Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].

Group 1 - UBS has raised the target price for Zhaojin Mining (01818) from HKD 23.6 to HKD 25.3, maintaining a "Buy" rating based on an unchanged 18 times 2026 price-to-earnings ratio [1] - Zhaojin Mining reported a net profit of RMB 1.44 billion for the first half of the year, representing a year-on-year increase of 160%, with the second quarter net profit at RMB 781 million, up 136% year-on-year [1] - UBS has slightly adjusted its earnings forecasts for Zhaojin Mining, increasing the 2025 and 2026 profit estimates by 2% and 3% respectively, considering the recent internal adjustment of the 2025 gold price to USD 3,230 per ounce, a 4% increase from previous estimates [1]

Group 1 - UBS has raised the target price for Zhaojin Mining (01818) from HKD 23.6 to HKD 25.3, maintaining a "Buy" rating based on an unchanged 18 times 2026 earnings multiple [1] - Zhaojin Mining reported a net profit of RMB 1.44 billion for the first half of the year, representing a year-on-year increase of 160%, with the second quarter net profit at RMB 781 million, up 136% year-on-year [1] - UBS has slightly adjusted its earnings forecasts for Zhaojin Mining, increasing the 2025 and 2026 profit estimates by 2% and 3% respectively, considering a recent internal adjustment of the 2025 gold price to USD 3,230 per ounce, a 4% increase from previous estimates [1]

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Group 1 - The precious metals sector experienced an upward trend on August 25, with Hunan Silver hitting the daily limit increase [1] - Other companies in the sector, including Hunan Gold, Zhaojin Gold, Zhongjin Gold, Shandong Gold International, and Shandong Gold, also saw significant gains [1]

Core Viewpoint - Zhao Jin Mining (1818.HK) reported significant growth in its interim results for the period ending June 30, 2025, with substantial increases in revenue and profit metrics compared to the previous year [1]. Financial Performance - Revenue reached 6.973 billion yuan, reflecting a year-on-year increase of 50.69% [4]. - Net profit amounted to 1.777 billion yuan, showing a remarkable year-on-year growth of 144.58% [4]. - The attributable net profit to shareholders was 1.440 billion yuan, with a year-on-year increase of 160.44% [4]. - Earnings per share surged by 216.67% to 0.38 yuan per share [5]. Production Highlights - Gold production increased from 329,100 ounces to 459,400 ounces, representing a growth of 39.5% [5]. - The company achieved a steady growth in self-produced gold, with an increase of 21.83% in production [5]. Resource Reserves - As of December 31, 2024, the gold resource amount was 46.4951 million ounces, with a recoverable reserve of 16.6392 million ounces [7]. - The company established a special exploration fund exceeding 100 million yuan to enhance resource reserves [7]. Project Development - Key projects are advancing rapidly, with all five vertical shafts now operational [9]. - The company reported a significant increase in tunneling progress, with two TBMs achieving over 350% monthly advancement [12]. - A successful water trial run was conducted at the processing plant, achieving a capacity of 12,000 tons per day [13]. Future Outlook and Strategy - The company aims to focus on increasing production capacity, enhancing operational efficiency, and solidifying its performance support [19]. - The annual operational targets include a total gold production of 26.92 tons, mine gold production of 18.82 tons, and an increase in gold resource reserves of 88 tons [19].

Group 1 - The Hong Kong stock market is experiencing a "slow bull" market, with the Hang Seng Index up 26.32% year-to-date as of August 22, 2025, entering a technical bull market [1] - New consumption, innovative pharmaceuticals, and hard technology sectors are leading the market, showcasing a revival of vitality and prosperity [1] - Zhaojin Mining has seen its stock price nearly double this year, with a year-to-date increase of close to 100%, making it a notable highlight in the resource sector [1] Group 2 - Zhaojin Mining reported a revenue of 6.973 billion yuan for the first half of 2025, a significant increase of 50.69% year-on-year, and a net profit attributable to shareholders of 1.44 billion yuan, soaring 160.44% year-on-year [1] - The core driver of Zhaojin Mining's strong performance is linked to the price of gold, which influences industry prosperity and the company's competitive edge [1][4] Group 3 - The supply of gold is facing challenges due to the scarcity of new gold mines and limitations in recycling, while demand is bolstered by its use in jewelry, technology, and as a safe-haven asset during economic instability [2] - Geopolitical tensions and central banks increasing their gold reserves are further driving demand for gold [2] Group 4 - The expectation of rising gold prices is supported by various financial institutions, with predictions of gold reaching $3,500 per ounce in the near term and potentially $4,000 per ounce by mid-2026 [3] - Zhaojin Mining's resource reserves, calculated at 1,446.16 tons of gold, provide a solid competitive advantage, with a significant increase in production [4] Group 5 - Zhaojin Mining's production of gold reached 288,000 ounces in the first half of 2025, a 21.83% increase from the same period in 2024, with total gold production rising to 459,400 ounces [4] - The company has completed 22 high-grade project acquisitions since 2023, significantly expanding its mining rights [4] Group 6 - The Haiyu gold mine, with a resource of 562.37 tons, is expected to be a key growth driver, potentially contributing 6.3 billion yuan in net profit if gold prices rise to 850 yuan per gram [5] - Zhaojin Mining has initiated a "gold resource doubling plan" with a dedicated fund to enhance resource expansion and production growth [5] Group 7 - The true value in the gold mining sector lies in the control of scarce resources rather than short-term price fluctuations, with Zhaojin Mining focusing on strategic expansion to redefine long-term value [6]

Core Viewpoint - The company reported significant growth in its mid-year performance for 2025, showcasing strong revenue and profit increases compared to the previous year [1] Financial Performance - The company's revenue for the first half of 2025 was approximately RMB 6.973 billion, representing a year-on-year increase of 50.69% [1] - Net profit reached approximately RMB 1.777 billion, marking a year-on-year growth of 144.58% [1] - Profit attributable to shareholders amounted to about RMB 1.44 billion, reflecting a year-on-year increase of 160.44% [1] Production and Projects - The group's gold production totaled 10,235.63 kilograms [1] - The successful trial operation of the 12,000 tons/day beneficiation system at the Ruihai project was reported [1] - Key projects such as the deep development of the Xiadian gold mine are progressing steadily [1]

Group 1 - The core viewpoint of the article highlights that Zhaojin Mining (1818HK) reported a significant increase in mid-year revenue and profit, indicating strong financial performance [1] - For the six months ending in June, the company achieved a revenue of 6.973 billion yuan, representing a year-on-year increase of 50.69% [1] - The net profit attributable to shareholders reached 1.44 billion yuan, which is a remarkable increase of 160% year-on-year [1] - Earnings per share stood at 0.38 yuan, with no interim dividend declared [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by high gold prices and strategic operational improvements [1][2]. Financial Performance - The company's revenue reached approximately RMB 6.973 billion, a year-on-year increase of about 50.69% [1] - Net profit was approximately RMB 1.778 billion, reflecting a year-on-year growth of about 144.58% [1] - Profit attributable to equity holders was around RMB 1.44 billion, up approximately 160.44% from the previous year [1] - Basic and diluted earnings per share for ordinary shareholders were approximately RMB 0.38, marking a year-on-year increase of about 216.67% [1] Operational Highlights - The company focused on core operations, enhancing safety production, project construction, investment mergers, and capital operations [1] - The company achieved a total gold production of 10,235.63 kg (approximately 329,082.51 ounces) in the first half of the year [1] - Total profit reached approximately RMB 2.249 billion, with major operational indicators showing significant growth [1] Project Development - The company accelerated infrastructure development for the Ruihai project, achieving successful trial runs for a 12,000 tons/day ore selection system [2] - Key projects like the deep exploration of the Xiadian gold mine are progressing, providing strong support for continuous capacity release [2] Resource Exploration - The company established a special exploration fund exceeding RMB 100 million, focusing on key mineralization belts globally [2] - An additional 25 tons of gold metal was discovered through exploration efforts [2] - The company successfully acquired multiple key mining rights, expanding its resource reserves [2] Management and Compliance - The company enhanced operational management and long-term planning, implementing innovative research projects [2] - It completed a placement of 140 million shares, securing solid financial support for business expansion [2] - The company invested RMB 0.088 billion in safety and environmental protection, improving compliance awareness and management levels [2]