Group 1 - The core viewpoint is that Zijin Mining International (02259) is expected to maintain a strong valuation due to its robust resource acquisition, mining operation, and production capabilities, alongside a bullish gold price outlook [1] - The company is projected to achieve net profits of approximately $12.9 billion, $22.7 billion, and $28.4 billion for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 169%, 75%, and 25% respectively [1] - Zijin Mining International currently holds gold resources of 1,812.7 tons and reserves of 851.9 tons, ranking around 10th globally in terms of reserves and production by the end of 2024 [1] Group 2 - The company has a strong resource acquisition capability, with an average gold mine acquisition cost of $61.3 per ounce from 2019 to 2024, significantly lower than the industry average of $92.9 per ounce [1] - The mining operation capability is enhanced through improved stripping ratios and recovery rates, allowing previously unprofitable mines to become profitable, with an average grade of 1.4 g/t and an all-in sustaining cost (AISC) of $1,400 to $1,500 per ounce [1] - The production capability is demonstrated by a 21% growth in production over the past three years, the fastest among large gold stocks, with a high degree of fulfillment of production guidance [1] Group 3 - The gold price is expected to maintain a long-term bullish trend, supported by global central bank purchases exceeding 1,000 tons annually and sustained demand from Chinese investors [2] - The long-term outlook for gold prices is bolstered by currency devaluation and geopolitical tensions, with increasing U.S. government debt and challenges to the Federal Reserve's independence [2] - The ongoing geopolitical conflicts are likely to drive investors to reduce their dollar asset allocations in favor of gold, further supporting the bullish trend in gold prices [2]

Core Viewpoint - The report from Northeast Securities indicates that Zijin Mining International (02259) is expected to maintain a long-term bullish trend in gold prices, supported by its strong resource acquisition, mining operation, and production capabilities, warranting a higher valuation and a "buy" rating for the company [1] Company Analysis - **Resource Acquisition Capability**: Zijin Mining International has a lower average acquisition cost for gold mines at $61.3 per ounce from 2019 to 2024, compared to the industry average of $92.9 per ounce. The acquired mines have also seen resource increases, with the Rosberl and Akim mines showing over 70% growth in resources since acquisition [1] - **Mining Operation Capability**: The company has improved its mining operations by enhancing stripping ratios and recovery rates, turning previously unprofitable mines into profitable ones. The average grade of the company's producing mines is around 1.4g/t, with an All-In Sustaining Cost (AISC) of $1400-$1500 per ounce, ranking 6th among the top 15 gold producers. Costs are expected to stabilize in 2024-2025 [1] - **Production Delivery Capability**: Over the past three years, the company's production growth rate has been 21%, the fastest among large gold stocks. The company has consistently met its production guidance, with delivery rates of 99%, 101%, and 103% for its six producing mines from 2022 to 2024. Future growth is anticipated through both organic growth and external acquisitions, with a projected compound annual growth rate (CAGR) of over 15% for gold production [1] Industry Outlook - **Short to Medium Term**: Global central bank gold purchases are expected to remain above 1000 tons annually, coupled with sustained enthusiasm from Chinese investors, which is likely to support gold prices. The current environment of the Federal Reserve maintaining a rate-cutting cycle and the U.S. economy facing stagflation has led to a significant shift of European and American funds towards gold, indicating continued support for a bull market in gold [2] - **Long Term**: The depreciation of fiat currencies and ongoing geopolitical tensions are foundational elements for the current super bull market in gold. The expansion of U.S. fiscal policy and increasing government debt, along with challenges to the independence of the Federal Reserve, particularly with potential changes in leadership, may further open up upward space for gold prices. Geopolitical tensions are also likely to drive various buyers to reduce their dollar asset allocations in favor of gold [2]

Core Viewpoint - The Hong Kong gold stocks experienced a general increase on October 15, with notable gains in several companies [1] Company Performance - Everest Gold (01815.HK) rose by 11.05%, reaching HKD 2.11 [1] - Tongguan Gold (00340.HK) increased by 8.74%, closing at HKD 3.11 [1] - Zijin Mining (02899.HK) saw a rise of 4%, with a price of HKD 33.28 [1] - Zijin Gold International (02259.HK) gained 3.78%, priced at HKD 142.6 [1] - Lingbao Gold (03330.HK) experienced a modest increase of 1.28%, ending at HKD 19.82 [1]

Core Viewpoint - The majority of gold stocks have risen significantly, driven by historical highs in gold prices and various geopolitical and economic factors [1] Group 1: Gold Stock Performance - Zhenfeng Gold (01815) increased by 11.05%, reaching HKD 2.11 - Tongguan Gold (00340) rose by 8.74%, reaching HKD 3.11 - Zijin Mining (02899) saw a 4% increase, reaching HKD 33.28 - Zijin Gold International (02259) increased by 3.78%, reaching HKD 142.6 - Lingbao Gold (03330) rose by 1.28%, reaching HKD 19.82 [1] Group 2: Gold Price Movement - On October 15, spot gold prices briefly surpassed USD 4,190 per ounce, with a daily increase of over 1% - New York futures gold also broke the USD 4,200 per ounce mark, both achieving historical highs [1] Group 3: Factors Supporting Gold Prices - The ongoing escalation of US-China tariff trade tensions - Increased geopolitical uncertainties globally - Market expectations of a potential interest rate cut by the Federal Reserve [1] Group 4: Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated a worsening labor market and retained the possibility of a rate cut this month - Powell also suggested that the Fed may halt its balance sheet reduction in the coming months - Analysts believe Powell's remarks reinforce expectations for further rate cuts, keeping the Fed on track for potential reductions [1]

Core Insights - In September 2025, the Hong Kong Stock Exchange (HKEX) saw 10 new IPOs, raising a total of HKD 516.41 billion, marking a significant increase of 66.67% month-on-month and 787.24% year-on-year [1][2] - The total number of companies waiting for IPO approval in Hong Kong reached 283 as of October 13, 2025, with 275 on the main board and 8 on the GEM [5] IPO Performance - The largest fundraising in September was by Zijin Gold International, which raised HKD 287.32 billion, followed by Chery Automobile with HKD 91.45 billion [2][4] - Other notable IPOs included Hesai-W and Aux Electric, each raising over HKD 40 billion [2] Upcoming IPOs - As of October 13, 2025, 11 companies have passed the hearing process and are expected to list soon, including Haixi New Drug and Yunji [5][8] - Sirius Therapeutics and other companies are also set to list on October 13, 2025 [6] Stock Performance - Zijin Gold International's stock price peaked at HKD 123 on its first day of trading, closing up 68.46%, and later reached a high of HKD 158.9 [4] - Xipuni, which specializes in precious metal watches and gold jewelry, saw its stock price increase by over 250% on its debut, reaching a high of HKD 190.7 [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日早盘，港股版"恐慌指数"恒指波幅指数飙升近29%，创2025年5月以来新高。截至收盘，恒生波幅 指数涨18.42%。多家机构认为，港股进入高波动阶段，港股"TACO"交易需要分批进行。 公司建议实物分派旅游地产业 香港中旅盘中涨超14% 香港中旅盘中涨超14%，截至收盘涨8.5%，报1.66港元/股，成交额2.51亿港元。 香港中旅是最早一批在港交所上市的旅游企业之一，于1992年在港交所上市。香港中旅历史可追溯到 1923年8月15日上海商业储蓄银行设立的旅行部。经过百年的发展，集团形成了由旅行社、景区、酒 店、免税、旅游交通、邮轮、地产以及在港综合业务组成的产业布局。 消息面上，香港中旅公布，建议实物分派旅游地产业务，股东可选择按每股收取1股私人公司股份，或 每股收取现金0.336港元。公司表示，完成分派后，集团将减少非核心资产拖累，盈利能力预期改善， 并进一步优化运营模式，把资金与管理资源集中于高回报的旅游运营环节。董事会认为，此举符合公司 及股东整体利益。 黄金及贵金属领涨 | 3h 10 | 黄金及贵金属 3622.94 ...

紫金黄金国际(02259)发布公告，于2025年10月13日，因悉数行使超额配股权发行5234.86万股。 ...

紫金黄金国际(02259.HK)因悉数行使超额配股权发行5234.86万股 港股异动丨金价再新高，黄金股逆势 上涨，紫金黄金国际涨超6% 相关事件 格隆汇10月13日丨紫金黄金国际(02259.HK)公布，因整体协调人(为其本身及代表国际包销商)于2025年 10月8日悉数行使超额配股权，公司发行及配发5234.86万股超额配发股份 ...

智通财经APP讯，紫金黄金国际(02259)发布公告，于2025年10月13日，因悉数行使超额配股权发行 5234.86万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金黃金國際有限公司 呈交日期： 2025年10月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02259 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...