Core Viewpoint - China Gold International (02099) has seen a significant increase in stock price, rising by 3.31% to HKD 146.7, following the announcement of its inclusion in the Hang Seng Hong Kong Chinese Enterprises Index effective October 27, 2025 [1] Group 1: Stock Performance - The stock opened over 3% higher and reached a trading volume of HKD 7.1883 million [1] Group 2: Company Developments - The Hang Seng Index Company announced that China Gold International will be included in the index, which is expected to enhance the company's visibility and attract more investors [1] - According to招商证券, the company's Jiamar Mine has significant expansion potential [1] - Exploration activities in the Bayi Ranch and Zhegu Langbei areas have shown substantial resource potential, which may support larger-scale expansions in the future [1]

Core Viewpoint - The Hang Seng Index Company announced that China Gold International (02099) will be included in the Hang Seng Hong Kong Chinese Enterprises Index after the market closes on October 24, 2025, with the change taking effect on October 27, 2025 [1] Group 1 - China Gold International will be added to the Hang Seng Hong Kong Chinese Enterprises Index [1] - The inclusion will take place after the market closes on October 24, 2025 [1] - The effective date for this change is October 27, 2025 [1]

Group 1 - The Hang Seng Index Company announced that China Gold International (02099) will be included in the Hang Seng Hong Kong Chinese Enterprises Index [1] - This change will take effect after the market closes on October 24, 2025, and will be effective from October 27, 2025 [1]

Core Points - The Hang Seng Index Company announced changes to its index constituents due to certain companies being on the Securities and Futures Commission's list of highly concentrated shareholdings, leading to their removal from various indices effective October 27, 2025 [1][2]. Group 1 - Company Shandong Holdings Group Limited (stock code: 00412.HK) will be removed from multiple indices including the Hang Seng Composite Index and the Hang Seng Hong Kong Chinese Enterprises Index [2]. - Company Zhong An Smart Life Services Limited (stock code: 02271.HK) will be removed from the Hang Seng Property Services and Management Index [2]. - Company China Gold International Resources Corp. Ltd. (stock code: 02099.HK) will be added to the Hang Seng Hong Kong Chinese Enterprises Index [3].

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: | 中國黃金國際資源有限公司 | | | | 呈交日期: | 2025年10月8日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | | 根據英屬哥倫比亞省商業公司法，於英屬哥倫比亞省註冊成立的公司一般擁有無限制的法定股本，且各類別的股份普遍亦無分「面值」。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02099 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

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].

Group 1 - The Hong Kong stock market saw a collective rise in gold stocks, with Zijin Mining International up over 8%, China Silver Group up over 7%, and Tongguan Gold up over 4% [1] - International gold prices continued to strengthen, reaching a peak of $3,895, setting a new historical high [1] Group 2 - Zijin Mining International reported a price increase of 8.54%, with a latest price of 130.900 and a total market capitalization of 343.48 billion, reflecting an 82.85% year-to-date increase [2] - China Silver Group experienced a 7.55% rise, with a latest price of 0.570 and a total market capitalization of 14.13 billion, marking a 141.53% year-to-date increase [2] - Tongguan Gold saw a 4.80% increase, with a latest price of 2.840 and a total market capitalization of 124.89 billion, showing a remarkable 494.14% year-to-date increase [2] - China Gold International had a 3.53% rise, with a latest price of 143.700 and a total market capitalization of 569.65 billion, reflecting a 255.88% year-to-date increase [2] - Chifeng Jilong Gold Mining increased by 3.35%, with a latest price of 31.440 and a total market capitalization of 597.49 billion, showing a 132.11% year-to-date increase [2] - Lingbao Gold Company saw a 3.09% increase, with a latest price of 19.020 and a total market capitalization of 244.78 billion, reflecting a 619.60% year-to-date increase [2] - Shandong Gold experienced a 2.60% rise, with a latest price of 37.900 and a total market capitalization of 174.716 billion, marking a 210.48% year-to-date increase [2] - Zhaojin Mining Industry had a 1.41% increase, with a latest price of 31.700 and a total market capitalization of 112.294 billion, reflecting a 190.68% year-to-date increase [2] - Jinhai Resources saw a slight increase of 0.53%, with a latest price of 1.890 and a total market capitalization of 3.78 billion, marking a 127.71% year-to-date increase [2]

Core Insights - International gold prices continue to reach historical highs, driving significant increases in Hong Kong-listed gold stocks [1] - Spot gold prices surpassed previous highs, reaching $3,798.54 per ounce, marking a 1% increase [1] - JPMorgan analysts predict gold prices will reach between $4,050 and $4,150 per ounce by mid-2026, indicating potential for further record highs [1] Company Performance - The following gold stocks in Hong Kong experienced notable price increases: - Tongguan Gold rose by 4.18% to HKD 2.740 [2] - Zhaojin Mining increased by 3.89% to HKD 30.480 [2] - Zijin Mining gained 3.49% to HKD 31.440 [2] - Chifeng Jilong Gold rose by 3.14% to HKD 30.220 [2] - Shandong Gold increased by 2.73% to HKD 36.820 [2] - Lingbao Gold rose by 2.63% to HKD 17.960 [2] - Everest Gold increased by 1.47% to HKD 1.380 [2] - China Gold International rose by 1.20% to HKD 134.600 [2] Market Trends - Domestic gold jewelry brands have also seen price increases, with Chow Sang Sang's gold jewelry priced at HKD 1,111 per gram, up by HKD 5 from September 26 [1] - Other brands like Chow Tai Fook and Luk Fook Jewelry maintained their gold jewelry prices at HKD 1,108 per gram [1]

Core Viewpoint - International gold prices continue to reach historical highs, driving significant increases in Hong Kong gold stocks, with forecasts suggesting further price increases in the coming years [1] Group 1: Gold Price Movement - Spot gold prices surpassed previous highs, rising by 1% to $3,798.54 per ounce, marking a new historical peak [1] - JPMorgan strategists predict that by mid-2026, gold prices could reach between $4,050 and $4,150 per ounce, indicating potential for new record highs [1] Group 2: Stock Performance - Hong Kong gold stocks experienced collective gains, with notable increases including: - Tongguan Gold up 4.18% - Zhaojin Mining up nearly 4% - Zijin Mining up 3.5% - Chifeng Jilong Gold up over 3% - Shandong Gold and Lingbao Gold both up nearly 3% - Everest Gold and China Gold International both up over 1% [1] Group 3: Domestic Jewelry Pricing - Domestic gold jewelry brands saw price increases, with specific examples including: - Chow Sang Sang's gold jewelry priced at 1,111 yuan per gram, up 5 yuan from September 26 - Other brands like Chow Tai Fook and Lao Feng Xiang maintaining prices at 1,108 yuan per gram [1]

Core Viewpoint - The international gold price has reached historical highs, with spot gold nearing $3800 per ounce and COMEX futures surpassing the same level, leading to significant performance increases for gold mining companies, although there are notable disparities in profit growth among them [1][2]. Group 1: Performance of Gold Mining Companies - In the first half of 2025, international gold prices rose over 20%, resulting in widespread profit increases among A-share gold mining companies [2]. - Shandong Gold reported a 102.98% year-on-year increase in net profit, exceeding 56.7 billion yuan in revenue [2]. - Zijin Mining achieved a net profit of 23.292 billion yuan, a 54.41% increase, driven by both gold and copper [2]. - Chifeng Jilong Gold, despite a strong performance with a net profit of 1.107 billion yuan (up 55.79%), faced concerns regarding production declines [2]. Group 2: Challenges and Cost Increases - Some companies have successfully expanded overseas and increased production, while others, like Chifeng Jilong Gold, are experiencing production declines [2]. - Chifeng Jilong Gold's gold production fell by 10.56% year-on-year to 6.75 tons, completing only 42% of its annual production guidance due to lower ore grades and adverse weather conditions [2][3]. - The unit cost of gold production for Chifeng Jilong Gold rose significantly, with operating costs increasing by 11.88% to 319.06 yuan per gram and total costs up 34.28% to 355.41 yuan per gram [3]. Group 3: Future Growth Strategies - Analysts predict further potential increases in gold prices, with estimates suggesting it could reach $3900 per ounce by mid-2026 [4]. - Companies are focusing on resource expansion and capacity growth as key strategies to transition from benefiting solely from price increases to achieving sustainable internal growth [4]. - Shandong Gold completed 293,000 meters of exploration, adding 18.8 tons of gold resources, while Chifeng Jilong Gold reported a significant discovery of a large-scale gold-copper deposit [4]. Group 4: Capital Operations and Resource Recovery - Companies are also looking towards capital operations, with Zijin Mining planning to list its subsidiary on the Hong Kong Stock Exchange [5]. - Tailings recovery is emerging as a new profit source, with Zhaojin Mining reporting significant contributions from tailings recovery at its Fiji mine, producing 101.78 kilograms of gold from tailings, a 42.53% increase year-on-year [6].