证券代码：000737 证券简称：北方铜业 北方铜业股份有限公司 投资者关系活动记录表 2 6、公司如何开展套期保值？ 公司根据原料来源不同制定相应的套期保值方案。其中：外 购铜原料根据原料进厂时间、数量、作价方式、加工费、期间费 用等因素确定保值价位、保值合约月份、头寸布置等；自产铜根 据产量安排、成本、生产周期、目标利润等因素确定保值价位、 保值合约月份、保值比例等。 7、近期铜冶炼加工费价格是什么情况，公司长单占比如何？ 目前，铜冶炼加工费持续低迷，给公司带来经营压力。公司 铜精矿采购采用长单、现货模式，公司长期以来与各大供应商保 持稳定的合作关系，积极与供应商谈判，努力稳定长单供应量， 争取保障生产有序开展。 关于本次活动是 否涉及应披露重 大信息的说明 无 附件清单（如有） 无 日期 2025 年 7 月 10 日-7 月 11 日 编号：2025-05 3 | 投资者关系 | □特定对象调研□分析师会议 | | --- | --- | | 活动类别 | □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） | | 参与单位 ...

Group 1: Silver Price Trends - Silver prices have risen significantly, with Shanghai 1 silver ingot price reaching 8800 RMB/kg, a 15.9% increase since the beginning of the year, and the main futures contract closing at 8792 RMB/kg, reflecting a 14.5% increase [1] - The price of silver reached a high of 9075 RMB/kg on June 18, marking a new record since the contract's inception, while COMEX silver prices peaked at 37.405 USD/oz, the highest since 2012 [1] - Factors such as geopolitical tensions and high gold prices have opened a channel for silver price increases, benefiting mining companies [1][2] Group 2: Industrial and Financial Demand - Silver's dual nature as both a financial and industrial metal makes it attractive for investors seeking undervalued assets, especially as gold prices rise [2] - Industrial demand for silver exceeds 50%, making it more sensitive to economic cycles compared to gold, but its financial attributes resonate with global energy transitions, enhancing its investment value [2][3] - The recent expectations of a Federal Reserve interest rate cut and concerns over the dollar's credibility may further drive silver prices upward [3] Group 3: Mining and Recycling Companies - Mining companies are likely to benefit from rising silver prices, with companies like Shengda Resources reporting no issues with sales despite price increases [4] - Shengda Resources anticipates revenue growth in 2024 due to rising metal prices, with a projected silver ingot production of 25.32 tons and a silver concentrate output of 413.15 tons [4] - In contrast, silver recycling companies face varied impacts from price increases, with business models affecting their cash flow and profitability [5] Group 4: Recycling Business Models - The silver recycling industry is divided into "buyout" and "processing" models, where the buyout model faces increased costs due to rising silver prices, impacting cash flow [5] - Companies operating under the processing model are less affected by price fluctuations, as they do not hold ownership of the silver and only charge processing fees [5]

证券代码：000737 证券简称：北方铜业 北方铜业股份有限公司 投资者关系活动记录表 编号：2025-04 | 投资者关系 | □特定对象调研□分析师会议 | | --- | --- | | 活动类别 | □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） | | 参与单位名称及 | 现场参观的投资者 | | 人员姓名 | | | 时间 2025 | 年 6 月 25 日 (周三) 14:30~16:30 | | 地点 | 山西北铜新材料科技有限公司铜箔车间、会议室 | | 形式 | 现场参观、座谈交流 | | 上市公司参加 | 1、董事会秘书杨云涛 | | 人员姓名 | 2、证券事务代表马雪丽 | | | 3、山西北铜新材料科技有限公司副经理 吕俊栋 | | | 1、北方铜业基本情况介绍 北方铜业股份有限公司（以下简称"公司"）主营铜金属的 | | | 开采、选矿、冶炼及压延加工等，公司的业务覆盖铜业务主要产 | | 交流内容及 | 业链，是具有深厚行业积淀的有色金属企业。 | | 具体问答记录 | 公司主要产品为阴极铜、金锭、 ...

湖南白银一直专注白银产业，拥有全国领先的白银清洁冶炼、综合回收和精深加工技术，目前已形成上 游铅锌银矿采选、中游多金属冶炼综合回收和下游银基深加工的全产业链发展模式。公司现有白银产能 2000吨/年，是我国白银生产和出口的重要基地之一。公司主要产品有银锭、金锭、铅锭、硝酸银、精 铋、精碲、锑白、电积铜、钯粉及银制工艺品等，其中"金贵"牌银锭属英国伦敦金银市场协会白银合格 交割品牌，"金贵"牌银锭、铅锭产品均属上海期货交易所交割品牌。 袁志勇向《证券日报》记者表示："近年来，湖南白银通过司法重整和重大资产重组，实现了经营业绩 的持续改善。目前正是公司奋发进取，对标行业领军企业迎头赶超的关键时期。公司亟需通过创新举措 激发内生动力，实现业绩增长。推出'回购股份+股权激励'的'组合拳'，能让大家的心往一处想，劲往一 处使，形成'一盘棋、一条心、一股绳'的良好格局，为公司和股东创造更大回报。" 湖南大学经济与贸易学院副院长曹二保教授向《证券日报》记者表示："从需求端来看，新能源技术进 步推动有色金属需求增长，高端制造业升级重塑了有色金属应用场景，全球基建市场复苏带来有色金属 增量需求。从供应端来看，资源开发周期延长， ...

证券研究报告 | 2025年06月18日 灵宝黄金（03330.HK） 优于大市 扎根河南，拓展海外，黄金矿企进入发展快车道 扎根河南的黄金矿企。公司是河南省黄金采选冶领军企业，目前形成日采 选矿石 7000 吨的生产规模，2024 年产矿产金 5.2 吨，占国内金矿产量 1.37%。2024 年公司营收中，金锭业务收入占税前收入的 96.8%。公司矿山 资源分别位于中国河南、新疆、江西、内蒙古及甘肃及吉尔吉斯，拥有 37 个采矿权及勘探权，总探采面积达 216.04 平方公里。截至 2024 年底， 公司总黄金储备资源量约 131.81 吨（约 4.1 百万盎司），矿产金产量 5.2 吨。 金价有望继续保持强势。美元信用边际走弱刺激黄金需求，年初至今（截 止至 6 月 11 日），美元指数已下跌 9.1%：不改下降趋势。央行购金对 金价形成中长期推力。全球央行购金量连续 3 年超过 1000 吨，远超 2010-2021 年平均 473 吨的水平。俄乌冲突和中东局势或持续扰动市场 情绪，黄金受多重因素影响有望继续保持强势。 公司拥有五大矿山基地和一个冶炼加工企业：灵宝南山、南阳桐柏兴源、 新疆哈巴河华泰、内 ...

Core Viewpoint - The announcement of a joint equity transfer agreement between Everest Gold (珠峰黄金) and China Silver Group (中国白银集团) indicates strategic moves to diversify business risks amid weak retail sales growth in the jewelry sector [1][2] Group 1: Equity Transfer Agreement - Everest Gold's wholly-owned subsidiary and China Silver's non-wholly-owned subsidiary will acquire 35% and 20% stakes, respectively, in Jiangxi Yiding Trading Co., with the purchase prices set at RMB 3.5 million and RMB 2 million [1] - Following the completion of the acquisition, Jiangxi Yiding Trading will be accounted for as an associate company of Everest Gold, while its financial performance will not be consolidated into Everest Gold's financial statements [1] Group 2: Company Profiles - China Silver Group is recognized as a leading comprehensive enterprise in the silver and precious metals industry in China, primarily engaged in the manufacturing and sales of silver ingots, palladium, and other non-ferrous metals [1] - Everest Gold Group focuses on the design and sales of gold, silver, and other jewelry products [1]

证券代码：000737 证券简称：北方铜业 北方铜业股份有限公司 | 投资者关系 | □特定对象调研  分析师会议 | | --- | --- | | 活动类别 | □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） | | 参与单位名称及 | 国泰海通兰洋 | | 人员姓名 | 鹏华基金曾欣 | | | 南方基金唐沈洋 | | | 太平资产邵一真 | | | 华泰资产季熠 | | 时间 | 年 月 日 (周二) 16:00~17:00 2025 6 17 | | 地点 | 公司总部会议室 | | 形式 | 电话会议 | | 上市公司参加 | 1、董事会秘书杨云涛 | | 人员姓名 | 2、证券事务代表马雪丽 | | | 1、北方铜业基本情况介绍 北方铜业股份有限公司（以下简称"公司"）主营铜金属的 | | 交流内容及 | 开采、选矿、冶炼及压延加工等，公司的业务覆盖铜业务主要产 | | | 业链，是具有深厚行业积淀的有色金属企业。 | | 具体问答记录 | 公司主要产品为阴极铜、金锭、银锭、铜合金带材及压延铜 | | | 箔，副 ...

Core Viewpoint - Shenzhen Zhongjin Lingnan Nonfemet Company maintains a stable credit rating of AA+ based on its strong resource reserves, operational advantages, and improved debt repayment indicators, despite facing challenges from fluctuating metal prices and rising inventory costs [2][4][9]. Financial Overview - Total assets increased from 326.57 billion in 2022 to 484.78 billion in 2025 [7]. - Owner's equity rose from 152.95 billion in 2022 to 178.73 billion in 2025 [7]. - Total liabilities increased from 173.62 billion in 2022 to 306.06 billion in 2025 [7]. - Total revenue decreased from 656.47 billion in 2023 to 598.62 billion in 2024, with a net profit of 13.21 billion in 2024 [7][31]. - The operating cash flow showed a decline, with a net cash flow of -2.82 billion in the first quarter of 2025 [7]. Industry Context - The nonferrous metal industry is cyclical and closely tied to global economic conditions, with significant price volatility impacting profitability [11]. - The lead and zinc market is expected to face supply pressures in 2025, with potential price declines due to increased production and changing consumption patterns [12][13]. - Copper prices are projected to rise in 2025, supported by domestic demand, although processing fees are under pressure [15][31]. Company Strengths - The company has rich lead and zinc resource reserves and a complete industrial chain, with significant scale and technical advantages in smelting operations [9][11]. - The company benefits from strong external support from its state-owned parent company, enhancing its operational stability [11][16]. - The company is actively expanding its new materials segment, which is expected to contribute to future growth [19][31]. Risks and Challenges - The company faces challenges from declining processing fees and rising inventory costs, which could pressure profit margins [4][9][26]. - The ongoing construction of new projects may require significant capital expenditures, impacting liquidity [30][31]. - The company must navigate the uncertainties in global economic conditions and commodity prices, which could affect its financial performance [11][12].

Core Viewpoint - The value of old silver ingots has significantly increased, transforming them into a hidden wealth opportunity in the current market [3][5][7]. Group 1: Market Dynamics - The price of silver has surged to 8.79 yuan per gram, indicating a strong economic trend [3]. - Old silver ingots, especially those with official mint marks and in good condition, can fetch prices several times, even dozens of times, their actual silver content [5][7]. Group 2: Historical and Cultural Significance - The value of old silver ingots is not solely based on their metal content but also on their historical significance and cultural depth [5][8]. - Collectors have begun to recognize the historical value of these ingots, which were once seen as burdens, leading to a dramatic increase in their perceived worth over the past one to two decades [5][7]. Group 3: Investment Perspective - Investors are starting to reassess their asset allocations, realizing that silver ingots, once undervalued, are becoming a viable channel for wealth accumulation [8]. - The appreciation of old silver ingots reflects a broader trend where the true value of collectibles is recognized over time, suggesting that those who invest wisely can benefit significantly [7][8].

截至6月6日收盘，灵宝黄金（03330.HK）报12.400港元，较上个交易日上涨2.65%，当日盘中最高价触 及12.560港元，创近一年新高。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 灵宝黄金集团股份有限公司("灵宝黄金"或"公司")成立于2002年9月,2006年1月在香港联合交易所主板上 市(股票简称:灵宝黄金;股票代码:03330)。深圳杰思伟业控股股份有限公司(简称:深圳杰思伟业)现为灵宝 黄金的控股股东。公司主营业务是黄金及其伴生元素的勘探、采选、冶炼、精炼、网上交易等生产经营 领域。主要产品有"灵金"牌国标金锭、银锭、电解铜、硫酸等,目前拥有五大矿山生产基地和一个冶炼 加工企业,即河南灵宝南山、河南南阳桐柏兴源、新疆哈巴河华泰、内蒙古赤峰金蟾、吉国富金和河南 灵宝黄金冶炼分公司,形成了日采选矿石7000吨,日处理金精矿1000吨,年产黄金30吨,白银30吨,电解铜1.5 万吨,工业硫酸10万吨的生产规模。年实现销售收入超100亿元,利税超4亿余元。未来,公司将以"为社会 创造财富、为企业创造效益、为员工创造价值"为宗旨,着眼行业发展 ...