Group 1: Market Overview - The A-share market showed slight recovery on November 20, with the non-ferrous sector opening high and fluctuating, as evidenced by the significant trading volume of the Non-Ferrous 50 ETF (159652) which rose by 0.52% and reached a trading volume of over 90 million yuan [1] - The Non-Ferrous 50 ETF index components mostly surged, with Zhongkuang Resources rising over 5%, while other stocks like Northern Rare Earth and Huayou Cobalt also saw gains exceeding 1% [3] Group 2: Lithium Market Dynamics - On November 19, lithium carbonate futures prices broke through 100,000 yuan/ton, indicating a clear recovery in spot lithium carbonate prices. Ganfeng Lithium's chairman stated that if demand growth exceeds 30% to 40% next year, prices could potentially exceed 150,000 yuan/ton or even 200,000 yuan/ton due to supply constraints [2] Group 3: Supply Chain and Pricing Trends - The supply chain for non-ferrous metals is facing disruptions, with several large mines experiencing operational issues, which highlights the vulnerability of global non-ferrous resource supply [6] - The copper market is expected to see average prices reach 4.55 USD per pound by 2026 due to supply concerns stemming from accidents at major mines [5] Group 4: Investment Opportunities in Non-Ferrous Metals - The non-ferrous metals sector has outperformed other industries this year, with a year-to-date increase of 79% for the CITIC non-ferrous metals index, significantly leading other sectors [5] - The Non-Ferrous 50 ETF (159652) is highlighted for its high "gold-copper content" of 46%, making it a leading choice among similar investment products [12] Group 5: Future Outlook and Strategic Considerations - The geopolitical landscape and resource security concerns are expected to drive demand for strategic commodities, with a notable increase in green demand for copper and aluminum anticipated by 2030 [8] - The ongoing industrialization in emerging economies and the reshaping of trade patterns are likely to provide new growth opportunities for commodity demand, particularly in countries involved in the Belt and Road Initiative [9]

Core Viewpoint - Southbound funds reduced their holdings in Shandong Gold (01787.HK) by 777,000 shares on November 19, 2025, while showing a net increase in holdings over the past trading days [1][2]. Group 1: Southbound Fund Activity - In the last five trading days, southbound funds increased their holdings on three occasions, with a total net increase of 8.669 million shares [1]. - Over the past 20 trading days, there were 13 days of net increases in holdings, totaling 9.8815 million shares [1]. - As of now, southbound funds hold 554 million shares of Shandong Gold, representing 55.6% of the company's total issued ordinary shares [1][2]. Group 2: Company Overview - Shandong Gold Mining Co., Ltd. primarily engages in the exploration, mining, selection, and sales of gold and non-ferrous metals [2]. - The company operates through four segments: gold and non-ferrous metal mining, gold and non-ferrous metal refining, investment management, and trading [2]. - Shandong Gold conducts its business both domestically in China and in overseas markets [2].

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Market Overview - The Hong Kong stock market experienced a decline in the afternoon session, with the Hang Seng Index closing down 0.38% at 25,830.65 points and a total turnover of HKD 2,114.26 million [1] - The Hang Seng Tech Index fell 0.69% to 5,606.9 points, while the Hang Seng China Enterprises Index decreased by 0.26% to 9,151.04 points [1] Blue-Chip Stocks Performance - Sinopec (00386) led the blue-chip stocks, rising 2.93% to HKD 4.57, contributing 4.63 points to the Hang Seng Index [2] - Other notable blue-chip performers included Chow Tai Fook (01929) up 2.7% and Zijin Mining (02899) up 2.34%, while Techtronic Industries (00669) and Li Auto-W (02015) faced declines of 2.83% and 2.6%, respectively [2] Sector Highlights - Gold stocks saw significant gains, with China Gold International (02099) rising 8.2% and Shandong Gold (01787) increasing by 7.01% [3] - The lithium carbonate futures price surged, breaking the 100,000 yuan/ton mark, indicating a strong market for lithium stocks [5] - Oil stocks were active, with Sinopec and CNOOC (00883) both showing positive performance, attributed to their resilience during periods of declining oil prices [4] Lithium Sector Insights - The chairman of Ganfeng Lithium predicted a 30% increase in lithium carbonate demand by 2026, potentially reaching 1.9 million tons [5] - The lithium battery sector is expected to see over threefold growth in shipments from 2025 to 2035, indicating a robust future for the industry [6] Notable Stock Movements - China Oriental Group (00581) saw a significant increase of 12.1% to HKD 1.39, following a positive earnings report [7] - China Shipbuilding Industry Corporation (00317) rose 9.14% to HKD 15.17, benefiting from a strong market share in new ship orders [8] - Pony.ai-W (02026) gained 4.35% to HKD 96, announcing a partnership to develop autonomous trucks [9] - Techtronic Industries (00669) faced pressure due to disappointing earnings from its major client, Home Depot, leading to a decline of 2.83% [10]

Core Viewpoint - Gold stocks are experiencing a significant rise, indicating a positive trend in the gold mining sector [1] Company Performance - China Gold International (02099.HK) increased by 7.05%, reaching HKD 139.7 [1] - Shandong Gold (01787.HK) rose by 6.63%, with a price of HKD 34.4 [1] - Zijin Mining International (02259.HK) saw a 6.34% increase, priced at HKD 140.9 [1] - Zhaojin Mining Industry (01818.HK) grew by 6.01%, trading at HKD 29.3 [1]

Core Viewpoint - Gold stocks are experiencing a significant rise, driven by a stabilization in gold prices after a three-day decline, with key companies showing notable gains in their stock prices [1] Group 1: Company Performance - China Gold International (02099) increased by 7.05%, reaching HKD 139.7 [1] - Shandong Gold (01787) rose by 6.63%, trading at HKD 34.4 [1] - Zijin Mining International (02259) saw a 6.34% increase, priced at HKD 140.9 [1] - Zhaojin Mining Industry (01818) gained 6.01%, with a stock price of HKD 29.3 [1] Group 2: Market Conditions - Gold prices stabilized after a decline, with spot gold nearing USD 4100 per ounce, currently at USD 4087 per ounce, reflecting a daily increase of 0.48% [1] - The "small non-farm" ADP weekly employment data indicated an average weekly decrease of 2500 jobs in the U.S. private sector as of November 1 [1] - Initial jobless claims in the U.S. were reported at 232,000, with continuing claims slightly rising to 1.957 million [1] Group 3: Economic Outlook - The market is anticipating the upcoming U.S. non-farm payroll data [1] - Guotai Junan Securities suggests that in the long-term context of de-dollarization, gold's status as a monetary metal is increasing [1] - The U.S. interest rate cut cycle may lead to a weaker dollar, while central bank gold purchases remain strong, providing medium to long-term support for gold prices [1]

Group 1 - The core viewpoint of the article highlights the rising trend in gold stocks, with notable increases in share prices for companies such as China Gold International, Shandong Gold, Zijin Mining, and Zhaojin Mining [1] - As of the report, gold prices have stabilized after a three-day decline, reaching approximately $4,087 per ounce, reflecting a daily increase of 0.48% [1] - The article mentions the recent employment data from the U.S., indicating a decrease in private sector employment by an average of 2,500 jobs per week, which may influence market sentiment towards gold [1] Group 2 - The article discusses the upcoming U.S. non-farm payroll data release, which is a key focus for the market [1] - It notes that in the context of long-term de-dollarization, gold is increasingly viewed as a monetary metal, with strong support for its price due to ongoing central bank purchases [1] - The report suggests that the U.S. interest rate cut cycle may lead to a weaker dollar, further supporting gold prices in the medium to long term [1]

Group 1 - Shandong Gold Mining Co., Ltd. experienced a stock price increase of 5.14%, reaching 36.19 CNY per share, with a trading volume of 1.083 billion CNY and a turnover rate of 0.85%, resulting in a total market capitalization of 166.833 billion CNY [1] - The company, established on January 31, 2000, and listed on August 28, 2003, is primarily engaged in gold mining, refining, and the production and sale of gold and silver bars, among other products [1] - The revenue composition of the company includes 50.14% from purchased gold, 29.96% from self-produced gold, 9.75% from trading, 7.65% from small gold bars, and 2.50% from other sources [1] Group 2 - Taiping Fund has one fund heavily invested in Shandong Gold, specifically the Taiping Ruiqing Mixed A Fund (014053), which held 60,000 shares in the third quarter, maintaining the same number of shares compared to the previous period, accounting for 2.03% of the fund's net value [2] - The Taiping Ruiqing Mixed A Fund was established on December 21, 2021, with a current scale of 114 million CNY, achieving a year-to-date return of 3.5% and a one-year return of 4.33% [2] - The fund manager, Gan Yuan, has been in position for 4 years and 272 days, overseeing assets totaling 6.361 billion CNY, with the best fund return during his tenure being 9.95% and the worst being -0.84% [3]

Core Viewpoint - The gold stocks have rebounded in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices due to weakened safe-haven demand and inconsistent expectations regarding U.S. economic data and interest rate cuts [1]. Company Performance - China Gold International (02009) increased by 3.37%, reaching HKD 134.9 - Zijin Mining International (02259) rose by 2.57%, reaching HKD 135.9 - Zhaojin Mining Industry (01818) gained 2.32%, reaching HKD 28.28 - Shandong Gold (01787) increased by 1.8%, reaching HKD 32.84 [1]. Market Analysis - COMEX gold prices recently fell below USD 4000 per ounce, influenced by two main factors: a reduction in safe-haven demand and the lack of important U.S. economic data, leading to mixed investor expectations regarding the labor market and inflation trends [1]. - According to Everbright Securities, the combination of the U.S. entering a rate-cutting cycle and increased global uncertainty has led to a resurgence in gold ETF investment demand. The trend of central banks increasing gold holdings continues amid a backdrop of de-dollarization, supporting a bullish outlook for gold prices [1]. Recommendations - Everbright Securities recommends investing in Zijin Mining and suggests monitoring Chifeng Jilong Gold Mining and Zijin Mining International [1].

Core Viewpoint - Gold stocks experienced a rebound in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices [1] Group 1: Company Performance - China Gold International (02009) rose by 3.37%, trading at 134.9 HKD [1] - Zijin Mining International (02259) increased by 2.57%, trading at 135.9 HKD [1] - Zhaojin Mining Industry (01818) saw a rise of 2.32%, trading at 28.28 HKD [1] - Shandong Gold (01787) grew by 1.8%, trading at 32.84 HKD [1] Group 2: Market Analysis - COMEX gold prices recently fell below 4000 USD/ounce, influenced by reduced safe-haven demand and inconsistent expectations regarding U.S. labor market and inflation data [1] - Citic Securities' chief economist noted that the decline in gold prices was due to weakened safe-haven support and uncertainty in economic data releases [1] - Everbright Securities reported that the U.S. entering a rate-cutting cycle, combined with increased global uncertainty, has led to a resurgence in gold ETF investment demand [1] - The trend of central banks increasing gold holdings continues under the backdrop of de-dollarization, with a positive outlook for gold prices [1]