紫金黄金国际正在推进香港IPO进程，预计融资规模达10亿至20亿美元。这家公司隶属于紫金矿业集 团，主要从事黄金勘探、开采及销售业务。 据了解，紫金黄金国际计划在未来几周内正式提交上市申请文件。该公司成立于2007年，总部设在香 港，业务范围涵盖黄金的完整产业链条。此次IPO是紫金矿业集团国际化战略的重要组成部分。 分拆上市方案显示，紫金黄金国际将通过香港公开发行和国际配售方式发行普通股。发行规模不超过发 行后总股本的15%，同时授予承销商不超过上述发行股数15%的超额配售权。发行定价将遵循国际通行 定价机制，结合当时资本市场状况进行评估。 紫金矿业表示，分拆完成后将保持对紫金黄金国际的控制权，该子公司仍将纳入合并报表范围。分拆 前，紫金矿业正在推进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，相关工作目前仍在 进行中。 拟注入的资产包括八座位于南美、中亚、非洲和大洋洲的大型黄金矿山。这些矿山合计资源量为 1799.79吨，储量为696.83吨，2024年合计产量达46.22吨。其中包括武里蒂卡金矿、诺顿金田金矿、罗 斯贝尔金矿等世界级矿山。 本文源自：金融界 作者：观察君 与此同时，香港特区政府近期 ...

Core Viewpoint - The recent auction of approximately 1,000 tons of gold concentrate by Baodi Mining's subsidiary marks a significant milestone in the company's multi-mineral development strategy, reflecting the market's recognition of its resource value and potential [1][2]. Group 1: Auction and Market Response - Baodi Mining's subsidiary successfully auctioned 1,000 tons of gold concentrate at a competitive bidding coefficient of 93.2%, significantly higher than the starting coefficient of 82%, indicating strong market demand [1]. - The auction results demonstrate the market's recognition of the quality of Baodi Mining's gold concentrate products, particularly highlighting the resource potential of the Hasiatu polymetallic mine [2]. Group 2: Resource and Strategic Development - Baodi Mining acquired 100% equity of Qinghai Hasiatu Mining Co., Ltd. in 2022, gaining mining rights to the Hasiatu polymetallic mine, which has begun trial operations as of the end of 2024, accelerating the release of its resource value [1]. - The company controls iron ore resources amounting to 380 million tons, along with gold resources of 9,578.58 kilograms from the Hasiatu mine, establishing a robust multi-mineral resource reserve system [1]. - The average grade of iron ore from Baodi Mining's mines exceeds national standards, with the Hasiatu mine's iron ore averaging 36.77% and gold averaging 4.10 g/t, showcasing the high-quality resource endowment [2]. Group 3: Future Growth and Strategic Expansion - Baodi Mining plans to invest 685 million yuan to acquire 87% of Xinjiang Congling Energy Co., significantly increasing its iron ore resources to approximately 460 million tons, a 21.75% increase [3]. - The multi-mineral strategy is expected to mitigate risks associated with industry cycles and create a second growth curve through diversification of resource categories, enhancing the company's competitive edge in the mining market [3].

证券代码：000506 证券简称：中润资源 公告编号：2025-070 中润资源投资股份有限公司 关于调整新增 2025 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 中润资源投资股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日披露 了《关于 2025 年度日常关联交易预计的公告》（公告编号：2025-051），对公 司及下属子公司与关联方 2025 年度预计发生的日常关联交易进行了披露，上述 事项经公司 2024 年年度股东大会审议通过。 现因公司日常经营和业务发展需要，在原日常关联交易预计的范围基础上， 进行调整并新增日常关联交易，具体情况如下： 一、调整新增日常关联交易基本情况 公司第十届董事会第三十次会议审议通过了《关于 2025 年度日常关联交易 预计的议案》，公司及子公司向关联方招远华唐贸易有限公司销售金精矿，预计 交易金额 30,000 万元。公司根据日常经营和业务发展需要，于 2025 年 6 月 19 日召开第十一届董事会第一次会议，审议通过了《关于调整新增 2025 年度日常 关联交易预计的议 ...

证券之星消息，2025年6月19日宝地矿业（601121）发布公告称合众易晟徐兴科、中金资管刘安澜、海 富通蒋旭杰、华创证券李梦娇、上证自营张文韬、国投创益刘俊延于2025年6月18日调研我司。 具体内容如下： 公司就投资者在本次调研中提出的问题进行了回复：问：公司当前并表范围内有多少个矿山？年开采量 如何？ 答：公司并表范围内共有哈西亚图铁多金属矿、宝山铁矿、松湖铁矿、备战铁矿(合并整合开发察汉乌 苏铁矿)4处矿区。其中，哈西亚图铁多金属矿达产后可实现开采量144万吨/年(其中铁120万吨/年、金锌 铜为24万吨/年)、宝山铁矿目前开采量50万吨/年松湖铁矿扩产项目建成后可达200万吨/年，备战矿业与 察汉乌苏铁矿一体化整合后达1,000万吨/年。 截止2024年年末，公司累计保有铁矿石资源量达3.8亿吨，较2023年增长31.03%。铁矿石核准开采规模 为1,370万吨/年、金锌铜矿石核准开采规模为24万吨/年。 问：目前几个重要的在建项目是否有取得了哪些进展？ 答：(1)哈西亚图铁多金属矿144万吨/年项目施工已经于2024年底完成并投入试运行，2025年将逐步达产 稳产。预计达产后，可实现年产能144 ...

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].

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 ...

Core Viewpoint - Zijin Mining plans to spin off its subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange, with net assets exceeding 20 billion yuan [1][2]. Group 1: Spin-off Details - The spin-off involves restructuring and integrating multiple overseas gold mining assets into Zijin Gold International, which was established in October 2007 and focuses on gold exploration, mining, processing, and sales [2]. - After the spin-off, the shareholding structure of Zijin Mining will remain unchanged, and it will maintain control over Zijin Gold International [2]. Group 2: Financial Projections - As of the end of 2024, Zijin Gold International is projected to have net assets of approximately 21.1 billion yuan, with expected operating revenue of about 21.27 billion yuan and net profit of around 4.46 billion yuan [3]. Group 3: Mining Assets - The assets to be spun off include eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, with the largest being the Buritica Gold Mine [4][6]. - The Buritica Gold Mine has a resource amount of 333.09 tons and an annual production capacity of approximately 10,030 kilograms, making it the largest gold mine in Colombia [5][8]. Group 4: Uncertainties - There is uncertainty regarding the injection of the Buritica Gold Mine into Zijin Gold International due to ongoing illegal mining activities and a lack of comprehensive security protection from the Colombian government [9][10]. - The company has initiated arbitration with the World Bank's International Centre for Settlement of Investment Disputes to assert its rights concerning the Buritica project [9].

Group 1 - Zijin Mining plans to spin off its subsidiary Zijin Gold International for listing on the Hong Kong Stock Exchange, with a proposed issuance of no more than 15% of the total share capital post-issue [2] - Zijin Gold International, established in 2007, focuses on gold exploration, mining, processing, and sales, with total assets of 39.188 billion yuan, revenue of 21.268 billion yuan, and net profit of 4.458 billion yuan projected for 2024 [2] - Longi Green Energy's CEO Li Zhenguo resigns from his position to focus on R&D and technology management, while continuing as the head of the Central Research Institute [3] Group 2 - Foton Motor and EVE Energy plan to jointly invest 500 million yuan to establish a new energy technology company to expand their new energy heavy truck business [4] - Shandong Shanda Power's IPO registration has been approved, with an expected fundraising of 500 million yuan [6] - Guoen Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international capital operation platform [7] Group 3 - JA Solar has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [8] - Yongxi Electronics' convertible bond registration has been approved, aiming to raise up to 1.165 billion yuan for advanced packaging technology and working capital [10] - Longyuan Construction's private placement registration has been approved, with a fundraising target of 1.846 billion yuan [11] Group 4 - Hongsheng Environmental's controlling shareholder was taken into custody by law enforcement, but the company’s operations remain normal [13] - Yiming Pharmaceutical's controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [16] - Dongfang Co. has elected Zhang Xiaofan as the chairman of its seventh board of directors [22]

Core Insights - The forum organized by Beijing Antai Technology Co., Ltd. focused on the development of the non-ferrous metal industry and showcased academic insights [1][3] Group 1: Industry Challenges and Opportunities - The non-ferrous metal industry is facing multiple opportunities and challenges, including green transformation, technological breakthroughs, and global industrial chain restructuring [3] - The electrolytic copper foil industry has shifted from a shortage to a severe oversupply due to chaotic capacity expansion, leading to a significant decline in processing fees and widening losses for companies [4] - Despite a slight recovery in processing fees in Q1 2025, the industry remains in a struggling phase, with long-term oversupply expected as many paused projects may restart when demand increases [4] Group 2: Market Analysis and Strategic Recommendations - The report on the aluminum industry highlighted the complexities of trade barriers, particularly due to the escalation of the trade war by the U.S., which negatively impacts the global aluminum supply chain [5] - China is expected to maintain a dominant position in the global aluminum supply chain despite external challenges, with companies advised to adapt to new changes, enhance product value, and diversify global supply chains [5] - Various young analysts presented insights on the metal industry chain, including gold concentrate, zinc, nickel, and antimony, providing recommendations for future strategies [5]

Group 1 - The "Qinghui Cup" Youth Forum organized by Beijing Antai Technology Co., Ltd. emphasizes the importance of academic research and innovative thinking in the context of the non-ferrous metals industry facing green transformation and global supply chain restructuring [1] - The report presented by Antai's youth analyst highlights that nickel resources are crucial for national economic development, with China being the largest nickel consumer but heavily reliant on imports, necessitating the expansion of domestic nickel resource acquisition channels [1] - Recommendations include increasing nickel resource reserves, optimizing overseas resource layouts, enhancing diplomatic and security measures, and improving technological innovation and resource utilization efficiency [1] Group 2 - The report on polysilicon futures indicates that the futures will be launched on December 26, 2024, with delivery starting on April 1, 2025, and estimates the deliverable standard product quantity for 2025 to be between 297,510 tons and 545,880 tons [2] - Considering the conservative attitude of enterprises towards futures trading, the estimated deliverable quantity may decrease to 68,207 tons, representing approximately 4.10% of the national total production [2] Group 3 - The analysis of the Indonesian market for investment in alumina and bauxite highlights the rapid development of the aluminum industry in Indonesia, with rich bauxite reserves and competitive alumina costs [3] - The Indonesian government's improved foreign investment incentives and the presence of Chinese enterprises in the region indicate potential investment opportunities, although challenges such as competition for quality mineral sources and infrastructure deficiencies exist [3] - A comprehensive industrial chain layout, including alumina plants and smelting projects, is necessary for successful investment in Indonesia, rather than merely exporting raw materials [3]