来源：智通财经 2025年以来，紫金矿业（601899.SH）、洛阳钼业（603993.SH）、江西铜业（600362.SH）、灵宝黄金 （03330.HK）等上市公司加速海外"淘金"。 已跻身全球前5大黄金上市企业之列的紫金矿业，近一年多累计超450亿元连收7个海外金矿。1月26日公 司宣布，旗下紫金黄金国际（2259.HK）拟约280亿元收购加拿大上市公司联合黄金，以获得3个非洲金 矿项目。 洛阳钼业从2025年6月以来累计投入百亿收购金矿：在去年6月收购厄瓜多尔奥丁金矿后，公司今年1月 25日完成第二笔金矿交易，出资约71.62亿元收购加拿大上市矿企Equinox Gold旗下3个巴西金矿项目。 江西铜业在去年年初增资成为伦敦上市公司SolGold最大单一股东后，于12月24日第三次报价约82亿元 收购其余股份，以拿下厄瓜多尔Cascabel大金矿。 灵宝黄金去年12月10日宣布，拟以17.35亿元认购澳大利亚公司St Barbara Mining50%+1股股权，获得巴 布亚新几内亚Simberi金矿。 近一年多累计耗资超450亿元海外买金矿。此前2024年12月，紫金矿业以最高3亿美元收购秘鲁LaA ...

Overview of Public FOF Funds in Q4 2025 - As of Q4 2025, there are 549 FOF products in the market with a total scale of 244.188 billion yuan, an increase of 26.20% compared to Q3 2025 [1][2] - FOFs are categorized into three types based on the proportion of equity assets: bond-type FOFs (less than 30%), balanced FOFs (30% to 60%), and equity-type FOFs (more than 60%) [3] - The scale of bond-type FOFs reached 161.113 billion yuan, accounting for 65.98% of the total market FOF scale, which has been increasing since Q1 2024 [4] FOF Fund Manager Preferences - The top three actively managed equity funds with the most FOF holdings are: 1. Fuquan Stable Growth A (31 FOFs) 2. Boda Jiuhang C (22 FOFs) 3. Zhongou Dividend Enjoyment A (21 FOFs) [20] - The largest FOF holdings by scale are: 1. Xingquan Business Model Preferred A (4.77 billion yuan) 2. Yifangda Information Industry Selected C (3.65 billion yuan) 3. Yifangda Kerong (3.59 billion yuan) [20] Changes in FOF Fund Manager Allocations - In Q4 2025, the most net increased actively managed equity funds by FOFs are: 1. Yifangda Reform Dividend (4 FOFs) 2. Jingshun Longcheng Stable Return C (3 FOFs) 3. Zhongou Small Cap Growth C (3 FOFs) [33] - The largest net increase in scale for actively managed equity funds is for Jingshun Longcheng Stable Return C (0.66 billion yuan) [34] FOF Stock Investment Situation - By Q4 2025, 168 FOFs directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [1] - The top three stocks held by FOFs are: 1. Zijin Mining 2. Ningde Times 3. Hanwujing-U [1] Performance of Different Types of FOFs - In Q4 2025, the median returns for different types of FOFs are: - Bond-type FOFs: 0.33% - Balanced FOFs: -0.64% - Equity-type FOFs: -1.21% [13] - The top-performing bond-type FOFs in Q4 2025 are: 1. Tianhong Pension Target 2030 One-Year Holding (2.92%) 2. Ping An Yingyue Stable Return One-Year Holding A (1.81%) 3. Guotai Ruiyue Three-Month Holding (1.80%) [15][16] FOF Configuration by Fund Managers - The top three fund managers with the most FOF configurations in Q4 2025 are: 1. Yang Meng 2. Fan Yan 3. Liu Jianwei [1] - The most configured bond-type fund is Guangfa Pure Bond A, held by 32 FOFs [27]

吴梓杰告诉期货日报记者，对企业自身而言，这种"以价换量"的扩张逻辑，一方面能通过整合低成本在 产项目有效摊薄整体生产成本，增强抗风险能力；另一方面能通过产量的阶梯式增长直接提振盈利预期 和市场估值，巩固其在全球矿业版图中的领先地位。尽管面临地缘政治风险和市场不确定性，但优质金 矿资产作为抵御通胀和波动的"硬通货"，依然是头部企业实现战略转型与跨越式发展的较优路径。 据记者了解，联合黄金核心资产分布于非洲三大金矿成矿区，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），以及将于2026年下半年建成投产的埃塞俄比亚Kurmuk金矿。截 至2024年年底，联合黄金拥有黄金资源量533吨，平均品位1.48克/吨；保有矿石储量2.37亿吨，黄金金 属量337吨，平均品位1.42克/吨。 产量方面，联合黄金2023年、2024年分别产金10.7吨、11.1吨，预计2025年产金11.7~12.4吨。依托 Sadiola项目改扩建及Kurmuk新项目投产，其2029年黄金产量有望跃升至25吨，届时将成为紫金矿业全 球黄金生产的核心支柱之一。另外，Kurmuk项目投产后全维持成本预 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

导语："资源为王"的时代已经降临，而作为资产定价之锚的黄金价格已经疯了。 "资源为王"的时代已经降临，而黄金则是最好的定价物。 1月26日晚，紫金矿业（2899.HK）公告称，子公司紫金黄金国际（2259.HK）将以约280亿元的价格购买AlliedGoldCorporation（简称"联合黄金"）100%股 权，每股购买价格为44加元。 普通人买金饰，"金王"买金矿。在金价暴涨背景下，金矿的价值算得上直飞冲天，按目前金价来算，这笔280亿元的收购太划算了。 买金矿先看金价，1月28日现货黄金金价已再次上涨，触及5270美元/盎司，纽约期金更突破5300美元/盎司，国内金饰价格也在同日冲破1600元/克，投行 和消费都惊呼"每天都在见证历史"！ 再看看联合黄金的黄金产能，据紫金矿业披露数据，2023年至2025年联合黄金平均年产黄金11吨以上。按此计算，联合黄金每年产金价值约20亿美元，约 合人民币138亿元，"金王"两年左右就回本了。而且，联合黄金预计2029年黄金产能还将提升至25吨。 这波金价大涨当然离不开近期国际"资源争夺战"愈演愈烈的态势，"鹰酱"对委内瑞拉石油、格陵兰岛稀土等资源"动手"，达沃斯论 ...

Core Viewpoint - Zijin Mining continues its expansion strategy after its market capitalization soared to 1 trillion, announcing a cash acquisition of Allied Gold Corporation at 44 CAD per share, totaling approximately 28 billion RMB [1][3]. Group 1: Acquisition Details - Zijin Gold International, a subsidiary of Zijin Mining, signed an agreement to acquire all issued common shares of Allied Gold Corporation for a total consideration of approximately 5.5 billion CAD, equivalent to 280 billion RMB [3]. - The acquisition price represents a premium of approximately 5.39% over the closing price of Allied Gold on the trading day before the agreement and an 18.95% premium over the average trading price over the previous 20 days [3]. - Zijin Mining will also acquire convertible bonds issued by Allied Gold, with an estimated payment of around 300 million CAD [3]. Group 2: Financial Performance of Allied Gold - Allied Gold reported revenues of 656 million USD in 2023, 730 million USD in 2024, and 904 million USD in the first nine months of 2025, with net profits of -192 million USD, -120 million USD, and 17 million USD respectively [4]. - The total assets of Allied Gold increased from 956 million USD to 1.685 billion USD, while the debt ratio rose from 60% to 75% [4]. Group 3: Strategic Importance of the Acquisition - The acquisition will expand Zijin Mining's asset layout to 12 large gold mines across 12 countries, enhancing its position and influence in the global gold industry [5]. - The core assets of Allied Gold include the Sadiola gold mine in Mali, the Côte d'Ivoire gold complex, and the Kurmuk gold mine in Ethiopia, all of which are either in production or about to commence production [4][6]. Group 4: Historical Context of Expansion - Zijin Mining has a history of aggressive acquisitions, having previously acquired various mining assets globally, including copper and gold mines, even during downturns in commodity cycles [7][8]. - Since 2020, Zijin Mining has accelerated its acquisition pace, focusing on energy metals and lithium resources, positioning itself as a significant player in the lithium market [9][10]. Group 5: Financial Health and Funding Strategy - For the first three quarters of 2025, Zijin Mining reported a revenue of 254.2 billion RMB, a year-on-year increase of 10.33%, and a net profit of 37.864 billion RMB, up 55.45% [11]. - As of September 2025, Zijin Mining held cash reserves of 68.092 billion RMB, with total liabilities exceeding 120 billion RMB, indicating a need for continuous funding to support its expansion [12]. - The company has established a robust financing strategy, issuing various debt instruments to maintain financial health while pursuing aggressive growth [12][13].

诉求一经提出，集团工会快速响应，当即统筹全集团各子公司，搭建起"企业+产区"产销对接桥，创新将道州脐橙采购纳入职工福利体系。这一举措实现双 向共赢，既让全国各地紫金职工吃上新鲜优质的道州特色农产品，切实提升职工幸福感与归属感；更以300余吨的实际采购量，为果农打通销售堵点，有效 缓解农产品销售压力，让果农的"辛苦果"变成"致富果"，为乡村振兴注入企业动能。 工作人员：这是我们发往紫金的道州脐橙，最后两车了，一车去往乌鲁木齐紫金矿业，一车是到吉林的紫金矿业，今天是最后两车一共50吨，我们以前一共 发往内蒙古、厦门等紫金矿业公司发了250吨，剩下的两车今天全部发完。 今日永州讯（通讯员 何权）近日，湖南紫金锂业有限公司开展消费帮扶活动，依托集团资源搭建产销对接平台，累计采购道州脐橙300余吨，将这一优质农 产品纳入职工福利并送往国内各地紫金公司，既为果农纾解销售难题，又为职工送上民生福利，以实打实的消费帮扶践行企业社会责任，为乡村振兴注入强 劲动能。 道县作为"中国脐橙之乡"，地处北纬25.5°黄金柑橘种植带，是"赣南—湘南—桂北"柑橘优势产业带核心区，所产道州脐橙有着1300余年栽培历史，凭借脆嫩 多汁、酸甜适 ...

Core Viewpoint - The international gold price has surged dramatically, with spot gold reaching a historical high of $5,285.66 per ounce, leading to a significant increase in gold-related ETFs in the domestic market, which have seen rare daily limit-ups [2][3]. Group 1: Gold Price Surge - On January 28, international gold prices broke through key thresholds of $5,000, $5,100, and $5,200, approaching $5,300 [2]. - The domestic market has seen gold-themed ETFs, both linked to gold prices and A-share gold stocks, experiencing unprecedented daily limit-ups [2][3]. Group 2: ETF Performance - As of January 28, there are 20 gold-themed ETFs in the market, with 14 being gold ETFs and 6 being gold stock ETFs, the latter gaining significant attention from investors [3]. - Major gold stock ETFs, such as Guotai Fund's Gold Stock ETF (517400), saw a 10% increase, while others like Huazhang Fund and Industrial Bank Fund also reported gains of around 9% to 10% [3][4]. Group 3: Investment Trends - The investment logic surrounding gold has shifted, with high gold prices making it a luxury for ordinary investors, leading to increased interest in gold stock ETFs, which are relatively low in net value [3][4]. - The six gold stock ETFs have shown impressive performance, with returns exceeding 50% since January 2026, and all six have doubled in value over the past year [4]. Group 4: Market Dynamics - The surge in gold stock ETFs is attributed to the performance of A-share gold mining stocks, which have also experienced limit-ups in recent trading sessions [5][6]. - Institutional perspectives support the bullish outlook on gold prices, with expectations of continued demand from central banks and asset allocation trends [6][7]. Group 5: Fund Flows - Despite a general outflow of over 480 billion yuan from the stock ETF market, gold and precious metal ETFs have continued to attract significant inflows [8][9]. - As of January 27, gold-themed ETFs have seen a substantial increase in total assets, with commodity gold ETFs growing by 29.71% and stock gold ETFs by over 75% since the end of last year [9].

Core Viewpoint - Southbound capital saw a significant increase in trading volume today, reaching approximately HKD 137.85 billion, but still experienced a net outflow of about HKD 34.27 billion, marking a continuous outflow trend over the past four trading days totaling approximately HKD 64.88 billion [2][3]. Trading Activity - Southbound trading accounted for 38.13% of the total turnover of the Hang Seng Index today, with a notable net outflow from the Shanghai-Hong Kong Stock Connect of approximately HKD 47.72 billion and a net inflow from the Shenzhen-Hong Kong Stock Connect of about HKD 13.45 billion [2]. - Major stocks with significant net inflows included Tencent Holdings (HKD 1.21 billion), Pop Mart (HKD 734 million), Yangtze Optical Fibre (HKD 298 million), and CloudWalk Technology (HKD 74 million) [3]. - Conversely, stocks with substantial net outflows included Alibaba (HKD 945 million), Zijin Mining (HKD 854 million), China Mobile (HKD 748 million), and SMIC (HKD 379 million) [3]. Stock Performance - Tencent Holdings increased by 2.31%, with a cumulative reduction of approximately 80,000 shares over the past five days, but has seen a return of capital in the last three days [4]. - Pop Mart surged by 7.03%, with an increase of 19.44 million shares over the past five days, indicating a continued inflow trend [5]. - Yangtze Optical Fibre rose by 15.43%, despite a reduction of 6.78 million shares in the previous five days, suggesting a short-term outflow [5]. - CloudWalk Technology experienced a significant increase of 73.79%, with an addition of 440,000 shares over the past five days, indicating accelerated inflow [5]. - Alibaba saw a rise of 2.12%, with an increase of 27.08 million shares over the past five days, maintaining a short-term inflow trend [5]. - Zijin Mining increased by 3.13%, but has seen a reduction of 49.81 million shares over the past five days, indicating a short-term outflow [5]. - China Mobile rose by 3.06%, with a reduction of 21.9 million shares over the past five days, continuing the outflow trend [5]. - SMIC increased by 3.52%, with an addition of 44.02 million shares over the past five days, indicating a short-term inflow trend [5].

| 公司简称 | 业绩预告 | 预告净利润 | 预告净利润 | 预告净利润 | 预告净利润 | | --- | --- | --- | --- | --- | --- | | | 类型 | 变动中值(%) | 上限(元) | 下限(元) | 中值(元) | | 花狂矿业 | 大幅上升 | 235.54 | 9.00亿 | 8.00亿 | 8.50亿 | | 招金黄金 | 扭亏 | 219.28 | 1.82亿 | 1.22亿 | 1.52亿 | | 福达合金 | 大幅上升 | 169.55 | 1.46亿 | 1.00亿 | 1.23亿 | | 潮宏基 | 大幅上升 | 150.00 | 5.33亿 | 4.36亿 | 4.84亿 | | 国城矿业 | 大幅上升 | 134.10 | 11.20亿 | 10.00 亿 | 10.6亿 | | 飞南资源 | 大幅上升 | 129.77 | 3.30亿 | 2.60亿 | 2.95亿 | | 赤峰黄金 | 大幅上升 | 75.50 | 32.00亿 | 30.00亿 | 31.00亿 | | 高能环境 | 大幅上升 | 71.23 | 9.00亿 | 7.50亿 ...