(本文来自第一财经) 南向资金今日净卖出6.35亿港元，中国移动、紫金矿业、中芯国际分别遭净卖出11.47亿港元、8.43亿港 元、5.53亿港元。净买入方面，腾讯控股、中国人寿、长飞光纤光缆净买入额位列前三，分别获净买入 10.24亿港元、5.11亿港元、3.55亿港元。 ...

公司点评报告 · 有色金属行业 收购 Allied Gold，强化黄金板块综合实力 2026 年 1 月 27 日 核心观点 （1）马里 Sadiola 金矿一期选厂技改已基本完成，采选规模由 500 万吨/年提 升至 570 万吨/年，黄金年产量有望提升至 6.2~7.2 吨。二期投产后，项目预 计前四年平均年产金 12.4 吨，矿山生命周期内年均产金 9.3 吨，全维持成本 预计将由 25Q3 的 2,067 美元/盎司下降至 1,200 美元/盎司。 （2）科特迪瓦金矿综合体（包括 Bonikro 和 Agbaou 项目）两座金矿采选规 模均约为 250 万吨/年，拟进一步整合运营，力争实现 Bonikro 金矿年均产金 3.1 吨、Agbaou 金矿年均产金 2.7 吨的产量目标。 （3）埃塞俄比亚 Kurmuk 金矿是重要增量项目，计划于 2026 年下半年投产， 设计采选规模为 640 万吨/年，预计前四年平均年产金 9 吨，矿山生命周期内 年均产金 7.5 吨，全维持成本预计将低于 950 美元/盎司。 紫金矿业（股票代码：601899.SH） | | | 分析师 华立 ：021-2025262 ...

据媒体报道，1月26日晚，紫金矿业公告称，公司控股的紫金黄金国际有限公司拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，收购对价共 计约55亿加元，约合人民币280亿元。当日其收盘总市值重回万亿元。 天眼查工商信息显示，紫金矿业集团股份有限公司成立于2000年9月，法定代表人为邹来昌，注册资本约26.3亿人民币，经营范围包括矿产资源勘查、金矿 采选、金冶炼等。股东信息显示，该公司由闽西兴杭国有资产投资经营有限公司、香港中央结算（代理人）有限公司、中国证券金融股份有限公司等共同持 股。对外投资信息显示，该公司对外投资80家企业，其中60余家处于存续状态。值得一提的是，2025年以来，该公司已成立紫金（海南）国际矿业运营管理 有限公司、池州市朱庄矿业有限公司等多家新公司。 | | 草公司 部在用的商业商可工具 | 查老板 音关系 查风险 | | | | --- | --- | --- | --- | --- | | | 家中小企业发展子其全旗下机构 | 紫金矿业集团股份有限公司 | 8 天眼一下 | ● 应用 · 商务合作 | | 基本信息 472 | 上市信息 999+ 法律诉讼 46 | 经营风险 ...

金价持续飙涨下，"矿茅"紫金矿业（601899.SH）再度出手买矿。 1月26日晚间，紫金矿业公告显示，控股子公司紫金黄金国际（2259.HK）计划以44加元/股的现金价格，收购Allied Gold Corporation（"联合黄金"）全部已 发行的普通股，收购对价共计约55亿加元（约合人民币 280亿元）。 1月27日，紫金矿业（601899.SH）股价涨2.81%，收于40.61元/股。从2025年1月份以 来，紫金矿业股价已从15元左右上涨至40元以上。 联合黄金是一家总部位于加拿大的黄金矿业公司，核心资产包括在产的马里Sadiola金矿、科特迪瓦金矿综合体（含Bonikro和Agbaou金矿），及将于2026年 下半年建成投产的埃塞俄比亚Kurmuk金矿。根据公开披露信息，截至2024年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨。 贝壳财经记者关注到，公告显示，此次交易的交割先决条件包括获得来自加拿大竞争局、加拿大投资法（ICA）、中国国家发展改革委和商务部以及香港联 合交易所等的监管审批。 加强黄金资源储备是紫金矿业此次收购的核心目的。紫金矿业董事长邹来昌在2026年新年致辞中提到 ...

| 代码 � | 名称 | | 涨幅% | 现价 | 涨跌 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 688702 盛科通信-U K 20.00 | | | | 162.53 | 27.09 | 162.53 | | aa362 | | 688110 | 东松 胶价 | K | 20.00 | 153.23 | 25.54 | 153.23 | - | 435458 | | 688699 明微电子 | | ાર્ | 16.30 | 63.50 | 8.90 | 63.48 | 63.50 | 126886 | | 688766 | 普申股份 | K | 14.75 | 255.00 | 32.78 | 255.00 | 255.01 | 121174 | | 688416 恒炼股份 | | K | 14.53 | 93.74 | 11.89 | 93.74 | 93.75 | 86405 | | 300077 国际网站 | | R | 12.38 | 24.69 | 2.72 | 24.69 | | ...

责任编辑：史丽君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 花旗发布研报称，紫金矿业（02899）持股85%的子公司紫金黄金国际（02259）已与Allied Gold签署协议，以现金总代价55亿加元（约280亿人民币）收购Allied Gold 100%的股权。预计该公司总黄金产量在2025年将达到11.7至12.4吨，并在Sadiola项目扩建及Kurmuk项 目投产后，于2029年进一步增至25吨。鉴于目前金价高企，花旗认为此次收购价格具吸引力。该行维持 对紫金的行业首选地位； 目标价39港元； 评级"买入"。 花旗预计，收购已投产的金矿将提升紫金的黄金产量和盈利能力。当前金价下，收购价格具吸引力。但 本次收购尚待Allied Gold股东大会批准、加拿大安大略省高等法院批准，以及包括加拿大和中国监管机构在内的主要监管批 准。并相信此次收购进一步证明紫金通过紫金黄金国际发展其黄金资产组合的承诺。 新浪合作大平台期货开户 安全快捷有保障 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 花旗发布研报称，紫金矿业（02899）持股85%的子公司紫金黄金国际（02259 ...

Report Industry Investment Rating No information provided in the report. Core Views - Scale: The growth of passive index funds has slowed down. As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF-linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale [3]. - Position: The positions of active equity funds decreased slightly. In terms of arithmetic average and stock market value weighted average position levels, the positions of active equity funds decreased by 1.13 pct. and 0.91 pct. respectively. Specifically, the funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [3]. - Sector distribution and allocation: There was a significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board. In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. Specifically, the under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [3]. - Industry allocation: In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [3]. - Heavy - held individual stocks: The total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5 [3]. - Total shareholding: Stocks such as Foxconn Industrial Internet were reduced, while stocks such as Industrial Bank were increased. In Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [3]. - Central Huijin ETF holdings: According to the holder data disclosed in the Q4 2025 public fund regular reports, as of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [3]. Summary by Directory 1. Equity Fund Scale, Position, and Sector Distribution - **1.1 Passive index fund quantity and scale growth slow down, active equity fund positions decrease slightly**: As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF - linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale. In Q4 2025, the positions of active equity funds decreased slightly. The arithmetic average and stock market value weighted average position levels decreased by 1.13 pct. and 0.91 pct. respectively. The funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [10][12]. - **1.2 Significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board**: In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. The allocation ratio of the Main Board increased by 2.14 pct. quarter - on - quarter, and the allocation ratio of the Hong Kong Stock Exchange decreased by 1.54 pct. quarter - on - quarter. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. The under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [15][16]. 2. Industry Allocation - **2.1 Heavy - held A - share industry distribution**: In Q4 2025, the top ten heavy - held industries of active equity funds were electronics, non - ferrous metals, power equipment, communication, computer, machinery, automobile, non - bank finance, pharmaceutical biology, and household appliances. Compared with Q3 2025, the rankings of non - ferrous metals and other industries increased significantly, while the ranking of pharmaceutical biology decreased significantly. In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [22][24]. - **2.2 Heavy - held A - share active allocation**: Compared with the weights of CSI 300 constituent stocks, in Q4, active equity funds' heavy - held A - shares maintained a relatively high over - allocation ratio in industries such as electronics, non - ferrous metals, and power equipment. The over - allocation ratio of electronics was 7.31%, that of non - ferrous metals was 4.10%, and that of power equipment was 2.05%. Industries such as banking, non - bank finance, and food and beverage were still under - allocated. The under - allocation ratio of banking was - 9.62%, that of non - bank finance was - 6.44%, and that of food and beverage was - 4.12%. Compared with Q3, the over - allocation ratio of non - ferrous metals increased significantly, while the over - allocation ratio of electronics decreased significantly [28]. 3. Heavy - Held Stock Situation - **3.1 Tencent Holdings drops out of the top 5, Zijin Mining enters the top 5**: Among the top 20 heavy - held stocks by market value, the total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5. In terms of the number of funds with positions, the top five stocks with the most positions in Q4 were CATL, Zhongji Innolight, Zijin Mining, New Fiber Optic, and Tencent Holdings. Among them, 2,043 active equity funds held positions in CATL. Compared with the previous quarter, Zhongji Innolight's ranking rose by 2 places, and Tencent Holdings' ranking dropped by 2 places [31][33]. - **3.2 Stocks such as Foxconn Industrial Internet are reduced, while Industrial Bank is increased**: From the perspective of the change in the total amount of heavy - held stocks held by active equity funds, in Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [35]. 4. Central Huijin ETF Holdings As of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [37].

花旗预计，收购已投产的金矿将提升紫金的黄金产量和盈利能力。当前金价下，收购价格具吸引力。但 本次收购尚待Allied Gold股东大会批准、加拿大安大略省高等法院批准，以及包括加拿大和中国监管机 构在内的主要监管批准。并相信此次收购进一步证明紫金通过紫金黄金国际发展其黄金资产组合的承 诺。 智通财经APP获悉，花旗发布研报称，紫金矿业(02899)持股85%的子公司紫金黄金国际(02259)已与 Allied Gold签署协议，以现金总代价55亿加元(约280亿人民币)收购Allied Gold 100%的股权。预计该公 司总黄金产量在2025年将达到11.7至12.4吨，并在Sadiola项目扩建及Kurmuk项目投产后，于2029年进一 步增至25吨。鉴于目前金价高企，花旗认为此次收购价格具吸引力。该行维持对紫金的行业首选地位; 目标价39港元; 评级"买入"。 ...

果然财经|紫金矿业280亿元扫货非洲金矿,A股收盘重回万亿元 1月26日，中国矿业巨头紫金矿业（SH601899，股价39.5元，市值1.05万亿元）宣布重磅收购计划。紫 金矿业控股子公司紫金黄金国际有限公司与在多伦多和纽约双重上市的Allied Gold Corporation（联合黄 金）正式签署《安排协议》。紫金黄金国际拟以每股44加元的价格，斥资约55亿加元（约合人民币280 亿元）收购联合黄金全部已发行普通股。 果然财经|紫金矿业280亿元扫货非洲金矿,A股收盘重回万亿元 大众报业·齐鲁壹点14:38 热门评论我要评论 微信扫码 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

↑点击上面图片 加雪球核心交流群 ↑ A股三大指数今日集体上涨，截止收盘，沪指涨0.18%，收报4139.90点；深证成指涨0.09%，收报14329.91点；创业板指涨0.71%，收报3342.60点。 沪深京三市成交额29215亿元，较上日缩量3592亿元，三市超1900只个股飘红。 | | | | 买2 | 153.22 | 5.4万 | | --- | --- | --- | --- | --- | --- | | | | | 买3 | 153.20 | 267 | | | | | 24 | 153.18 | 1.0万 | | | | | 买5 | 153.17 | 200 | | | | | | 明细 ▲ | | | 102.15 | | -20.00% 14:56 | | 153.23 | 200 | | 成交额 | 64.08亿 盘后: 68647 | | 14:56 | 153.23 | 2200 | | 4.67亿 | | K | 14:56 | 153.23 | 200 | | | | 7 | | | | | | | | 15:00 | 153.23 | 5.0万 | | | | | 15 ...