Core Viewpoint - The gold stocks have rebounded in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices due to weakened safe-haven demand and inconsistent expectations regarding U.S. economic data and interest rate cuts [1]. Company Performance - China Gold International (02009) increased by 3.37%, reaching HKD 134.9 - Zijin Mining International (02259) rose by 2.57%, reaching HKD 135.9 - Zhaojin Mining Industry (01818) gained 2.32%, reaching HKD 28.28 - Shandong Gold (01787) increased by 1.8%, reaching HKD 32.84 [1]. Market Analysis - COMEX gold prices recently fell below USD 4000 per ounce, influenced by two main factors: a reduction in safe-haven demand and the lack of important U.S. economic data, leading to mixed investor expectations regarding the labor market and inflation trends [1]. - According to Everbright Securities, the combination of the U.S. entering a rate-cutting cycle and increased global uncertainty has led to a resurgence in gold ETF investment demand. The trend of central banks increasing gold holdings continues amid a backdrop of de-dollarization, supporting a bullish outlook for gold prices [1]. Recommendations - Everbright Securities recommends investing in Zijin Mining and suggests monitoring Chifeng Jilong Gold Mining and Zijin Mining International [1].

Group 1 - Gold stocks rebounded in early trading, with gains exceeding 3% for some companies [1] - Notable stock performances include China Gold International (+3.14%), Zijin Mining International (+2.19%), and Zhaojin Mining (+2.17%) [2] - COMEX gold prices recently fell below $4000 per ounce, influenced by reduced safe-haven demand and inconsistent expectations regarding U.S. economic data and inflation trends [2] Group 2 - Everbright Securities reports that the U.S. is entering a rate-cutting cycle, which, combined with increased global uncertainty, is driving a resurgence in gold ETF investment demand [3] - The trend of central banks increasing gold holdings continues amid a backdrop of de-dollarization, with a positive outlook for gold prices [3] - Recommendations include Zijin Mining, with a focus on Chifeng Gold and Zijin Gold International [3]

Core Viewpoint - Gold stocks experienced a rebound in early trading, with notable increases in share prices for several companies, despite recent declines in international gold prices [1] Group 1: Company Performance - China Gold International (02009) rose by 3.37%, trading at 134.9 HKD [1] - Zijin Mining International (02259) increased by 2.57%, trading at 135.9 HKD [1] - Zhaojin Mining Industry (01818) saw a rise of 2.32%, trading at 28.28 HKD [1] - Shandong Gold (01787) grew by 1.8%, trading at 32.84 HKD [1] Group 2: Market Analysis - COMEX gold prices recently fell below 4000 USD/ounce, influenced by reduced safe-haven demand and inconsistent expectations regarding U.S. labor market and inflation data [1] - Citic Securities' chief economist noted that the decline in gold prices was due to weakened safe-haven support and uncertainty in economic data releases [1] - Everbright Securities reported that the U.S. entering a rate-cutting cycle, combined with increased global uncertainty, has led to a resurgence in gold ETF investment demand [1] - The trend of central banks increasing gold holdings continues under the backdrop of de-dollarization, with a positive outlook for gold prices [1]

Macro Strategy - Recent international gold prices are fluctuating at high levels, with domestic jewelry gold prices also remaining elevated. There is a new trend in gold consumption favoring lighter products like gold bars. Short-term gold prices are expected to maintain high volatility. Consumers should pay attention to international gold price fluctuations if investing, and choose purchasing timing based on their budget for wearing needs [2][3] - From January to October, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. The national general public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2%. Securities transaction stamp duty revenue was 162.9 billion yuan, a year-on-year increase of 88.1% [2] - By the end of 2024, the total asset scale of urban commercial banks in China is projected to be 60.15 trillion yuan, a 134-fold increase since 1995, accounting for 13.53% of the banking financial institutions, with a market share increase of 8.24 percentage points. The non-performing loan ratio is 1.76%, and the provision coverage ratio is 188.08% [2] Industry and Company Medical Services Industry - The medical and biological sector rose by 3.29%, ranking fifth among the 31 first-level industries. The Shanghai and Shenzhen 300 Index fell by 1.08%, indicating that the medical sector outperformed the index by 4.37 percentage points [6] - The PE (ttm) of the medical services sector is 33.47X, with a PB (lf) of 3.37X. The PE increased by 0.51X and the PB increased by 0.05X compared to the previous week [7][8] - The TIDES CRDMO market is expected to grow significantly, with the global market projected to increase from 2.1 billion USD in 2018 to 5.5 billion USD in 2023, with a CAGR of 20.9%, and further to 37.3 billion USD by 2032, with a CAGR of 23.8%. The Chinese market is expected to grow from 200 million USD in 2018 to 800 million USD in 2023, with a CAGR of 37.1%, and to 6.2 billion USD by 2032, with a CAGR of 25.5% [9] - Investment recommendations for the medical services sector include focusing on high-growth companies in the ADC CDMO and TIDES CDMO areas, as well as companies in the third-party testing laboratories and consumer medical sectors [10] Traditional Chinese Medicine Industry - The traditional Chinese medicine sector rose by 4.08%, ranking third among secondary sub-sectors. Companies such as Te Yi Pharmaceutical and Zhongsheng Pharmaceutical performed well, while others like *ST Changyao and ST Huluwa performed poorly [12] - The PE (ttm) for the traditional Chinese medicine sector is 29.25X, with a PB (lf) of 2.47X, indicating a slight increase from the previous week [13][14] - The market for traditional Chinese medicinal materials is experiencing volatility, with an overall supply surplus due to increased arrivals from new harvests. Recent weather conditions have also impacted harvesting [15] - The steady advancement of centralized procurement in the traditional Chinese medicine industry aims to reduce patient medication costs and shift competition towards cost control and quality standards [16][17] - Investment recommendations for the traditional Chinese medicine sector include focusing on companies with competitive advantages in product quality and cost, as well as those benefiting from national reforms and centralized procurement policies [18][19]

Core Insights - Southbound funds increased their holdings in Zijin Gold International (02259.HK) by 68,800 shares on November 18, 2025, marking a 0.14% increase in total holdings [1] - Over the past five trading days, there have been net increases in holdings for four days, totaling 1,823,600 shares [1] - In the last 20 trading days, there were net increases in holdings for 19 days, amounting to 31,565,200 shares [1] - As of now, southbound funds hold a total of 48,143,500 shares in Zijin Gold International, representing 1.79% of the company's issued ordinary shares [1] Summary by Category Trading Activity - On November 18, 2025, total shares held reached 48,143,500, with a change of 68,800 shares [2] - On November 17, 2025, total shares held were 48,074,700, with a change of 366,500 shares [2] - On November 14, 2025, total shares held were 47,708,200, with a change of 320,900 shares [2] - On November 13, 2025, total shares held were 47,387,300, with a change of 19,500 shares [2] - On November 12, 2025, total shares held were 47,367,800, with a change of 1,047,900 shares [2] Company Overview - Zijin Gold International is primarily engaged in the exploration, mining, processing, and sales of gold and non-ferrous metals [2] - The company mainly sells products such as gold bars, refined gold, and gold concentrates [2]

Core Viewpoint - International gold prices have declined, leading to a general pressure on gold stocks at the market opening, with notable declines in several companies [1] Group 1: Gold Price Movement - Overnight gold prices faced downward pressure, with New York futures gold closing at $4,074.5 per ounce, reflecting a nearly 0.5% decrease [1] - Spot gold prices fell below $4,010 per ounce, with a decline approaching 2% [1] Group 2: Company Stock Performance - Lingbao Gold (03330) experienced a drop of 3.09% [1] - Zijin Mining International (02259) saw a decrease of 2.94% [1] - Zhaojin Mining Industry (01818) fell by 2.75% [1] - Tongguan Gold (00340) declined by 2.51% [1] - China Gold International (02099) decreased by 2.05% [1]

Core Viewpoint - The decline in gold prices has led to a significant drop in Hong Kong-listed gold stocks, with various companies experiencing losses of over 5% [1] Group 1: Market Impact - Gold prices continue to fall, with spot gold dropping 0.64% to below $4020 per ounce, influenced by diminishing expectations of a rate cut in the U.S. next month [1] - Major gold stocks in Hong Kong, such as Lingbao Gold and Tongguan Gold, have seen declines of over 5% and 4.6% respectively, reflecting the broader market trend [2] Group 2: Industry Trends - A new tax policy on gold has resulted in increased prices at Shenzhen's Shui Bei market, leading to a noticeable decrease in sales volume for gold jewelry stores [1] - Retailers in Shenzhen, such as Wu Zude, report a significant drop in daily sales from three to four hundred grams to less than 200 grams, indicating a slowdown in purchasing activity [1]

Core Viewpoint - The decline in gold prices has led to a significant drop in Hong Kong gold stocks, with major companies experiencing losses of over 5% [1] Group 1: Market Performance - Lingbao Gold fell by over 5%, while Tongguan Gold and China Silver Group dropped by 4.6% [1] - Zijin Gold International decreased by 4%, and China National Gold fell by 3.6% [1] - Other companies such as Zhaojin Mining, Shandong Gold, Chifeng Jilong Gold, and Zijin Mining also saw declines of over 2% [1][2] Group 2: Gold Price Trends - Spot gold prices have continued to decline, currently falling 0.64% to below $4020 per ounce [1] - Expectations for a rate cut in the U.S. next month are fading, contributing to the downward trend in gold prices [1] Group 3: Industry Insights - CICC's 2026 outlook suggests that the current gold bull market may not be over, with historical comparisons indicating that the current price increase and duration are still lower than the major upswings in the 1970s and 2000s [1] - In Shenzhen's Shui Bei market, the new gold tax policy has led to an increase in gold prices, causing frequent order cancellations among gold merchants [1] - A gold jewelry store owner in Shenzhen reported a significant drop in daily sales from 300-400 grams to less than 200 grams [1]

Group 1 - Gold stocks continue to decline, with Lingbao Gold down 5.66% at HKD 15.83, Tongguan Gold down 4.3% at HKD 2.67, China Silver Group down 4.55% at HKD 0.63, Zijin Mining International down 4.16% at HKD 133.7, and China Gold International down 3.73% at HKD 131.7 [1] - On Tuesday, gold prices extended their decline for the third consecutive day [1] - The market's expectation for a 25 basis point rate cut by the Federal Reserve in December dropped from 70% to 40% [1] Group 2 - Federal Reserve Vice Chairman Philip Jefferson emphasized the need for caution in further rate cuts to avoid undermining anti-inflation efforts [1] - The labor market risks are skewed to the downside, but the need for a cautious approach remains as interest rates approach neutral levels [1] - CITIC Futures noted that as the Fed's stance turns more hawkish, the probability of a December rate cut decreases, leading to a continued adjustment phase for precious metals [1]

Group 1 - Hong Kong Stock Exchange announced that Zijin Mining International Co., Ltd. (02259) and Chery Automobile Co., Ltd. (09973) will be included in the designated securities list for short selling starting from November 21, 2025 [1]