来源：滚动播报 截至发稿，紫金黄金国际跌6.65％、山东黄金跌6.43％、灵宝黄金跌5.58％。 ...

Core Insights - Southbound funds increased their holdings in Zijin Mining International (02259.HK) by 6.8687 million shares on October 21, 2025, bringing the total holdings to 23.447 million shares, which represents 0.87% of the company's issued ordinary shares [1][2]. Group 1: Shareholding Changes - On October 21, 2025, the total number of shares held by southbound funds reached 23.447 million, reflecting an increase of 6.8687 million shares, which is a 41.43% change from the previous day [2]. - On October 20, 2025, the total number of shares held was 16.5783 million, indicating that the previous day's holdings were significantly lower [2]. Group 2: Company Overview - Zijin Mining International is primarily engaged in the exploration, mining, processing, and sales of gold and non-ferrous metals [2]. - The company mainly sells products such as gold bars, refined gold, and gold concentrates [2].

Group 1: Market Overview - The US-China trade relations show signs of easing, and China's GDP growth for the first three quarters is reported at 5.2% year-on-year [1] - Hong Kong's three major indices rebounded collectively, with the Hang Seng Index rising by 2.42% to close at 25,858.83 points, and a total trading volume of HKD 239.16 billion [1] - The Hang Seng Technology Index increased by 3%, indicating a strong performance in the tech sector [1] Group 2: Blue-Chip Stocks Performance - Alibaba (09988) saw a significant increase of 4.86%, closing at HKD 161.9, contributing 113.55 points to the Hang Seng Index [2] - Other notable blue-chip stocks include NetEase (09999) up 5.18%, China Petroleum (00857) up 5.05%, while Orient Overseas International (00316) and Chow Tai Fook (01929) experienced slight declines [2] Group 3: Sector Highlights - Major technology stocks rebounded, with Alibaba rising nearly 5%, and Baidu and Tencent both increasing over 3% [3] - The aviation sector continued its upward trend, with China Eastern Airlines (00670) surging over 9% [3] - Semiconductor stocks also saw gains, driven by the acceleration of domestic self-sufficiency and AI advancements [4] Group 4: Robotics and Gaming Sector - Robotics stocks performed well, with UBTECH (09880) rising by 9.77% after winning a significant contract worth HKD 126 million [5][6] - Gaming stocks collectively increased, with Wynn Macau (01128) up 4.44% and Sands China (01928) up 4.37% [5][7] Group 5: Gold Stocks and Market Sentiment - Gold stocks faced declines, with notable drops including Chifeng Jilong Gold Mining (06693) down 6.18% [7] - Recent volatility in gold prices, including a drop from a historical high of USD 4,379 to a low of USD 4,185, has affected market sentiment [7] Group 6: Notable Stock Movements - Haixi Pharmaceutical (02637) debuted with a 20.6% increase, closing at HKD 104.2 [8] - COSCO Shipping Energy (01138) reached a new high, closing up 7.91% at HKD 10.09, supported by strategic developments in the shipping sector [9] - Leap Motor (09863) saw a rise of 6.19% after significant insider buying [10] - YF Financial (00376) and Yao Cai Securities (01428) declined, attributed to regulatory actions affecting stablecoin projects [11]

港股點評 2025年10月20日9:30 a.m 恒指跌 641 點，滬指跌 76 點，標普 500 升 34 點 恒指及科指 17 日各跌近 2.5%及 4.1%。市場焦點轉移至美國銀行不良貸款的擔 憂，恒指低開 36 點後跌幅擴大，尾市曾跌 743 點一度低見 25,145 點，全日跌 641 點或 2.5%，收 25,247 點；國指跌 247 點或 2.7%，收 9,011 點；恒生科技指 數跌 243 點或 4.1%，收 5,760 點。大市全日成交總額 3,146.24 億元。 市場觀望中美貿易形勢變化，內地 20 日將公布第三季 GDP 及 9 月經濟數據， 中共「四中全會」亦會開幕，至 23 日結束。人民幣中間價上調 19 點，報 7.0949 兌一美元續創一年高。A 股三大指數低開 0.1%至 0.4%後，跌幅逐步擴大，各以 近全日低位收市。滬綜指全日收 3,839，跌 76 點或近 2%，成交 8,731.8 億元人 民幣。深成指收 12,688，跌 397 點或 3%，成交 10,649.4 億元。創板指數收 2,935 點，跌 102 點或 3.4%，成交 4,619.9 億元。 投資 ...

Core Viewpoint - The gold stocks have experienced significant declines, with several companies showing notable drops in their stock prices [1] Group 1: Company Performance - Zijin Mining International (02259.HK) fell by 5.28%, trading at 140 HKD [1] - Zhenfeng Gold (01815.HK) decreased by 5.24%, with a price of 1.99 HKD [1] - China Silver Group (00815.HK) saw a decline of 4.94%, now priced at 0.77 HKD [1] - Chifeng Jilong Gold Mining (06693.HK) dropped by 4.16%, currently at 30.4 HKD [1] - Shandong Gold Mining (01787.HK) experienced a decrease of 2.8%, trading at 36.84 HKD [1]

Group 1 - The core viewpoint of the article highlights a collective decline in Hong Kong gold stocks, attributed to a recent drop in international gold prices [1] - Last Friday, international gold prices fell by 1.76%, closing at $4,252.98 per ounce, which is a significant drop of $127 from the intraday peak [1] Group 2 - Specific declines in gold stocks include: - Zhumeng Gold down 7.14% to $1.950 with a market cap of 2.414 billion [2] - Chifeng Gold down 5.11% to $30.100 with a market cap of 57.202 billion [2] - China Silver Group down 4.94% to $0.770 with a market cap of 0.2089 billion [2] - Zijin Gold International down 5.07% to $140.300 with a market cap of 375.49 billion [2] - Lingbao Gold down 3.95% to $18.710 with a market cap of 24.079 billion [2] - Shandong Gold down 3.64% to $36.520 with a market cap of 168.355 billion [2] - Other notable declines include: - Zhangguan Gold down 3.37% - Zhaojin Mining down 2.79% - China National Gold down 0.68% [2]

Group 1 - Gold stocks experienced significant declines, with Zijin Mining International down 5.28% to 140 HKD, Zhenfeng Gold down 5.24% to 1.99 HKD, China Silver Group down 4.94% to 0.77 HKD, Chifeng Jilong Gold down 4.16% to 30.4 HKD, and Shandong Gold down 2.8% to 36.84 HKD [1][1][1] - Recent fluctuations in gold prices have been notable, with a peak at 4379 USD followed by a rapid decline, recording a maximum single-day drop of 194 USD, reaching a low of 4185 USD [1][1][1] Group 2 - Political developments include a meeting between the Ukrainian President and the US President, with discussions on the willingness to engage in bilateral or trilateral talks, and Trump's assertion that the Russia-Ukraine conflict should end [1][1][1] - Upcoming negotiations between China and the US are set to take place, as both sides' leaders have agreed to hold a new round of trade talks, which may help reduce short-term market risk sentiment [1][1][1]

Core Viewpoint - The Hong Kong stock market saw a collective decline in gold stocks, attributed to a drop in international gold prices, which fell by 1.76% to $4,252.98 per ounce, marking a significant decrease of $127 from the intraday high [1] Group 1: Market Performance - Everest Gold (珠峰黄金) experienced a decline of 7.14%, with a latest price of 1.950 and a market capitalization of 2.414 billion [2] - Chifeng Jilong Gold Mining (赤峰黄金) fell by 5.11%, priced at 30.100 with a total market value of 57.202 billion [2] - China Silver Group (中国白银集团) decreased by 4.94%, trading at 0.770 and a market cap of 2.089 billion [2] - Zijin Gold International (紫金黄金国际) dropped 5.07%, with a latest price of 140.300 and a market capitalization of 375.49 billion [2] - Lingbao Gold (灵宝黄金) saw a decline of 3.95%, priced at 18.710 and a market cap of 24.079 billion [2] - Shandong Gold (山东黄金) decreased by 3.64%, with a latest price of 36.520 and a market capitalization of 168.355 billion [2] - Tongguan Gold (潼关黄金) fell by 3.37%, trading at 2.870 and a market cap of 1.262 billion [2] - Zhaojin Mining (招金矿业) declined by 2.79%, priced at 30.680 with a market capitalization of 108.681 billion [2] - Changchun Mining (常全矿业) saw a decrease of 2.21%, trading at 31.880 and a market cap of 84.729 billion [2] - Jihai Resources (集海资源) fell by 1.73%, priced at 1.700 with a market cap of 4.08 billion [2] - China Gold International (中国黄金国际) experienced a slight decline of 0.68%, trading at 131.600 with a market capitalization of 52.168 billion [2]

Group 1 - The stock prices of Everest Gold (01815.HK) have decreased by 8.10% [1] - Chifeng Jilong Gold Mining (06693.HK) shares fell by 5.36% [1] - Zijin Mining International (02259.HK) experienced a decline of 4.74% [1]

Core Viewpoint - Zijin Gold International (02259.HK), spun off from Zijin Mining (601899) and listed in Hong Kong, reported strong financial performance for the first three quarters of 2025, with gold production of 32 tons and a net profit of approximately $905 million [1] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of $3.415 billion, with a pre-tax profit of $1.515 billion and a net profit of $1.095 billion [1] - In Q3 2025, the company generated revenue of $1.418 billion and a net profit attributable to shareholders of $385 million [2] - The net cash flow from operating activities for the first three quarters was $1.081 billion, indicating strong cash flow generation capabilities [1] Asset and Equity Growth - As of September 30, 2025, the company's total assets reached $10.855 billion, a significant increase from $5.403 billion at the end of 2024 [3] - Shareholders' equity amounted to $7.083 billion, with net current assets of $3.838 billion, and the debt-to-asset ratio improved from 46.28% at the end of 2024 to 28.52% [3] Cost Management - The all-in sustaining cost (AISC) for the first nine months of 2025 was $1,574 per ounce, up from $1,458 per ounce for the entire year of 2024, primarily due to rising gold prices [3] Mining Operations - The Bogala Gold Mine's production was gradually incorporated into the company's reports, with gold production rights amounting to 1,357 kg in the first half of 2025 and 767 kg in Q3 2025 [3] - The company completed two major overseas acquisitions: the Akim Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan, which have started contributing to production and profits [3] Market Outlook - The company plans to capitalize on the favorable market environment of rising gold prices in Q4 2025, focusing on increasing production efficiency and optimizing cost control [4] - The performance of Zijin Gold International is positively influenced by rising gold prices, with other gold companies also reporting significant profit increases [4]