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 [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

证 券 研 究 报 告 湖南黄金（002155）深度研究报告 推荐（首次） 金锑龙头，双轮驱动未来增长可期 风险提示：金锑价格大幅波动风险；宏观经济周期波动风险；矿山事故导致停 产风险 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,303 | 27,899 | 35,827 | 36,413 | | 同比增速(%) | 10.8% | 19.7% | 28.4% | 1.6% | | 归母净利润(百万) | 489 | 846 | 2,107 | 2,368 | | 同比增速(%) | 11.8% | 73.0% | 148.9% | 12.4% | | 每股盈利(元) | 0.41 | 0.70 | 1.75 | 1.97 | | 市盈率(倍) | 55 | 32 | 13 | 11 | | 市净率(倍) | 4.3 | 3.9 | 3.1 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 2 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-12 湖南黄金股份有限公司 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市 公司规范运作》《公司章程》等有关规定，陈泽吕先生的辞职不会导致公司董事 会成员低于法定最低人数，不会影响公司董事会及其他相关工作的正常运行，其 辞职报告自送达公司董事会之日起生效。公司将按照法定程序尽快完成董事的补 选事宜。 陈泽吕先生担任公司董事的原定任期至 2027 年 5 月 13 日届满。截至本公告 披露日，陈泽吕先生持有公司股份 2,000 股，不存在应当履行而未履行的承诺事 项。辞职后，陈泽吕先生将严格按照《上市公司董事、监事和高级管理人员所持 本公司股份及其变动管理规则》以及《深圳证券交易所上市公司自律监管指引第 18 号—股东及董事、监事、高级管理人员减持股份》等相关法律法规管理其所持 股份。 公司及董事会对陈泽吕先生在担任公司董事期间为公司做出的贡献表示衷 心感谢！ 特此公告。 湖南黄金股份有限公司 董 事 会 2025 年 3 月 12 日 关于董事辞职的公告 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 ...

湖南黄金股份有限公司章程 第一章 总则 第九条 公司全部资产分为等额股份，股东以其所认购的股份为限对公司承 担责任，公司以其全部资产对公司的债务承担责任。 第十条 根据生产经营需要，公司可以依法设立分公司及子公司（含全资一 人有限公司）。 第三条 公司于 2007 年 7 月 23 日经中国证券监督管理委员会核准，首次向 社会公众发行人民币普通股 9800 万股，于 2007 年 8 月 16 日在深圳证券交易所 上市。 第四条 公司注册名称：湖南黄金股份有限公司 英文全称：Hunan Gold Corporation Limited。 第五条 公司住所：长沙经济技术开发区人民东路217号201室，邮政编码： 410100。 第六条 公司注册资本为人民币 1,202,039,474 元。 第七条 公司为永久存续的股份有限公司。 第八条 董事长为公司的法定代表人。 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 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》）、《中国共产党章程》（以下简称《党章》）和 其他有关规定，制订本章程。 第二条 公 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-11 湖南黄金股份有限公司 关于完成工商变更登记的公告 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、概述 湖南黄金股份有限公司（以下简称公司）分别于 2025 年 1 月 23 日、2025 年 2 月 11 日召开第七届董事会第六次会议、2025 年第一次临时股东大会，审议 通过了《关于增加公司经营范围并修订〈公司章程〉的议案》。同意对《公司章 程》部分条款进行修订。具体内容详见 2025 年 1 月 24 日、2025 年 2 月 12 日刊 载于巨潮资讯网（http://www.cninfo.com.cn）上的《第七届董事会第六次会议决 议公告》（公告编号：临 2025-03）、《关于增加公司经营范围并修订〈公司章 程〉的公告》（公告编号：临 2025-06）和《2025 年第一次临时股东大会决议公 告》（公告编号：临 2025-10）。 二、进展情况 近日，公司完成了《公司章程》备案等工商登记手续，并取得了长沙经济技 术开发区管理委员会换发的营业执照 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the metal T industry, particularly its supply-demand dynamics and pricing trends [2][3][4]. Core Insights and Arguments - **Supply Constraints**: Major producers like Hunan Gold have reported a 70% year-on-year decline in production, leading to significant supply shortages globally [2][3]. - **Demand Growth**: Demand for metal T is driven by sectors such as photovoltaics, flame retardants, and military applications, with flame retardant demand expected to grow over 10% in 2024 [2][3]. - **Price Discrepancy**: The price of metal T in overseas markets has reached 420,000 yuan per ton, while domestic prices are below 200,000 yuan per ton, indicating substantial room for price increases [3][4]. - **Future Supply Gap**: A projected supply gap of 20% is expected in 2025-2026, highlighting the urgency for price adjustments [3][4]. - **Strategic Importance**: Metal T is recognized for its strategic value, similar to rare earth elements, with countries increasing resource control and reserves [3][4][7]. - **Investment Opportunities**: Current market conditions present four key discrepancies that could support significant price increases for metal T and related stocks [5]. Recommended companies include Hunan Gold, Huaxi Nonferrous, and Huaxi Mining, with attractive valuations [5][16]. Additional Important Insights - **Flame Retardant Demand**: Flame retardants account for approximately 45% of metal T's demand, with a strong correlation to the electronics sector rather than real estate [10][11]. - **Impact of AIDC**: The rise of AI-driven computing (AIDC) is increasing the demand for flame retardant materials due to higher performance requirements in electronic components [11]. - **Market Dynamics**: The recent price increases are not primarily driven by photovoltaic demand but rather by a recovery in consumer electronics and stricter environmental regulations [12][13]. - **Long-term Demand**: The long-term demand for metal T remains robust, particularly in the electronics, new energy vehicles, and home appliances sectors, while supply may decrease over time [14]. - **Company Performance**: Companies like Wuzhou Xinyuan and Shaanxi Automotive are highlighted for their strong performance in the metal T sector, with favorable market conditions expected in 2025 [15][16]. Market Predictions - The expectation is for companies like Hunan Gold and Huaxi Nonferrous to see significant earnings growth, with potential for prices to double due to the large market gap [17].

Core Viewpoint - The small metals sector has gained significant attention in the market, particularly with the recent surge in prices of antimony and other minor metals, leading to a notable increase in related stocks [1][2]. Group 1: Antimony Price Surge - Antimony has emerged as a star in the small metals market, with stocks like Huayu Mining and Hunan Gold seeing substantial gains, including a 47.8% increase in Huayu Mining's stock over a week [4][5]. - The price of antimony has reached a 12-year high, with domestic prices rising from 142,000 CNY/ton in early February to 162,500 CNY/ton by mid-March, marking a 12.6% increase in a single month [6][8]. Group 2: Supply and Demand Dynamics - The price increase is driven by a mismatch between supply and demand, with antimony being crucial in various industries, including new energy and military applications [8][9]. - Global antimony production has been declining since 2011, with output expected to drop from 178,000 tons/year to 100,000 tons/year by 2024, exacerbating supply constraints [8][9]. Group 3: Global Supply Chain and Policy Impact - The supply chain for antimony is affected by both domestic policies and international factors, with the U.S. emphasizing supply chain security for critical metals, including antimony [11]. - Recent export controls by the Chinese government on antimony and related materials have led to a significant widening of the price gap between domestic and international markets, with domestic imports plummeting [12]. Group 4: Market Outlook for Minor Metals - The market for minor metals like antimony, indium, and gallium is currently in an upward cycle, supported by ongoing demand from sectors such as new energy and semiconductors [14][15]. - However, the sustainability of this upward trend will depend on the balance of supply and demand, policy support, and market sentiment [14][15].

Core Viewpoint - The small metals sector, particularly antimony, has unexpectedly surged in market attention, with significant stock price increases observed amidst a generally weak market environment [1][3]. Group 1: Market Performance - On March 7, the A and Hong Kong stock markets experienced a downturn, yet the small metals sector saw a collective rise, with industrial and rare metals leading with gains exceeding 2% [1]. - Notable stocks such as Huayu Mining, Hunan Gold, and others achieved strong performance, with Huayu Mining's stock price increasing by over 210% from a low of 6 yuan to 18.76 yuan [3][5]. Group 2: Supply and Demand Dynamics - Antimony, a critical industrial metal, has seen a significant price increase due to supply constraints caused by environmental policies and geopolitical factors affecting imports [5][6]. - The price of antimony ingots surged nearly 90%, driven by increased demand from the photovoltaic industry and the appliance sector [5]. - China's antimony exports dropped significantly due to new export controls, leading to a supply shortage in international markets and a widening price gap between domestic and international antimony prices [6][7]. Group 3: Future Outlook - The global antimony production has been declining, with a notable drop from 17.8 million tons per year in 2011 to 10 million tons in 2024, primarily due to reduced output from China [9][10]. - Analysts predict that the antimony market will continue to experience supply-demand imbalances, with expected supply gaps of 1.9, 2.8, 3.0, and 3.9 million tons from 2024 to 2027 [15]. - The domestic antimony price is anticipated to rise further, driven by persistent supply shortages and significant price differentials between domestic and international markets [15].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Hunan Gold** and its operations in the **gold mining industry**. Key Points and Arguments 1. **Gold Production and Forecasts**: - In Q3 2024, **Zhanzhou Mining** produced approximately **1.46 tons** of gold, while **Xinglong** produced around **400 kilograms** [2] - The expected gold production for 2025 is projected to reach **4.5 tons**, an increase of about **500 kilograms** compared to 2024, attributed to reduced disturbances and potential new increments from **Guanggu** [10] - The **Xinglong** mining area is expected to face disturbances affecting gold production by **200 to 300 kilograms** in 2024 [11] 2. **Cost Structure**: - The overall production costs have increased, with **Chenzhou Mining** reporting a cost of approximately **210 RMB per gram** for gold production, while **Gansu** and **Xinglong** reported costs of **135 RMB per gram** [3] - Hunan Gold's costs are considered high due to resource endowment and a single metal structure, lacking the advantage of cost-sharing with other metals [7] 3. **Market Dynamics**: - Gold prices have risen significantly post-Spring Festival, driven by increased demand and higher international prices, with traders stockpiling [16] - The company has faced a significant reduction in exports, particularly to the U.S., with current monthly export volumes around **1,000 tons** [11] 4. **Integration and Asset Injection**: - The integration of the **Wangu** mining area is ongoing but has faced delays due to internal disagreements within the **Pingjiang County** government. Completion is expected in the first half of 2025 [4] - The geographical discovery in the **Wangu** area may lead to adjustments in valuation schemes, with potential changes in compensation or collaboration methods [5] 5. **Impact of External Factors**: - The company is experiencing a decrease in imported ore due to high international prices, making it unfeasible to import and sell domestically without incurring losses [14] - The overall production and sales volume for 2025 is expected to decline, particularly in the external procurement segment [15] 6. **Hedging Strategies**: - The company engages in limited hedging operations, with an annual hedge ratio not exceeding **50%**. The strategy is adjusted based on market conditions [17] 7. **Regulatory Environment**: - Export controls remain tight, and the company is preparing for a long-term reduction in exports, with no significant changes expected in the near term [18] Other Important but Overlooked Content - The **Gansu Jiaxin project** is currently delayed due to strict construction requirements and lengthy land acquisition processes in minority regions [9] - The production layout optimization is expected to benefit recent production organization, particularly with the integration of the central mining area [6]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-10 湖南黄金股份有限公司 一、会议召开情况 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 2 月 11 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 2 月 11 日上午 9:15 至 2025 年 2 月 11 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 2 月 11 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 14 楼会议 室 4.召集人：公司董事会 2025 年第一次临时股东大会决议公告 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.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。 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 ...