记者丨叶麦穗 编辑丨包芳鸣 江佩佩 张嘉钰 10月6日，现货黄金本周开局维持强势，上破3900美元/盎司关口，日内涨幅0.62%，再创历史新高。距 离首次突破3800美元关口仅不到10天。 | < W | 伦敦会现 | | | | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | 3909.753 | 昨结 3885.660 开盘 | | 3887.261 | | +24.093 +0.62% | 总量(kg) 0.00 现手 | | 0 | | 最高价 3920.770 | 持 仓 外 盘 | 0 | 0 | | 最低价 3883.248 | 增 仓 内 盘 | 0 | 0 | | 分时 | 五日 日K 周K 月K 更多 | | (0) | | 營加 | 盘口 | | | | 3920.770 | | 0.90% | 卖1 3910.230 0 | | | | | 买1 3909.220 0 | | | | | 07:37 3909.410 0 | | | | | 07:37 3909.378 0 | | 3885 660 | 0.00% 07:37 39 ...

Core Viewpoint - International gold prices continue to rise, with COMEX gold futures surpassing $3,900, setting a new historical high, which is expected to attract significant investor interest in gold-related companies, particularly Zijin Mining's spin-off, Zijin Gold International [1][24]. Company Overview - Zijin Mining holds an 86.7% stake in Zijin Gold International, which focuses on the exploration, mining, refining, and sales of gold assets outside of China [1][4]. - The company was established in 2007 and is headquartered in Hong Kong, with operations involving eight world-class gold mines located in South America, Central Asia, Africa, and Oceania [9][10]. Financial Performance - Zijin Gold International's revenue is projected to grow from $1.818 billion in 2022 to $2.99 billion in 2024, with net profit increasing from $290 million to $621 million during the same period [13]. - The company's gross profit margin is expected to be around 46.5%, with a net profit margin of 31.3%, indicating strong profitability compared to peers [19]. IPO Details - Zijin Gold International plans to raise at least $3 billion (approximately HKD 23.4 billion) in its upcoming IPO, which is a 50% increase from the initial target of $2 billion [9][15]. - The IPO is anticipated to be one of the largest in 2024, potentially becoming the second-largest global IPO after CATL [8][15]. Market Context - The gold market is experiencing a significant uptrend, with gold prices rising nearly 45% in 2024, driven by geopolitical risks and increased central bank purchases [24][28]. - The company is positioned to benefit from this bullish trend, as it holds the ninth-largest gold reserves globally and is expected to expand its operations through acquisitions [10][22]. Competitive Landscape - Zijin Gold International is viewed as a "pure gold stock," differentiating itself from other mining companies by focusing solely on gold production [13]. - The company’s valuation is expected to be competitive, with a projected PE ratio of around 22 times based on anticipated earnings, which is favorable compared to other gold producers [21].

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted listing applications, those that have passed the hearing process, and new stocks that have been listed. Group 1: Companies Submitting Listing Applications - A total of 30 companies submitted listing applications to the Hong Kong Stock Exchange during the week from September 29 to October 5 [1] - Notable companies include: - Yantai Lannacheng Biotechnology Co., Ltd., a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment, reported revenues of approximately 1.027 million RMB for 2023 and a loss of about 112 million RMB [2][3] - XGIMI Technology Co., Ltd., the world's largest consumer-grade projector brand by revenue, reported revenues of approximately 4.22 billion RMB for 2022 and a profit of about 501 million RMB [2][3] - WeDoctor Holdings Limited, a leading digital health service provider in China, reported revenues of 1.368 billion RMB for 2022 and a loss of 909 million RMB [4][5] - Puyuan Precision Electronics Co., Ltd., the largest electronic measurement instrument supplier in China, reported revenues of approximately 631 million RMB for 2022 and a profit of about 92.5 million RMB [5][6] - Shenzhen Huanchuang Technology Co., Ltd., a leader in high-precision spatial perception solutions, reported a market share of over 50% in the laser radar products for robotic vacuum cleaners [6] Group 2: Companies Passing Hearing Process - Four companies passed the listing hearing this week: - Jushuitan Group Co., Ltd., the largest e-commerce SaaS ERP provider in China, reported revenues of approximately 523 million RMB for 2022 and a loss of about 507 million RMB [30][31] - Fujian Haixi New Drug Creation Co., Ltd., a commercial-stage pharmaceutical company, reported revenues of approximately 212 million RMB for 2022 and a profit of about 69 million RMB [30][31] - Beijing Tongrentang Medical Investment Co., Ltd., the largest non-public Chinese hospital group by market share, reported revenues of approximately 911 million RMB for 2022 and a loss of about 9.23 million RMB [32] - Beijing Yunji Technology Co., Ltd., a robotics service provider, reported revenues of approximately 161 million RMB for 2022 and a loss of about 365 million RMB [32][33] Group 3: New Stocks Listed - Three new stocks were listed on September 30: - Zijin Gold International, which saw a significant increase in market value, surpassing 350 billion HKD [35] - Xipuni, which had an oversubscription rate of 2505.9 times during its public offering [35] - Botai Che Lian, which also experienced a notable increase in stock price [35]

Group 1 - The core point of the news is that Zijin Gold International will be included in the Hang Seng Composite Index and related indices due to its large market capitalization and good liquidity, effective from October 16, 2025 [1] - Zijin Gold International is a spin-off from Zijin Mining and holds interests in eight gold mines located in resource-rich areas across South America, Oceania, Central Asia, and Africa [1] - As of the end of 2024, the company's gold reserves and production are ranked ninth and eleventh globally, respectively [1] Group 2 - International gold prices have reached historical highs, with a total of 37 record highs, rising from approximately $2,650 per ounce at the beginning of the year to over $3,800 per ounce, and nearing $3,900 per ounce as of October 1, marking a cumulative increase of 45% [1]

Group 1 - Zijin Mining International (02259) has been included in the Hang Seng Composite Index, effective from October 16, 2025, following the rapid inclusion rules [1] - The rapid inclusion mechanism allows new stocks to be added if their market capitalization ranks in the top 10% of existing constituents on their first trading day [1] - Other companies such as Aux Group (02580), Chery Automobile (09973), and FWD Group (01828) are also expected to be included in the Hang Seng Composite Index based on similar criteria [1] Group 2 - Companies like Silver Noble Pharma-B (02591), Zhonghui Biotech-B (02627), and others have shown good performance and may warrant attention for future market performance [2] - The company Extreme Intelligence-W (02590), listed on July 9, 2023, must meet additional standards for dual-class shares to be eligible for inclusion in the Hong Kong Stock Connect [2]

Core Viewpoint - The article highlights the recent surge in international gold prices and the successful IPO of Zijin Mining's overseas gold assets, which is seen as a significant opportunity in the gold sector amid rising gold prices [2][6]. Group 1: Zijin Mining and Zijin Gold International - Zijin Mining's overseas gold assets were listed on September 30, with Zijin Gold International's stock price rising to 139.6 HKD per share, giving it a market capitalization of 366 billion HKD [2]. - After the IPO, Zijin Mining retains an 86.7% stake in Zijin Gold International, which focuses on the mining, refining, and sales of its overseas gold assets [2][6]. - Zijin Gold International holds eight overseas gold mines, ranking ninth in global gold reserves and eleventh in gold production as of the end of 2024 [6]. Group 2: Financial Performance - Zijin Gold International's revenue is projected to grow from 1.818 billion USD in 2022 to 2.99 billion USD in 2024, with net profit increasing from 290 million USD to 621 million USD during the same period [6]. - The company's gross profit margin fluctuated, with rates of 34.1%, 26.2%, and 37.9% over the past three years, primarily driven by gold sales, which contribute over 94% of its revenue [6]. Group 3: Market Reception and Investment - The IPO attracted significant interest, with 29 cornerstone investors subscribing approximately 12.4 billion HKD, making it the second-largest IPO in Hong Kong this year after CATL [7]. - The article notes that the gold sector has seen positive performance, with other gold companies also experiencing stock price increases following their listings [12]. Group 4: Debt and Acquisition Strategy - Zijin Gold International has a total debt of 3.239 billion USD as of mid-2025, with a debt-to-asset ratio consistently above 43% during the reporting period [9]. - The company continues its acquisition strategy, having recently purchased the Raygorodok gold mine in Kazakhstan for 1.2 billion USD, funded through loans [9]. Group 5: Risks and Challenges - The company faces geopolitical risks and potential theft of resources, operating in multiple countries including Colombia, Australia, and Ghana, which could adversely affect its business and financial performance [10].

Group 1 - Zijin Mining International (02259) has been included in the Hang Seng Composite Index, effective from October 16, 2025, following the rapid inclusion rules [1] - The rapid inclusion mechanism allows new stocks to be added to the index if their market capitalization ranks in the top 10% of existing constituents on their first trading day [1] - Other companies such as Aux Group (02580), Chery Automobile (09973), and FWD Group (01828) are also expected to be included in the Hang Seng Composite Index based on similar criteria [1] Group 2 - Companies like Sino Biopharmaceutical-B (02591), Zhonghui Biotechnology-B (02627), and others have shown good performance and may warrant attention for future market performance [2] - The company Zhi Zhi Jia-W (02590), listed on July 9, 2023, must meet additional standards for dual-class shares to qualify for the Hong Kong Stock Connect, which requires ongoing observation [2]

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 | 截至月份: | 2025年9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10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 | | | 2,623,990,700 | | 0 | | 2,623,990,700 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - International gold prices continue to rise, with COMEX gold futures surpassing $3,900, reaching a historic high, benefiting companies like Zijin Mining through its overseas gold asset spin-off listing [1][2] Company Overview - Zijin Mining's overseas gold assets were spun off and listed as Zijin Gold International on September 30, 2023, with Zijin Mining retaining an 86.7% stake [1][2] - Zijin Gold International is considered a "pure gold stock" and holds eight overseas gold mines, ranking ninth in global gold reserves and eleventh in gold production as of the end of 2024 [2] Financial Performance - Zijin Gold International's revenue is projected to grow from $1.818 billion in 2022 to $2.99 billion in 2024, with net profit increasing from $290 million to $621 million during the same period [2] - The company's gross margin fluctuated from 34.1% in 2022 to 26.2% in 2023, and is expected to rise to 37.9% in 2024, with over 94% of revenue coming from gold sales [2] Market Reception - The IPO of Zijin Gold International attracted significant interest, with 29 cornerstone investors subscribing approximately HKD 12.4 billion, making it the second-largest IPO in Hong Kong this year [3] Acquisition Strategy - Zijin Gold International continues its aggressive acquisition strategy, recently acquiring the Raygorodok gold mine in Kazakhstan for $1.2 billion, funded through loans [4] - The company reported total liabilities of $3.239 billion as of mid-2025, with a debt-to-asset ratio consistently above 43% during the reporting period [4] Risks - The company faces geopolitical risks and theft risks due to its operations in multiple countries, which could adversely affect its business and financial performance [5] Industry Trends - The gold sector has seen strong performance in 2023, with other gold companies also experiencing significant stock price increases [6] - Gold prices have surged, with COMEX gold futures reaching a high of $3,923 per ounce, reflecting a year-to-date increase of over 40% [6]

Core Viewpoint - The recent surge in gold prices has led to significant market interest in gold stocks, particularly in Zijin Gold International, which has seen its stock price double since its listing on September 30, 2023, with a market capitalization exceeding HKD 360 billion [1][2]. Company Overview - Zijin Gold International was spun off from its parent company, Zijin Mining, which has a market capitalization of over HKD 780 billion. The new company consolidates all of Zijin Mining's gold mining assets outside of China, positioning itself as a leading global gold mining company [3]. - The IPO of Zijin Gold International set multiple records, including being the largest IPO in the global gold mining industry to date and the largest overseas IPO by a Chinese mining company [3][4]. Stock Performance - On its first trading day, Zijin Gold International's stock closed 68.46% higher than its issue price, ranking as the 10th largest first-day gain for new stocks on the Hong Kong market this year [4]. - The stock continued to rise, with a 14% increase on the second trading day, reaching a price of over HKD 144 per share, which is double its issue price of HKD 71.59 [5]. Market Context - The gold market is experiencing a bull run, with gold prices having risen 27% in 2024 and continuing to climb in 2025, with COMEX gold surpassing USD 3,900 per ounce [6]. - Factors driving gold prices include economic uncertainty, central bank purchases, and inflation expectations, which are expected to sustain demand for gold [7]. Parent Company Developments - Zijin Mining's stock has also performed well, with a year-to-date increase of approximately 99.07% [8]. - Zijin Mining announced plans to acquire the Raygorodok gold mine in Kazakhstan for USD 1.2 billion, marking its eighth significant gold resource acquisition since 2020 [8][9].