Core Viewpoint - Zijin Mining is planning to spin off its subsidiary, Zijin Gold International, for an independent listing on the Hong Kong Stock Exchange, marking the company's third IPO since its establishment [1][5]. Spin-off Listing - The spin-off involves Zijin Mining's overseas gold mining assets, which include eight world-class large gold mines located in South America, Central Asia, Africa, and Oceania [3][6]. - The total resource amount of these eight gold mines is 1,799.79 tons, with a total reserve of 696.83 tons and a combined production of 46.22 tons in 2024 [3][4]. Financial Performance - In 2024, Zijin Mining achieved a revenue of 303.64 billion yuan, a year-on-year increase of 3.49%, and a net profit of 39.393 billion yuan, up 48.43% [2]. - Gold sales revenue accounted for 49.64% of Zijin Mining's total revenue in 2024, with gold production from its mines reaching 72,938 kilograms, a 7.70% increase year-on-year [2]. Market Context - The spin-off coincides with an upward trend in gold prices, which is expected to enhance the valuation of the company's gold assets [5]. - The global demand for gold investment reached 1,180 tons in 2024, reflecting a 25% year-on-year increase, driven by geopolitical factors [4]. Strategic Implications - The spin-off is anticipated to improve Zijin Mining's overall value and shareholder value, as well as enhance its market capitalization management and asset securitization levels [5][6]. - The independent listing is expected to accelerate Zijin Mining's internationalization process and strengthen its gold business segment, while also reducing operational risks abroad [6]. Company Expansion - Zijin Mining has a history of strategic expansions, having previously listed on the Hong Kong Stock Exchange in 2003 and the Shanghai Stock Exchange in 2008, raising significant capital in both instances [7]. - As of the end of 2024, Zijin Mining's copper resources reached 110 million tons, ranking second globally, while its gold resources amounted to 3,972.53 tons, placing it fifth worldwide [7].

谈起中国和印度尼西亚的经济合作项目，印尼国家经济委员会主席卢胡特（Luhut Binsar Pandjaitan）如 数家珍。 中国是印尼第二大外资来源地，仅次于新加坡。 现年77岁的卢胡特是印尼政界的老将，在佐科政府时期，他就担任过印尼对华合作牵头人，全面负责对 华经贸投资合作。在普拉博沃担任印尼总统后，他虽然转任国家经济委员会主席，但与中国各界的交往 依然十分密切。 在当前的国际经贸环境下，印尼一方面继续与美国就加征关税问题进行谈判，另一方面，印尼希望以此 为契机，推动国内经济转型，在这一过程中，外国直接投资（FDI）将起到重要作用。 卢胡特在一场龟乐岛经济特区推介活动后对第一财经记者表示，中国在印尼投资和合作的项目，很多取 得了巨大的成功。他举例表示，作为两国合作的标志性项目，雅万高铁目前运行良好，并在探讨进一步 延伸。此外，双方合作正加速推动印尼下游产业的发展。卢胡特特别强调，与中国的合作，还为印尼人 力资源发展带来积极影响。 合作辐射效应 卢胡特是中国的"常客"，就在5月他刚刚到访过北京。据外交部官网显示，2025年5月20日，中共中央政 治局委员、外交部长王毅在京会见印尼国家经济委员会主席卢胡特。 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 长江有色金属网 5月26日，紫金矿业集团股份有限公司（以下简称"紫金矿业"）发布公告称， 紫金矿业拟将其控股子公司 紫金黄金国际有限公司（以下简称"紫金黄金国际"）分拆至香港联交所主板上市。 发行方式为香港公开发 行及国际配售。本次分拆上市发行的股份数量不超过发行后紫金黄金国际总股本的15%（超额配售权行使 前）。 本次分拆实施前，紫金矿业拟将下属多座境外黄金矿山资产重组整合至紫金黄金国际旗下，相关重组工作 目前尚在推进过程中。 紫金矿业拟分拆业务以紫金黄金国际为主体，包括紫金矿业旗下位于南美洲、中亚地区、非洲和大洋洲等 地的境外黄金矿山资产，相关资产依托当地丰富的黄金资源优势，独立开展黄金相关的勘探、开采、生 产、销售等活动。 紫金矿业表示，此次分拆完成后，紫金黄金国际将进一步深耕境外市场业务，持续推进全球黄金资源开 发，与上市公司及下属其他企业（除拟分拆主体及资产外）保持相对较高的独立性。分拆不会对上市公司 的主营业务构成实质影响。 公开信息显示，紫金黄金国际成立于2007年，专注于全球优质黄 ...

Group 1 - Gold has emerged as a standout asset since 2025, driven by factors such as increased tariffs under the Trump administration, rising inflation, global economic uncertainty, weakened dollar credit, and central banks accumulating gold [1] - Zhaojin Mining (01818) has a strong resource endowment and is actively expanding its gold mining operations both domestically and internationally through mergers and acquisitions [1] - Since 2023, Zhaojin Mining has completed 22 high-grade project acquisitions, increasing its mining rights area by 799%, equivalent to "recreating seven Zhaojin Minings" [1] Group 2 - The Ecuadorian project, King Mining, has discovered an additional 141 tons of gold resources, with a single project valuation exceeding 30 billion RMB, setting a benchmark in global gold mining development [2] - Zhaojin Mining has identified over 1,000 tons of gold resource potential across top global mining belts, with a potential market value exceeding 100 billion RMB [2] - The company is implementing a "gold resource doubling plan" with a special exploration fund of 100 million RMB, focusing on a tripartite growth engine of "expansion + exploration + acquisition" [2] Group 3 - Zhaojin Mining plans to leverage its mining rights across 12 core mineralization belts globally, utilizing advanced technologies like 3D geological modeling and big data targeting to enhance exploration efficiency [3] - The establishment of a special fund aims to create a resource storage fund pool, enabling a counter-cyclical operation strategy of "locking in resources during lows and releasing capacity during highs" [3]

Core Viewpoint - Zijin Mining Group plans to spin off its overseas gold mining assets into a separate entity, Zijin Gold International, for listing on the Hong Kong Stock Exchange, aiming to enhance its international market presence and capitalize on the rising gold prices [1][2]. Group 1: Spin-off Details - The spin-off will involve eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, which will be integrated into Zijin Gold International [1][2]. - The total resource amount of the spun-off assets is 1,799.79 tons, with a total reserve of 696.83 tons, and an expected production of 46.22 tons in 2024 [2]. Group 2: Financial Performance - In Q1 2025, the company reported a revenue of 78.928 billion yuan, a year-on-year increase of 5.55%, and a net profit of approximately 10.167 billion yuan, up 62.39% [1][4]. - The operating cash flow for the same period was 12.53 billion yuan, reflecting a 53.33% increase year-on-year [1][5]. Group 3: Production Growth - The company plans to expand its gold production capacity to 85 tons by 2025, representing a 16% increase, and aims for a further increase to 100-110 tons by 2028 [1][2]. - In Q1 2025, gold production increased by 13.45%, while copper production rose by 9.49% compared to the previous year [5].

Core Viewpoint - The company has successfully transformed into a gold mining and selection company since 2017, with significant growth potential following its strategic acquisition of resources in Gansu and the anticipated strategic investment from Zijin Mining in 2025, allowing it to benefit from high gold prices [1][2]. Group 1: Company Transformation and Strategic Moves - In 2017, the company initiated a strategic transformation by acquiring multiple gold mining companies, officially entering the gold mining sector and rebranding as Tongguan Gold Group Co., Ltd [1]. - From 2017 to 2018, the company acquired four gold mining companies in Tongguan County, and in 2023, it expanded its resource base by acquiring the Hulezhade North East Mining in Gansu [1]. - The company plans to introduce Zijin Mining as a strategic investor in 2025, which is expected to propel its growth into a high-speed development phase [1]. Group 2: Resource Endowment and Exploration Potential - As of the end of 2024, the company's gold resource volume is projected to reach 55 tons, with an average grade of 8.27 g/t, positioning it among the industry leaders [1]. - The company has significant exploration potential in both of its mining sites, with plans to complete approximately 21,000 meters of pit exploration and 63,000 meters of drilling by 2024, with exploration and development expenses amounting to HKD 167 million [1]. - In March 2025, the company intends to fully acquire Rongchang Investment, securing 100% rights to the exploration of the Beidong Gold Mine and 460 Gold Mine in the Su Bei mining area, laying a solid foundation for future expansion [1]. Group 3: Production and Financial Outlook - From 2017 to 2024, the company's self-produced gold output increased from 0.7 tons to 2.5 tons, indicating strong growth momentum [2]. - The Tongguan mining area has four main subsidiaries, with ongoing projects converting exploration rights to mining rights, which are expected to enhance production capacity [2]. - The company forecasts net profits of CNY 560 million, CNY 800 million, and CNY 970 million for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.7, 8.3, and 6.8 times, and has initiated coverage with a "strong buy" investment rating [2].

Core Viewpoint - The article highlights the achievements and contributions of Sun Xujun, a skilled technician at Shandong Jinzhu Mining Group, emphasizing his role in driving technological innovation and efficiency improvements in the mining industry [2][5][9]. Group 1: Professional Development and Skills - Sun Xujun began his career as a mechanic in 1992 and quickly adopted a proactive approach to learning, focusing on practical experience to enhance his skills [3][4]. - He has continuously pursued knowledge through self-study and training, leading to significant advancements in his technical capabilities [4][6]. Group 2: Innovation and Technological Advancements - Sun Xujun led the development of a new processing system for high-quality gold ore, achieving a recovery rate increase from 96% to 100% and reducing processing costs by over 3 million yuan annually [5][6]. - His efforts in equipment upgrades and process optimization have resulted in a 3.44% increase in overall recovery rates, generating over 6.4 million yuan in annual benefits [6]. Group 3: Team Collaboration and Mentorship - Sun Xujun fosters a collaborative environment in his innovation studio, encouraging knowledge sharing and skill development among younger employees [8]. - His mentorship has led to the successful training of 22 apprentices, many of whom have achieved advanced technical certifications, contributing to the company's talent pool [8]. Group 4: Recognition and Impact - Sun Xujun has received multiple accolades, including national and provincial labor model awards, reflecting his dedication and impact on the mining industry [2][9]. - His commitment to quality and innovation exemplifies the essence of craftsmanship, emphasizing the importance of continuous improvement and knowledge transfer in the industry [9].

欧美贸易冲突缓和提振市场情绪，美股三大股指高开，纳指盘初涨1.48%，标普500指数涨1.13%，道指 涨0.81%。科技股多数走高，英伟达涨超2%，苹果涨超1%；拼多多盘初跌超17%，公司一季度营收不 及预期。小马智行涨超7%，公司与迪拜道路交通管理局达成战略合作。黄金股普跌，哈莫尼黄金跌超 9%。 ...

Core Insights - Gold prices have reached unprecedented heights, with recent figures surpassing $3500 per ounce, both nominally and in real terms, prompting a lack of urgency among mining companies to hedge their production [1] - The World Gold Council reported that net hedging by producers in Q1 2025 was only 5 tons, continuing a trend of significant reductions in hedging activity [2] - Analysts indicate that the current profit margins for gold mining are at a 50-year high, yet there is little evidence that this will change the industry's approach to hedging [1][2] Group 1: Industry Trends - Mining companies are generally resistant to hedging, preferring to allow shareholders to bet on gold prices rather than locking in prices through hedging [1] - The total amount of hedging in the industry has drastically decreased, with only about 180 tons currently hedged compared to approximately 3000 tons in the early 2000s [2] - Companies are focusing on expanding operations and acquisitions rather than actively increasing hedging to mitigate potential downturns [3] Group 2: Company Perspectives - Regis Resources' CEO noted that the current gold price is favorable, and the company has eliminated hedging positions that previously hindered cash flow [3] - Northern Star Resources, while maintaining some hedging, has not added new positions recently, viewing hedging as a cautious approach to ensure returns on new investments [3] - Westgold Resources' CEO stated that it is a great time for unhedged gold producers in Australia, as the company has cleared its hedging positions [4]

证券研究报告 | 公司深度报告 2025 年 05 月 27 日 潼关黄金（00340.HK） 高品金脉，紫金赋能步入高速成长期 周期/金属及材料 公司 2017 年成功转型为黄金采选冶公司，从潼关出发，2023 年成功布局甘肃 黄金资源，资源禀赋优异，增储增产潜力突出，2025 年引入紫金战略入股，有 望进入高速成长期，充分享受高金价红利。 强烈推荐（首次） 当前股价：1.63 港元 基础数据 | 总股本（百万股） | 4398 | | --- | --- | | 香港股（百万股） | 4398 | | 总市值（十亿港元） | 7.2 | | 香港股市值（十亿港元） | 7.2 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 8.5 | | 资产负债率 | 43.0% | | 主要股东 | 蒋薇 | | 主要股东持股比例 | 26.98% | 股价表现 % 1m 6m 12m 绝对表现 23 245 178 相对表现 16 223 153 资料来源：公司数据、招商证券 -100 -50 0 50 May/24 Sep/24 Jan/25 Apr/25 (%) 潼关黄金 恒生指数 相关报 ...