来源：市场资讯 （来源：宏赫臻财） 紫金黄金国际上市首日大涨，总市值逾3000亿港元，超过山东黄金，成为国内"黄金第一股"。按照黄金 产量，坐拥八大"金山"的紫金黄金国际，在全球排第十一名，由于其增长远超过同行，2025年有望进入 前十。 栥本江湖风云变幻，创业板龙头宁德时代的市值一度超过贵州茅台，如今，紫金矿业凭借子公司紫金黄 金国际挂牌港股，紫金系4家上市公司的总市值也轻易破万亿元，彰显黄金作为避险资产的神力。 来源：新财富杂志（ID：xcfplus） 作者：鲍有斌 9月30日，紫金黄金国际（02259.HK）登陆港交所主板，股价一度涨超66%，总市值逾3000亿港元，超 过山东黄金，成为国内"黄金第一股"。 近年，地缘政治格局变动频繁，各国央行持续吸储黄金，推动作为避险资产的黄金价格大涨，其最新价 格超过3800美元/盎司，黄金开采商的业绩也大幅提升，紫金矿业（601899/02899.HK）旗下的紫金黄金 国际便是其一。 紫金黄金国际严格控制黄金营运成本，毛利率从2023年的26.2%增加至2024年的37.9%，2025年上半年 提升到46.5%，半年净利润已超过2024年全年。其利润接连翻倍，在紫 ...

Core Viewpoint - The non-ferrous metal sector is leading the market with a net inflow of 14.7 billion yuan, indicating strong investor confidence and interest in this sector [1][11]. Group 1: Market Performance - The non-ferrous metal ETF, Huabao (159876), saw a peak increase of 4.19% during the day, ultimately closing with a 3.77% rise, ranking seventh in the overall market ETF performance [1][11]. - The Huabao ETF has attracted a total of 56.11 million yuan in inflows over the past two days, reflecting positive sentiment towards the non-ferrous metal sector [1][11]. - The index tracked by the Huabao ETF has increased by 93.04% since its low on April 8, significantly outperforming major indices like the Shanghai Composite Index (29.75%) and the CSI 300 (28.00%) [3][14]. Group 2: Key Stocks and Their Performance - Key stocks in the sector, such as Yongxing Materials, Guocheng Mining, and Jiangxi Copper, reached their daily limit up, while Zhongkuang Resources and China Aluminum rose over 8% [3][13]. - Major stocks like Zijin Mining and Luoyang Molybdenum hit historical highs, indicating strong performance across the sector [3][13]. Group 3: Market Drivers - The recent surge in non-ferrous metals is attributed to several factors: increased geopolitical uncertainty leading to higher demand for safe-haven assets like gold, a weakening dollar encouraging investment in physical assets, rising demand due to AI development and global energy transition, and ongoing supply constraints in copper and other metals [5][17]. - Analysts predict that non-ferrous metals will be at the forefront of market trends in 2026, with gold prices potentially challenging the $5,000 per ounce mark due to central bank purchases [6][17]. Group 4: Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall sector performance while mitigating risks associated with individual metal investments [18].

Core Viewpoint - The non-ferrous metal sector is leading the market with significant capital inflow, indicating strong investor confidence in future performance [1][5]. Group 1: Market Performance - On December 26, the non-ferrous metal sector saw a net capital inflow of 11.4 billion yuan, the highest across all industries [1]. - The Huabao non-ferrous ETF (159876) reached a peak increase of 3.98%, currently up 3.14%, marking a new high since its listing [1]. - The Huabao ETF attracted a total of 56.11 million yuan over the past two days, reflecting positive sentiment towards the non-ferrous metal sector [1]. Group 2: Stock Performance - Key stocks such as Yongxing Materials and Jiangxi Copper hit the daily limit, while Guocheng Mining rose over 9% [3]. - Major companies like China Aluminum and Luoyang Molybdenum saw increases of over 6%, reaching historical highs [3]. Group 3: Commodity Prices - On December 26, gold, silver, and copper prices reached new highs, with COMEX gold at $4,561.6 per ounce, silver at $75.495 per ounce, and copper at $5.7565 per pound [5]. - Year-to-date performance shows COMEX gold up 71.84%, silver up 156.74%, and copper up over 42% [5]. Group 4: Future Outlook - Analysts predict a strong performance for the metal sector in 2025, driven by macroeconomic policies and structural supply-demand changes [5]. - The upcoming changes in the Federal Reserve leadership and increased capital expenditure in AI technology are expected to influence monetary policy and the non-ferrous metal bull market [5][6]. Group 5: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF and its associated funds is recommended to capture the overall sector performance while mitigating risks [6].

Core Viewpoint - The non-ferrous metal sector is leading the market with significant capital inflow, indicating strong investor confidence in future performance [1][4] Group 1: Market Performance - The non-ferrous metal sector saw a net inflow of 11.4 billion yuan, the highest across all industries [1] - The Huabao non-ferrous ETF (159876) reached a peak increase of 3.98%, currently up 3.14%, marking a new high since its listing [1] - Major stocks such as Yongxing Materials and Jiangxi Copper hit the daily limit, while Guocheng Mining rose over 9% [3] Group 2: Price Trends - On December 26, gold, silver, and copper prices reached new highs, with COMEX gold at $4,561.6 per ounce, silver at $75.495 per ounce, and copper at $5.7565 per pound [3] - Year-to-date performance shows COMEX gold up 71.84%, silver up 156.74%, and copper up over 42% [4] Group 3: Future Outlook - Analysts predict a strong performance for the metal sector in 2025 due to favorable macroeconomic policies and structural supply-demand changes [4] - The upcoming changes in the U.S. Federal Reserve leadership and increased capital expenditure in AI technology are expected to influence the market positively [4] Group 4: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF and its linked funds is recommended to capture the overall sector's performance while mitigating risks [6]

Core Viewpoint - The non-ferrous metal sector is leading the market with significant capital inflow, indicating strong investor confidence in future performance [1][5]. Group 1: Market Performance - On December 26, the non-ferrous metal sector saw a net capital inflow of 11.4 billion yuan, the highest across all industries [1]. - The Huabao non-ferrous ETF (159876) reached a peak increase of 3.98%, currently up 3.14%, marking a new high since its listing [1]. - The Huabao ETF attracted a total of 56.11 million yuan over the past two days, reflecting positive sentiment towards the non-ferrous metal sector [1]. Group 2: Stock Performance - Key stocks such as Yongxing Materials and Jiangxi Copper hit the daily limit, while Guocheng Mining rose over 9% [3]. - Major stocks like China Aluminum increased by over 6%, and Luoyang Molybdenum and Zijin Mining rose by over 5%, both reaching historical highs [3]. Group 3: Commodity Prices - On December 26, gold, silver, and copper prices reached new highs, with COMEX gold at $4,561.6 per ounce, silver at $75.495 per ounce, and copper at $5.7565 per pound [5]. - Year-to-date performance shows COMEX gold up 71.84%, silver up 156.74%, and copper up over 42% [5]. Group 4: Future Outlook - Analysts predict a strong performance for the metal sector in 2025, driven by macroeconomic policies and structural supply-demand changes [5]. - The upcoming changes in the Federal Reserve's leadership and increased capital expenditure in AI technology are expected to influence monetary policy and the non-ferrous metal bull market [5][6]. Group 5: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF is recommended to capture the overall sector's performance while mitigating risks associated with individual metals [6][7].

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年11月，在由世界黄金协会组织的媒体参访活动中，完成从矿床到世界地质公园转变的紫金山金铜 矿引发一行人的关注。据介绍，去年3月，在法国召开的联合国教科文组织执行局第219次会议审议通 过，正式批准龙岩地质公园成为世界地质公园。作为世界级高硫化浅成低温热液金属矿床，位于龙岩世 界地质公园西南部的紫金山铜金矿床是其重要组成部分。 在该地质公园相关的社交媒体分享上，有网友评价"值得参观，金山银山就是绿水青山"。金铜矿何以变 成世界地质公园？ 对于绿色如何成为矿业发展底色这一命题，紫金矿业的实践，正清晰展现出一条企业ESG担当系统路径 与全球矿业可持续发展的"中国方案"。 挖掘不尽的金山银山 "铜娃娃戴了个金帽子"，据紫金矿业官网介绍，金矿体形成于上部的氧化带岩层中，在下部的原生带岩 层中形成铜矿体，这种"上金下铜"的成矿分带被形象的如此比喻，"紫金山大型金铜矿床的发现是中国 铜金矿勘探史上的一次重大突破，1996年荣获国家科技进步一等奖"。 据史料记载，紫金山早在北宋年间就是朝廷重要的黄金和铜币生产基地。紫金山在稀有性、典型性、科 学价值、历史文化价值等方面 ...

有色板块震荡走强，铜、贵金属方向领涨，紫金矿业、洛阳钼业涨超3%，双双创历史新高，江西铜业 涨超7%，白银有色、湖南白银、西部矿业跟涨。 ...

Group 1 - The core viewpoint of the article emphasizes the strategic importance of copper in the context of global energy transition and industrial recovery, with a bullish outlook on copper prices due to supply constraints and increasing demand [1][3]. - Jefferies' report indicates a significant decline in global copper production in Q3 2025, with a 2.1% decrease quarter-on-quarter and a 3.6% decrease year-on-year, marking a recent low in quarterly production [2]. - The report highlights that major copper mines are facing operational challenges, leading to production shortfalls, particularly with the Grasberg mine planning a complete shutdown in Q4, which will exacerbate supply constraints [2][4]. Group 2 - The supply-demand gap in the copper market is widening, entering a "tight balance" phase, driven by weak supply growth and steady demand expansion [3][4]. - Jefferies forecasts a global copper market deficit of 300,000 tons in 2025, escalating to 866,000 tons in 2026, indicating a persistent supply shortfall even under moderate GDP growth scenarios [4]. - Demand for copper is primarily driven by three key sectors: electric vehicles, renewable energy, and power grid construction, with significant increases expected in copper usage in these areas by 2030 [6][8]. Group 3 - Investment opportunities are identified in a basket of copper mining stocks, focusing on companies with resource advantages and cost control capabilities [10]. - In the Chinese market, key investment targets include Luoyang Molybdenum and Zijin Mining, both of which are well-positioned to benefit from rising copper prices and production capacity [10][11]. - In the North American and European markets, Freeport-McMoRan and Anglo American are highlighted for their strong positions and potential for performance recovery due to the tight copper market [12].

2025 年第二次临时股东会 2025 Second Extraordinary General Meeting of Shareholders 会 议 材 料 紫金矿业集团股份有限公司 2025 年 12 月 31 日 议 程 会议时间：2025 年 12 月 31 日（星期三）9 点 网络投票时间：2025 年 12 月 31 日，通过交易系统投票平台：9:15－9:25，9:30－11:30， 13:00－15:00；通过互联网投票平台：9:15－15:00 会议地点：福建省龙岩市上杭县紫金大道 1 号公司总部大楼 21 楼会议室 会议主持：陈景河 参会人员：股东及股东代表、董事、监事、高管、中介机构等 议 程 主持人宣布会议开幕； 董事会秘书宣布参加本次股东会现场会议的股东人数、代表股份总额； 主持人根据《公司章程》提议表决票清点人； 非累积投票议案 1、特别决议案：关于修订《公司章程》的议案 2、普通决议案：关于修订《股东会议事规则》的议案 3、普通决议案：关于修订《董事会议事规则》的议案 4、普通决议案：关于修订《独立董事工作制度》的议案 5、普通决议案：关于修订《关联交易管理办法》的议案 6、普 ...

Core Viewpoint - The global precious metals market has experienced significant price fluctuations in 2023, with gold and silver reaching historical highs, and recent surges in palladium and platinum futures listed on the Guangzhou Futures Exchange [1] Group 1: Precious Metals Price Trends - Gold and silver prices have consistently set new historical highs throughout the year [1] - Palladium and platinum futures have seen substantial increases since their listing in November on the Guangzhou Futures Exchange [1] Group 2: A-Share Market Performance - There are 18 precious metals concept stocks in the A-share market, with an average increase of 97.03% year-to-date [1] - Nine stocks, including Zhaojin Mining, Shengda Resources, and Western Gold, have recorded cumulative gains exceeding 100% [1] Group 3: Valuation Metrics - Following the price increases, the valuation of precious metals concept stocks is at a relatively high level, with a median rolling price-to-earnings (P/E) ratio of 33.12 times [1] - Stocks such as Zhaojin Mining, Silver Nonferrous, and Xiaocheng Technology have P/E ratios exceeding 100 times, while nine stocks, including Zijin Mining, Chifeng Jilong Gold Mining, and Guizhou Platinum, have P/E ratios below 30 times [1]