一、会议召开和出席情况 证券代码：600489 证券简称：中金黄金 公告编号：2025-037 中金黄金股份有限公司 2025年第二次临时股东大会决议公告 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： ● 本次会议是否有否决议案：无 (一)股东大会召开的时间：2025年12月22日 (二)股东大会召开的地点：北京市东城区安外大街9号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，采用现场投票与网络投票相结合的表决方式，董事长周洲先生因公务不能 出席本次股东大会，由公司副董事长、总经理贺小庆先生主持现场会议。本次大会的召开及表决方式符 合《公司法》等有关法律、法规和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席4人，董事周洲先生、姚兰女士、韦华南先生，独立董事吴三忙先生、高永 涛先生因公务未能出席会议； 2、公司在任监事3人，出席1人，监事孙 ...

Core Viewpoint - The Hong Kong government aims to establish the region as an international center for gold trading, storage, clearing, and risk management, with a central clearing system set to begin trial operations by 2026 [1][2]. Group 1: Government Initiatives - The Hong Kong Monetary Authority has completed the first phase of expansion for the airport precious metals storage facility, increasing its capacity to 200 tons, with plans to further expand to 1,000 tons [1]. - The Shanghai Gold Exchange has established its first offshore warehouse in Hong Kong, enhancing the region's gold market infrastructure [1]. Group 2: Industry Collaboration - The government plans to form a preparatory group to support the establishment of a gold industry organization, aiming to involve local and international stakeholders to promote collaboration within the industry [1]. - The upcoming industry organization is expected to strengthen communication with the government and regulatory bodies, playing a crucial role in business development, international promotion, cooperation, and talent cultivation [1]. Group 3: Strategic Goals - The introduction of long-term strategies for the international gold trading market includes expanding storage, enhancing gold supply, building infrastructure, enriching investment tools, and developing a local gold trading ecosystem [2].

Summary of Conference Call Records Industry Overview - The focus is on the lithium industry, particularly regarding lithium carbonate and its market dynamics [1][3][11]. Key Points and Arguments Lithium Market Dynamics - The resumption of production at Yichun Lithium Mine may be delayed, with expected resumption in January or February 2026 due to the need for safety permits [1][3]. - Despite the reduction of subsidies for new energy vehicles, downstream companies remain optimistic about production in Q1 2026, with inventory reduction being a key factor influencing lithium prices [1][3]. - Current overseas lithium prices are approximately $1,200 per ton, which supports domestic prices at least between 100,000 to 110,000 CNY, indicating strong support for current prices around 90,000 to 100,000 CNY [1][3]. Gold and Silver Market Insights - Gold stocks are considered highly cost-effective, with a projected price of 1,000 CNY per gram in 2026, leading to a valuation of only 12 times earnings, significantly lower than the 20-25 times during bull markets [4][5]. - The silver market is expected to experience short-term fluctuations but remains bullish for the year, particularly before the end of December's delivery month [5]. Nickel and Cobalt Market Outlook - The cobalt market is expected to see price increases in Q1 2026 due to underestimated control by the Democratic Republic of Congo [6]. - Nickel prices are expected to rise as current prices have fallen below the 75th percentile of C1 cash costs, with Indonesia reducing mining quotas by 34% acting as a catalyst for price increases [6]. Recommended Stocks - Recommended stocks in the lithium carbonate sector include Ganfeng Lithium and Tianqi Lithium, with a focus on Salt Lake Co. and Huayou Cobalt for their cost-effectiveness [2][7]. - Smaller companies like Zhongkuang Resources, Shengxin Lithium Energy, and Yahua Group are noted for their growth potential [2][8][12]. Future Projections for Lithium Carbonate - The valuation of lithium carbonate is currently low, with potential to reach 50 billion CNY if recovery rates improve and lithium sulfate projects progress [8]. - Companies like Salt Lake and Huayou have significant growth opportunities, while smaller firms like Shengxin and Yahua are expected to achieve substantial production increases [8][9]. Strategic Partnerships - The partnership between Tianhua Chaojing and Ningde Times is expected to enhance project collaboration opportunities, improving Tianhua's market position [10]. Price Predictions - Despite price volatility, lithium carbonate prices are unlikely to fall below 80,000 CNY due to sustained demand from the energy storage sector, with potential increases to 150,000 CNY being feasible [11]. Investment Opportunities - Investors are encouraged to consider both large-cap stocks like Salt Lake and Huayou, as well as smaller firms with significant growth potential, particularly in the context of current market corrections [12].

Gold (GC=F) futures opened at $4,523.50 per troy ounce Friday, up 0.5% from Wednesday’s closing price of $4,502.80. Gold’s opening price has exceeded $4,500 for three consecutive days. Gold’s year-to-date gain has edged above 74%. Safe-haven demand continues to be a driving force. When geopolitical conflict or economic uncertainty casts doubt on the outlook for riskier assets like stocks, gold demand tends to rise. Gold has historically been a reliable store of value that can partially offset potential ...

今日A股延续上周涨势，三大指数全线走高。上证指数上涨0.69%，报3917.36点，深证成指上涨 1.47%，报13332.73点，两市成交近1.9万亿元，较上周继续回暖。两创指数表现相对较好，创业板指上 涨2.23%，科创50指数上涨2.04%。涨跌分布上，总体涨多跌少，通信、电子、有色板块领涨。 近期资金利率快速下行，隔夜利率下探至1.27%。2年期活跃券250017收益率今日继续下行至1.3650%的 新低，显示当前资金面持续宽松。长端利率方面，受到交易盘影响，下行趋势出现反复，10年利率小幅 回升至1.8450%。资金利率维持低位反映央行对债市的态度偏呵护，叠加10年利率现处于1.85%的央行 合意区间上沿，后市债市温和修复的方向保持不变。 在积极的宏观政策与资金持续流入的推动下，A股后市仍然偏乐观。2026年作为"十五五"的开局之年， 有望实现"开门红"行情。 //// 2026年我国将延续宽松的货币政策与积极的财政政策上，总需求有望进一步回暖。在经济回暖阶段， A500指数凭借对先进制造、信息技术、通信、医药、原材料等的超配，更容易释放相对收益。具体到 指数编制上，A500指数先剔除ESG评级C及 ...

黄金股ETF 为股票型基金，跟踪中证沪深港黄金产业股票指数，，跨市场布局A股、H股产业链龙头， 从前十大股票来看，A+H股权重集中（前十大成分股权重合计近七成），为指数增加了不少弹性。成 分股构成上，以金矿股为主（权重占比超51%），比如紫金矿业、山东黄金、西部黄金、中金黄金等； 也有在香港上市的热门零售公司，比如老铺黄金、周大福等。 消息面上，地缘政治紧张局势提升了贵金属的避险吸引力。 随着美联储降息预期提升，也为金价提升提供了助力。 世界黄金协会报告显示，11月全球实物黄金ETF流入达52亿美元，已连续六个月实现流入。截至11月 底，资产管理总规模增至5300亿美元，环比增长5.4%；总持仓上升1%至3932吨，均创新高，今年全球 黄金ETF流入总量有望创下历史最佳年度表现。 在降息预期和地缘政治紧张局势的双重推动下，贵金属集体强势，现货黄金继续攀升，站上4400美元， 刷新历史新高水平。 COMEX黄金、COMEX白银、NYMEX铂、NYMEX钯年内涨幅分别为68%、137%、130%和108%。 A股贵金属板块活跃，湖南白银、晓程科技涨超7%，西部黄金、中金黄金、山东黄金、四川黄金、赤 峰黄金、招金黄 ...

Core Viewpoint - The recent fluctuations in gold prices are influenced by macroeconomic uncertainties and geopolitical tensions, with expectations for a potential upward trend in gold prices supported by factors such as the Fed's interest rate policies and global de-dollarization trends [1][7]. Group 1: Economic Data - The U.S. non-farm employment data showed a slight increase of 64,000 jobs in November, but the unemployment rate unexpectedly rose to 4.6%, the highest since September 2021, indicating a cooling labor market [2]. - The November CPI year-on-year growth was 2.7%, down 0.3 percentage points from September and significantly below the market expectation of 3.1% [3]. Group 2: Federal Reserve and Interest Rates - There is a divergence in the Federal Reserve's stance on interest rate cuts, with some officials indicating no urgency for adjustments, while others see room for further rate cuts [4][5]. - Current real interest rates remain low, suggesting potential for further rate hikes in the future [5]. Group 3: Geopolitical Developments - U.S.-Ukraine talks may have made progress regarding post-war security guarantees, while tensions between Russia and Ukraine continue, with recent drone strikes reported [5]. - The U.S. has implemented a comprehensive blockade on Venezuela, further escalating tensions in the region [6]. Group 4: Gold Market Outlook - The macroeconomic uncertainties and demand for safe-haven assets are expected to support gold prices, with a potential challenge to previous highs in the near term [1][7]. - Long-term factors such as monetary expansion, fiscal deficits, and global geopolitical instability are likely to enhance the demand for gold as a safe asset [7].

Group 1: Gold Market Performance - Gold prices have reached new historical highs, with 47 instances of record-breaking prices in 2025, culminating at $4,411.23 per ounce on December 22, marking a year-to-date increase of over 67% [1][3] - The three-year cumulative increase in gold prices since 2023 has been approximately 138%, establishing gold as a leading asset in the investment landscape [3] Group 2: Silver Market Performance - Silver has experienced a remarkable surge, with prices nearing a 140% increase in 2025, particularly accelerating in the second half of the year [7] - On December 22, silver prices reached a new high of $69.44 per ounce, reflecting a significant upward trend [7] Group 3: Investment Trends and Institutional Responses - Major banks have raised the minimum investment thresholds for gold, with some halting certain trading activities due to the rapid price increases [4] - Retail gold prices have also seen multiple increases, with brands like Chow Tai Fook raising prices by 10% to 30% throughout the year, driven by rising international gold prices [4][5] Group 4: Future Outlook for Gold and Silver - Analysts predict that gold prices may continue to rise due to ongoing geopolitical uncertainties and changes in monetary policy, with potential prices reaching $4,900 per ounce by late 2026 [6] - The silver market is expected to face a structural supply deficit of approximately 9.5 million ounces in 2025, driven by strong demand from the photovoltaic industry [10]

Core Insights - The Thai Baht is experiencing its largest annual appreciation against the US dollar in eight years, with a 10% increase in 2025, outperforming other Southeast Asian currencies [1][2] - The strong performance of the Baht is attributed to rising gold prices and unexpected benefits from US tariff policies, despite Thailand's economic challenges [1][2] - The appreciation of the Baht poses challenges for Thailand's export-driven economy and the new Prime Minister, who faces an election in February [1][5] Group 1: Factors Contributing to Baht Strength - The Baht's strength began in mid-2024, coinciding with government economic stimulus plans and traders selling dollars ahead of the Federal Reserve's interest rate cuts [2] - A significant portion of the Baht's appreciation is linked to a 60% increase in gold prices, driven by a weakening US labor market and seasonal peaks in Thailand's tourism [3] - The US tariffs have inadvertently boosted Thailand's economy by encouraging manufacturers to shift production to Thailand, benefiting from lower tariffs compared to Chinese goods [2][3] Group 2: Economic Implications of a Strong Baht - A strong Baht makes Thai products more expensive in international markets, leading to slower export growth [4] - The tourism sector is under pressure as the strong Baht diminishes Thailand's appeal as a low-cost destination, with a downward revision of foreign tourist arrivals expected [4] - While a stronger Baht reduces import costs for households, the overall impact on an economy reliant on exports and tourism is negative [4] Group 3: Government and Central Bank Responses - The Thai government is addressing concerns from export-oriented businesses regarding the Baht's appreciation, amidst political instability and upcoming elections [5] - The central bank has intervened in the foreign exchange market to manage excessive volatility and has proposed measures to increase flexibility for businesses managing offshore earnings [6] - Discussions are ongoing regarding potential taxation on physical gold transactions to mitigate the impact of gold prices on the Baht's strength [6]

2025年的牛市是贵金属的，黄金、白银双双创出历史新高。其中， 白银的涨幅居首，年内涨幅逼近140%，黄金上涨67% 。显然贵金属的亮 眼表现，让大多数机构始料未及，不少大机构连夜为研报"打补丁"，不过仍然赶不上金银的上涨趋势，金银成投资界"最靓的仔" 记者丨 叶麦穗 编辑丨 曾芳 黄金年内4 7次创历史新高 现货黄金今年先后47次创历史新高。 12月22日，突破10月20日的高点，4381.11美元/盎司，再创历史新高，盘中最高触及4409.17美元/盎 司，年内涨幅超过67%，也是黄金历史上首次突破4400美元/盎司（截至北京时间14：20分，下同）。 零售金店的金价也是芝麻开花节节高。 近日，周大福的天猫官方旗舰店已悄然挂出涨价提示。据了解，这已是该品牌年内第三次上调产品价 格。 （截至北京时间2025年12月22日18:55，伦敦金现报4411.23 美元/盎司 ） 黄金已经连续三年熠熠生辉。自2023年，黄金以1826.51美元/盎司开盘，随后展开了这一波波澜壮阔的牛市， 三年累计涨幅高达138% ，成 为全资产池"最靓的仔"。 现货涨不停，黄金股的股价也跟着水涨船高，如紫金矿业今日盘中触及32.7 ...