Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that the gold price experienced significant fluctuations due to expectations of easing trade conflicts, alongside profit-taking from previous rapid increases. This led to adjustments in gold stocks. Short-term corrections are primarily driven by emotional recovery, with a focus on economic data from May and June following tariff conflicts. The narrative of recession is expected to persist [2][6] - Historical trading behavior suggests that central banks or insurance funds may accelerate gold purchases during rapid price corrections. The ongoing trend of de-dollarization is anticipated to stabilize gold price fluctuations [6] - Most gold stocks have seen a valuation recovery of nearly 20 times but remain at historically low levels. The easing of U.S. tariff expectations has contributed to a rebound in industrial metals [6][7] Summary by Sections Precious Metals - The report maintains a strategy of increasing allocations to gold stocks during corrections, as the valuation of gold stocks is at the lower end of historical cycles. Suggested stocks include Chifeng Jilong Gold Mining, Zhaojin Mining, Shandong Gold, and Shandong Gold International [6][7] Industrial Metals - Easing U.S. tariff expectations have led to a rebound in industrial metals, with LME copper rising by 1.9% and aluminum by 3%. SHFE copper and aluminum also saw increases of 1.7% [7][25] - The report notes a significant reduction in copper and aluminum inventories, with copper down 8.5% week-on-week and 4.84% year-on-year, while aluminum decreased by 3.81% week-on-week and 19.64% year-on-year. This is attributed to improved economic expectations and a shift in export trade [7][27] - The long-term outlook suggests that a weaker dollar will elevate the central price of resource commodities, with a focus on leading copper and aluminum stocks that are currently undervalued [7][8] Energy and Minor Metals - The report emphasizes that supply remains a key factor, particularly for rare earths and tungsten. China has implemented export controls on heavy rare earths, which is expected to catalyze supply-side improvements [8][26] - Tungsten supply is expected to remain rigid, with a controlled mining quota of 58,000 tons for 2025, reflecting a 6.5% decrease from the previous year. This is likely to support price increases [8][26] - The report also highlights potential upward price movements for cobalt and nickel due to supply constraints from Congo and Indonesia, respectively [8][26]

Investment Rating - Industry View for China Materials is rated as Attractive [6] - Industry View for China Cement is rated as In-Line [6] - Industry View for China Coal is rated as Cautious [9] Core Insights - The Trump administration has initiated a tariff probe on all US critical mineral imports, which may impact supply chains and pricing in the sector [6][20] - Baosteel is continuing its industry consolidation efforts, investing Rmb9 billion to acquire a 49% stake in Magang Limited [3][6] - Base metals have shown price increases, with Shanghai copper prices up 2.5% week-over-week (WoW) and aluminum prices up 1.3% WoW, while inventories for both metals have decreased [6][10] - Battery metals are under pressure, with prices for lithium hydroxide and lithium carbonate declining slightly, and stockpiling expected to continue [2][20] - Gold prices have increased by 2.8% WoW, attributed to Zijin Mining's acquisition of the Akyem Gold Project in Ghana, which has significant production potential [3][34] Summary by Sections Base Metals - Shanghai copper prices increased by 2.5% WoW to Rmb76,380/t, with inventories down 6.2% [10] - Shanghai aluminum prices rose by 1.3% WoW to Rmb19,830/t, with inventories down 7.4% [10] Battery Metals - Domestic industrial-grade lithium hydroxide prices decreased by 0.3% WoW to Rmb62,750/t, while battery-grade prices also fell by 0.3% to Rmb68,830/t [2][10] - Industrial-grade lithium carbonate prices dropped by 0.2% WoW to Rmb69,650/t, and battery-grade prices fell by 0.4% to Rmb71,450/t [2][10] - Mysteel anticipates continued stockpiling of lithium carbonate in April, with prices under pressure due to flat demand [20] Gold - Gold prices rose by 2.8% WoW to US$3,327/oz, following Zijin Mining's acquisition of the Akyem Gold Project [3][34] Steel - Shanghai HRC prices decreased by 1.8% WoW to Rmb3,220/t, while CRC prices fell by 1.3% to Rmb3,961/t [10] - Long steel inventories decreased by 6.4% WoW, while flat steel inventories fell by 2.0% WoW [10] Cement - Cement prices decreased by 0.7% WoW to Rmb389/t [4][10] Coal - Coal prices remained flat WoW at Rmb678/t, with Qinhuangdao inventory increasing by 11.2% to 6.85 million tons [4][10] - The NDRC has issued a plan to upgrade coal-fired power plants from 2025 to 2027 [28][29]

Investment Rating - The industry view is rated as Attractive, with a preference for gold, cement, building materials, and steel for 2Q25 [7]. Core Insights - Demand in the materials sector showed signs of recovery in 1Q25, but the outlook for 2Q25 is uncertain due to tariff concerns. Domestic excavator sales increased by 38% YoY, and orders from cathode producers rose by 20% due to strong demand from electric vehicles (EV) and energy storage [2]. - The report anticipates that metals-related stocks may outperform in 2H25 as further stimulus is expected [1][6]. - The tariff impact is projected to weigh heavily on the materials space, with a forecasted GDP growth reduction of 30 basis points to 4.2% for 2025 due to tariff shocks and domestic demand impacts [2][18]. Summary by Sections Gold - Gold is identified as the top pick within commodities, supported by ongoing central bank buying and rising ETF inflows. Lower Treasury yields are expected to enhance gold's macro backdrop. Preferred stocks include Zhaojin (1818.HK) and Zijin Mining (2899.HK, 601899.SS) [3]. Cement and Steel - Cement supply-side controls were announced in November 2024, leading to a focus on profitability rather than price wars. The report expects a significant increase in gross profit per ton due to lower coal prices and higher cement prices. For steel, a production cut of 30 million tons and an export cut of 15-20 million tons are anticipated in 2025. Preferred stocks include Anhui Conch (0914.HK, 600585.SS), CNBM (3323.HK), and Baosteel (600019.SS) [4]. Copper and Aluminum - In 2H25, copper and aluminum are expected to outperform due to continued demand from grid and EV-related green infrastructure. Additional fiscal stimulus could further support demand. Preferred stocks include Zijin (2899.HK, 601899.SS), CMOC (3993.HK, 603993.SS), and Hongqiao (1378.HK) [5]. Tariff Impact - The report highlights that the current cumulative US tariffs could have a more significant growth drag than in 2018-19, with expectations of trade talks to lower tariffs to 34% by year-end. The tariff shocks are expected to impact both trade channels and domestic demand [17][18].

新任命4位管理层人员 洛阳钼业公告显示，因个人原因，袁宏林向公司董事会申请辞去董事长、非执行董事及董事会相关专门 委员会委员职务，该辞呈于公司股东大会增补相关董事的决议作出之时生效；辞呈生效之前，袁宏林将 继续履行前述相关职务。因个人原因，李朝春向公司董事会申请辞去副董事长、执行董事、战略及可持 续发展委员会委员及首席投资官职务，辞呈生效日期为送达董事会当日。 4月25日，洛阳钼业召开相关会议，同意增补阙朝阳、刘建锋为公司第七届董事会执行董事候选人。另 外，公司同意聘任阙朝阳为常务副总裁兼首席运营官、刘建锋为首席投资官、Kenny Ives为副总裁兼首 席商务官、谭啸为副总裁。 公告显示，阙朝阳1970年9月出生，曾任紫金矿业集团海内外多个大型项目、区域公司、事业部总经 理，集团公司副总裁兼总工程师。阙朝阳具有丰富的矿业投资并购、勘查、项目建设及运营经验。 刘建锋1977年1月出生，历任中国海油集团商务总监、复星国际洛克石油执行董事兼首席财务官、洲际 油气执行总裁兼首席财务官、新奥能源执行董事兼总裁及湖州燃气股份有限公司副董事长兼非执行董 事，主导多宗大型跨国并购与资源整合项目。 每经记者 王佳飞 每经编辑 ...

宗旨 開發礦業 造福社會 戰略目標 綠色高技術超一流國際礦業集團 企業精神 艱苦創業 開拓創新 紫金山銅金礦 | 目錄 | | | --- | --- | | 2 | 公司資料 | | 4 | 財務摘要 | | 6 | 董事長致辭 | | 9 | 報告摘要 | | 14 | 董事、監事、高級管理人員及公司秘書簡介 | | 19 | 資源量和儲量 | | 27 | 主要運營產品 | | 37 | 管理層討論與分析 | | 66 | 董事會報告 | | 96 | 獨立董事報告 | | 103 | 監事會報告 | | 107 | 可持續發展 | | 126 | 企業管治報告 | | 151 | 審計報告 | | 155 | 合併資產負債表 | | 158 | 合併利潤表 | | 160 | 合併股東權益變動表 | | 162 | 合併現金流量表 | | 164 | 資產負債表 | | 166 | 利潤表 | | 167 | 股東權益變動表 | | 169 | 現金流量表 | | 171 | 財務報表附註 | | 383 | 釋義 | 2 紫金礦業集團股份有限公司 2024年年報 公司資料 執行董事 陳景河 （董事長 ...

Company Overview - The company reported a total issued share capital of RMB 2,657,788,894 as of December 31, 2024, with 26,577,888,940 shares issued, including 20,589,048,940 A-shares (approximately 77.47%) and 5,988,840,000 H-shares (approximately 22.53%) [9] - The company is a large multinational mining group engaged in the exploration, development, and engineering research of metal resources such as copper, gold, zinc, lithium, silver, and molybdenum [9] - The company was established on September 6, 2000, and was the first domestic gold production enterprise to be listed overseas, with its H-shares listed on the Hong Kong Stock Exchange in December 2003 [9] Strategic Goals and Innovation - The company aims to provide low-carbon mineral raw materials for a better human life, aligning with its strategic goal of becoming a leading international mining group with green high technology [9] - The company emphasizes innovation and hard work as part of its corporate spirit, aiming to benefit society through its mining operations [2] - The company is committed to integrating AI technology into its operations to enhance production efficiency and management systems [27] - The company has a strong focus on innovation as its core competitive advantage, continuously improving its technology and management capabilities [168] Financial Performance - In 2024, the company achieved a total revenue of RMB 303.64 billion, representing a year-on-year increase of approximately 3.8% compared to RMB 293.40 billion in 2023 [16] - The net profit attributable to shareholders reached RMB 32.05 billion in 2024, a significant increase of about 51.7% from RMB 21.12 billion in 2023 [16] - The total assets of the company increased to RMB 396.61 billion in 2024, up from RMB 343.01 billion in 2023, marking a growth of approximately 15.7% [18] - The company reported a total liability of RMB 218.88 billion in 2024, compared to RMB 204.64 billion in 2023, reflecting an increase of about 6.9% [18] - Cash and cash equivalents rose to RMB 29.65 billion in 2024, up from RMB 17.69 billion in 2023, indicating a growth of approximately 67.5% [19] Operational Efficiency and Sustainability - The company has a strategic focus on sustainable development and has established various committees to oversee its governance and operational strategies [6] - The company’s ESG rating is now among the top tier in the mining industry, reflecting its commitment to sustainable development [23] - The liquidity ratio improved to 99.2% in 2024, compared to 92.2% in 2023, indicating better short-term financial health [19] - The company is committed to cleaner and more sustainable copper production practices [101] Resource Management and Production - The total resource volume includes over 1.1 million tons of copper and 4,000 tons of gold, positioning the company strategically in the energy transition market [25] - The company holds significant resources, with copper reserves at 5,043,000 tons and gold reserves at 1,487 tons [61] - The company aims to enhance its lithium production capacity significantly, positioning itself as one of the world's leading lithium producers after the completion of the "Two Lakes Two Mines" project [28] - The company plans to achieve a top-three position globally in metal production by 2028, two years ahead of its original schedule [26] Global Operations and Market Presence - The company operates over 30 large-scale mining resource development bases across 16 countries and 17 provinces in China [64] - The company operates in 17 countries, including China, with a total workforce of 55,690 and 37,450 collaborators [66] - The company ranks 1st among global gold enterprises and 5th among global metal mining companies [67] - The company has a strong presence in the Chinese market, being part of the Shanghai Stock Exchange 50 Index and FTSE China A50 Index [67] ESG and Social Responsibility - The company has a strong commitment to ESG, with a 21% increase in social contribution value projected to reach RMB 750 million by 2024 [63] - The company’s global social contribution value reached RMB 75 billion, a year-on-year increase of 33.42% [148] - The company’s ESG performance remains strong, with a carbon intensity reduction of 34.9% compared to the 2020 baseline, ahead of the 2025 target [147] Future Outlook and Growth Strategy - The company plans to leverage its strong financial management capabilities to optimize capital operations and drive growth [75] - The company is preparing for potential acquisitions to expand its market presence and diversify its portfolio [75] - Future outlook includes a commitment to sustainable development and ESG initiatives, aligning with global trends and investor expectations [77] Research and Development - Total R&D expenditure amounted to RMB 1,582,329,420, representing 0.52% of operating revenue [198] - The company employed 5,387 R&D personnel, accounting for 9.67% of total employees [199] - The company initiated 168 new research projects during the reporting period, including 3 national key R&D projects [200] Market Trends and Metal Prices - Gold prices reached $2,611 per ounce at year-end, a significant increase of 26.3% compared to the beginning of the year, marking the largest annual increase since 2010 [151] - Copper prices peaked at $10,857 per ton in May 2024, driven by supply shortages and monetary easing expectations, before falling to around $8,700 per ton by December [153] - The geopolitical tensions and the Federal Reserve's monetary policy significantly influenced the fluctuations in metal prices throughout 2024 [150]

金融界4月25日消息，A股三大指数收盘涨跌不一，沪深300金属与采矿指数 (300金属与采矿，L11606) 报2380.65点。 数据统计显示，沪深300金属与采矿指数近一个月下跌4.75%，近三个月上涨3.70%，年至今上涨 7.50%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 深300指数300只样本按行业分类标准分为10个一级行业、26个二级行业、70余个三级行业及100多个四 级行业。沪深300细分行业指数系列分别以进入各二级、三级行业的全部证券作为样本编制指数，形成 沪深300细分行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300金属与采矿指数十大权重分别为：紫金矿业（31.22%）、北方稀土 （6.24%）、宝钢股份（6.15%）、山东黄金（6.06%）、中国铝业（5.51%）、洛阳钼业（5.35%）、华 友钴业（4.87%）、中金黄金（4.43%）、包钢股份（4.29%）、赣锋锂业（3.72%）。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.17%、深圳证券交易所占 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of a technology innovation corporate bond by Zijin Mining Group, with a total scale of 2 billion yuan and a subscription multiple of 2.5 times, indicating strong market recognition and support for the company [1][3] - Zijin Mining is a large multinational mining group focused on the exploration and development of metal resources such as gold and copper, aiming to become a leading technology innovation mining enterprise globally [3] - The company emphasizes innovation as its core competitive advantage and is committed to building an advanced global operation management system and an ESG sustainable development system [3] Group 2 - The bond issuance process was supported by CITIC Construction Investment Securities, which actively engaged with market investors to ensure strong demand for the bonds [1][3] - The company plans to gradually form competitive advantages in the global mining industry and achieve its strategic goal of becoming a "green high-tech first-class international mining group" [3] - CITIC Construction Investment Securities aims to provide comprehensive financial services to support Zijin Mining's high-quality growth and promote innovation and upgrading in the mining industry [3]

Group 1: Transformation and Upgrading - Longjin Environmental Protection is actively transforming by leveraging its core strengths in environmental equipment while expanding into the renewable energy sector, aiming to create a "second growth curve" through various initiatives such as mining solar energy and energy storage systems [1][13][23] - Longgong Group focuses on "green, intelligent, and high-end" development, achieving record monthly sales of electric loaders and forklifts, which accounted for 77.6% of total revenue last year [2][4][17] - Longyan Kaolin achieved a 10.5% increase in net profit despite only a 2% revenue growth, driven by the development of comprehensive utilization technologies for kaolin tailings and porcelain stone [5][19] Group 2: Cost Control and Efficiency Improvement - Longyan Kaolin has implemented a strict procurement system and monthly production planning to optimize costs and improve efficiency, resulting in a reduction of total inventory from 2.877 billion to 2.287 billion [10][12][24] - Longjin Environmental Protection managed to achieve a 63.15% increase in net profit despite a 12.75% decline in revenue from environmental equipment manufacturing, showcasing effective cost control and resource reallocation [13][24] - Longgong Group reported a 57.80% increase in net profit while revenue decreased by 2.94%, indicating successful cost control measures and improved operational quality [12][33] Group 3: Market Expansion - Zijin Mining achieved a 52% increase in net profit last year and a 62% increase in the first quarter of this year, supported by its extensive overseas operations in 16 countries and 17 provinces in China [6][16][28] - Longgong Group's export sales increased by 3.76% to 3.19 billion, highlighting successful market expansion despite domestic sales challenges [17][29] - Longjin Environmental Protection has expanded its engineering projects to over 50 countries, focusing on industrialization processes in ASEAN and Belt and Road countries to drive new business growth [18][30]