Core Viewpoint - The article discusses the recent surge in gold prices and the corresponding increase in financing activities by gold mining companies, particularly focusing on Shandong Gold's new share placement to raise funds for debt repayment and capital structure optimization [3][4]. Financing Activities - Shandong Gold plans to issue up to 136.5 million H-shares at a price of HKD 28.58 per share, aiming to raise approximately USD 500 million (around HKD 3.901 billion) [3][4]. - The financing is intended to optimize the capital structure and repay debts, reflecting a trend among gold mining companies to capitalize on high gold prices for fundraising [4][8]. - Other companies like Zijin Mining and Chifeng Jilong Gold Mining have also engaged in similar financing activities, indicating a broader trend in the industry [7][8]. Gold Price Trends - As of September 2, 2025, spot gold prices reached a new high of USD 3,508.69 per ounce, contributing to the positive sentiment in the gold mining sector [4][5]. - Analysts predict that gold prices may continue to rise, potentially reaching USD 3,650 per ounce by the end of the year, which would support gold mining stocks [8]. Company Performance - In the first half of 2025, Shandong Gold reported a gold production of 24.71 tons and a revenue of CNY 56.766 billion, marking a year-on-year increase of 24.01% [4]. - The company's net profit reached CNY 2.808 billion, a significant increase of 102.98% compared to the previous year, indicating strong operational performance amid rising gold prices [4]. Market Sentiment - The market reaction to Shandong Gold's financing announcement was relatively stable, suggesting continued investor confidence in the gold sector despite potential short-term pressures from increased share supply [5][8]. - The overall sentiment in the gold mining sector remains positive, driven by strong gold prices and favorable financial performance, although investors are advised to manage risks associated with potential price corrections [8].

Group 1 - The performance of gold stocks in the first half of 2025 has significantly improved, with several companies reporting substantial increases in net profit [2][5] - The international gold price has been rising, with COMEX gold futures reaching a record high of $3,557.1 per ounce on September 1, 2025, marking a nearly 35% increase year-to-date [2][4] - Domestic gold prices have also surged, with the Shanghai gold contract closing at 800.56 yuan per gram, reflecting an increase of over 28% since the beginning of the year [3][4] Group 2 - The rise in gold prices is primarily driven by expectations of interest rate cuts from the Federal Reserve, with a probability of a 25 basis point cut in September reaching 87.4% [4][5] - Global gold demand has increased significantly, with the World Gold Council reporting a 3% year-on-year increase in total demand to 1,249 tons in Q2 2025, and a 45% increase in value to $132 billion, a historical high [4][5] - Several organizations are optimistic about the future performance of gold prices, citing macroeconomic uncertainties and the safe-haven appeal of gold as key factors [5][6] Group 3 - The financial performance of gold companies has improved, with 12 gold stocks reporting year-on-year increases in net profit or turning profitable, including notable gains from companies like Western Gold and Shandong Gold [5][6] - Western Gold reported a net profit of 154 million yuan in the first half of 2025, a 131.94% increase year-on-year, achieving the highest profit for the same period since its listing [6] - Social security funds have shown interest in gold stocks, with five gold stocks receiving significant investments, totaling 3.312 billion yuan, indicating strong institutional support [6]

Core Viewpoint - The stock price of Zhaojin Mining (01818) showed strong performance, reaching HKD 25.82 with a daily increase of 4.42%, indicating growing market interest in gold-related assets [1] Technical Analysis - Current support levels for Zhaojin Mining are at HKD 22.3 (Support 1) and HKD 21.1 (Support 2), while the upper resistance level has been broken at HKD 25.4 (Resistance 1), with a potential challenge of HKD 26.4 (Resistance 2) [3] - The stock price has surpassed the 10-day, 30-day, and 60-day moving averages (HKD 22.16, HKD 21.47, and HKD 20.99 respectively), indicating a bullish trend [3] - The Relative Strength Index (RSI) is currently at 69, nearing the overbought zone, suggesting potential short-term technical adjustment pressure [3] - Other oscillators, such as the Williams and Stochastic indicators, also indicate an overbought condition, prompting caution regarding possible pullback risks [3] Product Review - Recent performance of Zhaojin Mining's related warrants has been notable, with the JPMorgan call warrant (27406) and UBS call warrant (27337) recording increases of 20% and 22% respectively within two days, while the underlying stock rose by 6.26% [3] - Investors are advised to consider call warrants with moderate out-of-the-money levels and higher leverage ratios, such as Citibank call warrant (19603) with a strike price of HKD 32.38 and leverage of 3.4x, and JPMorgan call warrant (16322) with a strike price of HKD 30.93 and leverage of 4.77x [6]

Core Viewpoint - The A-share market experienced fluctuations on September 1, with the ChiNext index leading gains, while the Shanghai Composite Index showed narrow movements. Gold concept stocks surged significantly, driven by rising international gold prices, which reached historical highs [2]. Market Performance - The ChiNext index outperformed other indices, indicating strong investor interest in growth sectors [2]. - Gold stocks such as Zhejiang Fu Holding, Zhongjin Gold, Huayu Mining, Hunan Gold, and Western Gold hit the daily limit, while others like Chifeng Jilong Gold, Zhaojin Mining, Shandong Gold, and Sichuan Gold rose over 7% [2]. Gold Price Movement - International gold prices opened high and continued to rise, with COMEX gold futures increasing by over 1%, peaking at $3,557.1 per ounce, marking a new historical high. Spot gold prices also broke through $3,480 per ounce, nearing the historical high set in April [2]. Economic Outlook - According to China International Capital Corporation (CICC), the U.S. is entering a prolonged phase of fiscal dominance and monetary coordination. Recent personnel changes support this assessment [2]. - Looking ahead, under fiscal dominance, the liquidity of the U.S. dollar may trend towards abundance, benefiting global risk assets. The potential for debt monetization, financial repression, and rising inflation may favor gold and other inflation-hedged assets [2].

Group 1 - The Hang Seng Index rose by 2.15%, while the Hang Seng Tech Index increased by 2.2% [1] - Alibaba's stock surged over 18% [1] - The gold sector performed well, with China National Gold Group rising over 11%, and other companies like Zhaojin Mining, Lingbao Gold, and WanGuo Gold Group each increasing by over 8% [1] Group 2 - Semiconductor company SMIC and electric vehicle manufacturer NIO both saw their stocks rise by over 4% [1] - BYD's shares fell by over 5%, and Mixue Group's stock dropped by over 4% [1]

Group 1 - The core point of the article is that Zhaojin Mining (01818.HK) experienced a significant stock price increase, reaching a historical high of 26.24 HKD on September 1, with a current increase of 8.8% to 26.22 HKD and a trading volume of 613 million HKD [1]

消息面上，受避险和降息预期共振，国际金价显著上涨。9月1日，现货黄金突破3480美元/盎司，日内 涨幅超1%，并创今年4月以来新高。多家国际金融机构看涨金价，瑞士银行目前已将2026年上半年国际 金价目标价上调至每盎司3700美元。美国银行的分析师则预计，到2026年上半年国际金价将触及每盎司 4000美元高位。 招金矿业(01818)涨近9%，高见26.24港元创历史新高。截至发稿，涨8.8%，报26.22港元，成交额6.13亿 港元。 今年上半年，招金矿业实现收入69.73亿元，同比劲增50.69%；归母净利润同比大增160.44%至14.4亿 元。湘财证券指出，在美联储降息预期升温及中长期降息周期下、美债压力加大导致美元走弱趋势加强 及央行储备多元化趋势驱动黄金储备中长期提升背景下，黄金价格有望长期看涨。叠加海域金矿、铁拓 金矿以及科马洪等金矿逐渐投产和扩产，公司黄金自产金产量有望持续增长，驱动公司未来业绩快速增 长。 ...

消息面上，受避险和降息预期共振，国际金价显著上涨。9月1日，现货黄金突破3480美元/盎司，日内 涨幅超1%，并创今年4月以来新高。多家国际金融机构看涨金价，瑞士银行目前已将2026年上半年国际 金价目标价上调至每盎司3700美元。美国银行的分析师则预计，到2026年上半年国际金价将触及每盎司 4000美元高位。 智通财经APP获悉，招金矿业(01818)涨近9%，高见26.24港元创历史新高。截至发稿，涨8.8%，报26.22 港元，成交额6.13亿港元。 今年上半年，招金矿业实现收入69.73亿元，同比劲增50.69%；归母净利润同比大增160.44%至14.4亿 元。湘财证券指出，在美联储降息预期升温及中长期降息周期下、美债压力加大导致美元走弱趋势加强 及央行储备多元化趋势驱动黄金储备中长期提升背景下，黄金价格有望长期看涨。叠加海域金矿、铁拓 金矿以及科马洪等金矿逐渐投产和扩产，公司黄金自产金产量有望持续增长，驱动公司未来业绩快速增 长。 ...

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8月31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9月1日 I. 法定/註冊股本變動 | 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 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 660,837,607 RMB | | | 1 RMB | | 660,837,607 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 660,837,607 RMB | | | 1 RMB | | 660,837,607 | | 2. 股份分類 | 普通股 | 股份類別 | H ...

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]