Group 1 - Gold stocks generally rose, with Lingbao Gold up 6.34% at HKD 17.95, China Silver International up 5.97% at HKD 0.71, and others showing similar gains [1] - Precious metals strengthened ahead of the Federal Reserve's decision, with spot silver surpassing USD 61 per ounce, marking a historical high and a year-to-date increase of over 100%; spot gold also rose above USD 4,210 per ounce [1] - The market anticipates a potential 25 basis point rate cut by the Federal Reserve due to weak recent employment data [1] Group 2 - State Street Global Advisors predicts that gold prices will see their best annual performance since 1979 in 2025, with a potential stabilization in 2026, projecting prices to fluctuate between USD 4,000 and USD 4,500 per ounce [1] - Structural bull market factors supporting gold include the Federal Reserve's loose monetary policy, strong demand from central banks and retail investors, inflows into ETFs, rising correlations between stocks and bonds, and global debt issues [1]

Group 1 - Hong Kong gold stocks collectively declined at the beginning of trading, with notable drops including China Silver Group down 4.29%, Zhaojin Mining down 4.14%, and Zijin Mining down 3.89% [1][2] - The International Bank for Settlements (BIS) reported that the simultaneous surge in gold and stock prices this year is unprecedented in at least half a century, indicating potential bubble risks in both asset classes [2] - Retail investors have driven the recent surge in gold prices, shifting gold from a traditional safe-haven asset to a more speculative one, with evidence suggesting that retail participation has amplified this trend [2] Group 2 - Russian Deputy Prime Minister Novak announced that Russia will restrict gold exports starting in 2026, which may impact global gold supply dynamics [2]

Group 1 - The Hong Kong gold stocks collectively declined at the beginning of trading, with China Silver Group and Zhaojin Mining dropping over 4%, and Zijin Mining down 3.8% [1] - The Bank for International Settlements (BIS) reported that the simultaneous surge in gold and stock prices this year is unprecedented in at least half a century, indicating potential bubble risks in both asset classes [1] - Retail investors have driven the recent surge in gold prices, shifting gold away from its traditional safe-haven status to a more speculative asset [1] Group 2 - Evidence suggests that retail investors have entered the market to "ride the wave," amplifying the current gold price rally [1] - The price movements of gold have deviated from historical patterns, influenced by institutional traders seeking hedges amid concerns over high stock valuations [1] - Russian Deputy Prime Minister Novak announced that Russia will limit gold exports starting in 2026 [1]

每经AI快讯，港股黄金股集体走低。截至发稿，紫金黄金国际(02259.HK)跌4.07%，报141.5港元；山东 黄金(01787.HK)跌3.68%，报33.52港元；中国白银集团(00815.HK)跌2.82%，报0.69港元；赤峰黄金 (06693.HK)跌1.84%，报29.84港元。 （文章来源：每日经济新闻） ...

消息面上，北京时间12月11日凌晨，美联储将公布12月利率决议，随后美联储主席鲍威尔将举行新闻发 布会。铜冠金源期货认为，贵金属价格长期上涨的逻辑依然坚实，但短期市场对于利多的定价已较为充 分，也需警惕降息靴子落地后，或者鲍威尔会后降息鸽派不及预期而导致市场情绪变化出现的回调风 险。 信达期货指出，展望未来，短期来看，金价大概率延续高位震荡格局，但真正的方向选择将取决于本周 议息会议。市场当前对于12月降息已形成较充分预期，价格上行空间受到一定压制，而下方支撑来自经 济数据偏弱与中长期宽松路径的预期。重点关注鲍威尔的前瞻指引是否重塑市场对明年利率路径的预 期，这将决定金价能否摆脱区间格局、迎来新的趋势方向。 智通财经APP获悉，黄金股集体走低，截至发稿，紫金黄金国际(02259)跌4.07%，报141.5港元；山东黄 金(01787)跌3.68%，报33.52港元；中国白银集团(00815)跌2.82%，报0.69港元；赤峰黄金(06693)跌 1.84%，报29.84港元。 ...

Group 1 - The core point of the article highlights that southbound funds increased their holdings in Zijin Gold International (02259.HK) by 318,300 shares on December 5, 2025, while experiencing a net reduction of 75,600 shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings in Zijin Gold International for 13 days, resulting in a total net increase of 4,067,600 shares [1] - As of now, southbound funds hold a total of 48,775,000 shares of Zijin Gold International, which represents 1.81% of the company's total issued ordinary shares [1] Group 2 - The trading data shows that on December 4, 2025, the total number of shares held was 48,456,700, reflecting a decrease of 489,900 shares or -1.00% [2] - On December 3, 2025, the total number of shares held was 48,946,600, with an increase of 448,500 shares or 0.92% [2] - The company primarily engages in the exploration, mining, processing, and sales of gold and non-ferrous metals, selling products such as gold bars, quality gold, and gold concentrates [2]

Core Insights - The acquisition of the Raygorodok gold mine in Kazakhstan has been completed, with Zijin Mining's subsidiary holding 100% ownership of the mine as of October 10, 2025 [1] - The Raygorodok gold mine has a resource reserve of 208 million tons of ore with an average gold grade of 1.0 grams per ton, amounting to 197.4 tons of gold [1] - The company aims to enhance resource utilization and expand production scale in the current gold price environment following the acquisition [1] Company Strategy - The company demonstrates strong capabilities in global resource acquisitions, focusing on high-potential gold mines and undervalued low-grade gold mines [2] - The average acquisition cost for the company's mines from 2019 to 2024 is approximately $61.3 per ounce, significantly lower than the industry average of $92.9 per ounce, representing a 52% cost advantage [2] - The company employs a comprehensive project management approach that integrates exploration, mining, processing, smelting, and environmental protection, effectively reducing production costs [2] Financial Projections - The company forecasts net profits of $1.425 billion, $2.412 billion, and $2.890 billion for the years 2025 to 2027 [2] - A target price of HKD 176.89 is set for 2026, based on a 25x PE ratio and an exchange rate of 7.85 HKD to USD, with an initial "buy" rating assigned [2]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 02 Dec 2025 环球富盛理财有限公司 紫金黄金国际 Zijin Gold International Company (2259.HK) 全球资源并购成绩优异，成本管控能力强大 Excellent performance in global resource mergers and acquisitions & Strong cost control capabilities 最新动态 ➢ 哈萨克斯坦斯坦 Raygorodok 金矿项目收购完成交割。紫金矿业控股子公司紫金黄金国际通过全资子公司收购哈萨克 斯坦斯坦 Raygorodok 金矿（RG 金矿）100%权益。鉴于协议中约定的交割先决条件已全部实现或豁免，本次收购已 于 2025 年 10 月 10 日完成交割，紫金黄金国际现已持有 RG 金矿 100%权益。根据紫金黄金国际招股说明书显示， 截至 2025 年 6 月 30 日，RG 金矿项目保有资源量：控制+推断级别矿石量 2.08 亿吨，金平均 ...

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 第 1 頁 共 10 頁 v 1.1.1 FF301 | 截至月份: | 2025年11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: | 紫金黃金國際有限公司 | | | 呈交日期: | 2025年12月1日 | | | I. 法定/註冊股本變動 不適用 | | | 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) | 02259 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,676,339,300 | | 0 | | 2,676,339,300 | | 增加 / 減少 (-) | | | 0 ...

Core Insights - The Hong Kong stock market's gold and precious metals sector experienced significant gains, with China Silver Group rising over 11% and other companies like Lingbao Gold and Zijin Mining also seeing substantial increases [1][2] - The rise in gold and silver prices is attributed to potential interest rate cuts by the Federal Reserve, with spot gold surpassing $4,250 per ounce and spot silver breaking $57, marking a nearly doubled increase year-to-date [1] Company Performance - China Silver Group: Increased by 11.27%, latest price at $0.790, market cap at 2.334 billion, year-to-date increase of 234.75% [2] - Lingbao Gold: Increased by 6.96%, latest price at $17.520, market cap at 22.548 billion, year-to-date increase of 562.85% [2] - Zijin Mining: Increased by 6.51%, latest price at $32.700, market cap at 869.086 billion, year-to-date increase of 140.52% [2] - Zhaojin Mining: Increased by 6.33%, latest price at $30.900, market cap at 109.46 billion, year-to-date increase of 183.34% [2] - Long Resources: Increased by 4.75%, latest price at $7.060, market cap at 1.339 billion, year-to-date increase of 358.44% [2] - Shandong Gold: Increased by 4.51%, latest price at $36.140, market cap at 166.603 billion, year-to-date increase of 196.06% [2] - Other notable performers include Zijin Gold International, Chifeng Jilong Gold Mining, and Qomolangma Gold, all showing positive year-to-date performance [2]