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2月28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3月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | ...

Core Viewpoint - COMEX copper has recently experienced a significant premium compared to LME copper and Shanghai copper futures, driven by supply disruptions and U.S. government investigations into copper imports [1][2][3]. Group 1: Price Movements and Market Dynamics - On February 26, COMEX copper surged by 4.9%, reaching 4.732 cents per pound, equivalent to $10,432 per ton, which is nearly $1,000 higher than LME copper during the same period [2][3]. - The year-to-date increase in COMEX copper prices stands at 17%, significantly outperforming LME copper's 7.98% and Shanghai copper's 4.23% [10]. - The price disparity between COMEX and LME copper has led to an increase in arbitrage activities, with more shipments directed towards the U.S. market [5][11]. Group 2: Supply Chain Disruptions - A large-scale power outage in Chile on February 25 affected several major copper mines, disrupting mining operations in the world's largest copper-producing country [4][18]. - The COMEX copper inventory has reached a historical high, exceeding 100,000 tons, indicating a potential for further increases in the future [6][12]. Group 3: U.S. Government Investigations - The U.S. initiated a Section 232 investigation into copper imports, which may lead to new tariffs and further impact copper prices and supply chains [3][8]. - The investigation is expected to focus on major copper suppliers from the Americas, including Chile, Mexico, and Canada, while Chinese brands currently have minimal direct impact on COMEX [14]. Group 4: Company Performance and Growth - The recent price increases are likely to enhance profitability for copper-related companies in the first quarter, with a high probability of year-on-year profit growth [21][23]. - Chinese copper companies, such as Zijin Mining and Luoyang Molybdenum, have shown significant production growth, with Zijin Mining expected to produce 115,000 tons of copper in 2025, a 7.5% increase from 2024 [24][27]. - Luoyang Molybdenum is also projected to enter the top ten global copper producers, with a production target of 65,000 tons [25].

Executive Remuneration - The total remuneration for Mr. Zeng Qingxiang for the year ended December 31, 2005, was RMB 1,170,553, which included a basic salary of RMB 72,432 and a bonus of RMB 800,000[4] - For the year ended December 31, 2006, the total remuneration for Mr. Zheng Jinxing was RMB 455,778, with a basic salary of RMB 125,753 and a bonus of RMB 330,025[7] - The total remuneration for the year ended December 31, 2007, reached RMB 3,063,000, with Mr. Zheng Jinxing earning RMB 1,916,000, including a basic salary of RMB 300,000 and a bonus of RMB 1,616,000[9] - For the year ended December 31, 2008, the total remuneration was RMB 2,219,900, with Mr. Zheng Jinxing receiving RMB 1,135,000, which included a basic salary of RMB 300,000 and a bonus of RMB 835,000[12] - The total remuneration for the year ended December 31, 2009, was RMB 2,661,111, with Mr. Zheng Jinxing earning RMB 870,961, including a basic salary of RMB 140,000 and a bonus of RMB 730,961[9] - For the year ended December 31, 2010, the total remuneration was RMB 1,713,600, with Mr. Lin Shuiqing receiving RMB 470,300, which included a basic salary of RMB 300,000 and a bonus of RMB 170,300[12] - The total remuneration for the year ended December 31, 2011, was RMB 2,731,600, with Mr. Lin Shuiqing earning RMB 1,204,100, which included a basic salary of RMB 300,000 and a bonus of RMB 886,422[12] - For the year ended December 31, 2012, the total remuneration was RMB 3,591,000, with Mr. Lin Shuiqing receiving RMB 2,033,500, which included a basic salary of RMB 300,000 and a bonus of RMB 1,718,800[12] - For the year ending December 31, 2013, total compensation for Lin Shuiqing was 864,500, which included a base salary of 550,000 and a bonus of 293,219[15] - For the year ending December 31, 2014, total compensation for Lin Shuiqing increased to 2,037,801, with a base salary of 1,800,000 and a bonus of 197,895[15] - The total compensation for the board members in 2014 was 2,301,801, reflecting an increase from 1,200,500 in 2013[15] Compensation Strategy - The company has consistently increased the total remuneration for key executives over the years, reflecting growth in performance and profitability[4] - The data indicates a trend of increasing bonuses as a significant component of total remuneration, highlighting the company's performance-based compensation strategy[4]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Year**: 2024 Key Financial Performance - **Net Profit**: Zijin Mining achieved a net profit of 32 billion yuan, representing a year-on-year increase of 51.5% [4] - **Copper Production**: The company produced 1.07 million tons of copper, 730,000 tons of zinc, and 436 tons of silver, aligning with initial production guidance [4][3] Cost Control and Profitability - **Cost Management**: Significant achievements in controlling costs for gold, copper, and zinc, reversing the trend of rising costs seen in previous years [3] - **Copper Smelting Self-Sufficiency**: The smelting self-sufficiency rate exceeded 100%, with annual production between 700,000 to 800,000 tons, which is higher than copper ore production [4][5] Strategic Expansion - **Acquisition of Zangge Mining**: The acquisition of Zangge Mining's controlling stake aims to secure 30% of the Jilong Copper Mine, enhancing resource control and market competitiveness in Tibet, which has become a major domestic base for Zijin [4][6][8] - **Future Production Goals**: Zijin plans to achieve production targets of 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc, and 40,000 tons of lithium carbonate by 2025 [4][7] Market and Regulatory Challenges - **US Sanctions**: The company expressed surprise at being included in the US sanctions list concerning Xinjiang, asserting there is no factual basis for the claims. While short-term operations remain unaffected, long-term impacts on downstream customers are a concern [4][10] Competition and Asset Management - **Addressing Potential Competition**: Zijin plans to resolve potential competition issues with Zangge Mining through asset integration and management strategies, pending regulatory approval [4][9] - **Investment in Gold Projects**: Zijin continues to seek acquisition opportunities in the gold sector, despite challenges due to rising gold prices [4][13] Production and Project Updates - **Kamoa Project**: The Kamoa project faced production challenges due to power shortages, with a target of 530,000 to 580,000 tons for 2025 [4][18] - **Capital Expenditure**: The company plans approximately 20 billion yuan in capital expenditure for 2024-2025, focusing on lithium and copper projects [4][19] Financial Structure and Debt Management - **Debt Management**: The company aims to reduce its debt ratio from approximately 55% to below 50% in the future, supported by strong cash flow capabilities [4][22][21] - **Financial Optimization**: Zijin has optimized its financial structure through the issuance of convertible bonds, reducing financial costs and supporting expansion plans [4][20] Resource and Cost Outlook - **Lithium Resource Assessment**: Current lithium resource evaluations are pending formal announcements, with cost management strategies in place to optimize production costs [4][23]

观点聚焦 理由 我们认为，阿根廷经济改革有望带来营商环境的全面改善，提升当地盐湖的经济效益和开发效率。 一、阿根廷：南美第二大经济体与重要的新兴市场 1.1 宏观经济：走进南美洲第二大经济体 阿根廷位于南美洲南部，是仅次于巴西的南美第二大经济体。 根据中国商务部，阿根廷国土面积为278 万平方公里，东临大西洋，西部以安第斯山脉与智利为界，北部和东部与玻利维亚、巴拉圭、巴西、乌 拉圭接壤。根据阿根廷国家统计和人口普查局2024年7月的结果，阿根廷全国人口为4706万人，其中白 人和印欧混血人种占95%，布宜诺斯艾利斯市人口约289万人，是全国人口最集中的城市。根据世界银 行和阿根廷国家统计局，按当年汇率计算，2023年阿根廷GDP总量为6226亿美元，是南美洲第二大经济 体，2023年阿根廷人均GDP为1.32万美元，在世界银行的经济体收入水平分组中属于中上收入水平。 图表1：阿根廷在南美洲的地理位置 我们于2024年12月初前往阿根廷，进行了为期一周的产业深度调研，对赣锋锂业、紫金矿业在阿根廷的 盐湖项目进行实地考察，主要观点如下： 核心矛盾：经济改革是阿根廷矿业发展的核心变量。 阿根廷总统米莱的经济改革对矿 ...

观点聚焦 理由 秘鲁：宏观环境稳定，社区关系逐步改善 。 秘鲁铜矿资源禀赋优异，索尔币值稳定、经贸政策开放，但社区关系是其主要挑战。本次调研我们观察到当地 中资矿企的国际化管理和ESG融合能力正在显著提升，对改善经营的稳定性有重要意义。 巴西：优异资源禀赋和规模经济带来显著的成本优势。 巴西锂矿 成本具备全球竞争力，我们认为主要来源于不输澳矿的资源禀赋、显著优于非洲的基础设施配套以及与中国相似的低要素成本优势。此外，巴西拥有丰富且 优质的铁矿和桉树资源，铁矿石矿端成本以及阔叶浆现金成本均处于全球低位。 阿根廷：经济改革将是阿根廷矿业发展的核心变量。 我们认为在积极的情 况下经济改革有望带来更低的通胀、更宽松的审批环境、更稳定的税收政策、更少的贸易管制，有望驱动阿根廷盐湖的成本上涨放缓、盈利能力增强、投资 力度加大和开发效率提升。 如何理解中资矿企在南美的国际化？ 相比非洲，南美国家呈现经济发展程度较高、基础设施配套较好、欧美和本土矿企竞争激烈以及"小政府、大社区"的 特征。如果说中资矿企在非洲国际化的本质是在非洲的"中国化"，那么中资矿企在南美国际化的本质则是在南美的"本土化"，这需要更高阶的国际化能力。 一 ...

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1月31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2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | 股 ...

Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [6] Core Views - The company is expected to achieve a significant increase in net profit for 2024, estimated at approximately 32 billion yuan, representing a year-on-year growth of 51.5% [1] - The company benefits from rising copper and gold prices, with production capacity being rapidly released, particularly in copper and gold [1][2] - The company has set production guidance for 2025, targeting 1.15 million tons of copper, 85 tons of gold, and 450 tons of silver, among other minerals [2] - The company is well-positioned to benefit from macroeconomic trends, including increased domestic demand and favorable policies [3] Summary by Sections Financial Performance - For 2024, the expected revenue is 318.2 billion yuan, with a net profit of 32 billion yuan, and an EPS of 1.20 yuan [5] - The projected net profit for 2025 is 37.35 billion yuan, with a corresponding P/E ratio of 11.3 [4][5] Production Capacity and Growth - The company has rapidly increased its production capacity, achieving 1.07 million tons of copper and 73 tons of gold in 2024 [1] - Key projects contributing to growth include the Kamoa project and various gold mine expansions [2] Market Outlook - The report anticipates continued upward pressure on copper and gold prices due to macroeconomic factors and supply constraints [3] - The company is expected to maintain its growth trajectory, supported by ongoing projects and favorable market conditions [4][3]

Investment Rating - The report indicates a positive investment outlook for Zijin Mining, with a projected net profit of 32 billion for 2024, representing a 51.5% increase compared to the previous year [2]. Core Insights - The core growth logic for Zijin Mining is attributed to both volume and price increases in key metal commodities, particularly gold and copper [2]. - The company has set production targets for 2024, with copper production expected to reach 1.07 million tons, a 6% increase from 2023, and gold production projected at 73 tons, a 7.4% increase [2]. - Zijin Mining's acquisition of a 24.82% stake in Zangge Mining for 13.7 billion is seen as a strategic move to enhance its resource portfolio, particularly in potassium and lithium [10][11]. Summary by Sections Production and Pricing - Gold prices have seen significant increases, with annual growth of approximately 28% in London and around 30% domestically, while copper prices have risen by 2.6% [4][7]. - The production targets for 2025 include 1.15 million tons of copper and 85 tons of gold, indicating a continued growth trajectory [8]. Resource Acquisition - Zijin Mining's acquisition of Zangge Mining is part of a broader strategy to enhance its resource base, which includes significant potassium and lithium reserves [10][11]. - Zangge Mining is recognized as the second-largest potassium fertilizer producer in China, with a current production capacity of 1.1 million tons per year from the Chaka Salt Lake project [14]. Financial Performance - The report highlights that Zangge Mining's profitability is heavily reliant on its stake in the Xizang Julong Copper Mine, contributing significantly to its net profits [18].

高增长的逻辑：量价齐升。 （2024年业绩预告） 这个产量比2023年定下2024年的目标略低，当时预计矿产铜产量为111万吨，矿产金73.5吨，不过整 体上相差不大。 （资料来源：2023年年报） 从主要产品价格来看，黄金价格比铜价格涨幅更多： 作者 | 木盒 编辑 | 小白 1月22日，国内沪金再创历史新高，盘中一度最高触及648.86元/克，与此同时，紫金矿业公布了2024 年业绩预告：预计2024年归母净利润320亿，大增51.5%！ 核心原因是量价齐升，即主要的金属矿（金、铜等）价格在上涨，产量也在增加。比如2024年矿产铜 107万吨，比2023年101万吨增长6%；矿产金73吨，比2023年68万吨增长7.4%。 （1）伦敦黄金现货的价格大幅上涨，年度涨幅约28%，国内黄金现货价格也水涨船高，Au99.99全年 涨幅达30%左右，国内上期所黄金价格已经创新高； （伦铜期货价格，wind） （SHFE期货价格，wind） （2）2024年伦铜上涨2.6%，相对涨幅较小。 （LME铜价格，wind） 紫金矿业2025年计划的产量还继续增加：矿产铜115万吨，矿产金85吨，矿产锌（铅）44万吨，当量 ...