每经记者 闫峰峰 每经编辑 吴永久 近日，在关税政策扰动下，黄金价格大幅波动，成为市场的焦点。黄金价格不仅持续创出历史纪录，上海期货交易所的黄金期货单日成交额也破万亿元，创 出了历史新高，而这也使得A股黄金股表现异常活跃。而在市场预期关税战缓和以及美国4月非农就业数据好于预期的刺激下，近期金价出现持续回落。 在当地时间5月3日举行的伯克希尔哈撒韦股东大会上，巴菲特表示，美国的财政政策可能会侵蚀美元的价值，多次提到美元贬值的风险。他表示不会投资于 会大幅贬值的货币，并指出美国当前的财政赤字模式不可持续。 在巴菲特对美元罕见"警告"后，5月5日美元指数下行，CMX黄金期货价格重拾升势，盘中涨幅超1%。而在历史上，黄金价格与美元指数多数时间呈现负相 关关系。可见，如果美元持续贬值，那么将利好金价。在黄金牛市的背景下，不少投资者也开始关注黄金股，甚至想长期价值投资黄金股，就相当于投资了 黄金。那么黄金股的股价和黄金价格之间存在什么关系？当前的黄金股机会到底如何？后期又面临哪些风险？对此，每经资本眼记者结合黄金历史走势及相 关投资案例梳理了五大真相。 所以，从投资黄金股的角度来讲，如果看好黄金价格未来的持续上涨，不仅应 ...

Core Viewpoint - The non-ferrous metal industry is experiencing significant growth driven by rising metal prices, with several leading companies reporting strong performance in 2024 and maintaining rapid growth in the first quarter of the year [1][2]. Group 1: Company Performance - Zijin Mining reported a revenue of approximately 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of about 32.05 billion yuan, up 51.76% [2]. - In the first quarter of 2024, Zijin Mining achieved a revenue of 78.93 billion yuan, a 5.55% increase year-on-year, and a net profit of 10.17 billion yuan, reflecting a 62.39% growth [2]. - China Aluminum's revenue for 2024 reached 237.07 billion yuan, a 5.21% increase, with a net profit of 12.4 billion yuan, up 85.38% [2]. - In the first quarter of 2024, China Aluminum's revenue was 55.78 billion yuan, a 13.95% increase, and the net profit was 3.54 billion yuan, up 58.78% [2]. - Luoyang Molybdenum achieved a revenue of 213.03 billion yuan in 2024, a 14.37% increase, with a net profit of 13.53 billion yuan, up 64.03% [4]. - In the first quarter of 2025, Luoyang Molybdenum's revenue was 46.01 billion yuan, a slight decrease of 0.25%, while the net profit increased by 90.47% to 3.95 billion yuan [4]. Group 2: Industry Trends - The non-ferrous metal industry is benefiting from high prices of metals like gold and copper, leading to sustained high growth in revenues and profits for major companies [2][5]. - The market outlook for gold remains positive in the medium to long term, despite recent fluctuations, with expectations of a strong performance driven by inflation and weakening dollar credit [6][7]. - The copper market is expected to face a supply shortage in the medium term, with demand from sectors like home appliances and electric vehicles driving prices upward [7]. - The aluminum market is anticipated to improve, with a potential rise in prices due to recovering profits from electrolytic aluminum and increasing demand [7].

Core Viewpoint - The non-ferrous metal industry has experienced significant growth in performance driven by rising metal prices, particularly in gold and copper [1][4]. Group 1: Industry Performance - The overall performance of the non-ferrous metal industry has shown high growth, with several listed companies maintaining rapid growth in Q1 2024 [2][4]. - Major companies like Zijin Mining, China Aluminum, and Luoyang Molybdenum have reported substantial increases in revenue and net profit for 2024 [4][6]. Group 2: Company Highlights - Zijin Mining achieved approximately 303.64 billion yuan in revenue for 2024, a year-on-year increase of 3.49%, with a net profit of about 32.05 billion yuan, up 51.76% [4][6]. - In Q1 2024, Zijin Mining's revenue was 78.93 billion yuan, growing by 5.55%, and net profit reached 10.17 billion yuan, an increase of 62.39% [4][6]. - China Aluminum reported 2024 revenue of 237.07 billion yuan, a 5.21% increase, and a net profit of 12.4 billion yuan, up 85.38% [4][6]. - Luoyang Molybdenum's revenue for 2024 was 213.03 billion yuan, a 14.37% increase, with a net profit of 13.53 billion yuan, up 64.03% [4][6]. Group 3: Market Outlook - Institutions remain optimistic about the long-term price trends of gold and copper, despite short-term fluctuations due to geopolitical factors [8][9][10]. - The copper market is expected to face a supply shortage, with demand from sectors like home appliances and electric vehicles driving prices upward [10]. - The aluminum market is anticipated to improve, with potential profit recovery for electrolytic aluminum as demand increases [10].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The copper pricing mechanism is shifting from macroeconomic factors to supply-demand fundamentals, with expectations of price fluctuations in 2024 and a potential increase in 2025 due to intensified supply-demand conflicts [1][11]. - Global copper supply is primarily dominated by Latin America, particularly Chile and Peru, but growth in copper production is slowing down, with significant investments in exploration declining [2][16]. - Demand for copper is expected to remain robust, driven by sectors such as power infrastructure, electric vehicles, and home appliances, despite some downward pressure from the real estate sector [3][12]. Summary by Sections 1. Copper Pricing Dynamics - The copper price in 2024 is expected to be influenced by macroeconomic easing and supply disruptions, leading to a volatile market [1][11]. - The second half of 2024 may see a price correction as macroeconomic benefits are absorbed and demand remains subdued [12]. 2. Copper Supply - The global copper mining supply is primarily concentrated in Latin America, with Chile and Peru holding significant reserves [2][16]. - The growth rate of copper mining investments is slowing, indicating a tightening supply trend in the long term [2][16]. - Key mining projects in Africa and Asia may face delays due to geopolitical risks and stricter environmental regulations [2]. 3. Copper Demand - Global refined copper consumption is steadily increasing, with strong demand from the power construction and new energy vehicle sectors [3][12]. - The demand for copper is expected to remain high due to ongoing investments in electric grid upgrades and renewable energy installations [3][12]. - Future demand dynamics will depend on policy developments and the evolution of the industrial chain [3][12]. 4. Key Investment Targets - Zijin Mining and Luoyang Molybdenum are highlighted as key investment targets due to their growth potential and strong performance in the copper sector [4].

紫金矿业表示，分拆所涉资产全部为境外黄金矿山资产，在黄金定价逻辑发生重大变化以及价格大幅上涨的背景下，本次分拆上市预计将为公司与股东创造 更大价值。 4月30日，紫金矿业（601899）（SH601899，股价17.46元，市值4640亿元）公告称，其拟将下属境外黄金矿山资产重组至全资子公司紫金黄金国际有限公 司（以下简称"紫金黄金国际"）旗下，并申请将紫金黄金国际分拆至香港联交所主板上市。 紫金矿业的黄金资源量及产量位居全球前六，近五年矿产金产量年复合增长率达12%。 在南美洲，紫金矿业拥有哥伦比亚武里蒂卡金矿、苏里南罗斯贝尔金矿、圭亚那奥罗拉金矿及新并购的秘鲁阿瑞那铜金矿。 分拆可提升公司市值管理水平 紫金矿业称，本次拟重组整合至紫金黄金国际旗下的公司下属境外黄金矿山资产由多座世界级大型矿山组成，主要包括位于南美洲、中亚地区、非洲和大洋 洲的黄金矿山。 "相关重组工作目前尚在推进过程中。"紫金矿业表示。 本次分拆上市完成后，紫金矿业与紫金黄金国际将在资产、财务、机构、人员、业务等方面按法律法规要求致力保持独立。 紫金矿业称，目前公司董事会同意授权启动本次分拆上市的前期筹备工作，并在本次分拆上市方案制定完成 ...

Group 1 - In Q1 2025, the overall equity position of actively managed equity funds increased to 85.47%, up by 0.40 percentage points from Q4 2024 [4][5][12] - The main sectors with increased holdings included financial real estate, consumer goods, pharmaceuticals, and cyclical industries, with financial real estate seeing the largest increase from 3.7% to 4.3% [9][12] - Actively managed equity funds increased their positions in the automotive and chemical sectors while reducing exposure to military, environmental protection, and transportation sectors [12][19] Group 2 - The top five sectors for actively managed equity funds in Q1 2025 were electronics (20.3%), pharmaceuticals (10.4%), basic chemicals (8.9%), public utilities (7.2%), and communications (6.9%) [12][19] - The top five sectors with the largest increases in holdings were automotive (+0.8%), basic chemicals (+0.6%), real estate (+0.3%), construction materials (+0.2%), and public utilities (+0.2%) [12][19] - The top five sectors with the largest decreases in holdings were military defense (-0.9%), environmental protection (-0.6%), transportation (-0.6%), computers (-0.3%), and steel (-0.2%) [12][19] Group 3 - In Q1 2025, large-scale actively managed equity funds increased their positions in non-ferrous metals and home appliances while reducing exposure to non-bank financials and food and beverage sectors [19][24] - The top five sectors for large-scale actively managed equity funds were electronics (19.0%), food and beverage (16.5%), power equipment (11.3%), non-bank financials (9.7%), and pharmaceuticals (9.5%) [19][24] - The top five sectors with the largest increases in holdings were non-ferrous metals (+3.0%), home appliances (+2.3%), power equipment (+1.6%), machinery (+0.9%), and automotive (+0.7%) [19][24] Group 4 - The concentration of holdings in the top 20 stocks increased significantly in Q1 2025, with the top 5 holdings rising to 18.5%, top 10 to 27.7%, and top 100 to 65.9% [23][29] - The top 20 stocks with the largest increases in holdings were primarily in the electronics, automotive, and communications sectors [25][31] - The top three stocks with the largest increases in holdings were BYD, Zijin Mining, and Chipone Technology [25][31] Group 5 - Expectations for Q2 2025 indicate that holdings in technology, consumer, and certain cyclical sectors may remain high due to government policies promoting AI and consumption [32][33] - The agricultural and food and beverage sectors are expected to see increased holdings due to low current positions and improving consumption potential [32][33] - The construction materials sector is anticipated to benefit from ongoing real estate policies and increased demand [32][33]

证券代码：601899 股票简称：紫金矿业 编号：临 2025-041 紫金矿业集团股份有限公司 关于筹划境外子公司分拆上市的提示性公告 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。 重要内容及风险提示： 为加快紫金矿业集团股份有限公司（以下简称"公司"或"紫金矿业"） 黄金板块的国际化进程，打造全球一流的国际黄金上市企业，紫金矿业拟将下属 境外黄金矿山资产重组至中国香港的全资子公司紫金黄金国际有限公司（Zijin Gold International Company Limited，以下简称"紫金黄金国际"）旗下，并申 请将紫金黄金国际分拆至香港联合交易所有限公司（以下简称"香港联交所"）主 板上市（以下简称"本次分拆上市"）。 本次分拆上市有利于黄金资产价值重估和公司整体利益。本次分拆上市不 会影响紫金矿业对境外黄金资产的控制权，紫金黄金国际仍为紫金矿业合并报表 范围内的控股子公司；分拆所涉资产全部为境外黄金矿山资产，在黄金定价逻辑 发生重大变化以及价格大幅上涨的背景下，本次分拆上市预计将为公司与股东创 造更大价值。 紫 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-042 关于为参股公司提供担保的实施公告 紫金矿业集团股份有限公司 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： 被担保人名称：西藏翔龙矿业有限公司（以下简称"翔龙矿业"） 紫金矿业集团股份有限公司（以下简称"公司"）参股公司翔龙矿业拟向 以中国农业银行股份有限公司西藏自治区分行作为牵头行，中国银行股份有限公 司日喀则分行、中国工商银行股份有限公司日喀则分行、西藏银行股份有限公司、 上海浦东发展银行股份有限公司拉萨分行、兴业银行股份有限公司拉萨分行、中 信银行股份有限公司拉萨分行、中国光大银行股份有限公司拉萨分行、中国民生 银行股份有限公司拉萨分行作为参团行组建的银团（以下简称"银团"），申请总 额不超过人民币（币种下同）64 亿元贷款。公司将为上述贷款中的 34 亿元提供连 带责任担保，担保期限不超过 15 年，其余贷款由翔龙矿业提供矿权抵押担保。 一、担保情况概述 根据公司于2024年5月17日召开的2023年年度股东会审议通过的《关于202 ...

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 截至月份: 2025年4月30日 狀態: 新提交 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: 2025年5月1日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | A 股份類別 | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 20,588,733,940 | 0 | | 20,588,733,940 | | 增加 / 減少 (-) | | | -64,316,000 | 64,316,000 | | | | 本月底結存 | | | 20,524,417,940 | 64,316,000 | | 20,588,733,940 | | 2. 股份分類 | ...

紫金矿业（601899）公告，为加快黄金板块国际化进程，公司拟将下属境外黄金矿山资产重组至紫金黄 金国际，并申请分拆至香港联交所主板上市。本次分拆上市有利于黄金资产价值重估和公司整体利益， 不会影响紫金矿业对境外黄金资产的控制权。紫金黄金国际仍为紫金矿业合并报表范围内的控股子公 司。分拆所涉资产全部为境外黄金矿山资产，主要包括位于南美、中亚、非洲和大洋洲的黄金矿山。本 次分拆上市尚处于前期筹划阶段，需取得有关部门的相关审批许可后方可实施。 ...