Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - The easing of US-China trade tensions has led to a rebound in industrial metal prices, with significant reductions in tariffs announced for both sides [2][4]. - The report highlights a mixed demand outlook for aluminum, with domestic production nearing capacity limits while demand from the construction sector remains weak [2][14]. - For energy metals, cobalt supply tightness is expected to increase due to ongoing export bans from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Precious metals are experiencing short-term price corrections but are expected to perform well in the medium to long term due to central bank purchases and geopolitical tensions [4][67]. Summary by Sections Industrial Metals - Aluminum prices have seen a weekly increase of 2.75%, with domestic production costs rising due to recovering alumina prices [10][14]. - Copper prices remained stable, with a slight weekly change of 0.01%, while copper concentrate imports reached a historical high [2][36]. - Zinc prices increased by 1.15% this week, driven by improved market sentiment following US-China trade negotiations [10][44]. Precious Metals - Gold prices have corrected by 3.72% due to reduced demand for safe-haven assets amid easing trade tensions, while silver prices have shown a smaller decline of 0.37% [10][67]. - The report anticipates a long-term upward trend for gold prices, supported by central bank purchases and ongoing geopolitical risks [4][67]. Energy Metals - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Nickel prices have shown a slight increase of 0.7%, but the overall market remains cautious due to weak demand and high inventory levels [55][57]. Recommended Companies - Key companies recommended in the report include Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and several others in the non-ferrous metals sector [4][5].

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

Group 1 - The price of gold has started to decline after a period of significant increase, particularly following the easing of global trade tensions, including US-China relations [2][3] - Gold prices reached a peak of over $3500 per ounce in late April but fell to around $3100 per ounce by May 15, with a subsequent rebound to approximately $3240 per ounce [2] - The Shanghai Gold Exchange saw Au9999 gold prices drop from a high of 834.6 yuan per gram to a low of 729 yuan per gram within a month, a decline of over 100 yuan [2] Group 2 - The stock prices of gold mining companies have also experienced a significant downturn, with many stocks showing a maximum decline of over 20% since their peak in April [3] - Notable declines in stock prices include Western Gold down 24.94%, Chifeng Gold down 23.06%, and Shandong Gold down 18.25% [3] Group 3 - The enthusiasm for gold ETFs has noticeably decreased, with a significant drop in inflows following the decline in gold prices [5][6] - In April, global physical gold ETFs saw inflows of approximately $11 billion, with total assets reaching $379 billion, driven largely by the Asia-Pacific region [5] - Major gold ETFs like Huaan Gold ETF and Guotai Gold ETF have seen their share counts decline from their peaks in late April [5][6][7]

黄金价格松动。 在全球贸易关系有所缓和，特别是中美贸易关系缓和后，近期黄金价格一改此前高歌猛进的态势，开始连续下跌。 伦敦金现价格4月下旬一度超过3500美元/盎司，但经历近期的频频下跌后，5月15日盘中一度逼近3100美元/盎司，但随后又大幅反弹，一度站上3240美元/盎 司。 上海黄金交易所Au9999黄金价格上月最高一度达834.6元/克，5月15日最低则一度至729元/克，不到一个月时间下跌超过百元。 在全球贸易关系有所缓和后，此前一路高歌猛进的黄金价格开始掉头向下，并产生多方面的影响。在逼近3100美元/盎司后，黄金价格出现大幅波动。 其中一种影响是，多数金矿上市公司股价开始见顶回落，并连续走低。另外，此前"大火"的黄金ETF投资热有明显降温。 金价开始连续下跌 金矿公司股价也连跌 投资者对金矿股的追捧在此过程中也快速降温。此前因为金价的持续上涨，一些主营业务涉及金矿的上市公司股价曾连续上涨。 随着金价自从4月下旬开始见顶回落，金矿类公司的股价开始持续走低。 | 证券代码 | 证券简称 | 自今年4月最高价的 最大跌幅（％） | | --- | --- | --- | | 601069.SH | 西 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-021 山金国际黄金股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025年5月15日下午14:30开始，会期半天。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月15日 上午9:15—9:25，9:30—11:30，下午13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间为：2025 年 5 月 15 日上午 9:15—下午 15:00。 2、会议地点：北京市朝阳区金和东路 20 号院正大中心北塔 30 层会议室。 6、本次会议的召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》及《公司章程》等有关规定。 （二）会议出席情 ...

根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9号—回购股份》等相关法律法规的规定，公司特此通知各债权人。公司债权人 均有权自本通知公告之日（2025年5月16日）起45日内，凭有效债权证明文件及 凭证向公司要求清偿债务或提供相应担保。债权人如逾期未向公司申报上述要 求，不会因此影响其债权的有效性，相关债务（义务）将由公司根据原债权文件 的约定继续履行。 债权人可采用邮件、信函或传真方式进行申报，具体如下： 1、申报时间：自本公告披露之日（2025年5月16日）起45日内，每日上午9： 30-12:00，下午13:30-17:30（双休日及法定节假日除外） 2、申报地点及申报材料送达地点：北京市朝阳区金和东路20号院正大中心 北塔30层公司董事会办公室 联系人：李铮 电话：010-85171856 证券代码：000975 证券简称：山金国际 公告编号：2025-020 山金国际黄金股份有限公司 关于回购股份通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 山金国际黄金股份有限公司（以下简称"公司"）于2025年5月15日召 ...

本所律师根据《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》"）、《上市公司股东会规则》、《山金国际黄金股份有限公司章程》 （以下简称"《公司章程》"）等规定，就本次会议的召集和召开程序、召集人和出席人员的 资格、表决程序以及表决结果发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于山金国际黄金股份有限公司 2025 年第二次临时股东大会的法律意见书 致：山金国际黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受山金国际黄金股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2025 年第二次临时股东大会（以下简称"本 次会议"）。 1、在本《法律意见书》中，本所及本所律师仅就本次 ...

Group 1 - Domestic gold recycling institutions have set the lowest price for AU9999 at 755 yuan per gram, while gold stocks have collectively declined, with companies like Western Gold and Sichuan Gold dropping over 3% [1] - Analysts attribute the adjustment in gold prices to the easing of market risk aversion following progress in US-China tariff negotiations, where both sides agreed to cancel a significant portion of tariffs [1] - The US has canceled 91% of additional tariffs and suspended 24% of "reciprocal tariffs," while China has made similar concessions, leading to a recovery in market risk appetite and exerting pressure on gold prices [1] Group 2 - Future gold price movements will largely depend on the pace of global central bank gold purchases, with UBS predicting that central banks will buy approximately 1,000 tons of gold by 2025, maintaining levels similar to the past three years [2] - Investment experts suggest that further upward movement in gold prices may require additional drivers, such as the expansion of the US fiscal and trade deficits, although these may not be strong in the short term due to efforts to reduce these deficits [2] - Domestic investors need to consider exchange rate factors when investing in gold, as the long-term downtrend of the US dollar index may not translate into significant gains for gold priced in RMB [2] Group 3 - On May 12, international gold prices fell sharply, with spot gold hitting a low of $3,215.78 per ounce, a decline of approximately 3.33% [3] - COMEX gold also saw a significant drop, reaching a minimum of $3,219.20 per ounce, with a decline of 3.73% [3] Group 4 - Long-term gold price trends are influenced by multiple factors, including inflation, global central bank gold purchases, and the US debt deficit, with a quantitative model indicating substantial growth potential for gold prices over the next decade [4] - Despite the potential for short-term price corrections due to policy shocks, the fundamental outlook for gold investment remains positive [4] - Analysts from various institutions, including Deutsche Bank and Goldman Sachs, maintain a bullish long-term outlook on gold prices, citing the gradual easing of trade tensions and the weakening global position of the US dollar as key drivers [4]

证券代码：000975 证券简称：山金国际 公告编号：2025-019 山金国际黄金股份有限公司 2024年年度权益分派实施的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案等情况 山金国际黄金股份有限公司（以下简称"公司"）2024年年度权益分派方案 已获2025年4月8日召开的2024年年度股东大会审议通过，2024年年度权益分配方 案为：以现有股本2,776,722,265股为基数，向全体股东每10股派发现金红利人 民币3.65元（含税），共计派发1,013,503,626.72元，不送红股，不以资本公积 金转增股本。 自分配方案披露至实施期间，若公司总股本由于可转债转股、股份回购、股 权激励行权、再融资新增股份上市等原因而发生变化，将按照现有分配比例不变 的原则对分配总额进行调整。 本次实施的分配方案与股东大会审议通过的分配方案及调整原则是一致的。 本次实施分配方案距离股东大会审议通过的时间不超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本2,776,722,265股为 基数，向 ...