公告 1 臨時股東會預期時間表如下： （附註） 遞交 H 股股份過戶文件之最後時限 2025 年 12 月 22 日（星期一）下午 4 時 30 分 暫停辦理股份過戶登記手續（包括首尾兩天） 2025 年 12 月 23 日（星期二）至 2025 年 12 月 31 日（星期三） 記錄日期 2025 年 12 月 31 日（星期三） 臨時股東會 2025 年 12 月 31 日（星期三） 公佈臨時股東會結果 2025 年 12 月 31 日（星期三） 再次辦理 H 股股份過戶登記手續 2026 年 1 月 2 日（星期五） 附註：所有時間均指香港本地時間 召開臨時股東會的正式通知及相關議案，本公司將根據上市規則適時公告。 有關擬召開 2025 年第二次臨時股東會的暫停辦理 H 股股份過戶登記手續時間 茲提述紫金礦業集團股份有限公司（以下簡稱「本公司」）日期為 2025 年 11 月 28 日關於 公司董事會換屆相關事宜的公告以及關於修訂《公司章程》的公告（「該等公告」）。除另 有定義外，本公告內所用辭彚與該等公告所載者具有相同涵義。 本公司擬於 2025 年 12 月 31 日（星期三）舉行 2025 年第二 ...

Core Insights - The industrial metals sector experienced a 0.41% increase on December 8, with Yinbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Industrial Metals Sector Performance - The following companies saw notable price changes: - Luoping Zinc & Electricity (002114) closed at 9.12, down 2.88% with a trading volume of 480,700 shares [1] - Zhuzhou Smelter Group (600961) closed at 15.14, down 2.82% with a trading volume of 233,900 shares [1] - Hongchuang Holdings (002379) closed at 23.80, down 2.82% with a trading volume of 310,400 shares [1] - Huayu Mining (601020) closed at 28.50, down 2.73% with a trading volume of 458,800 shares [1] - Nanshan Aluminum (600219) closed at 5.22, down 2.06% with a trading volume of 3,258,900 shares [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 764 million yuan from institutional investors, while retail investors experienced a net outflow of 696 million yuan [1] - Key capital flows for selected companies include: - Yinbang Co., Ltd. (300337) had a net inflow of 358 million yuan from institutional investors, but a net outflow of 210 million yuan from retail investors [2] - Zijin Mining (601899) had a net inflow of 177 million yuan from institutional investors, with a net outflow of 26.98 million yuan from retail investors [2] - Northern Copper Industry (000737) had a net inflow of 113 million yuan from institutional investors, with a net outflow of 43.65 million yuan from retail investors [2]

Core Viewpoint - The average increase of silver concept stocks has reached 79.24% this year, significantly outperforming the Shanghai Composite Index during the same period [1] Group 1: Stock Performance - Six silver concept stocks, including Xingye Yinxin, Huayu Mining, Shengda Resources, Pengxin Resources, Zijin Mining, and Chifeng Gold, have seen their annual growth rates double [1] - As of December 5, 2023, 13 silver concept stocks have a rolling price-to-earnings (P/E) ratio below 30, with companies like Yuguang Gold Lead, Zhuhai Group, Zijin Mining, and Western Mining having P/E ratios below 20 [1] Group 2: Valuation Levels - Yuguang Gold Lead has the lowest rolling P/E ratio at 15.04, indicating a potentially attractive valuation [1] - In the first three quarters of this year, Yuguang Gold Lead reported a net profit of 621 million yuan, reflecting a year-on-year growth of 11.99% [1] Group 3: Capital Flow - As of December 5, 2023, four silver concept stocks have seen net financing purchases exceeding 100 million yuan since December, including Yunnan Copper, Xingye Yinxin, Chifeng Gold, and Tongling Nonferrous Metals [1]

Group 1: Silver Price Surge - Global silver prices have reached a historical high, becoming a focal point in the market [1] - As of December 5, London silver prices surged to $59.33 per ounce, marking a 3.9% increase, and closed at $58.29 per ounce [5] - Year-to-date, silver prices have increased by over 100%, significantly outpacing gold's rise of just over 60% [5] Group 2: Factors Driving Silver Demand - The increase in silver prices is attributed to low global silver inventories and tight physical supply, creating a "low inventory + high demand" scenario [6] - Silver is increasingly recognized for its structural scarcity and growing industrial demand, moving beyond its traditional role as a gold substitute [6] - Key sectors driving silver demand include electronics, renewable energy, and healthcare, with significant growth expected in these areas [7] Group 3: Industrial Demand Projections - By 2025, global silver demand is projected to experience explosive growth, particularly from the photovoltaic industry, which is expected to consume 7,560 tons of silver, doubling its usage from 2022 [7] - The automotive sector, particularly electric vehicles, is anticipated to consume 2,566 tons of silver this year, with a year-on-year growth rate exceeding 12% [7] - The demand from AI computing servers and data centers is expected to increase silver usage by 30% compared to traditional equipment [7] Group 4: Market Performance of Silver-Related Stocks - A-share silver concept stocks have shown strong performance, with an average increase of 79.24% year-to-date, significantly outperforming the Shanghai Composite Index [8] - Notable performers include Xingye Silver Tin, which has seen a cumulative increase of 220.2% this year [10] - As of December 5, 13 silver concept stocks had rolling P/E ratios below 30, indicating potential investment opportunities [10] Group 5: Financing and Investment Activity - As of December 5, four silver concept stocks have seen net financing inflows exceeding 100 million yuan since December began, indicating strong investor interest [11] - Yunnan Copper has led with a net financing inflow of 167 million yuan, with plans to acquire a 40% stake in Liangshan Mining [12]

Market Sentiment - The current market sentiment score is 74, indicating a "relatively hot" market condition, with a tendency for the market to enter a consolidation phase as sentiment becomes cautious [4][6]. Hot Themes Tracking - **Non-ferrous Metals**: Demand expectations are boosted by potential US interest rate cuts, with copper prices rising due to financial attributes and supply constraints. Key stocks include Zijin Mining (601899) and China Aluminum (601600) [4]. - **Banking Sector**: Bank stocks offer high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly above the 10-year government bond yield. This makes bank stocks attractive for long-term investors during economic slowdowns. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [4]. - **AI Mobile Phones**: ZTE has released a limited version of the Nubia M153 smartphone featuring the "Doubao Phone Assistant," aimed at developers and tech enthusiasts. This assistant operates at a system level, allowing for complex command execution. Related stocks include ZTE Corporation (000063) and Guanghetong (300638) [4]. Capital Flow Analysis - **Net Inflow**: The top stocks by net inflow include C-More-U (688795.SH) with 171,088.72 million, followed by BOE Technology Group (000725.SZ) with 91,808.23 million [7]. - **Net Outflow**: The stocks with the highest net outflow include Heertai (002402.SZ) with -192,121.31 million and Sanhua Intelligent Control (002050.SZ) with -100,152.71 million [9]. - **Industry Net Inflow**: The non-ferrous metals industry leads with a net inflow of 105,095 million, followed by the computer sector with 94,326 million [13]. Investment Strategy Recommendations - In a "relatively hot" market, it is advisable to moderately increase investments while being cautious of potential overheating risks [16].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - A super cycle for industrial metals may have arrived, with a focus on copper and aluminum sectors. The report highlights that even small supply-demand gaps can lead to significant price elasticity during a rate-cutting cycle [9][13] - Copper prices have surged, with LME copper closing at a historical high of $11,655 per ton, driven by supply tightness and tariff concerns [9][13] - The aluminum sector is expected to benefit from strong demand in energy storage, with projections indicating a need for 800,000 tons of aluminum materials due to the anticipated growth in storage battery production [9][14] - The gold sector is also viewed positively, with expectations for gold prices to exceed $5,000 per ounce by 2026, driven by rising inflation expectations [9][15] Summary by Sections Industrial Metals - The report indicates a significant increase in metal prices, with copper and aluminum prices rising sharply. The LME copper price increased by 1.88% recently, reflecting strong market conditions [9][13] - Supply constraints are evident, with LME copper warehouse cancellations reaching 56,900 tons, about 35% of total inventory, marking the largest single-day withdrawal in 13 years [9][13] - The report suggests that the copper and aluminum sectors will see continued price increases due to strong demand from traditional and new energy sectors [9][13][14] Steel - The steel sector is experiencing weak supply-demand fundamentals during the off-season, with a slight recovery in steel profitability noted [17] - Weekly rebar consumption decreased by 4.81% compared to the previous week, indicating a decline in demand [21] - Overall steel prices have shown a slight increase, with the rebar price rising to 3,355 yuan per ton, reflecting a 1.16% week-on-week increase [38][39] New Energy Metals - Lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth in the new energy sector [42] - The demand for new energy vehicles remains robust, with production and sales in October 2025 showing year-on-year growth of 19.94% and 18.65%, respectively [46] - Nickel production and consumption trends are mixed, with refined nickel output in China showing a notable year-on-year decline of 12.20% [44][49] Price Trends - The report notes that lithium prices have seen a slight decline, with battery-grade lithium carbonate priced at 91,100 yuan per ton, down 2.36% week-on-week [51][52] - Cobalt prices have increased significantly, with sulfuric acid cobalt priced at 90,000 yuan per ton, reflecting a year-on-year increase of 236.45% [51][52]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the materials sector, specifically aluminum, copper, and the battery chain, with a cautious stance on anti-involution sectors [1][2][3]. Core Insights Aluminum - Aluminum is preferred over copper due to underappreciated supply risks, particularly regarding smelting capacity in Indonesia and potential over-optimism in Middle Eastern expansion plans [2]. - Chinese smelter utilization is reported at over 98%, with China being a net importer of aluminum, primarily from Russia [2]. - Apparent consumption and inventory levels for aluminum in China are healthier compared to copper [2]. - Top picks in aluminum include Hongqiao and Chalco H/A [2]. Copper - Demand for copper is weakening as of Q4 2025, with inventory stockpiling observed in both the US and China [3]. - Price expectations for copper may be influenced by anticipated rate cuts into 2026, with long-term bullish sentiment due to potential supply deficits in the next 3-5 years [3]. - Tight global power supply is contributing to positive sentiment for copper [3]. - Zijin Mining's copper and lithium assets are considered undervalued, with a Buy rating maintained [3]. - Among pure copper plays, MMG is preferred over CMOC for better valuation [3]. Battery Chain - The battery chain is viewed as more defensive, with a rally driven by strong expectations for energy storage systems (ESS) [4]. - Caution is advised before the Chinese New Year, as the rally may be mostly priced in [4]. - Defensive names like CATL are preferred into Q1 2026 due to uncertainties in production pipelines and weak EV demand [4]. - Key catalysts to watch include the production pipeline in March 2026, which could shift market sentiment towards companies with higher elasticity [4]. Cement and Steel - Cement and steel sectors are the least preferred, with steel demand supported by exports but facing weaker anti-involution enforcement [5]. - Production cuts in cement are not expected due to profitability among companies, leading to low prices and profits into H1 2026, with potential recovery in H2 2026 [6]. Additional Important Points - The report emphasizes the importance of monitoring the production pipeline and market conditions closely, particularly for aluminum and copper [2][3][4]. - The overall sector ranking is: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel [1]. - Cross-sector top picks include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A [1].

长江商报消息 ●长江商报记者 沈右荣 万亿紫金矿业帝国换帅，一代"金王"谢幕。 2025年前三季度，紫金矿业盈利378.64亿元，创了历史新高，并超过了2024年全年。 现年68岁的陈景河，被称为"中国金王"，按照其持股市值计算，财富约27亿元。 主动交棒的陈景河说，一个基业长青的企业应从"创始人驱动"迈向"制度驱动"，当前正是新老交替的最好时机。 谁来接棒董事长，未来的紫金矿业能否继续创造神话，市场充满期待。 一代"金王"谢幕 掌舵32年，将紫金矿业打造成万亿金属矿业帝国的"中国金王"谢幕了。 近期，紫金矿业（601899.SH、02899.HK）宣布，公司创始人、董事长陈景河因年龄和家庭原因，提出不再接受 第九届董事会董事候选人提名，公司将聘任陈景河为"终身荣誉董事长"及高级顾问。 这意味着陈景河正式交棒。 始于1993年，止于2025年，陈景河掌舵紫金矿业32年。从福建上杭山出发，走出福建，走出亚洲，紫金矿业如今 已经成长为综合指标进入全球金属矿业企业前列的跨国矿业集团。 紫金矿业加上分拆至港股上市的紫金黄金国际（02259.HK），市值已经约1.19万亿元。如果算上控股的藏格矿业 和龙净环保，紫金系总 ...

行 业 及 产 业 行 业 研 究 / 相关研究 - 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 2025 年 12 月 07 日 供应格局趋紧，工业金属价格大幅 上行 看好 ——金属&新材料行业周报 20251201-20251205 本期投资提示： 行 业 点 评 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 有色金属 、 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 0.37% ...

Group 1 - Copper prices have recently reached record highs, with LME copper closing at $11,665.0 per ton on December 5, up 32.84% from $8,781.5 per ton at the end of last year [1] - The increase in copper prices is driven by tight supply and growing demand, with concerns over supply shortages due to a 10% reduction in mining capacity signals from China's copper raw material negotiation group [1] - External factors such as the Federal Reserve's interest rate cuts and the strategic importance of copper in global supply chains are also supporting the price increase [1] Group 2 - Short-term outlook indicates that low inventory levels and high cancellation of warehouse receipts will support continued price increases, while medium-term factors include the recovery of demand and production resumption in regions like Chile [2] - Long-term demand for copper is expected to remain strong due to the growth in renewable energy and artificial intelligence computing needs, maintaining a tight supply-demand balance [2] - Companies like Zijin Mining Group have reported significant revenue growth, with a 10.33% increase in revenue to 254.2 billion yuan and a 55.45% increase in net profit to 37.864 billion yuan in the first three quarters of 2025 [2][3] Group 3 - Zijin Mining has positioned itself among the top global copper producers through strategic acquisitions and resource integration, with a key project expected to enhance copper supply capacity by the end of 2025 [3] - Downstream companies are facing cost pressures due to rising copper prices, with some reporting declines in revenue and net profit as a result of increased raw material costs [3] - Companies are implementing measures such as technological upgrades and pricing mechanisms linked to copper prices to mitigate the impact of raw material price fluctuations [3]