香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 王建華 中國北京，2025年12月28日 截至本公告日期，本公司執行董事為王建華先生、高波先生、楊宜方女士、呂曉兆先生及趙強先 生；非執行董事為張旭東先生；以及獨立非執行董事為黃一平博士、胡乃連先生、李厚民博士及 蔣琪博士。 (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 证券代码：600988 证券简称：赤峰黄金 公告编号：2025-057 赤峰吉隆黄金矿业股份有限公司 关于控股股东及其一致行动人股份质押的公告 本公司董事会及全体董事保证本 ...

Investment Rating - The investment rating for the precious metals sector is "Positive" (maintained) [4] Core Views - The precious metals sector, particularly gold and silver, has seen strong price increases, with London spot gold rising by 2.36% to $4449.40 per ounce and Shanghai gold increasing by 4.70% to ¥1016.30 per gram. Silver prices also surged, with London spot silver up 8.11% to $69.74 per ounce and Shanghai silver up 23.01% to ¥18319 per kilogram [5][10] - Key factors driving the recent price increases include potential changes in U.S. Federal Reserve leadership and economic performance, with the U.S. GDP annualized growth rate for Q3 reaching 4.3%, exceeding expectations. However, there are concerns about potential economic slowdown in Q4 due to government shutdown impacts [5][6] - The ongoing geopolitical situation, particularly regarding Ukraine, and the potential for U.S. monetary policy changes are expected to support gold prices in the medium to long term. The report suggests that the "rate cut trade" and "Trump 2.0" policies will provide strong upward momentum for gold prices [5][6] Summary by Sections Price Trends - In the last two weeks, gold and silver prices have shown significant increases, with gold prices in London and Shanghai rising by 2.36% and 4.70%, respectively, while silver prices surged by 8.11% in London and 23.01% in Shanghai [10][11] U.S. Economic Data and Federal Reserve Tracking - The U.S. economy demonstrated resilience with a Q3 GDP growth rate of 4.3%, and personal consumption expenditures also exceeded expectations. However, there are concerns about a potential slowdown in Q4 due to government shutdown effects [5][6] Positioning and Trading Volume - The report notes changes in trading volumes, with Shanghai gold holdings increasing by 1.03% to 352,200 contracts, while silver holdings decreased by 1.71% to 774,700 contracts [10][11] Domestic and International Price Differences - The report indicates that the domestic gold price differential is -15.65 yuan per gram, while the silver price differential is 296.03 yuan per kilogram, reflecting recent market dynamics [62] Futures Basis Situation - As of the latest report, the international gold basis (spot-futures) is -$112.60 per ounce, indicating a decrease of $129.75 from two weeks prior, while the domestic gold basis is -7.50 yuan per gram [65]

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The non-ferrous metals sector has seen a significant weekly increase of 6.3%, driven by rising prices of lithium, copper, gold, and silver, although stock prices remain stagnant compared to commodity price increases. The market anticipates potential interest rate cuts by the Federal Reserve, which could benefit non-ferrous metals as they are expected to gain from overseas inflation [1] - The report expresses optimism about the valuation recovery potential in the non-ferrous metals sector, particularly for lithium, copper, silver, aluminum, tin, rare earths, antimony, cobalt, tantalum, and uranium [1] Summary by Sections Precious Metals - Gold and silver prices have increased, with COMEX gold at $4540.1 per ounce (+4.10%) and silver at $79.0 per ounce (+18.14%). The market's expectations for interest rate cuts have contributed to this rise, alongside strong demand from central banks and ETFs [2] - Recommended stocks include Shandong Gold, Shandong International, China Gold, Chifeng Gold, and Hunan Gold [2] Industrial Metals - Copper prices have risen, with LME copper at $12133.0 per ton (+3.46%) and SHFE copper at ¥98600 per ton (+6.53%). Supply constraints and reduced processing fees are influencing the market, while demand from downstream industries is currently subdued [3] - Recommended stocks include Luoyang Molybdenum, Jincheng Mining, Western Mining, HeSteel Resources, Jiangxi Copper, Tongling Nonferrous, and Yunnan Copper [3] Aluminum - Aluminum prices have shown a slight increase, with LME aluminum at $2956.5 per ton (+1.35%) and SHFE aluminum at ¥22335.0 per ton (+1.66%). The macroeconomic environment and liquidity are supporting prices, despite a trend towards seasonal weakness in demand [8] Tin - Tin prices have seen fluctuations, with SHFE tin at ¥337560 per ton (-0.4%). Supply remains tight, and concerns about imports from key regions persist, while demand is expected to rise due to the electronics sector [9] Energy Metals - Lithium prices have surged, with carbonate lithium futures at ¥130520 per ton (+17.2%). The market anticipates increased demand for energy storage and power batteries, with a positive outlook for lithium prices in 2026 [10] - Recommended stocks include Dazhong Mining, Shengxin Lithium Energy, Zhongmin Resources, Ganfeng Lithium, Tianqi Lithium, Tianhua New Energy, Yahua Group, and Yongxing Materials [10] Strategic Metals - Rare earth prices are showing mixed trends, with praseodymium and neodymium oxide at ¥595500 and ¥607500 per ton, respectively. The approval of export licenses may boost demand [13] - Recommended stocks include Huahong Technology, China Rare Earth, Northern Rare Earth, Shenghe Resources, and Guangsheng Nonferrous [13]

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-057 赤峰吉隆黄金矿业股份有限公司 关于控股股东及其一致行动人股份质押的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 2. 2023年12月25日，瀚丰中兴将其持有的27,533,040股公司股份在广发证券股份有限公司办理了股票质 押式回购交易，详见公司于2023年12月28日披露的《关于控股股东及其一致行动人股份质押及解除质押 的公告》；2024年12月25日，瀚丰中兴办理了延期购回交易，延期后的回购交易日为2025年12月25日， 质押股票数量不变，详见公司于2024年12月28日披露的《关于控股股东股份质押及解除质押的公告》； 2025年4月21日，瀚丰中兴办理了股票质押式回购提前购回交易，交易后剩余被质押股份数量9,177,680 股，详见公司于2025年4月23日披露的《关于控股股东一致行动人部分股份解除质押的公告》。近日， 瀚丰中兴办理了延期购回交易，交易延期11个月，延期后购回交易日不晚于2026年11月25日，质押股票 数量不变。 二、控股股东及其一致行动人累计质押情况 截至本公告披露日，控股股东及其一致行动人累计质押 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025, the precious metals market witnessed a spectacular bull market driven by multiple factors such as the evolution of the global monetary system, geopolitical risks, and supply - demand imbalances. In 2026, the precious metals market will be jointly driven by macro - financial attributes and industrial supply - demand fundamentals, with significant differentiation among varieties [4][97]. - The safe - haven attribute of precious metals is shifting from the traditional model to hedging against sovereign credit risks. The currency attribute is affected by factors like inflation, employment, and central bank monetary policies. The commodity attribute is characterized by structural changes in supply and demand for different precious metals [19][27][68]. 3. Summary by Directory 3.1 Market Review - In 2025, all four major precious metals (gold, silver, platinum, and palladium) soared. Gold continued its bull market, silver and platinum doubled in value, and the precious metals sector became the most outstanding asset class. The market's rise was phased, with gold leading in Q1, silver emerging in Q2, and platinum and palladium surging in Q3 and Q4 [4]. - Gold reached a record high of over $4500 per ounce, with a nearly 70% annual increase. Silver was the star performer, rising over 140%. Platinum and palladium also had significant gains, with platinum up about 160% and palladium over 100% [8][10][14][17]. 3.2 Evolution Logic of the Safe - Haven Attribute - The safe - haven function of precious metals is shifting from traditional geopolitical and economic recession hedging to hedging against the sustainability of sovereign currency credit, especially the US dollar. This is due to the weakening of the US dollar credit and the multi - polarization reconstruction of the global monetary system [19]. - Different precious metals show different safe - haven attributes. Gold is most directly related to sovereign credit concerns, while silver reflects both safe - haven sentiment and industrial cycle changes, and platinum and palladium are more closely related to specific industry trends [21]. - The US debt situation, policy uncertainty, and the potential for a significant correction in the US stock market may increase the safe - haven value of precious metals. However, if geopolitical tensions ease or AI technology boosts productivity, the safe - haven attribute may weaken [23][25][26]. 3.3 Evolution Logic of the Currency Attribute - In 2026, global inflation is expected to continue its moderate decline, but there are significant regional differences. US inflation remains sticky, with a complex "U - shaped" or wave - like downward trend, while the eurozone's inflation problem is basically resolved [27][33][36]. - The US employment market is expected to remain weak in 2026, with low job growth and a rising unemployment rate. This will put pressure on the Fed's decision - making [41][42]. - The Fed is expected to cut interest rates in 2026, but the pace will be extremely slow, and the first cut may be later than market expectations. The difference in interest - rate cut expectations between the Fed and non - US central banks will affect the US dollar index and precious metals prices [52][59][60]. 3.4 Evolution Logic of the Commodity Attribute - In 2026, gold demand is expected to be driven by strategic allocation, with official and institutional investors playing a key role. Supply is facing long - term structural constraints, such as limited growth in mining and reduced elasticity in recycling [68][70]. - The silver market has been in a supply shortage for five consecutive years, and the gap is expected to widen in 2026. Supply growth is highly inelastic, while demand is driven by industrial needs and investment [73][74][75]. - The platinum market is expected to reach a tight balance in 2026, but the underlying support is fragile. Any unexpected supply disruption or demand surge may break the balance [79]. - The palladium market is expected to shift from a supply shortage to a surplus in 2026, driven by the decline in automotive demand due to electrification and a marginal increase in supply [80][81]. 3.5 Dynamic Combination Analysis of Fundamental and Technical Aspects - London gold has been in a long - term upward trend. It is expected to continue rising until the Fed hints at the end of interest - rate cuts in mid - 2026. Attention should be paid to the pressure at $4830 - 5000 and the support at $4000 [84][85]. - London silver is expected to have high volatility. It is recommended to focus on the pressure at $100 - 120 and the support at $58 [88][89]. - London platinum has entered a new cycle. Pay attention to the pressure at $3000 - 3300 and the support at $1760 [91]. - London palladium is in a long - term re - balancing phase. Focus on the pressure at $2080 - 2480 and the support at $1480 [95]. 3.6 Future Market Direction from the Perspective of Long - Short Game - In 2026, the precious metals market will continue to be strong, but there will be significant differentiation among varieties. Gold will be the most stable, silver will have high price elasticity, platinum has great potential, and palladium is expected to be the weakest [97]. 3.7 Overview of the Domestic Precious Metals Industry Chain - In the first three quarters of 2025, domestic gold production increased, with both domestic and imported raw materials contributing. Gold consumption decreased, but there were differences among different product categories. China has been increasing its gold reserves for strategic reasons [98][100][102]. - Major domestic gold enterprises have different production plans and characteristics. For example, Zijin Mining is the largest producer with a high proportion of overseas output, and Shandong Gold has rich resource reserves in the Jiaodong gold belt [103].

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., has shown significant growth in revenue and net profit, benefiting from its diverse mining operations and favorable market conditions, including the depreciation of the RMB [9][4]. Group 1: Company Overview - Chifeng Jilong Gold Mining Co., Ltd. is primarily engaged in gold and non-ferrous metal mining and resource recycling, with its main products being gold and electrolytic copper [8]. - The company was established on June 22, 1998, and was listed on April 14, 2004, with a current market capitalization of 61.33 billion yuan [8]. - The revenue composition includes 90.03% from gold, 3.76% from electrolytic copper, and smaller contributions from other metals and products [8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 8.644 billion yuan, representing a year-on-year increase of 38.91%, and a net profit attributable to shareholders of 2.058 billion yuan, up 86.21% year-on-year [9]. - The company has distributed a total of 387 million yuan in dividends since its A-share listing, with no recent changes in dividend policy [10]. Group 3: Market Dynamics - The company benefits from the depreciation of the RMB, with 69.11% of its revenue coming from overseas operations [4]. - The main products sold are priced based on market rates for metals, with sales primarily conducted through prepayment arrangements with large downstream smelting enterprises [2]. Group 4: Recent Developments - The company is collaborating with Xiamen Tungsten Co., Ltd. to develop rare earth resources in Laos, with a significant project involving an estimated resource of 101 million tons of ore and 25,500 tons of rare earth oxides [4]. - The company operates a copper mining and smelting business in Vientiane, Laos, further diversifying its operations [3].

Core Insights - The precious metals sector experienced a significant increase of 2.15% on December 26, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Precious Metals Sector Performance - The top performers in the precious metals sector included: - Yanzai Technology (300139) with a closing price of 34.80, up 10.83%, and a trading volume of 536,200 shares, totaling 1.806 billion yuan [1] - Hunan Silver (002716) closed at 6.79, up 4.78%, with a trading volume of 2.9731 million shares, totaling 2.025 billion yuan [1] - Shanjin International (000975) closed at 25.04, up 3.99%, with a trading volume of 337,400 shares, totaling 836 million yuan [1] Capital Flow Analysis - The precious metals sector saw a net inflow of 154 million yuan from institutional investors, while retail investors experienced a net outflow of 245 million yuan [1] - Notable capital flows for specific companies included: - Shandong Gold (600547) had a net inflow of 14.3 million yuan from institutional investors, but a net outflow of 135 million yuan from retail investors [2] - Hunan Silver (002716) recorded a net inflow of 107 million yuan from institutional investors, with a net outflow of 71 million yuan from retail investors [2] - Yanzai Technology (300139) had a net inflow of 63 million yuan from institutional investors, but a net outflow of 85 million yuan from retail investors [2]

赤峰吉隆黄金矿业股份有限公司 关于控股股东及其一致行动人股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至 2025 年 12 月 26 日，赤峰吉隆黄金矿业股份有限公司（以下简称"公 司"）控股股东李金阳女士及其一致行动人烟台瀚丰中兴管理咨询中心（有限合 伙）（以下简称"瀚丰中兴"）分别持有公司股份 190,410,595 股和 51,515,151 股， 占公司总股本的比例分别为 10.02%和 2.71%。本次股份质押及展期业务办理完 成后，控股股东及其一致行动人分别累计质押公司股份 86,900,000 股和 9,177,680 股，占其所持股份的比例分别为 45.46%和 17.82%，占公司总股本的比例分别为 4.57%和 0.48%。 近日，公司收到控股股东李金阳女士及其一致行动人瀚丰中兴的通知，获悉 控股股东将其所持有的部分公司股份办理了质押手续，瀚丰中兴办理了股票质押 式回购延期购回交易。现将具体事项公告如下： 一、股份质押及展期情况 证券代码：600988 证券简称：赤峰黄 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 12月12日，"2025黄金行业可持续发展大会"在三亚举行。大会下半场围绕"共筑负责任黄金生态"，从政 策趋势、行业战略、企业实践及投资视角等多个维度，系统探讨了黄金行业在ESG框架下的转型方向与 实现路径。 一、ESG不只是责任，而是连接资本市场的"价值语言" 在主题发言中，中央财经大学绿色金融国际研究院首席经济学家刘锋指出，全球ESG浪潮与"双碳"目标 已成为黄金行业转型升级的核心驱动力。 从行业背景来看，黄金并非单一商品，而是同时具备商品、工业与货币属性的战略性资源。近年来，随 着全球不确定性上升，黄金的投资需求显著增长，ETF等金融产品规模持续扩大。在这一过程中，资本 市场对黄金企业的关注点也发生了变化： · 不再只看产量和成本 · 开始关注长期治理能力与可持续表现 · ESG逐步成为影响估值的重要因素 在去美元化趋势、绿色转型与智能化升级并行的背景下，黄金行业正面临国际监管趋严、标准多元化的 现实挑战，但也迎来了通过绿色矿山、智能冶金和金融创新实现结构性升级的窗口期。 刘锋强调，行业需 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal ETF (512400), which rose by 3.25% with a trading volume of 530 million yuan, indicating positive market sentiment in the sector [1] - The non-ferrous metal index, which the ETF tracks, increased by 3.16%, with significant gains from constituent stocks such as Jiangxi Copper (up 9.63%) and Yongxing Materials (up 9.18%) [1] - There has been a net inflow of 252 million yuan into the non-ferrous metal ETF as of December 25, with four out of the last five trading days showing positive net inflows, suggesting growing investor interest [1] Group 2 - The lithium carbonate futures market is experiencing a bullish trend, with the main contract surpassing 130,000 yuan, reflecting a continuous rise over the past five trading days [1] - Regulatory changes in Yichun City, where 27 mining rights are proposed to be canceled, signal stricter oversight and potential industry upgrades, which may elevate the value of lithium resources and benefit compliant leading companies [1] - According to Guojin Securities, the lithium battery supply chain is expected to transition from a surplus phase to a recovery phase by 2026, with a focus on price stabilization and profit distribution favoring upstream materials with high barriers and concentration [2]