Core Viewpoint - Recent significant increases in gold and silver prices, with spot gold briefly surpassing $4050 per ounce [1] Group 1: Market Analysis - Guosen Securities indicates that the support system for the gold market remains solid, driven by long-term factors such as global monetary credit system restructuring, de-dollarization trends, continuous central bank gold purchases, and structural supply-demand imbalances [1] - The long-term bullish trend for gold is expected to continue over the next 2-3 years due to the stability of the support system [1] Group 2: Investment Recommendations - Minsheng Securities highlights the central bank's gold purchases and weakening dollar credit as key themes, maintaining a positive outlook on gold prices and suggesting opportunities for right-side positioning in the gold sector [1] - Recommended stocks include Western Gold, Shandong Gold, Zhaojin Mining, Zhongjin Gold, Chifeng Gold, Tongguan Gold, Wanguo Gold Group, Shanjin International, and Hunan Gold, with additional attention to China National Gold International and Lingbao Gold [1] - Silver stocks recommended include Xingye Silver Tin and Shengda Resources [1]

Core Viewpoint - The recent surge in gold prices has attracted significant attention from investors, with gold reaching a historic high of over $4000 per ounce, reflecting a year-to-date increase of over 52% [6][15][14]. Market Activity - On October 9, the price of investment gold bars at Beijing Caishikou Department Store was quoted at 911.5 yuan per gram, with prices fluctuating rapidly due to high demand [4][5]. - Despite the high prices, many investors are still purchasing gold bars, indicating a strong ongoing interest in gold as an investment [7][10]. Investment Trends - Gold ETFs have seen substantial inflows, with seven ETFs linked to SGE gold 9999 attracting a total of 72.829 billion yuan, and six ETFs linked to SSH gold stocks growing by 7.25 billion yuan [13]. - The performance of gold ETFs has been robust, with significant year-to-date gains, including a 47.25% increase for one ETF and over 60% for several others [11][12]. Economic Factors - The rise in gold prices is attributed to several macroeconomic factors, including a deteriorating U.S. labor market, expectations of continued monetary easing by the Federal Reserve, and increased central bank gold purchases [17][18]. - Analysts suggest that the current economic environment, characterized by persistent inflation and recession risks, supports the ongoing increase in gold prices [18][21]. Investor Sentiment - There is a prevailing optimistic sentiment among investors regarding gold prices, leading to a "chase the rise" effect, where both institutions and retail investors are buying into the market [20]. - However, experts caution that while the long-term outlook for gold remains positive, investors should be wary of potential short-term volatility and avoid blindly chasing prices [23][24].

Market Overview - The A-share market experienced a strong opening on the first trading day after the National Day and Mid-Autumn Festival holidays, with all three major indices rising. The Shanghai Composite Index increased by 0.65%, surpassing 3900 points, marking a new 10-year high [1][2] - The Shenzhen Component Index and the ChiNext Index both rose over 1% [1] Sector Performance - The opening saw a collective surge in the non-ferrous metals and gold sectors, with notable stocks such as Shandong Gold and Sichuan Gold reaching new highs. The gold stock ETFs also saw significant gains, with one ETF rising by 7.43% and another by 9.64% [7][8] - Other sectors such as media and entertainment, transportation services, and tourism experienced pullbacks [2] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation rate at 1.40% [3] Hong Kong Market - The Hong Kong market opened high but saw a decline, with the Hang Seng Index and Hang Seng Tech Index both experiencing a drop of over 1%. The innovative drug sector faced significant pullbacks, with several companies dropping more than 5% [5] Gold Market Insights - The spot gold price surpassed $4000 per ounce, reaching a historical high, while COMEX gold futures rose by 1.42% to $3862.9 per ounce. The gold market is believed to be entering a "third wave" of price increases, driven by various geopolitical and economic factors [9][8] Nuclear Fusion Sector - The controlled nuclear fusion concept saw a strong rally, with several companies experiencing significant stock price increases. Recent advancements in fusion energy projects in China are contributing to positive market sentiment [11] Future Market Outlook - Several brokerages are optimistic about the overall market performance in the fourth quarter, highlighting a focus on technology sectors and specific cyclical stocks. The report suggests that technology growth will continue to be a key driver, with particular attention to AI applications and semiconductor manufacturing [12]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the dynamics of precious metals (gold, silver) and industrial metals (copper, cobalt) in the context of recent market changes and geopolitical factors [1][3][4]. Core Insights and Arguments - **Monetary Policy Impact**: The new Japanese Prime Minister's loose monetary policy contrasts with market expectations, alleviating the strength of the dollar and stimulating precious metal trading. This has led to increased expectations of currency devaluation globally, positively impacting commodity prices [1][4]. - **Copper Price Drivers**: Changes in the Central African copper mining assets and the Lobiito Corridor plan enhance companies like Glencore's pricing power. The reduction in output from Grasberg exacerbates supply tightness, driving copper prices upward [1][5]. - **Future Demand for Copper**: By 2030, investments in the power grid in China and the U.S. are expected to significantly boost industrial metal demand. Even without considering monetary easing, the trends of supply tightening and demand expansion indicate a bullish outlook for copper prices [1][6]. - **Valuation of Domestic Mining Companies**: Domestic mining companies are maturing in their valuation systems and are currently undervalued compared to international peers. They exhibit leading advantages in capital expenditure, resource capture, and cost reduction, positioning them favorably for future growth [1][7][8]. - **Precious Metals Performance**: From October 1 to 8, 2023, London spot gold and silver prices rose by 4.62% and 4.84%, respectively, driven by factors such as the U.S. government shutdown and Japan's monetary policy [1][9]. Additional Important Insights - **Cobalt Market Dynamics**: The cobalt price in China has surged to over 340,000 yuan per ton due to quota policies from the Democratic Republic of Congo, which are insufficient to meet global supply and demand, leading to a bullish sentiment in the market [2][14]. - **Impact of U.S. Tech Stocks on Gold**: Poor performance of U.S. tech stocks may increase the allocation of gold in personal asset portfolios. Notably, Oracle's cloud business gross margin fell short of expectations, raising concerns about the sustainability of AI profitability [10]. - **Central Bank Gold Purchases**: Continuous gold purchases by central banks, particularly by China, support gold prices. As of September, China's reserves reached 2,303.5 tons, although monthly purchases have shown a slight decline [15]. - **Stock Recommendations**: The call recommends several stocks in the precious metals and cobalt sectors, including Shandong Gold, Zijin Mining, and Luoyang Molybdenum, which are expected to benefit from current market conditions [16]. This summary encapsulates the key points discussed in the conference call, highlighting the interplay between monetary policy, market dynamics, and investment opportunities in the precious and industrial metals sectors.

港股黄金股涨幅扩大，赤峰黄金涨逾16%，山东黄金涨近10%，招金矿业涨逾4%。 ...

Group 1 - International gold prices have reached new highs, with New York futures hitting $4000 per ounce for the first time, driving a strong upward trend in the precious metals market [1] - The scale of domestic gold ETFs has rapidly expanded, with several products surpassing 10 billion yuan, indicating increased investor interest [1][2] - Institutional investors have shown heightened attention to gold-related listed companies, with significant stock price increases observed [1][3] Group 2 - The recent rise in gold prices has led to a notable increase in the scale of gold ETFs, with the Huaan Gold ETF growing to 68.263 billion yuan, marking an increase of 10.862 billion yuan in the last month [2] - The performance of gold stocks has attracted significant institutional interest, with companies like Shandong Gold and Zhaojin Mining seeing substantial participation from over a hundred institutions in their earnings meetings [3] - The performance of gold ETFs, such as the Yongying CSI Hong Kong and Shanghai Gold Industry ETF, has been impressive, with a year-to-date increase of 86.73% and a recent scale growth of 5.417 billion yuan [3] Group 3 - Historical data suggests that gold tends to perform better during periods of recession or stagflation, highlighting its value as a safe-haven asset [5] - The expectation of interest rate cuts by the Federal Reserve reflects economic pressures, which may further support gold prices [5] - The pricing logic of gold has shifted from being highly correlated with U.S. Treasury yields and the dollar index to being driven more by its reserve value, indicating a potential long-term bull market for gold [6]

Group 1 - Citigroup has raised the target price for Zhaojin Mining (1818.HK) from HKD 21.6 to HKD 37.5, maintaining a "Buy" rating [1] - The bank has adjusted its gold price forecast for the next 0 to 3 months to USD 4,000 per ounce, expecting the average gold price to remain at a similar level in Q4 of this year [1] - Zhaojin Mining's profit forecasts for 2025 to 2027 have been adjusted, with increases of 23% and 14% for 2025 and 2026, respectively, and a decrease of 13% for 2027, reflecting rising gold prices and production costs, as well as a reduction in self-produced gold output forecasts for 2026 and 2027 [1]

Group 1: Gold Market Overview - Spot gold prices have shown strong performance, reaching $3920 per ounce on October 6, with a daily increase of 0.35%, marking a new historical high [1] - Goldman Sachs indicates that due to strong interest from private investors, gold prices have further upside potential, possibly exceeding their expectations [1][3] - The influx of funds into gold ETFs has been unexpectedly strong, surpassing previous model predictions, indicating a renewed investor interest in gold assets [1][3] Group 2: Economic Factors Influencing Gold Prices - The anticipated interest rate cuts by the Federal Reserve reflect the economic pressures facing the U.S., which is expected to support gold price increases [2] - Historical data shows that during 10 past rate-cutting cycles since 1980, gold prices rose in 7 instances, highlighting gold's stability as a safe-haven asset [2] - The complex global geopolitical landscape has increased the investment value of gold, with rising demand for gold as a safe haven during turbulent times [2] Group 3: Central Bank and Gold Reserves - Central banks are diversifying their foreign reserves, with gold's status rising; since the Russia-Ukraine conflict, gold's share in central bank reserves has increased, surpassing the euro [2] - As of August 2025, the People's Bank of China has increased its gold reserves for 10 consecutive months, with gold reserves accounting for 7.64% of total foreign reserves, a historical high [2] Group 4: Company Performance in the Gold Sector - Zijin Mining reported a revenue of 167.71 billion yuan for the first half of 2025, a year-on-year increase of 11.50%, with net profit exceeding 23.29 billion yuan, up over 50% [4] - Shandong Gold achieved a revenue of 56.77 billion yuan, a 24.01% increase year-on-year, with net profit soaring by 102.98% to 2.81 billion yuan [5] - Lingbao Gold's revenue reached 7.79 billion yuan, an 82.02% increase, with net profit up 335.28% to 664 million yuan [6]

Core Viewpoint - The Hong Kong gold sector has seen a significant rally, driven by increased demand for safe-haven assets due to the U.S. government shutdown and escalating geopolitical tensions [1][7][8]. Group 1: Market Performance - Chinese Silver Group led the gains with a rise of over 30%, followed by Zijin Gold International with an increase of over 13%, and Tongguan Gold up by over 11% [1][2]. - Other companies such as Lingbao Gold, Chifeng Jilong Gold, and Zijin Mining also experienced notable increases in their stock prices [1][2]. Group 2: Gold Price Trends - COMEX gold futures showed a slight pullback but remained above the critical level of $3,890 [2]. - Spot gold maintained a high level around $3,868, providing strong support for related stocks [4]. Group 3: Drivers of Demand - The core reason for the sector's rise is the increased demand for safe-haven assets, triggered by the U.S. government shutdown, which is the first political deadlock in nearly seven years [7][8]. - The shutdown has led to significant economic uncertainty, with the U.S. Labor Department halting data collection and publication, affecting key economic indicators [8]. Group 4: Geopolitical Factors - Escalating geopolitical conflicts, particularly the recent military actions by Russia against Ukraine, have further heightened market risk aversion [9]. - The potential for further conflict in Europe has contributed to the attractiveness of gold as a hedge against political risk [9]. Group 5: Future Gold Price Predictions - Central bank gold purchases are a significant factor supporting rising gold prices, with global official gold reserves increasing by 166 tons in Q2 [10]. - Predictions indicate that gold prices could reach $4,200 per ounce by mid-2026, driven by expectations of Federal Reserve rate cuts and increased demand for safe-haven assets [10][11].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招金礦業股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | | 說明 | 内資股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 660,837,607 | | 0 | | 660,837,607 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 660,837,607 | | 0 | | 660,837,607 | | 2. 股份分類 ...