Investment Highlights - Company is initiating coverage on Tongguan Gold (00340) with an "outperform" rating and a target price of HKD 3.52, focusing on its operations in the Tongguan and Subei mining areas [1] - The company emphasizes exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 g/t, expecting gold sales of 2.8 tons and 3.4 tons in 2025 and 2026 respectively [1] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [1] Strategic Investment and Growth Potential - Zijin Mining's strategic investment, acquiring 3.82% of the company through its subsidiary, reflects confidence in the company's asset quality and strategic direction, with a cash prepayment of USD 25 million [1] - The collaboration with Zijin is expected to enhance the company's cash flow and provide potential for future mergers and acquisitions [1] Market Trends and Price Predictions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices, with the Chinese central bank restarting gold purchases in November 2024 [2] - The company is positioned to exceed market expectations in gold production growth due to its focus on exploration and resource expansion [2] Earnings Forecast and Valuation - Projected EPS for the company is HKD 0.16 and HKD 0.23 for 2025 and 2026, respectively, with a CAGR of 121% from 2024 to 2026 [2] - The current valuation corresponds to 17.3 times and 11.6 times the earnings for 2025 and 2026, respectively, with a target price reflecting a 30% upside from the current stock price [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 潼關黃金集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00340 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 46,223,810,000 | HKD | | 0.1 | HKD | | 4,622,381,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 46,223,810,000 | HKD | | 0.1 | HKD | | 4,622,381,000 | ...

Group 1: Market Overview - The Hong Kong stock market indices rose collectively, with the Hang Seng Index increasing by 1.61%, the National Enterprises Index by 1.77%, and the Hang Seng Tech Index by 3.36% due to rising expectations of a Federal Reserve interest rate cut [1] - Chip stocks experienced significant gains, with SMIC (00981.HK) up 12.7%, ChipMOS Technologies (02166.HK) up 10.71%, and Hua Hong Semiconductor (01347.HK) up 7.12% [1] - The AI investment surge is driving demand for semiconductor storage, supported by domestic wafer fabrication expansion plans [1] Group 2: Sector Performance - Gold and precious metals stocks saw substantial increases, with Tongguan Gold (00340.HK) rising 15.13% and Zijin Mining (02899.HK) up 3.99%, driven by lower-than-expected U.S. employment data and heightened gold price expectations [2] - The automotive supply chain, including lithium battery and electric vehicle stocks, performed well, with Tianqi Lithium (09696.HK) up 12.93% and BYD Electronics (00285.HK) up 6.63% [2] - Biopharmaceuticals, innovative drugs, and medical outsourcing sectors also showed strong performance [3] Group 3: Underperforming Sectors - The real estate sector declined, with companies like Oceanwide Holdings (03377.HK) down 4.38% and China Resources Land (01109.HK) down 3.42% [3] - Consumer sectors, including film, aviation, education, dairy products, sports goods, and luxury goods, faced pressure and showed weakness [4]

Core Viewpoint - The Hong Kong gold sector has seen a significant rally, driven by increased demand for safe-haven assets due to the U.S. government shutdown and escalating geopolitical tensions [1][7][8]. Group 1: Market Performance - Chinese Silver Group led the gains with a rise of over 30%, followed by Zijin Gold International with an increase of over 13%, and Tongguan Gold up by over 11% [1][2]. - Other companies such as Lingbao Gold, Chifeng Jilong Gold, and Zijin Mining also experienced notable increases in their stock prices [1][2]. Group 2: Gold Price Trends - COMEX gold futures showed a slight pullback but remained above the critical level of $3,890 [2]. - Spot gold maintained a high level around $3,868, providing strong support for related stocks [4]. Group 3: Drivers of Demand - The core reason for the sector's rise is the increased demand for safe-haven assets, triggered by the U.S. government shutdown, which is the first political deadlock in nearly seven years [7][8]. - The shutdown has led to significant economic uncertainty, with the U.S. Labor Department halting data collection and publication, affecting key economic indicators [8]. Group 4: Geopolitical Factors - Escalating geopolitical conflicts, particularly the recent military actions by Russia against Ukraine, have further heightened market risk aversion [9]. - The potential for further conflict in Europe has contributed to the attractiveness of gold as a hedge against political risk [9]. Group 5: Future Gold Price Predictions - Central bank gold purchases are a significant factor supporting rising gold prices, with global official gold reserves increasing by 166 tons in Q2 [10]. - Predictions indicate that gold prices could reach $4,200 per ounce by mid-2026, driven by expectations of Federal Reserve rate cuts and increased demand for safe-haven assets [10][11].

Group 1 - The Hong Kong precious metals sector experienced a significant increase, with all stocks rising [1] - China Silver Group (00815.HK) saw a rise of 22.6%, reaching HKD 0.66 per share [1] - Zijin Gold International (02259.HK) increased by 12%, trading at HKD 136 per share [1] - Lingbao Gold (03330.HK) rose by 8.02%, priced at HKD 19.93 per share [1] - Tongguan Gold (00340.HK) experienced a 6.27% increase, with shares at HKD 2.88 [1] - Chifeng Jilong Gold Mining (06693.HK) rose by 6.18%, trading at HKD 32.3 per share [1]

Group 1 - Gold stocks experienced a significant rise, with China Silver Group up 24.53%, Zijin Mining up 14.18%, Lingbao Gold up 8.02%, Tongguan Gold up 6.27%, and Chifeng Jilong Gold up 6.18% [1] - On October 1, international gold prices hit a new record, with London gold approaching $3900 per ounce and COMEX gold also surpassing $3900 per ounce [1] - The U.S. ADP employment report indicated a decrease of 32,000 jobs in the private sector for September 2025, significantly below the expected increase of 50,000 jobs, leading to a 99% probability of a 25 basis point rate cut by the Federal Reserve in October [1] Group 2 - Everbright Securities noted that if the U.S. government shuts down, economic data will cease publication, complicating Federal Reserve decision-making, which may lead to a more gradual rate cut path, favoring gold over U.S. stocks and bonds [2] - Goldman Sachs projected that by mid-2026, international gold prices could soar to $4000 per ounce, potentially reaching $4500 in extreme scenarios [2] - Goldman Sachs also stated that if the independence of the Federal Reserve is compromised and investors shift a small portion of their holdings from U.S. Treasuries to gold bars, gold prices could rise to around $5000 per ounce [2]

Group 1 - The Hong Kong stock market saw a collective rise in gold stocks, with Zijin Mining International up over 8%, China Silver Group up over 7%, and Tongguan Gold up over 4% [1] - International gold prices continued to strengthen, reaching a peak of $3,895, setting a new historical high [1] Group 2 - Zijin Mining International reported a price increase of 8.54%, with a latest price of 130.900 and a total market capitalization of 343.48 billion, reflecting an 82.85% year-to-date increase [2] - China Silver Group experienced a 7.55% rise, with a latest price of 0.570 and a total market capitalization of 14.13 billion, marking a 141.53% year-to-date increase [2] - Tongguan Gold saw a 4.80% increase, with a latest price of 2.840 and a total market capitalization of 124.89 billion, showing a remarkable 494.14% year-to-date increase [2] - China Gold International had a 3.53% rise, with a latest price of 143.700 and a total market capitalization of 569.65 billion, reflecting a 255.88% year-to-date increase [2] - Chifeng Jilong Gold Mining increased by 3.35%, with a latest price of 31.440 and a total market capitalization of 597.49 billion, showing a 132.11% year-to-date increase [2] - Lingbao Gold Company saw a 3.09% increase, with a latest price of 19.020 and a total market capitalization of 244.78 billion, reflecting a 619.60% year-to-date increase [2] - Shandong Gold experienced a 2.60% rise, with a latest price of 37.900 and a total market capitalization of 174.716 billion, marking a 210.48% year-to-date increase [2] - Zhaojin Mining Industry had a 1.41% increase, with a latest price of 31.700 and a total market capitalization of 112.294 billion, reflecting a 190.68% year-to-date increase [2] - Jinhai Resources saw a slight increase of 0.53%, with a latest price of 1.890 and a total market capitalization of 3.78 billion, marking a 127.71% year-to-date increase [2]

Group 1 - The core point of the article is the announcement of Wang Dequan's appointment as the CEO of Tongguan Gold, effective from October 1, 2025 [1] Group 2 - The announcement was made by Tongguan Gold on September 29 [1] - The company is listed under the stock code 00340.HK [1]

Group 1 - The core point of the article is the appointment of Mr. Wang Dequan as the Chief Executive Officer of Tongguan Gold, effective from October 1, 2025 [1]

Core Viewpoint - Tongguan Gold (00340) announced the appointment of Mr. Wang Dequan as the Chief Executive Officer, effective from October 1, 2025 [1] Group 1 - Mr. Wang Dequan will take on the role of CEO for the company [1]