证券代码：601899 股票简称：紫金矿业 编号：临 2025-060 紫金矿业集团股份有限公司 关于收购哈萨克斯坦Raygorodok金矿项目的公告 本公司董事会及全体董事保证本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。 重要内容提示： 紫金矿业集团股份有限公司（以下简称"公司"）全资子公司紫金黄金国际 有限公司（公司拟分拆至香港联合交易所上市的主体，以下简称"紫金黄金国际"）、 紫金黄金国际在新加坡的全资子公司金哈(新加坡)矿业有限公司（以下简称"金哈 矿业"）于北京时间 2025 年 6 月 29 日与 Cantech S.à.r.l（以下简称"Cantech"）签 署协议，金哈矿业拟通过收购 Cantech 持有的 RG Gold LLP（以下简称"RGG"） 和 RG Processing LLP（以下简称"RGP"）100%权益（RGG 和 RGP 以下合称"目 标公司"），获得哈萨克斯坦 Raygorodok 金矿（以下简称"RG 金矿"）项目 100% 权益。本次交易以 2025 年 9 月 30 日为基准日，收购对价按目标公司于基准 ...

Group 1 - The core point of the article is that Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for a consideration of $1.2 billion [1] Group 2 - The acquisition reflects Zijin Mining's strategy to expand its gold mining portfolio internationally [1] - The deal is expected to enhance Zijin Mining's production capacity and resource base in the gold sector [1] - This move aligns with the growing demand for gold and the company's commitment to increasing its market presence [1]

Market Overview - The A-share market has shown a significant recovery in risk appetite, with the Shanghai Composite Index rising by 1.91% this week, surpassing 3400 points [1] - The 每经品牌100 Index also saw a weekly increase of 1.6%, closing at 1076.21 points, continuing its upward trend towards the 1100-point mark [1] Performance of Stocks - Nearly 80% of the constituent stocks in the 每经品牌100 Index experienced gains, with 76 stocks rising, accounting for 76.77% of the index [2] - Notable performers included 江西铜业 (Jiangxi Copper), 小米集团 (Xiaomi Group), 理想汽车 (Li Auto), 紫金矿业 (Zijin Mining), and 建发股份 (Jianfa Co.), all of which had weekly gains exceeding 5% [2] Sector Analysis - The macroeconomic environment has remained stable, supported by policy measures, although challenges in exports and consumer demand are anticipated in the second half of the year [4] - The liquidity environment in the A-share market is gradually expanding, with policies aimed at stabilizing and activating the capital market [4] Focus on New Energy Vehicles - The performance of new energy vehicle leaders, 小米集团 and 理想汽车, has attracted market attention, particularly regarding their delivery expectations [5] - 理想汽车 has adjusted its delivery forecast for Q2 2025 to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [5] - 小米汽车 has also updated its delivery timelines based on order volume and current production capacity, indicating potential dynamic changes in actual delivery times [5] Insights on Non-Ferrous Metals - The non-ferrous metals sector has shown strong performance, with stocks like 江西铜业 and 紫金矿业 leading the gains [7] - The 中证申万有色金属指数, which tracks the performance of the non-ferrous metals sector, includes major companies such as 紫金矿业, indicating its investment significance [9]

Core Viewpoint - Zijin Mining Group Co., Ltd. has shown significant stock performance with a recent increase in share price and important corporate announcements regarding employee stock plans and project developments [1][2][3][4]. Group 1: Stock Performance - As of June 27, 2025, Zijin Mining's stock closed at 19.78 CNY, up 7.44% from the previous week [1]. - The stock reached a one-year high of 20.06 CNY during intraday trading on June 27, 2025, with a low of 18.28 CNY on June 23, 2025 [1]. - The company's current total market capitalization is 525.704 billion CNY, ranking 1st in the industrial metals sector and 22nd among all A-shares [1]. Group 2: Corporate Announcements - The company announced an adjustment to the employee stock ownership plan, reducing the purchase price from 10.89 CNY to 10.61 CNY per share, following the completion of the 2024 profit distribution plan [2][4]. - The board approved the internal project initiation for the deep development of the Duobao Mountain Copper Mine, with an estimated total investment of approximately 3.81 billion CNY. The project aims for a maximum mining capacity of 60,000 tons per day and is expected to produce an average of 74,000 tons of copper, 1,550 tons of molybdenum, 0.9 tons of gold, and 18.5 tons of silver annually after reaching full production [3][4]. - The proposal for the spin-off of Zijin Gold International Co., Ltd. for listing on the Hong Kong Stock Exchange received high approval from shareholders, with over two-thirds of valid votes in favor [4].

Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2] Core Viewpoints - The report highlights a strong performance in the metals sector, with the non-ferrous metals index outperforming the broader market indices [3][4] - It emphasizes the upward trend in industrial metal prices, particularly copper and aluminum, driven by supply-demand dynamics and macroeconomic factors [3][9] - The report suggests a long-term bullish outlook for gold prices due to central bank purchasing trends and geopolitical uncertainties [3][21] Weekly Market Review - The Shanghai Composite Index rose by 1.91%, while the non-ferrous metals index increased by 5.11%, outperforming the CSI 300 by 3.16 percentage points [3][4] - Year-to-date, the non-ferrous metals index has risen by 17.99%, significantly outpacing the CSI 300 [4][8] - Key metal price movements include a 7.33% increase in copper and a 5.37% rise in aluminum over the past week [3][9] Price Changes - Industrial metal prices saw increases: copper up by 2.54%, aluminum by 1.78%, and zinc by 5.65% [3][15] - Precious metals experienced a decline, with gold prices down by 2.90% [3][15] - Lithium prices showed a slight increase, with battery-grade lithium carbonate rising by 1.67% [3][15] Supply and Demand Analysis - Copper supply remains tight, with domestic social inventory decreasing by 1.6 million tons [3][29] - Aluminum production capacity is stable, with a reported operating rate of 97.6% [3][46] - Steel production has increased, but demand from downstream sectors has softened, leading to a mixed outlook for the steel market [3][67] Key Company Valuations - Notable companies in the sector include Zijin Mining, with a PE ratio of 25, and China Aluminum, with a PE ratio of 16 [3][18] - The report suggests focusing on companies with stable earnings and dividend attributes, such as Baosteel and Shandong Steel [3][19]

Market Overview - The global copper market has experienced a strong upward trend in 2023, with LME copper futures prices rising over 12% and approaching the critical level of $10,000 per ton as of June 27 [1] - The A-share market has seen significant performance in the copper sector, with leading companies like Zijin Mining seeing stock price increases of over 30% [1][2] Supply and Demand Dynamics - The rise in copper prices is attributed to significant changes in supply and demand dynamics, including supply disruptions in major copper-producing countries like Chile and Peru, and increasing demand from green industries such as electric vehicles and renewable energy [1][5] - Analysts predict that the copper market will maintain a tight balance between supply and demand from 2025 to 2027, highlighting the growing scarcity of copper as a critical resource in the context of global energy transition [1][8] Stock Performance - Copper-related stocks in the A-share market have outperformed the broader market, with companies like Zijin Mining and Northern Copper achieving over 30% gains, while the Shanghai Composite Index rose only 2.16% [2] - The correlation between copper prices and copper mining stocks is significant, with mining companies benefiting more directly from price increases compared to midstream processing companies [2][3] Global Supply Challenges - Global copper resources are highly concentrated, with the top five countries holding 56% of the world's copper reserves, primarily located in Chile, Australia, and Peru [3] - Several mining companies have lowered their production guidance for 2025 due to various challenges, including accidents and lower ore grades, leading to a projected decrease in global copper output [4][5] Demand Growth in New Energy - Global copper consumption is steadily increasing, with a notable rise in demand from the new energy sector, particularly in electric vehicles, solar power, and wind energy [6][7] - The electricity sector remains the largest consumer of copper, with significant investments in grid infrastructure expected to drive further demand growth [6][7] Price Outlook - Analysts forecast a gradual increase in copper prices due to persistent supply shortages and a tightening market, with LME copper price projections rising to $9,500 per ton by 2025 and reaching $10,500 per ton by 2027 [8] - The current low inventory levels and the impact of U.S. import policies are expected to further support copper prices in the coming years [8]

Group 1 - The report highlights that the gold market is expected to maintain upward momentum due to ongoing geopolitical tensions, anticipated interest rate cuts by the Federal Reserve, and sustained central bank gold purchases [3][6][62] - The performance of the metal industry in H1 2025 shows that the steel sector underperformed with a 0.62% increase, while the non-ferrous metal sector outperformed with a 15.34% increase [18][19] - Key metals such as gold, cobalt, antimony, and praseodymium-neodymium oxide have shown significant price increases compared to the end of last year and the same period last year, with gold prices rising by 25.24% year-to-date [2][41] Group 2 - The report indicates that the demand for rare earth exports is expected to recover due to relaxed export controls and growing needs in the new energy and robotics sectors [7][10] - The solid-state battery industry is progressing rapidly, with several domestic automakers planning small-scale applications by 2026-2027, and key manufacturers establishing production lines for solid-state battery materials [8][10] - Investment strategies recommend focusing on companies with rich gold resources, strong cost control, and potential for production growth, as well as those in the rare earth and solid-state battery materials sectors [9][10]

Group 1 - Zijin Gold International is advancing its Hong Kong IPO process, with expected fundraising between $1 billion to $2 billion [1] - The company, a subsidiary of Zijin Mining Group, focuses on the complete gold industry chain, including exploration, mining, and sales [1] - The IPO is a key part of Zijin Mining Group's internationalization strategy, with plans to submit listing application documents in the coming weeks [1] Group 2 - The IPO will involve a public offering in Hong Kong and international placement, with a maximum issuance of 15% of the post-issue total share capital [1] - Zijin Mining Group will maintain control over Zijin Gold International post-separation, which will still be included in the consolidated financial statements [1] - The company is in the process of restructuring and integrating several overseas gold mining assets into Zijin Gold International, including eight large gold mines located in South America, Central Asia, Africa, and Oceania [1] Group 3 - The total resource amount of the mines to be injected is 1,799.79 tons, with reserves of 696.83 tons, and a projected total production of 46.22 tons in 2024 [1] - Recent government initiatives in Hong Kong, such as the Digital Asset Development Policy Declaration 2.0, support the development of the gold market [2] - Zijin Mining reported a revenue of 78.928 billion yuan and a net profit of 10.167 billion yuan in Q1 2025, with its stock price reaching a historical high [2]

Group 1 - The core viewpoint of the news highlights a significant rise in copper and aluminum stocks, with companies like Zhongfu Industrial and Northern Copper reaching their daily limit, and Zijin Mining increasing by over 3% [1][3] - The Copper sector is expected to see prices peak at approximately $10,050 per ton by August 2025, driven by tightening supply outside the U.S. and a significant drop in available inventory at the London Metal Exchange, which has decreased by about 80% this year [3] - The Aluminum sector is crucial for manufacturing and high-tech development, with China's aluminum production projected to reach 67.83 million tons in 2024, reflecting a year-on-year growth of 7.61% [3] - The Rare Earth sector is viewed positively due to export controls and supply chain adjustments, with increasing demand anticipated from downstream applications like humanoid robots and low-altitude economies [3] Group 2 - The "Metal Heart" of modern industry is represented by the diversified exposure of the leading non-ferrous metal ETF (159876), which tracks the Zhongzheng Non-Ferrous Metal Index, with weights of 25.5% for copper, 17.5% for gold, 16.2% for aluminum, 9.3% for rare earths, and 8.1% for lithium [4] - This diversified approach helps mitigate risks compared to investing in single metal sectors, making it suitable for inclusion in investment portfolios [4]

Group 1 - The core viewpoint of the report emphasizes the sustained upward trend in gold prices driven by ongoing U.S. fiscal pressures and geopolitical issues, while silver is expected to enter a phase of catch-up growth [1][2] - The report predicts that the precious metals market will continue to benefit from a weakening U.S. dollar credit system, with gold's price center expected to rise due to multiple converging factors [2][3] - Silver's supply-demand dynamics are projected to maintain a deficit throughout the year, creating a favorable environment for price increases, especially as the gold-silver ratio is expected to converge downward during the easing cycle [1][2] Group 2 - The industrial metals sector is anticipated to experience price increases due to a combination of limited supply and low inventory levels, particularly for copper and aluminum, which are expected to see demand elasticity release [2][3] - The report highlights that the global economy is likely to remain in a loose monetary environment, which will support industrial metal prices and enhance demand driven by domestic policy [2][3] - The energy metals sector is currently in a clearing phase, with demand from sectors like electric vehicles and photovoltaics expected to remain resilient, although the overall supply-demand balance is still skewed towards excess [3] Group 3 - Investment recommendations suggest focusing on companies with significant cost advantages and expected volume growth in the coming years, including Zijin Mining, Chifeng Jilong Gold Mining, Shandong Gold, Luoyang Molybdenum, Tianshan Aluminum, Yun Aluminum, Huayou Cobalt, and Zhongjin Resources [4]