Core Viewpoint - The gold stocks have generally rebounded, with notable increases in share prices for several companies in the sector [1]. Company Performance - China Silver Group (00815.HK) increased by 3.45%, reaching HKD 0.6 [1]. - China Gold International (02099.HK) rose by 2.83%, with shares priced at HKD 127.2 [1]. - Zijin Mining (02899.HK) saw a 2.13% increase, trading at HKD 30.66 [1]. - Zhaojin Mining (01818.HK) gained 1.87%, with a share price of HKD 28.36 [1]. - Shandong Gold (01787.HK) experienced a 1.28% rise, priced at HKD 31.56 [1].

Core Viewpoint - The gold stocks have generally rebounded, with notable increases in share prices for several companies in the sector, driven by a recent rise in spot gold prices and market expectations regarding U.S. government operations and economic data [1] Group 1: Company Performance - China Silver Group (00815) increased by 3.45%, reaching HKD 0.6 [1] - China Gold International (02099) rose by 2.83%, reaching HKD 127.2 [1] - Zijin Mining (02899) saw a 2.13% increase, reaching HKD 30.66 [1] - Zhaojin Mining (01818) grew by 1.87%, reaching HKD 28.36 [1] - Shandong Gold (01787) increased by 1.28%, reaching HKD 31.56 [1] Group 2: Market Analysis - On November 5, spot gold rebounded from a low, briefly surpassing USD 3970 per ounce [1] - CITIC Futures noted a continued fluctuation in precious metals due to declining global risk asset sentiment [1] - UBS analysts indicated that the current pullback in the gold market is temporary, with potential for gold prices to reach USD 4200 per ounce [1] - In optimistic scenarios, if geopolitical or market risks escalate, gold prices could potentially rise to USD 4700 per ounce [1]

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

Group 1 - Lingbao Gold experienced a decline of over 5% [1] - Jihai Resources, Tongguan Gold, and Zijin Mining fell by more than 4% [1] - Zhaojin Mining, Shandong Gold, Chifeng Jilong Gold, China Silver Group, and China Gold International dropped by over 3% [1]

Group 1 - Hong Kong gold stocks continue to decline, with Lingbao Gold (03330.HK) down 4.27% to HKD 15.9 [1] - Jihai Resources (02489.HK) decreased by 3.55%, trading at HKD 1.36 [1] - China Silver Group (00815.HK) fell 3.23% to HKD 0.6 [1] - China Gold International (02099.HK) dropped 2.65%, priced at HKD 125 [1]

Core Viewpoint - Gold stocks continue to decline, with significant drops in major companies, reflecting a broader trend in the gold market as spot gold prices fall below $3980 per ounce, marking a decline of over 9% from the peak on October 20 [1] Company Performance - Lingbao Gold (03330) decreased by 4.27%, trading at HKD 15.9 [1] - Jihai Resources (02489) fell by 3.55%, trading at HKD 1.36 [1] - China Silver Group (00815) dropped by 3.23%, trading at HKD 0.6 [1] - China Gold International (02099) declined by 2.65%, trading at HKD 125 [1] Market Analysis - On November 4, spot gold prices fell by 0.53%, indicating a significant market correction [1] - The decline in gold prices is attributed to high implied volatility and profit-taking after substantial gains, alongside a weakening trend in capital inflow [1] - The market has over-priced geopolitical instability, with recent easing in tensions between the US and China, as well as the Russia-Ukraine conflict [1] Future Outlook - Short-term gold prices are expected to remain relatively high with significant volatility, while geopolitical risks are diminishing [1] - Without unexpected positive stimuli, London gold is anticipated to consolidate and fluctuate until the end of the year, with potential for new highs in the first quarter of the following year [1] - Future increases in gold prices may require two conditions: a reduction in implied volatility to levels seen in August-September and new macroeconomic driving factors [1]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國白銀集團有限公司 呈交日期: 2025年11月3日 FF301 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) | 00815 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | 本月 ...

Core Viewpoint - The Hong Kong gold stocks experienced a collective decline, influenced by a drop in spot gold prices and new tax policies announced by the Chinese government, which aim to regulate excessive speculation in the gold market [1]. Group 1: Market Performance - Chinese gold stocks such as China Gold International, Shandong Gold, and Zijin Mining saw declines exceeding 4%, 3%, and 3% respectively [1]. - Spot gold prices fell below $3970 per ounce, marking a decrease of 0.84% [1]. - The latest prices and percentage changes for various gold stocks are as follows: - China Gold International: $126.100, -4.03% - Shandong Gold: $31.600, -3.36% - China Silver Group: $0.610, -3.17% - Zijin Mining: $127.700, -2.82% [1]. Group 2: Regulatory Changes - The Ministry of Finance and the State Taxation Administration of China announced new tax policies regarding gold, effective from November 1, 2025, until December 31, 2027 [1]. - The new policies are designed to curb excessive speculation in gold trading and to better reflect market demand through tax leverage and investment usage explanations [1]. Group 3: Expert Commentary - Professor Gong Xiuguo from Sichuan University highlighted the risks associated with the influx of investors into the gold market amid global uncertainties and high gold prices [1]. - The new tax policies are expected to mitigate speculative trading and provide a more accurate representation of market demand [1].

Core Viewpoint - The rise in gold prices has led to a collective increase in Hong Kong's gold stocks, with significant gains observed across various companies in the sector [1] Group 1: Market Performance - Gold stocks in Hong Kong experienced notable increases, with China Silver Group rising by 7%, Zijin Gold International by over 6%, and Zijin Mining by nearly 4% [1] - Other companies such as China National Gold International and Zhaojin Mining saw increases of 3.3%, while Chifeng Jilong Gold, Shandong Gold, and Lingbao Gold all rose by over 1% [1] Group 2: Gold Price Movement - Gold prices in Asia rose, with spot gold increasing by 0.5% to $3,949.47 per ounce, following a dip after Federal Reserve Chairman Jerome Powell's speech [1] - Powell's remarks suggested that a rate cut in December is not guaranteed, which may limit the extent of gold price increases [1] Group 3: Future Outlook - According to Metals Focus, the overall trend for precious metals is expected to be strong in 2025, with gold prices having risen 66% year-to-date and reaching a peak of over $4,380 per ounce [1] - Concerns regarding the sustainability of U.S. debt, a weakening dollar, increased gold purchases by central banks, and rising expectations for Fed rate cuts are driving the bullish outlook for gold prices, which are anticipated to continue rising and set new records in 2026 [1]

Core Viewpoint - Gold stocks generally opened lower, indicating a negative market sentiment towards the gold sector [1] Company Summaries - China Gold International (02099.HK) decreased by 3.31%, trading at 125.7 HKD [1] - Tongguan Gold (00340.HK) fell by 2.92%, with a price of 2.66 HKD [1] - Shandong Gold (01787.HK) dropped by 1.73%, currently at 33 HKD [1] - China Silver Group (00815.HK) declined by 1.56%, priced at 0.63 HKD [1] - Chifeng Jilong Gold Mining (06693.HK) saw a decrease of 1.43%, trading at 28.96 HKD [1]