March 31, 2026 02:38 PM GMT Zijin Mining Group | Asia Pacific China Summit 2026 Feedback Key Takeaways | M March 31, 2026 02:38 PM GMT Zijin Mining Group Asia Pacific | Morgan Stanley Asia Limited+ Rachel L Zhang | Update | | --- | --- | --- | | | Equity Analyst | | | China Summit 2026 Feedback | Rachel.Zhang@morganstanley.com | +852 2239-1520 | | | Chris Jiang | | | | Equity Analyst | | | | Chris.Jiang@morganstanley.com | +852 3963-1593 | | Key Takeaways | Hannah Yang, CFA | | | | Equity Analyst | | | | Ha ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2026年4月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 601899 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫 ...

FF301 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 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,588,693,140 | RMB | | 0.1 RMB | | 2,058,869,314 | | 增加 / 減少 (-) | | | | 0 | | RMB | | | | 本月底結存 | | | 20,588,693,140 | RMB | | 0.1 RMB | | 2,058,869,314 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上 ...

紫[Ta金ble矿_Sto业ckN（ameRptType] 601899） 公司专题 内生外延助力金矿增长，战略金属蓄势待发 | 投资评级： | 买入（维持） | | --- | --- | | 报告日期： | 2026-04-01 | | 收盘价（元） | 32.72 | | --- | --- | | 近 12 个月最高/最低（元） | 44.94/15.19 | | 总股本（百万股） | 26,591 | | 流通股本（百万股） | 20,602 | | 流通股比例（%） | 77.48 | | 总市值（亿元） | 8,700 | | 流通市值（亿元） | 6,741 | 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 相关报告 利同增 54% 2025-08-31 2.矿产金铜量价齐增，增量项目稳步 推进 2025-04-02 主要观点： 紫金矿业发布 2025 年年报 公司 2025 年实现营业收入 3490.79 亿元，同比+14.96%；实现归母净 利润 517.77 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 349.08 billion yuan in 2025, a year-on-year increase of 14.96%, and a net profit attributable to shareholders of 51.78 billion yuan, up 61.55% year-on-year [3][17] - The company is experiencing growth in gold, copper, and silver production and prices, with significant increases in revenue from these metals [4][5] - The company is expanding its gold mining assets through both organic growth and acquisitions, including the acquisition of 100% of United Gold and becoming the largest shareholder of Chifeng Gold [7][55] Financial Performance - In 2025, the company achieved gold revenue of 64.68 billion yuan, an increase of 83.25% year-on-year, and copper revenue of 57.83 billion yuan, up 20.06% year-on-year [5][23] - The average selling price for gold was 778 yuan per gram, a 49.4% increase year-on-year, while copper's average selling price was 65,000 yuan per ton, up 11.8% year-on-year [46] - The company expects net profits for 2026-2028 to be 72.28 billion, 88.17 billion, and 107.70 billion yuan, respectively, with corresponding P/E ratios of 12.04, 9.87, and 8.08 [9][62] Production and Strategic Resources - The company plans to produce 25,000 tons of lithium carbonate equivalent by 2025, with a target capacity of 270,000 to 320,000 tons by 2028, positioning itself as a major lithium producer [8][58] - The company has completed the acquisition of the Shapinggou molybdenum mine, with plans to increase molybdenum production to 25,000-35,000 tons by 2028 [8][58] - The company is actively pursuing strategic resources, including lithium and molybdenum, to enhance production capabilities and market position [8][58] Valuation and Estimates - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 15.0% in 2025, 25.4% in 2026, and 11.9% in 2027 and 2028 [12] - The gross margin is expected to improve from 27.7% in 2025 to 32.7% by 2028, reflecting operational efficiencies and higher commodity prices [12] - The company's return on equity (ROE) is projected to be 27.9% in 2025, increasing to 29.2% by 2028, indicating strong profitability [12]

2026 年 04 月 01 日 金融工程研究团队 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 4 月份券商金股特征解析 4 月份中际旭创、宁德时代、紫金矿业、安井食品、科达利、美的集团、海天味 业等金股推荐次数靠前。4 月份券商金股已经陆续发布，我们统计了全市场 36 家券商发布的金股，去重后金股数量合计为 226 只。我们按照相对上 ...

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The market sentiment has changed due to the willingness of the US and Iran to end the war. Precious metals have risen significantly, and the risk - preference of the market has rebounded. However, the negotiation details may still fluctuate [1][12]. - The China's official manufacturing PMI in March exceeded expectations, and the domestic economic sentiment has improved. The bond market is expected to be volatile [22][23][24]. - In the commodity market, different products have different trends. For example, the price of crude oil has declined due to the expected end of the war; the price of some agricultural products and metals is affected by supply and demand and other factors [5][36][44] 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed's Schmid warns that inflation is a real risk and may stagnate near 3%. The US and Iran's willingness to end the war has reversed the market trading logic. Gold prices are expected to oscillate and bottom out, and then gradually rise with fluctuations [10][12] - Investment advice: It is expected that precious metals will oscillate and rise, but the trend will be affected by the development of the US - Iran situation [12] 3.1.2 Macro Strategy (Stock Index Futures) - China and Pakistan put forward five initiatives to restore peace and stability in the Gulf and the Middle East. The new regulations on the funds of domestic enterprises listed overseas have been implemented, which improves the convenience of cross - border financing. The global risk assets have rebounded, and the A - share market may gradually repair [13][14][16] - Investment advice: Hold a low - position long position in the stock index and wait and see [17] 3.1.3 Macro Strategy (US Stock Index Futures) - The number of job vacancies in the US in February decreased, and the labor market activity is cooling. Although the US and Iran have expressed their willingness to end the war, the military operations have expanded, and the negotiation process may be tortuous. The volatility of the US stock market remains high [18][20] - Investment advice: Wait for a clearer right - hand side signal due to high short - term volatility [21] 3.1.4 Macro Strategy (Treasury Bond Futures) - China's official manufacturing and non - manufacturing PMI in March exceeded expectations, indicating an improvement in the domestic economic sentiment. The bond market is expected to be volatile, and investors should be cautious when chasing up [22][23][25] - Investment advice: The bond market is in a volatile period, and be cautious when chasing up [25] 3.2 Commodity News and Comments 3.2.1 Black Metal (Steam Coal) - The price of low - calorie steam coal in Indonesia remained stable on March 31. The price of coal in the northern port has gradually weakened. Although it is in the off - season, the long - term upward risk of coal prices still exists due to overseas energy shortages [26] - Investment advice: Coal prices may slow down in the short term but have an upward risk in the long term [27] 3.2.2 Black Metal (Iron Ore) - An Indian mining company plans to invest in a Brazilian iron ore project. The iron ore market is in a weak and volatile state. The downstream acceptance of ore prices is not high, but the increase in marginal costs limits the downward space [28] - Investment advice: The iron ore price is expected to remain weak [29] 3.2.3 Black Metal (Coking Coal/Coke) - The spot prices of coking coal in ports have mostly been lowered. The decline of the futures price is mainly due to the fall in oil prices. The overall supply - demand pattern is relatively loose, and attention should be paid to changes in demand [30] - Investment advice: The futures price is affected by energy issues in the short term. Pay attention to demand changes [31] 3.2.4 Black Metal (Rebar/Hot - Rolled Coil) - The inventory warning index of Chinese auto dealers in March was above the boom - bust line. The steel price has declined slightly due to the easing of the Middle East situation, and it is expected to remain in a volatile pattern [32] - Investment advice: Adopt a volatile trading strategy and pay attention to the Middle East situation and energy prices [33] 3.2.5 Agricultural Products (Soybean Meal) - Brazil's soybean exports in March were estimated at 15.86 million tons. The US soybean planting intention was lower than expected, but the quarterly inventory was higher than expected. The domestic soybean crushing volume in March increased significantly [34][35][36] - Investment advice: The futures price is expected to remain volatile. Pay attention to the weather in US soybean - producing areas and the arrival of Brazilian soybeans [36] 3.2.6 Agricultural Products (Corn) - The corn inventory in the four northern ports increased, and the downstream demand has support. Policy auctions and purchases provide support for the corn price. The corn price is expected to remain in a high - level volatile pattern [37][38][39] - Investment advice: Consider selling call options as the corn price is in a high - level volatile pattern [39] 3.2.7 Agricultural Products (Hogs) - Muyuan's net profit in 2025 decreased by 16.45%. The current hog market is in a weak situation, with high supply pressure and weak demand. The short - term strategy is to short on rebounds, and the long - term strategy is to consider going long on far - month contracts [40][41][42] - Investment advice: Short on rebounds for the near - month contracts and consider going long on far - month contracts with caution [42] 3.2.8 Non - ferrous Metals (Lithium Carbonate) - Some lithium salt projects are in progress. The lithium carbonate price has fallen. The supply disturbance has not been realized, and the demand is growing. The long - term view is supported by the new energy substitution narrative. It is recommended to go long on dips [43][44][45] - Investment advice: Pay attention to the opportunity of going long on dips, but beware of liquidity risks [45] 3.2.9 Non - ferrous Metals (Platinum) - The prices of platinum and palladium have fluctuated. The market is mainly following the trend of precious metals. Due to geopolitical risks and market liquidity issues, it is recommended to wait and see [46][47] - Investment advice: Wait and see on the single - side trading; pay attention to arbitrage opportunities in the month - spread and take profits on the long platinum - palladium ratio strategy [47] 3.2.10 Non - ferrous Metals (Lead) - The lead price is in a low - level volatile state. The supply and demand situation and geopolitical factors affect the price. It is recommended to wait and see and protect long positions near the regeneration cost line [48][49][50] - Investment advice: Consider buying on dips on the right - hand side; wait and see on arbitrage [50] 3.2.11 Non - ferrous Metals (Zinc) - The zinc price is oscillating. Geopolitical risks and market liquidity issues exist. It is recommended to wait and see and take profits on long positions [53] - Investment advice: Wait and see on the single - side trading and arbitrage [53] 3.2.12 Non - ferrous Metals (Copper) - Some copper - related companies have investment and profit - increasing plans. The copper price is affected by the Middle East situation and inventory changes. It is expected to be in a wide - range volatile pattern [54][55][56] - Investment advice: Wait and see on short - term single - side trading; pay attention to positive arbitrage opportunities [57] 3.2.13 Non - ferrous Metals (Tin) - The supply of tin is gradually becoming more relaxed, and the demand is weak. The tin price is expected to be in a wide - range volatile pattern, and attention should be paid to the supply from major producing areas and demand growth [58][59] - Investment advice: The tin price will be in a wide - range volatile pattern, and pay attention to supply and demand factors [59] 3.2.14 Energy Chemicals (Crude Oil) - OPEC's oil production in March decreased significantly. The oil price has fallen due to the expected end of the war. Short - term attention should be paid to the Middle East situation [60][62] - Investment advice: Pay attention to the Middle East situation, and the oil price will remain highly volatile [63] 3.2.15 Energy Chemicals (Liquefied Petroleum Gas) - Saudi Aramco's April CP for LPG has increased. The price of LPG has回调 due to the easing of geopolitical risks. Attention should be paid to the geopolitical situation [64] - Investment advice: Pay attention to the development of the geopolitical situation [65] 3.2.16 Energy Chemicals (Asphalt) - The operating rate of asphalt refineries in April is expected to decline. The asphalt price is rising slowly, and the supply is short. The downstream demand is affected by high prices and the rainy season [65] - Investment advice: The asphalt price is difficult to decline in the short term [66] 3.2.17 Energy Chemicals (Styrene) - Trump is willing to end the war with Iran even if the Strait of Hormuz remains closed. The styrene price has fallen. The short - term de - stocking trend remains unchanged, and the general direction is to go long on dips [67][68][69] - Investment advice: Pay attention to the potential ground - war expectation and go long on dips in the long - run [69]

股票投资评级 证券研究报告：有色金属 | 公司点评报告 发布时间：2026-03-31 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.78 | | --- | --- | | 总股本/流通股本（亿股）265.91 | / 206.02 | | 总市值/流通市值（亿元）8,716 | / 6,753 | | 52 周内最高/最低价 | 43.45 / 15.41 | | 资产负债率(%) | 51.6% | | 市盈率 | 16.81 | | 第一大股东 | 闽西兴杭国有资产投资 | | 经营有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 紫金矿业(601899) 金铜收益充分释放，持续看好公司配置价值 l 公司发布 25 年年报，实现归母净利润 518 亿元 2025 年，公司年度实现总营业收入 3,491 亿元，同比增长 15%； 利润总额达到 808 亿元 ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [5]. Core Views - The Middle East geopolitical situation is a key factor affecting global aluminum prices, with recent production cuts and damages in Middle Eastern aluminum plants expected to provide upward momentum for prices [3][40]. - The domestic copper market shows decent fundamentals, with potential support for copper prices as some smelters may enter maintenance periods [3][34]. - The report highlights the importance of monitoring the speed of steel inventory reduction, which could boost steel prices if seasonal demand expectations are validated [5][17]. Industry Summary Steel - The production of five major steel products has slightly decreased, with total inventory also declining, indicating a potential for price increases if demand strengthens [17][25]. - As of March 27, the capacity utilization rate for blast furnaces was 86.63%, an increase of 1.10 percentage points from the previous week [22]. Copper - The global refined copper market experienced a surplus of 17,000 tons in January 2026, down from a surplus of 168,000 tons in December 2025, indicating a tightening supply situation [34]. - On March 27, the LME copper spot price was $12,000 per ton, reflecting a 0.20% increase from the previous week [37]. Aluminum - The LME aluminum spot price on March 27 was $3,300 per ton, a decrease of 1.11% from the previous week, while domestic aluminum inventory continues to accumulate [41]. - The report anticipates that the aluminum price may remain strong in the short term due to the geopolitical situation in the Middle East and the gradual release of domestic demand [40]. Precious Metals - Gold prices are currently under pressure due to high oil prices, but there is potential for a rebound if geopolitical tensions ease or inflation concerns diminish [46]. - As of March 27, the COMEX gold closing price was $4,521.30 per ounce, a 0.65% increase from the previous week [46]. New Energy Metals - Concerns over potential production cuts in Australian lithium mines due to energy issues may lead to a supply shortage, with lithium carbonate prices rising to 159,500 yuan per ton [52]. - The report emphasizes the need to monitor production dynamics in Australia and export policies in Zimbabwe [51]. Rare Earths and Minor Metals - The rare earth market is facing pressure due to weak demand from downstream enterprises, with prices expected to remain volatile [66]. - As of March 27, the price of light rare earth oxide neodymium praseodymium was 712,500 yuan per ton, reflecting a 1.42% increase from the previous week [66].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 ...