Group 1 - A-shares experienced a pullback on Friday, with all three major indices turning negative, and the ChiNext index dropping over 1% [1] - The Hang Seng Tech Index also reversed its earlier gains, which had exceeded 1% [1] - A50 futures index saw a sharp decline, reporting a drop of 0.75% [3] Group 2 - Government bond futures turned upward across the board, with the 30-year main contract rising by 0.06%, the 10-year main contract up by 0.06%, the 5-year main contract increasing by 0.07%, and the 2-year main contract gaining 0.04% [5] - Gold prices surged, with New York gold futures rising by over 1%, while A-share gold stocks rallied, with Western Gold hitting the limit up, and other stocks like Xiaocheng Technology, Mankalon, Chifeng Gold, and Hunan Gold also seeing gains [5] Group 3 - U.S. President Trump urged the EU to reduce tariffs, warning of more tariffs if they do not comply [7] - Japanese Prime Minister discussed U.S. tariff measures with Trump, maintaining a stance on the removal of tariffs, and also addressed diplomatic and security issues [7] Group 4 - A significant policy briefing is scheduled for next Tuesday, where officials will discuss reforms and innovations in national-level economic and technological development zones [8]

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [4] Core Insights - The non-ferrous metals sector has shown overall profit growth in 2024 and Q1 2025, with significant performance differentiation among sub-sectors. The gold and copper-aluminum sectors benefited from rising metal prices, while the energy metals sector experienced a substantial profit decline [5][6] - In 2024, the non-ferrous metals sector achieved a revenue of 3.64 trillion yuan, a year-on-year increase of 5.73%, and a net profit of 147.13 billion yuan, up 2.61% year-on-year. The gross margin was 11.46%, up 0.34 percentage points, while the net margin decreased by 0.12 percentage points to 4.04% [11][18] Summary by Sections 1. Overview of Non-Ferrous Metals Sector Performance - In 2024, the non-ferrous metals sector's revenue and profit increased year-on-year, with a revenue of 3.64 trillion yuan and a net profit of 147.13 billion yuan [11] - The gross margin improved to 11.46%, while the net margin slightly decreased to 4.04% [11] 2. Price Changes in 2024 and Q1 2025 - Gold prices saw significant increases, with an average price of 560.8 yuan/gram in 2024, up 24.4% year-on-year, and 673.5 yuan/gram in Q1 2025, up 37.2% year-on-year [24][28] - Industrial metals generally increased in price, with copper averaging 75,000 yuan/ton in 2024, up 10.5% year-on-year, and 77,000 yuan/ton in Q1 2025, up 11.5% year-on-year [28] - Energy metals prices fell significantly due to oversupply, with lithium carbonate averaging 91,000 yuan/ton in 2024, down 65% year-on-year [24][28] 3. Sector and Sub-Sector Performance - The non-ferrous metals sector rose by 3.2% in 2024 and 12.0% in Q1 2025, ranking 15th and 1st among the Shenwan sectors, respectively [29] - The gold sector saw a profit increase of 29% year-on-year in 2024, while the lithium sector experienced a profit decline of 126.9% [16][22] 4. Fund Holdings - In Q1 2025, the proportion of active funds holding non-ferrous metals stocks increased by 0.71 percentage points to 3.82% [32] - The top ten active fund holdings included companies like Zijin Mining and Shandong Gold, with a focus on gold sector companies [34]

Group 1 - Gold-related stocks saw significant gains, with companies like Lai Shen Tong Ling hitting the daily limit and Man Ka Long rising over 9% [1] - Major gold ETFs, including those from Yongying Fund and Huaxia Fund, experienced increases of over 3% [1] - The average daily trading volume in the global gold market reached $441 billion in April, marking a 48% month-on-month increase [5] Group 2 - China's gold imports surged by 73% in April, reaching 127.5 tons, the highest in 11 months [6] - Central bank demand remains a key factor supporting gold prices, with China's gold reserves increasing by 70,000 ounces in April [6] - The international gold price saw fluctuations, touching a high of $3,500 before rebounding above $3,300 [6] Group 3 - The largest gold ETFs in China include those from Huaxia Fund and Bosera Fund, with market values exceeding 100 billion yuan [9] - The Yongying Fund's gold stock ETF has a market value of 39.9 billion yuan, while the largest Shanghai gold ETF from Fuguo Fund stands at 2.483 billion yuan [10][12] - The lowest fee rates for gold ETFs are offered by Huaxia and ICBC Credit Suisse, both at 0.20% per year [10]

每经记者｜刘明涛 每经编辑｜叶峰 5月21日，现货黄金价格盘中突破3300美元关键点位，为5月9日以来首次，这也令黄金股出现大涨。在ETF市场，黄金ETF和黄金股ETF均涨幅靠前，其中， 黄金股ETF（517520）半日涨幅达到3.24%，领涨整个ETF市场。 | 代码 | 名称 | 涨幅% | 现价 | | --- | --- | --- | --- | | 517520 | 黄金股ETF | 3.24 | 1.40 | | 517400 | 黄金股票ETF | 3.04 | 1.11 | | 159321 | 黄金股票ETF | 3.03 | 1.08 | | 159562 | 黄金股ETF | 2.9 | 1.52 | | 159315 | 黄金股ETF基金 | 2.86 | 1.14 | | 159322 | 黄金股票ETF基金 | 2.8 | 1.13 | | ETF规模截止日: 5.20 | | | | ETF份额变化方面，今年以来，黄金股ETF份额整体呈现大幅增加态势，其中，黄金股ETF（517520）年内份额增加了13.84亿份，年内份额变动率为 89.3%，黄金股票ETF（517400）和黄 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-32 湖南黄金股份有限公司 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届董事会第十次会议于 2025 年 5 月 19 日以通讯表决方式召开。本次会议的通知已于 2025 年 5 月 16 日通过 电子邮件方式送达给所有董事、监事和高管。会议应参与表决董事 6 人，实际表 决董事 6 人。本次会议的召集、召开符合《公司法》和《公司章程》的规定，会 议合法有效。经与会董事认真审议，会议以传真表决方式通过了以下议案： 一、以 5 票赞成、0 票反对、0 票弃权审议通过了《关于增加 2025 年度日常 关联交易预计金额的议案》。 关联董事王选祥先生回避表决。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司关于增加 2025 年度日常关联交易预计金额的公告》 （公告编号：临 2025- 本议案已经公司独立董事专门会议审议通过。 二、以 6 票赞成、0 票反对、0 票弃权审议 ...

关于增加 2025 年度日常关联交易预计金额的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-34 湖南黄金股份有限公司 一、日常关联交易基本情况 （一）关联交易概述 （二）本次预计增加关联交易类别和金额 单位：人民币万元 | 关联交易 | 关联人 | 关联交易 | 关联交易 | | | 2025 年度预计金额 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | | 内容 | 定价原则 | 增加前 | 增加金额 | 增加后 | 2025 年 1-4 月 | | | | | | | | | 已发生金额 | | 向关联人 | 湖南中南黄金冶炼 有限公司 | 非标金、硫 酸 | 市场定价 | 180,000.00 | 30,000.00 | 210,000.00 | 77,811.32 | | 采购原料、 | | | | | | | | | 商品 | 湖南有色金属研究 院有限责任公司 | 设备及配 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-35 湖南黄金股份有限公司 关于挂牌转让所持控股子公司黄石潘隆新 70%股权及债权 的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 一、交易情况概述 湖南黄金股份有限公司（以下简称公司）第七届董事会第十次会议审议通过 了《关于挂牌转让所持控股子公司黄石潘隆新 70%股权及债权的议案》，拟通过 公开挂牌竞价方式转让公司所持有的黄石潘隆新矿业有限公司（以下简称黄石潘 隆新）70%股权和子公司湖南辰州矿业有限责任公司（以下简称辰州矿业）持有 的黄石潘隆新的债权，本次挂牌转让价格以资产评估结果为定价参考依据，首次 挂牌底价不低于 1,423.90 万元，并授权公司管理层全权办理本次挂牌转让相关事 宜（包括但不限于办理挂牌转让、根据实际情况下调挂牌价格（每次下调幅度不 超 10%）、签署转让协议等）。最终转让价格取决于受让方在产权交易机构的受 让价格。 本事项不构成《上市公司重大资产重组管理办法》规定的重大资产重组。根 据《深圳证券交易所股票上市规则》及《公司章程》等 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-33 一、以 3 票赞成、0 票反对、0 票弃权审议通过了《关于增加 2025 年度日常 关联交易预计金额的议案》。 二、以 3 票赞成、0 票反对、0 票弃权审议通过了《关于挂牌转让所持控股 子公司黄石潘隆新 70%股权及债权的议案》。 特此公告。 湖南黄金股份有限公司 监事会 湖南黄金股份有限公司 第七届监事会第九次会议决议公告 本公司监事会及全体监事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届监事会第九次会议于 2025 年 5 月 19 日以通讯表决方式召开。本次会议的通知已于 2025 年 5 月 16 日通过 电子邮件方式发送给所有监事。会议应参与表决监事 3 名，实际表决监事 3 名。 本次会议的召集、召开符合《公司法》和《公司章程》的规定，会议合法有效。 经与会监事认真审议，会议以传真表决方式通过了以下议案： 2025年5月19日 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-32 湖南黄金股份有限公司 第七届董事会第十次会议决议公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届董事会第十次会议于 2025 年 5 月 19 日以通讯表决方式召开。本次会议的通知已于 2025 年 5 月 16 日通过 电子邮件方式送达给所有董事、监事和高管。会议应参与表决董事 6 人，实际表 决董事 6 人。本次会议的召集、召开符合《公司法》和《公司章程》的规定，会 议合法有效。经与会董事认真审议，会议以传真表决方式通过了以下议案： 一、以 5 票赞成、0 票反对、0 票弃权审议通过了《关于增加 2025 年度日常 关联交易预计金额的议案》。 关联董事王选祥先生回避表决。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司关于增加 2025 年度日常关联交易预计金额的公告》（公告编号：临 2025- 34）。 本议案已经公司独立董事专门会议审议通过。 二、以 ...

Investment Ratings - The report does not explicitly provide investment ratings for the industry sectors discussed. Core Insights - The industrial metals sector is experiencing an upward turning point in market conditions, particularly for copper and aluminum, driven by easing trade tensions between the US and China [13]. - Precious metals, particularly gold, are facing downward pressure due to a stronger US dollar and reduced appeal as a safe-haven asset amid improving trade relations [15]. - The rare earth sector is witnessing a simultaneous increase in both domestic and international prices, driven by export controls and a recovering market sentiment [32]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices increased slightly, with LME copper at $9,440.00 per ton and Shanghai copper at ¥78,100 per ton. A notable rise in copper inventory was observed, ending a ten-week decline, attributed to weakened downstream demand [13]. - Aluminum prices rose by 2.75% to $2,484.50 per ton, with domestic inventories remaining low despite a slight decrease in stock levels [14]. - Gold prices fell by 1.13% to $3,205.30 per ounce, influenced by a stronger dollar and easing trade tensions between the US and China [15]. 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The report highlights a significant increase in copper inventory, reaching 132,000 tons, marking a shift in market dynamics due to reduced demand [13]. - The processing fee for imported copper concentrate has dropped to -$43.05 per ton, indicating pressure on the supply side [13]. 2.2 Aluminum - Domestic electrolytic aluminum ingot inventory decreased to 581,000 tons, remaining at a near three-year low, while the cost of prebaked anodes increased slightly [14]. - The report notes that the Guinean government has revoked mining licenses for over 40 companies, impacting aluminum ore production capacity [14]. 2.3 Precious Metals - The report discusses the impact of US-China trade negotiations on gold prices, with a significant reduction in SPDR gold holdings [15]. - Economic indicators such as the US CPI and PPI suggest a cooling inflation environment, which may influence future monetary policy [15]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth market is experiencing price increases, particularly for dysprosium and terbium, driven by export controls and a recovering market sentiment [32]. - The antimony market is expected to see price recovery due to supply disruptions from Myanmar and ongoing anti-smuggling efforts in China [33]. - Tin prices have risen, supported by positive expectations from US-China trade negotiations, despite some production concerns [35]. 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - Prices for rare earth elements are showing upward trends, with significant increases in overseas prices following export control measures [32]. - The report anticipates a continued tightening of supply due to regulatory changes and geopolitical factors affecting production [32]. 4.2 Antimony - Antimony prices are expected to recover as supply constraints from Myanmar persist, alongside increased demand from various sectors [33]. 4.3 Tin - Tin prices are supported by a favorable market outlook, driven by demand recovery in sectors such as semiconductors and photovoltaics [35].