Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

Group 1 - Hong Kong gold stocks experienced an initial surge, with Shandong Gold (01787.HK) rising nearly 8% [1] - Zijin Mining (02899.HK) saw an increase of 4.5% [1] - Zhaojin Mining (01818.HK) rose by 2.5% [1]

Core Viewpoint - The recent developments in the Haidi Gold Mine project signify a crucial milestone for Zhaojin Mining, marking a transition from construction to production phase, with expectations for increased output and operational efficiency [1][6]. Group 1: Project Milestones - The Haidi Gold Mine project has officially commenced water-linked trial operations for its intelligent processing line, designed to handle an annual processing capacity of 3.96 million tons [1]. - The project has achieved significant breakthroughs, including the successful one-time pouring of over 4,420 cubic meters of concrete, a first in the domestic gold mining sector [2]. - The completion of the "Five Vertical and One Inclined" project has resolved ventilation and transportation issues, facilitating further underground construction [5]. Group 2: Technological Advancements - The processing system employs advanced "SABC grinding + flotation" technology, positioning it among the top tier in China's gold industry for processing capacity [1]. - The project has overcome challenges related to high temperature, humidity, and corrosive environments, enhancing operational efficiency and equipment lifespan [2][5]. Group 3: Strategic Importance - The Haidi Gold Mine is designated as the number one project during the company's "14th Five-Year Plan," with a projected annual gold output exceeding 15 tons, which could solidify its status as a world-class single gold mine [6]. - The company is actively pursuing a "dual H" strategy, expanding its resource network through acquisitions in Africa, which supports its growth in both domestic and international markets [7]. Group 4: Market Context - The backdrop of rising gold prices due to global trade protectionism and geopolitical uncertainties presents a favorable environment for Zhaojin Mining to capitalize on its resources [6][7]. - The company's proactive approach in expanding its overseas resource portfolio is expected to yield significant performance contributions in the future [7].

Group 1 - Hong Kong gold stocks experienced a decline, with Lingbao Gold (03330.HK) dropping by 9.5% [1] - Tongguan Gold (00340.HK) fell by over 6% [1] - Zhu Feng Gold (01815.HK) decreased by more than 5% [1] Group 2 - Other companies such as Chifeng Jilong Gold Mining (06693.HK), China Gold International (02099.HK), and Zhaojin Mining Industry (01818.HK) all saw declines of over 4% [1]

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of gold as a safe-haven asset amid rising geopolitical tensions and economic uncertainties, with a tactical allocation upgrade to overweight by Guotai Junan Securities [2] - The China Securities Index for gold industry stocks (931238) has shown a recent upward trend, with a 0.42% increase as of June 12, 2025, and notable performances from constituent stocks such as Mingpai Jewelry (up 3.12%) and Yuyuan Inc. (up 2.79%) [1] - The gold stock ETF fund (159322) has experienced a 0.85% increase, marking its third consecutive rise, with a recent price of 1.19 yuan and a weekly cumulative increase of 0.68% [1] Group 2 - The China Securities Index for gold industry stocks includes 50 large-cap companies involved in gold mining, refining, and sales, with the top ten weighted stocks accounting for 68.91% of the index [4] - The top ten stocks in the gold stock ETF fund include Shandong Gold (600547), Zijin Mining (601899), and Chifeng Jilong Gold Mining (600988), with their respective weightings and recent performance noted [6] - The ETF fund's trading volume has shown a daily average of 581.62 million yuan over the past week, indicating strong liquidity in the gold sector [1]

Market Performance - The three major U.S. stock indices closed higher, with most popular Chinese concept stocks also rising [1] - Hong Kong's three major indices opened higher, with the Hang Seng Index up 0.53%, the Hang Seng China Enterprises Index up 0.57%, and the Hang Seng Tech Index up 0.54% [1] Sector Performance - Large technology stocks collectively rose, with NetEase increasing nearly 3%, Tencent and Xiaomi rising over 1%, and Kuaishou, Baidu, and JD.com also showing gains [1] - Gold prices surged back to $3,400, leading to a strong performance in gold stocks, with Zhaojin Mining up nearly 4%, Tongguan Gold up 3.5%, and Zijin Mining, Shandong Gold, and Chifeng Jilong Gold all rising [1] - Biopharmaceutical, heavy machinery, and film and entertainment stocks also saw increases [1] - Stablecoin concept stocks showed mixed performance, with Yika down over 5% and Lianyi Rong Technology continuing to rise by 3.55% [1] - Consumer electronics and steel stocks generally declined, with TCL Electronics dropping over 2% [1] Index Data - Hang Seng Index: 23,281.10, up 123.13, or 0.53% [1] - Hang Seng China Enterprises Index: 8,407.00, up 47.74, or 0.57% [1] - Hang Seng Tech Index: 5,162.05, up 27.94, or 0.54% [1] - Red Chip Index: 3,944.88, up 8.03, or 0.20% [1] - Southern Hang Seng Tech: 5.070, up 0.045, or 0.90% [1]

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown significant growth, with a 8.71% increase over the past month, 10.63% over the past three months, and a 5.02% increase year-to-date [2]. Group 1: Index Performance - The H300 Upstream Index is currently reported at 2474.02 points, reflecting a strong upward trend [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, representing the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Composition - The top ten holdings of the H300 Upstream Index include: - China National Offshore Oil Corporation (29.31%) - PetroChina Company Limited (12.7%) - China Shenhua Energy Company (10.38%) - Zijin Mining Group (9.79%) - Sinopec Limited (9.47%) - China Hongqiao Group (3.57%) - China Coal Energy Company (3.32%) - Zhaojin Mining Industry Company (3.14%) - Yanzhou Coal Mining Company (2.77%) - Luoyang Molybdenum Company (2.28%) [2]. Group 3: Sector Allocation - The sector allocation of the H300 Upstream Index is as follows: - Oil and Gas: 51.89% - Coal: 18.54% - Precious Metals: 14.87% - Industrial Metals: 10.17% - Rare Metals: 2.98% - Oil and Gas Extraction and Field Services: 1.05% - Other Non-ferrous Metals and Alloys: 0.49% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

Core Viewpoint - The international gold price has continued its upward trend in 2024, reaching a peak of $3509.9 per ounce, followed by a phase of adjustment due to reduced trade war risks and improved US-China economic talks [1][3] Gold Market Dynamics - The recent increase in global trade war risks previously supported gold prices, but the reduction in risk premium has led to a temporary decline in investor risk aversion [1] - The long-term logic for rising gold prices remains intact, driven by a persistently loose global monetary environment and ongoing de-dollarization [3][4] Central Bank Activities - Central banks are strategically adjusting their reserves to reduce reliance on the US dollar, which has provided long-term support for gold prices [4] - The global investment demand for gold surged to 551.9 tons in Q1 2025, a 170% year-on-year increase, with central banks purchasing a net 244 tons of gold [3] Company Strategy: Zhaojin Mining - Zhaojin Mining has launched a "Gold Resource Doubling Plan" with a dedicated exploration fund of 100 million RMB, focusing on a three-pronged approach of capacity expansion, exploration, and mergers [1][6] - The company aims to enhance exploration efficiency through advanced technologies and has reduced its unit resource acquisition cost by 37% compared to industry averages [7] Market Positioning and Growth Potential - Zhaojin Mining's strategic focus on high-quality resource acquisition and efficient production positions it well to capitalize on the growing demand for gold [6][9] - The company has completed 22 high-grade project acquisitions in 2023, significantly increasing its mining rights area by 799%, effectively "recreating" Zhaojin Mining [7] Future Outlook - The ongoing adjustments in the gold market are seen as a correction of overheated sentiment, with the core upward logic remaining unchanged, driven by central bank gold purchases and weakening dollar credibility [9] - Zhaojin Mining's transition from a traditional mining company to a global resource operator is expected to enhance its valuation and competitive edge in the evolving gold industry landscape [7][9]

Group 1 - Gold has emerged as a standout asset since 2025, driven by factors such as increased tariffs under the Trump administration, rising inflation, global economic uncertainty, weakened dollar credit, and central banks accumulating gold [1] - Zhaojin Mining (01818) has a strong resource endowment and is actively expanding its gold mining operations both domestically and internationally through mergers and acquisitions [1] - Since 2023, Zhaojin Mining has completed 22 high-grade project acquisitions, increasing its mining rights area by 799%, equivalent to "recreating seven Zhaojin Minings" [1] Group 2 - The Ecuadorian project, King Mining, has discovered an additional 141 tons of gold resources, with a single project valuation exceeding 30 billion RMB, setting a benchmark in global gold mining development [2] - Zhaojin Mining has identified over 1,000 tons of gold resource potential across top global mining belts, with a potential market value exceeding 100 billion RMB [2] - The company is implementing a "gold resource doubling plan" with a special exploration fund of 100 million RMB, focusing on a tripartite growth engine of "expansion + exploration + acquisition" [2] Group 3 - Zhaojin Mining plans to leverage its mining rights across 12 core mineralization belts globally, utilizing advanced technologies like 3D geological modeling and big data targeting to enhance exploration efficiency [3] - The establishment of a special fund aims to create a resource storage fund pool, enabling a counter-cyclical operation strategy of "locking in resources during lows and releasing capacity during highs" [3]

| 信號總結 | 買出信號 中立信號 賞入信號 | | --- | --- | | 賞入 | 8 | 窩輪機會：槓桿效應放大回報 在5月19日，隨著招金礦業（01818）正股價格強勢上漲8.76%，其相關窩輪產品在槓桿效應放大下表現尤為亮眼。摩根大通認購證（27406）及瑞銀認購證 （27337）分別錄得27%和29%的升幅，漲幅達正股的3倍以上。 招金礦業（01818）近期走勢強勁，技術指標顯示短線仍有上攻動能。截止11點30分最新價報20.15元，股價升2.7%，10天線（18.3元）已升穿30天線（18.01元），形 成「黃金交叉」，反映短線趨勢向好。RSI（67）接近超買區但未極端，MACD呈「買入」信號，保力加通道擴張，顯示波動可能加大。關鍵支持位在18.6元及17.8 元，上方阻力則看20.9元及21.7元，若能突破20.9元，或挑戰更高水平。 若投資者看好招金礦業短線突破20.9元阻力，留意到期日較長的輕微價外認購證，以平衡時間值損耗與槓桿效益。目前招金的認購證條款比較分化。行使價 集中在18和30元左右。比如價內產品摩利認購證（27839）和瑞銀認購證（27337），槓桿2.8倍；而價外產品的 ...