Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Investment Rating - The report maintains a "Neutral" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Shandong Gold, Zijin Mining, and China Aluminum [4]. Core Views - The report highlights that trade talks have provided positive sentiment, leading to a gradual easing of macroeconomic concerns [1]. - In the steel sector, demand may face short-term pressure due to increased rainfall in southern China, but potential economic stimulus policies could stabilize steel prices [3][4]. - For copper, supply tightness is expected due to the shutdown of the Antamina copper mine in Peru, while trade negotiations are improving market sentiment [3][4]. - Aluminum prices are under pressure from weakened downstream demand and adjusted tariffs, leading to expected price fluctuations [3][4]. - Gold's appeal as a safe-haven asset is diminishing due to optimistic trade talks and easing geopolitical tensions, which may put downward pressure on gold prices [3][4]. - The lithium sector is facing oversupply issues, with prices expected to continue declining in the short term [3][4]. Industry Summary Steel - Steel inventory has shifted from decline to increase due to seasonal demand weakness during the May Day holiday, with total steel inventory at 14.73 million tons, a 1.36% increase from the previous week [17][27]. - The production of five major steel products was 8.74 million tons, a 0.22% decrease from the previous week [21]. - The capacity utilization rate for blast furnaces was 92.09% as of May 9 [25]. Copper - The LME copper spot price was $9,500 per ton, a 3.06% increase from April 30, while SHFE copper inventory decreased by 31.96% [48]. - The report notes that the copper market is supported by supply constraints and positive macroeconomic sentiment [41][48]. Aluminum - The LME aluminum spot price was $2,400 per ton, a 0.17% decrease from April 30, with SHFE aluminum inventory down by 5.18% [51]. - The report indicates that aluminum prices are expected to fluctuate due to mixed market signals [50][51]. Precious Metals - Gold prices are under pressure, with COMEX gold closing at $3,329.10 per ounce, a 0.91% increase from April 30 [53]. - The report suggests that geopolitical developments are reducing gold's safe-haven appeal [53]. Lithium and New Energy Metals - The price of battery-grade lithium carbonate was 67,500 yuan per ton, a 2.46% decrease from April 30 [57]. - The report anticipates continued price declines in the lithium market due to oversupply [56][57]. Rare Earths and Minor Metals - The price of light rare earth oxide praseodymium-neodymium was 423,000 yuan per ton, a 2.92% increase from April 30 [64].

Market Overview - On May 12, both A-share and Hong Kong markets experienced a significant rebound, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index increasing over 2% [1][2] - The total trading volume in the A-share market reached 1.34 trillion yuan, marking an increase of 118.5 billion yuan from the previous trading day [2] - The Hong Kong market also saw a substantial increase, with the Hang Seng Index rising nearly 3% and the Hang Seng Technology Index up over 5% [1][3] Sector Performance - In the A-share market, sectors such as military industry, Apple supply chain, and robotics showed strong performance, with the defense industry leading with a 4.80% increase [2][4] - Notable stocks in the defense sector included AVIC Chengfei, Morningstar Aviation, and Aerospace South Lake, all reaching the daily limit of 20% increase [2] - In the Hong Kong market, non-essential consumer goods, industrials, and information technology sectors were among the top performers [3] Fund Flow - On May 12, net inflow of main funds in the A-share market exceeded 13 billion yuan, with 2,400 stocks experiencing net inflows [3][4] - The top sectors for net inflow included electric power equipment, defense industry, and electronics, with inflows of 2.998 billion yuan, 2.673 billion yuan, and 2.550 billion yuan respectively [4] - In the Hong Kong market, companies actively repurchased shares, with a total repurchase amount exceeding 2.7 billion Hong Kong dollars in May [3][4] Valuation and Investment Outlook - The rolling P/E ratio for the entire A-share market was reported at 19.10 times, while the Hang Seng Index stood at 10.25 times, indicating attractive valuations for both markets [4] - Analysts express optimism about the potential for gradual upward movement in the A-share market amid a stabilizing environment, with a focus on sectors like AI applications, innovative pharmaceuticals, and new consumption [5][6] - The Hong Kong market is expected to benefit from recent monetary easing policies, with analysts suggesting a focus on consumer and technology sectors, as well as high dividend yield sectors [6]

Investment Rating - The report maintains an "Overweight" rating for the industry [6][18]. Core Insights - The global manufacturing PMI is weakening, indicating a potential economic turning point, leading to a weak performance in basic metals [6][11]. - Despite short-term price weakness in basic metals, the long-term supply-demand dynamics suggest limited downside potential, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The industry comprises 142 listed companies with a total market value of 29,468.06 billion and a circulating market value of 27,667.90 billion [3]. - The A-share market overall rose, with the non-ferrous metals sector outperforming the Shanghai Composite Index by 0.07 percentage points [21][25]. Economic Factors - The April manufacturing PMI in China fell to 49, indicating contraction, with new orders PMI at 49.2 [36]. - The U.S. manufacturing PMI also declined to 48.7, reflecting similar trends [38]. - The Eurozone's economic sentiment index dropped significantly to -18.5 [47]. Basic Metals Analysis - **Aluminum**: Trade uncertainties and weak demand expectations have led to a decline in aluminum prices post-holiday. The operating capacity for electrolytic aluminum remains stable at 43.835 million tons [9][55]. - **Alumina**: The supply-demand balance is tight, with production decreasing and some companies reportedly violating production regulations, creating short-term bullish sentiment [12]. - **Copper**: The processing fees for copper concentrate are declining, while domestic refined copper production is increasing, indicating a deepening conflict in the mining and metallurgy sectors [14]. - **Zinc**: Domestic refined zinc production is growing, with social inventories at historically low levels [16]. Inventory and Pricing - Overall inventory levels for basic metals are low, with specific metrics indicating a decrease in aluminum ingot inventory to 694,000 tons [10][57]. - The current price for electrolytic aluminum is around 19,550 yuan per ton, reflecting a 2.49% decrease [57].

（二）是否存在影响独立性的情况说明 公司独立董事不在公司兼任除董事会专门委员会委员以外的其他 吴小敏 - 副主任委员 委员 职务，与公司及公司主要股东之间不存在妨碍独立董事履职保持独立、 客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司 独立董事管理办法》等法律法规相关独立性要求。 报告期，公司 2024 年召开 1 次股东会、20 次董事会、1 次战略与 可持续发展（ESG）委员会、6 次审计与内控委员会、3 次提名与薪酬 委员会、1 次独立董事专门会、1 次独立董事与董事长闭门会、1 次独 立董事与总裁闭门会、1 次独立董事与安永审计师闭门会。本年度独立 董事未对公司董事会及其专门委员会各类议题及其他事项提出反对或 弃权，未提议召开临时股东会和董事会。独立董事出席会议情况如下 表： The First A Shareholder's and H Shareholder's Class Meeting in 2025 会 议 材 料 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司 ? 会议时间：2025 年 5 月 19 日（星期一）上午 9 点。 ? 网络投票时间：2025 年 5 月 ...

2024 年年度股东会 2025 年第一次 A 股类别股东会 2025 年第一次 H 股类别股东会 2024 Annual General Meeting The First A Shareholder's and H Shareholder's Class Meeting in 2025 会 议 材 料 紫金矿业集团股份有限公司 2025 年 5 月 19 日 紫金矿业集团股份有限公司 2024 年年度股东会议程 议 程 主持人宣布大会开幕； 董事会秘书宣布参加本次股东会现场会议的股东人数、代表股份总额； 主持人根据公司章程提议表决票清点人； 本次会议逐项审议下列议案： 1.公司2024年度董事会工作报告 2.公司独立董事2024年度述职报告 3.公司2024年度监事会工作报告 4.公司2024年年度报告及摘要 5.公司2024年度财务决算报告 6.公司2024年度利润分配方案 7.关于提请股东会授权董事会制定2025年中期利润分配方案的议案 8.关于执行董事、监事会主席2024年度薪酬计发方案的议案 9.关于变更2025年度审计机构的议案 10.关于2025年度担保计划的议案 11.关于子公司开展期货及衍 ...

主力资金监控：国防军工板块净流入超44亿元 智通财经5月12日电，智通财经星矿数据显示，今日主力资金净流入国防军工、机械设备、非银金融等板块，净流出农林牧渔、半导 体、计算机等板块，其中国防军工板块净流入超44亿元。个股方面，中航成飞涨停，主力资金净买入10.15亿元位居首位，东方财 富、拓斯达、立讯精密主力资金净流入居前；寒武纪-U遭净卖出超3亿元位居首位，紫金矿业、拓维信息、润和软件主力资金净流出 额居前。 | 排名 | 板块名称 | 主力资金净流入（亿元） | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 国防军工 | 44.85 | 4.47 | | 2 | 机械设备 | 28.62 | 2.41 | | 3 | 非银金融 | 26.29 | 7.39 | | ব | 证券 | 23.14 | 8.99 | | 5 | 电新行业 | 19.83 | 2.23 | | 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | 1 | 农林牧渔 | -10.30 | -6.59 | ...

Group 1 - The A500 Index ETF has shown significant liquidity with a turnover rate of 4.32% and a transaction volume of 626 million yuan [2] - Over the past week, the A500 Index ETF has achieved an average daily transaction volume of 2.408 billion yuan, ranking in the top three among comparable funds [2] - The A500 Index ETF has experienced a growth of 17 million yuan in scale over the past three months, leading among comparable funds [2] Group 2 - The A500 Index ETF has seen a notable increase in shares, with a growth of 10.2 million shares over the past week [2] - In the last four trading days, the A500 Index ETF recorded net inflows of 97.4215 million yuan on three occasions [2] - The underlying index, the CSI A500 Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.51, which is below 89.58% of the time over the past year, indicating strong valuation attractiveness [2] Group 3 - The top ten weighted stocks in the CSI A500 Index account for 20.8% of the index, including major companies such as Kweichow Moutai, CATL, and Ping An Insurance [2] - The market is expected to regain activity with a clear structural trend, supported by recent major policy announcements that enhance market transaction enthusiasm [3] - External factors affecting the market have shown signs of improvement, leading to a decrease in uncertainty and a potential increase in risk appetite [3]

Core Viewpoint - The article discusses the significant rise in international gold prices and its impact on domestic gold stocks, particularly focusing on Zijin Mining's performance amidst the gold price surge and its broader business operations in copper and other metals [1][20]. Group 1: Gold Price Surge and Market Reaction - International gold prices have surged over 25% this year, peaking at over $3500 per ounce on April 22, before experiencing a slight pullback [1]. - The rise in gold prices has led to a rally in domestic gold stocks, with notable performances from companies like Chifeng Jilong Gold, which saw its stock price double this year [1]. - Despite the overall market enthusiasm, Zijin Mining's stock has only increased by 16.7% year-to-date, underperforming compared to other gold stocks [1][3]. Group 2: Zijin Mining's Business Overview - Zijin Mining is a global mining giant with a diverse portfolio, including copper, gold, zinc, and lithium carbonate, with copper production exceeding 1 million tons last year, ranking fourth globally [3][4]. - The company has a significant gold production output of 72.9 tons, accounting for 25% of China's total gold production, and holds substantial gold reserves [3][4]. - Zijin Mining's copper and gold businesses have shown a trend of increasing production and revenue, with a compound annual growth rate of 15.4% and 49% in revenue and net profit from 2020 to 2024, respectively [7][9]. Group 3: Cost and Profitability Analysis - The production cost for gold bars in Q1 2025 was approximately 1300 USD per ounce, which is below the global average mining cost [5]. - Although Zijin Mining's overall mining costs have increased, the company maintains competitive extraction costs compared to industry peers [6][9]. - The company's profitability has improved, with gross and net profit margins rising significantly since 2020, although it still lags behind gold-focused companies like Chifeng Jilong Gold [9]. Group 4: Future Growth Prospects - Zijin Mining has outlined growth plans, expecting copper and gold production to increase by 7.5% and 16.4% respectively in 2025, with long-term targets set for 2028 [10]. - The article suggests that both copper and gold prices have potential for long-term growth, which supports Zijin Mining's continued performance [22]. - The company is heavily invested by both domestic and foreign institutions, indicating strong market confidence in its future performance [23]. Group 5: Market Influences and Price Outlook - The article notes that short-term fluctuations in Zijin Mining's stock price are closely tied to gold price movements, which may experience volatility due to various economic factors [24]. - Factors such as U.S. tax policy and trade negotiations could impact gold prices, suggesting that a clearer upward trend may emerge after these uncertainties are resolved [24].

Investment Rating - The report maintains a "Recommended" rating for several companies including Zijin Mining, Luoyang Molybdenum, Yunnan Aluminum, Huayou Cobalt, and others [4][7]. Core Views - The macroeconomic environment shows mixed signals with U.S. non-farm employment exceeding expectations while GDP contracted, leading to concerns about economic stagnation. However, domestic monetary easing measures are expected to support industrial metal prices [2][3]. - The report highlights a shift in the supply-demand balance for cobalt and lithium, with cobalt prices expected to rise due to supply constraints, while lithium prices are under pressure from high inventory levels [3]. - Precious metals are viewed positively due to increased geopolitical tensions and ongoing central bank gold purchases, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Copper: The SMM import copper concentrate index decreased by $43.11 per dry ton, indicating a tightening supply situation. The operating rate of copper cable enterprises fell to 83.49%, reflecting weak demand [2]. - Aluminum: Domestic electrolytic aluminum production capacity remains stable, with a notable decrease in social inventory by 16,000 tons, indicating a shift from accumulation to depletion [2]. - Zinc: The report notes fluctuations in zinc prices influenced by macroeconomic factors and trade uncertainties, with LME zinc prices recorded at $2,601 per ton [2][47]. Energy Metals - Cobalt: The report indicates ongoing supply tightness due to Congo's export ban, with prices expected to enter a new upward phase as inventory levels decrease [3]. - Lithium: Demand remains weak with downstream material manufacturers waiting for further price declines, while supply remains high, leading to continued downward pressure on prices [3]. Precious Metals - Gold: The report notes that the Chinese central bank has increased its gold reserves for six consecutive months, supporting a bullish outlook for gold prices amid rising geopolitical tensions [3]. - Silver: Although silver prices have declined, they are expected to rebound more significantly than gold if gold prices increase, due to silver's industrial applications [3]. Key Companies and Forecasts - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.57 in 2025 and a PE ratio of 11 [4]. - Other recommended companies include Luoyang Molybdenum, Yunnan Aluminum, and Huayou Cobalt, with similar positive outlooks on their earnings and valuations [4].