included CATL and Sanhua Intelligent Control, both experiencing fund outflows over 2 billion yuan, while ZTE Corporation saw a rise of over 4% [4] Precious Metals - The price of spot gold fell below the 4000 USD mark, closing at 3965 USD per ounce, leading to a decline in A-share precious metal stocks, with several stocks like Western Gold and Chifeng Jilong Gold dropping over 5% [8][10] - Analysts suggest that persistent inflation data in the U.S. could lead to a stronger dollar and higher real interest rates, reducing gold's attractiveness [11] Investment Sentiment - The first three quarters of the year saw significant gains in major indices: Shanghai Composite Index up 15.84%, Shenzhen Component Index up 29.88%, and ChiNext Index and Sci-Tech 50 Index both up 51.20% [14] - The best-performing sectors included non-ferrous metals, hardware equipment, and semiconductors, with emerging concepts like AI and controlled nuclear fusion gaining traction [14] - Market sentiment indicates a cautious outlook for the fourth quarter, with a potential shift in investment focus from technology to traditional sectors like real estate and machinery [15]

Core Viewpoint - The performance of the non-ferrous metals sector remains mixed, with significant movements in stock prices and ongoing policy changes affecting supply dynamics in the industry [1][2]. Group 1: Market Performance - The non-ferrous metals ETF showed weak performance, with a decline of 3.1% and a trading volume of 1.21 billion yuan, while the fund's latest scale is 4.83 billion yuan [1]. - Silver stocks performed exceptionally well, with a notable increase, while companies like Western Gold, Huaxi Nonferrous, and Huayou Cobalt experienced declines of 8.27%, 6.98%, and 6.66% respectively [1]. Group 2: Policy and Supply Dynamics - The Trump administration is discussing investments in critical metals companies, particularly concerning Greenland's largest rare earth project [1]. - The Ministry of Commerce has implemented export controls on rare earth-related technologies, tightening supply policies and maintaining strong price trends in the rare earth sector [2]. - Western Securities predicts that the supply of secondary resource recycling will reach 27% by 2025, indicating a fully controlled supply side with limited potential for sudden increases [1]. Group 3: Industry Outlook - The non-ferrous metals industry maintains a high level of prosperity, with supply constraints from major copper producers due to safety incidents in Indonesia, contributing to rising prices for copper and aluminum [2]. - The top ten weighted stocks in the non-ferrous metals index include major players such as Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum [2].

Core Viewpoint - The gold and non-ferrous metal sectors experienced a significant decline at the beginning of trading on October 10, with multiple companies in these sectors reporting substantial drops in their stock prices [1]. Group 1: Gold Sector - Xiaocheng Technology saw a decline of over 7%, trading at 28.13 [2] - Western Gold fell by over 6%, with a current price of 30.65 [2] - Other notable declines include Chifeng Gold down by 5.30% at 30.40, Shandong Gold down by 4.09% at 41.49, and Hunan Gold down by 3.81% at 22.73 [2][3]. Group 2: Non-Ferrous Metal Sector - Companies such as Huayou Cobalt, Tengyuan Cobalt, and Hanrui Cobalt all experienced declines, indicating a broader downturn in the non-ferrous metal market [1]. - Specific declines include Huayou Cobalt down by 5.68% at 66.30, Tengyuan Cobalt down by 5.37% at 76.78, and Tianqi Lithium down by 2.79% at 49.90 [3].

Group 1 - The gold and non-ferrous metal sectors experienced a significant decline on October 10, with many companies in these sectors reporting losses [1] - Notable declines in the gold sector included Xiaocheng Technology down 7.13% to 28.13, Western Gold down 6.81% to 30.65, and Chifeng Gold down 5.30% to 30.40 [2] - In the non-ferrous metal sector, companies such as Huayou Cobalt, Tengyuan Cobalt, and Tianqi Lithium also saw collective declines [3] Group 2 - The overall market sentiment for gold and related companies appears negative, as multiple firms reported losses exceeding 4% [2][3] - The decline in stock prices indicates potential challenges within the gold and non-ferrous metal industries, reflecting broader market trends [1][2]

Core Viewpoint - Recent significant increases in gold and silver prices, with spot gold briefly surpassing $4050 per ounce [1] Group 1: Market Analysis - Guosen Securities indicates that the support system for the gold market remains solid, driven by long-term factors such as global monetary credit system restructuring, de-dollarization trends, continuous central bank gold purchases, and structural supply-demand imbalances [1] - The long-term bullish trend for gold is expected to continue over the next 2-3 years due to the stability of the support system [1] Group 2: Investment Recommendations - Minsheng Securities highlights the central bank's gold purchases and weakening dollar credit as key themes, maintaining a positive outlook on gold prices and suggesting opportunities for right-side positioning in the gold sector [1] - Recommended stocks include Western Gold, Shandong Gold, Zhaojin Mining, Zhongjin Gold, Chifeng Gold, Tongguan Gold, Wanguo Gold Group, Shanjin International, and Hunan Gold, with additional attention to China National Gold International and Lingbao Gold [1] - Silver stocks recommended include Xingye Silver Tin and Shengda Resources [1]

Core Viewpoint - During the National Day and Mid-Autumn Festival holiday, international gold prices and domestic gold jewelry prices continued to rise, leading to a significant increase in A-share gold stocks on the first trading day after the holiday [1][5]. Price Trends - On October 9, the price of gold jewelry brands surged, with Chow Sang Sang's gold price reaching 1170 yuan per gram, an increase of 45 yuan compared to September 30 [3]. - Other brands such as Chow Tai Fook and Luk Fook also saw their gold prices rise to 1168 yuan per gram, up from 1123 yuan, while Lao Miao's gold price increased to 1160 yuan per gram, up 34 yuan [3][4]. Market Dynamics - Despite rising gold prices suppressing demand for gold jewelry, the consumption amount for gold jewelry reached a historical high in the first half of the year, with retail sales of gold and silver jewelry reaching 194.8 billion yuan, a growth of 11.3% [5]. - Various gold jewelry brands are seeking differentiated market positioning, moving away from price competition. Many brands have tightened discount strategies and emphasized unique craftsmanship and product features during sales [4]. Future Outlook - Analysts suggest that if the Federal Reserve further lowers interest rates and geopolitical tensions persist, gold prices may continue to rise. Predictions indicate that international gold prices could fluctuate between 3800 to 4100 dollars per ounce by the end of the year [6]. - Some institutions, like Bank of America, predict that gold prices could reach 4000 dollars this year, while UBS forecasts a potential long-term rise to 4200 dollars [6].

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the gold, copper, and cobalt markets, highlighting their current trends and future outlooks. Gold Market Insights - The expectation of interest rate cuts by the Federal Reserve has positively impacted gold prices, which recently surpassed $4,000 per ounce, marking a 50% increase year-to-date [2][10][11] - Factors driving this increase include the Federal Reserve's 25 basis point rate cut, the U.S. government shutdown delaying economic data releases, and the potential for further rate cuts due to the Dodge 2.0 plan, which may lead to layoffs [2][10] - Long-term support for gold prices comes from global tensions, increased central bank gold purchases, and the declining status of the U.S. dollar, particularly with China's push for transactions in yuan for Australian iron ore [1][2] - Companies like Shandong Gold and Chifeng Jilong Gold are highlighted as undervalued with good performance expectations [1][3] Copper Market Insights - Copper prices have stabilized above $10,000, nearing historical highs, driven by its financial attributes in a low-interest-rate environment [1][4] - The copper industry faces supply constraints due to insufficient capital expenditure in recent years, frequent mining accidents, and significant production guidance downgrades from companies like Teck Resources [1][4][14] - Strong demand for copper is noted in traditional infrastructure and renewable energy sectors, suggesting a robust long-term outlook for copper prices [4][16] - Key companies to watch include Zijin Mining and Jiangxi Copper, which are expected to benefit from the supply-demand dynamics [1][4][17] Cobalt Market Insights - The cobalt market has seen price increases due to supply disruptions from the Democratic Republic of Congo (DRC) and quota systems that maintain high prices [5] - Companies less affected by DRC supply issues, such as Liyang New Energy and Huayou Cobalt, are recommended for investment [5] Lithium Market Insights - The lithium market is influenced by the submission of resource evaluation reports in Jiangxi Province, which will determine domestic supply dynamics [6] Solid-State Battery Developments - Recent breakthroughs in solid-state battery cathode materials, particularly in metallic lithium, are expected to significantly increase usage, benefiting companies like Ganfeng Lithium [8] Silver Market Insights - Silver is expected to show higher elasticity compared to gold in the current economic environment, with recommendations to focus on silver-related stocks [12] Investment Recommendations - Investors are advised to focus on leading companies with strong growth potential and profit release capabilities, such as Zijin Mining and Teck Resources, as well as undervalued second-tier stocks like Jiangxi Copper [17]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the non-ferrous metals industry, particularly focusing on iron ore, copper, cobalt, tin, and antimony markets, as well as the implications of geopolitical factors on these sectors [1][2][3][4][5][6][19][21]. Core Insights and Arguments Guinea Simandou Iron Ore Project - The Guinea Simandou iron ore project is expected to export without the need for a supporting smelting plant due to inadequate local power infrastructure [1][4]. - The project is projected to start logistics in 2025, with potential exports reaching 30 million to 60 million tons in 2026, and possibly 120 million tons in the next 2-3 years, significantly impacting global shipping trade [3]. Iron Ore Trade and Market Reactions - A potential pause in cooperation between China and BHP over settlement currency issues could significantly affect iron ore trade, although current overseas market reactions are muted [1][5]. - Domestic investors are more sensitive to these developments, as evidenced by stock movements in related companies [5]. Steel Industry Dynamics - Short-term control of iron ore imports to manage steel production is unlikely, with supply-side reforms being crucial for long-term industry health [1][6]. - High-quality companies like Baosteel and Hualing Steel are identified as having medium to long-term investment value due to low valuations and high dividend yields [6]. Copper Market Supply and Demand - The copper market is expected to face significant supply disruptions, with major producers like Teck Resources and Efenhau Mine lowering production forecasts [1][8]. - Global copper supply is projected to be tight in the first half of 2026, with prices potentially reaching historical highs of $12,000 to $14,000 per ton [1][12]. AI and Data Center Demand for Copper - The demand for copper is significantly driven by AI and data centers, with each cabinet now using approximately 300 kg of copper, leading to an annual increase in demand of about 100,000 tons from AI-related equipment alone [9][12]. Cobalt Market Trends - Cobalt prices have risen to around 350,000 RMB per ton, with expectations to reach 400,000 to 450,000 RMB in Q4 2025 [1][16]. - Companies like Huayou Cobalt are expected to see profit increases due to rising cobalt prices [1][16]. Tin and Antimony Market Outlook - China's antimony exports have shown a significant increase since August 2025, highlighting its strategic value amid U.S. supply chain concerns [2][19]. - Huaxi Nonferrous is projected to increase tin production by 66%, with profits potentially reaching 1.6 billion RMB [2][19]. Strategic Metal Valuation - The valuation of strategic metals like copper and silver is expected to rise due to increased global focus on these resources [13]. - Companies like Zijin Mining are projected to have significant profit potential based on current market conditions [13]. Other Important Insights - The overall performance of the non-ferrous metals market has been strong, with steel markets also showing positive trends influenced by the Guinea Simandou project [3]. - The importance of supply chain security and strategic resource management is emphasized, particularly in light of geopolitical tensions and trade restrictions [21][25]. - The recovery of tin and antimony supply chains is critical, with disruptions in Indonesia and Myanmar affecting global supply [19][20]. This summary encapsulates the key points discussed in the conference call, providing insights into market dynamics, company performance, and future trends in the non-ferrous metals industry.