Core Viewpoint - The Hong Kong stock market saw a significant decline in gold and precious metal stocks, driven by a sharp sell-off in the precious metals market after weeks of price increases, with gold experiencing its largest single-day drop in 12 years [1] Group 1: Market Performance - Gold and precious metal stocks opened lower across the board, with notable declines including Long Resources down 9%, Datang Gold down nearly 9%, and Zijin Gold International, Shandong Gold, and Jihai Resources down over 6% [1] - The sell-off in the precious metals market was marked by a nearly $280 drop in spot gold, which fell below $1,900, and spot silver plummeting over 8%, falling below $48, marking its largest drop since February 2021 [1] Group 2: Contributing Factors - Multiple factors contributed to the decline in precious metals, including positive developments in international trade negotiations, a strengthening US dollar, technical overbought conditions, uncertainty due to the US federal government shutdown, and the end of seasonal buying in India [1]

国泰海通证券认为，短期波动不改港股四季度牛市行情，其中恒生科技空间最大。首先，港股互联网巨 头受益AI叙事发酵，港股资产结构优势有望凸显。其次，伴随美联储重启降息，港股外资力量回流存 在超预期可能。最后，南向资金有望继续流入，有望推动港股行情继续向上。结构上，AI驱动下，港 股科技仍是行情主线。此外，港股红利受益于政策强化分红+低利率，港股新消费、创新药资产较A股 同样稀缺，下半年或也值得关注。 前海开源基金首席经济学家杨德龙表示，目前板块之间也出现了轮动，前期涨幅较大的科技股，出现了 较大幅度调整，而低估值高股息板块，比如银行、电力等则出现逆势上涨，反映出投资者风险偏好下降 之后，从成长股切换到低估值的红利股的特征。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 恒生指数低开0.5%，恒生科技指数跌0.82%。黄金股大跌，紫金黄金国际、山东黄金跌超6%。泡泡玛特 涨近8%，公司第三季度整体收益同比增长245%-250%。 关于港股后市 银河证券指出，中美贸易谈判结果仍存很大变数，短期内市场风险偏好或持续偏低。当前港股估值整体 处于历史中高水平，预计未来港股市场或宽幅震荡。配置方面，建议关注以下板块：(1)海 ...

Core Viewpoint - The gold and silver stocks experienced a significant decline due to geopolitical factors and profit-taking by investors, leading to widespread market sell-offs [1] Group 1: Market Performance - Chinese silver group (00815) fell by 9.72%, trading at 0.65 HKD [1] - China National Gold International (02099) dropped by 7.01%, trading at 122 HKD [1] - Jihai Resources (02489) decreased by 6.71%, trading at 1.53 HKD [1] - Shandong Gold (01787) declined by 6.72%, trading at 33.06 HKD [1] Group 2: Commodity Price Movements - On October 21, international spot gold prices fell over 6%, dropping below 4100 USD per ounce, marking the largest single-day decline in 12 years [1] - International spot silver prices dropped over 8%, falling below 48 USD per ounce, the largest single-day decline since 2021 [1] - On October 22, spot gold experienced significant volatility, touching the 4000 USD mark before rebounding to 4110 USD [1] Group 3: Analyst Insights - Citigroup's report suggests that the end of the U.S. government shutdown and trade tensions may lead gold prices to enter a consolidation phase in the next 2-3 weeks [1] - Analysts maintain a gold price target around 4000 USD per ounce, which has shifted from a bullish to a bearish outlook [1] - Current spot gold trading is around 4110 USD per ounce [1]

Core Viewpoint - The Hong Kong stock market saw a significant decline in gold and precious metal stocks following a sharp sell-off in the precious metals market, with gold experiencing its largest single-day drop in 12 years [1] Group 1: Market Performance - Gold and precious metal stocks opened lower across the board, with notable declines including Dragon Resources down 9%, Datang Gold down nearly 9%, and Zijin Gold International down over 6% [1] - The sell-off was triggered by a nearly $280 drop in spot gold prices, marking the largest single-day decline in 12 years, while spot silver fell over 8%, dropping below $48, the largest decline since February 2021 [1] Group 2: Contributing Factors - Multiple factors contributed to the decline in precious metals, including positive developments in international trade negotiations, a strengthening US dollar, technical overbought conditions, uncertainty due to the US federal government shutdown, and the end of seasonal buying in India [1]

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | | 股份數目 | | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份自分比 | | | | | | | | 06 | | CS20251021E00020 | Schroders PLC 1201(L) | | 4.797.750(L) | HKD 38.0791 | 46.589.150(L) | 4.68(L) 17/10/2025 | 减持后，Schroders PLC最新持股数目为4658.915万股，持股比例由5.16%下降至4.68%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 22/09/2025 - 22/10/2025 | 格隆汇10月22日丨根据联交所 ...

10月17日，Schroders PLC减持山东黄金(01787)479.775万股，每股作价38.0791港元，总金额约为1.83亿 港元。 香港联交所最新资料显示，10月17日，Schroders PLC减持山东黄金(01787)479.775万股，每股作价 38.0791港元，总金额约为1.83亿港元。减持后最新持股数目约为4658.92万股，最新持股比例为4.68%。 追加内容 本文作者可以追加内容哦 ! ...

Group 1 - The core viewpoint of the article highlights a collective rebound in Hong Kong gold stocks on October 21, with notable increases in share prices for several companies [1] Group 2 - Zhaojin Mining (01818.HK) saw a rise of 4.91%, reaching HKD 32.02 [1] - Zijin Mining (02899.HK) increased by 3.33%, with shares priced at HKD 33.56 [1] - Shandong Gold (01787.HK) experienced a 2.35% gain, trading at HKD 36.56 [1] - Lingbao Gold (03330.HK) rose by 2.18%, with a share price of HKD 19.22 [1] - Chifeng Jilong Gold Mining (06693.HK) increased by 1.81%, reaching HKD 30.3 [1]

Core Viewpoint - The Hong Kong stock market saw a surge in gold stocks, with notable increases in companies such as Zhaojin Mining, Zijin Mining, Lingbao Gold, and Shandong Gold [1] Group 1: Company Performance - Zhaojin Mining experienced a nearly 5% increase in its stock price [1] - Zijin Mining, Lingbao Gold, and Shandong Gold also followed suit with upward movements in their stock prices [1]

Group 1 - Gold stocks experienced a collective rebound in early trading, with notable increases in companies such as Zhaojin Mining (01818) up 4.91% to HKD 32.02, Zijin Mining (02899) up 3.33% to HKD 33.56, and Shandong Gold (01787) up 2.35% to HKD 36.56 [1][1][1] - The surge in gold prices is attributed to the ongoing U.S. federal government "shutdown," which has led to increased market optimism regarding the Federal Reserve's interest rate cuts and the prospect of global central banks increasing their gold holdings [1][1][1] - As of the close, the December gold futures price on the New York Commodity Exchange reached USD 4,359.4 per ounce, marking a 3.47% increase and setting a new intraday historical high [1][1][1] Group 2 - HSBC's recent commodity outlook report indicates that the upward momentum for gold is expected to continue until 2026, driven by strong gold purchases from central banks, ongoing fiscal concerns in the U.S., and expectations of further monetary easing [1][1][1] - HSBC has set a target price for gold at USD 5,000, reflecting the anticipated sustained demand and market conditions [1][1][1]

Group 1 - International gold prices experienced a significant drop after reaching record highs of $4,300 per ounce, falling below $4,200 on October 17, with a rebound to $4,269.8 by October 20 [1] - COMEX silver futures also saw a sharp decline, dropping over 5%, while spot silver fell more than 6%, marking the largest drop in six months [1] - The gold sector in the A-share market reacted negatively, with the precious metals sector overall declining by 7.09% on October 20, and several individual stocks, such as Hunan Silver and Western Gold, hitting their daily limit down [1] Group 2 - The recent drop in gold prices is attributed to multiple factors, including a technical correction after a significant price increase and a decrease in geopolitical risk sentiment, which reduced gold's short-term appeal [2] - The correlation between gold prices and gold stocks is highlighted, indicating that when gold price trends are disrupted, investors reassess the valuations of gold companies, often leading to larger declines in stock prices compared to gold itself [2] - Risk warnings have been issued by various banks, including Industrial and Commercial Bank of China, emphasizing the need for investors to be aware of market changes and to manage their gold asset allocations prudently [3][4] Group 3 - Several banks, including Everbright Bank and Industrial Bank, have issued multiple risk alerts regarding the volatility in precious metals prices, advising investors to control their positions and invest rationally [3][4] - Despite the increased volatility and risk warnings, gold is still considered to hold unique value in asset allocation, with recommendations for investors to adopt a strategy of gradual investment rather than chasing price spikes [4] - The core purpose of gold allocation for ordinary investors should be to hedge against macroeconomic uncertainties and inflation risks, suggesting that gold holdings should be maintained at a reasonable proportion of total assets for long-term investment [4]