格隆汇12月16日丨紫金矿业(02899.HK)发布公告，若干董事及高级管理人员已于2023年股票期权激励计 划的第一个行权期内行使其股票期权。有关股份(即255万股股份)于2025年12月15日发行，公司于2025 年12月16日收到相关通知。 ...

智通财经APP讯，紫金矿业(02899)发布公告，若干董事及高级管理人员已于2023年股票期权激励计划的 第一个行权期内行使其股票期权。255万股股份于2025年12月15日发行。 ...

紫金矿业（601899）(02899)发布公告，若干董事及高级管理人员已于2023年股票期权激励计划的第一 个行权期内行使其股票期权。255万股股份于2025年12月15日发行。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2025年12月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 601899 | 說明 | | | | | A. 已發行股份或庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 佔有關事件前的現有已發 已發行股份（不包括庫存股份）數 行股份（不包括庫存股 目 份）數目百分比 (註 ...

Core Viewpoint - The non-ferrous metals industry is expected to enter a new upward cycle, driven by macroeconomic recovery, supply chain disruptions, and liquidity easing from the Federal Reserve's interest rate cuts, which will enhance metal prices and industry performance [1]. Group 1: Market Performance - As of December 16, 2025, the non-ferrous metals industry index (399395) showed mixed performance among its constituent stocks, with Zhongtung High-tech (000657) leading the gains at 3.05%, followed by Yahua Group (002497) at 2.25%, and Xiamen Tungsten (600549) at 0.59% [1]. - The overall market is experiencing a pullback, but funds are strategically positioning in the non-ferrous sector [1]. Group 2: Future Outlook - According to China Galaxy Securities, the industry is expected to stabilize in 2024, with macroeconomic expectations improving in 2025, alongside supply chain disruptions due to resource control policies in other countries [1]. - The anticipated liquidity easing from the Federal Reserve's rate cuts is expected to drive up non-ferrous metal prices and enhance the profitability of non-ferrous metal companies, continuing the upward trend in the industry [1]. - The narrative around copper supply remains positive, and cobalt prices are expected to rise under policy adjustments in the Democratic Republic of Congo [1]. - The strategic value of rare earths is increasing, with a favorable supply-demand balance [1]. Group 3: ETF and Index Information - The non-ferrous ETF (159880) closely tracks the non-ferrous metals industry index, which includes 50 prominent securities in the sector, reflecting the overall performance of listed companies in the non-ferrous metals industry [2]. - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metals industry index accounted for 52.34% of the index, including companies like Zijin Mining (601899) and China Aluminum (601600) [2].

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 517520 | 黄金股ETF | 1.931 | -0.087 | -4.31% | | 159322 | 黄金股票ETF基金 | 1.565 | -0.065 | -3.99% | | 517400 | 黄金股票ETF | 1.522 | -0.063 | -3.97% | | 159321 | 黄金股票ETF | 1.476 | -0.059 | -3.84% | | 159315 | 黄金股ETF基金 | 1.578 | -0.063 | -3.84% | | 159562 | 黄金股ETF | 2.110 | -0.080 | -3.65% | 黄金概念股震荡走低，中金黄金、赤峰黄金跌超5%，山东黄金、紫金矿业、湖南黄金跌超4%。 受盘面影响，黄金股相关ETF跌超3%。 有分析人士表示，短期看，美联储打开降息通道，驱动黄金的估值中枢上移；长期看，在地缘政治风 险、逆全球化趋势和美元信用体系弱化的背景下，强化了黄金的配置价值。 （文章来源：每日经济新闻） ...

Core Viewpoint - The A-share gold stocks experienced significant declines in the afternoon trading session, with several companies reporting drops exceeding 6% [1]. Group 1: Stock Performance - Xiaocheng Technology saw a decline of 6.80%, with a total market capitalization of 8.223 billion [2]. - Western Gold fell by 6.62%, with a market cap of 24 billion [2]. - Zhaojin Mining decreased by 5.26%, with a market value of 12 billion [2]. - Zhongjin Gold dropped by 4.97%, with a market capitalization of 106.7 billion [2]. - Chifeng Jilong Gold experienced a decline of 4.89%, with a market cap of 59.1 billion [2]. - Hengbang Shares fell by 4.23%, with a total market value of 18.1 billion [2]. - Hunan Gold decreased by 4.18%, with a market capitalization of 32.2 billion [2]. - Shandong Gold dropped by 3.93%, with a market value of 162.4 billion [2]. - Sichuan Gold saw a decline of 3.80%, with a market cap of 11.8 billion [2]. - Shanjin International decreased by 3.35%, with a market capitalization of 65.7 billion [2]. - The overall trend indicates a bearish sentiment in the gold sector, with multiple companies experiencing significant losses [1].

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC has shown a decline, with notable drops in several key holdings, indicating potential challenges in the current market environment [1] Group 1: ETF Performance - As of the midday close on December 16, the CSI 300 ETF (510320) fell by 1.23%, priced at 1.208 yuan, with a trading volume of 1.4457 million yuan [1] - The performance benchmark for the CSI 300 ETF is the return rate of the CSI 300 Index, with a return of 22.37% since its inception on April 16, 2025, and a recent one-month return of -1.56% [1] Group 2: Key Holdings Performance - Notable declines were observed in major holdings: CATL dropped by 1.87%, Kweichow Moutai decreased by 0.63%, Ping An fell by 0.52%, and China Merchants Bank declined by 0.17% [1] - Other significant drops included Zijin Mining at 3.66%, Xinyi Solar at 4.70%, and Zhongji Xuchuang at 3.83%, indicating a broader trend of underperformance among these stocks [1]

Summary of Conference Call Notes Industry Overview - The conference call focused on the **China Materials** industry, particularly in relation to **lithium**, **copper**, and **aluminum** sectors, as well as companies like **CATL**, **Zijin Mining**, and **Chalco** [1][2][3]. Key Insights 1. **Investor Sentiment on Lithium**: - There is significant interest in lithium due to a recent price rally driven by strong expectations in **Energy Storage Systems (ESS)**. Most investors are bullish on lithium [2][3]. - A cautious near-term outlook is suggested due to a slowdown in **Electric Vehicle (EV)** sales since November, which may impact battery production in Q1 2026E. A more constructive view is expected post-Chinese New Year (CNY) when demand is anticipated to increase [2][4]. 2. **Copper and Aluminum Market**: - Investors show little push-back on copper and aluminum stocks, with a preference for aluminum over copper at current price levels. **Zijin Mining** received the most follow-up inquiries from investors [2][4]. - The aluminum market is expected to remain tight in 2026E, which is supportive for prices and margins. The potential risks associated with aluminum supply are believed to be underappreciated by the market [4]. 3. **Company-Specific Insights**: - **CATL** is highlighted as the most well-owned name among US investors, with discussions around its risk/reward profile being favorable. It is considered to have the lowest risk among ESS-related investments [2][4]. - Other companies mentioned include **China Hongqiao**, **Ganfeng Lithium**, **Guangzhou Tinci Materials Technology**, **Hunan Yuneng New Energy Battery Material**, and **Yunnan Energy New Material**, which are seen as having potential upside in a rising price environment [4][7]. 4. **Market Dynamics**: - The call noted a shift in investor behavior, with many now open to adding selective Chinese equities to their portfolios. This marks a change from previous meetings where the focus was more on sector read-throughs and channel checks [3][4]. Additional Considerations - The report emphasizes the importance of understanding the implications of **China's anti-involution policies** on the materials sector, although specific details were not elaborated [1][2]. - The overall sentiment indicates a positive outlook for the battery price up-cycle into 2026E, with expectations of stronger ESS demand driving market dynamics [4]. Companies Mentioned - **CATL** (Contemporary Amperex Technology Co Ltd) - **Zijin Mining Group Co Ltd** - **Aluminum Corporation of China** - **China Hongqiao** - **Ganfeng Lithium** - **Guangzhou Tinci Materials Technology** - **Hunan Yuneng New Energy Battery Material** - **Yunnan Energy New Material** [7].

Summary of Conference Call on China Materials Industry Outlook Industry Overview - The conference call focused on the China materials industry, particularly in the context of an up-cycle expected to continue into 2026, driven by a supportive macro environment and supply disruptions affecting commodity prices [1][2]. Key Insights - **Commodity Price Support**: The macroeconomic environment is expected to weaken the DXY by another 5% into the first half of 2026, with three anticipated rate cuts from the Fed [2]. This is expected to support commodity prices, particularly for aluminum, copper, gold, lithium, and cobalt equities [1][2]. - **Energy Storage Demand**: Demand from Energy Storage Systems (ESS) is projected to grow approximately 50% in 2026, significantly impacting the consumption of copper, aluminum, and lithium [3]. ESS production is expected to increase from 350 GWh in 2024 to around 900 GWh in 2026, leading to potential deficits in aluminum and copper [3]. - **Supply Challenges**: The industry is facing significant supply challenges, particularly in copper and aluminum. Major mine accidents in 2025 have constrained supply growth, and Chinese copper smelters may reduce output by 10% in 2026 [4]. Additionally, aluminum production is threatened by potential shutdowns and power outages, leading to a projected deficit in 2026 [4]. - **Investment Opportunities**: Preferred investment opportunities highlighted include companies such as Zijin Mining, CMOC, Hongqiao, Chalco, JL Mag, Huayou Cobalt, and Huaxin Cement, which are expected to benefit from the favorable market conditions [2][4]. Additional Important Points - **Anti-involution Progress**: The industry is gradually addressing overproduction issues, particularly in coal and cement, with more stringent controls expected to take effect in 2026 [5]. - **Price Forecasts**: The conference provided updated price forecasts for various commodities, indicating a slight increase in aluminum and copper prices for 2026, with aluminum projected at $1.40 per lb and copper at $5.34 per lb [16]. - **Stock Recommendations**: A list of overweight stocks in the Greater China materials sector was provided, including JL Mag, Zhaojin, Huaxin, and Chalco, among others, with target price increases ranging from 10% to 51% [9][10]. - **Market Cap and Liquidity**: The report included details on market capitalization and average daily volume for recommended stocks, indicating strong liquidity for several key players in the sector [9][10]. This summary encapsulates the critical insights and recommendations from the conference call regarding the China materials industry, highlighting both opportunities and challenges ahead.