紫金矿业(2899.HK)分拆的紫金黄金国际(2259.HK)周二挂牌。星展发表研究报告首予"买入"评级，12个 月目标价137元。该目标价较招股定价71.59港元，升91%。星展表示，紫金黄金是一间知名的纯黄金矿 业公司，预计今年及明年金价平均升42%和9%，作为一家卓越纯金矿业公司将吸引投资者。预计该公 司到2027年盈利复合年增长率55%，盈利增长将继续超越同业。星展预期该公司2025年至2027年盈利分 别为11.37亿美元、15.75亿美元及16.63亿美元，市盈率分别为32.4倍及26.3倍及24.9倍。 ...

紫金矿业分拆的紫金黄金国际周二挂牌。星展发表研究报告首予"买入"评级，12个月目标价137元。该 目标价较招股定价71.59港元，升91%。星展表示，紫金黄金是一间知名的纯黄金矿业公司，预计今年 及明年金价平均升42%和9%，作为一家卓越纯金矿业公司将吸引投资者。预计该公司到2027年盈利复 合年增长率55%，盈利增长将继续超越同业。星展预期该公司2025年至2027年盈利分别为11.37亿美 元、15.75亿美元及16.63亿美元，市盈率分别为32.4倍及26.3倍及24.9倍。 ...

该行指，受惠于紫金黄金国际强劲的增长潜力，预计到2027年，紫金黄金国际销售复合年增长率将达到 8.2%，盈利增长将继续超越同业。预计到2025年，EBITDA利润率将升至58.1%，远超同业48%的平均 水平。该行预计到2027年，净利复合年增长率将达到51%，远超同业44%的平均水平。 报告指，紫金黄金国际是一家知名的纯黄金矿业公司，正在整合紫金矿业(02899)旗下的大量海外黄金 资产。该行预计2025年和2026年金价平均将分别上涨42%和9%，紫金黄金国际将作为一家卓越的纯金 矿业公司吸引投资者。 星展发布研报称，首次涵盖紫金黄金国际(02259)予"买入"评级，目标价137港元。 ...

报告指，紫金黄金国际是一家知名的纯黄金矿业公司，正在整合紫金矿业(02899)旗下的大量海外黄金 资产。该行预计2025年和2026年金价平均将分别上涨42%和9%，紫金黄金国际将作为一家卓越的纯金 矿业公司吸引投资者。 该行指，受惠于紫金黄金国际强劲的增长潜力，预计到2027年，紫金黄金国际销售复合年增长率将达到 8.2%，盈利增长将继续超越同业。预计到2025年，EBITDA利润率将升至58.1%，远超同业48%的平均 水平。该行预计到2027年，净利复合年增长率将达到51%，远超同业44%的平均水平。 智通财经APP获悉，星展发布研报称，首次涵盖紫金黄金国际(02259)予"买入"评级，目标价137港元。 ...

Group 1 - The Hong Kong precious metals sector experienced a significant increase, with all stocks rising [1] - China Silver Group (00815.HK) saw a rise of 22.6%, reaching HKD 0.66 per share [1] - Zijin Gold International (02259.HK) increased by 12%, trading at HKD 136 per share [1] - Lingbao Gold (03330.HK) rose by 8.02%, priced at HKD 19.93 per share [1] - Tongguan Gold (00340.HK) experienced a 6.27% increase, with shares at HKD 2.88 [1] - Chifeng Jilong Gold Mining (06693.HK) rose by 6.18%, trading at HKD 32.3 per share [1]

Group 1 - Gold stocks experienced a significant rise, with China Silver Group up 24.53%, Zijin Mining up 14.18%, Lingbao Gold up 8.02%, Tongguan Gold up 6.27%, and Chifeng Jilong Gold up 6.18% [1] - On October 1, international gold prices hit a new record, with London gold approaching $3900 per ounce and COMEX gold also surpassing $3900 per ounce [1] - The U.S. ADP employment report indicated a decrease of 32,000 jobs in the private sector for September 2025, significantly below the expected increase of 50,000 jobs, leading to a 99% probability of a 25 basis point rate cut by the Federal Reserve in October [1] Group 2 - Everbright Securities noted that if the U.S. government shuts down, economic data will cease publication, complicating Federal Reserve decision-making, which may lead to a more gradual rate cut path, favoring gold over U.S. stocks and bonds [2] - Goldman Sachs projected that by mid-2026, international gold prices could soar to $4000 per ounce, potentially reaching $4500 in extreme scenarios [2] - Goldman Sachs also stated that if the independence of the Federal Reserve is compromised and investors shift a small portion of their holdings from U.S. Treasuries to gold bars, gold prices could rise to around $5000 per ounce [2]

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]

Group 1 - The stock of Zijin Gold International (02259.HK) surged over 10% on its second day of trading, following a previous increase of over 68% on the last trading day [1] - As of the report, the stock price rose by 10.45%, reaching 133.3 HKD, with a trading volume of 482 million HKD [1]

Group 1 - The core viewpoint is that Zijin Gold International has seen significant stock price increases following its listing, with a notable rise of over 68% on the previous trading day and a current increase of 10.45% [1] - The company, spun off from Zijin Mining, holds interests in eight gold mines located in resource-rich regions across South America, Oceania, Central Asia, and Africa, positioning it as a significant player in the gold mining industry [1] - By the end of 2024, Zijin Gold International is projected to rank ninth globally in gold reserves and eleventh in gold production for that year, indicating strong operational capabilities [1] Group 2 - On October 1, international gold prices reached a new historical high, with London gold nearing $3900 per ounce and COMEX gold surpassing $3900 per ounce, reflecting strong market demand [2] - The U.S. ADP employment report indicated a decrease of 32,000 jobs in the private sector for September 2025, significantly below the expected increase of 50,000, suggesting economic challenges [2] - The U.S. federal government has entered a shutdown for the first time in seven years, affecting hundreds of thousands of federal employees and halting services, which may impact economic data releases and Federal Reserve decision-making [2] - According to Everbright Securities, if the U.S. government shutdown continues, the likelihood of a more cautious approach to interest rate cuts by the Federal Reserve increases, which could lead to better performance of gold compared to U.S. stocks and bonds [2]

Core Viewpoint - DBS Group Research indicates that Zijin Mining International, a gold mining company, is expected to outperform its peers in terms of profitability and profit growth [1] Group 1: Company Performance - Zijin Mining International has integrated overseas gold assets from its parent company, Zijin Mining Group, which is expected to support strong growth potential [1] - The company is projected to achieve an EBITDA margin of 58.1% by 2025, surpassing the industry average of 48% [1] - The net profit compound annual growth rate (CAGR) for Zijin Mining International is expected to reach 51% by 2027, significantly higher than the peer average of 44% [1] Group 2: Investment Rating - DBS Group has initiated coverage on Zijin Mining International with a "Buy" rating and a target price of HKD 137.00 [1]