湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 湖南省长沙市芙蓉区建湘路 393 号 世茂环球金融中心 63 层 410007 Tel：(0731) 8295 3778 http://www.qiyuan.com 湖南启元律师事务所 关于湖南黄金股份有限公司 2024 年年度股东大会的 法律意见书 致：湖南黄金股份有限公司 湖南启元律师事务所（以下简称"本所"）受湖南黄金股份有限公司（以下简 称"公司"）委托，对公司 2024 年年度股东大会（以下简称"本次股东大会"）进 行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《湖南黄金股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，出具本法律意见书。 为出具本法律意见书，本所指派本所律师列席了本次股东大会，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，对本次股东大会进行了现场见证， 并核查和验证了公司提供的与本次股东大会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-30 湖南黄金股份有限公司 2024 年度股东大会决议公告 1.本次股东大会未出现增加、否决或变更议案的情形。 2.本次股东大会未涉及变更前次股东大会决议。 一、会议召开情况 本公司及全体董事会和监事会成员、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。 重要提示： 1.召开方式：现场投票和网络投票相结合的方式 2.召开时间： （1）现场会议召开时间：2025 年 5 月 7 日 15:30 （2）网络投票时间：通过互联网投票系统进行网络投票的时间为 2025 年 5 月 7 日上午 9:15 至 2025 年 5 月 7 日下午 15:00 期间的任意时间；通过交易系统 进行网络投票的时间为 2025 年 5 月 7 日上午 9:15-9:25，9:30-11:30 和下午 13:00- 15:00。 3.现场会议召开地点：长沙经济技术开发区人民东路二段 217 号 17 楼会议 室 4.召集人：公司董事会 5.主持人：公司董事长王选祥先生 6.本次股东大会会议的召集、召开与表决程序符合 ...

湖南黄金股份有限公司（以下简称公司）第七届董事会第九次会议于 2025 年 5 月 7 日在长沙召开。本次会议的通知已于 2025 年 4 月 30 日通过电子邮件方 式送达给所有董事、监事和高管。会议应参会董事 6 人，实际参会董事 6 人。会 议由董事长王选祥先生主持，以现场和通讯相结合的方式进行，其中董事何永淼 先生以通讯表决的方式参加会议，公司部分监事及全体高管列席会议。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，会议以记名投票表决方式通过了以下议案： 一、以 6 票赞成、0 票反对、0 票弃权审议通过了《关于制定<舆情管理制度> 的议案》。 证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-29 湖南黄金股份有限公司 第七届董事会第九次会议决议公告 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。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司舆情管理制度》。 湖南黄金股份有限公司 董 事 会 2025 年 ...

| 代码 | 简称 | 5月6日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002475 | 立讯精 | 3.11 | 22762.09 | 366746.67 | 1.59 | 电子 | | | 密 | | | | | | | 300339 | 润和软 | 9.55 | 21202.14 | 329127.09 | 7.49 | 计算机 | | | 件 | | | | | | | 000158 | 常山北 明 | 10.02 | 19869.88 | 129714.39 | 3.29 | 计算机 | | 000977 | 浪潮信 息 | 2.81 | 16598.98 | 435062.27 | 5.66 | 计算机 | | 600839 | 四川长 | 7.05 | 15626.99 | 239086.15 | 4.61 | 家用电 | | | 虹 | | | | | 器 | | 300059 | 东方财 | ...

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].

每经记者 闫峰峰 每经编辑 吴永久 近日，在关税政策扰动下，黄金价格大幅波动，成为市场的焦点。黄金价格不仅持续创出历史纪录，上海期货交易所的黄金期货单日成交额也破万亿元，创 出了历史新高，而这也使得A股黄金股表现异常活跃。而在市场预期关税战缓和以及美国4月非农就业数据好于预期的刺激下，近期金价出现持续回落。 在当地时间5月3日举行的伯克希尔哈撒韦股东大会上，巴菲特表示，美国的财政政策可能会侵蚀美元的价值，多次提到美元贬值的风险。他表示不会投资于 会大幅贬值的货币，并指出美国当前的财政赤字模式不可持续。 在巴菲特对美元罕见"警告"后，5月5日美元指数下行，CMX黄金期货价格重拾升势，盘中涨幅超1%。而在历史上，黄金价格与美元指数多数时间呈现负相 关关系。可见，如果美元持续贬值，那么将利好金价。在黄金牛市的背景下，不少投资者也开始关注黄金股，甚至想长期价值投资黄金股，就相当于投资了 黄金。那么黄金股的股价和黄金价格之间存在什么关系？当前的黄金股机会到底如何？后期又面临哪些风险？对此，每经资本眼记者结合黄金历史走势及相 关投资案例梳理了五大真相。 所以，从投资黄金股的角度来讲，如果看好黄金价格未来的持续上涨，不仅应 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Hunan Gold [3][7]. Core Views - The company benefits from rising gold and antimony prices, leading to significant year-on-year growth in performance [1][7]. - The revenue for 2024 reached 27.84 billion yuan, a year-on-year increase of 19.5%, with a net profit attributable to shareholders of 850 million yuan, up 73.1% year-on-year [1][2]. - The first quarter of 2025 saw a revenue of 13.12 billion yuan, representing a year-on-year increase of 67.8% [1][2]. Financial Data and Valuation - Total revenue projections for 2025 are estimated at 49.56 billion yuan, with a year-on-year growth of 78% [2][14]. - The net profit attributable to shareholders is expected to reach 2.087 billion yuan in 2025, reflecting a 147% increase year-on-year [2][14]. - The price-to-earnings (PE) ratio is projected to decrease from 31.8 in 2024 to 12.9 in 2025, indicating improved valuation attractiveness [2][14]. Production and Sales Performance - In 2024, the company produced 46.3 tons of gold, a decrease of 2.87% year-on-year, and 2.92 million tons of antimony, down 6.15% year-on-year [7]. - The company plans to produce 72.5 tons of gold and 39,500 tons of antimony in 2025 [7]. Profitability and Margins - The gross margin increased due to rising gold and antimony prices, with gold product unit revenue rising by 22.3% year-on-year [7]. - The overall gross margin improved by 0.74 percentage points, with specific increases in gold and antimony margins [7]. Shareholder Information - The major shareholder, Hunan Gold Group, holds a 35.06% stake in the company [3].

Group 1 - Hunan Gold has experienced a continuous decline for six trading days, with a cumulative drop of -15.05% [1] - The company was established as Hunan Chenzhou Mining Co., Ltd. on December 25, 2000, and was listed on the Shenzhen Stock Exchange on August 16, 2007 [1] - Four funds under Qianhai Kaiyuan Fund have entered the top ten shareholders of Hunan Gold, all of which have reduced their holdings in the first quarter of this year [1] Group 2 - The performance of Qianhai Kaiyuan funds shows negative returns, with Qianhai Kaiyuan Hong Kong and Shanghai Advantage Selection Mixed A yielding -0.14% this year, ranking 1049 out of 2307 [1] - Other funds under Qianhai Kaiyuan also reported negative returns, with Qianhai Kaiyuan Quality Enterprises Mixed A at -0.67%, Qianhai Kaiyuan China Scarce Assets Mixed A at -5.86%, and Qianhai Kaiyuan National Comparative Advantage Mixed A at -5.76% [1] - The average performance of similar funds and the CSI 300 index also reflects negative trends, indicating a challenging market environment [3]

中国银河近日发布A股有色金属行业2025Q1基金持仓分析：美国加征关税超预期，使美 国经济衰退与美元信用风险加大，全球黄金ETF基金加速流入与以我国央行为首的全球央行 持续增加黄金资产配置，有望推动金价持续上涨。金价站稳3000美元/盎司，黄金公司未来 的业绩中枢与现金流将会得到明显抬升，处于近10年估值底部附近的A股黄金股有望迎来价 值重估。 以下为研究报告摘要： 摘要： 2025Q1主动权益类公募基金重新增持A股有色金属行业，有色金属行业重仓持股市值占 股票投资市值比上行至2.18%：根据公募基金2025年一季报，我们统计全市场8139支主动权 益类基金，包含普通股票型基金、偏股混合型基金、平衡混合型基金、灵活配置型基金这些 主动权益基金，对基金配置有色金属行业的比例进行了定量分析。2025年一季度主动权益类 公募基金对金铜板块的增持，提升其在有色金属行业中的整体持仓水平。2025Q1主动权益 类公募基金对A股有色金属行业重仓持股市值占股票投资市值比为2.18%，环比2024Q4的 1.76%上行0.42个百分点，在连续两个季度的减持后，重新增持A股有色金属行业。 2025Q1主动权益类公募基对A股有色金 ...

Group 1: Financial Performance and Projections - The company anticipates a performance exceeding 2 billion in 2025, contingent on gold prices at 700 thousand and antimony prices at 23 thousand [3] - The company will disclose the expected year-on-year growth for the semi-annual report in accordance with regulatory requirements [4] Group 2: Market Conditions and Product Insights - Antimony prices have seen an increase due to tight raw material supply since the beginning of the year [3] - The company’s antimony exports and imports have significantly decreased year-on-year due to external market conditions [4] Group 3: Corporate Actions and Strategic Plans - The company is actively pursuing the acquisition of the Wangu gold mine, with ongoing discussions with the controlling shareholder and local government [3][4] - The company has a priority acquisition right for the gold resources development project in Pingjiang County, as per the agreement signed in June 2021 [4] Group 4: Shareholder Engagement and Governance - The company is committed to enhancing shareholder returns and confidence through improved governance, internal controls, and operational efficiency [5] - The company plans to increase dividend payouts as part of its strategy to reward investors [5] Group 5: Operational Efficiency and Mergers - The absorption of two subsidiaries by the company’s wholly-owned subsidiary aims to improve operational efficiency [4] - The company is exploring the integration of antimony mines and smelting enterprises in Hunan Province and other regions [4]