此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2025 年 12 月 31 日 中國福建 * 本公司之英文名稱僅供識別 关于紫金矿业集团股份有限公司 2025 年第二次临时股东会的 法 律 意 见 书 海外監管公告 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于紫金矿业集团股份有限公司 2025 年第二次临时股东会的法律意见书 闽理非诉字〔2025〕第 289 号 致：紫金矿业集团股份有限公司 福建至理律师事务所（以下简称本所）接受紫金矿业集团股份有限公司（以 下简称公司）之委托，指派林涵、韩叙律师（以下简称本所律师）出席公司 2025 年第二次临时股东会（以下简称本次会议），并依据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股东会规则》、《上海证券交易所上市公司自律监管指引 ...

关于紫金矿业集团股份有限公司 2025 年第二次临时股东会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于紫金矿业集团股份有限公司 2025 年第二次临时股东会的法律意见书 闽理非诉字〔2025〕第 289 号 致：紫金矿业集团股份有限公司 福建至理律师事务所（以下简称本所）接受紫金矿业集团股份有限公司（以 下简称公司）之委托，指派林涵、韩叙律师（以下简称本所律师）出席公司 2025 年第二次临时股东会（以下简称本次会议），并依据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股东会规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》（以下简称《自律监管指引第 1 号》）等有关法律、法规、规范性文件以及《紫 金矿业集团股份有限公司章程》（以下简称《公司章程》）之规定出具法律意见。 对于本法律意见书， ...

证券代码：601899 证券简称：紫金矿业 编号：2025-103 紫金矿业集团股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 5,258 | | --- | --- | | 其中：A 股股东人数 | 5,257 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 14,861,225,027 | | 其中：A 股股东持有股份总数 | 11,825,353,603 | | 境外上市外资股股东持有股份总数（H 股） | 3,035,871,424 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | | | 总数的比例（%） | 55.8908 | 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- ...

海外監管公告 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。 紫金矿业集团股份有限公司（以下简称"公司"）第九届董事会第一次会议于 2025 年 12 月 31 日在公司上杭总部以现场方式召开。会议应出席董事 14 名，实际 出席董事 14 名，本次会议有效表决票 14 票。公司高管列席会议，本次会议的召集 和召开符合《公司法》和《公司章程》的有关规定，会议由邹来昌董事长主持，以 投票表决方式审议通过以下议案： 一、审议通过《关于选举公司第九届董事会董事长、副董事长的议案》 会议选举邹来昌先生为公司第九届董事会董事长，选举林泓富先生为公司第 九届董事会副董事长，任期均为三年。 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2025 年 12 月 31 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2025-104 紫金矿业集团股份有限公司 第九届董事会第一次会议决议公告 表决结果：同意 14 票，反对 0 票，弃权 ...

紫金矿业公告称，2025年12月31日，公司第九届董事会第一次会议选举邹来昌为董事长、林泓富为副董 事长，任期三年。会议还选举产生董事会四个专门委员会委员，推选吴小敏为首席独立董事。根据提 名，聘任林泓富为总裁、高文龙为董事会秘书；聘任吴健辉为常务副总裁，谢雄辉等10人为副总裁；聘 任吴红辉为财务总监（兼）、蔡雪琳为联席财务总监；聘任吴健辉为总工程师（兼），上述人员任期均 为三年。 ...

董事名單與其角色和職能 紫金礦業集團股份有限公司（「本公司」）董事會（「董事會」）成員（「董事」）載列如下： 執行董事 鄒來昌 （董事長） 林泓富 （副董事長、總裁） 謝雄輝 吳健輝 沈紹陽 鄭友誠 吳紅輝 非執行董事 李建 獨立非執行董事 吳小敏 （首席獨立董事） 薄少川 林寿康 曲曉輝 洪波 王安建 1 | | 戰略與可持續發展 | 執行與投資委員會 | 審計與監督委員會 | 提名與薪酬委員會 | | --- | --- | --- | --- | --- | | | （ESG）委員會 | | | | | 鄒來昌 | C | C | | M | | 林泓富 | D | D | | | | 謝雄輝 | M | M | | | | 吳健輝 | M | M | | | | 沈紹陽 | M | M | | | | 鄭友誠 | M | M | J | | | 吳紅輝 | M | M | | | | 李建 | M | | | M | | 吳小敏 | | | M | C | | 薄少川 | M | | M | M | | 林寿康 | M | | M | D | | 曲曉輝 | | | C | | | 洪波 | | | ...

Core Viewpoint - The sudden plunge in silver prices represents not only a correction in the financial market but also creates tension across the entire supply chain from mining to end products [1][4]. Market Dynamics - On December 29, 2025, the London silver spot price surged over 6% to a historic high of $83.97 per ounce before plummeting to a low of $70.49 per ounce, resulting in a daily volatility of 17% [2][6]. - The COMEX silver futures market experienced similar volatility, with the most active March silver futures contract dropping from $82.67 per ounce to $70.22 per ounce [6]. - The volatility in silver prices has exceeded 80%, indicating a significant increase in price risk [7]. Impact on Industry - Companies in the silver supply chain, such as photovoltaic silver paste manufacturers, are feeling the pressure to lock in prices to manage production costs effectively [2][4]. - The CME's decision to raise margin requirements for silver futures has been identified as a catalyst for the market's volatility, leading to a rapid exit of speculative positions [3][21]. - The stock prices of companies in the silver sector, including mining and processing firms, have faced downward pressure as investors reassess the impact of price fluctuations on profitability [9]. Corporate Responses - Companies like Yuguang Gold Lead are evaluating the impact of price volatility on future profits, especially as their production cycles are long and current inventory costs are favorable [12][14]. - Midstream processing companies, such as Hengbang Co., are adopting strategies to mitigate risks, including negotiating fixed-price contracts and optimizing internal processes [15]. - Downstream companies in the photovoltaic sector are accelerating the development of alternative technologies to reduce reliance on silver, indicating a shift in operational strategies [17]. Long-term Considerations - The underlying structural factors supporting silver demand, such as geopolitical risks and industrial needs, remain intact despite recent price volatility [23]. - Analysts predict that the extreme fluctuations in silver prices may become a norm in the near future, necessitating a reevaluation of supply chain management and risk strategies across the industry [24].

Core Viewpoint - The A-share market has shown strong performance in 2025, with significant gains in various sectors, particularly in the non-ferrous metals and military industries, indicating a positive outlook for 2026. Non-Ferrous Metals Sector - The non-ferrous metals sector achieved the highest annual growth rate in 2025, with the non-ferrous ETF Huabao (159876) rising by 91.67%, significantly outperforming major indices like the Shanghai Composite Index, which rose by 18.41% [10][19]. - Key stocks in the non-ferrous sector, such as Zijin Mining, Jiangxi Copper, and Luoyang Molybdenum, saw substantial price increases, with Zijin Mining up by 133.09% and Jiangxi Copper up by 176.92% [10][6]. - The sector's strong performance is attributed to a combination of global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations [8][10]. Military Industry - The military sector, particularly the commercial aerospace segment, has gained significant traction, with the military ETF Huabao (512810) rising over 32% in 2025, marking its second-best annual performance since its inception [13][16]. - Major stocks in the military sector, including GuoBo Electronics and China Satellite, experienced notable gains, with several stocks hitting the daily limit [14][13]. - The military industry is expected to continue its upward trajectory in 2026, driven by increased military demand and advancements in commercial aerospace [16][13]. Chemical Sector - The chemical sector also performed well, with the chemical ETF (516020) showing a 41.09% increase in 2025, outperforming major indices [20][19]. - The lithium battery supply chain has seen a significant rise in both price and demand, with prices for lithium carbonate reaching 116,000 yuan per ton, indicating a robust market outlook [22][20]. - The sector is expected to benefit from ongoing macroeconomic recovery and supply-side policy advancements, with a focus on key areas such as phosphates and semiconductor materials [22][20].

Core Viewpoint - Zijin Mining is expected to achieve a net profit attributable to shareholders of approximately RMB 510 billion to 520 billion in 2025, marking a year-on-year increase of about 60% compared to RMB 320.51 billion in 2024, setting a historical record for the company [3][4]. Group 1: Financial Performance - The projected net profit for 2025 represents an increase of approximately RMB 189 billion to 199 billion, with a growth rate of about 59% to 62% year-on-year [3]. - The company's net profit per day in 2025 is estimated to be nearly RMB 1.4 million [3]. - The expected net profit excluding non-recurring items is projected to be around RMB 475 billion to 485 billion, reflecting a year-on-year increase of approximately RMB 158 billion to 168 billion, or a growth rate of 50% to 53% [3]. Group 2: Production Growth - The significant increase in net profit is attributed to a rise in the production of key mineral products, with gold production expected to reach approximately 90 tons in 2025, up from 73 tons in 2024 [3][4]. - The production of copper and other major products also saw growth during the reporting period [3]. - The equivalent lithium carbonate production is projected to be about 25,000 tons in 2025, a substantial increase from 261 tons in 2024 [4]. Group 3: Future Outlook - For 2026, Zijin Mining has set production targets of 105 tons of gold, 1.2 million tons of copper, 120,000 tons of equivalent lithium carbonate, and 520 tons of silver, although these figures are subject to change based on market conditions [5]. - Research institutions remain optimistic about the gold market in 2026, with expectations of continued price increases driven by factors such as declining real interest rates and central bank purchasing behavior [6][7].

Core Viewpoint - The non-ferrous metals sector has shown remarkable performance in 2025, with significant gains in leading companies and ETFs, indicating strong market confidence and potential for continued growth [1][3][5]. Group 1: Market Performance - On December 31, 2025, the non-ferrous metals sector continued its strong performance, with Jiangxi Copper hitting the daily limit, Yunnan Copper rising over 5%, and Zijin Mining increasing by more than 3% [1][9]. - The non-ferrous ETF Huabao (159876) saw a price increase of over 2.5% during the day and closed up 1.01%, reaching a new high since its listing [1][9]. - The Huabao ETF received a net subscription of 3 million units on the same day, reflecting strong investor interest in the non-ferrous metals sector [1][9]. Group 2: Annual Performance Review - The non-ferrous metals sector topped the industry performance rankings in 2025, with the Huabao ETF's index rising 91.67%, significantly outperforming the Shanghai Composite Index (18.41%) and the CSI 300 (17.66%) [3][10]. - Several key stocks doubled in price over the year, with Zijin Mining up 133.09%, Luoyang Molybdenum up 210.27%, and Jiangxi Copper up 176.92% [3][10]. Group 3: Macroeconomic Factors - The Federal Reserve's decision to lower interest rates is expected to benefit non-ferrous metals, as a weaker dollar typically boosts metal prices and reduces holding costs [5][12]. - Zijin Mining announced an expected net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62%, driven by rising prices and volumes of core mineral products [5][12]. - The strong performance of the non-ferrous metals sector is attributed to multiple factors, including global capital expenditure cycles, manufacturing recovery, enhanced monetary attributes, and improved domestic macroeconomic expectations [5][12]. Group 4: Investment Strategy - Different non-ferrous metals exhibit varying degrees of market conditions and drivers, suggesting a diversified investment approach through the Huabao ETF and its associated funds could be beneficial [6][12].