"联合黄金"指 Allied Gold Corporation，一家总部位于加拿大的黄金矿业公司，于2023年9月在多伦多证 券交易所上市， 2025年6月在纽约证券交易所上市，证券代码为AAUC。 联合黄金旗下项目均为在产或即将投产的大型露天开采金矿，并购当年即可贡献产量与利润;项目资源 储量大、成矿条件好，找矿增储潜力显着，选矿工艺成熟、基础设施完善;按照联合黄金排产计划，预 计2029年产金将提升至25吨，依托紫金矿业及紫金黄金国际强大的全流程自主技术与工程研发创新能 力，其生产运营水平和产能水平或将还有进一步提升空间，预期整体投资回报期短，经济效益显著。 本次收购将有效强化紫金矿业及紫金黄金国际在非洲的资源联动体系。马里Sadiola金矿、科特迪瓦金矿 综合体与加纳阿基姆金矿相邻，将形成强协同效应，助力紫金矿业及紫金黄金国际进一步深耕西非重要 黄金成矿带;埃塞俄比亚Kurmuk项目与紫金矿业厄立特里亚碧沙锌(铜)矿临近，东非区位联动优势显 现。本次收购将快速补强紫金矿业黄金板块及紫金黄金国际的非洲布局，持续优化紫金矿业及紫金黄金 国际全球资源配置。 紫金矿业（601899）(02899)及紫金黄金国际 ...

联合黄金核心资产包括在产的马里Sadiola金矿、科特迪瓦金矿综合体(含Bonikro和Agbaou 金矿)，及将 于2026年下半年建成投产的埃塞俄比亚Kurmuk金矿。根据公开披露信息，截至2024年底，联合黄金拥 有金资源量533吨，平均品位1.48克/吨;联合黄金2023、2024 年分别产金10.7吨、11.1吨;预计2025年产金 11.7—12.4吨;依托Sadiola项目改扩建及Kurmuk项目建成投产，预计2029年产金将提升至25吨。 智通财经APP讯，紫金矿业(02899)及紫金黄金国际(02259)联合公布，北京时间2026年1月26日，紫金矿 业控股的紫金黄金国际与联合黄金签署《安排协议》，紫金黄金国际拟以44加元/股的现金价格，收购 联合黄金全部已发行的普通股，收购对价共计约55亿加元(约合人民币280亿元或40亿美元)。 紫金黄金国际自上市以来市值持续大幅攀升，现已成为全球前5大黄金上市企业之一，在境外资本市场 融资和并购交易中具有较强的竞争力与灵活性。本次收购以紫金黄金国际为实施主体，交易完成后，其 资产布局将拓展至12个国家的12座大型金矿，紫金黄金国际的资产规模、盈利水平及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Zijin Mining Group Co., Ltd.* Zijin Gold International Company Limited （於中華人民共和國註冊成立的股份有限公司） 紫金礦業集團股份有限公司 紫金黃金國際有限公司 （於香港註冊成立的有限公司） 聯合公告 紫金礦業之自願性公告及紫金黃金國際之須予披露的交易 關於擬收購 Allied Gold Corporation 100%股權的公告 北京時間 2026 年 1 月 26 日，紫金礦業控股的紫金黃金國際與聯合黃金簽署《安排協議》， 紫金黃金國際擬以 44 加元／股的現金價格，收購聯合黃金全部已發行的普通股，收購對價 共計約 55 億加元（約合人民幣 280 億元或 40 億美元）。 聯合黃金核心資產包括在產的馬里 Sadiola 金礦、科特迪瓦金礦綜合體（含 Bonikro 和 Agbaou 金礦），及將於 2026 年下半年建成投產的 ...

风险提示及免责条款 Allied Gold美股盘前一度涨近9%，此前紫金矿业公告称，紫金黄金国际与Allied Gold Corporation签署 《安排协议》，紫金黄金国际拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，收购对 价共计约55亿加元（约合人民币280亿元）。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]

2026 年 1 月 26 日 证券研究报告 行业周报 行业评级： | 报告期：2026.1.12-2026.1.25 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 行业回顾 本报告期医药生物行业指数跌幅为 1.07%，在申万 31 个一级行业中 位居第 26，跑赢沪深 300 指数（-1.19%）。从子行业来看，线下药 店、医院涨幅居前，涨幅分别为 10.25%、2.92%；化学制剂、疫苗跌 幅居前，跌幅分别为 4.50%、2.96%。 行业走势： 估值方面，截至 2026 年 1 月 23 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 30.31x（上期末 30.56x），估值下行，低于均值。医药 生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别为 疫苗（47.34x）、医院（44.94x）、其他医疗服务（40.38x），中位 数为 34.15x，医药流通（15.31x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 34 家上市公司的股东净减持 21.25 亿元。其中，2 家增持 0.63 亿元，32 ...

消息上，地缘政治动荡及降息预期推动贵金属价格屡创新高。早盘，现货白银站上108美元/盎司，日内 涨近5%；纽约期银站上108美元/盎司，日内涨6.58%；现货黄金涨1.52%，升破5060美元/盎司，续创历 史新高，本月累涨730美元，累涨近17%。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 1月26日，港股有色金属股集体上涨，黄金白银股涨幅领先，其中，中国白银集团大涨超10%领先，赤 峰黄金涨超7%，珠峰黄金涨6.6%，紫金矿业涨5.3%，山东黄金涨4.8%，中国黄金国际、紫金黄金国 际、灵宝黄金均涨超4%，招金矿业涨3.3%。此外，赤峰黄金、紫金矿业、中国黄金国际、山东黄金、 紫金黄金国际、灵宝黄金均刷新历史新高价。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 0 ...

港股有色金属股集体上涨，黄金白银股涨幅领先，其中，中国白银集团大涨超10%领先，赤峰黄金涨超 7%，珠峰黄金涨6.6%，紫金矿业涨5.3%，山东黄金涨4.8%，中国黄金国际、紫金黄金国际、灵宝黄金 均涨超4%，招金矿业涨3.3%。此外，赤峰黄金、紫金矿业、中国黄金国际、山东黄金、紫金黄金国 际、灵宝黄金均刷新历史新高价。 高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00815 | 中国白银集团 | 0.750 | 10.29% | | 06693 | 赤峰黄金 | 42.600 | 7.04% | | 01815 | 珠峰黄金 | 2.560 | 6.67% | | 02899 | 三十四年薪 | 42.580 | 5.34% | | 01787 | 山东黄金 | 48.360 | 4 ...

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]