1月25日晚间，湖南黄金发布重组预案。上市公司拟通过发行股份方式购买湖南黄金天岳矿业有限公司、湖南中南 黄金冶炼有限公司(以下分别简称"黄金天岳""中南冶炼")100%股权，并募集配套资金。 湖南省属资源龙头湖南黄金（002155）(002155.SZ)将获注关联资产。 长江商报记者注意到，本次交易实质上是湖南国资主导下的资源整合。通过本次重组，湖南黄金的控股股东湖南 黄金集团将黄金天岳注入上市公司，将有利于消除二者之间的同业竞争问题。同时，收购中南冶炼之后，湖南黄 金将进一步减少关联交易规模。 不仅如此，收购两家公司之后，湖南黄金将整合金矿资源的采选与冶炼环节，进一步增加资源储备，提升对优质 资产及产业链的控制力，增厚盈利空间。 重组预案显示，2025年，黄金天岳、中南冶炼分别已实现营收2.21亿元、27.96亿元，归母净利润6454.97万元、 1.24亿元。截至2025年末，两家公司资产总额合计为27.2亿元。 同日，湖南黄金发布业绩预告，受益于金、锑、钨价格上涨，公司预计2025年实现归母净利润12.7亿元至16.08亿 元，同比增长50%至90%，经营业绩创下新高。 拟收购黄金天岳和中南冶炼100% ...

矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提及个 股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表 现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提 及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收 益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华创证券指出，降息预期和美联储独立性危机强化、地缘冲突下避险升温以及美债或遭抛售等因素，持 续催化贵金属行情。央行购金需求持续对金价形成强支撑，中国央行已连续14个月增持黄金。黄金的避 险需求和投资需求或长期持续，价格或长期上 ...

三、先导智能：2025年度业绩预告 无锡先导智能装备股份有限公司发布2025年度业绩预告，预计2025年归属于上市公司股东的净利润盈利 150000万元到180000万元，较上年同期增长424.29%到529.15%；扣除非经常性损益后的净利润盈利 148000万元到178000万元，同比增长310.83%到394.11%。业绩增长源于全球动力电池市场回暖、储能 需求强劲，公司订单回升交付提速，同时强化研发创新巩固优势，降本增效提升运营效率，经营现金流 回款改善。本次预告为初步测算，未与会计师事务所预沟通，未经审计，具体数据以最终审计结果及年 度报告为准。 四、洛阳钼业：收购金矿项目完成交割 洛阳栾川钼业集团股份有限公司此前披露通过控股子公司收购加拿大上市公司旗下Aurizona金矿、RDM 金矿、Bahia综合矿区100%权益。鉴于协议约定的先决条件已全部实现或豁免，本次收购已于2026年1 月23日完成交割。本次收购的金矿资产黄金资源量501.3万盎司，黄金储量387.3万盎司，基础设施完 善，选矿工艺成熟，盈利能力较强，收购完成即可为公司贡献产量和利润，2026年黄金预计年化产量6- 8吨，将助力公司实 ...

Group 1 - The core viewpoint of the news is that Shanjin International (000975) has shown positive financial performance with significant year-on-year growth in revenue and net profit for the first three quarters of 2025 [2] - As of January 23, 2026, Shanjin International's stock closed at 34.55 yuan, reflecting a 1.41% increase with a trading volume of 467,500 shares and a total transaction value of 1.639 billion yuan [1] - The company reported a main revenue of 14.996 billion yuan for the first three quarters of 2025, which is a 24.23% increase year-on-year, and a net profit attributable to shareholders of 2.46 billion yuan, up 42.39% year-on-year [2] Group 2 - In the third quarter of 2025, Shanjin International achieved a single-quarter main revenue of 5.75 billion yuan, representing a 3.3% year-on-year increase, and a net profit of 864 million yuan, which is a 32.43% increase year-on-year [2] - The company has a debt ratio of 19.16%, with investment income of 10.58 million yuan and financial expenses of 30.25 million yuan, while maintaining a gross profit margin of 28.39% [2] - Over the past 90 days, seven institutions have provided ratings for the stock, with five recommending a buy and two recommending an increase, while the average target price set by institutions is 26.75 yuan [2]

Group 1 - The mining ETF (561330) has seen a net inflow of over 1.1 billion yuan in the past 20 days, indicating strong investor interest in the sector [1] - The long-term logic for copper remains unchanged despite short-term price pressures due to macroeconomic adjustments and corrections in data center demand [1] - Supply tightness in copper, along with declining processing fees for copper concentrate, continues to support prices, while demand from AI and grid construction remains robust [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metals index (931892), which includes companies involved in the development of copper, aluminum, lead, zinc, and rare metals [2] - In 2025, the mining ETF (561330) is projected to have a year-to-date increase of 106.11%, ranking first among ten ETFs in the non-ferrous sector [2] - The ETF's composition is heavily weighted towards gold, copper, and rare earths, reflecting a concentrated leadership in the market [2]

Group 1 - The core viewpoint of the article highlights that the mining ETF (561330) has seen a net inflow of over 1 billion yuan in the past 20 days, indicating a potential super cycle for non-ferrous metals [1] - Western Securities points out that the underlying logic for commodities and non-ferrous metals is tied to the Federal Reserve's quantitative easing (QE), suggesting that the super cycle in commodities is driven by the excess liquidity of the dollar [1] - By 2026, the acceleration of dollar liquidity due to the Federal Reserve's QE is expected to reinforce the super cycle of commodities, with gold, silver, copper, and lithium being systematically revalued due to their monetary and safety attributes [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) achieved a year-to-date increase of 106.11% in 2025, ranking first among 10 ETFs in the non-ferrous sector, indicating a concentrated leadership with a higher proportion of gold, copper, and rare earths [2][1]

Group 1 - The mining ETF (561330) saw an intraday increase of over 2%, with a net inflow of over 800 million yuan in the past 20 days, surpassing a total scale of 2 billion yuan [1] - Western Securities noted that the imbalance in inventory regions and the internal competition in smelting are pushing copper prices higher, with supply disruptions and potential acceleration of "anti-involution" in the smelting sector driving price breakthroughs [1] - In the aluminum industry, there is an oversupply and severe internal competition in the alumina sector, prompting the National Development and Reform Commission to encourage mergers and reorganizations among major alumina enterprises, which will accelerate the integration of the industry chain and improve market supply-demand balance in the long term [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metals index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) ranked third in overall market ETF performance for the year 2025, with a year-to-date increase of 106.11%, making it the top performer among ten ETFs in the non-ferrous sector [2]

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。 一、董事会会议召开情况 西藏华钰矿业股份有限公司（以下简称"公司"）董事会于2026年1月12日向全体董事和高级管理人员以 书面、电子等方式发出了会议通知和会议材料。 本次会议于2026年1月15日在公司北京分公司会议室以现场会议和电话会议相结合的形式召开。本次会 议由公司董事长刘良坤先生主持，会议应到董事9人，实到董事9人，公司高级管理人员列席了本次会 议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、 规范性文件及《西藏华钰矿业股份有限公司章程》的规定。 二、董事会会议审议情况 经认真审议研究，与会董事以记名投票的方式通过了以下决议： （一）审议并通过《关于公司拟向光大银行拉萨分行贷款的议案》 为保障公司正常经营，同意公司向中国光大银行股份有限公司拉萨分行申请综合授信金额不超过人民币 10,000万元，借款利率执行最新一期中国人民银行公布的一年期贷款LPR利率，借款期限为12个月（按 实际放款日期为准），公司实际控制人刘建军及配偶提供连 ...

Core Viewpoint - The company aims to mitigate the adverse effects of commodity price fluctuations and foreign exchange risks on its operations by utilizing hedging strategies to enhance risk defense capabilities and ensure stable operations [1][2] Group 1: Hedging Strategies - The company employs financial instruments for hedging related to its production and operational activities, focusing on products and raw materials [1] - For smelting and trading enterprises, profit is locked in through hedging, with unhedged portions managed under exposure limits; smelting enterprises have a maximum exposure of 25% for copper and zinc, and 50% for gold and silver [1] - Trading enterprises are required to match hedging positions with the exposure of goods pricing, with a maximum limit not exceeding authorized quotas [1] Group 2: Mining Enterprises - Mining enterprises will hedge based on the annual production plan for mineral products, with a maximum hedging position of 5% of the annual planned production for copper, zinc, gold, and silver [1] - The maximum hedging position for lithium carbonate will be determined by the company's financial committee based on market conditions within the board's authority [1] Group 3: Foreign Exchange Risk Management - The board authorizes the financial committee to dynamically adjust the hedging scale based on the total foreign exchange exposure for non-functional currency assets and liabilities, as well as for foreign exchange transactions with clear payment plans due to mergers, dividends, and procurement [2] - The amount of foreign exchange derivatives held must not exceed the actual foreign exchange exposure [2]

Group 1 - The mining ETF (561330) has seen a net inflow of nearly 600 million yuan over the past 10 days, indicating strong support from the copper and aluminum supply-demand fundamentals [1] - Capstone Copper Corp's Mantoverde copper mine in Chile will face a strike starting January 2, involving about 22% of the total workforce, which may impact copper production in 2026 if the strike continues [1] - The expected copper production from the Mantoverde mine for 2025 is between 29,000 to 32,000 tons, and the ongoing strike may exacerbate the tight copper supply situation in 2026 [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metals index (931892), which includes companies involved in the development of copper, aluminum, lead, zinc, and rare metals [2] - According to Wind data, the mining ETF (561330) has a year-to-date increase of 106.11% in 2025, ranking first among non-ferrous ETFs and third among all market ETFs [2] - The ETF has a higher concentration of assets in gold, copper, and rare earths, indicating a strong performance in the non-ferrous metals sector [2]