Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 2.67 per share, based on the company's strong growth potential in gold mining and favorable market conditions [3][6]. Core Insights - The company has shown significant growth in gold production and profitability, with a projected increase in gold output to 2.5 tons in 2024, marking a historic high for the company [1][3]. - The company benefits from high-grade gold mines, with a total gold resource of 55 tons and an average grade of 8.26 g/t, indicating strong potential for both organic and external growth [2][28]. - The company's revenue is expected to grow significantly, with forecasts of net profit reaching HKD 681 million in 2025, driven by increased gold production and favorable gold prices [3][5]. Summary by Sections Company Overview - The company has been in operation for nearly ten years, officially entering the gold mining business in 2017 through acquisitions of several mining companies [1][9]. - The company completed a significant acquisition in July 2023, which is expected to lead to a leap in gold production [1][9]. Financial Performance - In 2024, the company achieved revenue of HKD 1.513 billion, a year-on-year increase of 7.19%, primarily due to a reduction in gold recycling business [3][17]. - The gold mining segment saw revenue growth from HKD 582 million to HKD 1.229 billion, contributing significantly to overall profits [3][17]. - The net profit for 2024 is projected to increase by 250% to HKD 198 million, driven by higher gold prices and production [3][17]. Resource and Growth Potential - As of the end of 2024, the company holds a total gold resource of 55 tons, with the highest grade found in the Subei County mine at 10.21 g/t [2][28]. - The company has significant exploration potential in both the Tongguan and Subei mining areas, with ongoing efforts to convert exploration licenses into production [2][28]. - The company is positioned to benefit from local government initiatives aimed at consolidating mining resources and promoting efficient mining practices [51][52]. Future Outlook - The company is expected to continue its growth trajectory, with forecasts indicating net profits of HKD 681 million, HKD 843 million, and HKD 1.085 billion for 2025, 2026, and 2027 respectively [3][5]. - The anticipated increase in gold production and favorable market conditions are expected to drive revenue growth, with a projected increase in earnings per share (EPS) from HKD 0.15 in 2025 to HKD 0.25 in 2027 [3][5].

Investment Rating - The report maintains a positive investment rating for the non-bank financial sector, highlighting potential growth opportunities due to regulatory changes and market dynamics [4][37]. Core Insights - Ant Group is expected to apply for stablecoin issuance qualifications, which could expand the participation of non-bank financial institutions in various financial services, including custody, cross-border payments, and supply chain finance [1]. - China Pacific Insurance and New China Life Insurance reported robust premium growth in the life insurance sector, with China Pacific's life insurance premiums increasing by 10.2% year-on-year to CNY 134.79 billion in the first five months of 2025 [2]. - The monetary data for May shows that M1 and M2 growth rates remain high, indicating a potential economic recovery that could support stable capital market operations [3]. Summary by Sections Market Review - Major indices experienced fluctuations, with the non-bank financial index showing a gain of 1.16% [7]. - Key stocks in the brokerage and insurance sectors, such as China Galaxy and New China Life, saw positive performance, with increases of 2.22% and 2.80% respectively [7]. Securities Sector - The total trading volume in the A-share market reached CNY 7.85 trillion, with a daily average of CNY 1.31 trillion, reflecting a significant year-on-year increase of 76.18% [14]. - The IPO underwriting scale for the year reached CNY 338.80 billion, while refinancing underwriting totaled CNY 2,478.79 billion [14]. Insurance Sector - China Pacific Insurance reported a total premium income of CNY 2,271.69 billion for the first five months, up 6.0% year-on-year, while New China Life's premiums surged by 26.1% to CNY 990.86 billion [2][35]. - The life insurance sector continues to show strong growth, with both companies maintaining a positive outlook for the remainder of the year [2]. Liquidity Tracking - The central bank's operations included a net withdrawal of CNY 727 billion, with various interest rates showing mixed trends [27]. - Government bond yields decreased, indicating a supportive environment for capital market stability [27]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific, New China Life, and major brokerages like China Galaxy and CITIC Securities for potential investment opportunities [4][38]. - Non-bank financial institutions are expected to benefit from the implementation of stablecoin regulations, with companies like ZhongAn Online and Hong Kong Exchanges being highlighted as potential investment targets [4][38].

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry [5] Core Viewpoints - The automotive industry is transitioning from a zero-sum game to a win-win situation as multiple automakers commit to reducing payment terms to suppliers within 60 days, responding to government regulations and enhancing supply chain stability [2][10] - The report highlights the importance of intelligent and globalized breakthroughs in quality domestic automakers, recommending companies such as Geely, BYD, Li Auto, and Xpeng [12][4] - The upcoming Huawei Developer Conference is expected to catalyze advancements in embodied intelligence, with significant potential in hardware segments like dexterous hands and lightweight materials [3][11] Summary by Sections Weekly Perspective - Automakers are unifying payment terms to suppliers to enhance cash flow and supply chain stability, which may lead to the exit of financially weaker companies [2][10] - The report suggests focusing on quality domestic automakers that are accelerating in intelligence and globalization [12][4] Market Performance - The automotive sector underperformed the market, with a decline of 0.37% from June 9 to June 13, ranking 18th among sub-industries [27][29] Weekly Data - In the first week of June 2025, passenger car sales reached 362,000 units, a year-on-year increase of 12.4% but a month-on-month decrease of 22.3% [36][40] - New energy vehicle sales were 202,000 units, with a penetration rate of 55.7%, reflecting a 2.6 percentage point increase from the previous month [40] Key Companies - Recommended companies include Geely, BYD, Li Auto, Xpeng, and Xiaomi for passenger vehicles, and various suppliers in the new energy and intelligent driving sectors [4][15]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities in the fintech sector, particularly in stablecoins and RWA (Real World Assets) [4]. Core Insights - The report emphasizes the global regulatory evolution surrounding stablecoins, highlighting the transition from a "grey area" to a "regulatory sandbox" as major economies establish frameworks to support the industry. This regulatory clarity is expected to enhance market acceptance and reduce transaction costs [9][20]. - The report suggests that the RWA market is poised for significant growth, with projections indicating that the on-chain asset scale could exceed $2 trillion by 2030, up from over $23 billion in 2025 [16][30]. - The report identifies key companies to watch in the stablecoin and RWA sectors, including Zhongke Jincai, Jinzheng Co., and Langxin Group, among others, recommending investors to focus on these entities as they navigate the evolving landscape [30]. Summary by Sections 1. Global Evolution of Stablecoins and RWA - The report outlines the overseas development of stablecoins, noting that major economies are creating regulatory frameworks to facilitate their use in cross-border payments and digital asset transactions. This shift is expected to lead to a more structured and compliant market [9]. - In China, the report discusses the Hong Kong regulatory sandbox for stablecoins, which aims to balance financial stability with innovation, allowing for the issuance of various fiat-backed stablecoins [20][21]. 2. Investment Recommendations - The report recommends focusing on the following companies involved in stablecoins: Zhongke Jincai, Jinzheng Co., Zhong An Online, Lianlian Digital, China Everbright Holdings, Yuxin Technology, Tianyang Technology, Sifang Chuangxin, and Jingbei Fang [30]. - For RWA, the report highlights Langxin Group, Xiexin Energy, and Jieshun Technology as key players, along with potential RWA assets that could be tokenized [30]. 3. Market Review - The report provides a market review for the week of June 9-13, 2025, noting a slight decline in the CSI 300 index by 0.25% and a 2.25% drop in the computer sector, with specific stocks showing significant gains and losses [38][43].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [4]. Core Insights - The global power battery installation volume increased by 40.2% year-on-year in the first four months of 2025, reaching 308.5 GWh, with CATL leading the market with a share of 38.1% [2][9]. - The SNEC PV&ES International Photovoltaic and Energy Storage Exhibition showcased a shift towards high-efficiency N-type components, indicating a significant technological evolution in the solar industry [3][26]. - The Hami-Chongqing ±800 kV UHVDC project has been commissioned, marking a significant advancement in China's energy transmission capabilities, with a total investment of 28.6 billion yuan [4][47]. Summary by Sections 1. New Energy Vehicles - In the first four months of 2025, global power battery installation reached 308.5 GWh, a 40.2% increase year-on-year, with CATL and BYD holding a combined market share of 55.4% [2][9]. - CATL's market share rose to 38.1%, while BYD's increased to 17.3%, reflecting a strong competitive landscape [13][14]. 2. Photovoltaics - The SNEC exhibition highlighted the transition to N-type technology, with major manufacturers launching high-power components exceeding 800W [3][26]. - The industry is witnessing a shift towards perovskite technology, which is expected to drive future developments in solar cell technology [28][29]. 3. Electric Equipment and Industrial Control - The Hami-Chongqing UHVDC project, with a total investment of 28.6 billion yuan, is the first to transmit power from the desert renewable energy base, significantly enhancing energy supply security in the region [4][47]. - The project is expected to deliver over 36 billion kWh annually, replacing approximately 6 million tons of coal and reducing CO2 emissions by about 16 million tons [47].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4]. Core Views - The report highlights that geopolitical tensions are driving up precious metal prices, with gold increasing by 3.65% and silver by 0.66% during the week [1]. - Industrial metals are expected to perform well due to ongoing export demand and significant production cuts from mines, particularly in copper [2]. - The lithium market is stabilizing, with prices expected to hold steady in the short term, while cobalt prices may see upward movement due to inventory depletion [3]. - The report emphasizes the importance of central bank gold purchases and the weakening of the US dollar as key factors supporting gold prices in the medium to long term [4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index rose by 3.35% during the week, while the Shanghai Composite Index and CSI 300 both fell by 0.25% [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes fluctuations in base metal prices, with aluminum prices increasing by 2.10% and copper decreasing by 0.24% [1][12]. 2.2 Industrial Metals - Copper supply remains tight, with the SMM import copper concentrate index down by $44.75 per dry ton, a decrease of $1.46 [2]. - Domestic aluminum social inventory decreased by 44,000 tons, indicating a strong demand despite a seasonal slowdown [2]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices are expected to continue rising due to geopolitical tensions and central bank purchases, with a focus on companies like Zijin Mining and Shandong Gold [4]. - Silver prices are supported by industrial demand and are expected to perform well alongside gold [4]. 3.2 Energy Metals - Lithium prices are stabilizing, with production increasing due to prior market rebounds, while cobalt prices are anticipated to rise as inventory levels decrease [3]. - Nickel prices are under pressure due to weak downstream demand and increased production capacity, with expectations of further price declines [3][56].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, Nanjing Steel, CITIC Special Steel, Yongjin Co., and Jiuli Special Steel [3][4]. Core Insights - The steel industry is experiencing a clear seasonal downturn, with both production and demand declining, leading to a decrease in steel prices. The cost structure is shifting downward, which may improve immediate profit margins [3][4]. - The report highlights that the recent imposition of a 50% tariff on various steel appliances by the U.S. is expected to have limited impact on overall steel demand, although future policy developments could introduce uncertainties [3][4]. - The report suggests that the potential for production adjustments in crude steel is increasing due to weak domestic demand and external uncertainties, alongside a more relaxed supply of raw materials [3][4]. Summary by Sections Price Trends - As of June 13, steel prices have decreased, with HRB400 rebar priced at 3,070 CNY/ton, down 70 CNY/ton from the previous week. Other steel products also saw price declines [1][9][10]. Production and Inventory - Total steel production for the week was 8.59 million tons, a decrease of 215,300 tons from the previous week. Social inventory of major steel products fell by 36,300 tons to 9.26 million tons [2][3]. Profitability - Steel margins have improved slightly, with rebar, hot-rolled, and cold-rolled steel margins increasing by 26 CNY/ton, 32 CNY/ton, and 21 CNY/ton respectively compared to the previous week [1][3]. Investment Recommendations - The report recommends focusing on the following companies: - General Steel: Baosteel, Hualing Steel, Nanjing Steel - Special Steel: CITIC Special Steel, Yongjin Co., Xianglou New Materials - Pipe Materials: Jiuli Special Steel, Wujin Stainless Steel, Youfa Group - High-Temperature Alloy: Fushun Special Steel [3][4]. Raw Material Market - Domestic iron ore prices are stable with slight declines, while imported iron ore prices have decreased. Scrap steel prices remained unchanged [1][28].

石化周报 以伊冲突升级，布油突破 75 美元 2025 年 06 月 15 日 ➢ 以伊冲突升级，布油突破 75 美元。6 月 12 日，美国位于伊朗打击范围内的 美国大使馆被要求召开紧急应变会议，命令部分工作人员离开驻巴格达大使馆， 并允许军人家属离开中东；6 月 13 日，以色列对伊朗发动袭击，且同日伊朗领 导人宣布不再计划参加原定于周日在阿曼举行的与美国的核谈判；6 月 14 日凌 晨，伊朗对以色列做出了回应，向以发射了多轮导弹。在地缘冲突的影响下，油 价本周大幅上涨，目前布油价格已突破 75 美元/桶。短期来看，由于中东地缘冲 突和美伊谈判暂停，叠加夏季是原油消费的旺季，油价短期下跌空间较小，但 OPEC+计划 5-7 月连续 3 个月增产 41.1 万桶/日，同时市场预期后续 OPEC+的 增产行动可能会持续，因此建议持续关注地缘演变和 OPEC+的实际产量情况。 ➢ 美元指数下降；布油价格上涨；东北亚 LNG 到岸价格上涨。截至 6 月 13 日，美元指数收于 98.15，周环比-1.06 个百分点。1）原油：布伦特原油期货结 算价为 74.23 美元/桶，周环比+11.67%；WTI 期货结算价 ...

Investment Rating - The report maintains a positive investment outlook for the defense and military industry, suggesting that the military trade market may become a new growth point for the industry [10]. Core Insights - The international military trade landscape is undergoing significant changes due to ongoing geopolitical conflicts, with China poised to strengthen its position in the global military industry [1][2]. - China is transitioning from a "follower" to a "leader" in military trade, with increasing exports and a focus on high-tech, high-value products [3][4]. - The report highlights the growing demand for advanced military equipment driven by recent conflicts and increased defense budgets in various regions [4]. Summary by Sections 1. Geopolitical Conflicts and Global Military Trade Dynamics - The report discusses the escalation of geopolitical conflicts, including the Russia-Ukraine conflict and the India-Pakistan tensions, which are reshaping military power dynamics and trade patterns [2][13]. - Global military expenditure has entered a growth phase, with an estimated $2.72 trillion in 2024, marking a 9.4% increase year-on-year, the largest since the end of the Cold War [2][18]. 2. Country Analysis: China's Transition to a Leader - China's military exports are primarily focused on aircraft, accounting for 29% of total exports, with Pakistan being the largest recipient, purchasing 48% of China's total export value over the past decade [3][31]. - The report notes that China has significantly reduced its military imports, with a drop from 4.3% of global imports in 2015 to 0.2% in 2024, while its exports are shifting towards high-tech products [4][28]. 3. Development Opportunities in China's Military Trade - The report identifies a potential turning point for China's military trade, driven by international demand and China's technological capabilities [4][5]. - Key investment opportunities are highlighted in various sectors, including radar systems, guided weapons, drones, military aircraft, and armored vehicles, with specific companies recommended for investment [5][8]. 4. Global Military Trade Landscape - The U.S. remains the dominant player in global military trade, with a 39% share of exports, followed by Russia and France [21][22]. - The report emphasizes the diversification of global military imports, with Saudi Arabia and India being the largest importers, while China's import share has been declining [28][29]. 5. Key Companies and Sectors to Watch - The report suggests focusing on companies involved in radar systems, guided weapons, drones, military aircraft, and naval vessels, indicating a robust growth potential in these areas [5][8].