Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [2]. Core Views - The report highlights a bullish outlook for precious metals, particularly silver, driven by rising interest rate cut expectations and a weakening dollar, with silver prices reaching new highs [1][34]. - For industrial metals, the report is optimistic about copper prices due to macroeconomic easing and seasonal demand, while aluminum prices are expected to fluctuate in the short term [1][4]. - Energy metals, particularly lithium, are experiencing price declines amid weaker market sentiment, although demand remains stable due to seasonal factors [1][24]. Summary by Sections Precious Metals - Silver prices have surged, with COMEX silver reaching $40.75 per ounce, marking a significant technical breakout [1][34]. - Gold prices are also approaching $3,500 per ounce, with expectations of inflation rising in the U.S. economy [1][34]. Industrial Metals - Copper: The report anticipates a price increase due to macroeconomic easing and seasonal demand, with global refined copper production expected to rise by 3.6% year-on-year [1][4]. - Aluminum: The report notes a slight increase in theoretical operating capacity in China's aluminum industry, but anticipates price fluctuations due to mixed production adjustments [1][4]. Energy Metals - Lithium: Prices have declined, with battery-grade lithium carbonate dropping to 80,000 yuan per ton, while production and inventory levels are also decreasing [1][24]. - Metal Silicon: The report indicates stable supply and demand dynamics, with short-term price fluctuations expected [1][24]. Key Stocks - The report recommends several stocks in the non-ferrous metals sector, including: - Shandong Gold (Buy) with an EPS forecast of 1.75 yuan for 2027 [3]. - Chifeng Jilong Gold Mining (Buy) with an EPS forecast of 2.01 yuan for 2027 [3]. - China Hongqiao Group (Buy) with an EPS forecast of 2.83 yuan for 2027 [3].

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.08.29 | 892.35 | 25.440 | 25.440 | 22701.38 | | 2025.08.28 | 1057.45 | 25.160 | 25.160 | 26605.44 | | 2025.08.26 | 203.40 | 24.620 | 24.620 | 5007.71 | | 2025.08.22 | 1302.70 | 24.160 | 24.160 | 31473.23 | | 2025.08.21 | 146.95 | 23.940 | 23.860 | 3516.03 | | 2025.08.20 | 331.80 | 23.700 | 23.280 | 7840.33 | | 2025.08.19 | 398.15 | 23.460 | 23.380 | 9328.65 | | 2025.08.18 | 1015.10 | 23.240 | 22.100 | 23443.53 | | 2 ...

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

中国宏桥(01378.HK)8月29日耗资2.27亿港元回购892.35万股 中国宏桥(01378.HK)8月28日耗资2.66亿港 元回购1057.45万股 相关事件 格隆汇8月29日丨中国宏桥(01378.HK)发布公告，2025年8月29日耗资2.27亿港元回购892.35万股，回购 价格每股25.44港元。 ...

智通财经APP讯，中国宏桥(01378)发布公告，于2025年8月29日，该公司斥资2.27亿港元回购892.35万 股。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 01378 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫 ...

中国宏桥(01378)发布公告，本公司的子公司山东宏桥新型材料有限公司(山东宏桥)于2025年上半年取得 营业收入782.08亿元，同比增加8.55%;归属于母公司所有者的净利润124.67亿元，同比增加27.49%。 ...

智通财经APP讯，中国宏桥(01378)发布公告，本公司的子公司山东宏桥新型材料有限公司(山东宏桥)于 2025年上半年取得营业收入782.08亿元，同比增加8.55%;归属于母公司所有者的净利润124.67亿元，同 比增加27.49%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 （根據開曼群島法例成立的有限公司） （股份代號：1378） 自願公告 本公告乃由中國宏橋集團有限公司（「本公司」）自願作出。 本公司之子公司山東宏橋新型材料有限公司（「山東宏橋」）的二零二五年中期財務資料已經在上海證 券交易所網站(http://www.sse.com.cn)進行披露。由於山東宏橋的二零二五年中期財務資料僅有中文 版本，本公司謹此提供由山東宏橋所編製於二零二五年六月三十日之未經審核合併資產負債表及截 至該日止六個月的未經審核合併利潤表。 本公司董事會謹此提醒投資者，本公告所載山東宏橋之財務資料乃根據中國公認會計原則及未經審 核管理賬目編製。有關資料未經山東宏橋之核數師審閱或審核。 投資者應注意不可過份依賴有關資料，於買賣本公司股份時務請審慎行事。 China Hongqiao Group Limited 中國宏橋集團有限公司 1 資產負債表（合併） 單位：山東宏橋新型材料有限公司 日期： ...

Summary of Key Points Core Viewpoint - On August 28, 28 Hong Kong-listed companies conducted share buybacks, totaling 27.99 million shares and an aggregate amount of HKD 921 million [1]. Group 1: Share Buyback Details - Tencent Holdings repurchased 927,000 shares for HKD 551 million, with a highest price of HKD 598.50 and a lowest price of HKD 590.50, bringing its total buyback amount for the year to HKD 44.999 billion [1][2]. - China Hongqiao repurchased 10.5745 million shares for HKD 26.605 million, with a highest price of HKD 25.16, totaling HKD 3.684 billion for the year [1][2]. - Hang Seng Bank repurchased 210,000 shares for HKD 23.5847 million, with a highest price of HKD 112.60 and a lowest price of HKD 111.50, totaling HKD 45.570 million for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on August 28 was from Tencent Holdings at HKD 551 million, followed by China Hongqiao at HKD 26.605 million [1][2]. - In terms of share quantity, China Hongqiao led with 10.5745 million shares repurchased, followed by IGG and Tianli International Holdings with 3.62 million and 2.672 million shares, respectively [1][2]. Group 3: Additional Buyback Information - Tianli International Holdings conducted its first buyback of the year on this date, repurchasing 2.672 million shares for HKD 983,090 [2]. - Other notable companies involved in buybacks include MGM China and IGG, with respective amounts of HKD 15.9533 million and HKD 1.59236 million [1][2].