Core Viewpoint - Zijin Mining International (02259) is experiencing a significant stock price increase, attributed to its potential inclusion in the Hang Seng Index adjustments scheduled for March 2026, as indicated by research from CICC and Guosen Securities [1][1][1] Group 1: Stock Performance - Zijin Mining International's stock rose nearly 5% in late trading, with a current increase of 4.35%, reaching HKD 187.2, and a trading volume of HKD 1.322 billion [1][1][1] Group 2: Index Inclusion Potential - CICC's report highlights that Zijin Mining International is among the top candidates for inclusion in the Hang Seng Index adjustments, which will be officially announced on February 13, 2026, and implemented on March 9, 2026 [1][1][1] Group 3: Company Growth and Strategy - Guosen Securities notes that Zijin Mining International specializes in developing low-grade and difficult-to-process gold resources, and with rising gold prices, the company plans to reassess its mining resources and explore technical upgrades to extend the lifespan and value of its mines [1][1][1] - The company is projected to achieve an average annual compound growth rate of over 15% in gold production from 2025 to 2027, maintaining a strong growth momentum [1][1][1] - The company inherits competitive advantages from Zijin Mining (601899) in the mining sector, focusing on overseas gold resources, low-cost acquisitions, and technological empowerment for future growth potential [1][1][1]

Core Viewpoint - Zijin Mining International (02259) has seen a nearly 5% increase in stock price, attributed to its potential inclusion in the Hang Seng Index adjustments scheduled for March 2026, as indicated by research from CICC and Guosen Securities [1][1][1] Group 1: Company Performance - Zijin Mining International's stock price rose by 4.35% to HKD 187.2, with a trading volume of HKD 1.322 billion [1] - The company is recognized for its expertise in developing low-grade and difficult-to-process gold resources, which positions it well for future growth as gold prices rise [1][1] Group 2: Future Growth Prospects - Guosen Securities projects that from 2025 to 2027, the company's gold production is expected to achieve a compound annual growth rate (CAGR) of over 15%, indicating strong growth momentum [1] - The company is expected to leverage its competitive advantages inherited from Zijin Mining in the mining sector, focusing on overseas gold resources and utilizing low-cost acquisitions combined with technological enhancements for future growth [1][1]

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Group 1 - Hong Kong gold stocks have seen significant increases, with Chifeng Jilong Gold Mining (06693.HK) rising over 11% [1] - Lingbao Gold Company (03330.HK) has increased nearly 9% [1] - Shandong Gold Mining (01787.HK) has risen over 6% [1] - China Gold International Resources (02099.HK) has seen an increase of over 5% [1] - Zijin Mining Group (02259.HK) has risen by 4.5% [1] - Zhaojin Mining Industry (01818.HK) has increased nearly 4% [1]

Group 1 - Gold prices have reached record highs, with silver prices also nearing historical peaks, driven by increased demand for safe-haven assets due to the worsening Greenland crisis and a collapse in Japanese government bonds [1] - The Polish central bank has approved a plan to purchase up to 150 tons of gold, which will increase the country's total gold reserves to 700 tons, positioning Poland among the top 10 countries globally in terms of gold reserves [1] - UBS precious metals strategist Joni Teves indicated that diversification demand is the core driver of the current rise in gold prices, with institutional investors, retail investors, and central banks increasing their gold holdings to address macroeconomic uncertainties [2] Group 2 - Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5,000 per ounce if concerns about the independence of the Federal Reserve continue to rise [2] - Silver is anticipated to benefit from the rise in gold prices and its own narrowing supply-demand gap, with a possibility of challenging $100 per ounce this year [2] - The copper market is expected to tighten due to demand driven by energy transition, leading to an upward shift in price levels [2] Group 3 - Related Hong Kong stocks in the gold and precious metals sector include Zijin Mining International, Chifeng Jilong Gold Mining, Shandong Gold Mining, Zhaojin Mining Industry, Lingbao Gold Company, Tongguan Gold, China Gold International, China Silver Group, and Mount Everest Gold [3]

瑞银贵金属策略师Joni Teves日前在接受采访时表示，多元化配置需求是本轮金价上行的核心驱动力， 机构投资者、零售投资者及各国央行均在增持黄金以应对宏观不确定性。她预计金价上半年仍有上攻动 能，若市场对美联储独立性的担忧持续升温，金价在上半年有望冲击5000美元/盎司关口。白银则受益 于金价上涨的带动及自身供需缺口收窄，今年或挑战100美元/盎司。铜市场在能源转型需求拉动下，供 需格局趋紧，价格中枢有望抬升。 黄金及贵金属相关港股： 紫金黄金国际(02259)、赤峰黄金(06693)、山东黄金(01787)、招金矿业（01818）、灵宝黄金（03330)、 潼关黄金（00340）、中国黄金国际（02099）、中国白银集团(00815)、珠峰黄金(01815)等。 智通财经APP获悉，波兰央行(NBP)当地时间周二表示，已批准一项购买多达150吨黄金的计划，此举将 使该国的黄金储备总量增加到700吨。 波兰央行在一份声明中称："这将使波兰跻身全球黄金储备量最大的前10个国家之列。"波兰央行行长 Adam Glapinsk上周宣布，他希望央行管理委员会将黄金持有量上限从截至12月31日的550吨提高到700 ...

Group 1 - The core viewpoint of the news is that the price of gold has surged, breaking the $4700 per ounce mark, reaching a new historical high of $4702.14 per ounce, with a 0.67% increase [1] - Short-term outlook for gold and silver remains bullish due to ongoing geopolitical risks and uncertainties surrounding the Federal Reserve's independence, as well as a physical shortage of silver [1] - The recent increase in precious metals is attributed to heightened risk aversion following the U.S. announcement of tariffs on European countries and the criminal charges against Federal Reserve Chairman Powell, which challenge the Fed's independence and impact the credibility of the dollar [1] Group 2 - Gold mining stocks have shown recovery, with Ji Hai Gold rising by 6.4% to HKD 1.33, Zijin Gold International increasing by 3% to HKD 175.2, China Gold International up by 1.57% to HKD 194.1, and Shandong Gold rising by 1.41% to HKD 43.14 [2]

Core Viewpoint - The Hong Kong gold stocks are experiencing a rebound after hitting a low point, with notable increases in share prices for several companies [1] Company Performance - Jihai Gold (02489.HK) has risen by 6.4%, reaching HKD 1.33 [1] - Zijin Mining International (02259.HK) has increased by 3%, now priced at HKD 175.2 [1] - China Gold International (02099.HK) has seen a rise of 1.57%, with shares at HKD 194.1 [1] - Shandong Gold (01787.HK) has grown by 1.41%, trading at HKD 43.14 [1]

Group 1 - The escalation of the US-EU tariff dispute has heightened market risk aversion, leading to a surge in international precious metal prices, with spot gold briefly surpassing $4690 per ounce, setting a new historical high [1] - Starting February 1, 2026, the US will impose a 10% tariff on all goods exported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, as stated by Trump on social media [1] - If an agreement for the "complete and thorough purchase of Greenland" is not reached, the tariff rate will increase to 25% starting June 1, 2026 [1] Group 2 - Gold stocks were active in early trading, with Zijin Mining International (02259) rising by 3.86% to HKD 172.4, and Zhaojin Mining (01818) increasing by 3.84% to HKD 37.9 [2] - China National Gold International (02099) saw a rise of 1.96% to HKD 192.8, while Shandong Gold (01787) increased by 1.33% to HKD 42.78 [2]

Core Viewpoint - The Hang Seng Index Company will announce the results of the Hang Seng Index adjustments on February 13, 2026, with implementation on March 9, 2026. This adjustment will affect the investment scope of the Stock Connect program between Shanghai, Shenzhen, and Hong Kong [1][7]. Group 1: Hang Seng Index Adjustments - Companies such as Zijin Mining International, BeiGene, Yum China, Xpeng Motors, China Pacific Insurance, CanSino Biologics, and Laopuqin Gold are potential candidates for inclusion in the Hang Seng Index based on market capitalization and industry representation [2][3]. - Historical data indicates that actual results may differ from quantitative predictions, as seen with Yum China and BeiGene, which were previously forecasted to be included but were not due to subjective criteria in the index inclusion standards [2][3]. Group 2: Impact on Stock Connect - The adjustments to the Hang Seng Index will directly influence the investment scope of the Stock Connect program, with an estimated 44 stocks expected to be eligible for inclusion, including JD Industrial, East Asia Bank, and Dippu Technology [4][6]. - The methodology for calculating the average market capitalization for index adjustments has been optimized, which may affect the eligibility of stocks for inclusion in the Stock Connect [4][5]. Group 3: Exclusions from Stock Connect - Approximately 25 stocks may be removed from the Stock Connect due to low market capitalization or other factors, including Youbao Online and Automotive Street [6]. - Companies expected to delist from the Hong Kong Stock Exchange will also be removed from the Stock Connect trading [6].