Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and potential long-term turning points in the sector [1] Group 1: Tin Market Insights - AI servers consume significantly more tin than traditional servers, leading to an increase in tin demand, with an expected annual growth rate of 44.5% in global tin consumption from 2025 to 2030 [2] - Limited new supply capacity for tin in the medium to long term, combined with growth in emerging fields like AI and robotics, as well as steady growth in electric vehicles and photovoltaics, supports a bullish long-term outlook for tin prices [2] Group 2: Precious Metals Outlook - The precious metals sector is currently at the lower end of historical valuation, indicating potential for sustained recovery, with recommendations to focus on companies like Shandong Gold, Zhaojin Mining, and others [3] - The gold-silver ratio is currently high and is expected to converge, suggesting a focus on silver investments [3] - Future investments in power grids and growth in AI data centers, along with relatively inelastic copper supply, are likely to elevate copper price levels [3] Group 3: Copper Investment Opportunities - Global copper supply is expected to face long-term constraints due to insufficient capital expenditure in mining, which may limit supply growth [4] - Anticipated interest rate cuts by the Federal Reserve could catalyze a new upward cycle in copper prices, making the copper sector an attractive investment opportunity [4] - Recommended companies include Zijin Mining, Luoyang Molybdenum, and others [4] Group 4: Cobalt Market Dynamics - The implementation of export quotas for cobalt from the Democratic Republic of Congo is expected to reduce exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [5] - The tightening supply in the cobalt market is likely to maintain high price levels, with potential for further increases [5] Group 5: Overall Non-Ferrous Metals Sector - Despite market reactions, there remains investment space in the non-ferrous metals sector, primarily driven by expectations of further interest rate cuts from the Federal Reserve, which could boost prices [6] - Precious and industrial metals are sensitive to global interest rate environments, indicating potential for price increases [6] - The current valuation of the non-ferrous metals sector in Hong Kong shows an advantage over A-shares [6]

Group 1 - The gold sector experienced a rebound in the afternoon on October 15, with significant gains observed in various companies [2] - Zhaojin Mining reached its daily limit increase, indicating strong market interest [2] - Other companies such as Shengton Mining, Zijin Mining, Pengxin Resources, Chifeng Jilong Gold, and Yuguang Gold Lead also saw their stock prices rise in response [2]

Group 1: Market Overview - The gold bull market is expected to continue, with the non-ferrous metal sector showing the strongest performance this year, having increased over 74% as of October 14 [1] - The precious metals index has surged over 90%, leading the secondary industry rankings [1] - A total of 29 stocks have doubled in price this year, with notable performers including Zhongzhou Special Materials, Zhaojin Mining, and Xinyi Silver [1] Group 2: Precious Metals Trends - Precious metals have dominated the commodity market this year, with gold prices surpassing $4,100 per ounce as of October 14, following a breakthrough of $3,000 in March [2] - Factors such as the U.S. government shutdown and escalating trade tensions are driving investors towards gold as a safe-haven asset, further pushing prices up [2] - Global central banks are increasing their gold purchases, and there is a trend of reallocating funds from U.S. Treasury securities to gold among various investors [2] Group 3: Hidden Gold Concept Stocks - The rise in precious metal stocks has led to increased interest in hidden gold concept stocks, with 60 stocks identified outside the precious metals sector [3] - Companies like Eurasia Group and Fuda Alloy have market capitalizations below 3 billion yuan, indicating potential for growth [3] - South Mining Group is focusing on gold and copper resources, with a project in Zimbabwe expected to yield clear investment returns [3] Group 4: Company-Specific Developments - TBEA announced an annual gold production of 2.5 to 3 tons [4] - Chengze Mining reported gold production of 500 kg in 2022 and 255 kg in the first half of 2023 [4] - Shengtun Mining plans to acquire all issued shares of Canadian Loncor for approximately 1.9 billion USD [5] Group 5: Stock Performance - A list of A-share gold concept stocks shows significant year-to-date gains, with Pengxin Resources leading at 152.58% increase [6] - Other notable performers include Chaoshengguo and Huayu Mining, both with gains exceeding 149% [6] - The data indicates a strong bullish sentiment in the gold sector, with many stocks experiencing substantial price increases [6]

Core Viewpoint - Zhaojin Mining (01818) announced the issuance of its first super short-term financing bond for 2025, amounting to 1 billion yuan with an interest rate of 1.91%, maturing on October 18, 2025 [1] Group 1 - The total issuance amount of the bond is 1 billion yuan [1] - The interest rate for the bond is set at 1.91% [1] - The bond will mature on October 18, 2025 [1]

Core Viewpoint - Zhaojin Mining (01818) announced the issuance of its first super short-term financing bond for 2025, with a total amount of 1 billion yuan and an interest rate of 1.91% [1] Group 1 - The financing bond is named "25 Zhaojin SCP001" [1] - The bond will mature on October 18, 2025, when the principal will be repaid [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,441 points, down 1.73%, while the Hang Seng Tech Index fell 3.62%, dropping below the 6,000-point mark [1][2] - Major technology stocks led the market downturn, with semiconductor stocks also suffering substantial losses [2][4] Sector Performance - The technology sector saw widespread declines, with notable drops including Hua Hong Semiconductor down over 13% and SMIC down over 8% [4][5] - Gold and precious metals stocks also fell sharply, with Zijin Mining and Chifeng Jilong Gold both dropping over 6% [6] - The gambling sector continued its downward trend, with New World Development down over 8% and Galaxy Entertainment down over 5% [11][12] - Conversely, banking stocks showed resilience, with Chongqing Rural Commercial Bank rising over 6% and China Merchants Bank up over 4% [13][14] - The film and entertainment sector performed well, with Huayi Brothers Media surging nearly 20% [15][16] Capital Flows - Southbound funds recorded a net inflow of 8.603 billion HKD, indicating continued interest in Hong Kong stocks despite the market volatility [17] Future Outlook - Analysts suggest that the recent escalation in US-China trade tensions may increase market uncertainty, but they remain optimistic about the medium-term outlook for Hong Kong stocks, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [19]

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 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B 條 而 作 出。 茲載列招金礦業股份有限公司於2025年10月14日在中國貨幣(www.chinamoney.com.cn) 及上海清算所網站(www.shclearing.com.cn)所 刊 登 的《關 於 招 金 礦 業 股 份 有 限 公 司 2025年 度 第 一 期 超 短 期 融 資 券 兌 付 安 排 公 告》，僅 供 參 考。 特 此 公 告。 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 中 國 招 遠，2025年10月14日 截 至 本 公 告 日 期，董 事 會 成 員 包 括 ...

Core Viewpoint - The recent surge in gold prices, driven by geopolitical and economic uncertainties, as well as expectations of interest rate cuts by the Federal Reserve, has led to significant gains in the stock prices of Chinese gold producers [1] Group 1: Market Performance - Jihai Resources (02489) rose by 9.3% to HKD 1.88 - Lingbao Gold (03330) increased by 6.71% to HKD 21.3 - Shandong Gold (01787) gained 5.06% to HKD 44 - Zhaojin Mining (01818) went up by 5.23% to HKD 35 - China Gold International (02099) climbed 4.31% to HKD 150.2 [1] Group 2: Gold Price Forecast - Spot gold approached USD 4150, reaching a new high - Bank of America raised its gold price forecast for next year to USD 5000 per ounce and silver to USD 65 per ounce [1] Group 3: Profitability of Gold Producers - HSBC's report indicates that the rise in gold prices will provide significant profit elasticity for Chinese gold producers - A 1% change in gold prices is expected to result in approximately a 2% change in the earnings of pure gold mining stocks - This multiplier effect suggests that during a gold bull market, the stock prices of gold producers could potentially rise significantly more than the gold price itself - Based on this expectation, HSBC has raised target prices for Zijin Mining, Shandong Gold, and Zhaojin Mining [1]

Group 1 - The gold and non-ferrous metal sectors opened collectively higher, with notable stocks such as China Ruilin and Huayu Mining hitting the daily limit up [1] - The A-share market saw all three major indices open higher, with the Shanghai Composite Index up 0.55%, the Shenzhen Component Index up 1.04%, and the ChiNext Index up 1.37%, led by gains in non-ferrous metals, rare earth permanent magnets, and controllable nuclear fusion sectors [2] - Hong Kong gold stocks continued their upward trend, with Chifeng Jilong Gold Mining rising nearly 5%, and other companies like Shandong Gold and Zhaojin Mining also showing significant gains [3] Group 2 - The Hong Kong market opened with the Hang Seng Index up 0.31% and the Hang Seng Tech Index up 0.56%, with the non-ferrous metal sector maintaining its strong performance, highlighted by increases in stocks like Zijin Mining and Jiangxi Copper [4]

Core Insights - The gold sector experienced significant gains, with multiple companies reaching historical highs in stock prices, driven by a surge in gold prices [1][2]. Group 1: Company Performance - Huayu Mining saw a maximum increase of 9.99%, reaching a price of 32.80 [2] - Western Gold increased by 8.97%, with a current price of 35.85 [2] - Hunan Gold rose by 7.24%, now priced at 25.17 [2] - Other notable performers include Qizhou Development (+9.89% to 4.78), HeBai Group (+7.46% to 7.49), and Nippon Mining (+6.19% to 29.87) [2]. Group 2: Market Trends - The spot gold price surpassed $4,140 per ounce, marking a new high [2]. - Domestic precious metal futures opened high, with the main contract for silver rising over 6% and gold increasing by approximately 3.4% [4]. - Hong Kong-listed gold stocks also continued their upward trend, with Chifeng Gold, Shandong Gold, and Zhaojin Mining all rising over 4% [2].