Market Overview - The FTSE China A50 Index showed a mixed performance with the banking sector seeing gains while the semiconductor and automotive sectors experienced declines [1] Banking Sector - Major banks such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 363.08 billion, 323.34 billion, and 971.52 billion respectively, with trading volumes of 246 million, 819 million, and 326 million [3] Semiconductor Sector - North China Innovation and Cambricon Technologies had market capitalizations of 229.69 billion and 262.17 billion respectively, with trading volumes of 1.706 billion and 674 million, showing declines of 1.58 (-0.37%) and 22.99 (-3.53%) [3] Automotive Sector - Great Wall Motors and BYD reported market capitalizations of 193.36 billion and 289.24 billion respectively, with trading volumes of 6.002 billion and 1.8 billion, both showing declines of 11.95 (-3.14%) and 0.20 (-0.88%) [3] Oil and Gas Sector - China Shipping and Sinopec had market capitalizations of 688.88 billion and 252.95 billion respectively, with trading volumes of 1.145 billion and 187 million, showing no significant change [3] Coal Sector - China Shenhua and Shaanxi Coal and Chemical Industry reported market capitalizations of 200.01 billion and 787.59 billion respectively, with trading volumes of 417 million and 260 million, with slight changes in stock prices [3] Power Sector - Yangtze Power and China Nuclear Power had market capitalizations of 199.30 billion and 743.83 billion respectively, with trading volumes of 1.022 billion and 601 million, showing minor fluctuations [4] Food and Beverage Sector - China Citic Securities and Haitai Flavoring reported market capitalizations of 377.18 billion and 246.00 billion respectively, with trading volumes of 198 million and 610 million, both showing slight declines [4] Consumer Electronics Sector - Industrial Fulian and Luxshare Precision reported market capitalizations of 367.39 billion and 221.56 billion respectively, with trading volumes of 1.782 billion and 1.135 billion, both showing declines [4] Logistics Sector - Mindray Medical and Wanhua Chemical reported market capitalizations of 172.47 billion and 226.01 billion respectively, with trading volumes of 340 million and 340 million, both showing slight declines [4] Construction Sector - China State Construction and Zijin Mining reported market capitalizations of 478.93 billion and 233.05 billion respectively, with trading volumes of 1.613 billion and 493 million, showing minor fluctuations [4][5]

Core Viewpoint - Zijin Mining plans to spin off its wholly-owned subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and capital market expansion [1][2]. Group 1: Spin-off Details - The spin-off will involve the issuance of no more than 15% of Zijin Gold International's total share capital post-issuance, with an additional 15% over-allotment option for underwriters [2]. - The assets to be spun off include eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, with a total gold resource of approximately 1,799.79 tons and an annual production of 46.22 tons [3][4]. Group 2: Financial and Operational Impact - The spin-off is expected to enhance Zijin Gold International's ability to raise funds in international markets, particularly as global demand for gold rises amid high inflation and geopolitical risks [5]. - Zijin Mining's recent financial performance shows strong growth, with a reported revenue of 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit of 32.05 billion yuan, up 51.76% [6]. Group 3: Market Context - The spin-off aligns with a broader trend of A-share companies seeking listings in Hong Kong, driven by improved market conditions and liquidity, which may lead to a shift in asset pricing power towards Hong Kong [4]. - The global gold investment demand is projected to reach 1,180 tons in 2024, reflecting a 25% year-on-year increase, indicating a robust market for gold-related investments [5].

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...

Macro Trends - The China Securities Regulatory Commission (CSRC) is promoting the introduction of regulations for the supervision and management of listed companies, aiming to strengthen the crackdown on fraud and fund misappropriation [1] - The CSRC emphasizes the importance of corporate governance in listed companies as a foundation for high-quality economic development and aims to enhance governance rules and encourage independent directors and institutional investors to exercise shareholder rights [1] Industry Developments - The State-owned Assets Supervision and Administration Commission (SASAC) is focused on fostering "start-up enterprises," "leading enterprises," and "unicorn enterprises" to enhance the resilience and security of industrial supply chains [2] - The Ministry of Industry and Information Technology (MIIT) is working on establishing a comprehensive recycling system for new energy vehicle batteries, emphasizing regulatory frameworks and digital monitoring to ensure compliance and environmental protection [3] Healthcare Sector - Shanghai is advancing public hospital reforms with a focus on public welfare, including salary structure adjustments and funding optimization for major projects [4] Commodity Market - The Shanghai Futures Exchange has announced details regarding the listing and delivery of casting aluminum alloy futures, including fee structures and warehouse costs [5] Company News - Zijin Mining plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, while restructuring its overseas gold mining assets [6] - Guanglian Aviation intends to acquire a 51% stake in Tianjin Yuefeng Technology, aiming for control over the company [6] - Sinopharm is set to gain exclusive rights for the AGT-siRNA drug GW906 in China, with potential milestone payments totaling up to 5.5 billion yuan [6] - Yihua Group's shareholders and executives plan to reduce their holdings by up to 4% of the company's total shares [6] - Digital China plans to increase its stake in Digital China Holdings by up to 4.28 billion yuan over the next 12 months [7] - Dongxin Technology has received its first batch of G100 chips, which have passed initial functionality tests [7] - Lijun Group anticipates steady recovery in its traditional Chinese medicine sector, driven by market expansion from policy changes [8] - CNOOC has announced the successful production launch of the Mero4 project in Brazil, which is expected to significantly increase oil production [8] - Harsco Holdings remains optimistic about the growth of the insulated cup industry overseas, driven by market segmentation and rising outdoor activities [8] - Shangwei Co. has confirmed that its main business operations remain stable, despite recent stock price increases [9]

Group 1 - Moody's maintains China's sovereign credit rating at "A1" with a negative outlook, reflecting the positive economic recovery and enhanced debt sustainability since the government's macroeconomic policies were implemented in Q4 of last year [2] - The China Securities Regulatory Commission (CSRC) plans to promote the introduction of regulations for the supervision and management of listed companies, aiming to enhance corporate governance and competitiveness [3] - The onshore and offshore RMB exchange rates have risen, breaking the 7.17 mark against the USD, reaching the highest level since December 2024, which may benefit the Chinese stock market [4][5] Group 2 - Central Huijin emphasizes its role in maintaining financial stability and enhancing the management of state-owned financial capital to support the real economy [6] - Nvidia's CEO expresses concerns over the effectiveness of U.S. export controls on China, noting a significant drop in Nvidia's market share in China from 95% to 50% [7] - More provinces in China are encouraging a 2.5-day vacation model, with the recent trial in Mianyang, Sichuan, gaining attention [8][9] Group 3 - Trump threatens to cut $3 billion in funding to Harvard University unless it submits a list of foreign students, proposing to redirect the funds to vocational schools [10][11] - The tungsten industry is expected to see positive development prospects due to rising raw material prices [12] - The A-share market experienced a slight decline on May 26, with the Shanghai Composite Index closing at 3346.84 points, down 0.05% [12] Group 4 - Meituan's CEO Wang Xing states the company will "spare no effort" to win the competition in the food delivery market, highlighting key strategies in instant retail, overseas expansion, and AI [16] - Zijin Mining plans to spin off its subsidiary Zijin Gold International for a listing on the Hong Kong Stock Exchange, aiming to enhance its overseas market presence [21] - Foton Motor and EVE Energy are jointly establishing a new energy technology company with a registered capital of 50 million yuan, focusing on battery leasing needs [23]

Core Viewpoint - Zijin Mining plans to spin off its subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange, with net assets exceeding 20 billion yuan [1][2]. Group 1: Spin-off Details - The spin-off involves restructuring and integrating multiple overseas gold mining assets into Zijin Gold International, which was established in October 2007 and focuses on gold exploration, mining, processing, and sales [2]. - After the spin-off, the shareholding structure of Zijin Mining will remain unchanged, and it will maintain control over Zijin Gold International [2]. Group 2: Financial Projections - As of the end of 2024, Zijin Gold International is projected to have net assets of approximately 21.1 billion yuan, with expected operating revenue of about 21.27 billion yuan and net profit of around 4.46 billion yuan [3]. Group 3: Mining Assets - The assets to be spun off include eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, with the largest being the Buritica Gold Mine [4][6]. - The Buritica Gold Mine has a resource amount of 333.09 tons and an annual production capacity of approximately 10,030 kilograms, making it the largest gold mine in Colombia [5][8]. Group 4: Uncertainties - There is uncertainty regarding the injection of the Buritica Gold Mine into Zijin Gold International due to ongoing illegal mining activities and a lack of comprehensive security protection from the Colombian government [9][10]. - The company has initiated arbitration with the World Bank's International Centre for Settlement of Investment Disputes to assert its rights concerning the Buritica project [9].

关于分拆子公司上市的一般风险提示性公告 紫金矿业集团股份有限公司 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。 证券代码：601899 股票简称：紫金矿业 编号：临 2025-050 一、与本次分拆相关的风险 本次分拆被迫暂停、中止或取消的事项包括但不限于： 1.上市公司及拟分拆所属子公司需持续符合《分拆规则》要求； 2.本次分拆尚需取得公司股东会对本次分拆方案的正式批准、紫金黄金国际 内部决策程序，履行香港联交所及相关部门的相应审核程序等，如以上相关程序 未通过，则本次分拆存在被暂停、中止或取消的风险； 3.公司已经按照相关规定制定了保密措施，但在本次分拆过程中，仍存在因 公司股价异常波动或异常交易可能涉嫌内幕交易等情况而致使本次分拆被暂停、 中止或取消的可能。 4.本次分拆将受到境外资产重组等多方因素的影响，分拆上市工作时间进度 存在一定的不确定性，本次分拆存在无法按期进行的风险。 紫金矿业集团股份有限公司（以下简称"公司"）拟分拆所属子公司紫金黄金 国际有限公司（Zijin Gold International Com ...

中信证券股份有限公司 关于 紫金矿业集团股份有限公司 分拆所属子公司紫金黄金国际有限公司 至香港联交所上市的核查意见 独立财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年五月 释 义 | 本核查意见 | 指 | 《中信证券股份有限公司关于紫金矿业集团股份有 限公司分拆所属子公司紫金黄金国际有限公司至香 | | --- | --- | --- | | | | 港联交所上市的核查意见》 | | 公司、上市公司、紫金矿业 | 指 | 紫金矿业集团股份有限公司 | | 拟分拆主体、拟分拆所属子公司、 | 指 | 紫金黄金国际有限公司，英文名称为"Zijin Gold | | 所属子公司、紫金黄金国际 | | International Company Limited" | | 本次分拆、本次分拆上市、本次交 | 指 | 紫金矿业集团股份有限公司关于分拆所属子公司紫 | | 易 | | 金黄金国际有限公司至香港联交所上市 | | 本次重组 | 指 | 紫金矿业集团股份有限公司将下属多座境外黄金矿 | | | | 山资产重组整合至紫金黄金国际有限公司 | | 《公司法》 | 指 | 《中华 ...

关于紫金矿业集团股份有限公司 分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：www.zenithlawyer.com 福建至理律师事务所关于 紫金矿业集团股份有限公司分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市的法律意见书 闽理非诉字〔2025〕第 108 号 致：紫金矿业集团股份有限公司 根据紫金矿业集团股份有限公司（以下简称公司、上市公司或紫金矿业）与 福建至理律师事务所（以下简称本所）签订的《证券法律业务委托协议书》，本 所接受紫金矿业的委托，指派林涵、韩叙律师（以下简称本所律师）担任紫金矿 业分拆所属中国香港子公司紫金黄金国际有限公司（以下简称紫金黄金国际）至 香港联合交易所有限公司主板上市（以下简称本次分拆或本次分拆上市）的专项 法律顾问。根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、中国证券监 ...

紫金矿业集团股份有限公司 2025 年员工持股计划管理办法 第一章 总则 第一条 为规范紫金矿业集团股份有限公司（以下简称"紫金矿业"或"公 司"）2025 年员工持股计划（以下简称"本员工持股计划"、"员工持股计划"） 的实施，根据《中华人民共和国公司法》《中华人民共和国证券法》、中国证券监 督管理委员会（以下简称"中国证监会"）发布的《关于上市公司实施员工持股 计划试点的指导意见》及上海证券交易所发布的《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关法律、法规、规章、规范性文件和《紫金 矿业集团股份有限公司章程》（以下简称《公司章程》）、《紫金矿业集团股份有限 公司 2025 年员工持股计划(草案)》（以下简称《员工持股计划(草案)》）之规定， 特制定本办法。 第二章 员工持股计划的制定 第一节 员工持股计划的基本原则及实施程序 第二条 员工持股计划应当遵循如下基本原则： （一）依法合规原则。公司实施员工持股计划，严格按照法律、行政法规的 规定履行程序，真实、准确、完整、及时地实施信息披露。任何人不得利用员工 持股计划进行内幕交易、操纵证券市场等证券欺诈行为。 （二）自愿参与原则。公司 ...