Investment Positives - Zhaojin Mining has resumed coverage with an OUTPERFORM rating and a target price of HK$27.00, implying a 27x 2025 estimated P/E ratio, indicating strong growth momentum as a leading gold producer and smelter in China [1] - The Haiyu Gold Mine, in which Zhaojin Mining holds a 70% stake, is expected to produce 15–20 tons of gold annually at full capacity, with the company's attributable output projected at approximately 10.5–14 tons, positioning it as one of China's largest gold mines [1][2] Global Expansion - The successful acquisition of Tietto Minerals and Xijin Mining marks Zhaojin Mining's global expansion efforts, with Tietto holding an 88% stake in the Abujar open-pit gold project in Côte d'Ivoire, expected to produce 5.28 tons of gold annually for the next nine years [3] - Xijin Mining operates the Komahun gold mine in Sierra Leone, producing 1.77 tons annually, which will help Zhaojin Mining leverage its experience for further global expansion, aiming for overseas profits to reach around 50% [4] Corporate Management and Efficiency - Zijin Mining became the second-largest shareholder of Zhaojin Mining in 2022, holding a 44% stake in the Haiyu Gold Mine, which is expected to create synergies in institutional mechanisms, investment development, and technological innovation [5] - A management reshuffle in 2023 has optimized corporate governance, leading to a decrease in the company's expense ratio since 2022, which, along with organic growth and external expansion, is anticipated to drive strong profit growth [5] Market Trends and Gold Prices - The trend of de-dollarization and potential interest rate cuts may support gold price growth, with falling real interest rates creating favorable conditions for gold investments [6] - Global central banks have been increasing net gold purchases, particularly from emerging countries, indicating sustained demand for gold investment [7] Financial Outlook - Zhaojin Mining's estimated EPS is projected at Rmb0.92 in 2025 and Rmb1.10 in 2026, reflecting a CAGR of 62%, with the stock currently trading at 20.2x 2025 estimated P/E [8] - The company is optimistic about its growth outlook, driven by its ability to convert quality resources into production capacity and long-term earnings [8]

4、 中国中车(01766) 盈喜后涨超7%，轨交装备行业高景气，二季度业绩再超预期。 5、煤炭股早盘普涨，高温背景下煤价仍具上涨动能，机构看好未来电煤压力缓解。 中国秦发(00866) 涨超4%； 中国神华(01088) 涨超4%； 兖矿能源（01171） 涨超1%。 6、 紫金矿业(02899) 一度涨超3%，现涨1.5%。预计半年度归母净利同比增加约54%，机构称公司短 期或受铜关税扰动。 点击蓝字，关注我们 今日上午港股 1、 国联民生(01456) 盈喜后高开近15%，消息面上，国联民生公布，预计2025年半年度实现归属于母 公司所有者的净利润人民币11.29亿元，同比增长1183%左右。 2、 蔚来-SW(09866) 涨超10 %， 交银国际指出，蔚来-SW子品牌乐道旗下第二款车型——乐道L90正 式开启预售。整车购买预售价为27.99万元起，定价超预期，且低于尺寸相近的问界M9纯电版，较小 米YU7更具空间优势，以性能、配置、价格的多维竞争力冲击家庭SUV市场。 3、 连连数字(02598) 跌超5%，拟折让约10.09%配股净筹约3.87亿港元。 9、 布鲁可(00325) 早盘一度跌超8% ...

智通财经7月14日电，截至发稿，集海资源(02489.HK)涨12.93%、中国白银集团(00815.HK)涨8.16%、 灵宝黄金(03330.HK)涨3.42%、招金矿业(01818.HK)涨2.45%。 港股有色相关个股走强 集海资源涨近13% ...

智通财经APP获悉，中金发布研报称，招金矿业(01818)为国内金企龙头，成长动能强劲。预计公司 2025~2026年EPS分别为0.92元、1.10元，CAGR为62%。当前股价对应2025年P/E为20.2x，再次覆盖招 金矿业给予跑赢行业评级，目标价27港元，对应2025年P/E 27x，相较当前有35.3%上行空间。 中金主要观点如下： 明星项目海域金矿蓄势待发，公司有望掀开成长新篇章 公司持有海域金矿70%股权，公司预计海域金矿达产后年产黄金15-20吨，归属于公司权益产量约10.5- 14吨，其或将成为国内最大在产黄金矿山之一。该项目品位高、规模大，达产后年均单位矿石采选总成 本为340元/吨，公司预期经济效益较好，矿山开发早期开采高品位矿体(约6克/吨)将获得更好利润。 成功要约收购铁拓矿业及西金矿业，国际化扩张扬帆起航 公司于2024年6月私有化铁拓矿业，同时完成西金矿业收购，国际化扬帆起航。一是铁拓在科特迪瓦拥 有阿布贾露天金矿项目88%的权益，未来9年年均产金量5.28吨，公司预期具备较强盈利能力。二是西 金矿业拥有科马洪金矿，年产可达1.77吨。该行预计后续招金或将以铁拓矿业和西金矿业为 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Hong Kong 300 Resource Index, which has shown a 2.39% increase over the past month, a 22.23% increase over the past three months, and a 9.29% increase year-to-date [1] - The index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China National Offshore Oil (29.27%), PetroChina (13.19%), Zijin Mining (10.84%), China Shenhua Energy (9.38%), Sinopec (9.08%), China Hongqiao Group (4.51%), China Coal Energy (3.47%), Zhaojin Mining (3.08%), Luoyang Molybdenum (2.86%), and Yanzhou Coal Mining (2.39%) [1] Group 2 - The industry composition of the index shows that oil and gas account for 51.92%, precious metals for 15.97%, coal for 15.72%, industrial metals for 14.86%, rare metals for 0.91%, and other non-ferrous metals and alloys for 0.62% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

Group 1 - The core index, the China Securities Hong Kong 300 Upstream Index (H300 Upstream), reported a value of 2572.51 points, with a 2.22% increase over the past month, a 25.04% increase over the past three months, and a 9.20% increase year-to-date [1] - The index reflects the overall performance of theme securities listed on the Hong Kong Stock Exchange, selected based on the China Securities industry classification [1] - The top ten holdings of the H300 Upstream Index include China National Offshore Oil Corporation (28.81%), PetroChina Company Limited (12.85%), Zijin Mining Group (10.9%), China Shenhua Energy Company (9.29%), Sinopec Limited (8.93%), China Hongqiao Group (4.48%), China Coal Energy Company (3.4%), Zhaojin Mining Industry Company (3.06%), Luoyang Molybdenum Company (2.89%), and Yanzhou Coal Mining Company (2.35%) [1] Group 2 - The industry composition of the H300 Upstream Index shows that oil and gas account for 50.95%, precious metals for 16.02%, coal for 15.56%, industrial metals for 14.84%, oil and gas extraction and field services for 1.07%, rare metals for 0.89%, and other non-ferrous metals and alloys for 0.67% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, with provisions for temporary adjustments in special circumstances [2]

Group 1 - Hong Kong gold stocks are performing strongly, with Tongguan Gold (00340.HK) rising by 4.90% [1] - Chifeng Gold (06693.HK) increased by 1.80% [1] - Datang Gold (08299.HK) saw a rise of 1.69% [1] - Zhaojin Mining (01818.HK) experienced a gain of 1.62% [1]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

机构：方正证券 研究员：甘嘉尧 金价走高+产销量增长+减值损失收窄+费用率下降，公司释放高弹性业绩2024 年公司营业收入115.5 亿 元，同比+37%；归母净利润14.5 亿元，同比+111%。其中： 矿产金收入108 亿元，同比+40%；毛利率45.4%，同比-2pct； 矿产金售价568 元/克，同比+25%；克金销售成本310 元/克，同比+30%； 矿产金产量18.3 吨，同比+4%；销量约19.1 吨，同比+12%； 全年资产减值损失约3.9 亿元，同比-0.8%，占同期毛利润9%，相比前值12%明显收窄，为2024 年的净 利润增长提供了正向影响； 全年期间费用率15.7%，同比-4.1pct，体现了公司经营效率的提升，进而利于净利润的释放；其中，销 售费用率同比+0.05pct，管理费用率同比-1.8pct，研发费用率同比-0.8pct，财务费用率同比-1.6pct。 25Q1 公司营业收入29.4 亿元，同比+52%，环比-21%；归母净利润6.6 亿元，同比+198%，环比+16%。 其中： 矿产金收入27 亿元，同比+53%；毛利率56%，同比+12pct； 25Q1 未计提资产减值损 ...