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].

非银行业周报 20250615 蚂蚁有望入局稳定币业务探索非银金融新边界 2025 年 06 月 15 日 ➢ 蚂蚁国际有望启动稳定币发行资质申请，稳定币发行参与者扩容有望多层面 利好非银金融机构业务开展和创新。6 月 12 日，蚂蚁集团披露旗下香港和新加 坡分支机构将启动稳定币的发行资质申报工作，将在两地监管框架下开展相关牌 照申请。5 月底香港立法会通过了《稳定币条例》，目前蚂蚁表态参与稳定币发 行牌照，有望成为继京东之后第二家在香港布局稳定币业务的内地科技公司。伴 随稳定币的发展，相关非银机构有望受益稳定币锚定法币的托管、跨境支付、数 字贸易、真实世界资产代币化（RWA）、供应链金融等业务。 ➢ 中国太保和新华保险发布 2025 年前 5 月保费数据，二季度寿险业务保持稳 健增长态势，财险保费基本持平。1）太保寿险 2025 年前 5 月保费收入 1347.87 亿元，同比+10.2%，其中 5 月单月保费收入 194 亿元，同比+9.4%；太保财险 前 5 月保费收入 923.82 亿元，同比+0.5%，其中 5 月单月保费收入 147 亿元， 同比-0.3%；中国太保前 5 月合计保费收入 2271 ...

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]

➢ 华为开发者大会即将召开，看好华为具身智能布局加速。1）玩家维度：华 为开发者大会是近期重磅催化。华为近期在具身智能领域动作频频，即将于 6 月 20 日举办开发者大会，为后续潜在催化。去年开发者大会上，乐聚夸父人形机器 人首度亮相，今年 AI+机器人领域进展值得期待。我们认为，华为具身智能布局 不断明确，0-1 阶段想象空间最大。2）产品维度：关注边际变化最大的硬件环 节。潜在变化大的环节包括灵巧手传动方案/触觉传感器构型、类 RV 对髋关节谐 波的替代、轻量化材料选型。4 月底以来，产业链关于 PEEK 材料应用的信息催 化了细分板块的强势表现，其他环节存在类似的潜在机会。看好华为具身智能布 局加速，产品维度-看好灵巧手、轻量化等边际变化大的硬件环节。 汽车和汽车零部件行业周报 20250615 车企承诺降低账期 整零关系走向双赢 2025 年 06 月 15 日 ➢ 本周数据：2025 年 6 月第 1 周（6.2-6.8）乘用车销量 36.2 万辆，同比 +12.4%，环比-22.3%；新能源乘用车销量 20.2 万辆，同比+18.9%，环比-18.4%； 新能源渗透率 55.7%，环比+2.6pc ...

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].

电力设备及新能源周报 20250615 全球动力电池装车量同比增长，SNEC 展多厂商发布高效率组件产品 2025 年 06 月 15 日 ➢ 本周（20250609-20250613）板块行情 电力设备与新能源板块：本周下跌 0.46%，涨跌幅排名第 17，弱于上证指数。 本周核电指数涨幅最大，工控自动化跌幅最大。核电指数上涨 8.43%，太阳能 指数上涨 0.23%，锂电池指数下跌 0.40%，风力发电指数下跌 0.57%，新能源 汽车指数下跌 0.80%，储能指数下跌 1.25%，工控自动化下跌 1.29%。 ➢ 新能源车：2025 年 1-4 月全球动力电池装车量同比增长 40.2% ➢ 风险提示：政策不达预期、行业竞争加剧致价格超预期下降等。 重点公司盈利预测、估值与评级 根据 SNE Research 最新数据，2025 年 1-4 月，全球动力电池装车量达 308.5 GWh，同比增长 40.2%。从装机量来看，宁德时代以 117.6 GWh 的绝 对优势稳居榜首；比亚迪以 53.4GWh 紧随其后；LG 新能源以 31.4 GWh 位 列第三。从市场份额来看，宁德时代市占率 38.1%，比亚迪 ...

有色金属周报 20250615 地缘冲突升级，贵金属价格走强 2025 年 06 月 15 日 ➢ 本周（06/09-06/13）上证综指下跌-0.25%，沪深 300 指数下跌-0.25%，SW有 色指数上涨 3.35%，贵金属 COMEX 黄金变动+3.65%，COMEX 白银变动+0.66%。 工业金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+2.10%、-0.24%、-1.35%、 +0.94%、-2.45%、+1.63%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 2.92%、-13.54%、-4.36%、-5.80%、-1.28%、-7.38%。 ➢ 工业金属：关税调整期市场抢出口仍持续，叠加矿山大幅减产，看好工业金属价 格表现。铜方面，矿端依旧紧张，本周 SMM 进口铜精矿指数（周）报-44.75 美元/干 吨，环比减少 1.46 美元/干吨。艾芬豪发布最新的 2025 年 Kamoa-Kakula 铜产量指引 量为 37-42 万金属吨，较年初指引下降了 28%。中矿资源宣布 Tsumeb 铜冶炼厂已临 时暂停铜冶炼业务。需求端本周SMM铜线缆企业开工率76.31%，环比增长0 ...

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].