Core Viewpoint - The A-share market has seen a record high in mid-term cash dividends, with 810 companies planning to distribute a total of 642.81 billion yuan, marking a year-on-year increase of 9.56% in dividend amount and 15.06% in the number of companies participating, both reaching historical highs [1][2]. Group 1: Dividend Distribution - 810 companies have announced mid-term cash dividend plans for 2025, with a total proposed payout of 642.81 billion yuan [1]. - Over 300 companies are planning to issue mid-term cash dividends for the first time [7]. - Among companies with dividends exceeding 1 billion yuan, "state-owned enterprises" account for about 30% [1][3]. Group 2: Major Contributors - China Mobile leads with a proposed cash dividend of 54.08 billion yuan, distributing 2.5025 yuan per share [3]. - Other major telecom operators, China Telecom and China Unicom, plan to distribute 16.58 billion yuan and 3.477 billion yuan, respectively [3]. - The "three oil giants" (China National Petroleum, Sinopec, and CNOOC) collectively plan to distribute over 80 billion yuan in mid-term dividends [3][4]. Group 3: Performance and Support - A significant number of companies have shown robust performance, with 522 out of 810 companies reporting a year-on-year increase in net profit [5]. - Companies like Muyuan Foods and WuXi AppTec have demonstrated exceptional profit growth, with Muyuan's net profit increasing nearly 12 times [6]. - Haier Smart Home reported a revenue increase of 10.22% and a net profit increase of 15.59%, leading to a proposed dividend of 2.69 yuan per share [6]. Group 4: Market Implications - The trend of increasing cash dividends is seen as a sign of market maturity, enhancing long-term returns and improving market ecology [8]. - The rise in dividend payouts is expected to stabilize market expectations and attract more investors [8].

●长江商报记者 沈右荣 "矿茅"紫金矿业（601899.SH，02899.HK）经营业绩创了纪录。 根据紫金矿业最新披露的2025年半年度业绩报告，上半年，紫金矿业实现营业收入1677.11亿元，同比 增长11.50%；归母净利润232.92亿元，同比增长逾50%。 中期净利超过200亿元，这是紫金矿业历史上的首次。 营收净利双增，且归母净利润同比增速大幅超过营业收入，紫金矿业亮丽业绩背后，是产品量增价涨在 推动。2025年上半年，公司矿产金、矿产铜、矿产锌、矿产银销售价格同比均有上涨，其中，矿产金、 矿产银的价格涨幅均超过20%。 紫金矿业的资产规模继续扩大。截至2025年6月底，公司总资产达到4397.43亿元，一年间增加708.67亿 元。 2025年上半年，紫金矿业经营现金流净额288.30亿元，同比增长约41%。期末，公司资产负债率 56.36%。 紫金矿业大幅加大中期分红力度。2025年中期，公司拟派发现金红利58.47亿元，是2024年同期的2.2 倍。 紫金矿业备受投资者追捧。年内，公司股价累计上涨超50%。 中期营收净利再创新高 紫金矿业取得了再创新高的经营业绩。 根据紫金矿业8月27日晚披 ...

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining (601899.SS/2899.HK) - **Industry**: Mining (Gold, Copper, Zinc, Silver, Iron Ore) - **Headquarters**: Fujian, China - **Operations**: Nationwide in China and internationally in Australia, Russia, Kyrgyzstan, Peru, and DR Congo through acquisitions [doc id='27'][doc id='31']. Key Financial Updates - **Target Price**: - Raised to HK$26.3/share from HK$24.4/share for Zijin-H - Raised to Rmb23.9/share from Rmb22.2/share for Zijin-A [doc id='1'][doc id='29']. - **Earnings Forecast**: - Revised 2025/26/27E earnings forecast by +12%/+3%/+7% to Rmb43.4bn/Rmb46.4bn/Rmb55.9bn due to higher gold sales volume and prices [doc id='1']. - **Net Revenue**: - Expected to increase to Rmb443.45 billion in 2025, up 5% from previous estimates [doc id='6']. - **Net Profit**: - Projected net profit for 2025 is Rmb43.35 billion, a 12% increase from previous estimates [doc id='6']. Operational Metrics - **Gold Sales Volume**: - Expected to increase from 80 tons in 2025 to 96 tons in 2027, reflecting a growth of 3% in 2025 and 11% in 2027 [doc id='6']. - **Copper Production**: - Production volume expected to decrease from 1,137 Kt in 2025 to 1,432 Kt in 2027 [doc id='6']. - **Gross Margin**: - Projected to improve from 17.2% in 2025 to 19.9% in 2027 [doc id='6']. Market Sentiment and Catalysts - **Positive Catalyst Watch**: - A 90-day positive catalyst watch has been initiated due to the upcoming H-share IPO for Zijin Gold International (ZGI), which is expected to enhance the valuation of Zijin Mining [doc id='1'][doc id='2']. - **US Rate Cut Expectations**: - Anticipated US rate cuts could bolster copper equity sentiment in the near term [doc id='2'][doc id='17']. Risks and Challenges - **Downside Risks**: - Lower-than-expected gold and copper prices - Capital expenditure overruns in ongoing projects - Cost inflation impacting profitability - Lower than anticipated gold and copper output [doc id='30'][doc id='35']. Investment Strategy - **Rating**: - Maintain a Buy rating on Zijin Mining due to value-accretive overseas expansions, high dividend payouts, and growth potential from lithium projects [doc id='28'][doc id='32']. - **Valuation Methodology**: - Target prices are based on discounted cash flow (DCF) analysis, assuming a terminal growth rate of 2.5% and a weighted average cost of capital (WACC) of 8.2% [doc id='29'][doc id='33']. Conclusion Zijin Mining is positioned for growth with revised earnings forecasts and a positive outlook driven by upcoming catalysts and market conditions. However, investors should remain cautious of potential risks that could impact profitability and share price performance.

Asia Pacific Equity Research 28 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Zijin - A/H Raising PT: Positive price outlook and volume growth to sustain outperformance The solid 2Q25 earnings once again shows Zijin's ability to deliver volume ...

黄金板块后市展望 20250829.docx AceCamp AI 2025-08-30 摘要 全球央行自 2022 年起大幅增持黄金，特别是中国央行，虽近期购买量 放缓，但中国黄金储备占外汇储备比例仍远低于全球平均水平，未来仍 有较大增持空间，构成金价支撑。 黄金 ETF 投资需求显著增长，尤其是在中国，投资者对黄金 ETF 的接受 度提高，且全球性 ETF 如 SPDR Gold Shares 也在持续增持，对金价 形成支撑。 2025 年黄金市场主要驱动因素是美联储降息预期和美国经济数据。鲍 威尔的鸽派言论及市场对两次降息的预期，为金价上涨提供动力。 美国经济数据如非农就业和通胀指标将影响降息可能性，若数据支持宽 松政策，美联储可能进一步降息，支撑金价上涨。 紫金矿业估值处于历史中下水平，铜业务增强，黄金业务快速增长，毛 利率提升，长期来看具有较高性价比和稳健增长潜力。 美联储可能在 2025 年下半年调整货币政策框架，为更多次降息提供理 由，同时关注美国经济数据，以把握金价上涨机会。 传统实际利率定价模型失效，需考虑央行购入量等新变量。多数央行计 划未来增持黄金，规避美元风险、对冲通胀是主要原因。 Q ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [7] Core Views - Zijin Mining's revenue for the first half of 2025 reached 167.7 billion, a year-on-year increase of 11.5%, with a net profit attributable to shareholders of 23.3 billion, up 54.4% year-on-year [1] - The company is positioned as a global leader in copper and gold production, with significant growth in both output and profitability [5] Summary by Sections Copper Production - In H1 2025, copper production was 570,000 tons, ranking fourth globally, with a year-on-year growth of 9% [2] - The revenue from copper reached 27.3 billion, a 12.7% increase year-on-year, with a gross profit of 16.6 billion, representing a gross margin of 41.7% [2] Gold Production - Gold production in H1 2025 was 41 tons, ranking fifth globally, with a year-on-year increase of 16.3% [3] - The revenue from gold was 26.5 billion, a significant increase of 62.2% year-on-year, with a gross profit of 16.4 billion, yielding a gross margin of 41.3% [3] Exploration and Mergers - The company has made substantial progress in self-exploration, with notable discoveries in Serbia, Australia, and other regions [4] - Zijin Mining completed a significant acquisition of control over Cangge Mining, enhancing its resource portfolio and strategic positioning in the market [4] Future Guidance - The company projects copper and gold production targets of 1.15 million tons and 85 tons respectively for 2025, with long-term plans to reach 1.5-1.6 million tons of copper and 100-110 tons of gold by 2028 [5] - Revenue forecasts for 2025-2027 are estimated at 364.4 billion, 400.8 billion, and 440.9 billion respectively, with net profits expected to be 45.9 billion, 53.1 billion, and 57.3 billion [5]

证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 有色金属 降息预期升温，白银率先突破 贵金属：降息预期升温，白银率先突破。本周特朗普罢免库克一案持续发酵，美联储独立性 受到挑战，利空美元。周五晚 8:30 公布的美国核心 PCE 指数年率录得 2.9%，符合预期，但 已连续 3 个月回升，数据公布后，交易员继续押注美联储降息，2Y 国债收益率和美元双双 走弱，金银价格快速走强。截至周五收盘，伦敦银收于 39.69 美元/盎司，COMEX 白银收于 40.75 美元/盎司，伦敦和 COMEX 白银均创年内新高，技术面形成强趋势突破；伦敦金收至 3448.1 美元/盎司，接近年内 3500 美元/盎司高位。往后看，不排除美国经济呈现通胀上升， 就业会落的"类滞胀"局面，我们强烈看好后市金银价格。短期紧盯 9 月 5 日非农就业数 据、9 月 11 日 CPI 数据、9 月 17 日 FOMC 会议决议。建议关注：兴业银锡、盛达资源、万 国黄金集团、紫金矿业、山东黄金、赤峰黄金、银泰黄金、招金矿业等。 工业金属：（1）铜：宏观转松与金九银十共振，看好后市铜价。①宏观方面：周内 ...

消息面上，隔夜金价站上3400美元/盎司，创五周新高。美联储理事沃勒强调支持美联储9月会议降息25 个基点，预计未来3—6个月将进一步降息。此外，当前市场继续评估美联储独立性面临的威胁。值得关 注的是，近期多家黄金矿业公司中期业绩亮眼。紫金矿业（601899）上半年营归母净利润232.92亿元， 同比增加54.41%；赤峰黄金上半年归母净利润达11.07亿元，同比大幅增长55.79%。招金矿业上半年归 母净利润14.40亿元，同比激增160.44%。 赤峰黄金 紫金矿业 赤峰黄金 紫金矿业 招金矿业 灵宝黄金 分时图 日K线 周K线 月K线 25.97 0.89 3.55% 4.31% 2.87% 1.44% 0.00% 1.44% 2.87% 4.31% 24.00 24.36 24.72 25.08 25.44 25.80 26.16 09:30 10:30 11:30/13:00 14:00 15:00 0 89万 179万 268万 黄金股集体走高，截至发稿，中国黄金（600916）国际(02099)涨4.97%，报105.7港元；赤峰黄金 （600988）(06693)涨4.38%，报25.76港元 ...

Core Viewpoint - The company has signed a cooperation intention letter with Zijin Mining Group to develop the Shapingou molybdenum mine in Anhui, which is expected to strengthen the company's industrial chain and align with its development strategy, without significantly impacting the company's 2025 operating performance [2][11]. Group 1: Cooperation Agreement Details - The cooperation intention letter is a framework agreement based on mutual willingness, with only the commitments having legal binding force, while other aspects remain uncertain regarding formal contract signing [2][12]. - The agreement involves Zijin Mining transferring 24% of its stake in Anhui Jinsan Molybdenum Co., Ltd. to the company, resulting in Zijin holding 60% and the company holding 34% of the stake post-transfer [5][6]. - A new smelting company will be established jointly by both parties, with the company holding 51% and Zijin holding 49%, focusing on molybdenum smelting and deep processing [6][9]. Group 2: Financial and Operational Implications - The Shapingou molybdenum mine has a total molybdenum resource of 2.1 million tons, with an average grade of 0.187%, and a molybdenum metal reserve of 1.1 million tons at an average grade of 0.2% [5]. - The cooperation aims to ensure the efficient and scientific development of the Shapingou molybdenum mine, with both parties agreeing to prioritize financing and investment decisions based on their respective shareholdings [7][9]. - The company will conduct necessary financial, legal due diligence, and audits before finalizing the cooperation agreement [19].

Group 1: Industry Overview - In the first half of 2025, the prices of non-ferrous metal commodities rose overall, significantly contributing to industry profitability [1] - Over 60% of listed companies in the non-ferrous sector reported year-on-year growth in performance, with 90% achieving net profit [1] - Companies with profits exceeding 1 billion yuan reached 21 [1] Group 2: Key Company Performances - Zijin Mining (601899) reported revenue of 167.71 billion yuan, a year-on-year increase of 11.5%, and a net profit of 23.29 billion yuan, up 54.41% [1] - Shandong Gold (600547) achieved a net profit of 2.81 billion yuan, doubling year-on-year, driven by a significant rise in gold prices [1] - Luoyang Molybdenum (603993) recorded a net profit of 8.67 billion yuan, a historical high, with mining revenue reaching 39.40 billion yuan [2] - Northern Rare Earth (600111) saw a net profit of 931 million yuan, a staggering increase of 1951.52% due to strong domestic demand [2] Group 3: Price Trends and Market Dynamics - The price of praseodymium and neodymium oxide fluctuated between 400,000 to 450,000 yuan per ton in Q1 2025, with a 12.5% increase, followed by a drop due to international trade tensions [3] - The demand from sectors like new energy vehicles and robotics is expected to drive the rare earth market upward in the second half of the year [3] Group 4: Future Outlook - The industry remains optimistic about gold and copper price trends, with Zijin Mining noting potential market fluctuations due to U.S. copper import tariffs and low global non-U.S. exchange inventories [4] - Continued geopolitical tensions and a weak dollar are expected to bolster demand for gold, with central bank purchases remaining high [4] - Shandong Gold anticipates sustained investment demand for gold due to ongoing global geopolitical instability [4]