股權激勵 A 股限制性股票回購註銷實施公告 重要內容提示： | 回購股份數量（A | 股） | 註銷股份數量（A | 股） | 預計註銷日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 30,600 | | 30,600 | | 2025 日 | 年 | 11 | 月 | 4 | ● 回購註銷原因：紫金礦業集團股份有限公司（以下簡稱「本公司」或「公司」）2020 年 A 股限制性股票激勵計劃中有 1 名激勵對象因離職不再符合激勵對象條件，公司對該名 激勵對象已獲授但尚未解除限售的 30,600 股 A 股限制性股票予以回購註銷。 ● 本次註銷股份的有關情況 一、本次 A 股限制性股票回購註銷的決策與信息披露 2024 年 11 月 17 日，公司召開第八屆董事會 2024 年第 15 次臨時會議、第八屆監事會 2024 年第 2 次臨時會議，審議通過了《關於回購註銷 2020 年限制性股票激勵計劃部份激勵對象 限制性股票及調整回購價格的議案》，公司授予 A 股限制性股票激勵對象中有 10 名激勵對 象因離職不再符合激勵 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-092 紫金矿业集团股份有限公司 股权激励限制性股票回购注销实施公告 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 预计注销日期 | | | | --- | --- | --- | --- | --- | | 30,600 | 30,600 | 2025 年 11 4 | 月 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2024 年 11 月 17 日，公司召开第八届董事会 2024 年第 15 次临时会议、第八 届监事会 2024 年第 2 次临时会议，审议通过了《关于回购注销 2020 年限制性股 票激励计划部分激励对象限制性股票及调整回购价格的议案》，公司授予限制性股 票激励对象中有 10 名激励对象因离职不再符合激励对象条件，根据《紫金矿业集 团股份有限公司 2020 年限制性股票激励计划（草案修订稿）》（以下简称"《激励 计划》"）的相关规定，公司决定回购注销上述 10 名激励对象合计持有的 345,600 股已获授但尚未解除限售的限制性股票，其中 9 名激励对象持有的 315,000 股限 制 ...

Core Points - Zijin Mining announced the repurchase and cancellation of 30,600 restricted shares due to the departure of an incentive recipient [1] - The shares were previously frozen by the court and have recently been unfrozen, allowing the company to proceed with the repurchase [1] - The repurchase is expected to be completed by November 4, 2025, reducing the total number of shares from 26,577,573,940 to 26,577,543,340, with 765,000 restricted shares remaining [1]

Core Insights - The lithium extraction concept from salt lakes has seen a 0.69% increase, ranking 6th among concept sectors, with 20 stocks rising, including notable gains from Xizang Chengtou, Xinwangda, Tianqi Lithium, and Xizang Mining [1][2] Market Performance - The top gainers in the salt lake lithium sector include: - Xizang Chengtou: +10.04% - Xinwangda: +10.14% - Tianqi Lithium: +9.67% - Xizang Mining: +7.17% - The top decliners include: - Xianfeng Holdings: -5.08% - Wanbangda: -3.90% - Wanlishi: -3.55% [1][5] Capital Flow - The salt lake lithium sector attracted a net inflow of 2.237 billion yuan, with 19 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. Tianqi Lithium led with a net inflow of 1.382 billion yuan, followed by Zijin Mining, Huayou Cobalt, and Ganfeng Lithium with net inflows of 444 million yuan, 410 million yuan, and 387 million yuan respectively [2][3] Stock Turnover and Ratios - The stocks with the highest net inflow ratios include: - Xizang Chengtou: 21.43% - Tianqi Lithium: 14.14% - Guojitongyong: 9.85% [3][4]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by favorable factors such as the Federal Reserve's interest rate cuts, with the Copper ETF (159652) seeing substantial inflows and price increases [1][3]. Group 1: Market Performance - The non-ferrous 50 ETF (159652) has surged over 2%, attracting over 20 million yuan in capital inflows during the trading session [1]. - Key components of the non-ferrous 50 ETF, including lithium and other industrial metals, have shown strong price increases, with notable gains from Tianqi Lithium and Ganfeng Lithium [3]. - The London Metal Exchange (LME) copper price reached an all-time high of 11,200 points, indicating strong market demand [3]. Group 2: Supply and Demand Dynamics - Citic Securities forecasts that copper and cobalt prices will continue to rise due to supply constraints, while lithium prices will benefit from unexpected increases in energy storage demand [5]. - The supply side is facing significant constraints, with global copper mine supply expected to enter negative growth in Q4 2024 due to production disruptions and reduced output guidance from major producers [5]. - Emerging demand from AI data centers is projected to significantly increase copper consumption, with a compound annual growth rate of 26% expected from 2023 to 2027 [6]. Group 3: Macroeconomic Factors - The current geopolitical tensions and dollar credit risks are enhancing the financial attributes of copper, positioning it as a key reserve asset for countries [10]. - The Federal Reserve's recent interest rate cut to a target range of 3.75%-4% is expected to support the price of physical assets like copper [10]. - Citic Jin Investment predicts that copper prices may return to a range of $10,000 to $12,000 per ton by Q4 2025, supported by supply-demand fundamentals and liquidity conditions [11]. Group 4: Investment Opportunities - The non-ferrous 50 ETF (159652) is highlighted for its high copper and gold content, with a leading position in the market [11]. - The ETF's index has shown a cumulative return of 116.5% since 2022, driven by earnings rather than valuation expansion, indicating strong growth potential [13]. - The projected compound annual growth rate for net profit over the next two years for the ETF's index is 16.28%, suggesting superior growth compared to peers [13].

Group 1 - The Shanghai Composite Index closed above the 4000-point mark, indicating a significant market milestone as the third-quarter reports of listed companies are being disclosed [1][2] - A total of 31 billion private equity firms have been identified among the top ten shareholders of 117 A-share listed companies, with a combined holding value of 37.68 billion yuan [2][3] - High Yi Asset leads with a holding value of 18.38 billion yuan, followed by Guofeng Xinghua (Beijing) Private Fund with 7.08 billion yuan, and Rui Jun Asset with 2.06 billion yuan [2] Group 2 - In the third quarter, billion private equity firms increased their holdings in 12 companies, maintained their positions in 46 companies, and reduced their stakes in 25 companies, with 34 new positions taken [2][3] - The computer sector is the largest investment area for billion private equity firms, with a total holding value of 10.67 billion yuan, followed by the non-ferrous metals sector at 6.47 billion yuan, and the telecommunications sector at 5.10 billion yuan [2] Group 3 - High Yi Asset's largest holding is Hikvision, valued at 8.83 billion yuan, which saw a reduction of 58 million shares in the third quarter [3] - High Yi Asset also reduced its stakes in several companies, including Zijin Mining and Yun Aluminum [3][4] Group 4 - High Yi Asset initiated new positions in Beixin Building Materials and Dongfulong, and increased its stake in Ruifeng New Materials by 3.3 million shares [4] Group 5 - High Yi Asset's holdings in Hikvision have increased by 12.67% this year, while Zijin Mining has doubled in value due to rising gold prices [5] - Other notable performances include Lixing Co., which has surged over 115% this year, and Sihui Fushi, which has risen by over 56.7% [5] Group 6 - Ningquan Asset announced a pause on new investor subscriptions starting October 30, while existing investors can still add to their holdings [6] - Ningquan Asset's holding in Meichang Co. has increased by 25% this year [6] Group 7 - The breakthrough of the 4000-point mark is seen as a reflection of investor confidence in the macroeconomic environment, with structural policies supporting long-term market stability [7][8] - The technology sector is expected to shift from "concept-driven" to "performance verification," benefiting from solid orders and performance validation [7] Group 8 - The recent rise in the A-share market is attributed to economic recovery, supportive policies, and improved international relations, with technology sectors driving market growth [8] - The long-term outlook suggests that breakthroughs in technology and optimization of economic structure will support a sustainable market uptrend [8]

Core Insights - The report provides a summary of recommended stocks across various industries for November 2025, highlighting potential investment opportunities based on performance and market conditions [2]. Banking Sector - Ningbo Bank (002142.SZ) shows an improving trend in Q3 performance with a continuous decline in non-performing loan generation rate and a positive shift in net interest margin, indicating a solid bottom line [2]. Non-Banking Financials - Dongfang Securities (600958.SH) is recommended due to its strong stock characteristics and reasonable valuation, with expectations of outperforming the index as Q3 earnings season approaches [2]. Real Estate - China Jinmao (0817.HK) is positioned favorably due to stable sales and proactive expansion, with a better risk release compared to other major real estate firms, amidst a challenging sales environment [2]. Electronics - Industrial Fulian (601138.SH) benefits from the growing demand for AI server products, leading to significant increases in GB series server shipments and a steady rise in market share among major clients [2]. Telecommunications - Zhongji Xuchuang (300308.SZ) is a leading company in optical modules, expected to benefit from the rising global demand for data center optical modules driven by AI development in 2026-2027 [2]. Power Equipment and New Energy - Sungrow Power Supply (300274.SZ) is recognized for its comprehensive solutions in photovoltaic power generation and energy storage, with steady growth driven by expanding market demand [2]. - Dongsheng Technology (300073.SZ) is noted for its leading position in ternary cathode materials, with anticipated growth from the recovery of European new energy vehicle demand and advancements in solid-state battery technology [2]. Metals and Materials - Zijin Mining (601899.SH) is highlighted for its strong earnings potential and high valuation appeal, with significant growth prospects in gold, copper, and lithium mining [2]. Internet - Tencent Holdings (0700.HK) is seen as a key player in the AI era, leveraging its ecosystem advantages to capture market opportunities, particularly in e-commerce and AI agent services [2]. Public Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is expected to rebound as new nuclear units are set to be commissioned, with market prices for nuclear power projected to increase [2].

Core Viewpoint - The A-share market experienced a narrow fluctuation on October 30, 2023, with the steel sector showing significant gains, while several previously popular stocks faced adjustments [1][4][11]. Market Performance - The A-share market saw the Shanghai Composite Index fluctuating above 4000 points, with the North China 50 Index rising over 2% during the session, following a previous trading day where it surged by 8.41%, marking one of its best performances of the year [4]. - The steel sector was a highlight, with companies like Anyang Iron & Steel reaching the daily limit, and others such as Fangda Special Steel and New Steel Co. also showing strong gains [5]. Sector Analysis - The coal sector led the market with a rise exceeding 1.4%, driven by increasing prices of coking coal and coke, with coking coal futures rising over 3% and coke futures increasing by more than 2% [7]. - Other sectors such as electrical equipment, non-ferrous metals, transportation, and home appliances also showed notable gains [8]. - In contrast, sectors like telecommunications, comprehensive services, electronics, and building materials faced declines [9]. Conceptual Trends - Lithium mining concepts were among the top gainers, with the sector rising over 2%. Notable stocks included XWANDA, which surged by over 14%, and Dazhong Mining, which hit the daily limit [9][10]. - Other conceptual sectors like quantum technology, nickel metals, and remote work also performed well in the market [10].

Group 1 - A500ETF Jia Shi has a turnover rate of 0.91% and a transaction volume of 1.07 billion yuan as of October 29, with an average daily transaction volume of 2.326 billion yuan over the past year [3] - The latest scale of A500ETF Jia Shi reached 11.773 billion yuan, with a net value increase of 25.67% over the past year [3] - The highest monthly return since inception was 11.71%, with the longest consecutive monthly increase being 5 months and a maximum increase of 28.61% [3] Group 2 - The Shanghai Composite Index stabilized above 4000 points, reaching a nearly ten-year high, with a total market transaction volume of approximately 2.3 trillion yuan, an increase of 125.4 billion yuan from the previous day [3] - Xinda Securities believes that the core foundation of the current bull market lies in policy changes affecting supply-demand dynamics and the reallocation of household assets, which are more significant than tariff policies, industry trends, and short-term profit changes [3] Group 3 - With the domestic market entering a phase of important meetings and the verification of third-quarter report prosperity, market risk appetite is expected to rise, particularly for technology growth sectors [4] - As of September 30, 2025, the top ten weighted stocks in the CSI A500 Index include Ningde Times, Kweichow Moutai, China Ping An, and others, accounting for a total of 19% of the index [4] Group 4 - The performance of the top ten stocks by weight shows mixed results, with Ningde Times down 0.42% and Kweichow Moutai down 0.48%, while China Ping An increased by 1.22% [6] - Investors without stock accounts can access the A500ETF Jia Shi linked fund (022454) for exposure to the top 500 A-shares [6]

Group 1 - The carbon-neutral ETF Southern (159639) increased by 0.77%, with trading volume expanding rapidly. The index it tracks, the China Shanghai Environmental Exchange Carbon Neutral Index, rose by 0.50% [1] - Key constituent stocks such as Arctech (up 10.65%), Hangyang (up 7.12%), Sungrow (up 5.17%), Hunan Yueneng (up 4.20%), and Jiangxi Copper (up 4.17%) showed significant gains [1] - The Ministry of Ecology and Environment held a press conference on October 29, announcing the implementation of the first central document in China's carbon market, aimed at accelerating the construction of a national carbon market [1] Group 2 - Guotai Junan Securities highlighted the release of the "Energy Conservation and New Energy Vehicle Technology Roadmap 3.0," predicting high growth in domestic new energy vehicle sales by 2025, which will drive demand for batteries and materials [1] - The solid-state battery industry is progressing, with XINWANDA launching a new generation polymer all-solid-state battery with an energy density of 400 Wh/kg [1] - In the photovoltaic sector, the investment theme remains focused on "anti-involution," with expectations that domestic high-power modules will drive an increase in module prices [1] Group 3 - The National Development and Reform Commission's draft implementation plan for renewable energy consumption targets includes non-electric renewable energy, marking a shift towards multi-energy collaborative consumption [2] - This policy creates a regulatory market space for the green hydrogen, ammonia, and alcohol industries, enhancing the certainty and long-term expectations for industry development [2] - The carbon-neutral ETF Southern closely tracks the China Shanghai Environmental Exchange Carbon Neutral Index, which includes 100 listed companies with significant contributions to carbon neutrality [2]