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].

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 - Gold mining companies reported strong performance in Q1, benefiting from rising gold prices [1][2] - Zijin Mining achieved revenue of 78.928 billion yuan, a 5.55% increase year-on-year, and a net profit of approximately 10.167 billion yuan, up 62.39% [1] - Shandong Gold's Q1 revenue was 25.935 billion yuan, a 36.81% increase, with a net profit of 1.026 billion yuan, up 46.62% [1] - Zhongjin Gold reported Q1 revenue of 14.859 billion yuan, a 12.88% increase, and a net profit of 1.038 billion yuan, up 32.65% [1] - Hunan Gold's Q1 revenue reached 13.121 billion yuan, a 67.83% increase, with a net profit of 0.332 billion yuan, up 104.63% [1] - Shanjin International reported Q1 revenue of 4.321 billion yuan, a 55.84% increase, and a net profit of 0.694 billion yuan, up 37.91% [1] Group 2 - Chifeng Gold reported Q1 revenue of 2.407 billion yuan, a 29.85% increase, with a net profit of 0.483 billion yuan, up 141.1% [2] - Overall, gold mining companies showed strong revenue and net profit growth, driven by rising gold prices and operational advantages [2] - Gold prices have experienced volatility, with a significant drop from around 3430 USD/oz to approximately 3200 USD/oz [2] - The decline in gold prices adds uncertainty to Q2 performance, with institutions noting short-term pressure on gold prices [2][3] - Long-term perspectives suggest that despite short-term fluctuations, factors such as declining dollar credit and increased central bank gold purchases may support gold prices [3]

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 ...

Group 1 - The international gold price has experienced a significant decline, breaking through key levels of $3300 and $3200 per ounce, with a recent drop to $3120 per ounce, reflecting a weekly decline of over 4% [1][5] - Major financial institutions, such as Citigroup, have drastically lowered their gold price forecasts, reducing the three-month target from $3500 to $3150 per ounce, a decrease of 10% [5] - The decline in gold prices is attributed to improved US-China tariff negotiations, which have reduced market risk aversion and led to a phase of consolidation in the gold market [5] Group 2 - Despite the recent downturn, many analysts believe that gold prices may maintain high volatility in the medium to long term due to geopolitical tensions and global economic uncertainties, with central banks continuing to purchase gold [6] - The People's Bank of China reported an increase in gold reserves, reaching 73.77 million ounces by the end of April 2025, indicating sustained demand for gold [6] - UBS maintains a price forecast of $3500 per ounce for the next two years, with a potential peak of $3600, supported by the expectation of continued monetary easing by the Federal Reserve [8] Group 3 - The World Gold Council emphasizes the strategic importance of gold as a safe-haven asset amid increasing correlations and volatility in stocks and bonds, suggesting a long-term investment approach rather than speculative trading [9] - It is recommended that investors allocate 10% to 15% of their portfolios to gold, adjusting based on market conditions and individual risk tolerance [9]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]