董事會召開通知 中國黃金國際資源有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於 北京時間二零二五年十一月十三日（星期四），即溫哥華時間二零二五年十一月十二日（星 期三），舉行董事會會議，藉以審議並酌情批准本公司及其附屬公司截至二零二五年九月三 十日止九個月之三季度業績等事宜。 承董事會命 中國黃金國際資源有限公司 侯晨光先生 董事長兼首席執行官 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，並明確表示概不會就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD. 中國黃金國際資源有限公司 （根據加拿大英屬哥倫比亞法例註冊成立的有限公司） （香港股份代號：2099） （多倫多股份代號：CGG） 香港，二零二五年十一月三日 於本公告日期，本公司董事會由執行董事侯晨光先生、傅淵慧先生及田娜女士，非執行董事 王萬明先生，及獨立非執行董事赫英斌先生、邵威先生、史別林先生及韓瑞霞女士組成。 ...

Core Viewpoint - Minsheng Securities initiates coverage on China Gold International (600916) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, driven by the recovery of mining operations and ongoing exploration and technical upgrades [1][2]. Group 1: Financial Projections - Expected revenues for China Gold International are projected to be $1,119 million, $1,222 million, and $1,339 million for 2025, 2026, and 2027, respectively, representing growth rates of 47.9%, 9.2%, and 9.6% [1]. - Net profits are anticipated to reach $379 million, $460 million, and $544 million for the same years, with growth rates of 504%, 21.5%, and 18.2% [1]. Group 2: Mining Operations - The company operates two key mines: Changshanhao Gold Mine and Jiama Polymetallic Mine, with stable production and profitability before 2023, and a gradual recovery expected in 2024 [2]. - Changshanhao Gold Mine has a current gold resource of 158.57 tons and a reserve of 15.02 tons, with significant exploration results expected in the first half of 2025 [2]. - Jiama Polymetallic Mine, located in Tibet, has copper reserves of 207.5 million tons and gold reserves of 55.7 tons, with production capacity expected to recover to over 50,000 tons per day by 2026 [2]. Group 3: Market Conditions - The U.S. inflation is expected to decline in the second half of 2025, with potential interest rate cuts from the Federal Reserve, which may positively impact gold prices [3]. - Global central banks have been increasing gold purchases, with China’s central bank continuing to buy gold for ten consecutive months, indicating a rising willingness to allocate assets to gold [3]. - The geopolitical risks and declining credit quality of the U.S. dollar and bonds are likely to support a sustained increase in gold prices [3].

Core Viewpoint - Gold mining and jewelry stocks experienced significant declines following the announcement of new tax policies related to gold trading, which aim to regulate the market and reduce speculative activities [1] Company Performance - Lao Pu Gold (06181) fell by 8.04%, trading at 629.5 HKD - Chow Tai Fook (01929) decreased by 6.18%, trading at 14.28 HKD - Shandong Gold (01787) dropped by 4.53%, trading at 31.22 HKD - China Gold International (02099) declined by 5.86%, trading at 123.7 HKD - Zijin Mining (02899) decreased by 3.41%, trading at 31.14 HKD [1] Industry Analysis - The Ministry of Finance and the State Taxation Administration released new tax policies aimed at clarifying tax obligations in the gold trading sector, addressing previous ambiguities that allowed for tax avoidance [1] - The new regulations categorize gold based on "purity + function," which is intended to suppress speculative trading and reduce compliance costs for legitimate investments [1] - According to Huatai Futures, the short-term impact of the policy may lead to increased gold prices, putting pressure on physical demand; however, in the long term, the standardization of gold investment could enhance its financial attributes and institutional ownership [1] - The ongoing global financial instability is expected to sustain medium to long-term demand for gold, despite the potential increase in holding costs that may drive wealth towards tangible assets or the stock market, thereby stimulating the economy [1]

Core Viewpoint - On November 3, gold-related stocks experienced significant declines, with major retail brands in Hong Kong facing sharp drops following new tax policies announced by the government [1] Group 1: Market Reaction - As of 10 AM on November 3, Chao Hong Ji hit the daily limit down [1] - Major Hong Kong gold retail brands collectively fell, with Lao Pu Gold and Chow Tai Fook dropping over 7%, and Luk Fook Group down over 6% [1] - Other companies such as Chow Sang Sang and China Gold International saw declines exceeding 5% [1] Group 2: Policy Announcement - On November 1, the Ministry of Finance and the State Taxation Administration released an announcement regarding tax policies related to gold transactions [1]

Group 1 - Gold mining and jewelry stocks experienced significant declines, with notable drops including Lao Pu Gold down 8.04% to 629.5 HKD, Chow Tai Fook down 6.18% to 14.28 HKD, and Shandong Gold down 4.53% to 31.22 HKD [1][1][1] - The Ministry of Finance and the State Taxation Administration announced new tax policies regarding gold, aiming to clarify previous ambiguities in gold trading taxes and reduce speculative activities in the market [1][1][1] - A report from Huatai Futures suggests that while the new policy may pressure physical demand for gold in the short term, it could enhance the financial attributes of gold investments in the long term, making them more appealing to institutional investors [1][1][1] Group 2 - The new regulations categorize gold based on "purity + function," which is intended to suppress speculative arbitrage in the gold market and lower compliance costs for investors [1][1][1] - The potential increase in holding costs for gold may lead to a shift of household wealth towards the real economy or stock market, which could further stimulate economic activity [1][1][1]

Core Viewpoint - The Hong Kong gold stocks experienced a collective decline, influenced by a drop in spot gold prices and new tax policies announced by the Chinese government, which aim to regulate excessive speculation in the gold market [1]. Group 1: Market Performance - Chinese gold stocks such as China Gold International, Shandong Gold, and Zijin Mining saw declines exceeding 4%, 3%, and 3% respectively [1]. - Spot gold prices fell below $3970 per ounce, marking a decrease of 0.84% [1]. - The latest prices and percentage changes for various gold stocks are as follows: - China Gold International: $126.100, -4.03% - Shandong Gold: $31.600, -3.36% - China Silver Group: $0.610, -3.17% - Zijin Mining: $127.700, -2.82% [1]. Group 2: Regulatory Changes - The Ministry of Finance and the State Taxation Administration of China announced new tax policies regarding gold, effective from November 1, 2025, until December 31, 2027 [1]. - The new policies are designed to curb excessive speculation in gold trading and to better reflect market demand through tax leverage and investment usage explanations [1]. Group 3: Expert Commentary - Professor Gong Xiuguo from Sichuan University highlighted the risks associated with the influx of investors into the gold market amid global uncertainties and high gold prices [1]. - The new tax policies are expected to mitigate speculative trading and provide a more accurate representation of market demand [1].

Group 1: Global Gold Demand Trends - In Q3 2025, global central banks accelerated gold purchases, totaling 220 tons, a 28% increase from Q2 and a 10% increase year-on-year [1] - The total net gold purchases by central banks for the first three quarters of 2025 reached 634 tons, significantly above the average levels prior to 2022, despite being lower than the exceptionally high levels of the past three years [1] - Factors driving gold demand include persistent inflation pressures and uncertainties in global trade policies, leading investors to seek safe-haven assets [1] Group 2: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut to 3.75%-4.00% and plans to end quantitative tightening (QT) in December, signaling marginal improvements in liquidity [2] - Despite the rate cut, Fed Chair Powell indicated that further rate cuts in December are not guaranteed, which dampened market expectations for continued easing and maintained a hawkish tone [2] - The tightening of short-term liquidity is pushing up overnight and repo rates, which may suppress gold price elasticity in the short term [2] Group 3: Gold ETF Performance - As of October 30, 2025, the gold stock ETF fund has seen a net value increase of 43.75% over the past six months, ranking among the top two comparable funds [4] - The fund has a historical average monthly return of 9.45% and a 100% probability of profit over a one-year holding period [4] - The fund's management fee is 0.50% and the custody fee is 0.10%, with a Sharpe ratio of 1.73, indicating higher returns for the same level of risk compared to peers [5] Group 4: Market Activity and Stock Performance - As of October 31, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index fell by 0.24%, with mixed performance among constituent stocks [3] - Notable gainers included Hunan Gold, which rose by 7.44%, while Jiangxi Copper led the declines with a drop of 4.12% [3] - The gold stock ETF fund experienced a net outflow of 316.68 million yuan, with a total inflow of 1.80781 billion yuan over the last 16 trading days [3]

Core Viewpoint - The rise in gold prices has led to a collective increase in Hong Kong's gold stocks, with significant gains observed across various companies in the sector [1] Group 1: Market Performance - Gold stocks in Hong Kong experienced notable increases, with China Silver Group rising by 7%, Zijin Gold International by over 6%, and Zijin Mining by nearly 4% [1] - Other companies such as China National Gold International and Zhaojin Mining saw increases of 3.3%, while Chifeng Jilong Gold, Shandong Gold, and Lingbao Gold all rose by over 1% [1] Group 2: Gold Price Movement - Gold prices in Asia rose, with spot gold increasing by 0.5% to $3,949.47 per ounce, following a dip after Federal Reserve Chairman Jerome Powell's speech [1] - Powell's remarks suggested that a rate cut in December is not guaranteed, which may limit the extent of gold price increases [1] Group 3: Future Outlook - According to Metals Focus, the overall trend for precious metals is expected to be strong in 2025, with gold prices having risen 66% year-to-date and reaching a peak of over $4,380 per ounce [1] - Concerns regarding the sustainability of U.S. debt, a weakening dollar, increased gold purchases by central banks, and rising expectations for Fed rate cuts are driving the bullish outlook for gold prices, which are anticipated to continue rising and set new records in 2026 [1]

Group 1 - The core viewpoint of the article highlights that international copper prices have reached a new high, leading to a collective rise in Hong Kong copper stocks, with Jiangxi Copper Co. rising over 6% and other companies also experiencing significant gains [1] - The London Metal Exchange (LME) copper futures hit a historical high due to increasing global mining supply constraints, with copper prices rising 8.86% this month and 27.38% year-to-date, driven by production disruptions at major copper mines [1] - Mining giant Glencore has lowered its 2025 copper production forecast to 850,000 to 875,000 tons, down from a previous estimate of 850,000 to 890,000 tons, intensifying market concerns over supply tightness [1] Group 2 - Anglo American reported a 9% year-on-year decline in copper production for the first nine months of the year, indicating ongoing pressure on global mining supply [1] - Analysts from ANZ Bank noted that in addition to supply-side factors, the increase in European automobile sales also contributes positively to demand for copper [1] - The article provides specific stock performance data for various companies, including Jiangxi Copper Co. at 34.840 with a 6.15% increase, Minmetals Resources at 7.150 with a 4.23% increase, and others [1]

Core Viewpoint - Gold stocks generally opened lower, indicating a negative market sentiment towards the gold sector [1] Company Summaries - China Gold International (02099.HK) decreased by 3.31%, trading at 125.7 HKD [1] - Tongguan Gold (00340.HK) fell by 2.92%, with a price of 2.66 HKD [1] - Shandong Gold (01787.HK) dropped by 1.73%, currently at 33 HKD [1] - China Silver Group (00815.HK) declined by 1.56%, priced at 0.63 HKD [1] - Chifeng Jilong Gold Mining (06693.HK) saw a decrease of 1.43%, trading at 28.96 HKD [1]