Core Viewpoint - The article discusses the impact of recent U.S. tariff policies on the bond market, highlighting increased uncertainty and its effects on investment decisions and bond yields [3][7][10]. Group 1: U.S. Tariff Policy and Market Impact - On March 4, the U.S. announced tariffs on Canada and Mexico, which were quickly reversed for most goods two days later, leading to heightened uncertainty in trade policy [3]. - A new Bloomberg Economic Research Index, the Daily Trade Policy Uncertainty Index (TPU), was developed to track this uncertainty, which surged to levels not seen during the peak of trade tensions in Trump's first term [3]. - The uncertainty surrounding tariffs is expected to suppress investment and affect economic output, contributing to a decline in long-term U.S. Treasury yields [7]. Group 2: U.S. Treasury Yields - From November 2023 to early March 2024, the yield on 10-year U.S. Treasuries fell by 16 basis points, with approximately 7 basis points attributed directly to tariff uncertainty [7]. - The Federal Open Market Committee decided to maintain interest rates during its March meeting, with core PCE inflation rising to an annualized rate of 4.5% and income growth accelerating by 0.8% month-on-month, reducing the urgency for rate cuts [7]. Group 3: Chinese Bond Market Trends - In March, the yield on China's 10-year government bonds rose to 1.93%, the highest since December of the previous year, before retreating to 1.8% later in the month [10]. - The U.S. 10-year Treasury yield rebounded to 4.36% due to better-than-expected non-farm payroll data and inflation concerns, impacting related sectors in the A-share market [10]. Group 4: Dim Sum Bond Market - The Dim Sum bond market has expanded significantly, with outstanding issuance surpassing 1.9 trillion yuan as of March 2025, and 2024 issuance reaching 896 billion yuan, a 120% increase from 2023 [11]. - High-rated bonds now account for 75% of the market, with issuers from the renewable energy and digital economy sectors emerging, such as BYD and SenseTime [11]. - The Bloomberg Offshore RMB Index has seen its market value more than double since the end of 2021, currently standing at 467 billion yuan [11]. Group 5: Investment Opportunities in Dim Sum Bonds - The yield spread between Chinese and U.S. 10-year government bonds has narrowed to -237 basis points, reducing the incentive to chase dollar-denominated assets and alleviating depreciation pressure on the yuan [13]. - The credit spread of Dim Sum bonds is 78 basis points higher than that of domestic high-liquidity credit bonds, with a low default rate of 0.15% [13].

Core Viewpoint - The company reported strong financial performance for 2024, with significant growth in revenue and net profit driven by increased gold production and high gold prices [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.026 billion yuan, a year-on-year increase of 24.99% [1] - The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-on-year [1] - The net profit excluding non-recurring items was 1.700 billion yuan, reflecting a 96.28% increase year-on-year [1] - For Q4 2024, revenue was 2.803 billion yuan, a 29.85% year-on-year increase and a 38.30% quarter-on-quarter increase [1] - The net profit for Q4 was 659 million yuan, showing a substantial year-on-year growth of 132.05% and a quarter-on-quarter increase of 67.02% [1] Production and Cost Analysis - The company produced approximately 15.2 tons of gold in 2024, an increase of about 0.8 tons or 5.6% compared to 2023 [2] - Production of electrolytic copper decreased by 4.51% to 6,192.77 tons, while lead concentrate increased by 49.15% to 4,051.09 tons [2] - The unit sales cost of gold remained stable with slight increases, such as 1,497.05 USD/ounce for sales cost, up 0.48% year-on-year [2] - The overall performance benefited from high gold prices, which offset production cost increases [2] Growth Projects and Future Outlook - The company is advancing incremental projects, including the successful completion of an 180,000-ton gold ore processing expansion project [3] - The company signed an investment agreement with the Dandong government to implement new mining projects under the national exploration strategy [3] - The company aims to raise 2.89 billion HKD through its listing on the Hong Kong Stock Exchange, with a significant portion allocated for exploration and acquisitions [3] Profit Forecast - The company expects continued optimization of its fundamentals and rising gold prices, projecting net profits of 2.53 billion, 2.93 billion, and 3.17 billion yuan for 2025-2027, with corresponding PE ratios of 16.0, 13.8, and 12.8 times [4]