国内市场综述 延续震荡 缩量上涨 周五（11 月 28 日）大盘延续震荡，缩量上涨。截至 收盘，上证综指收于 3888.6 点，上涨 0.34%；深成指 收于 12984.08 点，上涨 0.85%；科创 50 上涨 1.25%； 创业板指上涨 0.7%，万得全 A 成交额共 15977 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 28 个上涨，其中农 林牧渔、国防军工及商贸零售涨幅居前，仅银行及煤 炭小幅收跌。概念方面，；两岸融合、海南自贸及锂 矿等指数表现活跃。 海外市场综述 美股三大指数全线收涨，英特尔涨超 10% 周五（11 月 28 日），美国三大股指全线收涨，道指 涨 0.61%，标普 500 指数涨 0.54%，纳指涨 0.65%。摩 根大通、亚马逊涨超 1%，领涨道指。万得美国科技七 巨头指数涨 0.36%，脸书涨超 2%，微软涨逾 1%，英特 尔涨超 10%。中概股多数上涨，希尔威金属矿业涨超 8%，霸王茶姬涨逾 6%。 新闻精要 1. 习近平在中共中央政治局第二十三次集体学习时强 调 健全网络生态治理长效机制 持续营造风清气正的 网络空间 每日晨报 2. 11 月份我国制 ...

有色金属：短期宏观情绪影响强于基本面 20251130 摘要 有色金属价格受工业金属属性和流动性影响显著，近期金属、股债及加 密货币普涨反映市场流动性预期变化。未来两个月，有色金属价格预计 维持震荡，春节前后补库行情或成上涨催化剂，美联储降息政策不确定 性增加市场风险，建议避免追涨杀跌，逐步配置低估值个股。 白银因其工业属性和流动性敏感度，在降息周期中表现突出，被视为 2026 年最被看好的品种之一。铜价虽突破 11,000 美元，但高价抑制 下游需求。交易结构显示标准品紧缺易引发阶段性行情，基本面仍处供 需双弱平衡，建议关注 11,000 美元支撑位，逐步配置低估值个股。 黄金上周突破 4,200 美元，涨幅相对克制，隐含波动率高表明资金博弈 偏多。预计未来两月黄金或平台整理，复刻 4-5 月底部抬升行情，底部 整理平台应在 4,000 美元以上。波动率下降后，可配置具有确定成长性 的黄金矿业公司。 电解铝需求自 9 月起光伏需求有所回落，行业进入调整期，需关注基本 面及下游需求恢复情况。电解铝和铝棒需求保持稳定，库存略有减少， 储能和两轮车为新的增长点，预计供需格局将持续至明年。吨铝毛利率 维持高位，市场 ...

年报显示，2022~2024年， 陈景河年薪分别为994.48万元，804.92万元和747.52万元。他还持有紫金矿业8510万股股份，按最新收盘价计算，市值超24亿 元。 在他的带领下，紫金矿业从一家总资产仅300多万元、负债超90%的县属小企业，已成长为综合指标进入全球金属矿业企业前3位、市值突破7500亿元的跨 国矿业集团。 紫金矿业三季报显示，当期归母净利润增长55.5%至378.6亿元，其中第三季度净利润达到145.7亿元，再次刷新历史最好成绩。三季报披露后，包括西部 证券在内的机构亦将紫金矿业全年盈利预期上调至510亿元，预计公司今年净利润甚至有望杀入A股上市公司前20。 11月28日晚间，紫金矿业发布公告称，审议通过《关于拟聘任陈景河先生为公司终身荣誉董事长的议案》。该议案尚需进一步提交公司股东会审议。 公告显示，因年龄和家庭原因，紫金矿业现任董事长陈景河提出不再接受公司第九届董事会董事候选人提名。尽管控股股东及董事会极力挽留，陈景河认 为，一个基业长青的企业应从"创始人驱动"迈向"制度驱动"，目前公司新的核心管理团队已经成熟，是实现新老交替的最好时机。 紫金矿业拟聘任陈景河为终身荣誉董事长、 ...

大家好，我是阿凯。 今天的全球市场简直像唱了出"分裂大戏". 一边是白银、铜价蹭蹭往上涨，突破了不少人以为的天花板；另一边美股涨得热火朝天，科技股带头冲 锋。 不光是白银，黄金也跟着沾光，价格稳中有升，创下了近期的新高。 更让人意外的是工业用的铜，价格也跟着涨了不少，刷新了历史纪录。 除了这俩，铝、锡这些金属价格也大多在涨，整个金属市场一片热闹。 说句实在话，这波涨势早有苗头。 最关键的原因是大家都觉得美联储12月可能要降息了，钱存在银行利息没那么吸引人，不少人就把钱转 去买金属这类实物资产，最近白银相关的基金都涌进了不少钱。 可原油却蔫了吧唧，连着跌了四个月。 手里有理财、炒股的朋友估计都看懵了：这市场到底在搞啥？ 金属飙涨：白银成"香饽饽" 11月29号这一天，金属市场算是彻底火了，尤其是白银，简直成了投资圈的"香饽饽"。 早上开盘没多久就一路往上冲，到收盘的时候，价格比前一天涨了不少，直接越过了10月份刚创下的高 点，不少提前布局的投资者都赚了一笔。 再加上铜的供应一直紧张，之前智利铜矿罢工刚结束，秘鲁的矿场又出了纠纷，短期内缺口补不上，价 格自然降不下来。 智利铜矿罢工 美股飘红：科技股挑大梁 这边金 ...

Core Viewpoint - Zijin Mining announced the proposal to appoint Chen Jinghe as the company's lifetime honorary chairman, pending approval from the shareholders' meeting [1][3]. Group 1: Leadership Transition - Chen Jinghe, the current chairman, has decided not to accept nomination for the ninth board of directors due to age and family reasons, despite efforts from the controlling shareholder and board to retain him [3]. - The company aims to transition from a "founder-driven" model to an "institution-driven" model, indicating a mature new core management team ready for succession [3]. - Chen Jinghe will continue to provide guidance and support in major strategic decisions and resource connections as the honorary chairman and senior advisor [3]. Group 2: Chen Jinghe's Background and Contributions - Chen Jinghe, born in 1957, is a professor-level senior engineer and has served as the founder and core leader of Zijin Mining [3]. - His annual salary for 2022, 2023, and 2024 is reported to be 9.9448 million, 8.0492 million, and 7.4752 million yuan respectively, with a shareholding of 85.1 million shares valued at over 2.4 billion yuan [3][4][5][6]. - Under his leadership, Zijin Mining has grown from a small enterprise with total assets of over 3 million yuan and liabilities exceeding 90% to a multinational mining group with a market value surpassing 750 billion yuan [6]. Group 3: Financial Performance - Zijin Mining reported a 55.5% increase in net profit attributable to shareholders for the third quarter, reaching 37.86 billion yuan, with a record net profit of 14.57 billion yuan in the third quarter [6]. - Following the third quarter report, institutions, including Western Securities, have raised the company's annual profit forecast to 51 billion yuan, positioning it among the top 20 A-share listed companies in terms of net profit [6]. Group 4: Board of Directors Candidates - The announcement provided a list of candidates for the ninth board of directors, showcasing the management succession plan [7]. - Seven non-independent director candidates have been recommended, including executive director candidates and a candidate for employee director, indicating a structured approach to leadership transition [7].

记者丨 江佩佩 见习记者张嘉钰 编辑丨张楠 11月28日晚间，紫金矿业发布公告称，审议通过《关于拟聘任陈景河先生为公司终身荣誉董事长的议案》。该议案尚需进一步提交公司股东会 审议。 公告显示，因年龄和家庭原因，紫金矿业现任董事长陈景河提出不再接受公司第九届董事会董事候选人提名。尽管控股股东及董事会极力挽 留，陈景河认为，一个基业长青的企业应从"创始人驱动"迈向"制度驱动"，目前公司新的核心管理团队已经成熟，是实现新老交替的最好时 机。 紫金矿业拟聘任陈景河为终身荣誉董事长、高级顾问，并将此安排写入《公司章程》。陈景河将继续在重大战略决策、资源对接等方面为公司 提供指导与支持。 资料显示，陈景河出生于1957年，现年68岁，教授级高级工程师，享受国务院政府特殊津贴。其为紫金矿业的创始人和核心领导人，兼任中国 矿业联合会副会长、中国有色金属工业协会副会长、中国黄金协会副会长、中国职业安全健康协会副理事长，世界黄金协会董事会成员。 年报显示，2022~2024年， 陈景河年薪分别为994.48万元，804.92万元和747.52万元。他还持有紫金矿业8510万股股份，按最新收盘价计算， 市值超24亿元。 | 姓名 ...

Core Viewpoint - Zijin Mining announced the appointment of Chen Jinghe as the company's lifetime honorary chairman, pending approval from the shareholders' meeting, marking a significant leadership transition after 32 years of his leadership [1][2]. Company Overview - Since its establishment in 1993, under Chen Jinghe's leadership, Zijin Mining has grown into one of the top three global metal mining companies, with a market capitalization exceeding $100 billion [2]. - The company has developed a globally competitive technology and management system, corporate culture, and core management team, laying a solid foundation for sustainable development [2]. Leadership Transition - Chen Jinghe, aged 68, has decided not to accept nomination for the ninth board of directors due to age and family reasons, despite efforts from the controlling shareholder and board to retain him [2][7]. - The company plans to appoint Chen as lifetime honorary chairman and senior advisor, allowing him to continue providing guidance on major strategic decisions and resource connections [2][7]. Performance Metrics - As of the end of 2024, Zijin Mining's copper production accounts for 65% of the domestic total, while gold production accounts for 24% [3]. - The company ranks 267th in the Forbes Global 2000 and is the top gold company globally, as well as 364th in the Fortune Global 500 [3]. Resource Reserves - As of the end of 2024, Zijin Mining holds proven, controlled, and inferred total resources of 11,037,000 tons of copper, 3,973 tons of gold, 1,298,000 tons of zinc (lead), and 31,836 tons of silver, with lithium (LCE) reserves of 1,788,000 tons [4]. Stock Performance - As of November 28, Zijin Mining's stock price closed at 28.58 yuan, having increased by over 95% year-to-date, with a total market capitalization of 759.6 billion yuan [10].

Group 1 - Silver prices have surged, with COMEX silver reaching a record high of $57.245 per ounce, marking a maximum increase of 6.79% during trading [1] - The London spot silver also saw a significant rise, with a peak increase of 5.74%, while domestic futures in China hit a high of 13,239 yuan per kilogram, up 5.55% [1] - The driving force behind the rising silver prices is the increasing expectation of a Federal Reserve rate cut in December, with an 85.4% probability of a 25 basis point cut [2] Group 2 - The global silver supply is expected to remain flat at 813 million ounces in 2025, with a slight increase in recycling but a projected 4% decline in demand to 1.12 billion ounces [3] - Despite the stable industrial demand for silver, a significant supply deficit is anticipated for the fifth consecutive year in 2025, estimated at 95 million ounces [4] - The solar energy sector has emerged as a major variable in silver demand, although it is expected to peak in 2024 and experience a marginal decline in 2025 [4] Group 3 - Over the past decade, silver prices have increased by approximately 301.8%, with the gold-silver ratio fluctuating between 63 and 122 [5] - Silver's dual attributes of being both a financial and industrial metal have led to its price volatility, with periods of correlation and divergence from gold prices [7] - The past ten years have seen silver's industrial demand grow, particularly in sectors like photovoltaics, AI, and semiconductors, indicating potential for further price increases [8]

Group 1 - The core investment themes for the next five years include technology, metals and mining, passion investments, ASEAN and Chinese markets, and biotechnology [9][30][40] - The technology sector is expected to continue its growth, but current valuations are high [9] - The metals and mining industry may experience explosive growth due to potential metal shortages, particularly in uranium, silver, and platinum [30] - Passion investments, which are assets with limited supply that do not involve technological iteration, are likely to see increased demand during periods of innovation and wealth growth [33] - The ASEAN and Chinese markets are projected to prosper, with Chinese innovation capabilities rapidly advancing [36][38] Group 2 - Generative AI is anticipated to be a major source of profit in future society, with its effective compute power growing exponentially [10][19] - The effective compute power of AI has increased by 100,000 times from 2019 to 2023, and this growth is expected to continue [13] - The application of generative AI in various industries can create strong business moats, unlike large language models which lack brand loyalty and key technological barriers [20] Group 3 - Approximately 80% of jobs are expected to be completed by intelligent robots by 2050, with significant implications for labor markets [22][29] - The rise of reasoning AI and physical AI is expected to transform industries, with robots and intelligent systems taking over both physical and cognitive tasks [24][25] - The cost of producing robots is significantly lower than the cost of training human labor, leading to a potential shift in workforce dynamics [28] Group 4 - The biotechnology sector is currently undervalued compared to the AI sector, with a price-to-earnings ratio of around 10-11 times for international biotech ETFs [40] - AI is significantly reducing research and development costs in biotechnology, leading to a rapid increase in the number of new products [42] - The potential for breakthroughs in personalized medicine and advanced health monitoring technologies is high, making biotechnology a promising investment area [42]

智通财经11月29日讯（记者 梁祥才 黄路）尽管控股股东及董事会极力挽留，已过六十八岁的紫金矿业 （601899.SH）董事长陈景河不再接受下一届董事候选人提名，拟任终身荣誉董事长，将继续在重大战 略决策、资源对接等方面助力公司发展。 28日晚间，紫金矿业公告，公司第八届董事会临时会议审议通过《关于拟聘任陈景河先生为公司终身荣 誉董事长的议案》，尚需进一步提交公司股东会审议。 公告显示，自1993年公司成立以来，在陈景河的带领下，公司经过32年艰苦创业，现已成长为综合指标 进入全球金属矿业企业前3位、市值突破 1,000 亿美元的跨国矿业集团，形成了具有全球竞争力的技术 和管理体系、企业文化和核心管理团队，为公司可持续稳定发展奠定了坚实的基础。 因年龄和家庭原因，陈景河提出不再接受公司第九届董事会董事候选人提名。尽管控股股东及董事会极 力挽留，陈景河认为，一个基业长青的企业应从"创始人驱动"迈向"制度驱动"，目前公司新的核心管理 团队已经成熟，是实现新老交替的最好时机。 值得关注的是，同日紫金矿业还公告了董事会审议通过《关于提名公司第九届董事会非独立董事候选人 的议案》。 公告显示，鉴于公司第八届董事会（20 ...