Market Overview - The Shanghai Composite Index fell by 0.18% on May 27, with 13 industries experiencing gains, led by textiles and apparel (up 1.30%) and pharmaceuticals (up 0.97%). The non-ferrous metals sector had the largest decline at 2.07% [2] - The net outflow of capital from the two markets was 19.519 billion yuan, with 8 industries seeing net inflows. The food and beverage sector led with a net inflow of 1.006 billion yuan and a daily increase of 0.17%, followed by pharmaceuticals with a net inflow of 650 million yuan and a daily increase of 0.97% [2] Non-Ferrous Metals Sector - The non-ferrous metals sector declined by 2.07%, with a total net capital outflow of 1.934 billion yuan. Out of 137 stocks in this sector, 20 rose while 115 fell [3] - Among the stocks with net inflows, Tianqi Lithium saw the highest inflow of 29.1255 million yuan, followed by Liyuan Co. and Jintian Titanium with inflows of 15.2085 million yuan and 15.1109 million yuan, respectively [3] - The stocks with the largest net outflows included Chifeng Gold (1.96 billion yuan), Yun Aluminum (998.792 million yuan), and Huayou Cobalt (838.327 million yuan) [3][5] Capital Flow in Non-Ferrous Metals - The top stocks with net inflows in the non-ferrous metals sector included: - Tianqi Lithium: +0.98%, 1.23% turnover, 29.1255 million yuan inflow - Liyuan Co.: +1.30%, 3.34% turnover, 15.2085 million yuan inflow - Jintian Titanium: +2.44%, 5.14% turnover, 15.1109 million yuan inflow [4] - The stocks with the largest net outflows included: - Chifeng Gold: -4.26%, 3.67% turnover, -195.8561 million yuan outflow - Yun Aluminum: -4.16%, 1.54% turnover, -99.8792 million yuan outflow - Huayou Cobalt: -0.26%, 1.04% turnover, -83.8327 million yuan outflow [5]

本次投资者说明会以网络互动形式召开，公司将针对 2024 年度、2025 年第 一季度的经营成果、财务指标及 2024 年度利润分配方案的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点、方式 会议召开时间：2025 年 6 月 3 日（星期二）下午 15:00-16:00 会议召开地点：东方财富路演平台 会议召开方式：东方财富路演平台网络互动 证券代码：600988 证券简称：赤峰黄金 公告编号：2025-037 赤峰吉隆黄金矿业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩 暨现金分红说明会的公告 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： 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日 发布公司《2024 年年度报告》《2024 年度利润分配方案》等公告，于 2025 年 4 月 26 日发布《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公 司 2024 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Core Viewpoint - Chifeng Gold (600988) has seen a significant increase in stock price and has made important corporate governance changes, including the cancellation of its supervisory board and the completion of its H-share issuance, which has implications for its capital structure and future performance [1][3][5]. Company Announcements - Chifeng Gold's board approved three key resolutions: changing the registered capital, canceling the supervisory board, and amending the company's articles of association [1][2]. - The company has completed its H-share issuance, increasing its total shares to 1,900,411,178 and changing its registered capital to RMB 1,900,411,178 [3][5]. Financial Performance - For the fiscal year 2024, Chifeng Gold reported a net profit attributable to shareholders of RMB 1.764 billion, representing a year-on-year increase of 119.40% [4][5]. - The company anticipates achieving a sales revenue of RMB 11.5 billion and a net profit of RMB 2.1 billion for 2025 [4]. Upcoming Events - Chifeng Gold will hold its annual general meeting on June 12, 2025, to discuss several important resolutions, including changes to registered capital and the cancellation of the supervisory board [3][5].

Group 1 - A-shares experienced a pullback on Friday, with all three major indices turning negative, and the ChiNext index dropping over 1% [1] - The Hang Seng Tech Index also reversed its earlier gains, which had exceeded 1% [1] - A50 futures index saw a sharp decline, reporting a drop of 0.75% [3] Group 2 - Government bond futures turned upward across the board, with the 30-year main contract rising by 0.06%, the 10-year main contract up by 0.06%, the 5-year main contract increasing by 0.07%, and the 2-year main contract gaining 0.04% [5] - Gold prices surged, with New York gold futures rising by over 1%, while A-share gold stocks rallied, with Western Gold hitting the limit up, and other stocks like Xiaocheng Technology, Mankalon, Chifeng Gold, and Hunan Gold also seeing gains [5] Group 3 - U.S. President Trump urged the EU to reduce tariffs, warning of more tariffs if they do not comply [7] - Japanese Prime Minister discussed U.S. tariff measures with Trump, maintaining a stance on the removal of tariffs, and also addressed diplomatic and security issues [7] Group 4 - A significant policy briefing is scheduled for next Tuesday, where officials will discuss reforms and innovations in national-level economic and technological development zones [8]

Group 1 - The A-share precious metals sector experienced a significant surge, with Western Gold rising nearly 4% [1] - Other companies such as Hunan Gold, Chifeng Gold, and Xiaocheng Technology also saw increases in their stock prices [1]

Group 1 - The China Securities 500 Quality Growth Index (930939) increased by 0.59% as of May 23, 2025, with notable gains from Huahai Pharmaceutical (600521) at 8.66%, Betta Pharmaceuticals (300558) at 6.12%, and Xinlitai (002294) at 5.79% [1] - The 500 Quality Growth ETF (560500) rose by 0.75%, with the latest price at 0.95 yuan [1] - The Chief Risk Officer announced a more flexible and precise issuance counter-cyclical adjustment mechanism to better align investment and financing in the capital market [1] Group 2 - Bohai Securities indicated that future market opportunities will depend on incremental changes, suggesting that in case of unexpected downturns due to external risks or investor sentiment, investors should consider counter-cyclical strategies [2] - The report emphasized a "barbell" allocation strategy, focusing on high-dividend and relatively underweighted banking sectors, while also looking for thematic investment opportunities in mergers and acquisitions and new consumption sectors [2] - The 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the China Securities 500 Index, providing diverse investment options [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities 500 Quality Growth Index accounted for 24.07% of the index, with Chifeng Jilong Gold Mining (600988) being the highest at 3.13% [3] - The top ten stocks include companies like Ninebot (689009), Kaiying Network (002517), and Shenghong Technology (300476), with varying weightings and performance [5]

Group 1 - The core viewpoint of the news is that the A-share market is expected to gradually break away from the sideways trading range seen since the second half of last year, supported by strong market stabilization measures and improving economic conditions [1] - The CSI 500 Quality Growth Index, which includes 100 companies with high profitability and sustainable earnings, is closely tracked by the CSI 500 Quality Growth ETF [2] - As of April 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.07% of the index, with notable companies including Chifeng Jilong Gold, Ninebot, and Kaiying Network [2] Group 2 - The CSI 500 Quality Growth ETF has seen a recent decline of 0.32%, with a latest price of 0.94 yuan and a trading volume of 126.29 million yuan [1] - The ETF's average daily trading volume over the past week was 596.99 million yuan, ranking it first among comparable funds [1] - The performance of individual stocks within the index varied, with Lijun Group leading with a 2.13% increase, while Wanxiang Qianchao experienced a significant drop of 6.72% [1][3]

Group 1 - The metal lead concept increased by 1.39%, ranking 10th among concept sectors, with 23 stocks rising, including Yuehongyuan A which hit the daily limit, and Zijin Mining, Chifeng Jilong Gold, and Shanjin International showing notable gains of 5.90%, 5.62%, and 5.10% respectively [1][2] - The leading stocks in terms of net inflow of main funds include Zijin Mining with a net inflow of 3.80 billion yuan, followed by Chifeng Jilong Gold, Yuehongyuan A, and Hengbang Shares with net inflows of 2.55 billion yuan, 900.604 million yuan, and 188.678 million yuan respectively [2][3] - The net inflow ratio for stocks such as Yuehongyuan A, Baodi Mining, and Zhongse Shares were 30.38%, 12.12%, and 8.38% respectively, indicating strong investor interest [3] Group 2 - The top gainers in the metal lead concept include Zijin Mining with a 5.90% increase and a turnover rate of 1.27%, and Chifeng Jilong Gold with a 5.62% increase and a turnover rate of 7.47% [3][4] - Stocks like Hunan Silver and Shengda Resources also showed positive performance with increases of 2.01% and 1.97% respectively, while stocks such as Wisdom Agriculture and Guocheng Mining experienced declines of 1.85% and 1.43% [4][5] - The overall market sentiment for the metal lead sector appears positive, with significant capital inflows and several stocks achieving substantial gains [2][3]