交流主要内容如下： 1．瓦图科拉金矿排水情况如何？北岛卡西山探矿进展与投产时间？ 回复：目前，瓦图科拉金矿排水工作已基本完成，正在进行采场作业面恢复工作。关于北岛卡西山探矿 进展，目前工作人员已在北岛设立营地开展工作，今年将开展地质勘探工作；后续将在探获一定的资源 储量后，再开展探矿权转为采矿权、环境影响评价、安全评价以及项目建设等工作。基于当前项目规 划，初步预估需2－3年的时间完成投产前的工作。但需要说明的是，以上时间均为初步预估，具体进度 可能受审批流程、实际建设条件及外部因素等影响。 2026年1月14日，招金黄金披露接待调研公告，公司于1月14日接待淡水泉基金、广发基金、太保资产、 易方达基金、西部利得、南方基金等17家机构调研。 调研情况显示，瓦图科拉金矿排水工作已基本完成，正在进行采场作业面恢复；该矿尾矿约1800万吨， 品位约1－1．5克／吨，回收率约40％，除黄金外含少量伴生银，铜、锑等其他金属元素含量较低暂不 具备提取价值。北岛卡西山探矿今年将开展地质勘探，初步预估需2－3年完成投产前工作，进度可能受 审批流程等因素影响；西藏中金项目目前处于地质勘查阶段，后续将根据勘察结果安排工作。 公司 ...

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 □ 其他 （请文字说明其他活动内容） 活 动 参 与 人 员 广发基金、太保资产、易方达基金、淡水泉基金、西部利得、南方基金、 国金证券、华福有色、上海汇正财经、华泰资产、中金资管、中金银海、 摩根大通基金、华海资本、东方资管、长江证券、中天汇鑫北京 时 间 2026 年 1 月 14 日 下午 15:00-17:00 地 点 上市公司会议室 上 市 公 司 接 待 人 员 姓 名 董事长：翁占斌 董事、总经理：汤磊 党支部副书记：王怀斌 财务总监：杨丽敏 副总经理、董事会秘书：孙铁明 投资者关系活动 主 要 内 容 介 绍 交流主要内容如下： 1.瓦图科拉金矿排水情况如何？北岛卡西山探矿进展与投产时间？ 回复：目前，瓦图科拉金矿排水工作已基本完成，正在进行采场作业面恢 复工作。关于北岛卡西山探矿进展，目前工作人员已在北岛设立营地开展 工作，今年将开展地质勘探工作；后续将在探获一定的资源储量后，再开 展探矿权转为采矿权、环境影响评价、安全评价以及项目建设等工作。基 于 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 文章来源：都市现场 沙特矿业公司（Ma'aden）当地时间12日宣布，通过一系列新发现和针对性钻探，该公司在沙特境内四个区域新发现了780万盎司（约242.6吨）的黄金资 源量。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 这是继2024年该公司发现"125公里超级金矿带"之后的又一重大发现。沙特矿业公司表示，目前的钻探已确认，矿体在深部仍然"开放"（即往下挖可能还 有），意味着资源量还有进一步上升的空间。据报道，相关的勘探钻探工作将在2026年持续进行。 2024年1月，沙特矿业公司宣布在曼苏拉-马萨拉金矿以南确定了一个长达125公里的潜在"超级金矿带"。当时，该公司"预计"有150万盎司（约46.6吨）的 资源量可转化为储量，使该矿具有成为世界级金矿带的巨大潜力。 两年后的1月（2026年1月），沙特矿业公司表示，该矿区的资源总量已达到1.16亿吨，金品位为每吨2.8克，包含的黄金总资源量达1040万盎司（约323.5 吨）。此外，该公司在乌鲁克和乌姆萨拉姆勘探区合计新发现了167万盎司（约51.9吨）黄金资源量。瓦迪 ...

据信，新增的39.4吨黄金此前因走私而流失，现在已进入正规体系。每吨黄金价值9650万美元，折 合外汇约38亿美元，与加纳银行报告的2.14亿美元交易损失相比，其收益成本比高达18:1。报告指出， 仅需将2.2吨黄金正规化即可抵消报告的损失。 （原标题：加纳黄金出口增加38亿美元） 据"城市新闻网"1月12日报道，加纳大学向加纳黄金委员会提交的报告显示，手工和小规模采矿黄 金出口量从2024年的63.6吨增加到2025年的103吨。 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.9% to close at 26,877.42 points, the Hang Seng Tech Index up by 0.11%, and the State-Owned Enterprises Index rising by 0.71% [1][7]. Sector Performance - **Technology Stocks**: Mixed performance observed, with Alibaba and Bilibili both rising over 3%, while Kuaishou fell over 2%, and Xiaomi and Baidu dropped over 1% [1][7]. - **Biopharmaceutical Sector**: Strong performance noted, particularly with WuXi AppTec rising over 8%. The upcoming JPMorgan Healthcare Conference is expected to act as a catalyst for the innovative drug market, with expectations for updates on the operational progress of Chinese innovative drug companies [3][9]. - **Gold Stocks**: Continued upward trend, with China Gold International increasing over 7%. Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach $5,000 per ounce and silver $100 per ounce within the next three months, driven by geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [3][9]. - **Commercial Aerospace Sector**: A pullback was observed, with Goldwind Technology declining over 9%. Recent shareholder sell-offs have contributed to market volatility. However, significant breakthroughs in reusable rocket technology in China are expected to reshape the cost structure of the aerospace industry, benefiting upstream companies in aerospace manufacturing, new materials, and satellite applications [3][9]. New Listings - Three new stocks were listed today, with Zhaoyi Innovation rising over 37%, BBSB International up over 11%, and Hongxing Cold Chain increasing by 0.33% [4][9].

Core Viewpoint - Guosen Securities initiates coverage on Zijin Gold International (02259) with an "outperform" rating, highlighting the company's inherited competitive advantages from Zijin Mining in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for strong future growth [1] Group 1: Company Overview - Zijin Gold International is formed by integrating Zijin Mining's overseas gold mines, becoming a leading global gold mining company [1] - The company holds rights to nine gold mines in resource-rich areas including Central Asia, South America, Oceania, and Africa, successfully establishing a leading position in the global gold mining industry through tailored operational models and continuous resource development [1] Group 2: Resource and Production Growth - As of the end of 2024, the company's gold reserves are approximately 856 tons, ranking ninth globally, with expertise in developing low-grade and difficult-to-process gold resources [2] - The company anticipates an average annual compound growth rate of 21.4% in gold production from 2022 to 2024, driven by acquisitions of new mines and technological upgrades of existing ones [2] - Projections indicate that from 2025 to 2027, the average annual compound growth rate in gold production could exceed 15%, maintaining rapid growth momentum [2] Group 3: Expansion Projects - The company has planned a series of construction and expansion projects within existing mining areas to enhance production capacity and resource conversion [3] - Specific projects include optimizing processing techniques at the Tajikistan Jilau/Talco mine, accelerating key projects at the Australian Norton Goldfield, and increasing processing capacities at various mines in Guyana, Colombia, Suriname, and Ghana [3] Group 4: Market Outlook - The long-term outlook remains positive, with expectations of a sustained bull market for gold, driven by anticipated interest rate cuts by the Federal Reserve and ongoing global economic factors that could further elevate gold prices [4]

Core Viewpoint - Guosen Securities initiates coverage on Zijin Gold International (02259) with an "outperform" rating, highlighting the company's competitive advantages inherited from Zijin Mining in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for strong future growth [1] Group 1: Company Overview - Zijin Gold International is formed by integrating Zijin Mining's overseas gold mines, becoming a leading global gold mining company [1] - The company holds interests in nine gold mines located in resource-rich areas across Central Asia, South America, Oceania, and Africa, including significant projects in Tajikistan, Kyrgyzstan, Australia, Guyana, Colombia, Suriname, Ghana, Kazakhstan, and Papua New Guinea [1] Group 2: Growth Potential - As of the end of 2024, the company's gold reserves are approximately 856 tons, ranking ninth globally, with a focus on developing low-grade and difficult-to-process gold resources [2] - The company anticipates an average annual compound growth rate of 21.4% in gold production from 2022 to 2024, driven by acquisitions of new mines and technological upgrades of existing ones [2] - For the period from 2025 to 2027, the company expects a continued average annual compound growth rate of over 15% in gold production [2] Group 3: Project Developments - The company has planned a series of construction and expansion projects within existing mining areas to enhance production capacity and resource conversion [3] - Specific projects include ongoing development of low-grade ore processing technologies at the Tajikistan mine, upgrades to the Norton Goldfield in Australia to increase annual processing capacity from 9 million tons to 11 million tons, and various enhancements at other mines to significantly boost production capabilities [3] Group 4: Market Outlook - The long-term outlook for gold prices remains positive, with a projected cumulative increase of over 65% by 2025, marking the best performance since 1979 [4] - Factors supporting this outlook include anticipated interest rate cuts by the Federal Reserve in 2026, a decline in dollar credibility, and continued accumulation of gold by global central banks, which may further drive up gold prices [4]

Group 1 - China Hong Kong (03788) shares rose over 11%, reaching a price of 4.28 HKD with a trading volume of 7.5463 million HKD [1] - The company announced the completion of the first phase of the pre-feasibility study for the Cygnet Gold Mine project and an update on the final feasibility study for the Mt Bundy Gold Mine project, resulting in a 53.1% increase in combined ore reserves to 2.62 million ounces [1] - The JORC gold resource increased to 5.54 million ounces following an independent assessment by SRK China [1] Group 2 - Spot gold and COMEX gold futures both surpassed 4600 USD per ounce, setting a new historical high, driven by rising geopolitical risks and increased demand for safe-haven assets [1] - The poor non-farm payroll data from the previous Friday has heightened market expectations for a Federal Reserve interest rate cut [1]

Market Performance - The Hong Kong stock market experienced volatility, with the Hang Seng Index closing down 0.41% or 106 points, ending at 26,231 points, and total trading volume reaching approximately 1.36 trillion HKD [1][5] Sector and Stock Movements - The technology sector saw most stocks decline, with the Hang Seng Tech Index dropping 0.86% to 5,687.14 points. Notable declines included Tencent down 1.93% to 611.0 HKD, Alibaba down 1.68% to 146.50 HKD, and Meituan down 5.83% to 98.50 HKD. However, Bilibili rose 11.87% to 223.40 HKD, and Trip.com increased by 2.32% to 596.50 HKD [3][4] - Gold prices surpassed 4,500 USD/ounce, attracting interest as a safe-haven asset, which positively impacted gold stocks such as Zijin Mining up 3.57% and Shandong Gold up 11.27% [3][4] Innovation and IPO Market - Reports indicate that China will enhance support for innovative drugs, leading to a rise in the biotech sector. Notable stock increases included Rongchang Biopharma up 28.51% and Jinfang Biopharma up 44.85% [4] - The IPO market in Hong Kong was active, with six new stocks listed, all recording gains on their debut. MiniMax saw a remarkable first-day increase of 109%, reaching a market value exceeding 100 billion HKD [4][7] Economic Indicators - China's December CPI data was released at 0.8%, the highest in nearly two years, while PPI showed a narrower decline, indicating positive price changes in some sectors [5] - The recent IPO activity and adjustments in Hong Kong Stock Connect are expected to attract additional southbound capital, creating a favorable trading environment [5][7]

Group 1 - Global gold mine production has remained stable in recent years, with a slight increase expected in 2024, reaching 3,645 tons, a year-on-year growth of 4 tons, making it the second-highest annual production in history [3][25] - The total gold production for the first three quarters of 2025 is projected to be 2,717 tons, an increase of 16 tons year-on-year [3][25] - The moderate growth in gold production raises questions about whether gold mine output is nearing its limits and what this means for future gold supply [3][25] Group 2 - Based on data and trends from the first three quarters, gold mine production in 2025 may set a new historical record, supported by rising profit margins for miners, new project launches, and increased output from artisanal and small-scale mining (ASGM) [5][33] - Despite potential delays in mining due to sanctions, additional output from new mines in regions like Russia could further boost total production [5][27] - However, production interruptions and mine closures in certain areas may continue to constrain global gold output growth [5][29] Group 3 - Analysis indicates that global gold mine production is likely to stabilize in the coming years rather than peak and decline, with new projects and expansions providing ongoing support [7][29] - Factors such as declining reserves, production interruptions, and rising capital expenditure costs for gold miners may limit the upside potential for gold production [7][29] Group 4 - Historical data shows that gold mine production has fluctuated minimally over the past decade, with a change rate of only 2.3% [11][36] - The geographical diversity of gold mining and the lengthy mining cycles contribute to the stability of global gold production, despite regional disruptions [11][39] - Challenges in discovering new mines and obtaining permits are increasing, making substantial production increases difficult [11][39] Group 5 - Rising gold prices typically enhance miners' profit margins, which can lead to the development of new mines and the reopening of previously closed mines [17][43] - The growth of ASGM can have an immediate impact on gold production, while new mine development takes longer and is more challenging [17][43] - Research indicates that production growth often lags behind gold price trends by at least six years [17][43] Group 6 - Predictions suggest that global gold mine production may be approaching its peak, with supply expected to stabilize rather than decline in the coming years [22][48] - The stability of gold production is attributed to geographical diversity, long development cycles for new projects, and the gradual retirement of aging mines [22][48] - The global gold market exhibits resilience and balance, supported by relatively stable demand due to gold's dual role as a consumer good and investment asset [22][48]