Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to influence market dynamics positively [8][14]. - The steel sector has experienced a three-year adjustment period, leading to a favorable cost-performance ratio at current levels. The profitability and stability of leading enterprises have significantly improved [8][14]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks, with domestic demand pricing becoming more relevant due to high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The average price for rebar is 3,296 CNY per ton, reflecting a slight decrease of 0.8% [15][18][37]. - The overall steel price index has seen a minor decline of 0.71%, with cold-rolled steel prices dropping by 1.33% [37]. Industrial Metals - The copper smelting fee has deepened into negative territory, with a reported fee of -43.5 USD per thousand tons, indicating a challenging environment for copper producers [17]. Precious Metals - Gold prices are expected to continue rising due to increased demand driven by tariffs and inflation expectations. The COMEX gold price reached 3,329.1 USD per ounce, a 2.52% increase week-on-week [17]. New Energy Metals - Lithium carbonate production in March 2025 reached 71,260 tons, a year-on-year increase of 66.53%. The price for battery-grade lithium carbonate is reported at 65,700 CNY per ton [16][41].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

关于回购股份事项前十名股东及前十名无限售条件股东持股情况的 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4月29日召开第 九届董事会第十二次会议，审议通过了关于回购公司部分股份的议案，并同意将 该议案提交公司2025年第二次临时股东大会审议，具体内容详见公司于2025年4 月30日披露于巨潮资讯网的《第九届董事会第十二次会议决议公告》《关于回购 公司部分股份方案的公告》《关于召开2025年第二次临时股东大会通知的公告》。 证券代码：000975 证券简称：山金国际 公告编号：2025-018 山金国际黄金股份有限公司 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等有关 规定，现将公司2025年第二次临时股东大会的股权登记日（即2025年5月8日）登 记在册的前十名股东及前十名无限售条件股东的名称及持股数量、持股比例情况 公告如下： | 序号 | 股东名称 | 持股数量（股） | 占公司总股本 比例（%） | | --- | --- | --- | --- | | 1 | 山东黄金 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-017 山金国际黄金股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持股情况的 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4月29日召开第 九届董事会第十二次会议，审议通过了关于回购公司部分股份的议案，并同意将 该议案提交公司2025年第二次临时股东大会审议，具体内容详见公司于2025年4 月30日披露于巨潮资讯网的《第九届董事会第十二次会议决议公告》《关于回购 公司部分股份方案的公告》《关于召开2025年第二次临时股东大会通知的公告》。 证券代码：000975 证券简称：山金国际 公告编号：2025-017 2、北京乐溪私募基金管理有限公司－北京乐溪开泰私募证券投资基金通过投资者信用 交易担保证券账户持有40,000股。 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件 流通股份比例 | | --- | --- | --- | --- | | | | | （%） | | 1 | 山东黄金矿业股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

证券代码：000975 证券简称：山金国际 公告编号：2025-016 山金国际黄金股份有限公司 关于召开2025年第二次临时股东大会通知的公告 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、召开会议基本情况 （一）本次股东大会是山金国际黄金股份有限公司（以下简称"公司"）2025 年第二次临时股东大会。 （二）本次股东大会经公司第九届董事会第十二次会议决议召开，由公司董 事会召集举行。 （三）本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和《公司章程》等规定。 （四）会议召开时间： 1、现场会议时间：2025 年 5 月 15 日（星期四）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）投票的具体时间为： 2025 年 5 月 15 日上午 9:15—下午 15:00。 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-014 山金国际黄金股份有限公司 第九届董事会第十二次会议决议公告 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。 山金国际黄金股份有限公司（以下简称"公司"）第九届董事会第十二次会 议通知于2025年4月25日以电子邮件及专人递交的方式向全体董事送达，公司全 体董事以通讯方式进行了表决，公司于2025年4月29日（含当日）前收到全体董 事的表决结果。会议由公司董事长刘钦先生主持，应出席董事9人，实际出席董 事9人。 本次会议的召开和表决程序符合《中华人民共和国公司法》和《山金国际黄 金股份有限公司章程》（以下简称"《公司章程》"）等法律、法规的有关规定。 经与会董事逐项认真审议，以记名投票表决的方式通过了如下决议： 一、以9票同意，0票反对，0票弃权，审议通过了关于回购公司部分股份的 议案； 为顺利实施本次股份回购，公司董事会拟提请股东大会授权董事会及管理层 在有关法律法规范围内，全权处理本次回购股份的具体事宜，包括但不限于： 1、如监管部门对于回购股份的政策发生变化或市场条件发生变化，除涉及 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-015 山金国际黄金股份有限公司 关于回购公司部分股份方案的公告 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。 重要内容提示： 1、拟回购股份的种类：山金国际黄金股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）。 2、用途：回购的股份将全部予以依法注销并减少公司注册资本。 3、拟回购价格：不超过人民币 29.70 元/股（含），该回购股份价格上限不 高于董事会通过回购方案决议前 30 个交易日公司股票交易均价的 150%。实际回 购价格由公司董事会授权公司管理层在回购实施期间结合公司股票价格、财务状 况和经营状况确定。 4、拟回购的资金总额：不低于人民币 1 亿元（含），且不超过人民币 2 亿 元（含），具体回购资金总额以回购期满时实际回购股份使用的资金总额为准。 5、回购股份的资金来源：公司自有资金及回购专项贷款。 6、回购股份的实施期限：本方案尚需提交公司股东大会，自公司股东大会 审议通过回购方案之日起 12 个月内。 7、拟回购股份的数量及占公司总股本的比例：在回购股份价格 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].