Core Viewpoint - Guosen Securities initiates coverage on Zijin Gold International (02259) with an "outperform" rating, highlighting the company's inherited competitive advantages from Zijin Mining in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for strong future growth [1] Group 1: Company Overview - Zijin Gold International is formed by integrating Zijin Mining's overseas gold mines, becoming a leading global gold mining company [1] - The company holds rights to nine gold mines in resource-rich areas including Central Asia, South America, Oceania, and Africa, successfully establishing a leading position in the global gold mining industry through tailored operational models and continuous resource development [1] Group 2: Resource and Production Growth - As of the end of 2024, the company's gold reserves are approximately 856 tons, ranking ninth globally, with expertise in developing low-grade and difficult-to-process gold resources [2] - The company anticipates an average annual compound growth rate of 21.4% in gold production from 2022 to 2024, driven by acquisitions of new mines and technological upgrades of existing ones [2] - Projections indicate that from 2025 to 2027, the average annual compound growth rate in gold production could exceed 15%, maintaining rapid growth momentum [2] Group 3: Expansion Projects - The company has planned a series of construction and expansion projects within existing mining areas to enhance production capacity and resource conversion [3] - Specific projects include optimizing processing techniques at the Tajikistan Jilau/Talco mine, accelerating key projects at the Australian Norton Goldfield, and increasing processing capacities at various mines in Guyana, Colombia, Suriname, and Ghana [3] Group 4: Market Outlook - The long-term outlook remains positive, with expectations of a sustained bull market for gold, driven by anticipated interest rate cuts by the Federal Reserve and ongoing global economic factors that could further elevate gold prices [4]

Core Viewpoint - Guosen Securities initiates coverage on Zijin Gold International (02259) with an "outperform" rating, highlighting the company's competitive advantages inherited from Zijin Mining in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for strong future growth [1] Group 1: Company Overview - Zijin Gold International is formed by integrating Zijin Mining's overseas gold mines, becoming a leading global gold mining company [1] - The company holds interests in nine gold mines located in resource-rich areas across Central Asia, South America, Oceania, and Africa, including significant projects in Tajikistan, Kyrgyzstan, Australia, Guyana, Colombia, Suriname, Ghana, Kazakhstan, and Papua New Guinea [1] Group 2: Growth Potential - As of the end of 2024, the company's gold reserves are approximately 856 tons, ranking ninth globally, with a focus on developing low-grade and difficult-to-process gold resources [2] - The company anticipates an average annual compound growth rate of 21.4% in gold production from 2022 to 2024, driven by acquisitions of new mines and technological upgrades of existing ones [2] - For the period from 2025 to 2027, the company expects a continued average annual compound growth rate of over 15% in gold production [2] Group 3: Project Developments - The company has planned a series of construction and expansion projects within existing mining areas to enhance production capacity and resource conversion [3] - Specific projects include ongoing development of low-grade ore processing technologies at the Tajikistan mine, upgrades to the Norton Goldfield in Australia to increase annual processing capacity from 9 million tons to 11 million tons, and various enhancements at other mines to significantly boost production capabilities [3] Group 4: Market Outlook - The long-term outlook for gold prices remains positive, with a projected cumulative increase of over 65% by 2025, marking the best performance since 1979 [4] - Factors supporting this outlook include anticipated interest rate cuts by the Federal Reserve in 2026, a decline in dollar credibility, and continued accumulation of gold by global central banks, which may further drive up gold prices [4]

Group 1 - The Hong Kong Stock Exchange (HKEX) will launch six new stock options on January 19, 2026, expanding the stock options market and providing investors with more choices [2] - The new stock options will include Zijin Mining International (02259), WuXi AppTec (02359), BeiGene (06160), Lao Poo Gold (06181), Horizon Robotics (09660), and CanSino Biologics (09926) [2] - The average daily trading volume of the derivatives market at HKEX reached a record high of 1,662,751 contracts last year, representing a 7% year-on-year increase [2] Group 2 - Stock options, including monthly and weekly expiry contracts, were among the most actively traded products, with an average daily trading volume of 879,831 contracts, marking a 22% year-on-year increase [2] - The new stock options will have varying contract sizes, such as 200 shares for Zijin Mining International and BeiGene, and 500 shares for WuXi AppTec [3] - The launch will include contracts for multiple months in 2026, specifically January, February, March, April, June, September, and December for certain stocks [3]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) will launch six new stock options on January 19, 2026, expanding the stock options market and providing investors with more choices [1] Group 1: New Stock Options - The new stock options will include Zijin Gold International (02259), WuXi AppTec (02359), BeiGene (06160), Lao Poo Gold (06181), Horizon Robotics (09660), and CanSino Biologics (09926) [1] - The contract sizes for the new options are as follows: Zijin Gold International (200 shares), WuXi AppTec (500 shares), BeiGene (200 shares), Lao Poo Gold (100 shares), Horizon Robotics (3,000 shares), and CanSino Biologics (1,000 shares) [2] Group 2: Market Performance - The average daily trading volume of HKEX's derivatives market reached 1,662,751 contracts last year, marking a 7% year-on-year increase and setting a new record [1] - Stock options, including monthly and weekly expiry contracts, were among the most actively traded products, with an average daily trading volume of 879,831 contracts, a 22% year-on-year increase and a new record high [1]

Core Viewpoint - The Hong Kong gold stocks experienced a collective rise, driven by a significant increase in spot gold prices and positive forecasts from major financial institutions regarding metal prices [1] Group 1: Market Performance - Shandong Gold surged over 6%, Zhaojin Mining rose nearly 5% to reach a historical high, Zijin Mining increased by 3.6%, and Chifeng Jilong Gold gained 2.8% [2] - Other companies such as Zijin Gold International, China National Gold, and Tongguan Gold also saw increases in their stock prices [1] Group 2: Price Forecasts - Spot gold prices have returned above $4,470 per ounce, supported by factors such as supply-demand imbalance and anticipated interest rate cuts by the Federal Reserve [1] - Barclays has significantly raised its price forecasts for various metal commodities, indicating ongoing support for rising metal prices [1] - Morgan Stanley predicts that gold prices will reach $4,800 per ounce by Q4 2026, driven by declining interest rates, changes in Federal Reserve leadership, and continued buying by central banks and funds [1]

摩根士丹利在最新报告中预测，黄金价格将在2026年第四季度升至每盎司4800美元，突破去年创下的历 史纪录。该投行认为，利率下行、美联储领导层更迭，以及各国央行和基金持续买入，将共同推动金价 进一步上涨。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01787 | 山东黄金 | 39.860 | 6.01% | | 01818 | 招金矿业 | 35.780 | 4.68% | | 02899 | 紫美观,亚 | 38.540 | 3.60% | | 06693 | 赤峰黄金 | 29.720 | 2.84% | | 03330 | 灵宝黄金 | 19.300 | 2.01% | | 02259 | 紫金黄金国际 | 149.400 | 1.98% | | 02099 | 中国黄金国际 | 158.800 | 1.15% | | 00340 | 漳关黄金 | 3.170 | 0.63% | 港股黄金股集体上涨，其中，山东黄金涨超6%，招金矿业涨近5%刷新历史新高价，紫金矿业涨3.6%， 赤峰黄金涨2.8%，紫金黄金国际、中国黄金国际、潼关黄金跟涨 ...

Core Viewpoint - The article highlights the significant profit growth expected for Zijin Mining in 2025, driven by both increased production and rising commodity prices, particularly gold and copper [3][5][12]. Group 1: Financial Performance - Zijin Mining anticipates a net profit of approximately 510-520 billion yuan for 2025, representing a year-on-year growth of about 59%-62% [3]. - The company's non-recurring net profit is expected to be around 475-485 billion yuan, with a year-on-year increase of 50%-53% [3]. - The production of gold is projected to reach about 90 tons, an increase of 17 tons compared to the previous year, while copper production is expected to rise to approximately 1.09 million tons, an increase of 20,000 tons [5][10]. Group 2: Production and Pricing Dynamics - The increase in production is attributed to successful acquisitions and operational improvements at various mines, including the Ghana Akim Gold Mine and the Kazakhstan Raygorodok Gold Mine [5][6]. - The prices of gold and copper have seen significant increases, with gold prices rising by 44.42% and copper prices by 8.5% in the first three quarters of 2025 [9][11]. - The average selling price for gold is projected at 746.43 yuan per gram, up from 516.83 yuan per gram in 2024, while copper prices are expected to average 60,878 yuan per ton, compared to 56,113 yuan per ton in the previous year [10]. Group 3: Cost Pressures and Strategic Management - Despite high profits, the company faces cost pressures, with unit costs for gold and copper rising by 15.2% and 14.4%, respectively, due to factors such as deeper mining operations and increased operational costs [11]. - Zijin Mining employs a counter-cyclical acquisition strategy, acquiring quality resources during industry downturns, which enhances its competitive edge [13][16]. - The company has focused on optimizing existing assets and improving operational efficiency during periods of high commodity prices, resulting in a significant cash flow surplus [14][16].

Group 1 - Gold stocks experienced significant declines in the afternoon, with notable drops including Chifeng Jilong Gold Mining down 5.54% to HKD 29.32, Shandong Gold down 3.69% to HKD 36.5, China Gold International down 2.94% to HKD 158.4, and Zijin Mining down 2.14% to HKD 146.3 [1][1] - Precious metals saw a broad sell-off on Wednesday, with spot silver dropping over 3%, spot gold down more than 1%, spot palladium falling over 5%, and spot platinum declining by more than 8% [1][1] - UBS's latest report indicates that the recent rise in gold prices lacks strong fundamentals, suggesting that the December rally is not driven by independent positive factors for gold but rather benefiting from the surges in silver, platinum, and palladium [1][1] Group 2 - Starting Thursday, Bloomberg Commodity Index will adjust the weights of various commodities, which may lead passive tracking funds to sell some contracts to align with the new weight configurations [2] - Longjiang Securities noted that due to the previous significant rise in precious metals, there is an expectation of some contract sell-offs, although the overall trend of increasing allocation remains unchanged [2]

Core Viewpoint - The gold stocks experienced significant declines in the afternoon trading session, with major companies like Chifeng Jilong Gold Mining, Shandong Gold Mining, China National Gold Group, and Zijin Mining all reporting losses. This downturn is attributed to a broader drop in precious metals, including silver, gold, palladium, and platinum, indicating a potential shift in market dynamics for these commodities [1] Group 1: Company Performance - Chifeng Jilong Gold Mining (600988) saw a decline of 5.54%, trading at 29.32 HKD [1] - Shandong Gold Mining (600547) dropped by 3.69%, with shares priced at 36.5 HKD [1] - China National Gold Group (600916) fell by 2.94%, trading at 158.4 HKD [1] - Zijin Mining (02259) decreased by 2.14%, with a current price of 146.3 HKD [1] Group 2: Market Trends - Precious metals experienced a significant sell-off, with spot silver down over 3%, gold down more than 1%, palladium down over 5%, and platinum down more than 8% [1] - UBS's latest report suggests that the recent rise in gold prices lacks strong fundamentals, indicating that the current rally is not driven by independent positive factors for gold but rather by the performance of silver, platinum, and palladium [1] - The relationship between gold and real interest rates has reportedly broken down, with significant acceleration in residuals, which typically signals a potential correction [1] Group 3: Index Adjustments - Starting Thursday, Bloomberg Commodity Index will adjust the weights of various commodities, which may lead to passive tracking funds selling some contracts to align with the new weight configurations [1] - Despite the adjustments, the trend towards increasing allocation in precious metals is expected to continue [1]

Core Viewpoint - Gold stocks experienced significant declines, with major companies like Chifeng Jilong Gold Mining Co. Ltd. and Shandong Gold Mining Co. Ltd. seeing drops of 5.54% and 3.69% respectively, indicating a broader downturn in the precious metals market [1] Group 1: Market Performance - Precious metals saw a sharp decline on Wednesday, with spot silver dropping over 3%, spot gold falling more than 1%, spot palladium decreasing over 5%, and spot platinum declining by more than 8% [1] - Chifeng Gold was reported at 29.32 HKD, Shandong Gold at 36.5 HKD, China National Gold International at 158.4 HKD, and Zijin Mining International at 146.3 HKD, reflecting the downward trend in gold stocks [1] Group 2: Analyst Insights - UBS's latest report suggests that the recent rise in gold prices lacks substantial support, indicating that the December rally was not driven by independent positive factors for gold but rather benefited from the surges in silver, platinum, and palladium [1] - The relationship between gold and real interest rates has reportedly broken down, with significant acceleration in residuals, which typically signals a potential correction in the market [1] Group 3: Commodity Index Adjustments - Starting Thursday, Bloomberg Commodity Index will adjust the weights of various commodities, which may lead passive tracking funds to sell some contracts to align with the new weight configurations [1] - Despite the adjustments, the trend of increasing allocation towards precious metals is expected to continue [1]