Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Group 1 - The company, Zhaojin Mining (01818), announced the issuance of its fifth phase of technology innovation bonds for the year 2025, referred to as "25 Zhaojin SCP005 (Tech Innovation Bonds)" [1] - The total actual issuance amount of the bonds is 1 billion yuan, with an issuance interest rate of 1.68% [1]

Group 1 - The company, Zhaojin Mining (01818), announced the issuance of its fifth phase of technology innovation bonds for the year 2025, named "25 Zhaojin SCP005 (Tech Innovation Bonds)" [1] - The total amount issued for the bonds is 1 billion yuan, with an interest rate of 1.68% [1]

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9月26日在中國貨幣網(www.chinamoney.com.cn) 及上海清算所網站(www.shclearing.com.cn)所 刊 登 的《招 金 礦 業 股 份 有 限 公 司2025 年 度 第 五 期 科 技 創 新 債 券 發 行 情 況 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9月29日 招金矿业股份有限公司2025年度第五期科技创新债券 发行情况公告 ...

Core Viewpoint - UBS has released a report indicating that assuming gold prices are approximately 10% higher than market consensus, the bank's profit forecast for Zhaojin Mining (01818) exceeds market expectations [1] Group 1: Profit Forecasts - Based on the strong growth trend in Zhaojin's production, UBS has raised its profit forecast, expecting a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [1] - The target price for Zijin has been increased from HKD 25.3 to HKD 37, reflecting a forecasted price-to-earnings (P/E) ratio of 23 times for 2026, with a reiterated "buy" rating [1] Group 2: Gold Price Predictions - UBS has significantly raised its gold price forecasts, anticipating prices of USD 4,000 per ounce by the end of this year and USD 4,200 per ounce by the end of next year [1] - The increase in gold prices is attributed to a rise in investor positions and a continuously expanding investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

Core Viewpoint - UBS has raised its profit forecast for Zhaojin Mining (01818) based on a projected 10% increase in gold prices compared to market consensus, anticipating a compound annual growth rate of 54% in profits from 2025 to 2027 [1] Group 1: Company Analysis - UBS has significantly increased its gold price forecast, expecting prices to reach $4,000 per ounce by the end of this year and $4,200 by the end of next year [1] - The strong growth trend in Zhaojin's production has led to an upward revision of profit forecasts [1] - The target price for Zijin has been raised from HKD 25.3 to HKD 37, reflecting a price-to-earnings ratio of 23 times for the 2026 forecast, with a "Buy" rating reaffirmed [1] Group 2: Industry Insights - The increase in gold prices is attributed to rising investor positions and a growing investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

Core Viewpoint - The Hong Kong gold stocks experienced significant gains in the afternoon trading session on September 29, with multiple companies showing notable increases in their stock prices [1] Company Performance - Tongguan Gold (00340.HK) saw a rise of 7.98%, reaching HKD 2.84 [1] - Zhaojin Mining (01818.HK) increased by 6.75%, trading at HKD 31.12 [1] - Zijin Mining (02899.HK) rose by 5.66%, with a price of HKD 32.1 [1] - Shandong Gold (01787.HK) experienced a gain of 4.3%, priced at HKD 37.38 [1] - Chifeng Jilong Gold (06693.HK) increased by 4.1%, reaching HKD 30.5 [1]

Core Viewpoint - The gold stocks have seen significant gains in the afternoon trading session, driven by a surge in international gold prices, which have reached historical highs [1] Group 1: Stock Performance - Tongguan Gold (00340) increased by 7.98%, trading at 2.84 HKD [1] - Zhaojin Mining (01818) rose by 6.75%, trading at 31.12 HKD [1] - Zijin Mining (601899) (02899) saw a rise of 5.66%, trading at 32.1 HKD [1] - Shandong Gold (600547) (01787) increased by 4.3%, trading at 37.38 HKD [1] - Chifeng Jilong Gold Mining (600988) (06693) rose by 4.1%, trading at 30.5 HKD [1] Group 2: Gold Price Movement - As of September 29, the spot gold price surpassed 3800 USD/ounce, marking a new historical high with an intraday increase of over 1% [1] - COMEX gold prices reached 3830 USD/ounce [1] Group 3: Market Insights - According to招商期货, the shift in Trump's stance on the Russia-Ukraine conflict and renewed tariff tensions are contributing factors that may lead to continued increases in COMEX gold prices [1] - Morgan Stanley strategists project that by mid-2026, gold prices could reach between 4050 USD and 4150 USD per ounce, indicating potential for further record highs [1]

瑞银发表报告指，显著上调对金价预测，预计今年底及明年底分别见4000美元/盎司及4200美元/盎司， 受投资者仓位增加及投资者基础持续扩大，以及美联储降息周期下美元疲弱与实际利率下跌有利金价。 基于招金产量增长趋势强劲，该行上调对招金盈利预测，预计2025年至2027年期间盈利年复合增长率达 54%，目标价由25.3港元上调至37港元，为2026年预测市盈率23倍，重申"买入"评级。 ...

Core Insights - International gold prices continue to reach historical highs, driving significant increases in Hong Kong-listed gold stocks [1] - Spot gold prices surpassed previous highs, reaching $3,798.54 per ounce, marking a 1% increase [1] - JPMorgan analysts predict gold prices will reach between $4,050 and $4,150 per ounce by mid-2026, indicating potential for further record highs [1] Company Performance - The following gold stocks in Hong Kong experienced notable price increases: - Tongguan Gold rose by 4.18% to HKD 2.740 [2] - Zhaojin Mining increased by 3.89% to HKD 30.480 [2] - Zijin Mining gained 3.49% to HKD 31.440 [2] - Chifeng Jilong Gold rose by 3.14% to HKD 30.220 [2] - Shandong Gold increased by 2.73% to HKD 36.820 [2] - Lingbao Gold rose by 2.63% to HKD 17.960 [2] - Everest Gold increased by 1.47% to HKD 1.380 [2] - China Gold International rose by 1.20% to HKD 134.600 [2] Market Trends - Domestic gold jewelry brands have also seen price increases, with Chow Sang Sang's gold jewelry priced at HKD 1,111 per gram, up by HKD 5 from September 26 [1] - Other brands like Chow Tai Fook and Luk Fook Jewelry maintained their gold jewelry prices at HKD 1,108 per gram [1]