证券代码：601899 股票简称：紫金矿业 编号：临 2026-024 紫金矿业集团股份有限公司 董 事 会 紫金矿业集团股份有限公司 关于回购A股股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 紫金矿业集团股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日召开的 第九届董事会第二次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股 份方案的议案》，具体内容详见公司于 2026 年 3 月 21 日在上海证券交易所网站及 公司网站披露的《关于以集中竞价方式回购 A 股股份方案的公告暨回购报告书》 （编号：临 2026-021）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易日（即 2026 年 3 月 20 日）登记在册的公司前 10 大股东和前 10 大无限售条件股东的名称 及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量(股) | 持 ...

Core Viewpoint - The recent sharp decline in gold prices has raised questions about the traditional logic of "buying gold in chaotic times," as evidenced by significant market fluctuations and strategic moves by key players in the industry [1][12]. Market Dynamics - On March 23, gold prices fell dramatically, with spot gold reaching a low of $4,099 per ounce, marking the largest weekly drop since 1983 [1]. - Following this, on March 24, gold prices continued to decline for the tenth consecutive trading day, although a slight recovery was noted, with prices around $4,413 per ounce [1]. - Domestic gold jewelry prices also saw a decrease, with major brands reporting drops of nearly 30 yuan per gram [3]. Corporate Actions - Li Jinyang, the actual controller of Chifeng Gold, sold all her shares amid market volatility, transferring control of the company [3]. - In contrast, Zijin Mining made a significant move by acquiring control of Chifeng Gold for 18.258 billion yuan, positioning itself as a major player in the current market turmoil [3][12]. Company Performance - Chifeng Gold reported a record revenue of 12.639 billion yuan in 2025, a 40.03% increase year-on-year, and a net profit of 3.082 billion yuan, up 74.7% [13]. - Despite these gains, the company is facing challenges, with a projected decrease in gold production targets for 2026, down to 14.7 tons from 16 tons in 2025 [12][13]. Investment Strategies - Li Jinyang has diversified her investments beyond gold mining, holding stakes in various sectors, including technology and semiconductors, indicating a strategic shift from direct control of Chifeng Gold [8][10]. - Zijin Mining's acquisition strategy focuses on resource-rich companies, emphasizing the importance of securing assets during market downturns [15][16]. Market Outlook - The gold market is experiencing significant volatility, with predictions about future price stability remaining uncertain. Factors such as global governance changes and currency fluctuations are expected to influence commodity prices [12][14]. - The consolidation of companies like Zijin Mining and Chifeng Gold suggests an increasing concentration in the industry, driven by the need for resource acquisition amid competitive pressures [21].

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold, is acquiring a significant stake in Chifeng Gold, which will enable Zijin Gold to gain control over Chifeng Gold and consolidate its financial statements into the group [1][3]. Group 1: Acquisition Details - Zijin Gold will acquire 242 million A shares from Chifeng Gold's largest shareholder for 41.36 yuan ($6) per share, totaling approximately 10 billion yuan ($1.45 billion) [1]. - Zijin Gold has also agreed to subscribe for 311 million new H shares at HK$30.19 ($3.85) per share, amounting to HK$9.38 billion, or about 8.25 billion yuan [2]. Group 2: Ownership and Control - Following the acquisitions, Zijin Gold's ownership in Chifeng will rise to 572 million shares, representing approximately 25.85% of Chifeng's total shares post-issuance of new H shares [3]. - This increased ownership will grant Zijin Gold controlling authority over Chifeng Gold [3]. Group 3: Company Operations and Resources - Chifeng Gold operates six gold mines and one polymetallic mine across China, Southeast Asia, and West Africa [4]. - The company has reported resources of 583 tons of gold with an average grade of 1.54 grams per tonne, along with copper, zinc, molybdenum, and rare earth resources [5].

海外監管公告 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 紫金矿业集团股份有限公司 关于回购A股股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 3 月 24 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2026-024 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日召开的 第九届董事会第二次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股 份方案的议案》，具体内容详见公司于 2026 年 3 月 21 日在上海证券交易所网站及 公司网站披露的《关于以集中竞价方式回购 A 股股份方案的公告暨回购报告书》 （编号：临 2026-021）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易日（即 ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [3][8]. Core Insights - The steel industry is expected to see marginal improvement in fundamentals as the weather warms up, indicating a potential recovery in demand [6][19]. - The copper market is under pressure due to geopolitical tensions and inflation concerns, with a focus on oil price trends and international developments [6][40]. - The aluminum sector is affected by ongoing conflicts in the Middle East, impacting energy and production, which may influence aluminum prices [6][45]. - Gold prices are currently suppressed by high oil prices, but there is potential for a rebound if geopolitical tensions ease [6][52]. - Lithium prices are adjusting due to economic outlook concerns, but demand recovery could support prices in the future [6][56]. Industry Data Summary Steel - Steel production increased to 8.3982 million tons as of March 20, 2026, a 2.30% increase from March 13, 2026, but a 2.96% decrease year-on-year [21][19]. - The total steel inventory decreased to 19.2485 million tons, a 1.33% decline from the previous week, but an 8.26% increase year-on-year [28][19]. - The capacity utilization rate for blast furnaces was 85.53%, up 2.61 percentage points from the previous week [23][19]. Copper - The LME copper price was $12,000 per ton, down 5.77% from March 13, 2026, while domestic copper inventory decreased [42][40]. - The copper smelting fee was reported at -$67.20 per dry ton, indicating tight supply conditions [41][40]. Aluminum - The LME aluminum price was $3,300 per ton, down 5.43% from March 13, 2026, with domestic aluminum inventory showing mixed trends [46][45]. - The average price of alumina was reported at 2,752.00 yuan per ton, a 2.00% increase from the previous week [46][45]. Precious Metals - Gold prices fell to $4,492.00 per ounce, a 10.57% decrease from March 13, 2026, influenced by high oil prices and geopolitical tensions [52][52]. - Silver prices also saw a significant drop, with COMEX silver at $67.81 per ounce, down 15.92% [52][52]. New Energy Metals - Lithium carbonate prices were reported at 152,500 yuan per ton, a 3.17% decrease, while lithium hydroxide was at 149,500 yuan per ton, down 0.66% [57][56]. Rare Earths and Minor Metals - Light rare earth prices, such as praseodymium-neodymium oxide, decreased to 702,500 yuan per ton, down 12.46% [63][63]. - Tungsten concentrate prices were reported at 1,023,000 yuan per ton, down 2.39% [68][67].

Group 1 - The Shanghai 50 ETF Dongcai (530050) opened with a gain of 0.63%, priced at 1.116 yuan [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China up by 0.92%, Zijin Mining increasing by 2.19%, and others like China Merchants Bank and Industrial Bank showing modest gains [1][2] - The performance benchmark for the Shanghai 50 ETF is the return rate of the Shanghai 50 Index, managed by Dongcai Fund Management Co., with a return of 10.52% since its establishment on November 18, 2024, and a recent one-month return of -7.98% [1][2]

Group 1 - The Shanghai Stock Exchange 50 ETF Tianhong (530000) opened with a gain of 0.69%, priced at 1.322 yuan [1][2] - Major holdings in the ETF include Kweichow Moutai, which rose by 0.56%, Ping An Insurance up by 0.92%, Zijin Mining up by 2.19%, and others such as China Merchants Bank and Industrial Bank showing slight increases [1][2] - The performance benchmark for the ETF is the Shanghai 50 Index return, managed by Tianhong Fund Management Co., with a return of 29.97% since its establishment on September 4, 2024, and a recent one-month return of -7.95% [1][2]

Group 1 - The core point of the news is the performance of the Huazhang 50 ETF (510190), which opened at 4.126 yuan with a gain of 0.93% on March 24 [1][2] - Major stocks held by the Huazhang 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China by 0.92%, Zijin Mining by 2.19%, and others showing positive gains [1] - The Huazhang 50 ETF has a benchmark performance index of the SSE 50 Index, managed by Huazhang Fund Management Co., with a return of 56.51% since its establishment on November 18, 2010, and a recent one-month return of -7.87% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for the stocks mentioned [3]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Date**: March 23, 2026 Key Financial Performance - **2025 Net Profit**: CNY 51.8 billion, with overseas business contributing 58% [2][3] - **Revenue**: CNY 349.1 billion, a 15% year-on-year increase [3] - **EBITDA**: CNY 101.4 billion, total profit CNY 80.8 billion, net profit CNY 63.8 billion [3] - **Operating Cash Flow**: CNY 75.4 billion, up 54% [3] - **Total Assets**: CNY 512 billion, a 29% increase [3] - **Debt Ratio**: Decreased by 3.63 percentage points to 51.56% [3] - **Dividends**: CNY 16 billion, a 57% increase [2][3] Production and Cost Performance - **Gold Production**: 90 tons, up 23% [4] - **Copper Production**: 1.09 million tons, affected by production cuts at Kamoa Copper Mine [4] - **Zinc Production**: 360,000 tons, down 12% [4] - **Cost Increases**: Gold and copper unit costs rose by 16% and 17% respectively due to lower ore grades and increased transport distances [5][15] - **Copper C1 Cost**: Decreased by 24%, maintaining a low position in the industry [5] Strategic Projects and Future Plans - **Gold Projects**: Expansion of Akim, Rekod, and Rosbel mines, targeting increased annual production [6] - **Copper Projects**: Completion of the second phase of the Tibet Julong Copper Mine, aiming for 300,000-350,000 tons annual output [6] - **Lithium Production**: Targeting 270,000-320,000 tons by 2028, with a long-term price expectation of CNY 150,000 per ton [2][6][7] Long-term Strategic Goals - **Production Guidance**: Gold production to reach 105 tons by 2026 and 130-140 tons by 2028; copper to reach 1.2 million tons by 2026 and 1.5-1.6 million tons by 2028 [7] - **Resource Ranking**: Aim to be among the top three globally for copper and lithium production by 2028 [7] ESG and Sustainability Initiatives - **ESG Score**: Improved to 26, aligning with leading mining companies [8] - **Greenhouse Gas Emissions**: Intensity reduced by 36%, exceeding the initial target of 10% [8] - **Water Recycling Rate**: Achieved 90.52% [9] - **Investment in Sustainability**: CNY 1.767 billion in environmental protection [9] Management and Organizational Development - **Leadership Changes**: New management team focused on continuity and strategic alignment with founder's vision [9][10] - **Talent Development**: Emphasis on local hiring and training programs to enhance skills and meet operational needs [19] Risk Management and Challenges - **External Risks**: Geopolitical tensions, resource nationalism, and climate change impacting operations [14] - **Cost Control Measures**: Focus on technological innovation and efficient resource management to mitigate rising costs [15] Shareholder Value and Return Strategies - **Shareholder Returns**: CNY 16 billion in dividends and plans for share buybacks of CNY 1.5-2.5 billion in 2026 [16][17] - **Market Value Management**: Implementation of a comprehensive value management system to enhance shareholder returns [16] Future Investment and Acquisition Strategy - **Focus on Gold and Copper**: Core minerals for future acquisitions, with an emphasis on lithium due to its growth potential [18] - **Geographic Expansion**: Continued investment in China and surrounding regions, while cautiously exploring opportunities in South America and Africa [18] Conclusion Zijin Mining is positioned for significant growth in production and profitability, with a strong focus on sustainability and shareholder returns. The company is navigating external challenges while pursuing strategic expansions in key mineral sectors.

Core Insights - The report highlights a significant decline in major market indices, with the Shanghai Composite Index closing at 3813.28 points, down 3.63% [11] - The agricultural sector is experiencing a tightening of pig production capacity, which is expected to accelerate the rise in calf prices [12] - In the media and internet sector, Tencent's QClaw has officially entered public testing, presenting opportunities in gaming and IP trends [16] - Alibaba's e-commerce performance is weak, while cloud revenue continues to accelerate, with a reported revenue of 284.8 billion yuan, up 2% year-on-year [19] - Zijin Mining's financial performance is strong, with a revenue of 349.1 billion yuan, up 14.96% year-on-year, and a net profit of 51.78 billion yuan, up 61.55% [22] - Xingyu Co., Ltd. reported a 12% year-on-year increase in net profit for Q4 2025, driven by new orders and production capacity [26] - EHang Intelligent's revenue for Q4 2025 grew by 48%, with plans to launch the EH216-S for commercial operations in March 2026 [30] Agricultural Sector - The report indicates that the pig price is currently at 9.87 yuan/kg, with a week-on-week decrease of 1.60%, while calf prices are expected to rise due to production capacity adjustments [12] - Chicken prices show a slight increase, with chick prices at 3.06 yuan/bird, up 13% week-on-week [12] - The beef market is seeing a new price increase cycle, with the price of fattened cattle at 25.60 yuan/kg, up 1.2% week-on-week [12] - The report emphasizes the potential for a rebound in the livestock cycle, particularly for beef and raw milk, as supply pressures ease [12] Media and Internet Sector - Tencent's QClaw is now in public testing, which is expected to enhance its AI capabilities and market penetration [16] - The media sector has seen a decline of 3.89%, underperforming compared to the broader market indices [15] - The report suggests that AI applications are rapidly evolving, with significant opportunities in marketing and gaming sectors [18] E-commerce Sector - Alibaba's e-commerce segment reported a revenue of 2,848 billion yuan, with a year-on-year growth of 2%, but faced challenges due to market conditions [19] - The cloud computing segment of Alibaba is growing rapidly, with a revenue of 433 billion yuan, up 36% year-on-year, and a market share increase to 36% [21] Mining Sector - Zijin Mining's revenue for 2025 reached 349.1 billion yuan, with a net profit of 51.78 billion yuan, reflecting strong growth across its copper, gold, and lithium segments [22][23] - The company plans to increase its gold production to 105 tons in 2026, a 17.3% increase from the previous year [23] Automotive Sector - Xingyu Co., Ltd. reported a revenue of 15.257 billion yuan for 2025, with a 15.12% year-on-year increase, driven by new customer acquisitions and production capacity expansion [26] - The company is actively expanding its global footprint and has initiated several strategic partnerships to enhance its product offerings [28] Aviation Sector - EHang Intelligent's revenue for Q4 2025 was 2.44 billion yuan, a 48% increase year-on-year, with plans for the EH216-S to begin commercial operations [30][31] - The company is expanding its production capacity and has established a presence in 21 countries for its eVTOL aircraft [31]