Group 1 - Precious metals experienced a significant surge recently, with spot gold reaching a historical high of $4,525 per ounce, spot silver surpassing $70 per ounce for the first time, and spot platinum breaking $2,300 per ounce [1] - Following the sharp increase, there was a collective pullback in precious metals, with spot gold dropping to $4,448 per ounce, spot silver to $70.1 per ounce, and spot palladium to $1,676 per ounce [1] - Analysts attribute the recent surge in precious metals to a combination of expectations for liquidity easing, geopolitical instability, and structural supply-demand imbalances [1] Group 2 - Affected stocks in the A-share market saw declines, with Guoyan Platinum down 5.76%, Yinxing Nonferrous down 5.26%, and Shengda Resources down 4.62% [2] - Other notable declines included Guocheng Mining down 4.56%, CITIC Metal down 3.70%, and Hunan Silver down 3.56% [2] - Year-to-date performance shows significant gains for some companies, with Shengda Resources up 147.97% and Yinxing Nonferrous up 100.72% [2]

白银有色集团股份有限公司 BAIYIN NONFERROUS GROUP CO.,LTD. 2025 年第四次临时股东会 会议资料 股票简称：白银有色 股票代码：601212 二〇二五年十二月 目 录 二、为确认出席会议的股东或其代理人或其他出席者的出席 资格，会议工作人员及公司聘请的律师将对出席会议者的身份进 行必要的核对工作，请被核对者予以配合。 三、个人股东亲自出席会议的，请携带本人身份证或者其他 能够表明其身份的有效证件或者证明；委托代理人出席会议的， 授权代理人请携带本人有效身份证、委托人身份证、授权委托书。 法人股东应由法定代表人或者法定代表人委托的代理人出席会 议。法定代表人出席会议的，请携带本人身份证、能证明其具有 法定代表人资格的有效证明；代理人出席会议的，代理人请携带 本人身份证、法人股东单位的法定代表人依法出具的书面授权委 托书。 四、股东及股东代理人应于会议开始前入场；中途入场者， 应经过会议主持人的许可。 1 五、会议按照召集通知及公告上所列顺序审议、表决提案。 六、股东及股东代理人参加股东会依法享有发言权、质询权、 表决权等权利。股东及股东代理人应认真履行其法定义务，不得 侵犯公司 ...

Group 1 - The core viewpoint of the article highlights the significant rise in copper prices, reaching a historical high of $12,159 per ton, with an annual increase of over 37%, potentially marking the largest annual gain since 2009 [1][3] - The recent surge in copper prices is primarily driven by macroeconomic factors, including the cooling of the US CPI in November, which strengthens expectations for interest rate cuts by the Federal Reserve, thereby reducing holding costs for copper and other non-ferrous metals [3] - Geopolitical risks and supply concerns, particularly regarding potential tariffs on copper by the Trump administration, are contributing to the upward pressure on copper prices, with global copper inventories expected to decline to critical low levels [3] Group 2 - The demand for copper is expected to grow significantly due to the AI wave, with data centers becoming a major consumer of copper, projected to consume approximately 50,000 tons by 2025, increasing to 130,000 tons by 2028, representing a compound annual growth rate of 40% [5] - The performance of copper-related stocks has been strong, with an average increase of 8.58% in December, and several stocks, including Jincheng Mining and Baiyin Nonferrous Metals, seeing cumulative gains exceeding 10% [7] - In terms of financial performance, copper sector companies reported a total net profit of 69.005 billion yuan for the first three quarters, reflecting a year-on-year growth of 46.18%, with several companies like Pengxin Resources turning losses into profits [9]

Core Viewpoint - The price of spot silver has reached a new historical high of $72 per ounce, marking an increase of over 45% in the past month, highlighting its volatility and strong market interest compared to gold [1][11]. Market Dynamics - Silver has shown greater volatility and elasticity compared to gold, with significant price increases following a brief correction in mid-November [3][13]. - The global supply of mined silver is expected to remain stable at 813 million ounces in 2025, as increases in North American and Russian production are offset by declines in South America, Australia, and Indonesia [3][13]. - Major markets like London, New York, and Shanghai are experiencing low inventory levels, which, combined with a supply-demand gap, enhances the price elasticity of silver [3][13]. Demand Factors - The demand for silver, particularly in photovoltaic applications, remains substantial, contributing to a continuous supply gap. Other significant demand sources include physical investment, jewelry, and electronics [3][13][4]. - If photovoltaic alternatives do not materialize by 2026, the supply gap is likely to persist [4][13]. Stock Performance - In the A-share market, 11 silver-related stocks have seen their prices double within the year, with notable performers including Xingye Yinxin (up 218%) and Zijin Mining (up over 100%) [5][16]. - A detailed performance table shows significant year-to-date increases for various silver-related stocks, indicating strong market sentiment and investment interest [6][17]. Fund Activity - The Guotou Silver LOF fund has experienced a surge, with a premium exceeding 50% and a doubling of returns over the past month, attracting attention from retail investors [7][19]. - Following a temporary suspension due to high trading activity, the fund resumed trading with a significant price increase, reflecting heightened investor interest and market volatility [19][20].

展望后市，东海期货认为，短期贵金属震荡偏强，中长期向上格局未改；安粮期货警告，白银近期的脉冲式上涨加剧了短线回 调的风险。反映市场情绪的"金银比"已快速回落至历史均值附近，存在技术性修复的可能，此外白银ETF持仓在激增后出现波 动，需警惕投机资金流向变化。 白银的飙涨行情带动了多只概念股上涨。Wind产业链数据显示，A股中白银概念股有11股年内股价翻倍。其中，兴业银锡 （000426.SZ）年内涨幅超218%，紫金矿业（601899.SH）、赤峰黄金（600988.SH）、江西铜业（600362.SH）、白银有色 （601212.SH）等多只概念股年内涨超100%，湖南白银（002716.SZ）年内涨超90%。 | | | 白银概念股年内表现 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 年内涨跌幅 | 市图率 | 总市值 | | | | (%) | (倍) | (亿元) | | 000426.SZ | 兴业银锡 | 218.30 | 39.29 | 626.27 | | 000603.SZ | 盛达资源 | 155.61 | 40.92 | 21 ...

值得注意的是，知名研究机构YardeniResearch大幅上调黄金价格预期，强调贵金属市场的强劲涨势，主 要反映的是宏观和政策上的深切担忧，而非全球经济活动出现反弹。该机构将2026年底的黄金目标价从 先前的5000美元/盎司调高至6000美元/盎司。此外，Yardeni重申其长期观点，预计黄金价格有望在本年 代末达到10000美元/盎司。 广发证券在研报中指出，伴随2025年12月美联储降息落地，美联储稳步迈入降息周期。美国关税政策对 通胀的"一次性"冲击预期落地后，美联储将继续平衡就业和通胀等核心目标，2026年降息幅度与节奏将 与美国经济数据及美联储人事变动相关联。预计美国实际利率和美元指数将持续走弱，推动金价稳步上 行。随着金价快速上行且高位运行，2026年开始黄金企业业绩将全面释放，板块或迎戴维斯双击行情。 截至2025年12月24日 09:41，中证沪深港黄金产业股票指数(931238)上涨0.33%，成分股白银有色 (601212)上涨4.23%，湖南白银(002716)上涨3.03%，豫光金铅(600531)、晓程科技(300139)、招金矿业 (01818)等个股跟涨。 黄金股ETF(51 ...

Core Viewpoint - The global precious metals market has experienced significant price fluctuations in 2023, with gold and silver reaching historical highs, and recent surges in palladium and platinum futures listed on the Guangzhou Futures Exchange [1] Group 1: Precious Metals Price Trends - Gold and silver prices have consistently set new historical highs throughout the year [1] - Palladium and platinum futures have seen substantial increases since their listing in November on the Guangzhou Futures Exchange [1] Group 2: A-Share Market Performance - There are 18 precious metals concept stocks in the A-share market, with an average increase of 97.03% year-to-date [1] - Nine stocks, including Zhaojin Mining, Shengda Resources, and Western Gold, have recorded cumulative gains exceeding 100% [1] Group 3: Valuation Metrics - Following the price increases, the valuation of precious metals concept stocks is at a relatively high level, with a median rolling price-to-earnings (P/E) ratio of 33.12 times [1] - Stocks such as Zhaojin Mining, Silver Nonferrous, and Xiaocheng Technology have P/E ratios exceeding 100 times, while nine stocks, including Zijin Mining, Chifeng Jilong Gold Mining, and Guizhou Platinum, have P/E ratios below 30 times [1]

中信建投研报认为，美国11月CPI超预期降温，令市场对美联储2026年降息幅度有所上修，黄金、白 银、铂、钯等贵金属价格走强，锡、铜、铝等工业金属亦表现强势。金属价格上涨的背后，一面是充裕 的流动性，另一面是供给的强约束，推动商品价格不断挑战阶段性高点。 黄金需求创季度新高 今年以来，全球贵金属价格走势不平静，其中黄金和白银价格不断创出历史新高，今年11月在广州期货 交易所上市的钯和铂期货近期更是连续大涨。 贵金属价格大幅上涨 本周一（12月22日），全球贵金属主要品种集体上涨，截至17时，伦敦金现上涨近1.7%，盘中创下 4420.47美元/盎司的新高，年初至今上涨超68%；伦敦银现上涨超1.7%，盘中创出69.45美元/盎司的高 位，年初至今上涨近140%；现货铂金、现货钯金当天分别上涨超4%和近2%。 国内贵金属也大幅上涨。钯、铂期货主力合约当天均报收涨停，白银期货主力合约收盘上涨6.06%，年 内涨幅达到116.16%；黄金期货主力合约收盘再次突破100元/克，上涨2.1%，年内涨幅达到62.3%。 受贵金属价格集体上涨影响，A股、港股相关个股亦有明显涨幅。万得贵金属行业指数周一大涨4.2%， 共有3 ...

据天眼查APP显示，白银有色集团股份有限公司成立于2007年07月06日，注册资本740477.4511万人民 币。（数据宝） 12月22日白银有色大宗交易一览 | | 成交金 | | 相对当 | | | | --- | --- | --- | --- | --- | --- | | 成交量 | 额 | 成交价 | 日 | | | | （万 | | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | 股） | （万 | （元） | 溢价 | | | | | 元） | | | | | | | | | （%） | | | | 2269.25 | 12934.73 | 5.70 | 0.00 | 国泰海通证券股份有限公司嘉峪关 | 国泰海通证券股份有限公司兰州 | | | | | | 新华中路证券营业部 | 福利西路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：白银有色大宗交易成交2269.25万股 成交额1.29亿元） 白银有色12月22日大宗交易平台出现一笔成交，成交量2269.25万股，成交金额1.29亿元，大宗交易成交 价为5.70元。该笔交易的买方营业部为国泰 ...

Group 1 - The core point of the article highlights the trading activities on December 22, where 12 stocks appeared on the trading list, with significant participation from the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connects [1] - A total of 14 stocks experienced net purchases from the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connects, with Jingzhida leading at a net purchase amount of 120 million yuan [1] - Other notable net purchases included Baiyin Youse at 90.68 million yuan, Hainan Huatie at 89.34 million yuan, and Shanzigao Technology at 74.29 million yuan [1] Group 2 - The article also mentions stocks that faced net selling, including Haoen Qidian with a net sell amount of 25.12 million yuan, Bona Film Group at 19.82 million yuan, and Tianwei Vision at 18.88 million yuan [1] - Market performance indicated that 11 stocks with participation from the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connects reached their daily price limit, with Shenjian Co. achieving three consecutive daily limit ups and Shanzigao Technology achieving two consecutive daily limit ups [1]