广东潮宏基实业股份有限公司投资者关系活动记录表 证券代码：002345 证券简称：潮宏基 投资者关 系活动类 别 □√ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □ 一对一沟通 □其他 参与单位 名称及人 员姓名 中信证券、海通国际、浙商证券、长江证券、信达证券、申万宏源证券、 华泰证券、国泰海通证券、天风证券、华西证券、国海证券、中泰证券、 中邮证券、国金证券、中兵财富、雪石资产、彼立弗投资、开源自营、 闻天投资、国开丝路、Cyber Atlas Capital、人保资产、创金合信基金、 融通基金、诺安基金、宝盈基金、申万菱信、宽潭资本、华能信托、 浩成资产、海富通基金、宝盈基金、银华基金、怀澄基金、博时基金、沁源 投资、盛宇投资、永赢基金、云溪投资 等 53 人 时间 2025 年 5 月 23 日 地点 公司会议室 上市公司 接待人员 董事、副总裁 徐俊雄 董事会秘书 林育昊 证券事务代表 江佳娜 投资者关 系活动主 要内容介 绍 一、参观公司及臻宝博物馆； 二、问答环节： 1、近期金价波动比较厉害，有没有观察到终端动销受影响？ 答：门店店均流水仍能延续 ...

或因一些投资者在美国假期前选择回补空头头寸，两油有所反弹，日内涨超1%，WTI原油期货先跌后涨，并在美盘时段急速拉升至61美元上方，最终收涨 1.56%，报61.74美元/桶。欧佩克+增产加剧了市场对原油供应过剩的担忧，但以色列对加沙的新一轮军事打击以及美伊核谈判陷入僵局也限制了油价跌幅。 油价上周走势偏震荡，周五下探60关口后反弹回升，大涨逾1%，一度逼近62关口，目前没有消息或者数据很难打破震荡走势，上方关注65一线的阻力。四 小时线，上周油价冲高64关口后回落，下方触及60关口后反弹回升，可以看出60关口存在支撑，油价处于布林带中上轨之间运行，KDJ有形成金叉的迹象， MACD金叉后向上运行，短线走势震荡偏强。 综合来看，目前油价处于震荡走势之中，暂时很难打破这种僵局，上周五在下探60关口后回升收涨逾1%，短线走势震荡偏强，日内操作上可以参考61-61.50 区域布局多单，看至63.50-64区域。 投资的首要原则是规避好风险，如果不能规避风险，那么赚再多的钱，有一天还是会回去，任何一个人成功都有其方法，而投资交易也必有其原则，积少成 多，以小损失博大是交易的根本，而有很多人却忘记了初衷，把利益放在眼前 ...

Core Viewpoint - Recent fluctuations in gold prices have led to increased caution among institutional and individual investors regarding gold asset allocation, particularly with a notable outflow from gold ETFs [1][5][6] Price Fluctuations - Gold prices experienced a rebound after a decline from May 7 to May 19, with the London spot gold price reaching a high of $3345.4 per ounce on May 22, marking a 3.31% increase from May 20 to 22 [2][3] - The previous two weeks saw a significant drop of 5.88%, with prices falling to a low of $3120.2 per ounce [2][3] Investor Sentiment - There is a growing cautious attitude among investors towards gold, as evidenced by a shift from net inflows to net outflows in gold ETFs since April 22, with a notable outflow of 31 billion yuan from nine out of thirteen ETFs from May 1 to 22 [6][7] - The market sentiment has shifted towards a more bearish outlook, with increased short positions in gold and a decrease in long positions [6][7] Long-term Outlook - Despite short-term volatility, the long-term demand for gold remains strong due to ongoing global economic uncertainties, inflation expectations, and central bank policies [4][8] - Analysts suggest that the fundamental logic supporting gold as an investment has not changed, and long-term capital continues to flow into gold-related assets [8] Geopolitical and Economic Factors - Recent geopolitical risks, including the downgrade of the U.S. credit rating and tensions in the Middle East, have provided support for gold prices [3][4] - The potential for a "global capital flow transformation" has been noted, as investors shift from traditional safe-haven assets like the U.S. dollar and bonds to gold [3][4]

Group 1 - Gold prices have reached the largest weekly increase in over a month, indicating a strong upward trend in the market [1] - U.S. gold stocks have risen in response to the increase in gold prices, reflecting positive market sentiment [1] - The SPDR Gold ETF has increased by 1.9%, showcasing investor confidence in gold as a safe-haven asset [1]

现货黄金短线上涨8美元，现报3330美元/盎司。美元指数DXY短线下挫25点，现报99.18。美元兑日元 USD/JPY短线下跌50点，跌破143，日内跌0.71%。 ...

Core Viewpoint - China National Gold Group plans to inject four subsidiaries into Zhongjin Gold to support its main gold business and enhance future development potential while addressing competition issues [1][2]. Group 1: Company Developments - Zhongjin Gold will acquire 49.33625% of Inner Mongolia Jintao Co., 80% of Hebei Dabaiyang Gold Mine, 70% of Liaoning Tianli Gold Industry, and 70% of Liaoning Jinfeng Gold Mining from China National Gold Group [2]. - The products of these four companies include mineral gold and refined gold, while Zhongjin Gold's production of mineral gold and refined gold is expected to decline in 2024 [2]. Group 2: Production Forecast - In 2024, the expected production of mineral gold for Inner Mongolia Jintao, Hebei Dabaiyang, and Liaoning Jinfeng is 1,368.252 kg, 278.645 kg, and 277.052 kg respectively, while Liaoning Tianli's refined gold production is projected at 1,231.433 kg [2]. - Zhongjin Gold's mineral gold production is forecasted to be 18.35 tons, a decrease of 0.54 tons year-on-year, and refined gold production is expected to be 37.95 tons, down by 2.92 tons [2]. Group 3: Financial Performance - Zhongjin Gold has experienced growth in financial metrics due to rising gold prices, with a 32.65% year-on-year increase in net profit attributable to shareholders and a 71.13% increase in net profit after deducting non-recurring gains in Q1 2025 [3][4]. - The company's operating revenue for the reporting period was approximately 14.86 billion, up 12.88% from the previous year [4]. Group 4: Market Position - Zhongjin Gold is the only centrally-controlled mining listed company in China's gold industry and serves as the main platform for China National Gold Group's gold mining operations [3][6]. - As of May 23, Zhongjin Gold's stock price was 13.90 yuan per share, with a total market capitalization of approximately 67.38 billion [6].

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. maintains an AA+ credit rating with a stable outlook, primarily due to its advantages in gold smelting, scale, technology, and strong shareholder support, despite facing challenges such as increased inventory, declining processing fees, and rising financial leverage [1][4][5]. Company Overview - The company focuses on gold smelting and has established a certain scale and technological advantage in the industry [1][4]. - It has diversified into non-ferrous metal smelting and the recovery of various valuable elements, which supplement its revenue and profit [1][4]. - The company benefits from strong support from its controlling shareholder, Jiangxi Copper Co., Ltd., which enhances its financial and strategic capabilities [4][7]. Financial Performance - In 2024, the company reported total assets of 247.24 billion yuan and total liabilities of 116.84 billion yuan, with a net profit of 4.66 billion yuan [3]. - The operating income for 2024 was 500.47 billion yuan, reflecting a significant increase compared to previous years [3]. - The company's financial leverage has increased, with total debt rising to 86.57 billion yuan, indicating a weakening in debt repayment capacity [1][3]. Market Conditions - Gold prices have surged, with the average price in 2024 reaching 2,403.55 USD/ounce, a year-on-year increase of 22.97% [5]. - The domestic gold price also rose significantly, with a year-end price of 616.68 yuan/gram, up 28.30% from the beginning of the year [5]. - The copper market is experiencing fluctuations, with processing fees declining, which may impact the profitability of related enterprises [6][14]. Operational Challenges - The company has faced challenges such as increased inventory levels due to expanded operations and rising capital expenditures [1][4]. - Safety incidents have led to temporary production halts, affecting the output of copper and sulfuric acid [13][14]. - The company is under scrutiny for safety management practices following a significant production safety incident [14]. Strategic Initiatives - The company is focusing on expanding its gold mining resources and enhancing its smelting capabilities through various ongoing projects [9][17]. - It aims to strengthen its position in the high-end materials manufacturing sector by leveraging its existing resources [9][17]. - The company is also working on integrating its operations with its controlling shareholder to avoid competition and enhance resource control [10][17].

Group 1: Market Overview - The international gold market experienced significant volatility, with spot gold and New York futures prices dropping sharply, leading domestic gold jewelry prices to fall below 1000 yuan per gram [1] - The recent decline in gold prices reflects a shift in market sentiment from optimism to caution, with five out of the last eight trading days showing price decreases [3][5] Group 2: Price Dynamics - As of May 16, spot gold fell by $20 to below $3160 per ounce, marking a daily decline of 2.56%, while New York futures dropped by 2% to $3162.00 per ounce [3] - The price of gold has decreased significantly from historical highs, with a more than 100% increase since November 2021, indicating a natural correction after prolonged high prices [3][5] Group 3: Factors Influencing Price Decline - Divergence in trading perspectives has increased as prices reached historical highs, with some investors cashing out while others remain bullish on gold's long-term prospects [5] - The narrative of "dollar credit collapse" that previously supported gold prices has been interrupted, as the dollar maintains its status as a major reserve currency despite global economic changes [7] - Central bank gold purchases, while historically a support factor for gold prices, are now viewed with caution due to potential impacts on foreign exchange reserves and macroeconomic stability [8] Group 4: External Catalysts - Breakthroughs in global tariff negotiations have been identified as a key reason for the recent decline in gold prices, as improved trade conditions reduce the demand for gold as a safe haven [10][11] Group 5: Long-term Outlook - Despite short-term volatility, there are differing views on the long-term trend of gold prices, with potential support from ongoing global economic uncertainties and the need for asset diversification [13] - Key factors to monitor include the pace of global economic recovery, the strength of the dollar, and geopolitical developments, all of which can significantly influence gold prices [14] Group 6: Investment Strategies - Investors are advised to adopt a rational and cautious approach in the current volatile gold market, focusing on technical indicators and market sentiment for short-term trading opportunities [16] - For long-term investors, utilizing current price adjustments to gradually build positions in gold may yield benefits, given its low correlation with other assets [16] Group 7: Market Balance - The recent sharp decline in gold prices represents a self-adjustment of the market, highlighting the complexity and dynamism of gold price drivers [18] - The gold market is expected to seek a new balance amid profound changes in the global economic landscape, emphasizing the importance of rationality and research in investment decisions [18]

Group 1 - The core point of the article highlights that the domestic gold price in Shanghai on May 22, 2025, is 776.85 CNY per gram, which is 6.36 CNY higher than the international gold price of 770.49 CNY per gram [1] Group 2 - The article indicates that the domestic gold price is greater than the international gold price [3] - It also notes that there are instances where the domestic gold price is lower than the international gold price [3]

Group 1 - The auction of judicial gold bars on platforms like Alibaba has attracted significant attention, with some auctions receiving over a thousand views and completed auctions garnering tens of thousands of views [1] - Judicial gold bars are sold without authenticity verification or after-sales service, and their transaction prices often exceed the daily bank gold prices [1] - Recent auction results show that the prices for judicial gold bars have been significantly higher than the market price, with a 20g gold bar selling for approximately 813.75 CNY per gram, while bank gold prices ranged from 750 to 850 CNY per gram [1] Group 2 - Gold prices have shown notable volatility, with spot gold rising above 3340 USD per ounce, marking a new high since May 9, while earlier in May, prices dipped to a low of 3123 USD per ounce, reflecting a 10% decline [2] - Analysts suggest that gold may enter a period of adjustment to digest previous price increases and excessive pricing due to panic, although the long-term outlook for gold remains positive [2] Group 3 - UBS forecasts that gold prices could reach 3500 USD per ounce by the end of the year, with potential to rise to 3800 USD per ounce in a bullish scenario [3] - The primary drivers of gold prices are identified as the US dollar and real interest rates in the US, with expectations of continued rate cuts by the Federal Reserve supporting a bullish outlook for gold [3]