Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 6.973 billion RMB, a year-on-year growth of 39.15%, and net profit at 1.440 billion RMB, up 160.44% [3][4]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 10.24 tons, a 13.77% increase year-on-year, and an average gold price of approximately 3,077 USD/ounce, up 39.8% [4]. - The company is actively expanding its resource base through exploration and acquisitions, with significant new gold resources added in 2024 and 2025 [5]. Summary by Sections Financial Performance - For Q2 2025, the company achieved revenue of 4.035 billion RMB, a 30.94% year-on-year increase, and net profit of 781 million RMB, reflecting a 135.51% increase [3]. - The gross profit for the first half of 2025 was approximately 3.05 billion RMB, with a gross margin improvement from 42.72% to 43.74% [4]. Production and Costs - The comprehensive cost of domestic gold production was 216.20 RMB per gram, a slight increase of 2.96% compared to the previous year, primarily due to increased depreciation [4]. - The company faced asset impairment losses of approximately 740 million RMB due to the closure of a gold mine and a copper smelting plant, which were fully recognized [4]. Strategic Initiatives - The company has made strategic investments in overseas projects, including the acquisition of Delarop Mining and Sierra Leone West Gold, enhancing its international presence [5]. - The company holds a 70% stake in the Haiyu Gold Mine, which is progressing towards industrial production with an expected annual output of 15-20 tons of gold [5]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are estimated at 3.289 billion RMB, 3.733 billion RMB, and 4.844 billion RMB, respectively, with corresponding PE ratios of 22, 19, and 15 [6][7].

Group 1 - Gold stocks have risen significantly, with China Gold International up 6.46% to HKD 94.8, Lingbao Gold up 6.08% to HKD 12.22, Zhaojin Mining up 3.78% to HKD 22.5, and Shandong Gold up 3.54% to HKD 28.66 [1] - Federal Reserve Chairman Jerome Powell indicated an increased downside risk in the U.S. labor market, suggesting a potential policy adjustment may be appropriate, signaling the possibility of an interest rate cut as early as September [1] - Huaxin Securities believes that the Federal Reserve is still in a rate-cutting cycle, and Powell's remarks have boosted the precious metals market, leading to an optimistic outlook for further increases in gold prices [1] Group 2 - Concerns have arisen regarding the independence of the Federal Reserve following former President Trump's announcement to immediately remove Federal Reserve Governor Lisa Cook from her position [1]

港股黄金股逆势上涨，其中，灵宝黄金涨4.5%，潼关黄金涨3.6%，山东黄金、招金矿业、中国黄金国 际涨超3%，赤峰黄金、紫金矿业涨超1%。 消息上，亚洲早盘现货黄金由跌转涨至0.6%，一度重回3380美元/盎司。随着美联储主席鲍威尔在8月22 日杰克逊霍尔举行的年度经济研讨会上释放明确的"鸽派"信号，扭转前期关于降息预期的摇摆，9月降 息概率大幅增加。 有机构认为，随着美联储9月降息预期大幅提升，名义利率的下降与通胀预期的反弹或将带动实际利率 快速下降，从而利好黄金定价，金价上涨的逻辑更为清晰。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 03330 | 灵宝黄金 | 12.040 | 4.51% | | 00340 | 漳关黄金 | 2.000 | 3.63% | | 01787 | 山东黄金 | 28.600 | 3.32% | | 01818 | 招金矿业 | 22.420 | 3.41% | | 02099 | 中国黄金国际 | 92.000 | 3.31% | | 06693 | 赤峰黄金 | 25.160 | 1.29% | ...

Group 1 - The Hong Kong stock market indices collectively strengthened on August 25, with the Hang Seng Index rising over 2% during the day, reaching a nearly four-year high of 25918.86 points [1] - By the end of the trading day, the Hang Seng Index closed up 1.94% at 25829.91 points, the Hang Seng Tech Index increased by 3.14% to 5825.09 points, and the National Enterprises Index rose by 1.85% to 9248 points [1] - Technology stocks were a significant driver of the index's rise, with notable gains from companies such as NetEase (+6.04%), Alibaba (+5.51%), Kuaishou (+5.14%), JD Group (+4.28%), Meituan (+3.29%), SenseTime (+2.72%), Tencent (+2.42%), and Xiaomi (+1.81%) [1] Group 2 - Gold stocks also saw significant increases, with Everest Gold rising by 11.31%, Zijin Mining by 6.38%, Lingbao Gold by 5.21%, China Gold International by 4.95%, Tongguan Gold by 4.32%, Shandong Gold by 3.75%, Chifeng Jilong Gold by 2.99%, and Zhaojin Mining by 1.31% [1] - Futu Securities' chief analyst noted that the positive performance of the Hong Kong stock market is beneficial for the real economy, improving financing channels for innovative industries [1] - Companies in sectors such as artificial intelligence, autonomous driving, and innovative pharmaceuticals may utilize IPOs or other financing methods to raise funds, leading to more active development of new projects and positively impacting the job market [1][2]

Group 1 - The gold sector in Hong Kong and A-shares experienced a collective rise, with notable increases in stocks such as Zhu Feng Gold (+11.31%) and Zijin Mining (+6.38%) [2][3] - In A-shares, Hunan Gold rose by 5.17%, and Zhongjin Gold increased by 4.48%, reflecting a positive market sentiment [3] Group 2 - The recent surge in gold stocks is attributed to multiple short-term factors, including dovish signals from the Federal Reserve, which raised expectations for interest rate cuts [4] - Following Jerome Powell's speech at the Jackson Hole conference, the market's expectation for a September rate cut increased from 75% to 90% [4] Group 3 - The decline in the US dollar index contributed to the rise in gold prices, with COMEX gold futures reaching a high of $3423.4 per ounce before settling at $3408.2 [5] - Analysts suggest that while gold prices may remain in a consolidation phase in the short term, the overall trend is expected to remain positive due to heightened rate cut expectations [6] Group 4 - Companies like Chifeng Jilong Gold and Zhaojin Mining reported strong mid-year earnings, with Chifeng achieving a revenue of 5.272 billion yuan, up 25.64%, and a net profit of 1.107 billion yuan, up 55.79% [7] - Zhaojin Mining reported a revenue of 6.973 billion yuan, a 50.69% increase, and a net profit of 1.44 billion yuan, up 160.44% [8] Group 5 - The significant profit increases for these gold mining companies are primarily attributed to rising gold prices, driven by heightened market risk aversion and central bank purchases [9]

Core Viewpoint - Zhaojin Mining's growth path is being continuously validated, with strong financial results for the first half of 2025, showcasing robust fundamentals and growth momentum [1] Financial Performance - In the first half of 2025, Zhaojin Mining achieved revenue of 6.973 billion yuan, a year-on-year increase of 50.69%, and net profit attributable to shareholders surged by 160.44% to 1.44 billion yuan [1] - The company's gold production reached 10,235.63 kilograms, representing a growth of approximately 13.77% compared to the same period last year [2] Segment Revenue - The gold mining segment generated revenue of 6.164 billion yuan, an increase of 44.4% year-on-year, while the copper mining segment earned 224 million yuan, up 31.6% [3] - Other business segments saw revenue growth of 209.5%, totaling 585 million yuan [3] Profitability - Zhaojin Mining's gross profit for the first half of the year was 3.05 billion yuan, a 54.31% increase year-on-year, with a gross margin of 43.74%, up 1.02 percentage points from the previous year [4] Market Environment - The gold market is experiencing a strong upward trend, with the London spot gold price reaching 3,302.96 USD per ounce by the end of June, a 25.8% increase from the beginning of the year [2] - The average gold price for the first half of the year was 3,077 USD per ounce, up 39.48% year-on-year [2] Growth Drivers - Zhaojin Mining is focusing on enhancing production efficiency and resource allocation, with ongoing projects like the Haiyu Gold Mine expected to significantly contribute to future production [8] - The company has also expanded its global resource network through acquisitions in Africa, which will further bolster its performance [8] Market Outlook - The current gold price trend is expected to continue, driven by geopolitical factors and central bank policies, with predictions of gold prices potentially reaching 4,500 USD per ounce in the coming years [5] - Zhaojin Mining's strong performance and optimistic outlook have led to a significant increase in its market capitalization, with a year-to-date gain exceeding 100% [9]

Core Viewpoint - The growth path of Zhaojin Mining (01818) is being continuously validated, with the release of its 2025 interim report showcasing strong fundamentals and growth momentum [1] Financial Performance - In the first half of the year, Zhaojin Mining achieved revenue of 6.973 billion yuan, a year-on-year increase of 50.69%, and net profit attributable to shareholders surged by 160.44% to 1.44 billion yuan [1] - The company completed gold production of 10,235.63 kilograms, representing a year-on-year growth of approximately 13.77% [2] - The gold mining segment generated revenue of 6.164 billion yuan, up 44.4% year-on-year, while copper mining revenue reached 224 million yuan, an increase of 31.6% [3] Market Environment - The gold market has seen significant inflows due to factors such as U.S. tariff policies, geopolitical conflicts, and central bank gold purchases, with gold prices reaching historical highs [2] - As of June 30, the London spot gold closing price was $3,302.96 per ounce, up 25.8% from the beginning of the year [2] Growth Drivers - Zhaojin Mining is focusing on "optimal production, increased production, and enhanced efficiency" to strengthen production operations and accelerate capacity release [2] - The company is advancing multiple projects, including the Haiyu Gold Mine, which is expected to produce over 15 tons of gold annually upon full production [8] - The company has also expanded its global resource network through acquisitions in Africa, which will contribute positively to its performance [8] Future Outlook - The long-term upward trend in gold prices is expected to continue, driven by factors such as the ongoing geopolitical tensions and the shift in global asset allocation away from the U.S. dollar [5] - Zhaojin Mining's strong performance and optimistic outlook have attracted investor interest, with its market value increasing by over 100% since the beginning of the year [9]

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]