山东黄金公告称，为满足全资子公司山东黄金香港公司资金需求，公司拟为其向银团及招商银行伦敦分 行申请的2.5亿美元融资提供连带责任保证担保，无反担保。公司2025年度为该子公司提供的担保额度 不超18亿美元，本次担保前余额为9.61亿美元，担保后为12.11亿美元，剩余可用额度5.89亿美元。截至 公告日，公司对外担保总额95.47亿元，占最近一期经审计净资产的25.26%，无逾期担保。 ...

Core Viewpoint - Gold stocks collectively declined ahead of the Federal Reserve's interest rate decision, indicating market sensitivity to upcoming monetary policy announcements [1] Group 1: Market Performance - Zijin Mining International (02259) fell by 4.07%, trading at 141.5 HKD - Shandong Gold (01787) decreased by 3.68%, trading at 33.52 HKD - China Silver Group (00815) dropped by 2.82%, trading at 0.69 HKD - Chifeng Jilong Gold Mining (06693) declined by 1.84%, trading at 29.84 HKD [1] Group 2: Market Sentiment and Predictions - Copper Crown Jin Yuan Futures noted that the long-term logic for rising precious metal prices remains solid, but short-term market pricing may be overly optimistic, with potential risks of a market correction if the Fed's dovish stance is less than expected [1] - Xinda Futures projected that gold prices are likely to continue a high-level oscillation in the short term, with the true direction depending on the upcoming interest rate meeting [1] - Current market expectations for a rate cut in December are well-formed, which may limit upward price movement, while downward support is provided by weak economic data and expectations of a long-term easing path [1]

每经AI快讯，港股黄金股集体走低。截至发稿，紫金黄金国际(02259.HK)跌4.07%，报141.5港元；山东 黄金(01787.HK)跌3.68%，报33.52港元；中国白银集团(00815.HK)跌2.82%，报0.69港元；赤峰黄金 (06693.HK)跌1.84%，报29.84港元。 （文章来源：每日经济新闻） ...

消息面上，北京时间12月11日凌晨，美联储将公布12月利率决议，随后美联储主席鲍威尔将举行新闻发 布会。铜冠金源期货认为，贵金属价格长期上涨的逻辑依然坚实，但短期市场对于利多的定价已较为充 分，也需警惕降息靴子落地后，或者鲍威尔会后降息鸽派不及预期而导致市场情绪变化出现的回调风 险。 信达期货指出，展望未来，短期来看，金价大概率延续高位震荡格局，但真正的方向选择将取决于本周 议息会议。市场当前对于12月降息已形成较充分预期，价格上行空间受到一定压制，而下方支撑来自经 济数据偏弱与中长期宽松路径的预期。重点关注鲍威尔的前瞻指引是否重塑市场对明年利率路径的预 期，这将决定金价能否摆脱区间格局、迎来新的趋势方向。 智通财经APP获悉，黄金股集体走低，截至发稿，紫金黄金国际(02259)跌4.07%，报141.5港元；山东黄 金(01787)跌3.68%，报33.52港元；中国白银集团(00815)跌2.82%，报0.69港元；赤峰黄金(06693)跌 1.84%，报29.84港元。 ...

值得注意的是，菲律宾与俄罗斯央行此前先后释放抛售黄金意向。紫金天风期货此前表示，菲律宾抛售 行为属外汇管理范畴，并非战略转向；俄罗斯出售黄金储备成为缓解预算压力的现实选择。该行指出， 个别央行的战术调整，并不足以扭转全球储备体系向多元化、非中心化演进的结构性趋势。 黄金股跌幅扩大，截至发稿，山东黄金(01787)跌3.78%，报34.14港元；中国白银集团(00815)跌1.41%， 报0.7港元；赤峰黄金(06693)跌2.1%，报29.78港元；潼关黄金(00340)跌1.84%，报2.67港元。 消息面上，欧洲央行已要求意大利政府重新审视其推动将该国黄金储备宣布为意大利人民财产的提案， 此举最终可能导致意大利政府出售部分黄金储备。意大利央行持有黄金储备2452吨，为全球第三大黄金 储备。 ...

消息面上，欧洲央行已要求意大利政府重新审视其推动将该国黄金储备宣布为意大利人民财产的提案， 此举最终可能导致意大利政府出售部分黄金储备。意大利央行持有黄金储备2452吨，为全球第三大黄金 储备。 值得注意的是，菲律宾与俄罗斯央行此前先后释放抛售黄金意向。紫金天风期货此前表示，菲律宾抛售 行为属外汇管理范畴，并非战略转向；俄罗斯出售黄金储备成为缓解预算压力的现实选择。该行指出， 个别央行的战术调整，并不足以扭转全球储备体系向多元化、非中心化演进的结构性趋势。 智通财经APP获悉，黄金股跌幅扩大，截至发稿，山东黄金(01787)跌3.78%，报34.14港元；中国白银集 团(00815)跌1.41%，报0.7港元；赤峰黄金(06693)跌2.1%，报29.78港元；潼关黄金(00340)跌1.84%，报 2.67港元。 ...

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11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: 山東黃金礦業股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Market Performance - The Hang Seng Index closed at 26,033.26, up by 0.67%, recovering above the 26,000 mark [1][2] - The Hang Seng Technology Index increased by 0.82% [1][2] - Sectors such as non-ferrous metals, transportation, electrical equipment, and semiconductors showed significant gains, while sectors like environmental protection and pharmaceuticals experienced declines [2] Gold Stocks - Gold stocks performed strongly, with China Gold International rising over 11%, Zijin Mining and China Silver Group increasing by over 5%, and Lingbao Gold and Shandong Gold up by over 4% [3][4] - Specific stock performances include: - China Gold International: 165.500c, up 11.37% - China Silver Group: 0.750c, up 5.63% - Zijin Mining: 32.320c, up 5.28% - Lingbao Gold: 17.070c, up 4.21% - Shandong Gold: 35.980c, up 4.05% [4] Company Developments - ZTE Corporation saw a nearly 14% increase in its stock price [5] - ByteDance announced the release of a technical preview version of the Doubao Phone Assistant, developed in collaboration with mobile manufacturers, with ZTE being the only disclosed partner [5] - TATA Health resumed trading after more than 1.5 years, with an intraday increase exceeding 720%, closing up over 566% [6]

截至月份: 2025年11月30日 狀態: 新提交 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 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600547 | 說明 | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,614,443,347 | RMB | | 1 RMB | | 3,614,443,347 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,614,443,347 | RMB | | 1 RMB | | 3,614,443,347 | 本月底法定/註冊股本總額： RMB 4,609,929,525 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 20 ...

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The report highlights the continued trading around December interest rate cuts and the geopolitical issues surrounding Russia and Ukraine. The probability of a December rate cut is currently at 85%, with several Federal Reserve officials supporting the continuation of rate cuts. This has led to a decrease in U.S. Treasury yields and an increase in gold prices. However, the upcoming FOMC meeting will also focus on the dot plot and comments from Powell, which may impact short-term gold prices [2][11]. - The uncertainty surrounding the Russia-Ukraine negotiations remains significant, with recent proposals from the U.S. and Europe facing resistance from Ukraine and Russia. The report suggests that substantive territorial issues are challenging to resolve, indicating a complex negotiation landscape ahead [2][11]. - The potential appointment of Hassett as the Federal Reserve Chair could further strengthen gold prices, as his dovish stance may enhance market expectations for future rate cuts and raise concerns about the Fed's independence [2][11]. Summary by Sections Weekly Research Views - The report discusses the ongoing focus on December interest rate cuts and geopolitical tensions, emphasizing the high probability of a rate cut and its implications for gold prices. It also notes the complexities in the Russia-Ukraine negotiations and the potential impact of a new Fed Chair on market expectations [2][11]. Sector Performance - The report indicates that the Shanghai Composite Index rose by 1.40%, while the non-ferrous metals index increased by 3.42%, outperforming the market by 2.02%. The top-performing sub-sectors included tungsten, lead-zinc, and nickel-cobalt-tin [13][14]. Metal Prices and Inventories - The report notes a general increase in metal prices, with LME copper reaching $11,189 per ton, marking a 3.8% increase. Other metals also saw price increases, with significant movements in lithium and cobalt prices. The report highlights the ongoing bullish sentiment in the copper market, driven by expectations of rate cuts and supply constraints [12][32][46].