Core Viewpoint - Zijin Mining International has seen a significant increase in its stock price, doubling from its IPO price, and is set to be included in major Hang Seng indices, indicating strong market confidence and growth potential [2]. Group 1: Stock Performance - Zijin Mining International's stock price rose over 6%, reaching a high of 144.4 HKD, which is more than double its IPO price of 71.59 HKD [2]. - As of the latest update, the stock is up 5.37%, trading at 143.3 HKD with a transaction volume of 783 million HKD [2]. Group 2: Index Inclusion - On October 2, the Hang Seng Index Company announced that Zijin Mining International meets the criteria for rapid inclusion in the Hang Seng Composite Index [2]. - The inclusion will take effect after the market closes on October 15, 2025, impacting the Hang Seng Composite Index, the Hang Seng Composite Industry Index - Materials, and the Hang Seng Composite Large Cap Index [2]. Group 3: Company Overview - Zijin Mining International is a spin-off from Zijin Mining (02899) focusing on gold mining outside of China, involved in exploration, mining, refining, and sales [2]. - The company holds rights to eight gold mines across Central Asia, South America, Oceania, and Africa [2]. - According to Frost & Sullivan, Zijin Mining International ranks ninth globally in gold reserves and eleventh in production as of the end of 2024, with a compound annual growth rate (CAGR) of 21.4% in production and 61.9% in net profit attributable to shareholders from 2022 to 2024 [2].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.67% to below 27,000 points, the Hang Seng Tech Index down by 1.1%, and the Hang Seng China Enterprises Index decreasing by 0.88% [1][3]. Technology Sector Performance - Major tech stocks such as Xiaomi, Alibaba, and JD.com saw declines of 2.09%, 2.49%, and 2.14% respectively, while NetEase and Kuaishou also dropped by over 1% [3]. Notable Stock Movements - China Gas Holdings (08246.HK) experienced a significant increase, initially rising over 300% and closing up 113.51% at HKD 0.158 per share. This surge followed an announcement of a subscription agreement for 334 million shares at a price of HKD 0.075, representing a premium of approximately 1.35% over the previous closing price [3][4]. Precious Metals Sector - The precious metals sector showed strength, with Zijin Mining International (02259) rising by 8.24% to HKD 147.2, doubling its listing price of HKD 71.59. The current spot gold price reached USD 3,948.81 per ounce, up by 1.26% [6]. Semiconductor Sector - Semiconductor companies continued their upward trend, with SMIC (0981.HK) reaching a new high of HKD 92.1, marking a 0.17% increase. Huahong Semiconductor (1347.HK) also saw a rise of 4.57%, with a year-to-date increase of 331.6% [7]. IPO Activity - The Hong Kong IPO market remains robust, with 68 companies listed in the first three quarters, a year-on-year increase of 47.83%. The total fundraising amount reached HKD 182.397 billion, a significant increase of 222.16% compared to the previous year, marking the highest level since 2021 [7].

Market Overview - The Hong Kong stock market indices opened lower, with the Hang Seng Index falling below 27,000 points, closing down 0.67% at 26,957.77 points, with a total turnover of HKD 121.26 billion [1] - The Hang Seng China Enterprises Index decreased by 0.88% to 9,573.38 points, while the Hang Seng Tech Index dropped by 1.1% to 6,550.3 points [1] Blue Chip Performance - Li Auto-W (02015) led the decline among blue chips, falling 3.31% to HKD 96.3, with a turnover of HKD 613 million, contributing a loss of 7.19 points to the Hang Seng Index [2] - In contrast, AIA Group (01299) rose 1.28% to HKD 75.2, contributing 15.86 points to the index, while HSBC Holdings (00005) increased by 0.91% to HKD 110.9, adding 20.43 points [2] Sector Highlights - The precious metals sector, led by China Daye Non-Ferrous Metals, saw significant gains, with shares surging 18% [3] - Gold stocks and cryptocurrency-related stocks performed well, with notable increases in shares such as Tan Gold Mining (00621) up 40.38% and China Silver Group (00815) up 14.29% [3] - The chip sector continued its strong performance, with companies like ASMPT (00522) rising 6.44% and Hua Hong Semiconductor (01347) increasing by 4.57% [4] Company-Specific Developments - MicroPort Medical (00853) saw its shares rise 6.62% following the announcement of a restructuring of its cardiac rhythm management business [5] - Macau's gaming revenue for September was reported at MOP 18.289 billion, a year-on-year increase of 6%, although it fell short of market expectations due to typhoon-related casino closures [6] - Zijin Mining International (02259) reached a new high, increasing by 8.24% and is set to be included in the Hang Seng Composite Index effective October 16, 2025 [7] - Kintor Pharmaceutical-B (02171) rose 15.87% after announcing the presentation of clinical data at the upcoming American Society of Hematology annual meeting [8]

Group 1 - The core viewpoint of the report is that Zijin Gold International (02259) is given a "strong buy" rating due to its strategic move to spin off from Zijin Mining (02899) and integrate overseas gold mining resources, which is expected to enhance asset value and capital efficiency through an international capital platform [1] - As of June 30 this year, Zijin Gold International has a consolidated gold metal resource of approximately 1,768.4 tons, with an average grade of 1.5 grams per ton, and proven and probable gold metal reserves of 845.2 tons, indicating a solid foundation for medium to long-term growth prospects [1] - The forecast for net profit from 2025 to 2027 is projected to reach 8.8 billion, 12.9 billion, and 13.3 billion RMB respectively, with gross profit margins expected to be 52.9%, 59.5%, and 59.5% [1]

截至今年6月底，紫金黄金国际合并口径金金属资源量约1,768.4吨，平均每吨品位1.5克，合并口径证明 加可信金金属储量达845.2吨，认为其具中长期增长前景奠定基础，预测2025至2027年纯利将分别达到 88亿、129亿及133亿元人民币，毛利率料达52.9%、59.5%及59.5%。 智通财经APP获悉，招商证券发布研报称，首次给予紫金黄金国际(02259) "强烈推荐"评级，紫金矿业 (02899)分拆其上市，整合海外黄金矿山资源，便于锚定海外同业估值体系，释放资产价值，通过国际 化资本平台有助提升估值与资本效率。 ...

Group 1 - The US stock market showed mixed performance, with the Dow Jones rising by 0.5%, while the Nasdaq initially increased before falling by 0.3%, and the S&P 500 remained stable [3] - The Golden Dragon Index, which reflects the performance of Chinese concept stocks, declined by 1.2% [3] Group 2 - The Hong Kong stock market performed well last week, with the Hang Seng Index gaining 1,012 points or 3.88%, closing at 27,140 points, while the Tech Index rose by 6.9% to close at 6,622 points [4] - Semiconductor company SMIC (00981.HK) was the best-performing constituent stock, rising nearly 25% over the week, with six other stocks also increasing by over 10%, including Kuaishou (01024.HK) up over 17% and Xinyi Solar (00968.HK) up 14.7% [4] - The worst-performing constituent stock was Pop Mart (09992.HK), which fell by over 4%, with its stock price down more than 25% from its peak [4] - Real estate-related stocks experienced adjustments, with China Resources Mixc (01209.HK) down 3.5%, Longfor (00960.HK) and R&F Properties (01109.HK) down nearly 2.4% and 1.8% respectively, while China Overseas (00688.HK) slightly outperformed peers with a 0.5% increase [4] - Zijin Mining's spin-off, Zijin Gold International (02259.HK), had a strong debut, being quickly included in the Hang Seng Composite Index, with its stock price closing at 120.6 HKD, nearly 90% higher than its IPO price [4] Group 3 - The Hang Seng Index remained above the 10-day moving average (26,600 points), indicating a stable trend, and as long as it stays above this level, the upward trend is expected to continue [5]

Group 1 - The Hang Seng Index fell by 0.61%, down 164 points, closing at 26,976 points, while the Hang Seng Tech Index dropped by 1.2% [1] - International gold prices reached a new historical high, leading to significant gains in the precious metals sector, with China Silver Group rising over 20% and Zijin Mining International increasing by over 5% [1] - Xinjiang Xinxin Mining surged over 12%, with a year-to-date increase exceeding 300%, and plans to issue A-shares [1] - Bitcoin surpassed $125,000, setting a new historical high, which positively impacted cryptocurrency-related stocks, with OK Blockchain rising over 14% and Boya Interactive increasing by over 10% [1] - Hesai Technology (Hesai-W) rose over 4%, marking the production of its one-millionth LiDAR unit by the end of September [1] - Beijing Bluebird Universe soared over 58% as its subsidiary JBD partnered with AMAT and Thunderbird Innovation to enhance AR glasses display quality [1] - Yunfeng Financial increased by over 7%, collaborating with Anthea to explore blockchain-based insurance products [1] - Dingdang Health surged by 26%, continuing to expand its innovative drug portfolio with multiple new products recently launched [1] - Shuangdeng Co. rose over 9%, driven by increased energy demand for storage solutions, being a key supplier for Alibaba's data center storage [1] Group 2 - Hua Hong Semiconductor rose over 5%, reaching a new high with an eight-day consecutive increase, as institutions noted advanced manufacturing capacity as a scarce resource [2] - Gaming stocks experienced a significant decline, with Macau's September gambling revenue growing by only 6%, falling short of expectations, and further impacted by a typhoon during the Golden Week [2] - New World Development dropped by 5.4%, while MGM China fell by 4.45% [2]

紫金黄金国际(02259)盘中涨超6%，高见144.4港元，较招股价71.59港元已实现翻倍。截至发稿，涨 5.37%，报143.3港元，成交额7.83亿港元。 消息面上，10月2日，恒生指数公司发布公告，紫金黄金国际符合恒生综合指数的快速纳入规则要求， 将于2025年10月15日收市后被纳入恒生综合指数、恒生综合行业指数—原材料业、恒生综合大型股指数 以及恒生综合大中型股指数，并于2025年10月16日起生效。 来源：智通财经网 公开资料显示，紫金黄金国际是从紫金矿业(02899)国际金矿业务分拆而来，是紫金在中国以外的黄金 开采企业，主要从事黄金勘查、开采、精炼及销售等，在中亚、南美洲、大洋洲及非洲持有8座黄金矿 山权益。据弗若斯特沙利文统计，截至2024年底，紫金黄金国际的黄金储量位列全球第九、产量则排第 十一，2022至2024年产量和归母净利润的复合年增长率分别达21.4%及61.9%。 ...

Group 1 - Precious metals sector shows significant gains, with China Silver Group (00815) up 14.29% to 0.8 HKD, Datang Gold (08299) up 4.3% to 0.485 HKD, Zijin Gold International (02259) up 4.19% to 141.7 HKD, and Shandong Gold (01787) up 3.77% to 39.12 HKD [1][1][1] - Spot gold maintains strong performance, surpassing 3900 USD/ounce with a daily increase of 0.35%, reaching a new historical high, and only 10 days after breaking the 3800 USD mark [1][1][1] - Silver prices also rise, with spot silver showing a cumulative increase of over 30% in the past six months [1][1][1] Group 2 - JPMorgan strategists predict that gold prices will reach between 4050 USD and 4150 USD per ounce by mid-2026, indicating potential for new historical highs in the future [1][1][1]

Core Viewpoint - The recent surge in gold prices is primarily driven by geopolitical tensions and the partial government shutdown in the U.S., with spot gold prices surpassing $3,900 per ounce, marking a historical high [2][3]. Group 1: Gold Price Trends - Gold prices have recently increased, with a notable rise of 0.62% on October 6, reaching a new record high [2]. - The price of domestic gold jewelry has also risen, with brands like Chow Tai Fook and others adjusting their prices upwards due to the international gold price increase [4]. - Deutsche Bank attributes the record high gold prices to heightened risk aversion among investors, who are concerned about significant downside risks in the stock market [5]. Group 2: Market Predictions and Analysis - Goldman Sachs predicts that gold prices could reach $4,000 per ounce by 2026 under baseline scenarios, and potentially $4,500 per ounce under tail risk scenarios [6]. - The recent Federal Reserve interest rate cuts are expected to support long-term gold price increases, with asset management firms increasingly incorporating gold into their investment strategies [6]. Group 3: Institutional Investment and Regulatory Developments - The National Financial Regulatory Administration has initiated pilot programs allowing select insurance companies to invest in gold, potentially injecting around 200 billion yuan into the gold market [7]. - The rise in gold prices has created favorable conditions for gold companies to enter capital markets, exemplified by Zijin Mining's recent stock performance and its inclusion in the Hang Seng Composite Index [7].