Core Viewpoint - Zijin Mining International (02259.HK) experienced a nearly 5% increase in share price, closing up 4.35% at HKD 187.2, with a trading volume of HKD 1.322 billion [1] Company Summary - Zijin Mining International's stock price rose to HKD 187.2, reflecting a strong market performance [1] - The trading volume reached HKD 1.322 billion, indicating significant investor interest [1]

Core Viewpoint - Zijin Mining International (02259) is experiencing a significant stock price increase, attributed to its potential inclusion in the Hang Seng Index adjustments scheduled for March 2026, as indicated by research from CICC and Guosen Securities [1][1][1] Group 1: Stock Performance - Zijin Mining International's stock rose nearly 5% in late trading, with a current increase of 4.35%, reaching HKD 187.2, and a trading volume of HKD 1.322 billion [1][1][1] Group 2: Index Inclusion Potential - CICC's report highlights that Zijin Mining International is among the top candidates for inclusion in the Hang Seng Index adjustments, which will be officially announced on February 13, 2026, and implemented on March 9, 2026 [1][1][1] Group 3: Company Growth and Strategy - Guosen Securities notes that Zijin Mining International specializes in developing low-grade and difficult-to-process gold resources, and with rising gold prices, the company plans to reassess its mining resources and explore technical upgrades to extend the lifespan and value of its mines [1][1][1] - The company is projected to achieve an average annual compound growth rate of over 15% in gold production from 2025 to 2027, maintaining a strong growth momentum [1][1][1] - The company inherits competitive advantages from Zijin Mining (601899) in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for future growth potential [1][1][1]

Core Viewpoint - Zijin Mining International (02259) has seen a nearly 5% increase in stock price, attributed to its potential inclusion in the Hang Seng Index adjustments scheduled for March 2026, as indicated by research from CICC and Guosen Securities [1][1][1] Group 1: Company Performance - Zijin Mining International's stock price rose by 4.35% to HKD 187.2, with a trading volume of HKD 1.322 billion [1] - The company is recognized for its expertise in developing low-grade and difficult-to-process gold resources, which positions it well for future growth as gold prices rise [1][1] Group 2: Future Growth Prospects - Guosen Securities projects that from 2025 to 2027, the company's gold production is expected to achieve a compound annual growth rate (CAGR) of over 15%, indicating strong growth momentum [1] - The company is expected to leverage its competitive advantages inherited from Zijin Mining in the mining sector, focusing on overseas gold resources and utilizing low-cost acquisitions combined with technological enhancements for future growth [1][1]

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Group 1 - Hong Kong gold stocks have seen significant increases, with Chifeng Jilong Gold Mining (06693.HK) rising over 11% [1] - Lingbao Gold Company (03330.HK) has increased nearly 9% [1] - Shandong Gold Mining (01787.HK) has risen over 6% [1] - China Gold International Resources (02099.HK) has seen an increase of over 5% [1] - Zijin Mining Group (02259.HK) has risen by 4.5% [1] - Zhaojin Mining Industry (01818.HK) has increased nearly 4% [1]

Group 1 - Gold prices have reached record highs, with silver prices also nearing historical peaks, driven by increased demand for safe-haven assets due to the worsening Greenland crisis and a collapse in Japanese government bonds [1] - The Polish central bank has approved a plan to purchase up to 150 tons of gold, which will increase the country's total gold reserves to 700 tons, positioning Poland among the top 10 countries globally in terms of gold reserves [1] - UBS precious metals strategist Joni Teves indicated that diversification demand is the core driver of the current rise in gold prices, with institutional investors, retail investors, and central banks increasing their gold holdings to address macroeconomic uncertainties [2] Group 2 - Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5,000 per ounce if concerns about the independence of the Federal Reserve continue to rise [2] - Silver is anticipated to benefit from the rise in gold prices and its own narrowing supply-demand gap, with a possibility of challenging $100 per ounce this year [2] - The copper market is expected to tighten due to demand driven by energy transition, leading to an upward shift in price levels [2] Group 3 - Related Hong Kong stocks in the gold and precious metals sector include Zijin Mining International, Chifeng Jilong Gold Mining, Shandong Gold Mining, Zhaojin Mining Industry, Lingbao Gold Company, Tongguan Gold, China Gold International, China Silver Group, and Mount Everest Gold [3]

Group 1 - Gold prices have reached record highs, with silver prices also nearing historical peaks, driven by increased demand for safe-haven assets due to the worsening Greenland crisis and a collapse in Japanese government bonds [1] - The Polish central bank has approved a plan to purchase up to 150 tons of gold, which will increase the country's total gold reserves to 700 tons, positioning Poland among the top 10 countries globally in terms of gold reserves [1] - UBS precious metals strategist Joni Teves indicated that diversification demand is the core driver of the current rise in gold prices, with institutional and retail investors, as well as central banks, increasing their gold holdings to address macroeconomic uncertainties [2] Group 2 - Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5,000 per ounce if concerns about the independence of the Federal Reserve continue to rise [2] - Silver is anticipated to benefit from the rise in gold prices and its own narrowing supply-demand gap, with a possibility of challenging $100 per ounce this year [2] - The copper market is expected to tighten due to demand from energy transition, leading to an upward shift in price levels [2] Group 3 - Related Hong Kong stocks in the gold and precious metals sector include Zijin Mining International, Chifeng Jilong Gold Mining, Shandong Gold Mining, Zhaojin Mining Industry, Lingbao Gold, Tongguan Gold, China Gold International, China Silver Group, and Mount Everest Gold [3]

Group 1 - The core viewpoint of the news is that the price of gold has surged, breaking the $4700 per ounce mark, reaching a new historical high of $4702.14 per ounce, with a 0.67% increase [1] - Short-term outlook for gold and silver remains bullish due to ongoing geopolitical risks and uncertainties surrounding the Federal Reserve's independence, as well as a physical shortage of silver [1] - The recent increase in precious metals is attributed to heightened risk aversion following the U.S. announcement of tariffs on European countries and the criminal charges against Federal Reserve Chairman Powell, which challenge the Fed's independence and impact the credibility of the dollar [1] Group 2 - Gold mining stocks have shown recovery, with Ji Hai Gold rising by 6.4% to HKD 1.33, Zijin Gold International increasing by 3% to HKD 175.2, China Gold International up by 1.57% to HKD 194.1, and Shandong Gold rising by 1.41% to HKD 43.14 [2]

Core Viewpoint - The Hong Kong gold stocks are experiencing a rebound after hitting a low point, with notable increases in share prices for several companies [1] Company Performance - Jihai Gold (02489.HK) has risen by 6.4%, reaching HKD 1.33 [1] - Zijin Mining International (02259.HK) has increased by 3%, now priced at HKD 175.2 [1] - China Gold International (02099.HK) has seen a rise of 1.57%, with shares at HKD 194.1 [1] - Shandong Gold (01787.HK) has grown by 1.41%, trading at HKD 43.14 [1]

Group 1 - The escalation of the US-EU tariff dispute has heightened market risk aversion, leading to a surge in international precious metal prices, with spot gold briefly surpassing $4690 per ounce, setting a new historical high [1] - Starting February 1, 2026, the US will impose a 10% tariff on all goods exported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, as stated by Trump on social media [1] - If an agreement for the "complete and thorough purchase of Greenland" is not reached, the tariff rate will increase to 25% starting June 1, 2026 [1] Group 2 - Gold stocks were active in early trading, with Zijin Mining International (02259) rising by 3.86% to HKD 172.4, and Zhaojin Mining (01818) increasing by 3.84% to HKD 37.9 [2] - China National Gold International (02099) saw a rise of 1.96% to HKD 192.8, while Shandong Gold (01787) increased by 1.33% to HKD 42.78 [2]